Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697628160410.pdf (Australia)
Submission by TFS Corporation to the Senate Economic References Committee with respect to Forestry Managed Investment Schemes Terms of Reference a.

The motivation and drivers which established the framework for the schemes initially: The motivation and drivers of Managed funds date back to the early 1980's 1 ..

This economic philosophy at the time was characterised by small government, user pays, and privatisation of government functions.
"Business does it better" was the mantra that saw, for example the rescinding of the Commonwealth -State Forestry Agreements amongst the first raft of changes in Australia that mimicked those in the US and Britain.
Domestically and as a reaction to those changes, the Commonwealth sought to replace its own funding of activities in Forestry and Agriculture by creating incentives for private funding of domestic policies such as de-centralisation, regional growth, agricultural diversification and self-sufficiency in timber resources.

Prior to the above Western governments had unapologetically directed taxpayer's money to areas of the nation that it deemed to be in the national interest.
Jn 1920's it was the Rail and Road networks of the Australian Grain and Pastoral regions, in the 1950'2 and 60's it was Agricultural Irrigation schemes such as Snowy Mountains Scheme and the Ord, in the 60's and ?O's it was the Civil Aviation/Airport networks of remote mining Australia.

Both sides of the political spectrum recognised and supported the 1998 legislation that underpins modem MIS.

This is evidence that at its heart the philosophy of MIS is nation building.
Properly implemented, as TFS Indian Sandalwood demonstrates, MIS is a modem way of funding schemes that are in the national interest.

Typically these involve long term innovative ventures that would otherwise fail to attract funding .

In 1986 the matter of tax system incentives offered with MIS was complicated by the implementation of self-assessment of tax.

This left the ATO without legal precedent to guide investors on validity of Tax rebates/incentives associated with the MIS offerings.
Various reactions by the A TO such as the Bud Plan Federal Court case, saw a culling of clear Tax Avoidance MIS.

ASIC and its precursors also became involved in a game of catch up in regulating the investment guidelines and governance of the MIS industry.

This manifests itself in various Commonwealth Laws passed in 1998 and amended in 2006 regarding Trustees and Responsible Entities and most recently the 70/30 DFE rule.
The ATO is 1 Economic effects of income tax law on investments in Australian Agriculture, Rural Industries Research and Development Corporation, 2006.

Page 33 Page Forestry managed investment schemesSubmission 132 now uniquely pro-active in the area of MIS and all offerings must receive ATO approval prior to public release.

In its Report on MIS in Agribusiness the Joint Parliamentary Committee on Corporations in 2009 stated at p.18.
"From a forestry MIS perspective, tax deductibility was an important component of the 1997 Forestry 2020 Vision Strategy, aimed at trebling Australia's plantation timber output by 2020 to meet future paper demand?

b.

The role of government in administering and regulating forestry MIS: The MISA provides the legislature framework for MIS whilst Chapter 5C of the CORPORATIONS ACT 2001 (the Corporations Act) provides for further corporate governance of the sector.
Whilst MIS is administered by ASIC, the ATO deals with any tax rulings.

For any tax deductibility to apply to a product the ATO has to firstly issue a Product Ruling.

Any application for such a ruling is thoroughly scrutinised by the ATO, involving a period of approximately 90 days of consideration and conferral between the ATO and the tax payer.
The issue of a product ruling by the ATO represents a significant regulatory hurdle that TFS is required to overcome and once the ruling has been issued, TFS is subject to ongoing compliance obligations which include the self reporting of significant steps in the investment cycle to the ATO.

Non-compliance with the product ruling by either the investor or TFS can lead to the loss of tax deductibility and interest and penalties being applied.
Non-compliance with the product ruling by TFS can also lead to TFS being the subject of adverse sanctions through the promoter penalty regime, which can include penalties and loss of ability to continue to offer MIS products.

A critical area also relates to Product Disclosure Statements (PDS) on which investors place reliance when making decisions on investments.
ASIC has oversight of these and in January 2012 issued Regulatory Guide 232 "Agribusiness managed investment schemes: Improving disclosure for investors".

This establishes five benchmarks which are reported on in any PDS.

As well as PDS, ASIC has oversight of Australian Financial Services Licenses (AFSL), both in granting the licenses and the implementing of conditions attached to those licenses.

ASIC's oversight also includes Responsible Entities (RE's) and how they carry out their obligations.
TFS is not aware of any failure in ASIC's oversight of these areas and for its part, TFS as an RE, has not had any problems with ASIC nor in the carrying out of its obligations as an RE.

