Mt Whitnow Forest Partnership
Annual Report
7 April 2003


Dear Partner,
We are pleased to report as follows:

Forest Stand Progress
It has been a good growth season for your young forest stands after a late spring. Dry conditions recently have not affected them at all.

It has not been dry this summer at Mt Whitnow and Glens of Tekoa. At Ahuriri, this year has been dry until now but as the trees were well released from competition and are on a sheltered site they have been fine.

First year survival at Mt Whitnow appears to be very good. This is to be confirmed shortly by a systematic survey, which will also complete the mapping of all the planted areas. From that survey we will be able to determine how much ‘blanking’ (replanting) is required and whether any further area should be stocked. We do not expect too much of either.

Nothing further is required for your Radiata Clearwood regime at Ahuriri this year. It was second released in the spring and growth has been very good. The trees throughout are now past any risk from the competing gorse.

At Glens of Tekoa the 29 hectare Douglas-fir stand (‘GT8’) planted in 2001 now requires a full aerial release of the broom competing with the trees, as originally planned. This will be conducted mid-winter. Thereby in the spring the trees should get ahead of their competition and then be well on the way to dominating it permanently.

Budget 2003 & Tax Loss 2002
The proposed budget enclosed is with your Consultant for approval. It indicates a need for less than $200 per unit this year.

However the Annual Sum to be paid is $250 per unit, as set out in the Prospectus and Investment Statement.

We enclose a request for payment.
Your Tax Loss Certificate for the income tax year to 31 March will be sent to you very soon.
If you have any queries about anything, or want more information, please don't hesitate to contact us at any time.

Charles Etherington

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