Exhibit 4 for Affidavit of Daniel Mathew Bryant - Arnold Bloch Leibler

IN THE SUPREME COURT OF VICTORIA AT MELBOURNE
COMMERCIAL AND EQUITY DIVISION
COMMERCIAL COURT
r43.06
CORPORATIONS LIST
s ct 2013
tN THE MATTER OF GUNNS PLANTATTONS LIMTTED (lN LTQUTDATION) (RECEIVERS &
MANAGERS APPOINTEDXACN 091 232 209) in its capacity as the responsible entity of
the managed investment schemes listed in Schedule 1
DANIEL MATHEW BRYANT, IAN MENZIES CARSON and CRAIG DAVID GROSBIE (in
their capacities as joint and several Liquidators of GUNNS PLANTATIONS LIMITED (lN
LTQUTDATTONXRECEIVERS & MANAGERS APPOINTEDXACN 091 232 2091
First Plaintiffs
and
cuNNs pLANTATTONS LtMrrED (rN LTQUTDATTONXRECEIVERS & MANAGERS
APPOINTEDXACN 09f 232 2091 in its capacity as the responsible entity of the
managed investment schemes listed in Schedule I
second praintiff
CERT¡FICATE IDENTIFYING EXHIBIT
Date of document:
Filed on behalf of:
Prepared by:
ARNOLD BLOCH LE¡BLER
Lawyers and Advisers
Level 21
333 Collins Street
MELBOURNE 3OOO
26 April2Ol3
the Plaintiffs
Solicitor's Code: 54
DX 38455 Melbourne
Tel: 9229 9999
Fax: 9229 9900
Ref: 01-1740130
(Justin Vaatstra - jvaatstra@abl.com.au)
This is the exhibit marked 'DMB-4" now produced and shown to DANIEL MATHEW
BRYANT at the time of affirming his affidavit on26 April 2013.
JI,LIA PAULA KRETZENBACHER
Arnold Blocñ Leibþr
Level2l, 333 Collina Strcet
Melboume 3000
An Australhn Legsl Pracfilþner wihkr tlp
meaning of the Legal Profession Act 2004
Before me
Exhibit "DMB-4"
Copies of Exemplar Grower Forestry Right Deeds and
Management Agreement ¡n respect of the Gunns 2008
Project
4

'{ÐrnB.tl"
(.- (
ô
Gonstitution
Gunns Plantations Limited
Woodlot Proiect 2008
Gunne Plantations Ltd
AcN 091 232209
(r
it
(0s) æ34 0361
ÞX 70123 Lâunceston
Refcrorloò DCM:CÞàO1 ó9

Wcic

Wooclìot ProJect 2008
Constltullon
T2
11.2 Baseline Pruning Expenses Account
lnvestrne¡rt and Borrowings
12.1 lnvestment Policy
12.2 Borrowings
12
12
12
13
13
General functions, powers and dutles of the Responsible Entity 13
13.1 Functions 13
13.2 Powers 13
13,3 Duties 13
13.4 Specific Functions 13
13.5 No Buy-Back of Sub-Forestry Right Deed and Management Agreemontsl4
a\
14 Complaints
14.1
14.2
14.3
14.4
14.5
14.6
14,7
14.8
Complaints handling
Member complaints
Resporrding to complaints
Power to obtain further inforrnation
Withdrawal clf complaint
Asslstarrce and informatìon
Remedies
Dispute resolution
15 Compliance Commlttee
15.1 Establishment
15.2 Persons to whorn clauses 15.3 and 15.5 apply
15,3 fndemnity
15.4 Extent of lndemnity
15.5 lnsurance
15,6 Savings
16 Foresters Report
16,1 Forester's Repoft
16,2 Contents of Forester's RepoÉ
16,3 Growers to receive copies of Forester's Report
17 lnvestments Records
18 Transfer of Grower's interests
18,1 Right to Assign
18.2 Signatures Required and Ëffective Date
18,3 Responsible Entity shall decline to Register
18,4 Entry of Assignment
18,5 lnstrument of Assigtrnrelrt to be Retained by Responsible Entity
18,6 Assignee to be Bound
18.7 Notlce of Refusal
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1B
1B
Shirrlds f'leritage Lâst printocl 12127/2007 12:10:00 Plvl pagB ll

W$diot Prolect zoou
Conctiiuliorl
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19 SusPension of reglstration
{g
r rans rnissi on of Growe r's 19
20
[1i:::1
Horders
2Q
"inr
Pãitontr RePresentative
ilå-;':':'" Resi stration
Restrictions on Mernbers
2i
Llrnltation of llability ot Mernbers
22
22.1 No claim against Members' I -'
"n'..; Ë"t*itt*¿ òlait* against Nlembers
Retirement or removal of Resporrsible Entity
23
( 23,1 Retirement
a, 23.2 Removal
233 o'tiä- ã"0 release on retirement or removat
24 Remuneratlon of the Responsible Entity
25
26
Certificates
t
25,1 lss t
?5,2 Fo Statement
25.3 Lo
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n,
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LA
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n/)
L¿
on Register
äliffit"ÑrY Risht Deeds and ,zs
27 Meetings
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aË,
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$hlelds llål'ltâge L ast QÞ7noaI 2:{0:00 PM
I

29 Distributions fronx the Fund
WoQdlol Project 2008
26
Constltutim
29.1 Distribution from the Wood Proceeds Portion and Carbon Rights Proceeds Por{ion
26
29.2 Accounts to be prepared 26
29,3 Present Entitlement 27
29.4 Fees 2T
o
30 Deductlons from lncome or Profit
30.1 Deduction from Income or Profit
30.2 lndemnity
30.3 The Responsible Entity or Custodlan May Act Upon Advice
31 Auditor
31.1
31.2
31,3
31.4
31,s
Appointment
Removal and retirement of Auditor
Responsible Entity to Fill any Vacancy
Notice of Meetings
Audito r's Remuneration
32 Accounts and Audit
32.1 Accounting Records to be Kept
32,2 Where Accountlng Records to be Kept
32,3 Yearly Accounts
32.4 Auditor to have Accoss to Accounting Records
32.5 Auditor's Report
33 Termination
33.1
33.2
33.3
Perpetuity Period of Trusts
Prior Terminatlon
ïermination of membership
34 Provisions relating to Termination
34,1 Realisation of Property
34.2 Postponement of Realisation
34.3 Transfer of lnvestrnents
34.4 Retentíon of Outgoings and Liabilities
34.5 lnterim Distributlon of Entitlements
34.6 FinalAudit
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Shields l-leritage LåÊt printed 1212T12n07 I 2:10:Clo P(/l page lv

Woudl:t Prc.rject 200g
35 Lirnitation of liability of Responsible Entity
36 Responsible Entity indennnity
37 l-irnit on exemption fronn lìabllity
38 Modiflcation
39 Miscellaneous provisions
39.1 Service of Notice
39.2 Payments
39.3 Discharge of Responsible Entity
39.4 Retention of Documents
39,5 Binding Effect of Constitution
39.6 Copies of Constitution
39.7 No Partnership
39.8 Proper Law and Jurisdicflon
40 lnterpretation
40,1
40,2
40.3
40.4
40.5
40.6
40.7
40.8
40.9
40.10
40.11
4.0.12
Reference to a statute
Jolnt and several covenants
Last day not a Business Day
Headlngs
Reference to otlrer Document
Reference to a pafty
Síngular, plural and gender
Reference to a person and a body corporate
Professional body
Month and year
Law
Writing
ll Schedule 1 - Forestry Right Deed
Schedule 2 - Management Agreement
Schedule 3 - Sub-Foréstry Right Deed
Schedule 4 - Draft Wood Sale Agreernerrt
3'!
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Coilstilutien
Shlelds Hcrltage
Las,t prinleò 12127 l2AD7 12: I 0:00 pM
pågé v

Woodlot Projoct 2008
Òon6tltution
This constitution
Recitals
,:\
is rrr¿le ou /_ f T)e:an rg=c-
2007 by
1" Gunns Plantations l-td
ACN 091 ?32249
of 7E Lindsay Street, Launceston, Tasmania, 7250
(Responsibte I4ntify)
A. This Clonstitution is intencled to establish zurd gorran a managed invcstment schene to
be knorvn as the Gu¡ns Plarrtations \Ã/oodlot Project 2008 to be ad:uùristerecl foÏ the
benefit of Memirers.
B. 'I'he Responsible Entity proposes to inr¡ite applicatiorrs fo entet jnto a Sub-Folestry
Right Deed ancl a Managetlent Agreemont in respect of the Project.
C. Prusua¡t to a Sub-Forestry Right Deecl the Growerwill be gantecl a F*orestry fught
û'om the Rcsponsible Entity.
D, Prusuant to a Managernent Ägleement thc llesporxible Entity will act as Manager of
the trV'oodlots for the ljfe ofthe Ploject'
B, Tfie Resporrsible Entity lias agreed to act as re,sponsible entity for the Project'
F. Thìs Constitution is macle with the intent that the Menrbers shall be bound by and
entítled to the benefit of this Constitution,
This deed witnesses that:
1 Preliminary and definitions
I.1 Definitions
In this Constitution unless the ct¡ntext otherwise requires:
Accounfs rneâns ail fi¡a¡cial ¡eports requile,rl to be preparecl ulr

Woodlot Pro]êcl 200E
Cúnstitul¡on
Adjustnrcnt Note inclutles any d

Woodlol Prc¡e-ot 2008
Constltulion
llank means ân authol'ised cleposit-taking institution a^s deflncd in sub-section 5(1) of tJre
Bnrtkiug Act 1959, or a public authority coûstituted tndel a law of any State or l'enitory of
the Cornnrr:nrvealth of Australia, being a public authority that carries on barkin6¡ business;
Iìank:r'upt or Bankruptcy ol a:ry sinJlar expression rneerìs a natulal persoll u4ro is zur
insolvent urrdct administration as definecl jn seotion 9 of the Law or, a conï)ârry ol other
body corpolate which is an extemally*adrilnistered body oolporâte as defined in section 9 of
tire Law, or a compauy ol'othol'body corpolate in t'espeot of uhicli r.vitcling up has
comnenced or ìs deerned by law to har¡e conrmenced;
Baseline Pruning Expenscs rne'dns the costs incuned by the Responsible Entity rn providing
the Pruning Selvices;
Baseliue Pruning Expenses A.ccourrt mcans arì account firrmed rnder thjs Constitution that
is a hust bank account that colstitutes:
(a) any iutlount paitl to the Responsible Errtify or the Custodian by a Glclurer, rtrrho
chooses Planting Option 2, undet' clause 1 1; and
(b) the Investments and the proceeds of Investments lepresentirrg tho sumrefen'ed to in
patagraph ia) ofthis definition;
BaselÍrrc Pruning Fee has tl:e same ureaning as jn the relevant Marragement Agreemcnt;
Business l)ay means iury day ofhel thal a Satulday, Srurday or public holittay irr Tastnania;
C¡¡rbon Rights Proceeds has the same rlreaning as in the relevant Managcmcnt Agrecurelrt;
C¡rrbon Riglrts Procectls Porticn moans the pzut of the Fund fbrrled undel this
Constitution, for cach Plarrting Optiorr, that is divided into Sections with a Section fot a
Planting Option constituting:
(a) tb.e Carbon Rights Proceeds which the Responsitrte Bntity or the Custorlian reüeives
frr"that Planting Option; ard
(b)
the Ïlrveshnents ald the plocceds of Invætments represetrtíng the surn refer:r'ed to in
paragraph (a) of this definition;
Cash í¡cludcs c[eque, bank chequc or lnoney older, and, if permitted by the Responsible
Entit¡r. pa¡irnent by cr:edit card ot direct Ba::Jc trarsfer;
Complainant rneäns a Menrbo: who nrakes a complairt to the Responsible Entity uncler
clause 14.2;
Compliance Comnrittee rneans a comnrittee to be established by the Responsiblc F,ntity in
accorclance rvith the t'equiremetrts of the Law;
Cornpliance Plan means the plan prepared by tlie Responsible ilntþ in accnrdance rvith the
r equireme¡ts of thc Larv that scf s clut the measures to be appliecl by tlre Responsible Entity irr
opu:atilg tlie PLojcct to ensrtre cotirpliance with the Larv ancl the Ccrnstitution ir so far as
those measures &te not aheady incorporated ur the Constitution;
Constitution tneans this deecl, aud inclurles the A¡nexures, as allrended fi'om tille to time;
Contract uleal6 the agleenrent betu¡eeu the Responsible Entity and tlte Member to enter ínto
the relevant Sub-Ïiorestry Right Deed and Management Agreemeitt cl'eated by the
.¡.ìes¡lo¡siþle Entity's acceptance of the apptication tbr the relevant Sub-Folestty Riglit Deed
and lr4anagenø'tt Agreenteüt by tiie \4etlbei';
CjontríSutiug Cirrrwer llteans a Glowel u4lo has hacl Tlees Harvested in l'ospect clf their
Wt¡odlot in accorcl¿uce tryitÏr daltse 7 of tlLe Managentent A¿¡reement;
Shlelds HerítaÐs l-ast ptirrted 1212112007 12:'10:00 PM PtEÊr 3

Woodlôt prcieôt 2OOB
Constitullon
co'poration meaps a statutoqr c'rpo.ation, coljrol,ariô1l sore ôr co'1parl)/ forned or
incorporated accorcling tc¡ laur;
fi;;roratiorrs Regulations mears regulatio:ns madc uncler the L,aw and fbr the time bcing in
Custoclian lreans a cusfo

Woodlol Projæl 2008
Conslìtulior
(c) in the reasonable opìnion of the ltesponsible Entity, )ras the skill ancl conrpetcnce to
be able to assess the l'elevant Plantations anrl the suitability of the silvicLlltur"al
plactices ernployed by the Responsible Entity;
Xnyestnrent rrii¿ìns arìy one of the holdings of investments fonuilg fol'the timc belng a par1
of the lclevant .Porlion;
L¿¡rd lras the sante meaning as in the F'olestry R:ight Deed;
Land Orvner has the same mea:ring as in the lrorestry Right Deal;
I¡ävy r¡öflìs tlte Corporations Act 2001 as amended fi'om tûne to time;
Legal Personal Representative lreäns an execrrtor r:r adurinisttator: of tlle estate of a
cleceased Mernber, tlre trustee of the qstate of a ìvlenrbet'under a legal disability or a persoll
who holds a general powel- of attr.lmey glanted by a Me.mber;
Mairte.nance liee has the same meirnirtg as in the rclevant Management Agreement;
Maintcnance Serryices has the sarne rneaujng as in the Mærageirrent Agr:eetrrertt;
Managemerrt zlgreement rneans thc agreenrent, in tlre fotm colrtained u schedule 2 or in
such other forrn as the Responsible Fntity shall detenníre, to be entered into between the
Responsible Entity as manager and the Menrbø:;
()
l\{anager nìeans the manager as definecl in the Managament Agree,ment;
ù{ember llreans â persorì:
(a) whose application to participatç h the Project has been acceptexl by the Resllonsible
Entity;
(b) who has paid their appJìcation utoney; and
(c) whose name is enteleil in the Register and whcJ has not ceased to be a lr4ember in
accor-dance with clause 33.3;
Ofüce meäns the Responsible Entity's registered oflice foL the time being;
Partirrlly Destroyed lroans the occunence of a lil'e or .floocl, as a result of wlric[ il the
reasonable opinion of the Mâuager, a substantial and materialpropotlion of the trces on a
Wo6cJlot have been darnaged ol desttoyed and the Woodlot can ur:t be oonnlercialþ
har"vested;
Perso¡r inclucles colmparly, cotporatior:, finn ol botþ oflpelsons;
Plautation 1¡eans each pæcel of l¿nd to be divided into Woodlot.s on wliich the Res¡lorrsible
Entity will conduct a coumerci¿l sih,icultural e,nteqrdse on behalf of the Gtot'i,els;
Portio¡r ìleans the Applicatir:n Portion, Woc,cJ Proceeds Pofiion and Car"bon Rights
Pl'oceeds Portion;
Plnnting Option has lhcr salre lle¿llllng as in the Managetnent Agreement;
porver of Ättol.ne¡' lrczìlts tlre power of attorney granterl lry the Metltber irr Jh'our of the
Respgrrsiþle tintity in the fo¡:r attacheci to tire Plocluct Disclosure Statement signecl by the
Melìrber ap¡rointíng the Responsibte Entity to be the Menrber's attolney to elìtef into the
relcvant S ub - F o r-estry Rigltt D ced aitd N4anagelti.ettt Agreemetrt ;
Producf Illsclosure Statel$ent ureaus the prorluct disclosure statctlent issued by the
lvlanagei'ir resltect of thg l)roject;
Project lïeans lhe (ìurrns Pìantatiorrs Woocliot Ploject 2008;
Shíelcis Hr:t'itage t-asi prirìted 1?12712007 12:10;00 PM pagê 5

Woodkf projeci 2009
rì.oportionar Inte¡.est nleaüs:_
(a)
in rclation to ihe Application ÌoÍio
paid by a lr¡fember in r.especrt of
Managoment Agr.eenrent bðars to
(excluclìrry any part of the Aqrlioatio
auy Applicatìon Money hcld in t
cou¡rleted application fbr.m md any
time bcingl
cr¡rçtitLrtion
O) il section of t Pr¡rtiorr loL:
P
n f)I'uiting ()ption, the nunrber. -";;-":,""'i:" ilre
í,wr;r r-.. ,.,-.---.
cl
.
tiTl..ll:." (h'or'r'er
the rotal riu
lt:rr that Planting
L¡,v Lwrei
pl
'u
ncr¡uir*r,l b,v lll ûrr.m,ers for tltLrt
(c)
secliorr ofthe car^bon Rigtrts Prcceecls pr:¡f ion fur.n l,lanting; o¡rtio'
hich the llumber of'woodlots acqr.ri'err rry rì cL.w,cr. Ior.trratì,I^,tirr¡¡
'he total nurnber of woocrlots a{:'¡ui'erl b-y u' Grr.rwe's r'ò.r f rrnt
snd
(d) notwithstandfirg the furep.,oing, if a G
Grower'.s prcll:lortional Interest is
opinion of the Managor,, the cont¡i
naterially and substantially reducccl fr
had the Woocllot not been parfially Destroyecl;
Pruning services rras the sanie meaning as i'tlrc Managenrent Agreement;
RegÍster means the register of Melnbers (as the case requû'es) describecl jn clause 26;
ffi'å:rtrlÌÏjïrÏiirï"*s Gunns Ptantations Lrct or any persor acting as
'espons*rte
cntiry
saìes comrnission has the same nrealing as jn the::elevarit ìvlnnagernent Ägreertre'1.
section ruears a palt of tlre wood I)roceeds Pol'tion orthe carbon Rights ploceeds pofiion
refbrable to a planting Optìoru
sr¡h'
as G
Jffi
d ttreatm fh(: deed to be cntel'ed irto betwccn the Responsible Entity
ber ¡s ¿r Grower ftr the grzurt of .r Forestry l{ight ín lesi:ect of a
¿rinctl iLl schedule 3, or ìLr such otber fbrn:r as tho Resporisìüle h,utity
Tax Invoice i'uclucles atty tlocutirertt or recor^d tt'ealecl by the ConrinissioneL oj.Tax¿lti.lì as a
tax invoicc or as enabling the clairning of a' i,pr:t ír* "rjii-t¡r
whjch an eutitle'renr
olherwisc ar-ises;
Trees has the same meanirtg as in the Management Aglee.nrcut;
withch'arval Fund rrsans the funcl esîablished by the.ììesponsìbìe Eltìty p*rsuant fo
clause 1 8z\;
wood Proceeels Portiolt treatrs tite part of the Fuucl fomretJ under t6is constitutiou t¡at is
divjcled irto sectíous fcrr each l'lanting option, rvith a s""tioir lbr a planting üption
cou.stituting:
(a) the sul paid iDto flie l'elevant tn-rsL l3ank âc:o0u[t by tlre llesponsible Ëntity or
custodj¿ur (as the case lllay be) pursuaut to clause 3.4(c) fbL that planting o1;tion;
Slrields Heriiage
Last prhllerj 1 2127 l2.ADr't 2i 1 0100 p lvì
LìaU€: 6

Wcrtrdlot Project 2008
Constitullon
(b) ury proceeds payabìe to the Responsìble Bntity ot Curstodian (as tlie oase may hr)
tom the sale of han¿e.sted rvood 1Ì¡r that Planting Option;
(c) flre hlr,estments and the proceeds of Iur¡estlncnts lepresentirg the sums rcrfened to fil
paragraplu (a) ald O) of ttús ctefinition.
Wood Sale Agreentcnt ileans a sale agleerncut negotiated on a Growels' behalf by tlre
Respon-sible tsntity in accotdauce with clauso I l.I of thc Managet:renf Agleernentl
Wood Sale Proreeds has the same meardng as in the Management Agreernentl
Woodlot has the sane nreaning as in the Managetrrent Aglerement;
Woodlot Establishment Expenses means the costs aud expenses of perfonling the duties
zurcl oblìgatiols of the Rcsponsible Eltity under clause 4 of the Managonent Agreement;
/"
'Woodlot Statement meaus a u'ritten staternent to be prornderl by the Responsiblc Entity to
each Gror.r'er iu accoldance with clause 25; md
Year means a period Ji'om l July to 30 June tefercnced as follows:
(a) f

\{ oodlot Froject 2008
3.3 Gonstitution of project
Conslltutlon
The Project is co'.stituted by the lodgemcnr of the initiar Appricatìr:n Fec.
3.4 Creation of the Fund
(a) 'l'here may be createcl a Fui.rd in lelation to the project that consists of the:
(1) Appticationporrion;
(2) \Voocl prc¡ceeds poftion; ald
(3) Carbon RiglÍs pr.oceeds porriou;
(b) To create an Application Poftion the Responsible Eutity ohall lodge or shall cäusË ro
bc lodged, iD a trust Barrk account the Applicati;" M;;ö teccived by tlre cust.dian
or Rcsponsìble Entity ilr respecT of the Érä;e"t to rreliliå bythe Responsible Ë:rtity
upon trust.
(c) 'ro create a Section for the woocl Proceeds Portion fcrr a planting opti.n, the
Responsible Bqity shall lodge, or slull causc to u" roJg.à, ful a inrst Bank accou't
fhc nrone-v received bythe custocfian or Responsible Eirtity ùr r.espect of the.wood
s¿le.Proceecls for that Planting optiou to bä rrelcl by ù; Responsible li'tity
'pon
(d) 'lo üeate
Respormib
the Carbor
bon Rights Pr-occeds Irortion fbr a pla¡tìng o¡rti', tlie
or shall cause to b" rc,crg;ã, in a tru.st B¿rrlc accor:nt
3.5
Creation of the Baseline prunlng Expenses Account
A Baseline P|u[ing Ëxpenses Account is created when t]re Custodiarr recei\¡es paurrent lì-om
a Grower wln chooscs Planting option 2 ;o reimbr.üse the lìcsponsible Entity for the
Baseline Pruning Expelses rrnder clause I l,l.
3.6
lnterests of lVlembers in Application portion
I
'AIl Applicarl shall ìrave an interest ìn the Ap¡rlication portion eqnal to its proportional
Interest but strall nof ltave any lnterest in z1Iry particular part of the Applicatiorr por-tio¡r or in
any lnvestrneul,
3.7
lnterests of Growers in Wood proceeds Fortion
irf erest ur the section of the w.ocl proceecrs Follion ri': the pra'tiug
Grorver cqual to the Grower.'s proportioual luterest but shall rrot
particular part of that section of the wood Pr.oceecls pr¡rtio' or in
3,8
lnterests of Growers in Carf¡on Rights Froceeds
A Gt'ower shall have an illterest in the sectiou of the calborr Riglrts lrr.oceeds portion fì¡r. the
Plarrting option selectecJ by that Glows ec1ual to the Gr.oq,eî,s pr,i:orïìonal I'terest but
shall not har¡e aly interest in ariy particular pát of that carboli Riglrts proceecJs po:.tjon or:'
ariy luveshnent.
Heritage
Lnst prlnted 12127t2007 12:10100 pM
pâge I

Wocdlol proJe.ct 2008
3.9 Baseline Pruning Expenses Fund
Consl¡tutlon
No Merntrq shall havo arl]/ int€rost ùr the Baselinc Prunirg Expeirses Account,
4 Entering into Sub-Forestry Right Deed and Managennent Agreement
4.1 Applicatïon Fee
T'he Responsible Entity nray invite percons to participate in the Plojec( zurd enter into a Sub-
Forestry Rìglrt Deed zurd Mariagcment Agreeûtelt at a price beirrg the Application Fee.
4.2
Application for Sub'Forestry Rlght Deed and Management Agreement
(a) Applications to enter into a Sub-Forastly Rigltt Deed anrJ a Managemetf Agreement
must be:
(1) in the fbürr attached to the cun'ent Procluct Disûlösule Statement or ìn such
othcr fbmr as the l\espr.rnsible Entity rnay fol the time being penuit; and
(2) be signed or executed by ol onbehalf oftlie Applioant.
0r) The application contelrplated by clause 4.2(a) must be lodged at the Ofhce ot such
other place as the Responsible Entíty shall fronr ti¡e to time detelmine or specify in
the Protluct Dìsclosure Statement rvith such other inftimation or evidence as the
Responsible Entity may lequire.
4.3 Responsible Entity May Refuse Application
The Responsible Entity may, in its absolute discretion, accept or lefuse aly application to
enter into a Sub-Forcstry Right Deed aud Mzuragcmeut Agreement and jt shall not be borurd
to give any reasotl for any such refusal
'I'he lì-espon-sible Hntit¡' must accept or refuse airy application to entcr into a Sub-Forestry
Right DeeA and Managenlent AgreÊiìlent not later than 28 days following therecejpt of the
application. If an application is refused, the Responsible Entity nrust tnfbtn thc apphcatrt of
tlrat fact and lefütd, or ensur'ô tliat tire Custodian refunds, any Application Moneys paìd bv
the Applicant.
4.4
Fina¡rce Arrangements
(a) Notu¡itlßtancling ariy other prt-rvisiol ol llús Constitution, if it is notecl ilr arr
applrcation that ftiance is rec¡uested, tlten:
(t)
the application shall be capable of'acceptance by the Respousible Ilntity
s¡bject to the condition that a lendiug institution (wliich teuu shall inclucle the
Responsible Entity or' ær associated entity rif the Responsible Entity) approves
the Applicant's r*1uest lor finartce; atrrl
(2, tlris is nof tcl bo taken to be a wâlranty, r-rrrcleitaliìng' covenant or agl'eell1Ônt
on the part of the Responsible Entity or an associated errtity of the
Respbusible Enlity tliat suclr fi¡ance will be provided or procured,
(lr) If the Resporisible Entity ol tbo Applicant is not notifiecl irr wliting of thc decision of
the le¡cling rnstitution within 28 days aller the clate of'lodgenrent of the ap¡rlication to
the le¡ding mstit¡tion to lend, then eithe.t pal'ty not notifiecl may by ncrtice ùr writing
Shiekls l-ler¡ta0e
Lâst pr¡nted 1212712007 12:10:00 PM
page I

