Exhibit 12 for Affidavit of Craig David Crosbie - Arnold Bloch Leibler

IN THE COURT OF APPEALIN THE SUPREME COURT OF VICTORIAAT MELBOURNEr43.06No. of 2012IN THE MATTER OF WILLMOTT FORESTS LIMITED (RECEIVERS AND MANAGERSAPPOINTED) (IN LIQUIDATION) (ACN 063 263 650)WILLMOTT FORESTS LIMITED (RECEIVERS AND MANAGERS APPOINTED) (INLIQUIDATION) (ACN 063 263 650) IN ITS CAPACITY AS MANAGER OF THEUNREGISTERED SCHEMES LISTED IN SCHEDULE 2AND ORS ACCORDING TO SCHEDULE IApplicantsCERTIFICATE IDENTIFYING EXHIBITDate of document: 23 February 2012Filed on behalf of: the ApplicantsPrepared by:ARNOLD BLOCH LEIBLERLawyers and AdvisersLevel 21333 Collins StreetMELBOURNE 3000Solicitor’s Code: 54DX 38455 MelbourneTel: 9229 9999Fax: 9229 9900Ref: 01-1714712(Kimberley Mackay - kmackay@abl.com.au )This is the exhibit marked "CDC-12" now produced and shown to CRAIG DAVID CROSBIEat the time of swearing his affidavit on 23 February 2012.MEAGAN LOthSE GROSEArflOd BoCb LeibOrLqvWMalbounw 3000Before me: ............................................An Auatr& 2004Moog" Of the Lop,Exhibit "CDC-12"Affidavit of Craig David Crosbie dated 15February 2012 in proceeding S Cl 2011 6816(less exhibits)ABU1 784367v1

’ Cc-IN THE SUPREME COURT OF VICTORIA AT MELBOURNECOMMERCIAL AND EQUITY DIVISIONCOMMERCIAL COURTCORPORATIONS LISTS Cl 2011 6816IN THE MATTER OF WILLMOTT FORESTS LIMITED (RECEIVERS AND MANAGERSAPPOINTED) (IN LIQUIDATION) (ACN 063 263 650)WILLMOTT FORESTS LIMITED (RECEIVERS AND MANAGERS APPOINTED) (INLIQUIDATION) (ACN 063 263 650) IN ITS CAPACITY AS RESPONSIBLE ENTITY OF THEMANAGED INVESTMENT SCHEMES LISTED IN SCHEDULE 2 AND IN ITS CAPACITY ASMANAGER OF THE UNREGISTERED SCHEMES LISTED IN SCHEDULES 3 AND 4AND ORS ACCORDING TO SCHEDULE IPlaintiffsAFFIDAVIT OF CRAIG DAVID CROSBIEDate of document: 15 February 2012Filed on behalf of: The PlaintiffsPrepared by:ARNOLD BLOCH LEIBLER Solicitor’s Code: 54Lawyers and AdvisersDX 38455 MelbourneLevel 21 Tel: 9229 9999333 Collins Street Fax: 9229 9900MELBOURNE 3000 Ref: 011565243(Kimberley MacKay - kmackay@abl.com.au )I, CRAIG DAVID CROSBIE of Level 21, 181 William Street, Melbourne, VIC, CharteredAccountant, MAKE OATH AND SAY that:II am the second plaintiff in this proceeding. Ian Carson and I are the liquidators of theWillmott Group.2 Except where I otherwise indicate, I make this affidavit from my own knowledge. Where Idepose to matters from information and belief, I believe those matters to be true. I amauthorised by Mr Carson to make this affidavit on his behalf. Reference in this affidavit tothe "Liquidators", "we". "us", "our’ or "ourselves" is a reference to Mr Carson and me.3 I have previously sworn affidavits in this proceeding on 13 December 2011 (SeventhAffidavit) and 18 January 2012 (Eighth Affidavit). I have defined a number of terms inthe Seventh Affidavit and Eighth Affidavit and I adopt those definitions in this affidavit.BU1699013v10 t

