QUADRIS Environmental Fund Update Oct 2010 …

1 QUADRIS Environmental fund PLC. Monthly Update Performance Summary October 2010. Please note this is a summary document, intended for Professional Intermediary use only. Full details can be found in the formal Offering Document. Net Assets (UK): 100 million Share 1 Yr 3 Yr Performance Performance Share Classes Price9 Performance Share Class SEDOL ISIN. Var Gr USD $ * *. Variable Growth USD. Var Gr GBP * *. Launch: January 2007. B1W3KG9 GB00B1W3KG93. Var Gr Euro * *. Variable Growth GBP. 3385179 GB0033851790. Var Gr GBP Inst * N/A Launch: September 2003. **FR Acc GBP Variable Growth EURO. B1W3KH0 GB00B1W3KH01. Launch: November 2008. **FR Dist GBP Variable Growth GBP Inst **FR Dist Euro - B3 DWR79 IM00B3 DWR798. Launch: December 2008. Char Trust GBP Dist Inc - **Fixed Rate Acc 3385328 GB0033853283.

2 *The underlying forestry assets held by Variable Growth classes are denominated in Launch: September 2003. US Dollars. Classes denominated in other currencies were not hedged against foreign exchange volatility prior to February 2009. This led to substantial one off foreign **Fixed Rate Dist GBP. 3385511 GB0033855114. exchange gains for some classes prior to this date. Launch: November 2003. **These share classes are closed to new investment. **Fixed Rate Dist EURO. B1W3KL4 GB00B1W3KL47. QUADRIS Environmental fund PLC Launch: May 2009. Variable Growth Class Performance US$ Charitable Trust GBP. % B24G687 GB00B24G6874. Launch: August 2007. 150. 140 **These share classes are closed to new investment. 130. 120. 110 Annual Management Charge 100 All Classes (except VG Inst) - (TER ).

3 - Ju 7. Ju 8. Ju 9. Ju 0. Ja 7. Ja 8. Ja 9. 0. Ap 7. O 7. Ap 8. O 8. Ap 9. O 9. Ap 0. O 0. Variable Growth Institutional Class 0. 0. 0. 1. l-0. -0. l-0. -0. l-0. -0. l-1. -1. 0. 0. 0. 1. r- r- r- r- n- n- n- n- ct ct ct ct Ja Redemption Penalties QUADRIS Environmental fund PLC All Classes (with exception of VG Institutional Class). GBP Variable Growth Class Performance - 5% year 1 falling to 0% after 5 years % Variable Rate Institutional Class nil 275. 250 Volatility 225. 200 Since Inception: 175. 150 FTSE All Share Index: 125. 100. QUADRIS Variable Rate Growth GBP: 12 Months: p 5. p 6. p 7. p 8. p 9. p- 0. De -04. ar 4. Ju -0 5. D -05. ar 5. Ju -0 6. c 6. M -06. Ju -0 7. De -07. ar 7. Ju -0 8. c 8. M -08. Ju r-0 9. De -09. ar 9. Ju -1 0. 10. Se -0. Se -0. Se -0. Se -0. Se -0.

4 Se -1. M c-0. M c-0. De -0. M c-0. De -0. M c-0. n n n n n n p ar a Se e FTSE All Share Index: Data in respect of the above graphs includes previous share classes of the same currency investing in the same assets, with growth calculated on the QUADRIS Variable Rate Growth GBP: basis of current charges. fund Sponsor RISK DISCLOSURE STATEMENT: The price of any security may move up or down. If it moves down, losses can be incurred which in some circumstances may extend to QUADRIS Environmental Investments Ltd the full amount of the investment. Past performance is not necessarily a guide to Regent House, 19-20 The Broadway, Woking, Surrey GU21 5AP, UK. future performance. Further information and a copy of the scheme particulars, as well Telephone: +44 (0)1483 756800 Fax: +44 (0)1483 776800.