WoodlÒt prÖJect Z0Ot
'lr¡ lhc other rvithcl¡.¿lw o]. catoel the applicatíon zurd
t'elirnd. or.shaì.1 Lrn$uLe rhar the C¡stodiårìr.runàr,lo r
A¡:1:lication Moneys pnicl iu l.especr of the applicatiáoio
Constltution
trle finrity shall
,'ì,,';;,i.;iri"
jce ltdatcs.
4.5
Joint and Several Liability
Jolnt Merrbers shall be jointlv and severally Hable to pay âlr arnouuts clure and payable b¡,
thern trlless otherwise agreecr by the per.son to u,iroln the anrcunts are due,
5
Applicatlon Moneys and lnterest
5"1 Application Moneys
enl¿r l'nto a
pplicolts di
rle llnrjtv ir
at thc Custodian plaoc;s (as the
Respotrsible Entity releases ol.
h clause B,
6 Sub-Fo restry Right Deecl and Managernent Agreements
6.1
Preparation of sub-Forestry Right Deod and ltltanagement Agreement
upon acceptance of au application, the Responsible Jrntiry will prepaÏe
Riglrt Deed
the sub-lìorestry
anci l\danagenrent Agreement. ,fhe:
(a) Sr.rb-Forestry ruS]i, q*t shall speci$, rhe S/oorltot or Woodlors (as
requires) the case
allooated by the Responsible Errtìty;
(l' sub-F

Wfirilot Prcjecl.20C8
Ccxrstitution
(b)
(c)
(2) in the case of an application receivecl after'30 June in â year! ou oïbef.'ore 30
June of the fbllou'ing yeæ; and
atlange f

Wocdlot Project 2008
l0
Cot.l$titution
Responsible Entity to retain Sub_F orestry Right
Agreernents
Deed and Managennent
Mrurage,nenr ;\sL:ee,re11t,l,I
presor'ìbct by thu ltcspormibJe Entity rrot e.xueeding $50,
lt o, berm,f'of a N'Iember, other than a Grorver. such sub-[,.orestry
ccrr:reut's rcceiverr by it and sharl stamp .,l.cause to rrave such sub_
rnetrl A.greerncnls stÍìtìrpúrl 1jf reqrrir.ecl bl, lai\, ,u t* uto,,,p.d) uxl
turril le'nrinrtion of the partic'rar sub-Fo'cst,] Rigl;; tr:

12.2 Bornowings
Woodlot Project 2008
Gonstltutlon
The Resporisible Entity rnay borow for the prupose of the Ptoject 1:rovicled that the
bonor¡,ings are not secu'ed iry, or repaid fi'on¡ property helcl on trust fbr Membors,
13 General functions, powers and duties of the Responsible Ëntity
'tr3.'! Functions
The Respotxible Ëntity shall dr: ihe fbllowing:
(a) srrdect to clause 3,5, make an'angenrerrts fol the custody of the I'und and Bæeline
Pruning Expenses Accorurt (ilcluding appointing n Custodian) and hold the Funcl but
not the Baseline Pruning Ëxpenses Accouril, as lrustee for the Members of the
P:nject entitlecl thereto upon the ternrs of tlus Consfitution; and
O) cally out the other specific f,urctions set out in this Constitution.
13.2 Powers
The Responsible Entity has all the powels of ¿ natural pefson and all Poweß that are
r.easonabiy necessary for it to çarС out its ñ¡nctions a¡rd duties uncier this Constitutir:n having
regald to the Responsible Eutity's role as tlte losponsible e,uti(y of the Project.
13,3 Duties
The Responsíb)e Entity shall exercise the powers and carry out its dutíes in accordance with
ttre Law,
13.4 Specific Functions
The Responsible EntitY shall:
(a) manage the business, invostments a¡rd affairs of the Ptoject and the arangements that
relate to the Ploject;
(b) enstne that:
(1) all ser¡¿ices which a¡e reasonably requiled by Glowels un¿ler a Sub-Þ'orætiy
*-utement As:eenrent are perfounerl in a prope' and
H:L,,?::'*'äl
(2) arry goods or selvices u,irich ale requù:ed to be provided or perfortned undet
tlre tenru of
(A) arry contract with any per.son (othel than the Responsible Entìt¡r) to
which Growel.s afe firvited to agree in any Pr*odttct l)jsclosure
Slafement irl l'el¿tion to the Project ('hmter:ial agreements"); or
(B) a Sub-Forcsily Right Ðeeci and \4anagement Agreerne'ut;
*r-e provided or perfbrmerl in accoldance r.vith the lelevallt tnatet'iai ¿{greeflent
arrd the (hnstitution; and
(c) be at libcrty to establish and act as lesponsible entity for othcr managed ìnvestment
schemes, w.hether of a sinrilar or cliflè,rent natute, and lo urarragc other invqstll:ettts'
.cihlE¡r.ls Heritage Laet prlrrted 12i2712007 12:10i00 PM page 1 3

Woodlot Frojecl 2008
13.5 No Buy-Back of sub-Forestry Right Deed and ManageÍnent AgreenrentsConstih,tlon
The Responsiblc Ëntity is urder r:o obligation to pur'chase or. repurchase or buy,back a sub-
Foræhy Right Deecr a'd Management Agrcement fiom a (hower.
14 Gornplaints
14.1 Complaints handling
The Responsible lJntity must qtablish and uraintain a procedure for cJealing with conrplarnts
by \4enbefs which is pnsistent ra¡ith the Australian stan¿ar¿ 426g onconrpJaints hærdi'g.
.(
14.2 Member complaints
(a) A Member may by notice in.yritine to tbe Responsible Entity (or
metbod
by
as the
suclr
Resporisible
other
E^tiry niJy upp*uài
projeot.
ü¿ge a complaint in reiation to flre
(b) The ResponstbJe Entity nrust record the cr:nrplaint ¿rncl ths date it was received in a
register. majntailred for that purpose.
14.3 Responding to complaínts
(a) The Responslì:le Ëntìty rnustl
(1) ytihi" 5 B'usincss Days of receivir:g the complaint, notifi the complairiant t¡at
it has receiveri the cnrnplaint and is-consideriig it; urrl
(2) withiu 30 tsusincss Days of receipt of the complaint, detemrine and notìfy in
writhg to the CJornplainani;
(A) its dcoision regar.ding the cornplaint;
(B) the remedies evailabie to the co'rp1ai'ant, if the comprairrant is
dissatjslìecl rvith the decision; and
(c) any âverues of appear that nay be availabre to the comprainant, if trre
Coniplainant is dìssatisfierl with rhe de cjsion.
tb) The Responsible Errtity is uot required to give ïeasoirs fbr any of its decisic¡ns ¡lrade
under tlús clause.
14.4 Power to obtain further information
(a) For tlie prlrposes of ciause 14,3, the Responsible Entity may require the cìo¡rplaina't
to provide all relevant infonnatir:n as the Responiible nntity tleteruines to bc
necessaly to detennine lrre cor,plainl made by the ð.rrplaina*t.
(bi lf the Res¡rorrsible Errtity malces a'eq-uest unde' parag'aph (a), the comlrlainant luust
conrply wìth the L'equest within.S Business nuv. i'o* flie date of rãceipt of tire
teqr¡est Ji.oln tite Responsible Entitlr.
14,5 Withdrawaü of cornplair.rt
(a) A Complainaut rnay u,ithcfuaw t]re complaiut at âlly timo before a decision regardilrg
the complairt is made by the Responsible Entity,
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page 1 4

Woodlot Projoct 2008
Constitution
(b) A with&awal of conrplaiut undot palagl'aph (a) is eftectir¡e from the date the
Responsible Erfity receir/es the requesf to withdraw the complaint in r¡,r'iting fiorr the
Con:plainant.
14',6 Assistance and information
(a) The Resporuìble ßntity ntust provicle a Complaina¡t wìth all ¡easonable assistance
antl iufbmration that the Cotnplainant rna¡r require tbr the prupose of rnaking a
ærnplaint a¡d understanding the corr:plerfurts handling ploceclules adopted by the
Responsíble Entit¡,.
(t) A Conrplainarrt locìgirrg a complairt must provide the Responsiblc Errtity ¡¡¡ith all
irformaiion the Responsible Entity may require in order to properlv dçal with and
lesolve the complaint.
14"7 Remedies
Without liuritatiorl ihe Responsihle Brfity ma¡r in jfs

Woodtot project 2008
Constitut¡on
(b) in coiucction with an appücation, in relatiou to such proceedings)
grants
in which the
relief
co'rt
to the person unde¡ the Law,
15,4 Extent of indemnity
The indelrrrrity in clause 15,3:
(a) is a aliltinuing obligation ûnd is enforceable by a porson to whoru clause 15.3 applies
even though that pcrson may have ""u**á
ø a" a member- of the projcct,s
Courplíance Cornurittec; and
(b) operates only to the extent that the loss or liability is not cor¿erctl by insnr,zurce and i.s
incuned in rhe ptoper pelfomance of tl¡eir.duties,
15.5 lnsurance
subject to the Law, ,re Responsible Ëntity rnay, fi om ihe Asset"s;
(a) purchase ancl maintaj:u ürsurance; or
O) pây or agree to pay a pr.emiun: for insurance,
for any pol'son to wbom this clause I5.5 applies agajnst any liability incuned by the perscìn H¡¡
a member of the Project's compliance corùnitteJi""h¿i"e, but not limitecl to, a ü;bility fbï
costs ald expênses incurred irr tlefending proceeclings, wheiher civjl or crinÍnal aild whater¡er
their oufcome.
15.6 Savings
Nothing in clauses 15,3 or 15.5:
(a) atTects any other riglrt or remedy that a person to whom those clauses apply rnay ¡ave
in respect of any ross ot riab'ityì'eferred ro i" trrår" "rauser;
or
(b) limits thc capacity of the Responsibte Hntity to inclemnify or provide insurance fur any
person to whom those clauscs do not appþ.
(l
16 Foresters Report
16.1 Forester's Report
'rhe Resporrsible Entity will plocule a written reporl fi'orn al Inclependent F.or.ester b¡r 31
october in Yeal 2 and 31 octobet -in each Year thårealler until the schelne is f eunilated.
16"2 Contents of Forester's Report
The Forestel.,s Repoft must contaín:
(a) a review of fhe operations lelating to the Ploject siuce the prer,ious Forester,s
Repoft, and tlle tesults of those operätions;
(b) particulars of auy significant ch{e! ìn rhe Responsible Entity,s policy as outlined in
trre lrreviou.s FoLester's Report letating to silvicurturar activitics; and
(") details as to whethet^ or not the Responsible Entity has clurhrg the perìgd si¡ce ¡re l¿ßt
Fol:ester's Report ca:ried out the seruices to b" p*rtòrn ql"un,lår the sut-Forestry
Right Deed zmcl Marrngement Ag'eements in a prop*l: and eilicielt mâr'rer,
Shields Heritagc
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Woodlot ProJect 2008
16.3 Growers to receive cop¡es of Fo¡.ester's Report
Constitutiorl
'l'he Responsible Entitytrrust sencl a copy of tlre F'orester's Repoü refeu:ed to in clause 16,1
to eacll Glowel and the Custodia:r within 30 days of receir'ìng the f,orestet's Reporl,
17 Investrnents Records
The Responsible Ëutìty shall nraintarn at the Oflce proper books and recc;rds in lespect of all
Inr¡estmeirts, The books and recotds till be available fbr irrspectiou by the Auclitor during
the uomtal business hour.s of the Responsible Entity,
'! I Transfer of Grower's interests
18.1 Rlght to Assign
Subject to thi.s clause ancl clause 21, a Grower shall not be erúitletl to assigu the:
(a) Sub-For:estry Right Deed to which it is a party except in the cìrounætances sct out in
clause 7 ofthe Sub-Forestry Riglrt Þeecl; and
(b) Management Agrccment to which it is a party exeept ur the circunr-stances set out j¡r
olause 25.3 of the Managcrnent Agreement.
18.2 Signatures Required and Effective Date
Ary instrurne;nt of assigrunent shall be in writing sigrred by both the assignot' ancl assignee
(and by the Responsfule Ëntity by way of acknorvledgment and confrmation) and shall state
that the assignee agfees to be bound by this Constltution, Thc assignor sliall be tleemed to
remain tlie lioldor of the Srrb-Forestry Right Deed and Manageuient Agreement until the
name oflthe assignee is entered in tbe Register fir respect of such Sub-Forestry Right Deed
and Management Agreement.
1S.3 Responsible Entity shall decline to Register
The Responsible Errtity sha.t1 decline to re¿¡'ister any instrutleut of nssignnrent unless:
(a) it is duiy staruped (if applicable) and is accourpani"d by such evidcnce as the
Iìesponsible lJntity nmy reasonably require to show the right of the assignor to lnake
the assigmnent;
(b) all fees which aie due and payable in respect of thc relevant Sub-Forætry Riglrt Deed
atrd Managetnent Agreement have been pairl; ald
(c) thc Resironsible Enlity approves of tlre assignee provided that such applorral is rrot
urreasonably r¡,ithleld.
18.4 Entry of Assignrnent
Upo¡ beiug satisfied that the provisions of this clause have beett cornplied u,ith, tlie
Resporisible Entity shall ¡rake the a1:plopr:ratc entry of'the assígnmenf in the Registcr,
Shleids Herilagc Last print¿¡c 12l27nor7 12:lo:oo P\À pago 1 7

Woodlot pr.ojecl 2008
'Í8'5 lnstrument of Assrgnment to be Retained by Responsibge Entity
Constluti(xl
;ii,.],i' to clause 39'4, e ety itistrutrtcnt of assþmrent sha[ be retainecl by the Responsible
'18.6 Assignee to be Bound
ô
If the Responsible J'intity decline's to re¿¡ister tury nssign*renl it srrail,
ftre date
u,itrrir 2
on
rnontrrs
which the
aÍtel.
assigrurierri *'as rodgeil rvitrr iicorriplyi'g wíth
clause 18,3,
th* requirem"ìrto
serrd to the or
assignol and the assigfree a notjco of.ìdc rleftsal.
í. 184 Member,s Right to
An nssignw irr t'espccl of a sul-.,-I'oÏestry Right Ï)tre¿l ¿urcl À4anagement Agr.eemcnt shall be
deotred lo har¡e ag'eerd to be boturcl by the-proviolon, oftl" relev¿urt srib-Fore.stry Right
D ee

Woodlot ProJsct 20Cß
Corìst¡tuUon
(d) pay to the WÍthdlawirrg Ap¡rlicant the \Ä¡ithdlarval Proceecls in accorda¡ce \¡ith
olauses 18A.5 and 184.6,
'18A.5 Wlthdrawal Froceeds and the Withdrawal Fund
(a) l'r'jol to payirig the Srithdlawal Proceeds fiom the Withclrar¡¡al Frurd, the Responsible
Entìty nrust consider the position of the Withdrawal Fbnd.
(b) If tlrc Application Monel, paid by the Withdrawing Applicant in relation to tl:e
Woodlot c¡r Vfoocl1ots that rvele not granted by the Requireci Forestry Right Glanting
Date ale:
(1) held ûi thc Application Fruril: and
(2) are not ou,ned by, or belong to, the Responsible lintity ftr paynent for sewices
unclsr the Sub-Forestry Right Deed or Managernent A.greernent,
(Avaitable Äpplicatiou Money) then the Responstble lìntity rrrust transfer the
,, (.
Available Application Morey fiorn the Application þ\urd to the Withdrawal Fund,
(c) If the arnount of the Availallle Application Money paid into the Withclrawal Fund fbr
a Withù'awìng Applicant in accordance with clause 184.5 (b) ís less than the total
Applicaiion Moneys paid by the Withù'arving Applicant in relation to thc \Moodlot or
Woodlots that were not granted by tlie R.equired Forestry Right Granting Dato
(Differonce), thon the Responsfule Entity must pay the Withdrawing Applicattt an
amount fi'o:r the Withclrawal Fund in accordance with the folrnula contajned in
section 60l.KD of'the Law.
184.6 lssue from Withdrawal Fund
Following the tlansler of the funds into the Wittrdrawal Fund uncler clause 18l\,5, the
Resporuiblc Entity must pay the Withcharving Applicant the'Withdrawal P¡ocecds.
18A.7 Status of Withdrawal Fund
The Rasponsible Entity hol

!¡ur oodlr,i Þro)ect 2ol]D
C0rstilut¡orì
Responsible Entity as having any tÍtle to or jnte¡'est in such sutr-For.cstry Riglil Deed aìd
.h4anagement Agreenr elt
24.2 Title to Vest ín Lega! personal Representative
Ïjl,.T;ï]irTi
ol intel'est in
naute.
.('or bei,s e,nÉ ('i se*er.ar joirrr
ible EntitV as liavirrg. any trtle i.
ent ÂgreerrrÈrlt tïgistrlrccl ìl its
2A3 Apptication for TransmÌsslon
Any pemon becoming efiitled to any Sub-
20.4 Rights and Restr.!cfions Before Registration
21 Restrictions on Members
No i\4etr1:er may:
(a)
(b)
requiÍe the tl'ansfer to hilrl or hel of any of the plopei.ty beinn par-t of thc
'elei,aut
Furrcl; or
irrterfþre with the exel'cise rìr'rolr exorcise by trre Rcsponsiblc E'tity, orarrv o1.the
po\jvers anthorities or criscretions confe'.ecr on the n"rpon*ìti" Entity by this
Constjtution or ùr r-especT of sucdr plopefly.
22 Limitatiolr of ltability of Members
22.1 No claim against Members
subjcct (cr c'lause 22.2,.rteither tJre Resporisìble Ëutity r1or. nry crcrclitor of the Resp.rrsilrle
lint.itS', or the Ploject, strall havo any claim o f any ,",rtír* rgñr liìy ilrt"n.,tr..-r o f ther prnjcct
lirr' zury lial¡ilities inc:urred in corireciion with any Lnvestnreli o,,ir rcspcct .f any acti.n taken
by eithel of theu lrcrcuncJer.
Shields Her-ílagn
LÊst Drinted 1 2/27 J20l)7,1 2ìÍ 0;00 pt,.,t pego 20

22.2 Permitted claims against Mennbers
Woorllot Ptoject 2008
Constltr¡lion
Nothing jn. cìause 2?.1 ptevetis the Resporrsible Ënfity fr'om recovering û'orn 'anlr Mentber:
(a) i¡,here f.he lvlenrber of the Project girres an expless indemnity to the Responsiblc
Ëntity, whethel in a Sub-þ-orestry Right Deed or Managetlent Agreeurent ot'
otherwise;
(b) any loss or clzunage incun:ed by the ResponsiLrle Eutity causecl by a breach of this
Constjtution, the Sub-Forestry Rigtrt Deed and Managernent Agleement, by the
À4ernber;
(c) any amount of tlie Application Fee due and unpaìd by the Mernbet'to tJre Responsible
Erttity;
(d) äny anmunt owìng to the Responsible Eutity tom a Menùer uncler a Srtb-Forastry
Right Deed or Managetnent Ageonent;
(e) ¿rny fee i¡curcd by the llesponsible F,ntity as a result of a cheqrte or orclcr for
paynenl given by the Menrber being dishonoured; and
(0 any monev paicl to the Memtrcr in excess of the monies propor'þ payable under this
Comtifution or the Sub-Forestry Rigfit Deed, Managetneut Agt"eement or Wood Sale
Agreement.
23 Retirement or removal of Responsible Entity
23.1 Retlrement
Despite any other law, the Responsible Ëntity may ouly retjre as responsible entity of the
Projoct in accorclance with the Law.
23.2 Removal
Despite aly other law, thc Responsible Entrty may only bc lemoved as lesponsible entity of
the Project in accorclance wìth the Larv.
I
23.3 Duties and release on retiremènt or removal
On ifs letir.ement of removal, the Responsible Entity is releasetl fi'onl all obligaticrns in
lelatiou to tl're Project arisittg aftol the date of its retirolnelrt.
24 Remuneratlon of the Responsible Entity
(a) The Reslronsible Entity sirall t'eceive by u,ay of lenttueration in relation lo tlre Ploject those
fèes in i.elatior to the pïoper pelför:lance of its cluties provided for irr this Constitution and
a¡ry Srrb-b'orestry lliglrt Deeci ancl h4anagenrent AgLeenretrt Lbr'its sen,ices ir carrying on the
business and gaining alcl ploclucing incorne aucl c¡thet-wise tnanaging the Plarttation that lelate
to that Pr:ojcct- arrcl propelly carrying orú jts cluties ancl obligations uuder this Constit.utiou,
(b) If GST is c¡r ,,vi11 be ûnirosøl orr a supply rnacle under

(1)
(2)
\¡/oodlot Prcject 2008
Constitutiön
rlc,:ease the conside.ation otherwisc ¡rrovicred for that suppry under
cc¡nstitution this
by the anount of that GS,l.; or
otherwise recovel.tom the recþient the amount of that GS.l.,
(c)
25 Certificates
25.'t lssue of Woodlot Statement
'l'he Responsible Eiltity nrust issue v/oodlot statemerrts to each (ìr.c¡wcr within 6 monfhs
ater thelelevant:
(a) sub-Forestry Right Deed and Management Agreeureff is ente¡ed
.irrto; or
(b) assignnient or tralrsnrjssion application is registered.
25.2 Form of Woodlot Statement
Each Woodlot Statenrent must:
(a) have a distinguishing nunbor;
(b) specify the nârne of the Glorver, the Pla¡tation. and the numtrer ancl dascr:iption of
Woodlots to w.bjc r it relates;
(") specifu the balance (if any) of t'e Application Fee paya,lc; and
(d) be signecf b), or on behalf of the ResponsibJe Enriry.
25.3 Lost or destroyed Woodlot Statement
subject tÔ the Laq¡, if a woodlot statemefl is lo,st or destroyed, the Respornible Ëntity r:rust
ìssue a nerv TVootjiot Statellent to the Gr.owel..
26 Register of Members
29,1 Responsibie Enfiry to Keep Register
T'he Responsible Entity sirall keep an rry-to-date register of Mernbers in respect of t¡e pr,oject
and there shail be enterecl in thosã Regiìter:s;
(a) the rarnes a'cl adci'esses of all Members that relate to tire prnject;
O) tlte Plantatiou, ancl v/oocllots to be acquilerl by the reler¡ant Meurber resl:ectjvely;
.9hields l-lelltage
L.ast ¡rrinted 1227f2007 12:10:OA pM
paîa 2.2

Woodlot Ptcject 20Ct8
Congtitutlon
(c) the date on which the na:le of every Menrber rvas registel'ed in the lelerr,¿ltlt Registet
as a Menber aud the date of each Gro\ryer's Sub-Fot'estry Right Deed zurd
Mzrnagemeirt A gr eemcnt;
(d) the date. ald marurer fu r,r4rich any lt4ember ceased to be a lt4crnbcr;
(e) tlre anrr:uut of Application Moneys paid ancl outstanding (if any) in rcspect of each
applicant's application, or the anount of fees paid by the Ct'ower ur,der the Sub'
Folestry Riglrt Deed and Management Agreement (as the caserequu'es);
(Ð any other details considered necessaty by the Respottsible Entity.
26.2 Location of Register
The Regrster shall be established and rnaintained at tlre Office.
26.3 Ghange of Ðetails
fuy chnrrge of name or address on the part of any Menrbet' shall be notiñed to the
Responsìble Entity and upon receþt of such docunlsntation as the Responsible Entitl, ¿1 ¡*
cliscretion consiclers necessary) the Responsiblc Ëntity shall alter the F,egister accordingly,
26.4 Glosure of Register
The llegister may be closed by the Responsible Entity fi:r such period (not exoeeding 7 days)
as the Respnnsible Entiry shall

Wxxllot Projoct 2O0B
27 Meetings
Constituilorr
27,1 Right to convenê rneeting
Ë:,Hiît;ilbJlff:* urav at anv tirne co¡venc a meering orMerubers an

Woodlol Projccl 2006
fì
28.3 Payments in Respect of the Project
Constltullorì
Except where the Responsible Entity is entitlecl to be reimbulsed under clause 28.2, it shall
ì:c respousible fbl payment of all othet expe,rces in relalion to the Projeot including but not
lirnited to tlie follolvilrg expenses:
(a) all costs, expÉnses, comrlissions, fêes, rates, tarias (incluciing ìncr:rne tari), snperuisiotr
ancl rnanagcrnent chat'ges, and other charges or outgoings payable fu accordance with
this Constitutiotr iu respect of the Investrnents in the Fu:id;
(b) all costs reasonably incured by the Responsible Enttty jn Lraintaining the Register of
\4enrbers (as the oase requires), includng, without Linritatiorr, expenses inuuued fur
calculating the distributions 1o Growels;
(c) the lea.sonable lees antl expe,nses of the Auditol in connection rvith the audii, aly
inspectiolrs ol i:rquirics provided for by clause 31 and the auciiting of accourts and the
preparatioll and loctgenient oftaxation retuïs in telatiori to tlre Project;
(d) all cosls eurd expenses ilcurred iu or in c¡utection with the preparation of arry
arrrendmerrts, nioclificatiorls or additions to the provisions of this Constitution,
including äuy costs or experlses reasonably aad properly incuned in or in counection
rvjth its apploval and execution of any decd supplemental hereto, or obtaining any
approvals rvlúch may be requirecl by law ol otherr¡¿ise in respeot of any such
supplellental cleed, and arry costs or expenscs reasonably arrcl propcrly íncurred in
conveiljng any rneeting of Metnbers or any sepalate meethg of Meuùors for the
ptxpose of obtairring their apploval in respect o!'any such amendments, nrodifioations
crr aclclitions;
(Ð iury costs or expenses reasonably and properly incut"red or paid by tlre Responsible
Entìty in connection with any realrangêlllent of the capital structure of the Pl:oject;
(f) all costs inoüred by the Responsible Entity in keeping or causing to be kept the
books of acc.ounts (ir accordance rvith clause 32), including, without lirnitation,
expqnse$ in connection with the establishnent alrd mahrtonâtrce of accounting records
and systgnrs for the llut?oses of the.Project;
(g) the fbes zurd conmissions (if any) payable in respect of any persor-t agteeing to
subsclibe for a Sub-Folestry Ríglrt Deed aud Mzu:agetnent Agreemettt, or agreeiug to
p¡ocurc subscriptions for a Sub-Foriestry Right Dced zurd a Managcment Agreement;
(Ð x¡sts of couvening ancl hoklìng any ineetûrg of Meinbers or any separate nreeting of a
class ofMer¡bet's;
(Ð arry costs ot' expellses leasonably and irlop*tLy incurrecl ilr coturectiotr tvitli the
ìtrspectiou of the Plarltatiotrs by the l{eqronsible Eutit¡';
0) ¿ü)/ costs and clisbusemenls rcasonably and properly iricurred v¿lúch are P¿)'âble to
any consultant, âdviser, specialist, åccountant, lawyer ol othel' pi'olbssìonal adviser'
properly engaged by the Ræponsíble Entiiy;
(k) cr:sts of postage in respect of all cheques, âccounts, distribution statements, uotices,
repot-is alr