Decision in respect of the Preliminary Question4 I refer to the decision of the Honourable Justice Davies in this proceeding dated 9February 2012. Pursuant to that decision, the Honourable Justice Davies determined thatany disclaimer of Grower Leases pursuant to section 568 of the Corporations Act 2001(Cth) (Act) would not extinguish the Growers’ leasehold estate or interest in the subjectland,5 As is evident from paragraph 5 of the originating process filed in this proceeding by theplaintiffs on 14 December 2011 (Originating Process), the issue of disclaimer is relevantto the Contractual and Partnership Schemes listed in Schedule 4 of the OriginatingProcess (Contractual and Partnership Schemes).6 Following the receipt of her Honour’s reasons for judgment on the afternoon of 9 February2012, we entered into discussions with SMF (the purchaser under the Sale Contracts)and the Receivers. Those discussions culminated in the following agreement reachedbetween those parties on 10 February 2012-(a)(b)The land upon which the Contractual Schemes and the Partnership Schemes areoperated (being particular parcels of land located in the Bombala region in NewSouth Wales) (Removed Land) would no longer form a part of the propertypurchased by SMF under the Sale Contracts. This could be effected by enteringinto a deed of variation in respect of the Sale Contract for Bombala (New SouthWales).The remainder of the sale would continue on.Variation to the Bombala (New South Wales) Sale Contract7 In order to remove the Removed Land from the property sold under the Sale Contract forBombala (New South Wales), we, the Receivers and SMF entered into a deed of variationon 10 February 2012 in relation to the Sale Contract for Bombata (New South Wales)(Deed of Variation). Now produced and shown to me and marked "CDC-49" is a truecopy of the Deed of Variation.8 Under the Deed of Variation:(a)HABLI169901 3v1the Removed Land is excluded from the "Property" under the Sale Contract forBombala (New South Wales); and11

(b)the total price under the Sale Contract for Bombala (New South Wales) is reducedby an amount equal to the total amount attributed by the purchaser to theRemoved Land (including the Trees on that land).9 As a result of the execution of the Deed of Variation, the Court’s approval is now soughtof the Sale Contracts (exhibited electronically as Confidential CDC-19 to my SeventhAffidavit) as amended by the Deed of Variation, being:(a)(b)(c)(d)(e)(f)Bombala Victoria;Bombala New South Wales, as amended by the Deed of Variation:Murray Valley Victoria;Murray Valley New South Wales;North Coast New South Wales; andNorth Coast Queensland,(together the Amended Sale Contracts").Land used in both Contractual Schemes and Registered/Professional Investor Schemes10 As set out in paragraph 74(c) of my Seventh Affidavit, many plantations are used in morethan one Scheme or Project. There are five plantations which are used in ContractualSchemes as well as in a Registered or Professional Investor Scheme. The AmendedSale Contracts provide a mechanism for dealing with plantations where WFL is unable toprovide clear title for the entire plantation. If WFL is unable to obtain the consent of theContractual Growers on these five plantations to a surrender of their Grower Leases, thenthis mechanism will need to be employed.11 No plantations are used in both a Partnership Scheme and a Registered or ProfessionalInvestor Scheme.Disclaimer of Forestry Management Agreements in Contractual and Partnership Schemes12 As set out in paragraph 34 of my Seventh Affidavit, the constituent documents for theContractual Schemes include a Grower Lease and service agreements (generallyreferred to as a Forestry Management Agreement).13 As set out in paragraphs 5 to 16 of my Eighth Affidavit, WFL is the landowner and forestrymanager of the Partnership Schemes. The documents governing WFL’s role as forestryAUL/169901 3v1Di

