Yearly Report :: Greenplan

Forest Data For 2001 Plantings

Partnership Name	Average Prune Height (APH)	Pruned SPH	Average DV	Average Tree Height
Jubilee Partnership 50	6.7000	324.0000	19.8000	13.3000
Twin Rivers Partnership 51	6.8000	348.0000	20.0000	13.7000
Headwaters Partnership 52	6.8000	338.0000	19.7000	14.2000

Key Management Activities Completed 2009 Commence third lift pruning and thinning operations Final audits completed Continued observations of forest health and monitoring for pests Key Management Activities for 2010 Continued observations of forest health and monitoring for pests Average unit price * Prices listed in Thousands Secondary Market Activity Sold Since: 1 January 2009 Average Price: $6,400(1ha) Price Range: $6,000-$6,800(1ha) Number Sold: 2 Forest Manager's Comments: After third lift pruning and the final thin we will achieve a minimum pruned height of 6.2 metres with an average stocking of approximately 350 sph. P F Olsen & Company Ltd will then perform final audits in all Partnerships; this is to ensure all operational requirements within the prospectus have been achieved. (PRP) plots have now been established in Partnerships 48 Dunmore North and 49 Minormore. These sample areas selected will help assist us when forecasting growth rates and potential yields. Data will be collected from the same trees each year. Grazing of forest Partnerships keeps access ways open and also reduces the risk of fire. All contractors are required to have a minimum amount of fire equipment which include shovels, slashers, portable rega pumps (knap sack) and access to 80 litres of water. All contractors and crew bosses are qualified and trained in basic forest fire control techniques. GFM Ltd Forest Manager April 2010

Key Management Activities Completed 2009

Commence third lift pruning and thinning operations
Final audits completed
Continued observations of forest health and monitoring for pests

Key Management Activities for 2010

Continued observations of forest health and monitoring for pests

Average unit price

* Prices listed in Thousands

Secondary Market Activity

Sold Since: 1 January 2009
Average Price: $6,400(1ha)
Price Range: $6,000-$6,800(1ha)
Number Sold: 2

Forest Manager's Comments:

After third lift pruning and the final thin we will achieve a minimum pruned height of 6.2 metres with an average stocking of approximately 350 sph. P F Olsen & Company Ltd will then perform final audits in all Partnerships; this is to ensure all operational requirements within the prospectus have been achieved.

(PRP) plots have now been established in Partnerships 48 Dunmore North and 49 Minormore. These sample areas selected will help assist us when forecasting growth rates and potential yields. Data will be collected from the same trees each year.

Grazing of forest Partnerships keeps access ways open and also reduces the risk of fire. All contractors are required to have a minimum amount of fire equipment which include shovels, slashers, portable rega pumps (knap sack) and access to 80 litres of water. All contractors and crew bosses are qualified and trained in basic forest fire control techniques.

GFM Ltd
Forest Manager
April 2010