First operating profit recorded

• $3.091 million profit from modest harvesting programme in difficult trading conditions

Convertible note issue completed

• Innovative concept - ten-year zero coupon
• Pro rata issue, well supported by existing shareholders
• Balance sheet strengthened

Market conditions improving

• Signs that the worst of the Asian crisis may be over with demand returning in key markets

Shareholder value retained

• Net asset value per share $0.86 (1998 $0.83)
• Substantial reserves of mature and near-mature stands
• Company poised for future growth

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