Page2 Forestry managed investment schemesSubmission 132 TFS believes that the role of both ASIC and the ATO is sufficient to ensure transparency and the efficiency of MIS.
Whilst TFS believes transparency and governance are essential it does not see any need for any change in the role or powers available to ASIC or the ATO.
c. The current policy and regulatory framework of forestry MIS: TFS supports the introduction by ASIC of Regulatory Guide 232 and since its introduction TFS has responded to the five benchmarks and five disclosure principles in the PDS it has issued2• (Another safeguard, introduced in 2007 is the 70/30 rule which requires that 70% of funds raised through the MIS be spent on the agricultural activity involved.
This means that the vast majority of investor's funds are not going to management fees but to the reason for investment.

Whilst the regulatory framework is extensive, TFS has put in place further safeguards.

When an MIS investor places an investment, an upfront fee equivalent to one year's management fees and rent, is also paid.

These funds are deposited with an Independent Custodian and are held for the life of the project.
In the unlikely event that TFS should fail as a responsible entity, this provides a further 12 months of funding to meet management costs and rental commitments, giving growers this time to replace the responsible entity and continue with the MIS without the plantation itself falling into disrepair.

In the likely event TFS continues to prosper, these funds will be used to meet management costs and rent for the final year of the Project.
The replacement of a failed Responsible Entity has been another issue, as the failure alone of responsible entity should not necessarily mean the end of the MIS scheme involved, which may be successful.

The issue was canvassed by CAMAC in 2012 in its discussion paper on MIS and TFS believes this is consistent with the approach taken in the paper.
Further, TFS seeks to protect the interests of Growers by ensuring all leases in a scheme (including sub-leases between the responsible entity and the investor) are registered on the property's title.

Failed schemes invariably registered only the head lease (between the responsible entity and the land owner) meaning when schemes failed, the interest of investors in the trees on the land was not invariably recognised by the courts as there was no evidence of their interest on title.
d. The role of some in the financial services industry in promoting and selling forestry MIS: "Acting in the best interests of the client" should be the underlying motive of financial advisors regardless of the product they are promoting.

In some cases this has unfortunately not been true for promoters and financial advisors.

Advisors should not be influenced by any potential commission, but by the quality of the product.

Allegiance to a major financial institution should also not play a part.
Investors need choices and should be offered a range of products even if large institutions do not support them.

These choices must be informed and Financial Advisors should also be educated as to the product on which they are giving advice if this is to be the case.

2 Pg.
2 Pg.

13,14 -TFS 2014 PDS P age~< Forestry managed investment schemesSubmission 132 Section 963E of the Corporations Act 2001 provides that financial advisors are not allowed to receive "conflicted remuneration" unless exempted from doing so.
Section 963A defines this as both a monetary and non-monetary benefit received by a financial adviser who gives advice to a client which could reasonably be expected to influence the advice given by that financial adviser or the choice of product recommended by that financial adviser.

One exception is if the benefit is less than $300.

Another exception is for education and training purposes but financial advisers are required to pay for their own travel costs.
In the case of TFS all of the project plantations are located in remote or regional Australia.

In the past, TFS has hosted visits by financial advisors to these locations in order for them to see the operations first hand.

This of course is expensive and exceeds the monetary limit permitted.

If financial advisors are to advise their clients properly they need to make these visits, however should they have to bear their own costs those advisors are not likely to make those visits.
Many of their clients are therefore deprived of the opportunity of receiving competent advice or any advice at all and thereby lessening their available choice.

Whilst TFS agrees there has to be transparency, and control of conflicted remuneration it believes that this demonstrates a situation where products in remote and regional Australia will not receive the same attention as more conveniently located products.
e. Compensation arrangements for small Investors in forestry MIS who have lost life savings and their homes in the face of the collapse of forestry MIS: Compensation arrangements for loss of investment is a controversial subject that goes to the heart of freedoms and responsibilities in a liberal democracy.

This in tum is a socio-political discussion that cannot be advanced in this forum.

Meanwhile, the question of compensation is primarily one for the Courts and secondly for the Government.
If anyone has breached fiduciary obligations or has been dishonest they should be brought to justice.

g. The options for reforming MIS to protect investors and rural communitles: The high profile failures of various MIS entities demand review and reform.

MIS philosophy has in many cases been poorly implemented.