Wocdlot Projæl 2008
(tn)
(iÐ
(o)
Cônstitutton
costs of prepariug aud pfinlùrg ¿É(Ðunts. cljstl'ibufion state'rents, cheqr.res ancl .thcr
ff.:i]'.i:t r'ø¡uued to be pì.eparu,r i,v ir'. R--p";;ilr.'Ë;it f.r crispatch ro
costs. clalges and expenses in conncction
and postasã oiult n',ou"ialaîd
forwatd to ?.,her-r-ep0r., ffir,,it,1ii,i_,,]::1f
all or u), of thc lr,renrrois å
paragi'aph
covet"ed b1'
oftlÍs zllothcl'
clau.se 28.3;
sition. registration, custody, rJisposal of or.
(p)
(q)
:.i,ì#,J'ï,'i,:',il,liî,rïîilî:jïii,,iï:f i,:
'rsrr¿'re prcvrrirnrx arrcl legtrl m"qfs a'tj u,.oJ,"*|]Jl;r*lt'ot*-u fecs' t'a:gj51¡atiou fc*s,
,i.-T;;**aration antl loclgetment of retur¡s by rhe Respo'sible Entitv pur.sua't ro
lection u,ith lhe per.ftlrtuance ol. exercise
(r)
al1
F_st
co
p0wers u¡ttiel, this Crulstitution or rulcler.
nt Agr.ccmatt; and
expellses associated with the co'rpria,ce cl0'ulittee (.if
rlitor requiled to be appoilrted in'connectio,., ,rith trì"
29 Distributions from the Fund
2Ð.1
p:Tif"",'.n from rhe wood proceeds portion and Garbon Righrs proceeds
(")
30 ot'this Constitution, on or befì¡rc cach
sha.ll distributc, or shall ellsure that the
(b)
ast Accountjng perìorl.
the Custocliau, o.,-, shall ensure that the
c.h Contributiug CÏ.ourer. its prrr¡rortional
glrts proceeds portion fbr. the r.elevant
Agreenrenr ar t^c saure rime cfistr.ibu,io,,, ulitllo#ia:lr,Iïrl"",rîant, A4auagerrrent
2s.2
Accounts to be prepared
'!'ot the pulÏL)se of ascerlairtirr¿l thc ¿¡muuul (if any) Lt¡ lle clistlibuted to a co'tr.ibuti'g
Gro$'ef pul"sttattt t0 cl¿une:ì9.1, the llespansil:le lìrtity shall, r*ñr" a:iy such distr.itrution,
pl''ìlråre accorìnls of'thc incollte ¿rttd exfrç¡¡difu'c and lina¡lcial positiorr of the r.clerva't se ctjt.rn
¿:f thc woocl l'Loceerls Ïrr.rtti¿¡u, in ruc+i'tlar:cc *ith gurc,airv-""".pt"., acc'untirg practice,
statrclt'tt'ds, il:ethods and plinciples ulrless the Responsñre Ër:tiy J*i,i,r,'¡r, other.,¡¡iser.
$hiclds ileritoûe
I ast prirrtertJ 1 2127 l2Aú 1 2i1 0:00 p[.4 Þago 1)(ì

WoorJlot Proiect 2008
29.3 Present Entitlenrent
Consiitutlon
29.4 Fees
Notwithstancling anything contained in this Constitntion, at 30 .lune in each yeru each:
(a) Contlibuting Crorver "qhall
be pÌesently eutitlerl to its Propoltional Interest in tlie
Sectiorl of the Wood Proceeds Portion for the Planting Option tliat it has selecte the amourt that the Responsible Entity is reirnbursed under clause 28.2þ) of
.any incorne tÐq withholding tax or any other tax or duty requirerl by law to be
deducted; and
(3) any rmpaid expenses (anrl interest if applicable) payable by tho Growet'u¡der
the Sub-Fotestry Right Deed or Mauagøuent Agteement,
which is pa:id ol payable to or by the Responsilrle Irntity ol Custodian (as the case
rnay be) in respect of that Menber.
(b) A deduction refenecl to ir pæagaph (a) may be urade 0t an¡r time and
rr

Woodlot f rcject ?008
Cìonstitution
(d) A decructi'n refe*ecr to i' paragraph (a) .
nray ,e marle
noiwithstancling
fll aÌry time
that it arir
coulcl haue îeen ,*á., i,it u,as r)ot
pr:evionsly
urads) fi.orx
paid
moneys
to that Member..
30.2 lndemnity
Thc Responsible Ëntity or the Custod
itdendfied anci held llarnfsss by each
respect of any tax or duty r.efeued to ju c
ûr ihe Custodiatr (as thc case ffia¡, ¡s¡ or.
of thc. \VooiJ pr.oc¿erJ.s lloriion tá Urá ne
bc) md llot dccluc;te

Woodlot ProJecl 2008
Ccr¡stitrrtion
32 Accounts and Audit
32^1 Accounting Records to he Kept
Tlie Responsible Entity shall keep 01' cause to be kept accounting t'eco¡ds as required undel
1he Lau¡,
32.2 Where Accounting Records to be Kept
'I'he accountiug records shall be kept at the Ofñcc ol the princþal ofñce of the Responsible
Entity.
32.3 Yearly Accounts
(a) At ttre end of each Financial Year', the Raspousible, Entity shall, if required by 1aw,
pl'epffe or c&use to be prepared the Accorurts. Subject to the [,aw, within 3 months
after thc en

\Â/ oocllot f: roject 2O0B
(b)
(l) fo t¡e a Growel; ancl
(2) to be olr the Register;
thö temlillñtion of th€ Project in accorcla'cc with clu.se.s 33.1 zurrl 33,2.
ColtstitLrtion
34 Provisions relating to Termtnatlon
In ot"der to terminate the Project, the follou,ing pr.ovisions shall have efflect:
34.1 RealisatÌo¡r of property
srtbject to the stlcceeding provis.iott-t of'this clâuse, and suì:ject l.' the Law and to a'y orclers
of any relevaft cour1, thc Ìi.esponsible Ëntity shall át ,ãnï'o* pracricable afler it is requirecl to
temrùute fhe project:
(a) sell' call in antl convert into money, or cause to 5e sor¿, callerl ur ard corlverÌecj irto
lnoney, the Investurenl,s and plopell)/ l.elating io tlie project; anci
(b) djvide the bajalce of the relevant
, saìe, calting in and
brokerage fees arrd
reler¡ant Mernber^s (
34,2 Postponement of Realtsation
34.3 Transfer of lnvestments
The ltesponsible Entity rr
Pr.oject to the lesponsible
arry othel trust (rvhether o
ol in any way associated tvitir such other.
Cash equìva_lent to the value of such Inv
fr¿urslèr is pennitted uncler the Larv,
salc, calling in ancl couvelsion of any part of the
roject for such time as it thinks it rtesir"able so to
case requires) in relafior to any project ¿tncl shajl
o such postponement,
34.4 Retention of Outgoings and Liabilities
The Resl:onsible Entity may rerain in its han
conversior aurr clistr.ibution co'tai:re

Woodlot Ptolect 2008
Constih rtlon
accorut of their respccti\,ç ontitlemcnts unrlel this clause an¿l in proporlìon to theil
Propottional Interests as the Ras¡xrnsible Bntity determines.
34.6 Final Audit
Llpon the wi:rding up of the Projoct u¡der clause 34.1, an indepenclent auclit of the final
accourrts of the Project shall be conducted by a registered compatl' auditor appointed by the
Responsible Entity (whioh auditor rnay bc the sanre persôn as the Auditor).
35 Li¡nitation of liability of Responsible Entity
To the Ëxtont per:nittecl by law, thc Responsible Entity is not liable for any loss or damage io
?ìny pøson (including a:ry Menrber) alisilg out of any mâtter v,lrore, in r:espect of that :lattet':
(a) it acted as requìred by any lavr;
O) it actcd in accrrrda¡ce with the Constitution a¡d its duties;
(c) it relied in goocl fhith upon any signature. malking or docuurents; or
(d) it followed a direction given to it by a resolution passed at a duly c¿nvenad rleetìng
of Membels.
36 Responsible Êntity indemnity
(a) If the Responsiblo Entity acted in accordance with this Constitution and its dutics as
Reslronsìble Entity, the Responsible Entity will tre indeturified and t"eimbu'scd out of
thc Fund in t'espect of those nÌä.tf,els provided in clause 28,2,
(b) The lighl; of the ResponsJble Bntity of indernnity and reinrbrrsernerrt out of the Fund
is ava.ilable only in rçlation to the ploper pelfi:nnanoe of the Responsiblc Entity's
duties'
(c) The light of iuderrnity refèned to in par"agraph (a) in respect of a matter (arr
.lndemnifierl Mafter) shall not be lost ol impaired by reason of a separate ruâttel'
(whether before ol after the Indernnified Matter) in breacli of trust or in breach ofthis
Constitution.
37 Limit on exemption from liability
No plo'r,ision of clauses 35 or'36 shall have tlie effect of ìnderurúfl,ing tte Re.sponsfule Entity against
lìability for bloach of trust where the Respousible Entit¡r f¿ilg to .show the clcgree of care ancl
diligence requii'ecl of a trustee having legalcl to the polvers, autholities or discletions confened on
the Responsible Entity by tlis Constitution.
38 Modificatlon
Subject tç the I-aw, thìs Constitution rnay be modifiecl by the Resl:ousible Bntity, tlr by special
lesolutiorr (as that tel'm. is clefinect irr the Law) of M.embet's.
Shlelds Heritage t-ãst prir'ìted 1U2712007 12:10Ì00 PM pa0e 31

Woodlot ProJect Z00B
39 Miscellaneous prov¡sions
Ci0nÊtitut¡on
39.'f Servlce of Notice
plopel'ly addr.essecl and poste.d, and a st
so posted ¿ìnd whe¡l shall be conolusirre ev
39.2 payments
{
Any nrcneys payable by fte Responsitrle Entity or custocrian (as t)ic c¿ìsË,
Member
u¿- vuçu
undcr lrlay ur4- be)
trre pr-ovisì'ns to a
of trlis constitutror: ,'lry tr. pìi¿ uv,r--
(a) crossed ',not negotiable', cheque rrade paya
case of joint holclers) made pal,ilble to the
rcgistered adch'ess of the Menber or that oue
Register;or
or benrer ol. (in the
arel.a¡d selrt to the
lvho js nalncd on the
G) if pennìí.ed by jfie Responsflrle Eri
the cæe may be) is so dilecterj jn
Respor::sìlrle Entity or. the Custocl
flnanoial in-stitutiolr specific

Woodlol Prdect 2008
Oonslltutjon
39.6
Copios of Constitution
(a) A copy of this Constitution (as maybe rnodified û'om tìme to tune) shall at all tirnes
during usual lrusiness hours be nrade available ìly the Responsible Entitv at the Office
for the inspection

Woodlot ProJect 200g
40,4 l-leadings
Constiluilon
Ëxcept in a schedulc, heaclings in tiris constitution are for con\¡enie'ce and irlentiircation of
olauses only and do not otherõ:isc affect its irr"6;;il;;.
40.5 Reference to other Doournent
subject to :ny
contrary pi:oviniorr
i .t1T- constirution, 1 re-fer-ence to any other deea,
agreemelÌ' instrunent or eo¡ìtfaü i'cludes . *r.t"uri to that other deed, agreenlent,
instnrn:ent ûr oorltl'rlër as aneücredn supprernente¿ o, uurirã ÍÌom tùre to ti're.
40.6 Reference to a party
lJrrless contrary to the settse or co.tttcxt, a reference to a ¡:arty iücludts .thirt ¡;ar.ty,s r:xecrlto:,s,
admilústratorq petsonal representatives' successors and ãss.igns, ancl if a party c.u:rpr.is.* trvo
or rno-re persolls, the execrrtors, administratots, persoiai"rq;Ã;;lí*,'*u"".*rnrs and
assigru ofeach ofthose peïsons,
4t.7 Singular, plural and gendêr
Where applicable;
(a) words derroting the silrgular include the plural;
(b) words cle'otfug t'e pJ':.al i'clude the singutar.; anrl
(c) words clenoting a gender include each gender,
40,8 Reference to a person and a body corporate
'Where applicable;
(a) a reference to a bocJy corpofate includcs a nafurar pemon; ancr.
(b) a reference to a person includcs a borly coryomJe.
rl
40,9 Frofessional body
A t'efelent:e fo a profixsional body includes a succossor to or substitute fol.thal body,
40.10 Month and year
40.'11 Law
unless contrary fo thc sense ot"context, month 1ne,l16 a carendar tmonth, arrd year *leâns a
calenclar yeat.
'lelLns defirled in tlte Law are used íll this constitution witri the same
the
definecl
cont ext
niearri'g
requ fu.es unless
ano thel. ùiteqrret atíon,
40.12 Writing
A lelÈrence to wliting irrcludes an erectronjc fornr of writing,
Shields Heritoge
Last print€d 1 2/27 l2OA7 1 2: lO:00 ptul
pågo 34

Woodlot Pro,Ërt 2008
CDnstltut¡on
Schedule 1 - Forest¡-y Right Deed

Forestry Right Ðeed
Gunns Plantations Limited
Woodlot proJect 200g
G¡.rnns Iimited
AllN2900fl475 148
And
Gqnne Plantations Limited
ABN 3ó 09r 232209
53 Câmeron Streel
trElla 7260
Facsimile (0J) ôgg4 0g6t
tage.conr

Woodloi PtoJoct 200S
Forèstry fìlght DeBd
Table of contents
G/ause
Page
,|
2
3
4
5
Definiúions and intarpretation
1.1 Definitions
1.2 lnterpretation
1.3 Business Day
tonditions Subsequent
2.1 Necessary approvals and documents
2.2 Cease to have effect upon notice
Grant of Forestry Right
3.1 Right to the Trees
3.2 Rights of access
Grant of ancillary rights
4.1 Right to construct roads and buildings
4.2 Removal of material to construct roads or tracks
4.3 Signs
Registration of Forestry Right
1
1
J
4
4
4
4
4
4
5
5
5
5
5
5
6
7
I
I
't0
11
Forestry Right Fee
6,1 Payment
6.2 Review
6,3 Limitatíon of Review
6.4 Minimurn Plantation Land
GPL's Govenants
Gunns' covenants and acknowledgnnents
Assignment, licensing and granting rights
9,1 Assignment
9.2 Right to licence or grant rights
Extension of term
10.1 Notice of extension
10.2 Dispute
Defau¡lt and Ternninati on
11.1 Termination events
11.2 GPL entitled to remedy default
6
o
6
6
þ
7
7
I
u
o
I
B
I
I
o
I
Shields llcrilagÐ Læt prinled 12,12-712007 12,1 l:00 PM page I

Woodlot Projed 2008
12
13
GST
12.1 GST pass on
1?.2 Price calculated by reference to turnover
12.3 Tax lnvoices/AdjuJment Notes --
Dispute resolution
14 lndemnity
l5
16
Notices
15.1 Hc¡w ltoilces may be given
1.?.2 When notice taken aJgiven
3
19
Change of address or iax number
15.4 lf notice not ¡eceivecl
General
16,1
16,2
16.3
16,4
16.s
16.6
16.7
16.8
16.9
16.10
16.11
Costs and expenses
Governing law and jurisdiction
Waiver
Further acflon
Whole agreement
Variation of deed
Unenforceablo provision
Counterpafts
Survival of provisions
No representations relíed on
Plans 13
Schedule I . Reference Table
Schedule 2 - Form of Mortgagee's Cor.¡sent
Schedule 3 - Registration lnstrument
A. Tasmanian Land * Registration lnstrument
B. New Souilr Wales Lanã _ Registratiorr lnstrument
Schedule 4. Land Map
Ëorestry Rtght Deed
11
11
11
11
11
I
o
I
10
10
10
'12
12
12
12
12
12
12
12
13
13
'13
14
15
16
16
19
42
Shields Høitage
Lasl printecl '12Æ 7l2OC't 12:11i1A pM
p¿ì0É ll

Woodlot Projoct 2008
Fot'estty Riqht Deed
This Forestry Right Deed
Recitals
1' ffilïLfffiï"rä
r irnited
is made on
This deed witnesses
20t'l between the following parlies:
of 78 Linclsal'Stleet, Lautceston, Tasrnania, 7250
(cPL)
2" Gunns Linnited
ABN 29 009 478 148
of 78 Lindsa], St, Laurìaeston, Tasrnauía,'7250
(Gunns)
Â. Gunrrs is lhe legisteled proprietor or registet'ed lessee of the Land.
B. GPL has requestecl that Gunns gralt to GPL the Forestry Right over the
Land to carry otrt the Pentitted Aotivities,
C. Gunns has agreed to glant the Fo¡esb:y Right upon the tertrls ard
conditions r:f this deed.
that in consicleration ol among othel things, the tnutual pronrises contained in this
deal, the p:uties agree:
1 Definitions and interpretation
t)
1.1
Definitíons
Iu tlús deed:
A{justment Note insludös any document cu'tecord treated by thc Conlnissioner
of 'laxation as an adjustment note or as cnabling tbe clainring of arr input tax
credit for which an entitleinent otherwise a::ises;
ßnsiness Ðay meals a day on which trading barrks âIe open fot bnsineso' ill
Launoeston, except a Saturdal,, Sunday ot public holiday;
Car.bon Rights lneans the eutitlement to any legal commercial or other^benefit
(wþether pl'esent ot fLrtule) assoçiated rvÍth the trees gl'o'Jvn on the Land lesulttng
fïom tlie ability of those tlqes to absotb gree:rhouse ga.ses;
conrmencemcnt Date means the date specified in iteur 6 of'scheduJe I;
CFI rneans Consurner Price Indcx (411 Croups- All Capital cities) cornpiled ancl
uprlated liy the ¡\ristralian Buleau of Statistics ftom time to time;
to the Lanrl;
Shields lletllage Last prlnted 1212712007 12:11:00 FN/ page 1

(
aì
\ruordlot Project 2009
Forestry Right Deeci
I.irst Payntellt Pe.iod 1llea1's tlie pcriod fi'ou fhe couluencenrenr
First Payurcnt Date
Date;
to the
First Pa¡'r¡e¡rt Ðatc means the fu.st occuu:ing rayrnent
execution
Date
of
fiillowi:rg
tlris
trre
deecl;
Fixt¡rÌes means alr f'c-es,
pipes, cottcruits, crraitrs, r.vater"cour-ses, equilr:ment on or wires aflct
ovc,t,the La:rá; -
franspofation embargo or failure ol. dela-v
(includLng larvs. rcgulations. airappio:uat, o, fàirure
governnrent
to
or goverrnentar 'ppro'e)
of any
ageucy ivh*th' natio'ar, ,r*niliprior otrrerwise;
Forestry Right rneans the'iglrts grarÍcd rurder. crause 3 ofrilris deedl
Fo*estry Right Fee rlreans the arulual fee speci,tied i' itenl 2 r:f scrrerfulc r;
nleaü_s any governrncnt or any go\/ólllmcntal,
tivg
setn.i_
lìscal or judicial bocly,

W ocClot Proiect 2008
Fotsstry Right Doed
Registlation trnstrument means the lelevaú registt'ation jnstrurnenl ùr schedule
A,A;
RevÍew Datc nlearß every ll0 June cluring the Teiut;
Tax lnvoice includes ary document or' ::ecord trcated by the Commissìoncr of
Taxatiou as a tax ìnvoice or as enablfitg the claimir:g of eur input tax crerlit for
lvhich an entitlemerrt otberwise enises;
T'errn means the periocl ûnm the Corntencement Dal.e to the Tenujnation Date ol
as otherrvjse agleecl betweetr the parties;
Termiuation Dnte lneâns ihe date specifiecl i¡r item 5 of scheclule J ; and
Trees rneans the trees gfo\4¡n on the Land fr:r'ruing part of the Project whcther irl
the lbmr of seedlilgs, trees, logs, timber or otirerwise.
1.2 lnterpretation
In tlis deed, headings af,e only fbr convenience ancl c1o not affect interpretation
a¡d. unless the context rcquit'es otherwise:
(u) words in tJre singular inclurle the plural and the other way a::ound;
(b) worcls of one gender inclucle any gender;
(c) a Lcfcrence to a person inciudes an hdividual, a cornpany, paflnership,
joint ventule, association, ccrrporatiotl ot' olher body corporate and a
Ciovenlrrletrtal Agency;
(,1) a refersnce to a party to this deed includes that party's executors,
adrninistrato ts, sllccels so rs and p errnitted assigns ;
(e) a pronrise or agreement by 2 or ruore persolts bjnds each perspn
incliviclually ard allof theni jointly;
(Ð a refe,rence to a clause, party, schedule, amrexute or exhibit is a ref'eletice
to a clause ol and ¿r par1y, schedule, aruloxure and exhibit to, tlis deed and
a refbrencc to this deed ircludes any schedule, annexure or exhibit;
(g) a reference to a thing (including, but not lilnited to, a riglrt) inclucles any
part of that tbirrg;
(Ð a rpfèr:euce to zi right inoludes a t€medy, Þower, autltolity, discretjon or
lrenefit;
(Ð
0)
(k)
(1)
a rcfel'ence to legislation includes any amendmeut to that ìegislation, any
co¡isoiiclaT.ion or replacenrent of it, ald arry subordinate legislation made
under it;
a refèlenco to án âgteement Other tþan this deed includes an unclertakilg,
cleed. agreenlent ot' 1ega1l5r enfbrceable artangetneut or unde't'standing,
s,hethet ol not itr writirig;
a l'efèt'ence to a

Woodlot Project 2008
Forestry R¡ght Deed
(rÐ a rrlovisi.n must :rot be construed against a pil1y nre.ery beoause that
party was respo',ribie for: preparing this ¿eea oLìnat prnvisión; a'cr
(n) a refe'rence to a body, crther. than a party to this deed (incrucring, but rLot
lirrrited tr, qr associatiorl arrthoriiy, iorlror"liãr, b.dy corporate or
irrstitution), whether statutory or not:
1.3 Business Day
(l ) which ceases to exist;
(Z) which is reconstitutccl renanrecl or replaced; or
(3) rvhose powers or fi¡nctio's are transfemed to a'other body,
is a ¡efe¡ence to the body which r.elrlaces it oi whicb son/es suhstnntin)ly
the salre ptu?oses or has the sânle powers or functions,
where the day on or bywlrich something must be clone is not a Business Day, that
flring rnust be done on or by the next Buõiness Day,
2
Conditions Subsequent
2,'a Neeessary approvals and documents
It is a condifíon subsequent to this deed that within 6 r'onths alier the
Cc¡nnrencemellt Date:
(a) all *ec,essary app'ovals from arl competent authorities to the proposed tree
farming on the Land a-r'e obtai'ed to tie satisfaati"".rclpïi; ,"¿
(b) GPL obtains:
(1) if the land is rocated ín T'asmani4 dedicatio' of the Land as a
Plivate Timber Reserve pußuant to tlte Ì,-ore,st pracríces Act rgBS
(Tas), aud
(2) if the land is located in New South s/ales, authorisation for the
i:roposed prantation o^ the Land putsua'f to the pr*tttrßions aud
R.etffirestation Act 19g9 (NSW),
1n
Cease to have effect upon nofice
quent specifÌed in ciau.se 2.1 arenot satisfiecl or othel,ise
the time provideci this deed rvi1l irnncrliately cease to liave
Rigirt Fees paid to Ouuns nrust be r.epaid io CpL in flill
3 Grant of Forestry Right
¿r4
Right to the Trees
Gururs g1'ants to GPL the lbllowing riglrts in r.elation to the I-ancl fcx.the TenÏ;
(a) the r:ight to cany oui the pennittccl Ac-,tivities;
Shield$ Herjtêge
Last printed 'l 2t27 t2007 12:11;ô0 Pl\4
Þâ9e 4

Wootllot Pro,ecl 200ô
Foreslry Right Deed
(lr) all riglrt, title ând irrtelest in the Tlees; ancl
(Ð allright, title and inierest in the Calbon Riglrts.
3.2 Rights of access
Gums grants to GPL, ftrr the Term, the right to accrlss the Lzurd for the purpose of
canying out the Pelrnitted Activities,
4
Grant of ancillary rights
4.1 Right to construct roads and buildings
Gunrs al.so glants to GPL the fcrllowing rights in relafion to the Larrd, for the
'l"ernr:
(a) the right to c¡¡nstruct a¡rd use roacJs ald tlaclcs (includilg but not lilnited to
culvcrts a:rd br:ìdgcs); and
(b) the right to @nstruct a¡rd use buildings and othet worlcs and faoilities,
for the puqlose of carrying out tlre Pennittcd Activities.
4.2 Removal of material to construct roads or tracks
For the pulpose of oonstructing ol maintaining any roads or traoks under clause
4.l, GPL tllay, at no oharge, take and use sancl, gr avel aud othet nuterial available
from the Land or any Neighbouring Land owned or- lease.d by Guntr"s provided:
(a) the consent of Gunns has been obtained (such cotseut will rrot be
unreasonably withheld) ; and
(b) rvhere GPL has removed any material for these puryoses, GPL will teturn
lhe sulfaoe ofthe affected land to a stanclard acceptable:
(1) in'Iasmania, rulrler the Tasnrarrian þ'orest Ptacticcs Code; and
(2) in Nerv South Walcs, ulrder the Plantations ancl Reafforestation
(Cloile) Regulation ?001,
4.3 Signs
Gruus ¡p"ants to GPL the light to erect sigrrs on the Land, at its own cost, cletailing
the name, area, tree speoies, year of plantrng and such other mattet's pertaining to
the'I\'ees as GPL deems appropriate.
Ë
Registration of Forestry Rigttt
The parlies ivili sign the lelevant Registration Instrutrrent and an¡' other docurnent
lequiled to enable the Forestr:y ìliglrt, or: arry lights corrfen'ed by a subsequent
glant of the Foïestry Right, to be legistered againsi the titls or titles to the Lanrl:
(a) In lespect of Tasmaliau land, pursLlant to the ForesttV Right Regístutíott
Aü 1490 $'as), l,and. I'itle,s Act 1980 ('Tas) m.c\lot r¡rc Regístraríott of
Deeds Act 1935 (Tas); and
Shields HÊritagH Last prlnled 1212712tJ07 12:'1 1:00 PM p¿:,ge 5

