Seventh Forest Partnership
Progress Report

28 October 2003

Dear Partner,

Planting Finished for 2003
We are pleased to report that all four of your forest stands have now been planted. The stand at Chimney Creek in Marlborough was the first to go in, followed by Hopefield north of Waiau, then Gola Peaks (Douglas-fir) and Glens of Tekoa in inland North Canterbury.
The extremely wet spring weather held us up considerably at Hopefield and Glens of Tekoa, as it made access on to these sites impossible at times. However the cool wet weather extended the plantable season accordingly, so there was no issue with planting late.

Measuring & Mapping
Over the summer and into autumn we will map and measure the planted areas of each site and record survival figures. Thereby we will know total planted area, any gaps or good land that should be added next season, and any need for replanting (called ‘blanking’). We do not expect much if any blanking will be required but we think it is quite likely there will be scope to add a few hectares to the Hopefield and Gola Peaks stands. This is because on both sites there were areas of dead scrub that would not burn, but which may well be plantable next winter/spring, or could be mechanically cleared.

Budget
Quite shortly we will be able to report to you again with details of the estimated planted area of each site based on the number of trees planted divided by the average density, as measured by our auditors. We will also be able to summarise all expenditure and compare it to the original budget based on the Forestry Plan forecasts in the Prospectus. It is possible there will be a surplus. If the 10% provision in next year’s budget for replanting is not needed, a surplus this year too could mean a small reduction in future contributions from the Partners may be possible.

Photos & News
Enclosed are a couple of recent shots from Gola Peaks where your Douglas-fir stand has been planted. We will send you another report within the next few weeks and maybe more photographs. The next report will include forest maps too. Reports, photos and Newsletters will also be available on-line through our website.
If you have any queries about anything, or want more information, please don't hesitate to contact us.

Charles Etherington
WARREN FORESTRY Ltd
Manager

Warren Forestry Ltd, New Zealand forestry investment provider
Warren Forestry Ltd, New Zealand forestry investment providerWarren Forestry Ltd, New Zealand forestry investment providerWarren Forestry Ltd, New Zealand forestry investment provider