At the same time the socio-economic aspirations that drive it are as valid today as they were at its inception.
MIS in this way is a bit like Christianity as observed by prominent Australian atheist Philip Adams " ... it's such a good idea someone should try it sometime".

TFS has tried Forestry MIS and TFS has succeeded.

Investors and rural communities have benefitted, and are benefitting from the TFS version of Forestry MIS.

Public debate on a number of iconic Australian issues such as Family Farm ownership, and Water Allocation has also seen MIS scapegoated where in fact other macro issues are relevant.
For example MIS blue gum forestry in Southern areas saw a rapid appreciation of land values.

While those wishing to retire from that land benefitted, younger farmers wishing to make a start were impeded.

However, the macro causal issues here must include food pricing and related free trade policies of the commonwealth.

Similarly land prices and water allocation on Irrigated land in Northern Australia has seen the Sandalwood Industry implicated in the failure of food industries to flourish there.
In fact Sandalwood Pap.e4 Forestry managed investment schemesSubmission 132 was first investigated by the West Australian Government in the 1980's precisely because cotton, rice, and sugar had failed to gather a critical mass on the Ord River Scheme despite massive Government support.

Apart from Sandalwood investment backed by Forestry MIS, those communities are now confronting the likelihood of foreign ownership of their resources.

This could primarily be seen in the development of Northern Australia.
However it is reasonable for government to identify safeguards that will mitigate against poor application of MIS principles.

TFS suggests that one such way is to link A TO/ASIC supervision of MIS where the national interest test is used.

The precedents of the FIRB could be examined for applicability to MIS.
MIS projects can serve the national interest objectives of regional diversification, primary industry diversification, and Australian ownership of Australian resources where otherwise government intervention would be discriminatory.

TFS has independently introduced measures whereby growers pay one year's management fees and rent up front.

This allows for time to replace the responsible entity in the event of its failure.
Similarly the registering of all leases on title provides a further measure to protect the interests of investors.

These are measures that could be implemented more widely.

h. Any other related matters.

As suggested above, if a National Interest Test were applied to MIS Project approvals, three criteria could be included.

• Firstly the value adding potential of the project should be considered.

Would the primary produce of that project be further refined or developed locally before sale?
• Secondly, would the project create an export commodity?

• Thirdly would the project provide employment in areas of high youth or indigenous unemployment?

Such a test would not transgress on the rights and responsibilities of business and investors, and it would help focus on the proper justification of tax incentives in properly constituted MIS.

A Brief History of TFS Corporation TFS Corporation Ltd (TFS} was founded in 1997 and subsequently listed on the ASX in December 2004.
It first established plantations of Indian sandalwood in the East Kimberley on behalf of investors in 1999.

It is now the biggest sandalwood grower and manager of Indian Sandalwood in the world.

In 2013/14 TFS was one of the top performers on the wider ASX and was added to the ASX 300 index in March 2014 Paga5 Forestry managed investment schemesSubmission 132 The FY 14 results for TFS revealed a record full year net profit after tax of $82.5m, up 48% on FY 13i.
TFS has also bought, recently, the wood harvested from its first commercial plantation.

This harvested produce was owned by MIS investors and the tender process has secured for them a price of $100 per kg of estimated heartwood that is more than double that anticipated in the original prospectus.

This will result in a small pre-tax pre finance return to the original investors.
However the result bodes well for investors in subsequent MIS projects where the yield is much higher than the original pioneering plantations.

TFS bought the wood after an open public tender process where there were over 40 registered expressions of interest and 6 final tenderers.

The tenderers were, in the large part, from India.

The TFS Model.

Since 1999 TFS has grown considerably to become the largest owner/manager of Indian sandalwood plantations in the World.
It manages over 9085ha on behalf of 3,500 retail growers (MIS), a range of institutional investors and companies associated with TFS.

The table below sets out the range of investors with land allocations.
Owner/ Investor Hectares Percentage Retail Investors (MIS) Domestic HNW Investors Institutional Investors TFS (Direct & Indirect) Table 1: TFS Tree Ownership 2,470ha 425ha 3,023ha 3167ha 9,085ha 27.2% 4.7% 33.3% 34.8% 100.0% While the majority of the early plantations were established utilising MIS, in recent years TFS has diversified its funding base to include institutional investors.