Woodlot proje,ct lrl0ô
Forestry Right n(Jed
(b)
In respect of New souilr \Ä/ares lancl, pu:suant ro the conve)mncing Act
1ele (NSw)
6
Forestry Right Fee
6,1
Faynrent
(a) Subject to clauses 6.1ftJ, .GpL
wilr pnv the Fbr.esrry Right Þ-ee fi¡r each
yea:'ofthe Temr quarrerry in arrears on äa* ofthe pffiàüi nur".,
(b) The amount payabre.undcr clause 6, r(a) on flre First pnyncnt Date wj, rie
deterurined by applyrng the follo ,.ing'fonnula:
6.2 Revlew
e: [-¡_ x n'] x Ë
(36s )
where:
A = Anrount to be paid on the Frrst payrrerrt Date
F = Forestry Riglrt lree
D : Number. ofclays in the FiÍst payment peilod
Ë = lt4inirnunt plantatiori Lanrl
Varied Forcstry Right Fee
ate the Forestry Right Fee wíll be varied
nrost recently puhlished Mnroh cluar.ter
inrmediateþ befu ¡.e the courmelicerrlent
r suriscq * u,,r
i Jlî¿iï *:î:î,iliî.(fcr
the
6,3
6.4
Lirnitation of Review
åtåiJi:|,i-,iì:
Foiestry Rìght Fe
Minimum Plarrtation Land
e rass rhan the aru,uar rîorestry
or trie
.:[if i.å*r::rT
thc Laud is not ascer.taincd at the
¿n estùrate of the Minii[um planJation
to be conducfed to detenlLlc the actrm¡
nt Date. If a survey cletermites that the
carcurate

U/or:dlot ProJect 2C)00
Forestry Rlght Deed
u,ill be calculated on the ¿lr'ea of the Land and any nÇcessary adjushneut to thc
Folestry Right Fee will be made to Gunns in the npxt Fot'estry Right Fee paynrent.
7 GPI-'s Covenants
GPL mustr
(a) n exercising its rights under this deed, cause as little intel'felence as
possible to the occupict' ol occupiers of the Neighboruing Lærd;
(b) prnrnptly tepail'a:ry damage cause

Woodlot Project 2008
Foætry Right DeerJ
the Lzulcì to irs conditio' inrnediately prior to the cor,'rerlccrnent Dater
(Ð
acktorvledges that at the end ofthe Tenrr GpL will not ber
(1)
(2)
lecluìred t' l'emor¡e any stunus or debris û.om the Lancr or remove
an'v roads or track"s const'uoted in accorda;rce wit;h uri* aeli; ;;- -
liable t, l'cimbu'se Gunns for auv costs âs,sociated with Gr¡nns
rernovirrg suoh stumps^ nead or tracjrs.
Assignrnent, liienslng and granting rights
9.1
Assignment
1_fttt nìust not.assign its rights undø ilris creed unress it rras the othu party,s
w'tte'c{"rnsent, A pa::ty must not uueasonabrywitthor

Woodlot Projecl200B
Forestry Rlght Deed
(e) for the avoidarce of any cloubt, it is ackuowledged that tlús clause 10,1
alscr applies to any such fuithçr grant of a Foresily Riglrt and GPL may
girro a Delay Notice as often as a Delayfurg Event occuls;
(Ð this deed rnay rct be extended pusuant to this clause 10,1 fol a period in
aggtegate geater than24 tnonths;
(e) the Forætry Right Fee u'ill be paicl by GIL druing any extended period
upon the same tenns and conrlitions as set out in this deed.
ß.2 Ðispute
Any dispute arísing uncler clause tO.I wili be detennined in accorda¡rce with
clause 13.
11
Default and Termination
11,1 Termlnation events
A party may tenninate tlis deed if the other party breachæ a provision of this
cleèd, urcl that bleach is uruemeclied for ó0 days from tlre date that the patty gives
the other party writtun notioe of the breach,
11.2 GPL entitled to remedy default
GPL is entitled, but not obliged, to remedy any default by Gunns which, exoept in
an emergenoy, remains unremedied at least 7 days after notice fiom GlL. All
costs and expenses reasonably incun'ed by GPL under this clause 11,2 will be
paid by Gunns to GPL on demand.
12
GST
12,1
12.2
GSï pass on
If GS:l is or g,ìll be irirposed on a
cleed, the suppliel nay, io thc exten
that suppt5, ond"t this cleecl is not st
in connection with this
otlren¡rise provided fot'
aû amount in respect of
GST on tlre supply:
(a) increase the corsideration othelwise plovicied f.or that supply uncler this
deecl by the amount oftl:at GS'T; ot'
(b) othenrrise ):ecovct û.ort the recrpient the anrount oftliat GST.
Price calculated by reference to turnover
lf tlre cons
consiclerati
for those o
supplies.
deed is calculated by leference to the
ing that calculation, ihe consideratiou
nt in respact of GST payable on those
Shlelds Hotitage Lâst prlñted 1212712Ò07 1 2:1 l ioo PM page g

Woodk¡t project Z0C6
Forestry Rlght 0eed
12.3 Tax lnvoices/Adjustnnent Notes
leut.
13 Dispute resolut¡on
(Ð If a dispute between the palties a'ises i¡ rerati.n to trris tleed trre ¡.r.,r'r.ies
must use thei'best endcavours [o
'esolve
that disi]ute belu¡ecn thenxel'es.
(b)
(c)
(d)
(e)
(Ð
(s)
(lÐ
(Ð
If the parties fbil ro resolve the clispute í' accorclance with clause r3(n)
then the parties nrust appoint * r*p*rr, agre.a to by both trre parties to
determhe the rlisprrt e.
Il'the parfies fhir to agree on the alrp.irrtr¡cnr. of íuì üxrrert uncrer clause
l3(b) then tlre parties must requesf irrç À¡rsr'aiia,r cn,,.,,n.r*iìi ni*put"*
cerúre or â successor rloay to appoint a,i *r¡*n to crelcr:,ire irrc dislrute.
If the exper:t appoirfcd,under crause J3(b) or clarrsc l3(c) is unabrc to
cal'ry out tlre detemination zurotrrer à"p*rt nrusf be appoirrted ìn
accord¿rnce with clause l3(b) ot clause illc)'to aøer¡¡ue ure ååp.,r".
Tbe expert appointecl rulder tlús olause acts âs a' expe't ancl
'.t an
albitlator.
The clisprrte resolution^p'ooeedurgs under this crause âre not ar{rit'ation
ptoccc;dings rmdcr the Contmercial ¿rb¿irlit¡on Act ) 9g6 (I,as).
The cxpeú's cretemination is final a'd birrcring on the parties antl trre
expert rnust girre reasons for the deter línation.
Thc partics must bea¡ the experl's costs equally.
unless tr party to this cieed lras compliecr u,it.h this clause r3, a pafl,/ rl.rust
nôt corllfficnce couí urocee

Woocllot ProJect 2008
Forestry Right Deed
15 Notices
15.1 How notices may be given
A notice, request, denrand, consent or approval (each a uotice) under thÍs deed:
(a) nrust be in writilg;
(b) may be signed ñr the party giving it by the party's authoilsed office't,
attomey ol solicitor;
(c) may be delivered pø'sorrally to the person to whonr it is adcilessed, or left
at or seut by prepaid post to the penon's address, or faxecl to the person's
fäx number, givcn trelow:
(1) ifto cPL:
flnnnnnnnnaress'låÏåîÏtreet'Launceston'rasmaria''Z''
Attention; WayneChapman(ConrpanySecr:etary)
(2) ifto Gunns:
f:'*-'
15.2 When notice taken as given
ä1r;îffïtreot'I-aunceston'rssmania"lZsl
Attontion:'Wa¡meChapman(CorlpanySecletary)
A lotice is takerr as given by the sender arid received by the intended recipientl
(a) if posted, 3 Business Days after postíng; and
(b) if faxed, on cotnpletion oftransmission,
but if tlelivery or receipt is on a clay which is not a Busiress Day or is after
5.00 prn at thà phce of tlelivery or receipt, it is taken as given at 9.00 arn on the
next Busiress DaY'
15.3 Change of address or fax number
A party may change its adclress or fax uunrbet fot notices by givìng notice to tire
other PattY,
15.4 lf notice not received
A rrotice that is postecJ is valid even it the intended lecipierrt cloes not receive it or
it is retulrred unclaimed to the sender'
Shlelds Heritage Lasl Þrintec] 12127/2007 1211:00 PM page 11

Wædlot Projerl 2OOB
Forestry Rlght Deed
16 General
'16.f Gosts and expenses
Each party must pay its otvn legal co_sts and expenscs for the uegotiation,
pleparation, cornpletion and starnping of thjs deed,
16.2 Governlng law and jurisdlction
(a) T'is decd is gorrerned by t'e ralv ofrasrnania,
(b) eac! nS irevocably submifs to the non-exclusive jurisrliction of flie
c'urts of Tasurania aud courts hea: i'g appeals fiom thern,
16,3 Waiver
(a) A pzuiy waives a rigrrt undel this deed if it tloes so in wr.iting.
(b) .¡\ party 'nly
does not wajve a righf sinply becar¡se it:
(l) fails to exercise the right;
(2) delays e,xercisìng the right; ol
(3) only exercises part ofthc right.
(o) A waiver of one breaoh of a telrl ofthis deed cloes not operate as a
of
waiver
another breach of the szur¡e tenn o¡ any other ferm.
16.4 Furflrer action
Each palty must promptly sigl aly docurnent and do anl¡ing else that is
neccss¿u:y or reasotlably reguested by the other parly fo give flrll cffect to this
deed.
16.5 Whole agreement
I
(
Tlús
undcls
whole
agreement, representafi

Woodlot Project 2008
Forestry Rlght Deed
16.8 Counterpañs
This deed may be executed in a number of countetpafls, It comprises all the
countelparts, takeu to gether.
16.9 Survival of provislons
A provisíon of this cleed tllat has not been rnet on, ot carr bava effect after,
completion of the transaction contenrplated by this deecl, or tet:lrination of this
cleed, continues to apply after cornpletiou or termûratiou.
16.10 No represêntations relied on
Eaoh of the parlies acknowledges and declares that in entcring into this deed it has
not relied on any prorruso representation wafl'aûty or undertaking given by or ou
behalf of the other of them with respect to the Land orthe Pernritted Activities,
16.11 Plans
In lespect of the lancl located in New South Wales:
(a) the plan that accourpauies the folestry right ('the PIan") will be eíther;
(1) a

Woodlot Projsct 2OOg
Føestry Rlght Deed
Schedule I . Reference Table
1 L¡ud
linsert descrtpüonl (refer to Land Map in Schedule 4)
2 I'ore.stry Right I'ee $ per net plantablo hect¡re per a¡rtrurn
:::: 3 }ryme¡ltÞsTex; 1 tÍi,räñ4,, 1'ÄpruT Jùi¡ù; T ö¿1,,ñär; üi iäctr y*u.rlur.ing tho
Terrrl"
4 Minimrrm plant¡tion Landl
5
ó
Termination Date
The day of [
the later, unless thls deed is tenninatãd earri*r urder crause i i, -_ - -
CommencementDate:
] 2gr l or the date of completion of Harvest, whiohever is
tl
Èr
Shlelds
Last 121?il2007 1Zt1 paoe 14

Wmdlot Prolest 2009
ForestD/ Right Deed
Schedule 2 - Form of Mortgageens Consent
I/\Ã/e
BANI( OF AUSTIIALIA LIMII'ED
(the 'Mortgagee") being the urotfgagee nalned in Mortgagc No.
registered against the Land (the "l\4ortgage") IIFREBY CONSENT(S) to the
grant to GPL of the Forestry Riglrt and to the grant of the valious othø rights ovor
the Lald as sef out in the u'ithin the Folestry fught Deed a¡d AGREES THAT:
(a) the Morlgagee rvill at GPLrs request (and at GPL's cost) produco the
duplicate certificale(s) of iitle relatfirg io the L¿nd at the Lalrd Titles
Office to enable the rvithin forestry right to be registercd;
(b) the Trees and Calbon Rights will be and will remain the propetty of GPL
or afiy othef person or entity tbat derives title tr: the Trees and Calbon
Riglrts t}rough GPL;
(c) the lvlortgagee will at the GPL's t'equest (and at GPL's cost) províde tc:
GPL a deed releasing the Tlees and Car$on Rights fi'om the Mortgage;
(d) tlie Mortgagee will, fu the event of the exelcise of tlre po"ild of sale or any
other power or remecly of the Mortgagee on deÍbult uncler tlie Mortgage,
exercise the same subject to the riglrts of GPL under tþe withü: fofostry
light; and
(") the Mortgagee will not assign fhe MoÍgage or ary t'ights under the
Moilgage without fust an'anging for the assiguee to enter into a deecl of
covenãnt with GPL in a fornr approved by CìPL under which the assignee
agree$ lo comply with and be bou¡d by the provisions of this mcrrtgagee's
consent as if named in this mortgagee's consent in the placc of the
Morlgagee.
Ëxcept as provideal in this mofigagee's conse11t, this mortgagee'S consent will be
rvithout pteìudice to tþe rìghts, po'wers and remedies set out in the Mortgage.
Iu this rnortgagee's consent:
(i)
(ji)
references to GPL and to tlre Morlgagee will hclude theil ¡espective
successols ancl assigns; aud
worcls ancl cxlrressions defurerl in tlie witli:in folestry liglrt rtill have thc
same ureauing urlæn used itr this mortgagee's consent.
EXECUTED as a deed,
DAIIED this day of 2007
[Ëxecution by Mortgageel Last printed 1 12:1 1:00 PN/ pâge 1 5
Shleld.s H€rìtagê

W a.dllìt Prêjcirt 3i)üg
FÒr€àiry Rioht Dêed
Schedule 3 - Registratio¡r lnstrument
A. Tasrnanian Land - Registration lnstrument
lnstrument creating forestry right
(
'.-\,
{ì
r\
thlelde Herltage
Last printEd I ?-lzt I zoa-l t2:1 1:00 l,M
¡raqr: 'ltî

TASMA}TIANT LAND TTTLES OFTICE
Vol,
Fage of
Plges
F ol.
Blank Instrument Form
Land Ti,tles Act ]l980
Voluure
DESCRIPTION OF L.AND
I.'olio of the
Folio
Volulme
Irolio
( Instryment crcatÍne a forqstry rleht
l"'l Pulsuant to Section 5(2) Fore.str.y R.igh,f.s Regislration Act. ß9A and Sectiolt 10'l Land 'Iitles Act 1980
We Gunns Linited AßN 29 009 478 148 ('(Gunns") beirrg ihe registered proprietor or registered lessee of
the lard oonrprised in the above folios of ther-egister ('the selient land") heleby grants Gunns Plantations
Lirniterl ABN 36 )gL 2gZ 209 the regìstered office of which is situate al78 Lindsay Strest Launccston in
Tasmania ("the Company") the followrrg ttrrestry l'ight:
I
2
J
t.l
5
The right to establish, mailrtain and h¿u"vest a trrlaltation of trses on the servient land, the Part
ref"rrdl therein being s¡or.vn hatched on the Forestry Right diagraus lodged electronically herewitir
(see bokrw) ancl filed with the plan of title documents sr:pporting the folios, toge{hel with ancillary
rights of acces$ and of constructing and usûrg such tracks and facilities afi uray be necessary to
comply with the tems of the deed made the clay of
200'l and nrade betTr/een
Gu¡rns Limited anrl Gunns Plantations Limitetl, a copy of which is attached and tnæ'ked "4";
Thc F'orestry Right ald appurtenant rights (if any) are to be held fbr a term commenoíng on the
70 aná ending on il't" 20 or the date of completion of
harrrest whichever is the later"
The For.estry Right anC apprutenant rights (if arry) at'e to be helcl exclusively by the Cornpany, its
successofs and assigns.
'lhis irstlurrrent is loclgetl with a CD-Rom disk containing forestry riglrt diagr:ams pursuant io
section 8(1) of the Foie"rtty,Rrþ/rls RngÌsn'ctti.on A.cl 1990. ll'he signatul'es of the parties for these
diagrams ate pt'ovided on the annexule to this clealirlg tnalke

PN O-E S'I:APTEIIE&E
DONOTGI'I\4 THIS
FORM TO THE ]NSTRIIX,Í ANT
A¡D"EXURE PAçJ!]
page 0f
Vol. - !.o1,
pagos
PI,US OTIIBRS
Re:fel to cìescr:ìption of iand pauel
ANNX]XURE B
Dated this
da3, cì¡
2007
Exeouted by Gunns Liurited
by beir:g signed
au authorised psmon;
Executed by Gunns plantations Lilnited
by being signed by
an authorised pefsol1;
, I / We . being the Caveator/s p.ursuant to Caveat No
\ c the reglstlation ofthis dealing
t)
lLereby consenl
Sþed by the Caveatods or by tlie Solicitors
Actlng ou behalf of the Caveator./s
in thc pr.csence ofl
Vy'itness - Signature:
Wituess - Nanre in Fult:
Witness Adriress:
Witness
NOTE:- Every arruexecl
corpor.ai:e bocly,
to the deaiirrg,
Ve¡sion 1
page sJrall be signed bv the parties lo dre dealing¡ er. yrhere the party
be
is a
signed by the !ers

Woodlot Froject 2008
Foreslry Riglrt Deed
B. New South Wales Land - Registration lnstrument
(
a\
(
ShloldË lls itaQe Last pr¡nted 12t27P407 12;',l1:00 PM page 19

Transfer creating forestry right
l. Annexu¡e A - pa:liculai.s of Forestry Right
Annexure ,4,,
Ï'lüs is the atrDexr¡re 'o' gotfï!|s-of rloresû'y Right) refe'r'ed to in the ,I'¡.ansfer crentirrg a ltorestry
Rlght (T¡rnt +r) md ForesLl nfglt lcrilron
-Si¡r.,n,.rior,¡
Dntedl
2007
Bctrveenl
trul¡rs Lirrítecl
A_BN 29 m9 478 148
(Grûrur)
and
(
l.\'
Gunns plnntations Limit¿d
ABN 36 091 232209
(Traueferee)
Part¡curars of the Forestry Rrght (Timber) and Forestry Rùght (carbon sequestration)
1" Particulars of Forestry Righf (Tlmber)
Tïe particulars of the lìortst¡y Right (ì:intbÐ are as followsl
(a)
(l')
(c)
(d)
The rìght ro enter tle Foresfry Right lånd,
The light to esttblish, maintain and llarvest a crop of Trees on ilre Folestry Right.L,ancl.
The rÍght to corlstl'uct ¿nd use such buil

4. Term
The Forestry Rigtrt will comrtreuce o¡ the comntencirrg date set out iu ltenr (G) 2 of tÌ¡e Transfer nnd contintte
for a ternl of xx year-s and (unlcss temriltated or encling eudicr in accot'clâncc with the pror.isions of the foreslry
coveuânt^s s€t out in A¡lexu¡e'B') will temrinâte on dre tormilatiug clate set out in ltenr (G) 3 of the Transfe¡'.

2, A¡nexurc B - A cornpired pran ofthe Forætry Right Land or a Limited sr.rrvey pran of
the Foreshy Righr Land
Annexure.B,
¡.Ïi*"iå"îïexure 'B' úo tlre Trnnuru' crrcaüug a Foresrv Rlghr (T¡o.ber) anc Foresuy Right (car.bon
Dâted: 2W7
Befweent
êunns Limttcd
43N29 009 478 148
(Guno)
Gu¡rn¡ Planütions Linitcd
ABN 3ó 091232209
(Trrnsferee)
compiled Pr¡n of the x'oresey nËghtL¡nd /Linrtbrtsurvuy flnn of theï.or.,ûryRrghtlåÌd

3, Arurexure C - Pafiir:ulars of F'orestry Coveuants
Annexure'C'
This is the annexure 'C' referred to in the Transfer creatlng a Forestry Right (Timber) and Forestry
Rig ht ((Carbon Sequestration)
Dated:
2Ot7
Eorweerr: Gur¡ns Llmlred ABN 29 009 478 I48 (Gr¡nrrs) and Gu¡rns Plantations Ltuited ÂBN 36 091 7'32 209
(Tr¡rnslerco)
(.
(\ 1
Partloulars of the foreslry covenants - Forestry Rlght (Tímber) and a Forestry Right (Carbon
Soquestratlon)
l.l
Ackn owle dglment of forestry covenants
The parties ackrrowledge that the provisions of this document are incidental to tbe Fole,st(y Ríglt with dre
inænt tlrat all tlre provisions are folestry coyenants as contemplâted by section 874 of lhe Corw1alaing
Aet t9l9 (NSW).
2,
Term
2,1
Term
This document takcs effect on the Conunencing Date and (unless terminated or ending eariier in
accot,dance with the provisions of this document) en

ilnmeriiately before the colnnlelrccrrenr of üre Terrn (f

4,2.1 'I'he Tlarisfelee owts the Carbon SequestLation Riglrts aud (lall"lon Seqrrestrntion BenefJts
procluucd hy or derived fi:clm the Forestry Right and lelated Plantation Produce and
4.2.2- The l'r'ansfelee is bcnefÍcially entitled ro all procecds from the sale of any Carbon Seqttesuation
Benefits prorluuetl by ol derived fi'om ttre Þbrestry lìights and relatsd Plântítion Produoe
Ownership of Sallnity Credits and Salinity Credit Benefits
4,3 The Tl'ansfelee orvns tl:e Salilrity Cledits and Salinicy Cl'edit Benefits produced bv ol clerivecì ÊcrlL the
Folestly Right nnd related lllantation lì'oduce.,
4.4 Thc Trunsfi:tee is beneficiall),elrtitled to all ploceeds:frum the salc ol'uny Satinity Cr'cdit Benefïts
plocJuced by ol rlerived f,'onl the lbreshy Right and rclated Pìantation Pl'oduce.
5, The rights of the Transferee
General
5.1 l'lte Tl'ansfet'ee rnay do any of thc fcillot¡'ing:
5,'].1 Est¡blish, nain¡ain, manage and llar'vest a clop of Tletrs on the Forestrl, RightLand,
j.1,2 Access thc Fc¡estly Rigfit Land and whele applÌcable the Acljacent L.and, for the prupose cll
canying out the APpt'oved Puçose'
5.1,3 Mnrkct, tmnspolt-and sell the Plant:ation Produce in thc manner l'easonaì:ly determined by the
'I'ra¡rsferee in accordance with tlús documcnt.
5.1.4 Do anytliiug else necessary rn the reasonable opinion of the Trarlsferee for tbe exet'cise and
enjoynient ol the 'Il'ansf'cree's r ights unrler this documeut and at law including fol: the exe¡cise and
enìoyutent of lig,hts in relatïon to fhe Approved Put'pose,
(
5.2 Nothing in clause 5.1 will derogate from any rights that the Tl'arlsfelec wr¡uld have at coDunon law as the
holdu crf a proñt à prendre.
Conslructlon etc of roads
5,3 Tbe f'ransfel'eemay dct any of the followiug, witl Gurt¡s' priot written corlsellt:
5,3,1 Colstruct and nt*¡ttrrio suc.b roads, tracks, blidges, culvctts, skid sit¿s and other facilities on rhe
Forestry RighÈ Land â$ ¿ue reasontbly regnlred by it to provide êccess to tlìe Fofåsny Right Land,
which, in túe re¿sonablc opinion of the'flansf'erce, is tire most pracÚca) t'oute for the type of
vehicles an{ m¡c:lrilery ustd to tr¿mslxìrl the Plnntatìon R'odr.tce t¡r ancl f'l'om any public road
designatcd by thc'I\ansfetee and/or the Manager.
5,3.2 DeteLnin¿ aid be entitled ro use the access ròute ovet Adjacent Land to the Forestly Right Land
which, in the ¡easonal¡le opiniou of the TransfcttÈ, is the trrost practical route for the type of
ve¡icles anrl nra

Lighting of tires
5.8 'lTe'lìunsfer.ee may nt its own cosr:
5'8' I Thke nll fl
¡ably to ensure that 'ecessary
ary fires that ocòur
Right Lrn
or are lit on the Fbresh¡,
conl,oiled anrl supcr.vised
5'8'2 cottstn¡r:t firei¡realcs and elect nrfto*"r, acljacent
mannel þ rhe For:esû)r
a¡d Riglrt
to tlre Lancl
ertent in
requiled tfie
hy l¿rw.
5'9
l$ili^rTrqi":rïlï:
n"t light or knou'inglv ¡llow the lighting or a^y fire r¡r rÌe Ì.bresûy rìight Land in
Eradication of vermin and noxious weeds
lnsurance
"5.1I The Trans
o¡rs to e.radicate vern¡.in and rt

Storage of dangerous mafarials
6 5 'I'he'I'r'¿rnst'r:rcc nrrst onl¡r use and stole any influrnruable, noxious ol dattgerotts chentical or sr¡bstance on
the Forestry Iìight l.,and in acoord¿nce witlr applicable legisìative requilenrents aud/or cork:s of pmctice and
aftcr consulting u,itlt Cìururs.
Buildings and caravans
6.6 'Ihr: hansfcrcc mûy uot e.r'ect ¿in)/ building, nol use ârr¡, tur,ouutt {),) the Foresh'y Right f,arrd tbr
accomnrodation purposes,
7. Gunns' rights, obligations and prohib¡tions
Access for the Transferee and Gunns
7 ) Guruts nlust aìlow tbe Transfcree" the Penritted Persons aud the Mtrnager acoess to the Plantation ovel'tlìe
Forestry Ri¿ht Land fol the Peunitred Açfivities ancl the A{acent Land for prtq)oses anc,illaly to ûe
Ite¡mitted Aoti vities.
1 2 'I'hìs access by the Transfet:ee, the Pe¡mitted Pelsons nnd the Manager (and their respective employees'
ågènts and co¡ìfiactors) may be ovel Adjacerx Lznd that gives access r.cr the PÌa¡tation fi'onl ¿ puh)ic road.
'7.3 '
Cu6s ntust not otherwisc umecessalily interfae with any actívities ot operations carlied out by the
'fransl'erec, the Pen¡itted Persons o¡ the Managel on the FolesLry Right LaDd 01'Ìhe Adjaconr Land as paü
of the Pe,mritted Activities.
Ëasennents
1,4 Il'r:equilcrl by thc Transt'eree GuDns nrrst grùnt the Tr¿nsfþt'ee tlt! easeruent over thÈ Forestrl' Right l-and
ancl the Adjaæ¡rt Land to allow access to tlre Forestry Right Land fcrr vehicles and maclúneqr nonrinatecl by
the Transferee,
7.5 The Eâsement must:
7,5.1 Be on tenns reasonably requiled by thc'I ansfêrce and the l-andlord for the Fermitted Activities'
't.5.2 Be in r.egisnaþle form over those parts of the Forestr:y Riglrt I.and or all)t Adjacent Land
noruinateã by the Transferee benefiting the Forestry Rìght l-and,
'1 .5.3 Eriplre upol the ter'nlination or expiry of this d

Grazing of rivestock, erection and maintenance of fonces, gates etc
7.ll (lrrnns
Gunns
ghr
acting lr:l' l'e''
the
rlotiÇÈ
lirrnr il
I the plantatinr¡ arr