manager are the plantation and development agreement and establishment andmaintenance agreement (together, the Forestry Management Agreements).14 The Forestry Management Agreements were originally with other companies which havesince been deregistered and we have not been able to locate an assignment of theForestry Management Agreements to WFL. However, WFL was, until it was placed intoadministration, providing the forestry management services as if the ForestryManagement Agreements had been assigned to it. Under the Forestry ManagementAgreements, WFL is responsible for maintaining and harvesting trees and lots on theGrowers’ behalf.15 As set out in paragraph 23 of my Seventh Affidavit, the Willmott Group is without fundsand is unable to meet the costs of maintaining the plantations, including paying any staff,or to pay for the costs of administration/liquidation. As a result, we were required toborrow funds from a bank in our personal capacity in order to pay the costs and expensesof the administration and liquidation. As such, VVFL is unable to continue performing itsobligations under the Forestry Maintenance Agreements,16 Table S-2 of the Poyry Viability Report (which is exhibited at CDC-9 of my SecondAffidavit sworn on 4 February 2011 and filed in Federal Court proceeding numberVID1019 of 2010) sets out the present value of contributions required to complete theWillmott Schemes on a scheme-by-scheme basis.17 According to that table, $1360644 is required to complete the Contractual Schemes.$1126017 is required to complete the Partnership Schemes. As set out in paragraph 41of my Seventh Affidavit, fees due under the Forestry Management Agreements weregenerally payable upfront with no further funds payable until the trees are harvested.WFL is not in a position to fund this additional sum of approximately $2.5 million tocontinue operating the Contractual and Partnership Schemes.18 As a result of Her Honour’s decision referred to in paragraph 4 above, there appears tobe little utility in WFL disclaiming the Grower Leases of the Contractual and PartnershipSchemes. However, WFL may still need to disclaim the Forestry ManagementAgreements of the Contractual and Partnership Schemes for the reasons set out above,and therefore we continue to seek directions from the Court that we would be justified indisclaiming these documents.AOLiI69013v1

Amended exhibits in relation to the apportionment of funds as between Growers19 Confidential exhibit CDC-22 to my Seventh Affidavit sets out an analysis of the RevisedGFP Offer for the Trees and the Scheme Related Costs on a project-by-project basis.That analysis is no longer relevant given the removal of the Contractual and PartnershipSchemes and the consequent adjustment required.20 Now produced and shown to me and marked "Confidential CDC-50" is an amendedversion of that analysis which does not include figures in relation to the Contractual andPartnership Schemes. In line with the treatment of confidential exhibits to my SeventhAffidavit, we intend to provide this exhibit on a confidential basis to the lawyers andexperts of the Receivers, WGG and WAG, and to WAG committee members who havesigned a confidentiality undertaking.21 Exhibit CDC-23 to my Seventh Affidavit is a spreadsheet setting out the proceeds of salethat we estimate Growers will receive per hectare on a project-by-project basis. Nowproduced and shown to me and marked "CDC-51" is revised version of that spreadsheet,in light of the revised overall sale price now offered Under the Amended Sale Contracts.Amended Originating Process22 At the directions hearing set down in respect of this proceeding on 17 February 2012, theplaintiffs intend to seek the Court’s leave pursuant to order 36 of the Supreme Court(General Civil Procedure) Rules 2005 (Vic) to file an amended originating process. Nowproduced and shown to me and marked "CDC-52" is a copy of the amended originatingprocess which the plaintiffs intend to seek leave to file (Amended Originating Process).23 The orders being sought in paragraphs 1 to 4 of the Originating Process have beenamended to refer to the Amended Sale Contracts".24 Due to the Removed Land no longer being the subject of any of the Sale Contracts, weno longer seek a direction that we would be justified in disclaiming the Grower Leasesrelating to the Contractual and Partnership Schemes. However, for the reasons set out inparagraphs 12 to 18 above, we continue to seek orders that we would be justified indisclaiming the Forestry Management Agreements of the Contractual and PartnershipSchemes. We have therefore amended references to ’Project Documents" in paragraph5 of the Originating Process to "Forestry Management Agreements".25 Also under the Amended Originating Process, orders are no longer sought in relation tothe 95-99 Scheme and the 1995 (No Project), due to the change in RE of the 95-99Scheme (as set Out in paragraphs 26 - 37 of my Eighth Affidavit). As such, the 95-99ABLT1 69901 3V1K411

