'NEWSLETTER WINTER 2002'

Whilst in town the other day i thought i'd check out the
head office of tim and picked up a copy of the winter 2002 newsletter
here's a brief summary:
i won't bore you with the details about what tim does and their past history
june 02 marked the start of harvesting eucalypt trees @bridgetown 100km sth east of bunbury in wa
1st prospectus was issued in 1992
tim expects to produce 700,000 tonnes of woodchips over next 3yrs plus tonages from non tim plantations under contract
green triangle region of vic and sa to start 2007-2008
in field harvesting and chipping on site means that this process does not require shipment to mill resulting in reduce costs of harvesting and processing for shareholders and growers
infield chipping system developed and tested in green triangle area for kimbeley clarke (makers of fine tissues)
each 'system' can process 150,000 tonnes of chips per yr

solid sales results in 2002:
came in @ $46.3m (excluding gst) rising 7 per cent
project fees = $88m inc $41.5 annuity style(recurring income owing to contractual deal)
this was up from $26m last yr forecast to grow 33 per cent to $55m
ceo robert hance said it was a solid result in uncertain economic enviroment
this will be further enhanced now that we have begun harvesting and processing the first of our growers trees and later in the yr begin harvesting olive trees he added

this yr tim introuced 'multichoice' for the first time offering growers the ability to diversify across eucalypts,almond and olive projects
multichoice allows diversification across industries,gegraphical areas and harvest seasons

first pressings:
first pressings of olive fruit from plantations in boort
central vic poduced premium end xtra virgin olive oil
first commercial production is expected in 2003
low acidity level and australias position as a counter cyclical suplier make olive oil attractive commodity in domestic and o/seas mkts
acidity levles of less than 1 per cent ='xtra virgin'
tim samples = 0.14 and 0.18 acidity
small qty's immature fruit hand picked from jeuvinle trees@boort producing 2 oils from 100% picual olives
75%koroneiki and 25%barnea
the olive project for tim @ boort will be = $110m
total plantings in 2002 will be 2100 hectares with more plantings due in 2003 to take the total area beyond 3000 hecatres
a procesing facility at boort is under construction that will process 50,000 tonnes of olives per yr
a jv with italian braha/costa d'oro will mkt and distribute the olive oil o/seas
access economics estimates that this project will contribute $25m to the vic economy

debentures doing well:
tim has 2 types of debenture stock on offer at the moment and the offer closes 6/7/03
8.75% payable qrtrly mat 31/8/05
9.00% payable qrtrly adjusted with cpi mat 31/8/07
funds ill be used to lease to investors re eucalypt
projects
for all details contact 1800 628 188

almond project:
tim establishing the largest almond project in conjunction with select harvests ltd at robinvale /mildura
for more info on the qualities of the almond
check out www.almondsarein.com