Gresham House Timberland LP
Share Sale Summary

GRESHAM HOUSE TIMBERLAND LP

DO NOT INVEST UNLESS YOU ARE PREPARED TO LOSE ALL THE MONEY YOU INVEST. THIS IS CLASSIFIED AS A HIGH-RISK INVESTMENT AND YOU ARE UNLIKELY TO BE PROTECTED IF SOMETHING GOES WRONG. ‘TAKE 2 MINUTES TO LEARN MORE’.

IF YOU ARE IN ANY DOUBT ABOUT THE ACTION YOU SHOULD TAKE OR THE CONTENTS OF THIS DOCUMENT, YOU SHOULD CONTACT YOUR STOCKBROKER, SOLICITOR, ACCOUNTANT, BANK MANAGER OR OTHER PROFESSIONAL ADVISER AUTHORISED UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000, WHO SPECIALISES IN ADVISING ON INVESTMENTS OF THE KIND DESCRIBED IN THIS DOCUMENT.

ADDITIONAL INFORMATION RELATING TO THE FINANCIAL CONDUCT AUTHORITY’S SUSTAINABILITY DISCLOSURE REQUIREMENTS ACCOMPANY THIS DOCUMENT AND INCLUDE (A) PRE-CONTRACTUAL DISCLOSURES AND (B) CONSUMER FACING DISCLOSURES (THE “SDR DISCLOSURES”). THE SDR DISCLOSURES SHOULD BE REVIEWED IN DETAIL PRIOR TO ANY DECISION TO PURCHASE PARTNERSHIP SHARES VIA THE SECONDARY SALE.


LIMITED PARTNERSHIP SHARES FOR SALE

18 NOVEMBER 2025

SUMMARY

Partnership Shares are being offered on an execution only basis subject to Gresham House Asset Management Limited’s (Gresham House) Procedure and Terms of Business (including fees), as set out in Appendix I.

Before considering the investment to which this document relates, prospective investors should in all cases read the sections entitled “Important Notice to Investors”, “Risk Factors”, “Taxation Summary” and “Terms of Business” set out in Appendix II, III and IV.

We have been instructed to find purchasers for Limited Partnership Shares as follows:

Total number of Partnership Shares for sale: 583

Net Asset Value as at 31 July 20251: £1,726.73 per share

The LP is valued on an annual basis as at 31 July. The NAV per share as at 31 July 2025 was published in the audited Annual Report and Financial Statements, circulated to Limited Partners on 29 October 2025, which included an internal valuation of the forestry investment portfolio,  in accordance with the RICS Valuation (Global Standards).

Summary of the LP

  • Tax efficient2 capital growth.
  • Realisation votes in 2032 and 2036, with a Final Termination Date of 31 July 2040.
  • Maintain a tax efficient structure which provides relief from IHT after two years of ownership2

1Past performance should not be interpreted as an indication of future performance.

2100%  inheritance tax (IHT) relief, once Partnership Shares have been held for two years on the first £2.5m of their holding, 50% relief thereafter. The £2.5mm limit for relief will apply across all assets held by the investor that qualify for business property or agricultural relief from April 2026. Based upon current UK taxation legislation. Taxation policy could be subject to change. Tax obligations depend on the individual’s circumstances. Gresham House does not provide taxation advice. See Appendix II – Risk Factors.

The LP currently owns 9,596 hectares across 28 UK forests.

Before considering the investment to which this document relates, prospective investors should in all cases read the following information:

Previous Partnership Share Sales

Over the past 12 months a total of 1,906 Limited Partnership Shares in Gresham House Timberland LP have sold at an average price of £1,439.64 per share3.

3Past performance should not be interpreted as an indication of future performance.

CLOSING DATE FOR OFFERS: MIDDAY 2 DECEMBER 2025

OFFERS SHOULD BE MADE NET OF FEES (PLEASE REFER TO APPENDIX I FOR DETAILS).

OFFERS CAN NOW BE SUBMITTED ONLINE USING THE LINK BELOW:
ONLINE BID SUBMISSION

Alternatively, offers can be made in writing or by email to sharetransactions@greshamhouse.com. All offers will be acknowledged upon receipt and forwarded to the Vendor/s on the closing date, and not before. Please contact Gresham House before the closing date if your offer has not been acknowledged.

Existing Limited Partners may bid for any number of shares to add to their holding, there is no minimum.

For new Limited Partners there is a minimum holding of 40 Partnership Shares.

Please note that all Limited Partners must have a Unique Tax Reference number and must also register their interest in the LP with HMRC using form SA401.

Payment instructions, including an Application Form, will be sent to the successful Purchaser(s) outlining the application process.

All Application Forms together with the requisite funds must be received no later than 18 December 2025.