BTG Pactual Timberland Investment Group (“TIG”) has a history dating back to the first institutional investment made in timberland in 1981. This is important to highlight given the long-term nature of timberland and the responsibility entrusted to us by our investors to be prudent stewards of their capital and these assets. TIG’s commitment to ESG and Responsible Investment is an integral part of our fiduciary oversight. Our efforts are performed in full transparency with the goal of achieving target investment returns, while respecting the environment and maintaining equitable relationships within the communities in which we operate. Although we manage our clients’ timberland assets primarily for timber production, we believe that successful timberland management must also include the conservation of soil, air and water quality, biological diversity, wildlife and aquatic habitats, and recreation and aesthetics. This approach to land stewardship is evident throughout every phase of our investment process. BTG Pactual and TIG have been making a meaningful difference for over 35 years. As we strive to assist our clients in reaching their respective goals, our adherence to upholding strong environmental, social, and governance standards – while maintaining competitive performance – remains as strong as ever. We hope you enjoy this year’s report.