5 As the latest reports and accounts are available by contacting Blue Sea International Email: / Limited. QUADRISUK F4A OCT 2010. Registered office of the QUADRIS Environmental fund PLC : 31-37 North Quay, Douglas, Isle of Man, IM1 4LB. QUADRIS Environmental fund PLC, 31-37 North Quay, Douglas, Isle of Man. IM1 4LB. Telephone: +44 1 624 627247 Fax: +44 1 624 627248. QUADRIS Environmental fund PLC. Monthly Update Key Facts Summary October 2010. Please note this is a summary document, intended for Professional Intermediary use only. Full details can be found in the formal Offering Document. fund Overview fund Name QUADRIS Environmental fund PLC. QUADRIS Environmental fund PLC (the fund ) is a Qualifying Investor fund as defined in the Isle of Man Collective Investment fund Type Scheme (Qualifying fund ) Regulations 2010.

6 Inception Date Incorporated as an open-ended investment company in the Isle of Man on 30th April 2001 as a public company limited by shares. The fund applies annually to Her Majesty's Revenue & Customs for certification as a distributing fund in accordance with the provisions of Schedule 27 of the Income & Corporation Taxes Act 1998. This enables growth in share values to be treated as a Capital Gains Capital Gain for tax purposes and such gains may be offset against an investors CGT allowance. For holders of Fixed Rate Distribution Shares, distributions of capital will be made quarterly on the 31st March, 30th June, 30th September and 31st December. Income distribution is, of course, subject to any Income Tax liability the investor may incur. Share Classes & Minimum Initial Investment (MIN).

7 Variable Growth Class: an investment offering an opportunity for greater growth potential, offering potential GBP: MIN 10,000 Thereafter, growth of in excess of 9%. The underlying investments in this class are forestry investments spread across an additional subscriptions 5,000 min area of 33,000 ha of plantations, in a variety of planting years. USD: MIN US$15,000 Thereafter, additional subscriptions US$7,500 min Euro: MIN 10,000 Thereafter, additional subscriptions 5,000 min Variable Growth Institutional Class: an investment offering an opportunity for greater growth potential, MIN 100,000. Thereafter, additional offering potential growth of in excess of 9%, with the added benefit of a reduced Annual Management Charge. subscriptions 50,000 min The underlying investments in this class are forestry investments spread across an area of 33,000 ha of plantations, in a variety of planting years.

8 Fixed Rate Accumulation Class: offering a fixed growth rate with roll up' of the capital growth and asset MIN 1,000 or 1,000 plus 500 per coverage, offering growth (net of annual management charges). The underlying assets in this class are month. Thereafter, additional Zero Coupon Notes. Asset coverage is provided by a minimum of 2 times cover secured against plantation assets. subscriptions 500 min This class is now closed to new investment. Fixed Rate Distribution Class: offering a fixed rate of growth with regular distribution of the capital gains GBP: MIN 10,000. Thereafter, achieved from this investment and asset coverage. Offering growth (GBP class) or growth (Euro additional subscriptions 3,000 min class) (net of annual management charges) distributed quarterly. The underlying assets of this class are Zero Euro: MIN 15,000 Thereafter, Coupon Notes.

9 Asset coverage is provided by a minimum of 2 times cover secured against plantation assets. additional subscriptions 5,000 min This class is now closed to new investment. Charitable Trust Income Class: offering a fixed dividend rate of per 100 share per annum (net of MIN 100,000. Thereafter, additional annual management charges), with quarterly distribution of income. The underlying assets of this class are Zero subscriptions 50,000 min Coupon Notes. Asset coverage is provided by a minimum of 2 times cover secured against plantation assets. Also available to non-charitable trusts on the same terms. Management Administrator/Registrar/Transfer Agent/Manager: Auditors: PriceWaterhouseCoopers (Isle of Man). Blue Sea International Limited (Isle of Man) which was incorporated in Custodian: Cayman National Bank and Trust Company (Isle of Man) the Isle of Man No.

10 111375C, 31-37 North Quay Douglas Isle of Man Limited. IM1 4LB. Blue Sea International Limited is licensed by the Isle of Man Investment Committee: John Bourbon, Walter Jacob, John Mudge Financial Supervision Commission. Sponsor: QUADRIS Environmental Investments Ltd, Regent House, 19-20 The Broadway, Woking, Surrey GU21 5AP, UK. Telephone: +44 (0)1483 756800 Fax: +44 (0)1483 776800 Email: Web: QUADRISUK F4B OCT 2010. QUADRIS Environmental fund PLC, 31-37 North Quay, Douglas, Isle of Man. IM1 4LB. Telephone: +44 1 624 627247 Fax: +44 1 624 627248.