Scheme is deleted from schedule 2, and the 1995 (No Project) is deleted from schedule4, of the Amended Originating Process.Paragraph 133 of my Seventh Affidavit26 At paragraph 133 of my Seventh Affidavit, I stated that we considered the allocation asbetween land and trees was fair and reasonable on the following basis:"GFP’s Revised Offer (taking into account the Bombala Adjustment) for the trees amountsto approximately 45-96% of the value set out in the Poyry Valuation Report (depending onwhether a discount rate of 8.5% or 10.5% is applied). GFP’s Revised Offer for the land(taking into account the Bombala Adjustment) amounts to approximately 64% of the valueset out in the M3 Report."27 When considering the allocation of the GFP Revised Offer between land and trees, Icompared the amounts allocated to land and trees to the values attributed to land andtrees in the M3 Report and Poyry Valuation Report. I did not think it would be fair andreasonable, for example, if the amount allocated to land was 100% of the value from theM3 Report but the amount allocated to trees was 10% of the value from the PoyryValuation Report. In performing this comparison, I considered the values determined byPoyry using both discount rates. The difference in discount rates affected the percentagerecovery, so that if the discount rate of 8.5% was used, the amount allocated to the treesin the GFP Revised Offer would be 45% of the Poyry Valuation, however, if the 10.5%discount rate was used, the amount allocated to trees would be 96% of the PoyryValuation. Given the wide variation, I determined to use an average of the twopercentages, namely 70.5%.28 Accordingly, from these figures I concluded that, under GFPs Revised Offer, the amountpayable for the trees was closer to their value (approximately 70.5%) than the amountpayable for the land (64% of their value). On this basis, I considered the allocation in theGFP Revised Offer as between land and trees (taking into account the BonibalaAdjustment) was fair and reasonable.Costs29 At paragraphs 161 to 165 of my Seventh Affidavit, I discuss the deduction of costs fromthe proceeds of sale. In short, we intend to deduct:(a)Scheme Related Costs from the proceeds of sale referrable to the trees (on aproject-by-project basis);ABL’169C1 ivl

(b)(c)(d)(e)Our Scheme Related Costs which cannot be deducted from the trees (due to ashortfall in the proceeds of sale in relation to a particular project) from theproceeds of sale referrable to the Bombala Land;Our Non-Scheme Costs from the proceeds of sale referrable to the BornbalaLand;The Receivers Scheme Related Costs which cannot be deducted from the trees(due to a shortfall in the proceeds of sale in relation to a particular project) fromthe proceeds of sale referrable to the Murray Valley Land and North Coast Land;andThe Receivers’ Non-Scheme Costs from the proceeds of sale referrable to theMurray Valley Land and North Coast Land.30 In my Seventh Affidavit and, in particular, in CDC-22 and CDC-23, we included estimatesof the above costs for the purposes of allowing the Court, other parties, interveners andGrowers.to understand their potential return from the GFP and HVP sale transactionsbeing contemplated. The costs have not been finalised and cannot be finalised until anysale has been approved by the Court, completed and we are at the point of winding upthe Willmott Schemes and distributing the proceeds of sale.31 Accordingly, we are not seeking approval of our costs in this application. We are,however, seeking a direction from the Court that our methodology, as set out inparagraphs 161 to 165 of my Seventh Affidavit and summarised in paragraph 29 above,is reasonable.SWORN at Melbourne in the State of Victoriaby CRAIG DAVID CROSBIE this 1 5’ day ofFebruary 2012BeforeMEAGAN LOUISE GROSEAffiold Bloch L&bLevel 21. 333 CollIns StreetM&bowr* 3000An Auetraiiafl Legal Practition& *ln themeaning 0i the Legaf Profession Mt 2004me:ABLJ1699013v1