8.7 If t'ec¡uesfed lry tìre Tlarrsferce, Gururs will (nt the T¡ansferee's cost ¿ìnd subjcct to ary express pr'ovision to
tle contt'aty) use its leasonâb]e endei¡voru's t0 cnsur€ that Carbcn SequestJation B¿nefits and Snlinity Credit
Belief, ts becolne vestecl in the'[\'ansf'elee.
Acknowledgments I indemn lties and repre$cntations
8.8 The Tran.rfetee assumes the sole and abmlute risk in ri:lation to t¡c m¿ttters set out in this cluuse I and the
'l'ransJ'el'eel
8.8,1 At:linou,ledge.s that thele is not and in the future there nray not be any Carbon Sequestration
iicheme, Carbon Sequestr"ntion l3enefits, Salinity Cleçlit Belefits and Salinity Creclits.
8.8.2 Aocspts all the lisks that no Calbon ,Scquesh'ation Benefits, a Ca¡bon .Sequestation Schenrc,
Salinity Clledit Benefits or a Salinìty Credit Schemc will eventuaæ ancl if they do it rnay be irr a
form ot' structul'e that dr:es not deliver âny value to the'ûansferee.
8.8.3 Àcknowledges thst Grìrurs has not made. any reÞrcsen¿ation or given sny \ry¿rnanty regarding tJre
futule avoilability, natrue ot vaiue of C¿rbon Sequeslration Benefits, a Carbon Sequestlatìon
Schenre, Salinity O'edit Benefits ol n Salinity Cledit Sclreu¡e,
8,8.4 Acknowledges thal Gururs ha.s no obligaCon (except in regard to Gunns those set out in this clause
8) in Lelatiou to the urfltte,l's set out inthis clause 8.
9, Extension of terrn
Notlae of extensiolr
9.I Ifl at ú,ny point dLuing tle Ternl
(a) wjthin the l¿st 12 monlhs, thel'ransforee's ability to perfornr its obligations uudel this document
ale nrateríally adversely affccteci by a For'ce Majeule Þ;vent ol any othel cause whatsoevel bcyond
rhe reasonable control r:f the Î:ansferce jn Íts l{arvest on the l¡rnd so tlat the T\ansfe.¡'ee
lcasonably considers tbet it \^'ill be uual¡le îo ooñplète its Ha¡ vest pr'itr- Termi:ration Date; or
a Dr-ouglrt occrìrs at nily time rluring tle Ternt,
(h)
(both o Delaþrg Event) thenl
(c)
(d)
the Transferee will promptly give Gunns written notice (the Delny Notlce) of the Delaying Event
and the effect whiclL the'ftunsfe¡ee expects that thc Delaying Evert will have çìn tlre gl'owtlr of
trees ot rhe [,and and/or the Halvesi and, in particul¿r, the date on which the Transfetee expects
i:hat it wìll conrplete lÌe Harvest (tle Extended Ternrin¡tÌon Drte); and
aftelteceivìng the l)elay Notice, ûunns is deemed to have granted a furlher'Folestry Right to the
Transfer'ee fot- the period ÍÌom fJre date of expiry of the l'elm until the Extended Termination Datc
and tlre tcrrns of t}ris clocunrent wìll apply to that fu¡-tllq' graut of Forcstry Rigbt (with the
llecessrry changes),
provìclerì thnt:
(e)
(f)
(g)
for the avoidance of any doul¡t, it is acklowlctlged ¡lat this clalrse 9,.1 also applies to arì)¡ stlch
fnLther granl: o1' a Þbreslry Right ald the Tlansfelee rnay girre a Delay Noticé as clften as a
Dela_vin g Evelrt occu Lsl
this rlocnment tilây not lre extenrlcd pulsuaDt to this clause 9.1 f'or a ry,riod ìrr aggleg.ate greater
than 24 monthsl
the F'orestr1, ltight l.ee will be paid b),the'i-ransferee cìuling ñny extended pef iod upon tllc sal¡e
tcmls ¿nd oonditions as set out irr this document,
1A. Final Harvest, expiry of this docurnent and releasa of Forestry Right Land
Rehabititation following the Final f-iarvest
10, I Ou complelìon of I]ilal Halvest lhc: Ttatlsfe¡ee must do the followirtg;
| 0 LI Lcave the loLesü'y Iìight t.atrd in a clean and tidy condition.
1 0. 1 .2 Leave ¿il ciebris on t.he FirrestLry Right l.,and wilh in the. outside l'ow of surttps or left as otherwise
agteerl by Gulrns and tile Tt'arrsft'.1'ee,

l0'2 Subject t'cnrnplitncr:.wit} the pt.visjons of cla.se 10,1, Grnns acknowlerJges tl¡t thel.e is no obligation
on rhe'fra¡sferee ro reinsr¿ìre ttre RoL"st,y night Lând r,.l iil .¿ïirî'iîàediat"¡, l:eforr rhe conmrcncing
End of thls document
l0'3 without affecting cl¿rtrse 10, this clocume.nt concs to an enrr
'llce
trre Tl¡nsfer.æ has pe'formed its
obligations under this clause I0 un¿ ounns rnd the'i'rrot",* a," satisfiecl, eilch iil their re¿sonable
opinion rhar rhe'e are no tui.rher, orrigãtioi,s'År o";,ú **Güto' t i"'roro'.a,
Registration of this document
10.4
The Tla
10.4,r
gistration of thi.s dooument ñ'om the titre to theþ'oresr.ry Right Land:
culîerrÍ cxpires in accordance with irs rrlrm or it is ten¡inaieil iiìi, r" tt.
10'4'2 At the cost of Gun¡ls Ì1'this clocurncnt is temi¡atÉd due to ùc clef'auit of Gunns or otherwise.
11. Default and Termination
I
Tarrninatlon events
l1'l r\ palty may ler:uinate rhis document if r-he.othe1 party breaches a p'ovision of dlis document, and th¿t
ii:ffil." u'emeclied rb' 60 davs fro'r tlre date thi th; ü;t si;;*ih" oth"r parry wrinen norice of rhe
11.2 The T'rrrnsferee is entirled, but not oLrligecJ^ ro ren
remains un¡emediecr rt rea,;i ã;y;äñlìl^"ori..
inc,rrt ã uy tr'.iin.rr" ec un¿er this c lause l l .2
rur.s which' except in an enrergency'
A'll costs and expenses reesonabíy
to the Iì'ansfer,ea on de¡nand.
12' Manager act¡ng as agent or attorney for Trarrsferees
Acknowledgrnent by the partles
ll
Declslon making
l2'2
âuthorjsed uncler û¡e Nfaragentent Agreemenr. tr¡ nrake decisi'ns o, behalf of the
thi¡ document. Any crecisiorr-nrade by är ¿o"üi"n't agreed by the Manager ås
'genr
ol.
'r¡uustèr'ees under trrc Mauagement Ag.eemeut çviil bincl the Tr.ansferec under. this
Acfiolrs by and notices by Transferee
l2'3 Any clause in this clocuntelrt requiri'g or permitting arry notice by a T'ansfer.ee oL aotion 5y a Transferee
rua-v be satisfTed by the rVranage'givirrg trre norice or"tnr,¡ng,¡. ,.iío".
"
13. Notices
How notices nlay be gÍven
13 1 A notic'e, r'equestl dentand, consent or app'oval (each a lotlcc) h) unclel.thi.s document:
¡r'rust bc in rvriting;
(b) rnay be sigr:ecl for the parry giving ir by rhe pany,s
(c) L nttol.ney
may
or solicitorl
be deliverecl pelsunaliylo thä penon to whonr i
post
left at or..sent tty pr.epaìd
to the per.son,s addres.s, ol faxecl to the per.son,s
n below:
(.i) if to the Tr.ansfel.ee;

(i¡)
Addl'essr
Fax:
Atùuntion
ìf to Gun¡s:
Add¡ess:
Fax:
78 Liudsuy Street, Lnunceston, Tasmania, ?250
(03) 6334 790!)
Wayne Chnpman (Company Sec:etnry)
78 Lindsay Street, Launceston, Tasmania, 7250
(03) 6334 7909
Attention:
Vy'ayrre Chapman (Company Secretary)
When notlco taken as given
13.2 A notice is taken as given by the scudel and rBceived by tbe inte.nded recÌpienf :
(¡) if posted, 3 Business Days af;er postìng; anrl
(b)
if faxed, on conrpletion ofûansrnission,
but íf delivery or l'eceipt is on a day which is not a Business Day or ís after 5.00 pm at tbe plnce of delivery
ol receipt, it is taken ås given at 9.00 an on ùe l:ext Business Dny.
Change of address or fax number
13.3 A purty may change its ¿ddress or fax nmrber fol notices b¡, givìng notice to the o[her pafiy.
0f noÉice not received
13,4 A notice that is posted is valid even if the intenderl recipient does not receive it or it is returned u¡claimed
to thc sender.
14. lndemnity
ïransferee's lndemnlties to Gunns
I 4,I The Transferee must:
(a) in cxercising its riglrts under this docunrent, eause as little intefferpnce as possiblc to the occupier'
ol occupiel's of ìaud neìghbouling the Land;
(b) p¡omptly lopair any damage caused by a lèrmiüed Person, to any roads, tracks or fe¡æs on lanri
neighbor.rring the I,and;
(c) cornply with the ternrs of any statute afl'ecting its use. of the Lancl;
(d) only consþìrct buildings on ùe, Land to lbe extent required to caüy out the Fermirted Activìties
Bnd to ¡:emove any such buìldings as soon as no longer t'eqttired; and
ensure. thal all deblis fi'cm Harvesti¡rg is corrfined within the Land.
(c)
14.2 The'l'¡ansfe¡ee u'ill keep Gums inder¡rrifìecl against all clahrs, tctions, losses an(l expense.s of any nature
rvllich Gunns may suff,el or incur or for which Grtnns rnay become liable in fespecl. of

16,
r 6.l
Default interest
If any suru dr¡e 1'ot lrnvmerlt tlndel tlris clocunient is not paicl on ùe due datc the Trarly lrat is tiallJe to pay
rhar sLrnr mrsr pûv ¡re'esi o¡ rhar su' r.0,,., t¡*-jr"'ã;;.-r;;ï ;;.kî; är,Lllii,,rrrent carcurared on a
dav to day brrsis ¡r rhe Defnurt Hot". :¡ rr.lnlã';;ì;;, ie capitarised nrontrrly.
X7, Miscellaneous
åïä:t:r:ßterafions mav be carried our bv Gunns and rhe Transferee,s emproyees, agents and
1'7'l Any activity or *pet'ation that oums or tl:e ï'r'ansfe'ee is pe::mitted ïo_ciìr.ly out r¡ndcr fhis docuìront may
ffoliä: otrt by an emplovee, oÀtoioil*n octor of that parry,-i".ì,åi'g in the case of thc T,rarisrèr.ee, dre
Approvals and consent
(\
lbold an ¡ltprr)r,al ot.ccltì$(ìltt tc)
to those coltclitions rjch:nr.¡ì¡leil
.lrling l colscrrt. tr I'or. girring a
to thc ,sati.çlàc¡iort" r:f a parì,v,
Whole agreement
l7'3 This document rcplaces any plevious agreement, rcp|esentation, w¿rnrûnty or. urLder.standjng betwee¡ t}e
paftíes concetning the suLrjcct matter anriiònrrin.s trreï¡ole rär*rïîi ¡.tweerr tbe parries.
Gounterparts
i.tul,n.r tnt* tlocunlcnt nray bc e'recutecj in a nunrìle.r' ol counterparts, It conrprises arr tbe 'or.'r/jrparts,
raken
Ft¡rtlrer actlon
17"5
iii,-o,JåT,,'il,ï:,f,:ïl,",Jd'ilJiJ,,ii¿î,ïhij'Í*01,,åïhirg erse ¿har is necessa,v c¡r r.easonabry
Governlng law and jurisdiotion
17.6 Tlris docunent is governeC by ihe Jaw oJ,.l.¿smnnia.
17
'1 ftrlJfìlår#îil'ilïo:"-
ro rhc no'-exclusive ju'isrtictiorr or dre courrs orråñnrênia 0nd co'r,rs
Joint and several liability
f'
17 '8 where lhe'e is nlor'e (h¿n otlÊ ptrsorì r:a¡red in or'bcrund by thìs docunrent as lhc T'ansi.cree. t¡e rig.lrts ancl
obligationo'of rhose pe's.,,s ui¿ler.trlis crocunleut wiil be joirt and sever.ar.
Costs and expenses
17'9 iiilil,ïl]rijj:5.1lrll,*"*^
Je-sal cosrs arrd cx¡re'ses ltr'che nesotìation, pr.epararion, corn¡rrerion anri
No partnership or agency
l'1 .10
dtjs docurn¿nt wíli crtate or constitrrre, cteare
the
or
parlies, fbl the ¡rurposes ol the p
of ;ule .l.ax
any jurisrJictìon. z\, par.ly nl!ìstt not âct,
Unanfo
crf or. in arr¡r way bincJ or conr¡:lit the other.
clf out as
17.) I
tltis rjocLrment partl_v i¡val blt irr any .iulisdicrio:t, that
ar.t of it that is ifc,rcr¡ble rr ;t.ì,r¡ in that jr.ujsdiction, hc
fi.orn this docun s nol ¡fÏer:r fcircarbility of dre ¡.cniainine
rlrísdíction, or.r.l .nvisiru in l ;,;
,r:on.

Variation of docunnent
1'1.12 A valiation of this docutnent nìust bcr in u,riting and signed by both pârtjes or by pelsons ûuthorìsecl to sign
fol the.nr.
No representations relled on
11 .13 Each of tJre. prnies 'dcknowledges and dc¿lâles that in enteling into this

Lald lneans the lancl the su bject of the Fbrcstr y ttight as desr:ri berì in jtem I of schedule I .
ênbargo ol' täiluLe ot deltt5r rll trânspoltation' act of ooci o'act (iuclucling laws, legula[i.ns, ilisupp''vals o¡. laiiur.e
to alrprove) oftuty govenrment ot gou.rrlurentrtl agency *ù.tr,.r-ìi.tional, nrunícipol 0r otherrvise.
f'orestrycovelr:¡nfsrneansthef'olestrycovenr.ûfsunclerDivisioü 4

Snlitrity CredÌts nìeans an)r benefil to be derived as a resuit ol ao abilit¡r to off-sct the effects of clryland salinify that
nray bc urrded or othelwise deult rvith whether or not it is nnuted a 'salinity cr.edit'
Snlinity C¡'edit Benefit means lhc legaì, oorlmelcial or other bene.fits (whethel presenl or futule) of a Salinìty
Õ'edit by an¡,existing ot'fl11:ure'[]ee ol'folest on the Forestry Right Land affel tlle date of this document.
Srliuit¡' Cretlit Scherte me.ans a Jaw, procedure or' policy implemurted by the Cornmonwealth, Statc or Local
Govenrment which is in f'olce at thr: clate of this document, or corrres into force iu the future, that conf.bl's on a
person, ol'enables â persorì to nlal(c an âpplicat¡on io a lìeler¡ant Authority fbr a Sùlinity Credit Bencfit iÍrcluding a
law rvhich cr:ealês and enables the tradirrg of errtitìements ol barefits relating to Salinicy Credits.
'l'sx Invoice i¡rcludes auy doctwent or lecold treatecl ì:y the Commissiorrer of Taxatio[ as a tax i¡lvoice ot as
enabliug the clairnin-e of an input tax c¡edjt for which an entitlernent otherrvise arisqs.
T'ern rrre¿ns tlre pcriod fro¡r the Comnrencing Dutc to tlre Tetnriuation l)ate or as other'¡,ise agreed between the
parties,
Ternrin¡¡tion Drte nrea¡s the date specified ,in itcm 3 of sche

Sohedule I . Reference Table
Lr¡rd
línsert detcrþüor{ (refer to Laud Mbp in Schedule 4)
Forestry Rlght trec
$ per.flet plantable hectarc per atnum
Teln¡iuatiolr Dafe
Thc dûtÉ sp€clf:ed lå lrenr (ül j (
MlNnumPlantado¡l Land
(
C\

Schedule4-LandMap
¡
r\
( 'i:
Shlelds l.leritage Last printed 12.12712Õ07 12:11:Ô0 PM page 42

Executed as a deed:
Signed for Gunns Llmited
by an Authorised pemon of Gr:n¡s Limited,
Signatru.e of Autlrorised Person
I
Slgned for Gunns plantations Llmlted
by an Authorised person of Gunns pla¡rtations Limitecl,
F\llt
þlease pdnt)
ofAuthorisod Psrson
rr,
Shieldg He¡ltage
Læt pfntêd 1 2n7n007 "tai11iO0 PM pÉge 43

Wmdlot Prdect 2008
Conslllutlon
Schedule 2 - Managernent Agreernent
(
r\
1.
l-t

Management Agreement
Gunns Plantations Limited
I
(
Woodlot projec,t 2O0S
Gunns Plantations Llmited
ÁEN 36 091 732209
Gunns Llmlted
ABN 29 009 4?8 148
aud
The Grower
v
()
63 Cameron Street
Auslralla Z260
E44 Facêtmfte (08) 6Og4 0961
høltaga,com
Rofèréñôe tr0M:CD60i 69

Woodlol ProJect 2008
Management Agteement
Table of contents
Clause
Page
1
Definitions and lnterpretation
1.1 Definitions
1,2 lnterpretation
1
1
5
2
Term of agreement
2,1 Term
2.2 Survíval of provisÍons
6
6
6
3
Appointment
6
(
4
Establis hme nt Se rvi ces
6
5
Maintenance Services
7
6
Pruning Services
I
{\
7
I
I
Harvest
7,1 Timing of Harvest
7.2 Conduct of Harvest
Llcence
Manager's díscretion
10 Payments
10.1
10.2
10,3
10,4
11 Agoncy
Estaþlishment Fee
Maintenance Fee
Baseline Pruning'Fee
Sales Commission
11.1 Sale of Wood
11.2 Carbon Rights
11,3 Public liability claims
12 Off"take arrangêmênt
12.1 Offer
12,2 Consideration of Qffer
E
I I
I
I
I
o
II
10
r0
10
10
10
10
10
11
13
lnsurance
13,1 Rcquested lnsurance
13.2 Public Rislcs
11
11
11
page I

f1
fr
(
14 Manager's undertakings
15 Termination
15.1 Tel.mination events
15,2 Default by Manager
15,9 Etfect of iermination
16 Financial asslsfance
17 Ðefault ln payrnents
1!.1 payment by the Manager
17.2 Repaymeni by Grower- -
18 ¡Accounts
18.1 Custodian
18.2 Deduction of costs and expenses
18.3 Distributions - -"r--
19 No warranty
20
21
22
23
24
25
Operation of project
20.1 Growefsobligations
GST
21,1
21.2 by reference to turnover
21.s
ustment Notes
21.4
Dispute resolution
Llmltation of !iabi lity
Force Majeure
General
25.1
25.2
25,3
25.4
¿o,c
25,6
25.7
25.8
25,9
25.10
Relationship
Governing law and jurisdiction
Assignment
Waiver
Whole agreement
Notice
Delegation
Costs and expenses
Severabiliiy
Gunns Limited
Woodtot prqlect ?008
Managenrent Agreement
12
12
12
12
13
13
13
13
14
14
14
14
15
15
15
15
l5
15
1s
15
16
t6
l6
17
17
17
17
17
17
'18
18
18
1B
1B
18
lihíelds Herftage
Last printôd 1212712007 .12:.1
1 :00 plr4
l)agD ii

Woodlot Projeci 2008
Managemon[ Agteement
Schedule 1 - Details
Schedule 2 - Dnaft Wood Sale Agreennent
20
21
(
(
Shields lleritage
[,ast prlnted 1212712007 12:1 1:00 PM
psge lll

Woodlot Projer:;l 2008
lvlânago¡,ll èht AgrsemGnt
(
Th is Managennent Agreernent
is r¡ade on
2007 between the following parties:
1. Gunns plantations Limited
ABN 36 09123220s
oflS Lirrdsay Streot, Launceston, .I-asm utia,7250
(ùfanager)
2. Gunns Limited
ABN 29 009 478148
of 78 Lindsay Steet, I-,aunceston, Tasm atia,7250
(Gunns)
3. [rhserf namel
linsen namel
of [inserf detallsl
linseri detailsl
[rnsert details]
(Grower)
Recitals
A'
lllhe Grower has acquirar trre Grower's Forestry Right and wisires to cilry
on f'restry opøations to clevcrop tlre Grower,, Þu.'ätion.-
tì
The partles agree
B. 'l'he parties have a¡,¡eed tjral th¿ Man.ager rvill b ro âct as
Manage' on behaif, s,f the Grou,er and pJrronr: ttrc
ths Grower's plalrtation in accoldance with f.he ter
rres¡rect of
clitjons set
out irr lhìs a¿lreemø¡ìt.
C. The parties have ageed that the Manager rvill be appoi¡ted to act
ageût
as sole
to market, into negotiations 9,'ter and sell the"wood on the
behalf in Grower.s
accordance with th" t.r*, and co'ciitions set out i*
agr"eement.
this
D'
The parties have agrecd trrat where trre Manager, as agent for the Groq,er,
prop'se.s to sell the w"ooct, the M nager rnust firsi otf"îto ,Li t1,* wood to
Gunns,
in consideration o{ aul'ng othel tliings. the mrtual promises co¡tainecl i' this
agreen]ent:
1 Definitions and lnterpretat¡on
1,1 Definitions
1n this agreement;
.¿{ccounús rneans the rec¡rds to be lnailrtained b¡r the Custodjan to tecoLd the
r:everlue aohieved undel the prnject ard the cost.s and ,*u.*r, n*rocjated with the
Project;
p¿rg6 1

Woôdlo1 Prcljeot 2008
Mânûgement Agresment
ArJjustmeut Notc includcs Íìny docullent or lecnlcl troated by the Cornmissioner
of Taxation as an adjustlrtent notc or as enabljng the clairnirrg of an input tax
cl'edit for which an entitlelnent crthowise arises;
Application 1neâns the application îliln subrnitted by an investor to parfiuipate in
ttre Project pursuant to the teins of the Product Disclosure Statulent;
A,pplication Fee means the application lèe of $6,820 (inclusive of GST) per
Woodlot paynble by an applicant secking pæticipation in the Prqect in
accordaìce with the terms of the Pro

!{codlol pro¡eci 3008
i''rlanagBmer tl Agr eem er rt
Estab'shment Fee rn:ill the fee Þâyabre by the Grower trr trre ìvlanager iri
cousiclefaTion of thr,'Ëstablishment så*.ã-, t. bc paicJ iu accorcra:rce with clause
1 0,1;
Establlshnent services ,'ears the se.rvices providecl by trrc Mrnagcr to thc
Grorvcr specilied in clause 4;
'Final l{an'est rrlea.ns tbe }{arvesting of a1l Tlees on the Growcl.,s wooillots such
that no 'rrees capabre of pro,ucing .ñr;J';;,r^, o. those wooarot.s;
Forcstry Right means tbe riglrts gra'ted to the Respo'sibre
the Woodlot E'üity in
uncler
r.espect
clause s ofthe f"*rovnigi,i
of
o.ä, """/¡v L'u*r
Forestry Itight Ðeecl ìllLril.lls thc clec,rl errte¡r":rl irrto b¡, the Resp-:o¡sible ËrLtity ancl
the Land orryncr grzrnring. n t o,**rìyìffiììr ,,"rp""t of the iand co'rarni.g the
Gro wers Woo r,l lo t.s, rlescibecl in iteril : oi**t,.Oul. r ;
Grower nleans the party specifìeir iu item l of schedule 1 anrj includes whcre thc
context allows:
(a)
(b)
the Gr'wer"s executo's, aclrninistratc¡rs, successofs ånd assig's; ard
any pe.t:son audlorjsed by the Grower;
Groryels rìlealts the investors in have e
.liorestry Right Deed
a Suband
¿ Mana
nt with
of one or rïore woodlots arur
tïtr-,i
on has
Responsible Eutity;
G'ower's Plantation means the cmrver's Forestry Rights and the,rrees;
f*i
Grolvcres Forcstry Rights rnearls alr of tile Ëorestry Rights in respect of the
'woodlots granrecl to the Growcr under trrc project, desc,l.ibeã i,, it"n,, 3 of schedule
1;
GST nleans gottds ancl sen'ices tax or othel' si¡rilar value aclded tax levied clr.
irnp.sed iu Austraiia pul'suüìf fo the GST raw or ofherwise on a supply;
Gsr Act
'eans
''r Ne"nt Tax ,sy¡¡¿u, (Goods at¡cr. servir:e,r^ ï'nx) "4* r ggg (cttt):
GSlf Larv ius the saure meanilrg as in the GS,I Act;
xndcpendellË Forester ilreârls van Diemen Forestr.y consultants pty L', or.r_lther:
fureste): appointecl jì.om fjme to tiire ¡y it ,, ¡¿*rug"r;
l'a¡rd d-)w¡¡er lias the saule nreaning as in the Forestry Right Deecr;
page 3

Wuodlot Project 2008
i\¡ãnagoment Agrâêmen(
Management Agrcemeltt lrcaru an agrcuilenl betrveen the Managcr and ill
ûrvestor in the Proiect fol' ihe managemelrt of the investor's plantatiou ancl
includes this agr"eement;
Nlaintenance -Ii'ce nea¡s the fee af Za/o plus GST of the Grou,ef s erfitlenrent to
Wood Sale Proceeds delenlined and pa),able by tlie Glower to the Manager in
accordance ivith clause 10.2;
Maintenance SelvÌces uroans thc sen¡ices providal by tho lVlanager to the
Gtower specí1ied in clause 5;
Net Csrbou Rights Proceeds nrearts the Grower's entitlement to Carbon Rights
Procceds as distlibutecl by the Custodian to the Gl'ou¡er (less appllcable
deduc,tions) in accordzurce with the Ccrnstitution;
Net Wood Sale Proceeds rneans the Gror,r,et's entiflement to Wood Sale Proceeds
as distributecl by the Custoclian to the Grower (less applicable cleductions) in
accordauce with the Constitutior4
Non-Patticipnting Grower nreans, in respeot of a parlicular Woodlr:t, a Crrwer
''.vho has marle a successful claim under a policy of insuranoe agirinst darnage to,
or destr-uction of I'rees growing orr ihat V/oodiot;
Plantation means all of the Wclocllots acqut'ed by Grou,ers and theplantation of
treÊs to be estailljshe,.d and developed for Hawest undet the Project on those
Woodlots;
Planting O¡ltion meüms the planting, pruning, thinníng and harvesting rcginre
applicable to speoifred qrecies of Trees as selected by the Grower jn the
Application being Planting Option l, Planting Option 2 or Plantiug Option 3;
Plantilg Option 1 means grorving Eucalyptus uitens and/or Eucalyphrs globulus
for thc purïose of pl'oducìng h¿udwood pulpwood;
Plantiug Option 2 means growing Eucalyptus uitens anrVor Eucaþtus globnlus
fbr the purpose of proclucing hardwood veneer logs and ha¡dwoocl pulprvood;
t'\
Planting Option 3 meâns growing Pinus Radiata fot' the purpose of ple-rducrng
softwood velleer logs, sawlogs and softwood puþwood;
Protlirct Disclosul'e Statement lLeâns the producl, clisclosure statelilent issued by
the Manager in lespecrt of thc Pttrject clated on or about IIþ/SERT DAT'H;
Project lueans the rranaged investnerrt .scheurs kuor,¿n as the Gumrs Plantatjo:is
Woodlot Projeot 2008;
Pruuing Servlces lrleaus the .çelvìcos consistilg of the pruning of 1ì'ees or.. Not-
Conrmercial'l'hinritg (wliichever is applicable), to be provided by thr: Malager to
the Glower in aocord¿urce with clause 6;
Rate tneans the rate 20/,t pet arnum above the Austr-alian and Neut Zealand
Banking Grclup Limitecl ovel'clt'afl reference l'ate or, if the index late is
cljscontinued, suÇh altemative quotecl rate whiclr the bank cutifies as being the
closest equivaleut to tlie ìndex late;
trtental li'ee has the same tleanìng as ûr the SuLr-Fores'tr7 Riglrt Deed;
Srles Comrnission lr:,ealls the commission of ZYo plts GST ol lhe Growet's
entiJlement to Woocl Sale Procæds, deteilrriLred and payable bythe Glower to the
Managel in accr:l:d'¿roe rvith clause !0,4;
page 4

