2004 Contribution & General Progress Report
3 November 2004

We are pleased to report as follows:

Forest Stand Progress
GP1 - In September we blanked the area that required it in your Douglas-fir at Gola Peaks ('GP1'). It took 10,000 trees, a little more than we expected. This is 15% of the stand but only 6% over all. The extremely dry, sunny and windy period last December and January (1mm of rain!) was too much for these establishing seedlings in the sunniest parts of the site. The shadier half of the stand had close to 100% survival. We have now released (spot sprayed) about half the stand for a second time where the grass is most vigorous, to assist survival and early growth.
GT14, HF3 & CC2 - We have added a little more than 2 hectares to the Glens of Tekoa ('GT14') stand, and a few hundred trees to the Hopefield ('HF3') and Chimney Creek ('CC2') stands. These did not require blanking as survival was close to 100%. A little more releasing is required for each of these stands to make sure the trees keep well ahead of the competing weeds.

Climate - It has been a cool spring, so growth is about three weeks behind, as it was last year. Let's hope it does not go too dry now it is warmer.

2004 Contribution
As you'll be aware from the Investment Statement & Prospectus there is an annual contribution of $425 per unit required. This of course is much more than the overheads of the Partnership and its forests, but funds will accumulate over the next few years to 'smooth out' the further investment in pruning and thinning your Radiata clearwood crop will get from about age 5 to 10 years old.

Kind regards,
Charles Etherington,
Manager
Warren Forestry Ltd

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