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TFS believes that this mix of Institutional and MIS investment is a reciprocal vindication of this forestry investment model and one that will ensure TFS' strength as it evolves into an industrial company in a truly Australian venture .. Advisor Edge recently stated (24/3/14) that: "TFS has transitioned from a pure MIS operator to a more diversified business including Sandalwood production and marketing and an institutional investment programme."
TFS now has plantations in the East Kimberley, Northern Territory and North Queensland.

TFS has found support from local shires who recognise the diversity and strength that TFS brings to these regional and remote economies.

As well as this, in 2008, TFS acquired Mount Romance Australia (MRA) at Albany, which is a Western Australian sandalwood processor.

Value added sandalwood products are consequently exported all over the world.
TFS' pro-active market development of its Sandalwood produce has distinguished itself from most other Forestry MIS proponents.

For example, In February 2014 following 4 years of R&D in Pa<1P.

h Forestry managed investment schemesSubmission 132 dermatology applications of Indian sandalwood Oil, a landmark agreement was reached between TFS and Galderma for the supply of pharmaceutical grade Indian Sandalwood Oil at US$4,500 per kg.
Galderma, a Nestle owned dermatology company has the potential to consume a large proportion of TFS's future oil and orders to date for market testing and product launch alone, exceeds $3m.

It will launch a range of Acne Skin Care products containing TFS Oil in the USA in January 2015.
Appendix One - End of FY14 Financial Results Presentation Appendix Two - Community, Environment and Employment TFS CORPORATION 15 DECEMBER2014 Page 7 Forestry managed investment schemesSubmission 132 Appendix 1 Presentation to TFS AGM 28/11/14 Forestry managed investment schemesSubmission 132 sorL TO Vertically Integrated Sandalwood Company TFS Corporation Ltd 2014 Annual General Meeting Presentation Frank Wilson - CEO Forestry managed investment schemesSubmission 132 Important Notice and Disclaimer This presentation has been prepared by TFS Corporation Ltd (TFS).
This presentation is not a product disclosure statement or prospectus for the purposes of the Australian Corporations Act 2001 (Cth), nor does it constitute financial product or Investment advice or a recommendation, offer or invitation by any person or to any person to sell, purchase or otherwise invest in securities in TFS in any jurisdiction.

Neither this presentation nor anything in it shall form the basis of any contract or commitment.
This presentation contains general information only and does not take into account the Investment objectives, financial situation and particular needs of individual investors.

Investors should make their own independent assessment of the Information in this presentation and obtain their own independent advice from a qualified financial adviser, lawyer, accountant, tax or such other adviser as considered appropriate having regard to their objectives, financial situation and needs before taking any action.
The information in this presentation contains historic Information about the performance of TFS and securities in TFS (or any other financial product).

That information is historic only, and is not an indication or representation about the future performance of TFS or securities in TFS (or any other financial product).

You should not place undue reliance on any such information.
No representation or warranty, express or implied, is given as to the accuracy, completeness, reliability or adequacy of any statements, estimates, opinions or other information, or the reasonableness of any assumption or other statement, contained in this presentation.

Nor is any representation or warranty, express or implied, given as to the accuracy, completeness, likelihood of achievement or reasonableness of any forecasts, prospective statements or potential returns contained in this presentation.
Such forecasts, prospective statements or potential returns only reflect subjective views held by TFS, and are based on certain assumptions made by TFS, as at the date specified in the relevant information and are by their nature subject to significant uncertainties and contingencies, many of which are outside the control of TFS.

Actual events and results may vary from the events or results expressed or Implied in such statements.
Given theses uncertainties, you should not place undue reliance on any such statements.
To the maximum extent permitted by law, TFS and its related bodies corporate, directors, officers, employees, advisers and agents disclaim all liability and responsibility (including without limitation any liability arising in negligence, statute or otherwise) for any direct or indirect loss or damage which may arise or be suffered by any person through use or reliance on anything contained in, or omitted from, this presentation.
An investment in TFS securities is subject to investment and other known and unknown risks, some of which are beyond the control of TFS.

TFS does not guarantee any particular rate of return or the performance of TFS securities.

The distribution of this presentation including in jurisdictions outside Australia, may be restricted by law.