Woodlot proJect 2000
Managemenl AgrÊement
Seedlíugs ll:leâns the seedìirigs required to grow the Trees;
|:ilåi mealls the Establishment services, Maintenance selices ancl pr.uring
sub-Forestry Rlght Deed mearls the agreerrrent befwecn thc Manager and a'
rnvestor in the prciect ftr' trre gïânt of a ñorestry nigrri *ì."rp-ct of one .,1.ll1or"e
V/oodJots;
Tax lnvoice i
Taxatio¡ as a
whích an entitl
or record trelted by the Conrnrissioner of
ling the clairning of an input rax or.edit for
Terur me¿ns the periorf set out in clause 2;
Trees neans the trees to be pranted as seedrings a'd growl on the Grôwer,s
Woodlots;
t of a tree stertr or trce trunk rlerivecl from the Trees,
logs,
-ø*
or. otherr¡rjse and rvhether able to b. ur"á
otherwise;
woodlot means a pil:"1of landof appr.oxin:atery r hectare, in respect of wirich a
Fot'e'stry Right is Eranted by the vr*"s"t to an investor in tie pio.ject pu'suanr to
a Sub-Forestry Rìght Deed;
\ilood Sale men's a sale of Wood, whether as a result of corurrercial Thiruirg,
Final lï.rrvest or otherwir", lrur"uunt to a wood sale Agreement or ôther, similar
agreement;
wood sale ^A.greement meâns the agreentent enterecl into between trre Manager
anrl a pu-chaseÏ of part or all of ü1. "wooä on tems ard conditions substaltially
sirnilar to those contained in the nran Woø Sate RgreeÃ"rrr, -' "
wood sale proceeds nreans thc proceeds dedved Êom any wood Sale; and
ñ
Year mea¡s a perioti from l July to 30 Jurre refer.enced as foll.ws:
(c) fbr Year 0, the furanciar year in whioh the Growei.,s apprication is
accepted;
(d) for Year l, the financial year following the year in whioh the Growct,s
applioation is accepted; and '
(c) for Year'2 and subsequent yea$, the leleva't number of years fulrorving
the year.in tvhich the Grower.,s application i*
"""rft*a.
'. ,
1.2
lnterpretation
In this agreement unless the context other.wjse rec¡uiles:
(a) headings and bold.i'gs are for conveuience only a'cr d'n,t affect trre
interpr"etation

Woodlot Projeot 2008
l\4anagernent Agreement
(e) an expression impÒrting a nat¡¡'al persou incltrdes any company,
paÉnership, joint veütule, association, corporation or other body corpor:ate
' and vice vorsn;
(û a reference to a person includes that pelsonns successors and perrnittecl
a"ssigns;
(g) a reference to a clauso, parly or schedule is a reference to a clause oi and a
party and schednle to, this agreement; and
(h) tenls used ilr olause 2l which lrave a def,rned rneaujng in the GST Act
have the same rncarring as in the GST Law unless the context oths¡wise
indicates.
2 Term of agreement
(ì
2.1 Term
This agreement oomrnences on the Cornmencernent Date and termínates on the
earlier of:
(a) the date of cornplefion of the fural dis¡ibution of Net Wood Sale Prcceeds
by the Custodian to thc Grower, r'efe¡r'ed to in clarue 18; or
(b) the date of terrnination as otherwise specified in lhis agreement.
2,2 Survlval of provisions
Clnuses 13.1(c)(3), 15.3, 1B and 21 will survive the tsrndnatiou of this agreenent,
(ì
3
4
Appointment
The Grower appoints the Manager to perform the Services and the Marrager nrust
perfonn the Services for the Grower during the Term,
Establishmênt Services
(a) Flon conrmencenrent of the Tet'm uncler the For:e-stry Right Deed, the
Managel nrust do nll thiugs necossaly for the plontiug of Seedlings olr the
Grower's Woodlots in accordance with good sihícultulai practice,
includrng:
(1) all ploughing and cultivatìon recluit'ecl fr:r the purposes of plantir:g
the Seecllurgs; and
(2) ¡rrocur-ing the supply of healthi' Seedliugs to an avel'age density per
hectare ts stated in itern 4 of schedule I '
(b) The Manager must effect tlie plantiug of all Seedlings in accorclance rvith
g

Woodlot Project 2DOå
Managemenl Agrêernont
(A) the Establishment Fee is paid; ol
(B) trre Manager: is ftst pcrndtted unde'the sub-F-orostry Right
Deed to access the rrincr for the puq:ose ,i-.ornrä"irrg to
carry out tbe Esta.blislunent Servìcu,
(d)
(2) 30 Jrure of the- fina'cíar yem irnmediatery fòrìow:irrg
year
rhe
in
furanciar
r.vhich o -"- -)
the Establi.shnent Fee is paiil.
The Managu'is'ot liable to the Gr.we¡ fìlr ury ross or damage caused to
the Grower for anv failu'e to_con4rieteìri"'no¡rri*fuiront se,lvices bel.bre
the dates determinád in accordalce with clause +1c¡.
tvhichever.is the later; arrd
5 Maintenance Services
lr
(lr)
(c)
From commence'ent oftrre sr¡b-Forestry Rig't Deect, the Manager nrustl
G) do alt things necessary to rear the Trees and maintain the (îro.,o¡er.,s
ü/oodlots in accor"cran.e with good silvìcurturar practice, incr.ding:
(1) the replanting of
(A) any
.Irees on a
during the first
9e%o of the aver
Area;aud
(B) any ¿uÕa, of one hestare or greater in size within a
ring the fìrst 2 yeus after ihe
that hâs less than 50% of the avôl.age
(2)
(3)
(4)
to its inif ial planting density,
f
ts
o
luding
of the
the maintenance in g.ocr condition and repair of alr f'e breaks and
access roads irr alid around the Grower,s Woocllots; and
the application of fertiliser.to the Gr.ower's lVocldlots ilr such fornr
is rrec-essary,
:ll*|.:::l.qllffiy,q
in tlie reasouable
rne
opinion of
tìø¿ulaget., t0 mafirtain satisfaetory glowth lates;
provide advice a'd as istance to the Growe* generally ir r.eration to
tnanagement of the Grpwer's Woodlots;
prî,"T= a w'ittenreport in relation to lrre pïogress of grou4h of the ,lrree"-
(d)
ancl tlie status of the G'oïver''s 'woodrots tr:rri tir" løe!.naeiìt Eorlut". t y
3l Ootober in each year of the pl oject fi.om year 2; ani
pt'ovíde a copy of tbe
-I.eryft
pr.eparerJ by tlie llcleperrclent Forestel^ in
accordanoe with crause s(c) to th" Liro*", *ithin 30 rrays of trrcr lr4anager.
receivirg tbe re¡rort.
Þage 7

Woodlot Froject 2008
Management Agr€ement
b
Pruning Services
Subject to clause 9, the Mauager will pruno the Trees, if requiled, in accordance
with the firllowing guidelines:
(Ð the Trees subject to Planting Option I will not be pruned;
(b) in respect of the 'J'rces subjecl to Planting Option 2, the Trees will be
pluned 3 tilues befcrre such Trees leach approximately l0 years of age;
(c) the Trees subject to Planting Optiou 3 will not be pruned,
7
Harvest
\
-)
.)
7.1 Timing of Harvest
Subject fo olause 9, th.e Trees q'ìll be Han,estecl as follows:
(") in respect of the TreEs subject to Planting Option 1 :
(1) Commercial Thiming will comrnence when such Trees have
reached approximately g yeals of age; and
(2) Final Hawest will comrìerlce when such Trees have reached
approximately 13 yeals ofage;
O) in respeot ofthe Trees subject tn Planting Option 2:
(l) Cornmeroial Thinnhg will commence when such Trees have
reached approximately 9 years of age; and
(2) Final l-larvest will coûrmence when such Trees h¿ve reached
approximately 20 years of age;
(c) in respect of the Trees subject to Planting Option 3:
(1) Cornmercìal Thirning will conrmence when such 'frees have
teachecl apprcrximately 13 ysårs of age antl will leoccut: ât
apprr:ximately l8 years of agc; and
(2) Final Harvesl will corlrìrence whcn sush Tlees haye reached
aplrrcximately 25 years of age.
7,2 Gonduct of Harvest
Any Flarvest will be couclucl;ed in accordauce with the ter"tns and conditions as set
out inthe Wood Sale Agteement applicable to that Harvest.
I
Licence
To the extent lrcmitted by tlie $ub-Folestry Right Dcctl the Gtowel'furevocably
grants to the Manager for the Terrn:
(a) a ücence to access the Grower's .Woodlots to carry out the functions and
actir¡ities contemplaterl by this agreement or a Wood Saìe Agreenrent; and
(b) the right and author"ity ttt grant a siruilar lícenoe to any tltit'd paúy,
page I

Wæútot proJèct 2006
al
I
Manager,s dlscretion
The fi'eq
(t')
Managenrent Agreerrent
irnùrg. of arry Þnr¡ì[g, commerciar Thinning,
is af tbe
or Final I]ar.r,est
f trre traanag*i, ru .i.r"iri'g its discretion,ìhe
have reg
Manager r.ust
llor.vir:g:
(a) goodsihricultur.alpractice;
(c)
(d)
(o)
(Ð
G)
10 Payments
the,guìdeliues relatirg to the ûequency a'd tirning of¡rrunúrg, cornmcrcial
Thftrning or Final Har.vesr as ser our ii ctause A oí¿ i?;r;i;ì;úäö,
the grrrvth mte of the Tr.ces;
theprevailing nrarket conditions for the salc of woocl of sin:ilar species,
quality and quantity as the Wood;
the volullre of Wood in cubíc rnett.es per hectare;
the quality of Wood ilrat uray be cletivcd fi:om the Trees; ancl
the objective of naximising retunx to C¿.owers.
10.1 Ëstablishment Fee
(a) The Grower nrust pay to the:
(l)
Custodian, to hold on behalf of the Manager.; or
(Z) to the Manager,
[re Establishment Fee.
(b) Payment of the Apprication Fee constitures fuil paynrent of the
Establíshment Fee,
(\
10,2 Maintenance Fee
The Manager is ettitled
deductecl by the Custo
p,o""eùs
*á puii to,r,*
10.3 Baseline pruning Fee
(a) The Grower rrnrsl pay to thel
(l)
Custoclian, to hokl ou behaLf of the Manager; or
(Z) the Mariager,
ô. The Mamtenance Fee will be
"ii,ä%j;:i,lti']î
wc,ocr sare
the Ba^seri'e p':ning Fee in accorclance witrr this crause r 0.3.
(b) The Baseline pruning Fee
is the relevant Bæeline p
per.centage by which the Cons
quarter euding inrnrecliately
Seruice has valied against t
cluatter ending irnmecliately ìre
päge I

Woodlot Projeôt 200ô
Msnagonlent Agreer¡ent
(c) TIte lv{atragur rvill irlvoice tlte Grower tbr the releva¡t Baselille Plnring
Fee jn each l'sar or: pãr1 of'a Year that the relevant Pruning sen,ice is
providecl to tltc: GLorryer and suclr jnvoice lrrust bc paid in fulI by the
Growelto the:
(1) Clstodiar, to liold on behalf of the Marager; or
(2) lhe Manager,
rvìthìn I4 clays ofthc ctate of the invoice.
10.4 Sales Gommission
The Manager is entitled fo receive the Sales Cor¡nission. The Sales Couuuission
will bc deducted by tlie Custodian on behalf of the Mauager, t'onr the Woocl Sale
Proceeds and paid to the Mzurager jn accoldance with the Constitution,
l'
_!
11 ,Agency
11.1 Sale of Wood
The Crower in'evcrcably and uicondit:onally appoírits the Marrager as sole agent
to rnarket, enter into negotiations and sell the Wood on the GroweL's bchalf on
substantially similal terms ald conditions to those set out in the Draft'Wtlod Sale
Agreernent and otherwise in acoortlarce with the terms and condjtj.ons of tliis
agreeû1ent.
rr
11.2 Çarbon Rights
The Gror.ver irrevocably aud unconclitionally appoints the Manager as sole agent
to nrar:ket, enter into rregotiations and conrmercially exploit (inoluding
exploitation by salc or othe¡wise) the Car"bon Rigirts on thc Growel''s behalf in
such urarurer and on such tenns and sonditions as the Managel thinks flrt, The
Calbon Rights Ploceeds procrued or obtained by the Marraget' as agent for the
Gtou,er nrust be paicl to the Custoclian and be distril¡uted in accordance with the
Constitution.
11.3 Public liability claims
The Growel in'evocably and utrconclitionally appourts the Manager as agent to
administet', orr the Growet's betrall arry claini ruade under any public liability
insurance policy in relatiorr to the Plantation for which the Grower is a lreneficiary

12,2 Consideration of Otfer
Woodlot Project 2008
Management Agrcoment
T1
in its absolute discretion, acce,pt or r.ejeot the offer. If the offer
trre ot'ferce wirrrin
f
30 days fi.c,m trre iri-,,rrrr. offer., the of.Íer
availab,erò,sareffi yj,îåfi
liJ,l*î,i.lfî:åi-'ff ilm:mly,xl,::
to those contai¡lerl in the Dralt Wood Sale Agreernent.
13 lnsurance
l1
l'l
13.1 Requested lnsurance
(a) If rcquested iri wliting by the Grou¡'r, rhu L.Ima¿:er. will 'sc
its 6est
eryleavouÏs tO procuÌe Jbi thc ürorver i¡rsr¡r'aucu uor,cr lvilh n lr4ru1ablc
lllsul'er against clestnrotion or dunrnge of thc, (ìrou,r:r-,s FT¡lfntitu try fir:e
¿urd other usual r isks,
O) if the l\'Ianager is abie to e{Tect insrlrancc as r.ecluestccl, thc Manager rvili
invoice the Gror'¡er lbr the amount ol'the 'e,l"ivant
insul'ance pr.euriu'r
together with an atlininisffalion.clmrge of l0% plur-csr of ihe amount of
the premium ìn each year. of thcïerni ",.
ö;; of a year. fo' whicrr
insur¿nce is efrectecl ancl such invojce mu*t i',.r!rîio in full by the Grower
to the custodian orL behalf of the Manag*r, *itiri,il4 days of the ¿nte of
the inr¡oice.
(c) In the event tlrat a Grower takes out adclitional insun-anc:e in respect of a
Woodlot and nrakes a suc{ressfi.ìl claim r-'n tnut ;nsl,ìuuce il r.espect of that
Woorlht:
(r ) thc Grower lvill assrune. the status of a Non^par:licipating Grorver i'
respcct of the'Woodlot in rclation to which the claiir *å, n u¿" orul
will not.be ql3serrtlv entitlcrJ to receive a plo-rata entirlemerrt fl:or'
tlto pooled 'Woodlot sale Ìroceedr u. tt* lrooletl Carbon nigills
procearJ.s
in respecl of tha¿ Woodlot;
(2) the Gror'vet' tltnst notify.thc Managel ir s,r'itjng withiu 14 clays,
'f'
the successful claim, arrd aclvise tile MarLager of fhe alroL¡nt oJ¡t¡e
iusurance p'oceecis leceivecr irr'cs1:ect of trie clairn;
(3) the f:ll'ower tnust pay to the Manager" or the custoclian (as t¡e case
maybe).1 fee oqual to 99,,0 pl*s r.ì:S1- ,rl rhc i'sur.a'ce p;;;;
l'cceivctl itt t'cspec.l o'f'the c.lairn witi:in -l() clays of'reccipt'of those
ptoceeds irr snfisfar:tion ofrthe l\¡fai:rten¿utce Fec and Rerital l.ce for
that Woodlot, and all amounts ou/irlg or to be ¡einr6uise¿ br¡ the
Non-parlicipaling Gro.rrer uncrer tli" ugr"",x;,i; ;;;" ñ."'^r"rr-
Fot'cstly Riglrt Dcecl anc.l any other ourstirdurg f'cc.s identifieJ by
the [4auage,r.; arrd
(4) thìs À4arlagemeut Agreement will teLmirraie on the satlsiàcticill o r-
all obligations set out i¡. clause I 3 l(c)(3),
13.2 Pubfic Rlsks
l'he MalageL will bs responsible for insuring tho Pl¿¡ialion against public rislc
¿rn autouut for
of not less that $l 0,000,000 This insur¿ince u¡ill bc cfTectecj in
0âgô l Í

W oodlol Project 2008
Management Agreement
accordançe with the tcuns and conditions sst out in the Forestry Riglrt Deecl
between the Mauager ærd each owner of land that forms part of the, Plantntion,
(
14 Manager's undertakings
The Manager undeÍakæ that the Manager rvill at all tirnes during the Tenl:
(a) use high quality matelials in providing the Sen ices to the Growor';
(b) ensule that '¿11 Sçrvices are car'ie¡l out io â proper and cliligent nrarurer';
(c) make good any clefect or damage caused to the Grower's Woodlots by
faulty workmanship or materials;
(cl) use its best endeavous to ôbtain optinral Tree growth;
(e) compJy with the Fores't Practices Åct 1985 (Tas) and LL¡e Plantations and
Reafforestation '4ct
1999 (NSUD, as arnended from time to iime; and
(Ð cnnrply withthe Oonstitution as amended ûnm tir¡e to time.
{5 Termination
l5,l Termlnationevents
The Manager: nray in its absolute discretion terminate this agreement if
(u) the Grower ll'eaohes a prnvision of thjs agreerrrent, and that breach is
uruemedied for 60 days frorn the date that the Manager gives the Grower
written notice of the breach;
(b) the Sub-Forestry Right Deed between the Managu and the Gt'ower is
terminated fol any reasoú; or
(o) the Manager is entitled to wincl up the Project in accoldærce with the
Constitution,
a)
15.2 Default by Manager
'Ihe Grower may in its atrsolr¡te disqetion terminate this agleernent if:
(a) the Manager bre¿ches a provision of this agleernent and that bteach is
unremediod for 60 days û'om lhe date that the Gt'ower gives the Manager
wlitten notice of the breach;
(b) the Manoger corrunits an aot of barhuptcy ol is placed into liquidation
(otherwise and solely for arnalgamation or reconstluction prulroses) ol in
official managernent ol if there are any meetings, atrangentetrts ol
oonrpositions with creditors or if a Lecaiver, or a teceiver anel mauager, is
appoirrted ovel any patt of the Manager's assets ol unclertakùrgs and is ttot
removed or''¡'ithdrawn within 30 days ofthe appointtnent; or
(c)
the Manager bleaches a condition of its Ar.rstmljan Fiuaneial Scrvices
Licerrce gr:anted under the (lor1su'ations Act ot a con'esponcling law,
page 12

Woocllot projoct 2008
15.3 Effect of ternnination
Manogernent Agreement
16 Financialass¡stânce
(a) If at ary time after the fiflh aLrr
Growcr sufibrs finauoial halclshi
io pay on fhe GLower's behalf I
Grclwer.unde,r this agteeucnt or
Manager anct tlie Glower.
(b) The Gror¡'er,s applicatiorr referred to in clause l6(a) nrust:
(l ) tre irr wrìtine;
(2) contain such clctaíls as the {anag-9r:
lnay ïeasonably require to
cl ete', irr e whe;ther're Grr: wer ;.r .r-.rørr jî." i" î,*r.r"r har:d srrip ;
(c)
(3) specifl, the periocl of time fur rvrrích the Gr.owei. secks trre financiar
asslstallce r.efbn.ecl to in clause 1ó(a).
reltlred to in.clause l6(a), the Manager
;ij "iå'#i3,,ï:r,j:, #il'Ë "n j
ifì.iì:
(d) The Manager rnust not ofrer a Growcr fi¡ancial
clause 16 rrnless it is satlsficd that the Glower
lg.A¡nip har'íng r.egard to rhc factors rJescribcd in I
2440;
(c)
(f)
car fil
Fees
l)ðvs ltlr-Y
), trrc 'Jli;ilî
ofthe
nln$xt [c]
rr acc¡trdance with the Constitution.
lu tl:e cr¡trnl fhnl thel.c are insuflicierut u¡oil(llol pr.occerfs to covcl nnpaid
fèes the clifl¡relrce will becorne a legal ¿cirt inr,¡re¡iut.tf ,t.r.."u,.,.i'payuUt*
ald fhc; r\danager u'iil pursue ¿¡1,¡'[Jnþre lcgar ai,c'ucs to r.ecor¡eL the
¿ulroulrt.
tr7 Default in payrnents
17.1 payment by the Manager
Where the Gr.clrver has not paicl any alllount required r.¡lrdc"¡ this
Sub.l,'orestry agreeurent ol tlre
Riglrt Deed lretween the Malager ald tlle Gro\,r,eL, t.he
pay \4anager
such
uray
ittonies out of its crwn filicls and:
page 1 3

Woodlot ProJect 20ô8
lv{anagement Agreement
(a) the Manager lrust be rcpaid by the Grower, or if not I'epfljcl, r.eimbursecl in
ar.ôordançe with claune 18, the amoûft paid by thr: Mnnagcr ¡rursuant to
tlrjs çlarrse l7.l(a), plus intere"st ch*rged at'tlre Rute, rslcuiafed dnily, fi.onr
the lims of such paynent hy thetr4arrager until thp date of'l'ep¿lyt1t€ìnf or:
reirrburuemeirt; or
(lr) if the Growet is â Non-Pa"rlicipating Grower, tho Manager must be ropaid
by the Non-Participating Growet all outstanding amounts ideutified in
clause 13,1(c)(3), plus the interest charged at the Ratg calculated daily,
tonr the time of such payment by the lt4auagel until the date of repa¡mrent
or reimbursement by the Grower.
(r
17.2 Repayment by Grower
(a) The Grower or Non-Participating Gtower (as tìre case ülay be), may at ary
tirne repay the Manngø firr anrounts paid iry the Manager pursuaut to
clauscs 17.1(a) or 17.1(b). Any repaynrent is rleernd to be applied:
(1) lirst, in paynient of ariy interest orving by the Growel, ol Non-
Participating Growet, to the Manager; and
(2) second, iu payment of the principal owiug by the Grou,ot', or Non-
Palticipatirrg Gro'Jrer, to the Mrmager',
(b) Any interest payable on the alnounts paid by the Manager pu:'suant to
clauses 17.1(a) or 17.1(b) (as reduoecl by any repayneuts by thc Gto'uvet,
or Non-Participating Growet'), will be calorrlated daily.
18 Accounts
18.1 Custodian
The Manager must procure tltat the Custodian:
(a) establishes ancl maintains Accoulrts fcrr th-e Project; a-ud
(t ) courplies with the reguìrements ofthis clause 18,
18,2 Deduction of costs and expênses
1'be Mzuragel must plocule that the Custorlian deduct [iom the lVood Sale
Pr'

Woodlo( project 20ôg
f 8,3 Distributlons
Management Agreentent
The Manager nrust distribute and pay or pïoc.oe trrat the custocliau distrit¡ute and
:ät tr tbe Grower, in acco-rdanc.ì"itrt rir" constitution, the c,oi,"r,s propor.tion
(a)
(b)
the Net Wood Sale proceerJs; and
the Net Car.bon Rights proceerls,
l9 No warranty
The Manager makes no
'lrees a¡rd the Manag"r
caused by any
"i,'crunit
urvival rafo of thc
l'o1vel''s Woocllots
r\
2A Operation of project
20,1 Grower's obligations
For the efficient antl safe operation of the project, the Grower must ¡rot enter onto
the Grower's woodrots
-n'ìot"'iã'"ïil;;;;; r"ii, rhin-;;;;;*äy ortrre r'ees
;illilh *" con$ent of the rr,runue.r,'';ot consÉnt not ro be u'r-ea.so'ably
21 GST
('",,
21.1 GST pass on
If GST is or will be imposed on a srçply made uncler or in corlection with this
agreenent' the supplier rllay, to thå extent that the consideratiorr otheru¡ise
provided fo'that supply undár' this agrcement is no stated to arr.eacly include an
amount in lespect of GST on the *upfly,
(a) ínclease fhe consicleration otlterwise proviclecl for that supply u'cjer this
agreement by ilre arlount of that GST; or:
(b) otherwise recovel' f:om the'ecipierrt the a'rour¡t of that GS'
21,2 Price calculaterf by reference to turnover
a supply under this agleenrent is ca
ot]rer su¡rplies, in perfoming
payalrre on fl:ose rrorru.*ït"* sullplir:s ercludes *ty uttìo
ce to
the
GST
21.3 Tax lnvoices/Adjustnrent Notes
The recovetv ot- agl a:rou1l in respect of Gsr by the supprier uncrer. this
agreelÏent on a supply-is subject to the issuing of the rel"uoot Tax luvoice or.
Acljustrnent Note to trre 'ecþíent,
subject to zury otirer l,ovisiou o1r tr:e
Ðå9c. 16

Woudlot Project 200t
Månagement Ag16emBnt
agl'eernent, the recipient lllust pay any ۓrxoullt in respect of GST within 7 days of
the is^suing ofthe relevant Tax Invoíce or Adjustnrent Note to thc recþient.
21.4 Variation to GST rate
Whele costs ür this aglcement arc e,çressed as being inclusive of GST, GST has
bEen mcluded at ths rate of 100/o. lf during the te|n Öf this agreement the rate of
GST r¡alies ûom 10(%, then the pfice of the taxable supply made untler this
agl'eement will be atljusted to take account of rmy such variatioq whether an
increase or a dccrease, so that the CST oxclusive rraiue of the taxable supply
reiuains as it was pliol to the r¡ariatiotl in the GST tate,
r'
22 Dispute resolution
(a) If a dispute befween the pæ1ies arises in relation to this agreerrrent the
irariies nrust use their best errdeavours to resolve that dispute l¡ehveen
themselves.
It ) If the paÍies fäil to tesolve the dispufe in accolcl¿moe with clause 22(a)
the.n the parties rrrust appoirrt an expert agreed to by both the parties to
deterr:Line the clispute.
(")åilff Lilii jr'*:.3-rïJ**rruH:å:,?"L%;iff i,HÍi,:il,ì::
Centre or a strccessor body to appoint ân expert to

