still at a discount to nta, page-2

Insider Trader Research Dept: 14th September 2004
STOCK PICK OF THE WEEK WEEK Future Earnings Per Shares Estimates
P/E Ratio 12.59
2004 - Dividend Yield 5.4% 2005
Franking 100% 2006
Price/NTA % 82 Basis for Watch Current Price: Recent buying by directors Low Price/NTA ratio

What does it do? Auspine Limited is a vertically integrated forestry company involved in the growing and harvesting, manufacturing and sales of quality timber products in both domestic and export markets. Auspine has state of the art manufacturing facilities in South Australia, Tasmania and Victoria. Auspine Timbersales has distribution centres in all states, supplying valued customers with Radiata Pine Products, Treated Pine Products, Remanufactured Products, International Timbers and Associated Products. “The year resulted in a record harvest volume of Company owned or managed plantations. In the green triangle, Auspine continues its drive to self-sufficiency by developing a sustainable yield from its own forests…Auspine achieved revenue growth and increased margins in its Tasmanian and WA markets and was a reflection of the sustainment of the housing boom in these states.Auspine’s land investments are likely to continue to yield good returns for its shareholders. When assessed in terms of a value package, the land asset represents an excellent basis for the Company’s appeal to long term investors.” IMPORTANT POINTS • Recent buying by directors • Good NTA per share *Earnings estimates and broker recommendations supplied by Thomson Financial Auspine Limited (ANE)