Any person who receives this presentation must seek advice on and observe any such restrictions.
TFS CORPORATION LTD I 2 Forestry managed investment schemesSubmission 132 A Year of Significant Progress ~ Record profitability ~ Strong increase in direct plantation ownership ~ Landmark supply agreement with Galderma ~ Successful completion, processing and sale of first harvest ~ Record sales value of financial product, including new institutional investors ~ Successful institutional placement ~ Appointment of new independent Non-Executive Chairman, two new independent NEDs and new CFO TFS CORPORATION LTD I 3 Forestry managed investment schemesSubmission 132 Financial Results - Record Results NPAT Cash EBITDA NTA Dividend $82.Sm $51.4m $363.3m 3¢ p/s YOY Change: +48°/o -1 Ofo +61 Ofo - TFS CORPORATION LTD I 4 Forestry managed investment schemesSubmission 132 Operational Results - Strong Growth FY14 Planting 1,587ha YOY change: +19% +52o/o +34o/o Note 1: TFS Owned = direct ownership plus effective indirect ownership TFS CORPORATION LTD I 5 Forestry managed investment schemesSubmission 132 Forestry Results • Annual inventory count completed in June and included in FY14 results • Total trees managed by TFS of 3.9m (FY13: 3.3m) • Good survival rate of 92o/o across all 2013 plantings • Low annualised mortality on average of < 1°/o TFS CORPORATION LTD I 6 Forestry managed investment schemesSubmission 132 Plantation Assets Douglas Daly Area.
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Owner (ha) ' I (!UEt~SL/,~o'D FY14 FY13 FY12 ""'l\.tnstitutional 3,188 2,818 2,455 MIS + High Net Worth 3,588 3,441 3,325 TFS (direct ownership only) 2,309 1,348 646 Total 9,085 7,607 6,426 TFS CORPORATION LTD I 7 Forestry managed investment schemesSubmission 132 First Harvest • First harvest completed in June, with oil quality confirmed to be pharmaceutical grade and oil yield in line with long held expectations for this plantation • TFS owned wood has already been harvested, processed into oil and sold.
TFS has shipped a total of 520 kg of pharmaceutical grade sandalwood oil to the USA • Grower wood acquired by TFS after out-bidding five other bidders in a public tender.
Wood currently being processed at Mt Romance facility and all oil pre committed to global customers in pharmaceutical, fine fragrance and luxury cosmetic industries TFS CORPORATION LTD I 8 Forestry managed investment schemesSubmission 132 A Broad and Deep Range of End Markets - for Wood & Oil ~ • Significant demand from historical core markets in India and China for both wood and oil - Indian Sandalwood is culturally important, a "cradle to grave" high end consumer product used in fragrance, body care, handicrafts and worship Estimated global demand for sandalwood in 2015 >28,000T • Continued development of market for over the counter and prescription drugs which utilise pharmaceutical grade oil o Significant long-term supply agreement finalised with Galderma at US$4,500 for acne o Pipeline of products in development for eczema, warts, psoriasis and others • The Indian domestic market, the Chinese domestic market, and the global pharmaceutical market, each has the potential to consume a large proportion of TFS end production on their own IL I .
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-- ·- - - '· ~ Worship Source: Incipient Capital report March 2014 TFS CORPORATION LTD I 9 Forestry managed investment schemesSubmission 132 Launch of Galderma's Benzac OTC acne products • Galderma's Benzac acne products, containing TFS's pharmaceutical grade sandalwood oil, will launch in the US in retail outlets on 29 December with online launch on 2 January 2015 • International distribution of the acne products may follow in 2015 • The US launch of additional over the counter products for the treatment of other highly prevalent skin disorders containing TFS pharmaceutical grade oil may take place in calendar year 2015 ~ .. 1· ~1" senIAC'' f.(:Hf SO..Unotn Skin Balancing Foaming CleRnser .......... --"""'Ltd - ~OI ··• ··· t£0ZAC' OtanngH~ 1 liermlh ~ $\, S>lo~vl•t '" '1 &Ft 01 , n~ ,,.,_, TFS CORPORATION LTD I 10 Forestry managed investment schemesSubmission 132 l_aunch of Galderma's Benzac OTC acne products IEnzAC': At:Nl!IOI.~ BEnZAC" 44'.
'IC SOl lJfll)ll!C TFS CORPORATION LTD \ 11 Forestry managed investment schemesSubmission 132 Positive Acne and Psoriasis research • Pre-clinical research conducted by University of British Columbia • TFS pharmaceutical grade Indian sandalwood oil more effective at controlling acne bacteria than benzoyl peroxide (BPO, the common treatment for acne) • TFS pharmaceutical grade Indian sandalwood oil very effective at controlling inflammation associated with acne and psoriasis • Results highlight potential of Galderma's new Benzac products aimed for launch in the US in December into a market of 40-50 million acne sufferers with a market size of US$4 billion per annum TFS CORPORATION LTD I 12 Forestry managed investment schemesSubmission 132 EISO inhibits Acne growth more Effectively than BPO Dose-dependent growth inhibition of P. acnes by increasing concentrations of BPO compared to a single, low dose of EISO ~ P. acnes 11827 vs BPO (6 Days) P. acnes 11827 vs 0.001% EISO (10 days) P.acnes growth w/o BPO P.acnes growth w/o EISO 10% BPO prevents P.acnes growth for 6days Neither 2.3 nor 53 BPO can prevent P .acnes growth 0.001% EISO prevents P.acnes growth for 10 days TFS CORPORATION LTD I 13 - - -·------- - Forestry managed investment schemesSubmission 132 Benefits of Declining Australian Dollar • AUD has declined by 10°/o against the USO since 30 June 2014 • Short term impact is marginally negative as the cost of servicing TFS's corporate debt will slightly exceed revenue from oil sales (cash impact of c$1 min FY15)
 • From 2016 the impact of a declining Australian dollar is extremely positive - sales of wood and oil sales will step up significantly from 2016 and are denominated in USO -~-,~-"· ..
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----~-·--~----- AUG KP tfCV - - - TFS CORPORATION LTD I 14 Forestry managed investment schemesSubmission 132 Strategic Priorities for FY15 • Continue to expand direct ownership of plantations • Continue development of pharmaceutical products and partners • Continue expansion of existing oil and wood markets, especially fine fragrance and Chinese wood market to create further price tension • Continued expansion of investors in Beyond Carbon and High Net Worth products with price rises for new investors • Build land bank for establishment of medium and long term plantations • Review refinancing of the bond - significant opportunity Guidance for FY15: • NPAT: at least $70m • Cash EBITDA: in1provement of 1 Oo/o on FY14 • New planting of 1 ,500ha TFS CORPORATION LTD I 15 Forestry managed investment schemesSubmission 132 Appendix 2 Community, Environment & Employment Forestry managed investment schemesSubmission 132 Community, Environment and Employment • • • • • • In 2013 the TFS Group was ranked by Oekom Research AG as a "Prime" investment company for Socially Responsible and Ethical Investors.
TFS has also achieved accreditation for ISO standards for environment and community.