Woc.Jlot prôject 2008
(c)
reliecl ilt good faith upon âny signatur.e, rnar*i'g ol docur'ents.
Managenìont Agfê6ntent
24 Force lllajeure
(lr) This clause 24 cloes not apply to any olrligation to pay rnoney"
(
l^l
25 General
25"1 Retatíonship
This agr-eemert dcres not cfeate any paftnefship between t'e partics.
25.2 Govern!ng law and jurisdiction
(a) This agleement is gover:ned b_y the law of thc State of T,asllania.
(b) Each party irrevocably sublnits to thc exslusjys jurisdiction of the curnts
of the state of Ta-smania au¡ "ourt,
hear.ing appeals t.our them.
25.3 Assignment
(a)
agcf lììay assiglt it.s riglrts und obligations ulrder this agreemeut.
thlt tbe.assigrrce ogr*ì* to r:nter into a deed of coveria.nt to thá
I the assigncc usfces to be liouna bt1h";;. obrigati.ns as the
{ì
25.4 Waiver
(a)
fi.ff[l ma¡' ortly u'ai's a i'ighr urrcler tliis agr.eenrent if it cîoes so i'
(b) A pafty cloes nof rvâirre a right sjrnply because it:
(1) fails ro cxercise tJre right;
(2) delays c,xercising the right; or
(3) orrly exercises par.t of the right,
(c)
A ¡l'aivc:: of o'c b'each of'a ter.rr of this agreerncnt cJoes not o,lerate as a
waiver-of a¡other b::eaoh of'the same tôrnl 0r, ar:y otrrer rerr,.
p¿ìge 17

25.5 Whole agreement
Woodlf,t Prolect 2008
Mânågement A0rBêmont
This agreement leplaces any previons agreeuìent, re¡rescntation, wan'anty or
understanding between the parties concerning the subject rnatter and contairs the
whole agleorïeut betwee,n the parties,
(
25.6 Notice
(a) A notico to be given by a party to anothe¡: party undu, this agreement nrust
be:
(l) in writing;
(2) directcd to the recipienf.'s lben cunent address fol service ol to
such address as is previously notified by that party to the other
patty in w'Íting; md
(3) delivered by liand oï sent byposf or fncsirnilelo that addtess.
(b) ¡\. notice will be deemed duly given under this agreenrent.
(l) ou the day of delivery;
(2) 3 days after the date ofposting; ot'
(3) if sent by fbcsirnile, when tho message confinnation is received,
as the case may be,
25.7 Delegatlon
All rights and obligations imposed on the Manager may be enjoyed and pcrformed
by the Manager's employees and contt'actors, but delegation of the Manager's
obligations under this agreement does not telease the Manager frorn liability
unclet' this agreernent.
(-¡
25.8 Gosts and expenses
(a) Subject to clause 25.8(b), eaolt party niust pay its orvn cr¡sts and oxponses
in respect of the prqralation, negotiatjon and execution of this agreement,
(b) Thc Manager nrust pay arty stamp duty applicahle to this agreement.
25,9 Severability
Any plovision in thìs agreement rvhich is invalid or uneuforceable ir-r any
juliscliction ìs to be reacl clown fur.. the pupose$ of that julisdiction, if possible, so
as to ìre valid aud enftlceable, aucl is othet'wíse capable of being severed to the
extent of the iuvalidíty or unenforceability, without aflectìng the t'emaining
provisious of this ag'eernent or affecting the validity or enforceabilíty of that
plovision in any othel jru'isdictiolt.
25JA Gunns Limited
Ciunns is a party to tlris agrecmerit onlv for the purposes of clausc 12. No other
ríglrts, obligatiorm or liabilities undcr: this agteeinent will attaclr to Gunns.
pâsâ 1B

Woodlot Projæ(2008
lviânagèment Agt eement
Executed as an agreement:
Signed for Gunns plantafions Limited
by an Authorised person of Gunns plmtations Limited,
i
1
Signature ofAutholised Percon
FullNarne (please print)
l
I
I
j
!
rl
I
Signed for
(Inser:t name of Grower)
by
(lnsert name ofAuthorised Officer)
an officer of Gururs plautations Linrited )
)
under powerof attorncyno.
)
(Insert number)
(and the sai

Woodlol Prolect 2008
Managsmeot Agrê€nient
Schedule'l - Details
1
Growel
lìnsert Gr ower's N sm e,l
[ìnserr AC'N/ÀRBN if dpplícoblzl
[insert adfuessl
2
Conrmenceme¡t
Date
lìnsert datel
3
Grotryer's
Wootllots
(see Sub-Forestry Right Deed for map)
l-)
Plantíng Option I
Number of Wor¡dlots
in each Planting Option
Woodlot Nunrber(s)
Pl¡nting Optiorr 2
l't pmuing
Planting Option 3
Plantation Density
of Seedlings
4 a
3
Baseline Pruning
Fees (per \Woodlot
inclusive of GS'I')
Planting Optlon I
nla
2"d prrrling n/a
3.d pruning n/{¡
J
]
In respect of the Woocllots subject to
Option 1, the initial avffage planting density
is 1 ,l 10 Seecllings per hectare;
In respect of tho Woodlots subject to Planting
Option 2, tho initial average planting density
is i,1 10 Seedlings per hectale;
In respect of the'Woodlots subject to Planting
Option 3, the initial averago planting density
is 1,333 Seedlirtgs p€r hestâre.
Planting Option 2
$73s.64
$788. I 3
$84-0.41
Planthg Optlon 3
nla
nla
¡Va
page 20

Woodlot Pro)ect 2008
ManagemenI Agrêemenf
Schedule 2 - Draft Wood Sale Agreement
(
f'r
pogc 21

Wcndlot Prdcct 2008
Constitutlon
Schedufe 3 - Sub"Forestry Right Deed
(
l)

Sub¡Forrostry Right Deed
Gunns Plantations Limited
r t:
tl
Woodlot Project 20Og
Gunns Plantafions Llmited
ABN 36 091 232209
Ànri
The Gror,yçr
I
63 qam€ron Street
LÉunces{ø: Ts&nanlå y'(]atralh 7260
Reture¡oe octtcD601õ,9
slrnlle (03) g3g4 o3g1
cotl1

Woodlot Project 2008
Sub-ForesFy Right Deed
Table of contents
Clause
Page
1
Definitions and inte rpretation
1
1.1 Definitions
1.2 lnterpretation
1.3 Business Day
1
.J
4
2
Conditions subsequent
2,1 Necessary approvals and docu¡nents
2.2 Cease to have effect
2.3 Repayment to Grower
4
4
4
4
(
(l
3
4
Grant of Forestry Right
Grower's rights and obligations
4.1 Grower's covenants
4,2 Grower's title
4.3 Cornmon Areas
4
5
5
5
5
5
Grantor's obligations and warranty
t
5.1 Forestry Right Deed
5.2 Warranty
5.3 Termination of the Forestry Right Deed
5.4 Rights pr¡or to Terrnlnation of the Forestry Right Deed
5,5 lnconslstency
5
6
0
6
Rental Fee
6
ö
7
I
Assignment and licensing
7.1 Assignment
7.2 Assignntent deemed not to be in breach
7,3 Release of liability
7.4 Rlght to licence
Damage to trees
6
6
6
b
7
7
I
Default and Termination
9.1 ïermination events
9.2 Éffecl of terrnlnation
9.3 Termination by Grower
9.4 Grantor entitled to remedy default
9,5 Termination of the Management Agreement
7
7
7
7
7
7
Shlelds Her¡tage
page I

Woodlot Prc{ect 20Og
IO GST
11
12
13
10.1 GST pass on
1.9.2 Price calculated by reference to turnover
10.9 Tax tnvoices/AdJuirnent-Nãûes-'-
Dispute resolution
Notices
121 How notices may be glven
12.2 When noilce taken aã givon
1?1
Çhange of acldress o, iu* number
12,4 lf noilce not received
General
13.1
13.2
13.3
13.4
13.5
13.6
13.7
13.8
13,9
13.10
Costs and expenses
Goveming law and jurisdiction
Walver
Further ac'tion
Whole agreement
Variation of deed
Unenforceable provlslon
Counterparts
Survival of provisions
No representations relled on
Schedule 1 - Reference Table
Schedule 2 - lVtap
Sub"Forætry Right Deed
I
I
g
10
10
10
'10
10
10
10
10
11
11
11
11
11
l3
14
I
B
I
I
I
o
ShiÉlds Hè¡ltags
page il

W oodl,rl Þrcject 2008
SuÞForeetry Right Deed
(
This Sub-Forestry Right Deed
Recitals
is r:rade on
This deed witnesses
2007 between the followíng parties:
1. Gunns Plantatlons Llmited
ABN 36 0s1 232209
of 78 Lindsay Street, Launceston, Tasmania, 7250
(Grantor); and
2. [inserf name'l
ffnser1 namel
of [rnsed defatls]
llnseÉ defailsl
linseft detailsl
(Grower)
A. The Glantor has been grantal the Forestry Riglrt uuder the Forestry Rigltt
Deed.
.8. The Crantor agrees to grant the I.orestry Right to the Grower on the tenls
set out in this deed.
that in consideration of, among other things, the mutuai ptorrises contained in tlús
deed, tho parties agtee:
1 Definitions and interpretation
1.1 Definitions
{
Irr this deed, unless the ccrntext othe,rwise requires;
Adju.stment Note inciudes any document or record tleated by the Comnrissioner
of 'laxation as au adjustment note or as enabling the claining oflan input tæt credit
f.cl:: which an eutitlemeut ofhgwise adses;
Business Day means a day on whicir tradirg ba¡ks are open ful business in
Launceston, excêtrrt a Saturday, Sunday or public holiclay;
Carborr Rights lneans the entitlernent to any logal, couunercial or other benefit
(whether present or ñtture) a.ssociatecl with the h'ees gttrrur on the Woocìlot
resulting from the ability of tho,se tl'ees to absort greerfronse gases;
Corrrmencement Date means the clate this deecl is executed;
Cqrrnnron Areas moans fhose paÍts of the Land that have been desigrated by the
Grarltoi fot use by the Growels in comrnon fol the Þutposes of the Project
including any roacls, pathways, traoks or filebreaks;
Cc¡nstitutio¡ 1¡ealls the constitution for the Project executed on or about
fINSERf, DATE] by the Grarrtor;
paoe 1

WooClot project 20OB
Sub-Forestry RlghL Deed
cPI means the consumer.pr.ice Index (A1r Gr.oups, Ail capitar cities) conrpiled ancl
updated by tlie Australian Burcau of $tatjstiæ iiårn ti. "
rä ilr.,
clrstodian me¿rns (ìululs ot' such other entity appoiltecl as custoclian of rhe
Project;
'l'oüestry Right nrearts the riglrts Fr.antecl to the Gr.antor-in rcspect of the woc¡dlot
r¡nder clause 3 of the Ëorestry Rigìit Decd;
le deecl glanting a !.orestry R.ight to the Glantor
ower,s Woodlots, to be entered ülto hetr.veen thÀ
such orhe¡ frmr as the Grantor -,,iilXir:lr,li]-sclied*te I of r'e consr*.tion or in
tr'orestry Right Fee has the same mcanirrg as in the Ëorestiy Right Dee

Woodlot ProJect 2008
Sub-Forestry Right Deed
('
(
1.2
Project ureans tlle nunaged inr¡estrlent scheme known as Grums llantations
Woodlot Project 2.008;
Rcntal Fee means the lental fee specified in Item 2 of Schedule 1;
'lax Invoic€ includes any document or record treatecl by the Conrmissiouer of
Taxation ås a tax in,oice ol' as enablilrg the claiuring of an ir4r'ut tax credit ftr
which an entitlement otherwise arisos;
Term me¿ux the period from the Commencer¡ent Þate to the Temuation Date;
Termi¡ration Date lneans the date specifi.ed in item 3 of Schedule l;
Trees rneans the t¡ees grown on the V,roodlot fbrming part of thc Project whether
irr the fcrnn of seed)itrgs, trees, logs, timber or otherwise;
Woorllot ¡riea¡s each parcel of land of approximately I hectare, excluding auy
Common Areas, one or rnore of which are specified ii item l of scheclule 1; and
Wood Sale Proceeds ha.s the same meanilrg as in the Ndanagement Agreement.
lnterpretation
In this deed, headings ¿ue only for convenience and do not ¿ffect interpretation
ancl. ruiless the context requites otherwise:
(a) words in the singulal hclude the plural and the other way arorurd;
(b) words of one gender include any gender;
(c) a reference to a person inslìtcles an individual, a compa¡y, paltner:sþ,.joint
venture, association, corporatiou or: othet' body corporate ald â
Govemmental Agency;
(d) a lefererrce to a parly to this cieed includes that pat1y's executots,
admjni.strators) succossors and permitted assigns;
(") a pr:r:mìse ol agteernent by 2 or more pel'sons binds each person
individually and a1l of them jointly;
(Ð a reference to a clause, paÍy, schÈdule, annexure or exhibit is a reference
to a clause of, and a party, scheclule, ânnÐxure a¡ld exldbit to, this deed and
a reference to this deed includes auy scheclule, annexure ol exhibít;
(g) a ref,el'ence to a thìrrg (iriclLrding, but not linritecl to, a right) includes any
parl of that thjng;
(1Ð a lefetence to a riglrt includcs a lemed¡ pou¡er, authority, clisct'eticln or
benefit;
(Ð a leference to legislation iricl.udes aly arnetr

_,:,:Hïi:i;:::
(l) if a wor:d or phrase ìs defined, anotrrer gL:anuratical fo¡n of
pìuase
trrat w.rd or.
has a corresponding nearring;
(üt a provision nrust n.t ire conshued against a par-iy mercry because
was r.espo'sible
that parlv
for preparing thi l cleed or ,fråt pro"i*l"r¡ *à
(tÐ a refere¡ce to a bor'y, olher than ä pâfty to trris
limited deed (including, but
to,
not
ær association, authority, corlloration, bocly corpor.ate
h,qtitution), whether. statutory
.r
or. not:
(l) r¡rhich ceases to oxist;
(2) wbjcb is reconstitute.d, r.enamed or rqrlaced; or
(3) r¡rhose power$ ol fi¡nctions are transfened to another body,
o
1.3
is a reference t. the body whielr repracas it o'which serves substa¡tiarJy the
same purpose.s or has the same po\4,el.s o' fìrncti'ns,
Business Day
where the day on or bv which sometrring rnusf be crone is'ot a Business Day, that
thing rnust be done on or by the next nuJiness nay,
2 Conditions subsequent
2,1 Necessary approvals and documents
It is a coudition subsequent to this deed that a[ necessary approvors tom all
conrpetent authr:¡ities to the proposed tree farmurg ol the wJ"ji;i'r.. obtained to
the satisfaction ofthe Grzurtoi riltin 6 ,nooth* of the coru¡encement Dato.
2.2
2.3
Cease to have effect
If the condition subsequent specified i'clause 2.r ìs not satisfiecl or otherwise
ffir;'"i*l:^" Grantor wirhin trre time p,ouiáeo flris cleed wilriuurediarery cease to
Repayment to Grower
If this deecl ceases to havs effect rurd
Grower all money previousiy paid by the
incumed by the Grantor in obtainiug tlie
Rental Fee pa5aaents whjcli harre be

\^/oorjl(f Projeot 2008
Sub-Forestry Rlght Deed
4 Grower's rights and obligations
4,1 Grouter'scovenants
The Grower;
(a) may only exeloise the Folestry Right to cany out the Perrrritted Aotivities;
(b) tnust obey the obligations imposed on thc Gr¿urtor in the Forestry Riglrt
Deed as if they u'ere inrposed on the Glowcr by this deed;
(c) nusl pây dailJ, íntelest at the Prescribcd Rate on any money owed to tbe
Grantor wlúch ìs l¡ore thal 14 days overdue, caloulated ùomthe day the
unpaid ûroney was due until the day it is paid,
4.2 Growe/s title
Subject to clause 9.?, the Grower will at all times liave full riglrt, title and ftrta'est
in the'l'rees and Calbon Rights and tfie right to have the Trees a:rcl Calbon Righfs
sold for the benefit of the Grower.
4.3 Common Areas
The Grant

Woodlot Projcrct 2008
Sub-Êorestry Right Deed
5'4 Rights prior t0 Termination of the Forestry Right Deed
If this deecl encls -undet
clause 5.3, that will not aifect the cjrantor,s an¿ the
Grower's lights relaf.ittg to any breach of ihis cleed tllat o".u.r=¿ befo.re this deecl
ends,
5.5 Inconslstency
If there is i'cousistency betrveen crause 5"4 ancr any other pr,ovision irr tris deecl,
clause 5.4 ¡:revails.
f
rì
I
Rental Fee
(a)
(b)
(c)
Thc Gr¿urtor.is eutitled to the Reutal Þ-ec.
:s"I::t to clause d(o), the Renta-r Fee wir be rreducred by the custoclizur on
behalf of tlie Gra¡tor fiom thc wood sare proceedí anct paiJ.to tr,"
G¡antor in accorda¡:ce witli the Corstitution,
ln the case of a Non-participating Gt.ower the Rental Fee is pai,able in
accorda¡rce with clause t:(c)(S) ofihe Managcment Agreenrent.
7
Assignment and licensing
7,1
Assignment
other than in accordance.with this deed, a piltty must n

Woodlot Project 2008
Sub"Forestry R¡ghl Þeed
7.4 Right to licence
The Grower may licence some or all of the rig):ts coruprising the Forestry Riglrt to
a third par"ty,
I
Damage to trees
Nofu,ithstancling zurlhing elsc in this deed, if at any tíme aftel' the seconcl
anniversary of the Clonurencement Date, 100% of the trees in a Planting Option
specifieri irr lfem l of Schedule I a¡e destrcyed or rnaterially damagecl by fie or
aly othel cause whatsoever, then the Grantor rnay ternrinate this deed by notice ìn
wliting tc¡ the Grower in respect of that Planting Option,
I
Default and Termination
9.1 Termination events
A party may tenninate this deed if the otJrel' party breaches a provisio:r of this
cleed, ¿urd that breach is unreuredied for 60 days fl'om the date that the party girres
the other pafiy written notice o f the bleach.
9.2 Effact of termination
Upon l.ermination of this deod all the right, title ancl interest in the Trees ancl
Carbon Rights in respect of the 'Woodlot will be deemed to be assigrred and
trallsfbred to the Grantclr.
(
9.3 Termination by Grower
if this deed is teininated by the Grower in accordance with clause 9.1, the Gra¡tor
nnrst prry to the Grower the agreed ma¡ket vah:e of the Trees or¡ and any Carbon
Rigbts relating to, the Woodlot at the date of termination, In the absence of
agleement between the parties, the market value to be deterninerl by an expert
appointed in accoldance with clause I L
9,4 Grantor entitled to remedy detault
T'he Grantot is eufitìecl, but not obliged, to rernedy any clefauìt by the Ct'ower
wlúctq exce¡rt in an emelgency, lemafurs unremedied at lea"ct 7 days after ltotice
li'orn the Clmntor. All costs and expenses reasonably incuu:ed by the Grantor
urrlel'tlis clause 9,4 rvill be paid by the Grower to thc Glanior on demand,
9.5 Ternnination of the Management Agreement
If the \4anagentent Agt'eelteut is tennin¿ted:
(") in accoldance with either clause 15.1(a) or olause 15'l(c) of the
\4anagement Agreemerrt; ot'
(b) jn accorclance with clausc l3,1(c)(a) of the Ma¡agernørt Agreerirent,
paoe 7

lÀroodlort Ptþject 2009
Sub Forestry RÌght Deed
then without prejudice to any other rights aocrlìing to the Grantor and the Gr.u¿er
at that date, the Gr.antor rnay tenninatð ths deecl,
10 GST
(
fi
10,1 GST pass on
If GST is or will be inrposed on a s
cleed, the supplier may, io the extent
that supply rudcr this cleed is not stat
or. i¡r conneotion with this
ion other.wise proyidecl fo'
de æl amount in respecf of
GST on the supplv:
(a) increase tire consitlelatiou otherwise plovided fbr that supply uncler tlds
deed liy the arr.prurt of that GST; or
(b) otherwise reco'\¿el' from the r.ecipieni trre ar,ount of that GSl.,
1O,2 Prlce calculated by reference to turnover
a supply under this deed is calcurated by referenoc tÕ the
upplies, in perfrr:nirrg that caiculation, trre consicleration
exclucles any amourrt in respect of GST payal.:le on tfron"
10.3 Tax lnvoices/AdJustment Notes
,:å""iJ.Filiff ]i.'"'"îäi::,,,T#"ff å'i:
l.ovision of 1he deed, the lccipient must pay
of the issuing of the relevämt ;I'ax
Invoic¿ or r\djustment Note to ,n. r..[,1,uo.ot*
ì
fl
11 Dispute resolut¡on
(a)
(b)
(c)
(d)
If a tlispute between the parties arises in rerati

Woodlot Prdect z00B
Sub"Foro$try Rlght Deed
(Ð The rlis'pute resolutior pt'oceedlngs rmcler this clause are uot arbitlation
proceedings u:rdel the Commercial. Arbi,tratiott Act 1986 (Tas),
(e)
(lÐ
(i)
The expefi's deternrination is final and bínding on the palties and the expefi
must give l'eÀsons fcrt'the cletetr¡ination,
The parlies nrust bear the expert's costs ec¡uall5r,
Unless a pa¡ty to this cleed has complied u/ith this clause 11, a party must
not comnrence court pt'oceedings or albitration in relation to any clispute
whioh a:ises ìn rclation to this deed,
12 Notices
12,1 How notices may be given
t
t\
A:rotice, r'equesf, derrand, consent or approval (each a notice) rurder ihis decd:
(Ð nrust be in wliting;
(b) uray be sigtted ttrr the party giving it by the party's authorised officer',
attomey of solicitor:;
(c) rlay be dellvered personally to tho petson to whom it is addresscd, or left at
or selil byplepaíd post to the person's address, or faxed to the porson's fax
numbel', given below:
(1) if to the Grantor:
Adclressl 78 Lindsay Street, Larmceston, 'I'asmama,7250
Fax: (03) 63347909
Attention:'WayreChaprnan(ConrpanySeoretæy)
(2) ifto the Glower':
Address:

Woodlot Prcject 2008
Sub-For6stry Right Deêrj
but if deliverl/ o^r'Je-(:eqn is on a cray which is not a Business Day or is afler 5.00 pnL
at the place of delivery or receift, it is taken * Ài"". .1p.00 ar' on the next
Business Day.
12.3 Change of address or fax nurnber
A party may change its address ol fãx nunber fol notices by givirrg n.tice to tire
other party.
12"4 lf notíce not recelved
A notioe that is posted is valid even if the intended recþient does not reoeive it or
it is retuurcrl r:rnclaimed to the sender.
13 General
13.1 Costs and expenses
(a) subject to clause l3,r(b), each partv nrust pay its own regzrJ costs arrcr
expenses for the negotiation, preparation ana crrnrptetion of tlils a"*j;
(ìr) The Grantol will pay for.stanping of this decd.
13.2 Governing law and jurisdiction
(a) This deed is govemed by the law of Tasrnzuria,
(b) Each party inevocably subnrits to the non-exclusive jurisdictior of the
courts of Tasrnania and courts hearing appeals tom thern.
{
("¡
13.3 Waiver
(a) A party waivæ a dght unclel this deed only if it does so iri wr.iting.
(b) L pauly do es not waiye a ríght simply because it:
(1) fails to exercise the right;
(2) delays exer.cising rhe r,ight; or:
(3) only exercises part ofthe right.
(") A waivel of one llleaoh of a ternr of this deed. cloes not operate as a waiver
of anotrrer breach of the sanre tenrl or. any other tenm,
13.4 Further action
ììach party must prourptly sign any clocurnent and do anytlùrg else t¡at is
necessâry ol reasonably t'eqttestecl by the. other pany to give îrú *ffeãt to tlrjs clee.d.
'13.5 Whole agreement
This deed replaces âny pretrious agleemen.t, r.e,ptcìsentation, warranty ot,
undelstandiug between the parties conoei,r:ing the subþct mafter and contairs the
whole agrcement bctureen the parlies.
pago l0

Woodlot Projeci 2008
Sub-Forestry Right Deed
13.6 Variation of deed
A variation of this deed tnust be in writing and signed by bottr parties ol by persons
authorised to sign f:or them,
13.7 Unenforceable provislon
If a provision in this deeti is wholly ol pa:tly invalid or uuenforcsable in any
jurisdiction, that plovision or ihe part of it tirat is invalicl ol unenforceable nrust, to
that extent and in that jurisdiction, be tleated as delöted fiom this deed, 'this cloes
not affect the valìdity or enf

Woodlot Prqect 200A
Sub"Fo¡ast¡y RlOht Desd
Executed as an agreement:
Signed for Gunns plantations Limited
by an Authorised person of Gu¡¡s plantations Lirniæd,
signature of Authorised per.son
Full Nanre (please pririt)
(
Slgned for
(Insert name of Grower)
)
by
(Insert nzune of Autho¡isecl Officer)
an officer of Gunns piantatio¡u Limited )
rurder power of attorney no, _ )
(lnsert number)
(and the said Gunns plantations Limired)
Signattue of Autho¡ised Officer
declarcs it has received no notjce of )
rer¡ocation of the said power) in the )
plesence ofl
)
Full N¿me (please print)
i;
(l
Witness Signatufe
lVitness Narre (please print)
trVitness Address
'Witliess Occupation
pagê 12

W oodlot Project 2008
Sub-f:orestry Rlght Deed
Schedule 1 - Reference Table
1 Woodlots
[nserf nunber of ll/oodlot refernbl.e to ttt¿ntber ofl. tttap contnìnìng
llooilatsl
(see attached map)
Number of Woodlots
in eaeh Planting Option
Vl¡oodlot Nunrber(s)
Plnnting Option 1
Planting Option 2
Planting Option 3
(
\., 2 Reutal I'ce In tespect of the Term means 5% of the lVood Sale Proceeds
I
Tormination Date
The date of tenninatir:n of the Management Agreetnart, unless this deed is tenninated
eallier under clause 5,3 or clause 9.
r
o
page 1 3

