Annual Report
26 April 2004

To All Partners

We are pleased to report as follows:

Forest Stand Progress
It has been another good growth season for your young forest stands after a cool wet spring. Dry conditions in December & January did not affect them except to raise fire risk to extreme for a while. February was very wet and produced a second flush of growth.
At Leslie Hills and Kalimera, your Radiata pine are well ahead of forecasts so pruning may start up to a year ahead of the original 2006 forecast. We will put in sample plots later next summer and from the data obtained will re-calibrate the growth models to pinpoint the ideal time to start pruning.
Your Douglas-fir at Glens of Tekoa is growing very well too but will not need growth analysis for some years yet as it will not be pruned and will not be thinned for many years yet. Some further weed control may be required this year.
The small stand of Radiata at Tekoa will be measured late next summer too. It has not yet looked to be growing very quickly and the forecast of pruning beginning in 2005 may be premature.
All your Radiata area has recently received its application of ulexite, which adds the trace element boron.
The enclosed budget and notes cover the work and estimated required expenditure this year.

Site Visits
Later in the year we will organise field days to at least two of the three properties your forest stands are on.
If you have any queries about anything, or want more information, please don't hesitate to contact us at any time.

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