Apart from providing business opportunities for Aboriginal Communities in the Eastern Goldfields TFS is one of the largest private employers in both Kununurra and at Albany.

TFS now employs approximately 170 full time staff and 300 casual staff to support the planting seasons and silviculture activities.
Whilst tourism is not a core business, TFS, has recently won two Silver Awards for WA Tourism for its retail tourism outlets in Broome and Kununurra.

It has also won awards for its outlet at MRA in Albany.

Through its outlet at MRA, TFS provides a royalty to Aboriginal Communities for Sandalwood oil made from Sandalwood harvested by them.
TFS is a proud foundation, and continuing, sponsor of the Clontarf East Kimberley Football Academy which is part of the Gerard Neesham program in Kununurra and Katherine.

TFS sponsors annually the Douglas Daly Cricket Challenge and has also supported the Kimberley Moon tourist event.

TFS CORPORATION LTD I 7 Forestry managed investment schemesSubmission 132 Community Environment and Employment • • • • TFS sponsored an indigenous language and art program at the Dawul Community School.
The relationship TFS established during this program has seen designs developed by Dawul Community School students used in packaging across the range of products produced by MRA.

A financial return is provided to the school for this artwork.

TFS has also funded a feasibility study by Notre Dame University for a program involving tertiary and vocational education for on-country management.

This would be available for the broader community but particularly Aboriginal students in the North West.
Both Frank Wilson the CEO and Advisory Director Chris Ellison are on the Board of Governors for the University.

In 2006 TFS constructed a ground breaking water recycling plant on part of its Kununurra plantations and received the Remote and Rural Water Award.

In 2012 and 2013 it was awarded a Water Corporation Platinum Recognition Award for water saving by the Western Australian Water Corporation.
TFS also leases land from an Aboriginal Organisation Waringarri in Kununurra for the purpose of growing sandalwood.

This is a long term arrangement which runs for 15 years.

TFS CORPORATION LTD I 8 Forestry managed investment schemesSubmission 132