SCHEDULE I - SCHEDULE OF PARTIESWILLMOTT FORESTS LIMITED (RECEIVERS AND MANAGERS APPOINTED) (INLIQUIDATION) (ACN 063 263 650)IN ITS PERSONAL CAPACITY AND IN ITS CAPACITY AS RESPONSIBLE ENTITY OF EACHOF THE MANAGED INVESTMENTS SCHEMES LISTED IN SCHEDULE 2 AND IN ITSCAPACITY AS MANAGER OF THE UNREGISTERED MANAGED INVESTMENT SCHEMELISTED IN SCHEDULE 3First PlaintiffandCRAIG DAVID CROSBIEIN HIS CAPACITY AS LIQUIDATOR OF WILLMOTT FORESTS LIMITED (RECEIVERS ANDMANAGERS APPOINTED) (IN LIQUIDATION) (ACN 063 263 650)Second PlaintiffandIAN MENZIES CARSONIN HIS CAPACITY AS LIQUIDATOR OF WILLMOTT FORESTS LIMITED (RECEIVERS ANDMANAGERS APPOINTED) (IN LIQUIDATION) (ACN 063 263 660)Third PlaintiffABU69901 3v1

SCHEDULE 2 - REGISTERED MANAGED INVESTMENT SCHEMES1 Willmott Forests 1989- 1991 Project (ARSN 092 516 651)2 Willmott Forests 1995 - 1999 Project (ARSN 089 598 612)3 Willmott Forests Project (ARSN 089 379 975)4 Blo Forest Dual Income Project 2006 (ARSN 119 153 623)5 BioForest Sustainable Timber and Biotuel Project 2007 (ARSN 124 135 535)6 Willmott Forests Premium Forestry Blend Project (ARSN 131 549 589)7 Willmott Forests Premium Forestry Blend Project - 2010 Project (ARSN 142 722 585)8 Willmott Forests Premium Timberland Fund No. I (ARSN 136 768 520)ABU169913v1

SCHEDULE 3- UNREGISTERED MANAGED INVESTMENT SCHEMES:PROFESSIONAL INVESTOR SCHEMES1 WiIImott Forests - Professional Investor - 2001 Project - 2001 Information Memorandum2 Willmott Forests- Professional Investor - 2002 Project - 2002 Information Memorandum3 Willmott Forests - Professional Investor - 2003 Project - 2003 Information Memorandum(2003) and 2003 Information Memorandum (2004)4 Willmott Forests - Professional Investor - 2004 Project - 2004 Information Memorandumand 2004 Information Memorandum (2005)5 2005 BioForest Wholesale Project No. 2 - 2005 Wholesale Forestry Memorandum(Bioforest)6 WiIImott Forests - Professional Investor - 2006 Project - 2006 Information MemorandumABL/16990130

SCHEDULE 4- UNREGISTERED MANAGED INVESTMENT SCHEMES:CONTRACTUAL SCHEMES AND PARTNERSHIP SCHEMESContractual Schemes1 1983 (No Project)2 1984 (No Project)3 1985 (No Project)4 1986 (No Project)5 1987 (No Project)6 1989 (No Project)7 1990 (No Project) Interest Only Offer8 1991 (No Project)9 1995 (No Project) (Custom)10 Sharp/Reed Plantation Project -1998 Information Memorandum11 2001 (No Project)Partnership Schemes12 McKenzie & Partners- Forestry Partnership No.1 (1993)13 Grimsey & Associates Pty Ltd - Forestry Partnership No. 1 (1994)14 Grimsey & Associates Pty Ltd - Forestry Partnership No. 2 (1994)15 Grimsey & Associates Pty Ltd - Forestry Partnership No. 3 (1994)16 McKenzie & Partners - Forestry Partnership No. 2 (1994)ABL11699i130