In 2008, the Scottish Government approved a licence to the Scottish Wildlife Trust (SWT) and the Royal Zoological Society of Scotland (RZSS), to undertake a five-year trial reintroduction of the European beaver (Castor fiber) to Scotland after an absence of more than 400 years. In May 2009, three beaver family groups were introduced to Loch Coille- Bharr, Loch Linne/Loch Fidhle and Creagmhor Loch/Loch Beag on land managed by Forest Enterprise Scotland (FES) at Knapdale, Argyll. Since 2009, additional releases have also taken place, and by November 2010, beaver groups were established in these three lochs and Lochan Buic. This is the third annual report that describes the effects of beavers on riparian woodland at Knapdale, and summarises effects observed up until November 2011 and attempts to identify trends that are emerging with increasing time since the reintroduction process began