Woodlct project 2008
Sub-Fore.stry lìiohl De

Woodlot ProJect ?008
Constltutiorr
Schedule 4 - Draft Wood Sale Agreement
(
rì
I

Draft Wood Sale Agreement
(.
Gunns Plantations Limited
Woodlot Project 2009
Gunns Plantations Limlted
A¡N 36 091 232209
AÍd
[Pnr"chaserJ
ritBN XX"\i(,\ Í"\:t "ríXX
., . ,..(hìsen ri;ìl)le)
i\

Wmdlot ProJect 200û
Draft Wood Sale Agreernent
Table of Contents
Definitions and lnterpretation
1
I
1.1 Defínitions
1,2 lnterpretation
1
4
2
Sale and Purchase of Wood
4
J
Notlficatlon of Harvest
3
4
Harvest Plan
5
5
Determinafion of Purchase Price
6
{
6
Determination of Grade and Quantity
7
7
Harvesting and Dellvery
7
I
Mutual Covenants
g
g
Force Majeure
I
10
Termination
10
11
Dispute Resolution
10
12
Goods and Services Tax
11
12.1
12,2
12,3
12,4
Definition and interpretation
GST pass on claLlse
Price calculated by reference to turnover
Tax lnvoices/Adjustment Notes
13 l-ümitation of Liability
11
11
12
12
14 Ganeral
14.1
14.2
14,3
14.4
14,5
14.6
14.7
14.8
14..9
Relationship
Costs and oxpenses
Governing law and jurisdiction
Assignment
Waiver
Fufther action
Whole agreement
Notice
Delegation
12
12
12
12
12
12
13
13
13
13
13
page 1

Woodlot FroJect 20OB
Dtaft Wood Sele Agreament
This Wood Sale Agreement
is nmde on
20A7 between the following parties:
1. Gunns plantations Limited
/\-BN36 091 232209
of 78 Linclsay Streef, Lauuceston, Tasmania, 7250
(Manager)
(
o
Recitals
¿,
A'
;";;;o
A3N XX,\)G XXX X)L\
of [AddressJ
"""'¡"'.¿r¡' (rnsert narme)
Each Growel has been grarful a rease r:f a For.estry Right over wr:odrots
pursuant to a Sr:b_l..ol.estry Right Dced witli the Ma'agC
I
fì
B. Ea.ch Grower has engn¡¡erl to establish anrl to develop a
plantation of trees on tlu¡t
dlots, whic\ ,og"tfr*,. with the
plantations ofthe other gtou¡ersr plantation C.p,"
c' Ëach selting Growe'has pursuant to a Management Agreeurent appointed
the Manager as its agent to market and seä the tle,es on tt" Glower,s
woodlots,
D.
has agreecl to sell, ¿ncl the
Type û.om the Region on
t.
The parties agreê
ir: considemtion o{ amclng otrrer things, the mutual pronrises containecr in this
agreement:
't
Oetinitlons and lnterpretat¡on
1,1
Definitions
ln firis agi'eement:
Ap¡r'licatÍon llleans the ap¡rlication fomr submitted by an invcstor.to participate i^
the Project in acoordance with tlre telrls of the Prorluct Dísclosure State[ìent;
Last ÞríntÐd lztz7/200?'12:12:0f) pM page I

",.,,;H::::ij::ï:ii
Cotnparativc Prioe. GPL will exclude prices ¡rnid for woocl where the volurue
levels ale not r¡atelial or rvhel'o the temrs of the sale were not at arurs len$b;
Custodian mearls Gunns Limited or snch other party appointed as custoclian of
the Projecl.;
Deed Poll means a deed poll whioh records the Pulchaser's connritment to pnf er
into an agreement jn the form of this agreernent;
Delivery rneals the coll¡ction and cartago of the Wood
either on or adjaceut to the Lanrl fullowing Harvest arrd its
uominated by the Purchase,r, in the l-Iarvest Plau and Dclìv
have a sirnilar mearringl
Darliest Ilarvestìtrg Date mealu the date ol rJates specifie

Woodlol ProJect 2Cl0g
Draft Wood Sale dg¡ss¡.,11
La¡rd means the rand over which trre Managø has been grânted a Foreshy Rigrrt
and descr.ibed in iterns 3, 6 an

Woodlot pfojôct 2008
Drân Wood Sale AgÌeômetlt
veneer Log Floor Price (rrpplÍes to option 2 only) û1eai1s the price per m3
detor:*ined by GPL i, acool'clance with the following formula:
ASP x Yield x 7o/o :Yeneet Log Floor price;
ASP :"average selling price fol Guruls eucalypt veneer leaves (expressecl
in $/m') derived fiorn plantations as defined in the auclited accounts of
Gurus;
'wood nleâfls any saleable part of a tree stem or tree trulk derived .fi:onr the
Plantation crop, whethcr in the form of trees, logs, timber or othe¡rise ancl
whether able to be used for sarvlnilling, wood chipping or othervise; tmrJ
Yieltl = ¡n2 saleable veneer/mi plantatiori log input as defincd in the audited
grccounts of Gunns.
(
t;
(
1.2
lnterpretation
Ilr tlris agreernent u¡rless the centext othelrvise requires:
(a) headings and boldings are fbr convenielrce only and clo not affeot the
interpretation of this agrecrnent;
(b) words hnporting the singular include the plural alcl vice versa;
(c) words iurporting a gender fu¡clude any gender;
(d) other pafts of speech an'd gramnatical fornn of a word or phræe clefined
in this clcecl have a cr:rresponding rneanirrg;
(e) ån exprassion impolting a natural
partnership, .joint ventrue, association,
and vice versa;
person includes any company¡
corporation or other body corporate
(Ð a reference to a person includes that trrerson's successors anrl perrnitted
assigns; and
(g) a ¡eference to a clause, party or schedule is a reference to a clause ol and a
party and schedule to, tlús agreemert.
2 Sale and Purchase of Wood
(a) The Managel, as agent for each Selling Grower, agrees to sell all of tfue
Relevarrt Log Type fiorn the Region ancl the Pulrchaser ågrees to pulchase
ail of the Relevant Log Type fì'om the Region for which th.e Earliest
Flarvesting Date, Lhe Latest Harvesting Date and lhe Land has been
completed in Schedule I to tlis .A.gteeruent for the Pulchase Prioe,
(1r) the Purchaser')r'rust accept all of the Relevanf Log I.'ype fionr the Region
that is Harvested and Delivered in accordance with the Harvest Plan,
(c) The Purchase Pric¡e nust be paid by the Purchasel to the Custodian on
behalf of the Grorver rvithi¡ 28 days after the Ðelively ofthe Reler¿eLnt Log
Type fi'om the Region in accordance with the l{an¡est Plan.
puge 4

WoodlotProject2008
Dr¿ìft Wood Sale Agreenìeill
3 Notification of Harvest
(a) At least 6 months befure the Harl,esting Organisation plans to c¿nr¡reuce
l{arve.sting of the Wood, t¡,hích lrust be rro eallie,r' th¿m thc Ë,arliest
lJarvesting l)al.e ald no later tlan the L¿test Harvesting Date, the
Purchaser nust Ênstuc the Flarvesting Orgauisation must giv* "'iitte¡
notice to the Mattager of its intention to have the Woocl l,larvcìtecl, setting
out rhe dates betweeri wlfch l{arvast is expected to take place.
(b) Uport leccil:t ol tl¡e writtcn notice outliued above tire Ma¡ager. will
ptovide wi'itten llot.ificafjon to ali othel l)ulchasels (otþer, t[ap thc
l-larvesting $¡:grnisitlion) of lVoori fi'om that Planting Optio¡ in the
Regìon gíving them notificatjon of the infention to conurrence harvesting
and setting out the dates between whic,h hawesting is expectecÌ to takã
pJace.
(
aì 4
(-,
Harvest Plan
(¿) At least 2 months pt'iol to the clate on which the lfarvestin¡¡ Clrganisation
has s¡recified that Ha¡:vest will conrmencc Lrur"slr¿ìnt to ciause 3(a) tho
Harvesting Organisation gives wriften notice to fhe l\4irnager.settin! out
the follorvirrg fol tlie Relevant Log T5'pes that the }larvestiriþ Orgarrisãtio¡
is also the Purchaser:
(1) the lr:catio' (s) to which the Rerevant Log Types are to bc
delii,erecl;
(2) the tate ín tonncs pcr day, or such other measnle as detennfirecl
put'suant to clause 6(c), of the Relevi¡nt Log Types ai which
Delivery is to take place;
(3) the specifications lequù:ed tbr the Releva¡.t Log Ty¡¡e5, whi.oh
specifications must be consistent with st¿r¡dards fìl' the tilne
bering trr*uorling ancl in souunon use rvíthln the Regìon;
(4) the Irroposed p*rchase price fo. the Rerevart t,og Types i'
accoldance with olause 5; and
(5) the genetal conditions of conductùrg the Harvesting opcr.ations
which nrust not be less than the standards (if n^y) requir'øt by tire
relcvant state ï'orest Practjces Cocle (or such app!icable
legislation) as is in force fl.om time to time.
(b) At least 2 mnnths prior to the date on which the Harvesting Or.ganisation
l'ras specificd that llalvest will couurerrce pul:sräft to clause 3(a[ all otlrer
Plrrchasers (other thmr tlre Ïlalvestrrg Olganísation) of. Wood fi.orr l,liat
Plarttillg Option in tlte ilcgion must give w:rittelr notice to the Manager
settiüg out the fullowirrg for the Relevant Log Types:
(l)
to u¡hich the Relevant Log Tylres are to be
[i.,|;:i,""(s)
page 5

Woodlot ProJect 2008
Draft Wood Sale Agreement
(2) the rate in tonnes per däy, or surh other me¿ìsule as deterïined
pnrsuant to clause 6(c), of the Relevalt Log Types ai which
Delivery czur take place;
(3) the specifications lequirerl fbr the Releva't Log T¡rpes, which
spccifìcations must be cr:nsistent with standards for the timc
being prevailing ancl in commo'use withill the fbrcstry i'dustry
in the Region; anrf
(4.) the Proposed Purchase price for ihe Relevant Log Types fur
accorclance u,ith cla¡¡se 5.
(c) Tho Manager will conurru¡icate tl)e infbrnration given pursuant to
clauses 4.2 (a), (b) aucl (c) to rhe llanesti¡gorganisaiion so as rhey can
plan the orclerly harvest and cieliveq, of the Wood. and the infcrrulation
receivecl fi'om all of the Purchasers outlined in clauses a.2 @) and (b) will
fonn the Halvest Plan.
(
r\'
5 Determination of Purchase Price
(a) Sub.iect to subclause 5(b) and subclause 5(c), the Proposed Pu¡cha.se Price
for the wr:od to be delivered to thc Pulchaso must be a fair and
reæonable price per tonne taking into accourf :
(1) the proposed fild-use of the Wood;
(2) the price or priccs being paid by othu'bona tide wood plocessors
fol r.r'ood of the Partìcular Log Type ancl the sarne or silnilat
species, quantity ancl quality irr the Region and in other states of
Australia;
(3) custolllary:nethorls of.'dçtermining the plice of the Particular Log
'lype and wood of the sarne or simil¿r¡ species, quantity and
quality in other states of Austlalia;
(4) the quality of the Particulal Log Type anrl the extent that it woulrl
affcct the purpose to which the Particulal Log Type will be put;
(5) the timilg of the col)r11ence1nent of Hzuvesting so that the
Particular-Log Ty:e being sold to the PLlrchnser'(s) is Harvested
ald mar'ketecl in an olrlerly way; ancl
(6) relevant information suppliecl by any parly including statistics or
ùrdices relevant to wood prices published û.on: tjme to tirre by
the Australian Buleau of Agrictrltural arrd Resclurce econôrnics,
the Australiân Elnl:eau ol' Statistìcs or any other govenunent
autholity or ùidustr-rl body.
(b) For rvor¡cl haivested undel Optiou l alrcl Opfiorr 2, thc Proposecl Purchase
Prioe for tlte Relevant Log Type ivill not be less than both the rclevant
Flool Price and tlre Average Con¡ralative Price,
(c) For'Woocl l-Ian,estecl undel Ol:tiou 3, the Ploposed Pulclnse Price for the
R.elevant l.og Type will nc¡t be less than the Average Comparative Plice
fur'the ReJevant Log T¡pe at the timc of llalvest,
¡r.gu 6

!Ái,rcCk)t lL roje:jt 20t) õ
(d)
(e)
Draft Wo:rJ Sale Agreoment
T'e Purc'asel' mrst not_ unreasonably with'old fi.om GpL price
infbrmation requilerl by GPL to ¿"t,otr.inJ ú:e pr.oposed purcha.ro lÌr.ice ur
accordzulue with this agreament.
Ifthe À4anagu., as agent for eaoh Selling Cilorve¡:
(l)
does nof apptîve the proposed purchase price;
l.t
(Ð
(2) obtains ancr deriver'.s to [he pruchaser an ¿rtemative offer, in
ytft*g to purchase'n thc same general temrs and conciitions
trre as
offei' fiorn trre purchascr
uit at a liigrrer pri., 1ì.,on ttr.
Proposed .urchase Frice fronr a genui'e iuyrr, fi..,,.
qua'tities
tir, .*r"
req'ired by the purchaser as
plzur; specified fui the Flarvest
and
(3) such alternatir.,e ofler is dcrir¡e¡ed to the puL.chascr at least r
'rr:'trr prior to the date on whicir the ptu..crrase,
,p;;ri; -f, - Harr¡est
r.vill
-----*
cornmence pursuant to clause 3(a);
'
then the Purchaser shall have an optiou of I rnonth,s dru.alion fl"orn the
d.ul:
"{
delive::y to rlrc purchascr
ïr tnr ll,.r.r,otiue'rrr"r'ó"rìot trre
crbiigati.nr) ro purchase the R*rsvart Log 'Iþe fn' srr.rr tiign,' prìc*. If
thc Purcharer i?rirs to aglce tû rrre rrigr.rr.ipríie withi.¡r the l"monttr olrr.ion
¡re'ior.i or rler.:i¡.rqs uor r{ì so pur.cl:usJthe i{ereva:rt t"t,rú;il ad'ises
tlte Marl,lsl' ac-co:'c'lingìy, tbà Manager, as ag*nr rt,r enc,ìr selli'g Gro\,,,eL,
nray seJl frrc Rclevant I.g Typc-to'arrotiicl,brryer.nn the ternr"s arrd
ct¡uclitìon;^ of Lhe c¡ffur rnadc. pursiraul tc clause ¡(e)ill.
otherwise, the Purchase pricc will be the piop'serr pru.chase price,
6 Determlnation of Grade and euantity
(a)
(b)
(c)
'l'he woocl musj be gracred afler it has rreen Har-vested and
relnovçd
befor.e
fror¡
it is
the Lan
sification Ofïcer *oni a"tecl bv
tir acti'g for the Ha on. T,he gLacling ;ill":Ë
accordance with the
i;
out in thc l{arve.qt plan and
acco'dilrg to 'ecngnisecr
i'd'stry standalds ol practice and agr.ee.r1 io by the
Marr ag er. The lvIa'ager' s agreá'en t mu *i,io t'rr
",r...o.onrrr-iy
øü n"r¿.
Tlte quantity of wood purclaserJ niust bc deten'ined by weiglrt (in t.ures
and kilog'ams) a'cl measured ar a rveìghbricrg* io.,rr-i,äi.ì'""ny ,n*
Purchascr.
r:d cu.¡rrot
y othcl ure
tìager:. 'fh
c^l l:,y rveight, the quantity
,i(hLn the ftrestrry inrlustry
s agr.eenrcnt rttust not be
7 Harvesting and Delivery
(a)
The_Ha'vesting or:ganisation lnust ca*y out trie Harlest a*cl Dcf íver.y of
the woocl in accorclanc¿ with this agreenrent. Alr wood sorcr to the
pa6a 7

Woodlot Prolect 200ð
Draft Wr¡od Salo Agreemont
Purchaser undel'this âgl'eement is sold "on the sturrnp" a¡d all aclclitional
costs of Hzu'vest ànd Delivei'y of thc Wood are at the Purchaser's expeusc,
(b) The Manager, as agent for each selling Growe¡ agrees to glalt to thc
I-Iarvesting organization for the purpose of Halvesting and Delivery, ¿
ûon-exclusive licence for itself and its contractors and their respectirre
etnployees, l,vith or wjthout rrelúcles and equipnrerlt, to enter onto the Land
or my t'oacl or tt'ack over neighbouing land which thc Manager.is lawfully
¿rble to enter:
(*'
(r ) to ljarvest and Delíver the wood in accorda'ce wrth trre
prorrisious of tlús Agr-eerrrent;
t:2) the Light to c

W ocdlot f,r o¡ìr:t 20ùlì
Draft Wocd S¿le Açreenrr:nl
(2)
:nl.l/ constryct buildrngs orl the Land to the exrenr r.equirecr
carry out ro
the pen'itted Activities anrJ to refiÌov. i,iny suorr
buildings as so0l as no )onger requir.ed; a:rd
(3) ensure tlrat all debris li'otn llarvesting is confined rvjthjrr tlie
T,a¡d,
(Ð The lra've'sting organisation must Íerïrove û.oni rhe Land ail prarLt,
equipment,
ie a'd other itcrrs irougfu nnro
by
the
or
La'd
on be
Or.ganisation within í rironths afler"
tenlrination
,Ihä the
llar.vqstmg Clig,u;ation and its
(
0ô'fr¿lctof$ zurd thei' r'espectÌve flgLlrlts. enci eriipJoyîes rr¿¡.v olr'itliourt
vehicres enrur thc. Lan¡r foi trre puqlor^e of rci',,virrg the ',ifrl
reib¡rcti
iteurs
ro in this.r:rau.se fi.¡r" rhu pcnod of'ì må.ú.q ufl., ilì.
this aEn'eerr:erlt. ,lllin ìo^i'al i':: ¿;f
À4unager.. iìs agent for each S
lcgrrÌìy crrtitled to flty wnr:¿' or criher vegctation
equ:þrnerrt, implenrents, fumitur.e and other: rlLings
by or on behalf of the Hruvesting Or.ganisatãrr
accol.dance with this clause,
(s) ownership of and ¡isk in r.eration to the woocr pässes to ihe pu'crraser
when the onrv
wood is Derivered to t : locatio" rrvìr," pur"rraser.
the Harvest pran ""irri""i"r in
and the wood is acceptør by the rurói.,*rr. as
the specifications set out in the Harvest plan.
'reeti'g
(h)
agerit fcrr each Sellin.g Gror¡,er,
w the .Pla¡tation Crop to be cut
to be rernoved ftonr the Land
the Management Agteements. s and conditiom of this agreerttmrt ancl
I
Mutual Covenants
tt
The Managor, as age,üt for each scrlrrg Gïtir,ver., herr:by gr.ants to t¡e pulc¡aser.
and the Purchaser takes until the corrr¡.ìíction of Harvesiir!¡ anO oelivery a nonexclusive
licence fo'trre purchaser to'e.rrfer.onto trre tr,arrrr ri,om,#är,-;r;
tend and urailrtaiu the plarfatir:n Crop.
I
Force Majeure
(a)
(tr)
\eitlrer parly will bc riabre for any fãilule or deray to perf'rm its
obligations uncler this agreetrenr if thát aelay is due to ar c'r¡ent of F.r.ce
Majeure (i.e, the event of For.ce
thui party,s ability to p".fo,ï, lt,
deiai oi tulure' i; ";'.u"#'o
i'rmecliately tenrrinate ?his ugr**
This clausc 9 does not a¡rply to any obligation to pay morloy,
1'e'cterl
lf'tlr*i
.,:;]lO
page 9

Woodlol Project 2008
Draft Wood Salg Agt'eemenl
(-',
10 Termination
(a) The Managor, as agent for eacir Selling Grower, may tei'rlinate this
agreernent if:
(l) Thc Pulcha^ser fails or neglects to perfor.m or obsen,e any of its
obligations contained in this agr eernont; ancl
(2) such default has continued:
(A) in the case of an obligatir:n to pay lnouey, for a pedocl of l4
clays; or
(ll) ir any o(hel case, fol a pertod of 1 month;
after receipt by the Purchaser of wlitten notice fiom the Manager
specifying the default and requiring the default to be r-ectifieiJ,
(b) f'he Prrchasör may ter"rdnafe this agreeinent if
(l) the Manager, on its owrr liehalf or a.s agent fr:u each Selling
Crower, is in defa'ult of any of its obligations under this
agr:eement; and
(2) such dcf¿ult lras oontilued for a period of 1 month aftel receipt
by tlte Marrager of written notíce û'olu the Purchaser specifying
the default and requesting that the defhult be reinedied; ol
(3) there is a matelial adverse change to the level of colrirnitted
purchase orrlers in place for any of the Pru:ohaser's End Pro

YVoüdlo1 Frojecl Z00tj
Draft Wood Sâle Agrêemonl
(¿)
(Ð
(e)
The expøt appointcd under this olause acts as an expelt and not a,
albitralor',
The dispute resolution proceedings unde' this clause are uot nr.bÌtr.ation
proceedings rurder the Comnercial Arbitra.tion Aci J9g6 (Tas).
The expert's
L-p..1:111^:ltl
gl\/e feasons
ncled clown within 6 months of their
on rhe parrìes a,r tle ,lost "*fr*rt
(1Ð
(Ð
The parties rnust bear the expert,s r:osts uc$all.v,
is ap.r:ee
e cout
irr relat
tliis clause 1 l, a party
ion jn I.elatioti to axy
(
12 Goods and Services Tax
r^
12.1 Definition and interpretation
(a) In tlils clause 12:
(t)
any docrunent or. rec¿lcl treaterl by the
as a.n adjnslment note nr as enablúrg
tax credif br rvhich ¿u: entitlement
t
(2)
(3)
(4)
(s)
Gsr rncans goocls and seryices tax o[ sirnilar. value added tax
levied or i:rrposed in Australia pur"suant to the GST law or
otherwise on a supply;
GST Act m.eans ¡l Nett, Ihx Slntent (Goocls and Sentices, Tcx) A.t:t
t9ee (öh);
GST larv has the samc meaning as in the GST Act; arrd
Tax Invoice furclucles any rlocunrent
Conrmissioner of Taxation aç a tax ir
claiming of an liput tax credit û:r whic
ecl by the
abling the
other.wise
¿üises.
(b) Worcls used il this clause 12 which have a definecl meanilg in the GST
law have the same nreruting as in the GST law unless the cont-ext otherwise
indicates.
12.2 GST pass on clause
If Gsr is ot' u¡ill be irnposøi on a supply made under or in c¡nnection with this
agreement' the supplier nay, to tlte extent that the consitjeration othenvisc
p'o'ided fo'that su¡rpry urrrrer this agreement is uot siated to abeaclv irclucle an
amount in reslrect of GST on the suppiy;
(a) increase the co.nsirleratiorl othem¡ise provided tbr. that supply unrler this
&greement bythe an]ount of that GST.;or.
(b) othqwise r:ecovs' fi'o;n the recipient the am

Woodlot ProjBct 20û8
Draft Wood Sâle AgrêêmBnl
12.3 Prlce calculated by reference to turnover
If thc cousicleration for a supply uncler this cleed is oalculated by roference to the
consi

Woodìot project 2009
Öraft Wood Sale Agreernent
irnplied in thjs 0grcerrrent to be pertbrrned or observccl by the transfen,urg partv,
A party nrust not um,eæonably wltnhol¿ its co¡rseut. - -r '
14.5 Waiver
(a) A pæry waives a right under this aglcement ônly if it cloos so in writi'g.
(t ) A party does not waive a right simply because itt
(l) fails to exercise the tight;
Ø delays cxøcising the right; or
(3) only exercises par.t of the right.
(c) A' waiver of one l¡reach of a term of this agreculent does not oper-ate ns
wai'er a
of another breacb of the same tefln 0i any other ternr.
(
14.6 Further action
Each party must p'omptly sign ary docu*rent arcl do a'ything eìse that is
necessary or leasonably requested hy the other party trr give firli efJþct to thjs
deed.
14.7 Whole agreement
This agreelnent t'eplaces any previous âgr:serrerìt, representation. wanarity or.
unclerstanding bctween the pártLs rorr""rr,-irrg ttre súuieü .utt". ancl contains the
whole agreement betrveen the parties.
(
14.8 Notice
(a) A notise to be given by a party to a¡rother party under.this agreernerll rur*t
ber
(1)
(2)
Ír'¡¡ritíng;
directed to the recipient's then crurenl address fcrr seïvice or.to
such address as is previousl¡, ¡otifi.O by that party to the othe::
party rn w:.itiug; ancl
(3) delivqed lry lra'cl, or seut by post or faæimile to that adcrress;
(1, A notice will be deemed to be duly given u*cre'this agleenrent;
(1) on the day of deliver.y;
(2) 3 days after the date ofposting; or.
(3) if ser:t by tbcsinrile, whau the '.essâge
conflirnation ìs receiverl,
as thc case may be.
14.s
Delegation
All rights zurd obiigations imposed on the parties may be eujoyecl ancl perfbnned
by.the paftíes' respective employees ancì iontractors, but clelegatio¡ of a
obligatiorrs unrjel trris aglcenrent does not re.rease that party nTiü-riorr¡;ty 'arty,s ,nit",
this agreenrent,
pase I 3

Woorllôl prolæt 2008
Draft Wood Sale Agreemenl
Executed as an agreement:
The common sgalof.
Gunne Plantations Limited
is fixed to this document
in the presence of:
ecrctary/Director
Directo¡
a:me þlease
Nanre þlease print)
(
Õ
ThE comrnon seal of
the Purchaser
is fixed to this document
in the presence ofl
:
i
t
I
S eorotary/Diroctor.
Name ftilease print)
Direotor
Name þleæe print)
i
(
r)

Woodlot ProJect 2008
Dreft Wood Sale Agr€êtrênt
Schedule'!
Note: Please complete the relevant seotiorVs
Option I
I
Earliest llarvesting Da te
[inserl date]
2
J
Latest HarvestÍng Date
Land
finserl date]
lidentify the relevant woocllots which
coutain tlees that ale to be Harvested for fhe
tr)ulposes of this agreernent]
O¡rtion 2
ñ
4.
5.
6.
Darlicst Hnrvesting Date
Latest Harvesfing Date
L,and
[insert dntel
[insert datel
[identiff the relevant woodlots which
contain trees that arc to be l.larvested for.the
purBoses of this agreernent]
Option 3
'/.
Earliest ÌIarvestin g Date
fiuert date]
fr
8.
9.
Latest Harvesting Date
La¡rd
[insert clate]
fidontify the relevânt woodlots w]rich
confaÙr trees that are to be Harvested for the
purposes of this agreement]
Prl¡ted 27 December2007 (12:12)

Woodlot Prdect 2008
Cmsll(tdon
Executed as a deed:
The cornmon seal of
Gunns Plantations Ltd
is afixed to this
dooumenf:
(
o
Mî "@Me{.l".__
Name þleaseprint)
6¿ø1f'6*7
Name (please print)
(
a