SEAS SAPFOR FORESTS PTY LIMITED

in relation to the take over of Auspine Limited (the Parent company of SEAS Sapfor Forests Pty Ltd) it should be noted that the covenant holders interests are looked after by the Trustee (Australian Executor Trustees (SA) Limited) and the administration of the scheme is determined by the Trust Deed - there has been no change in the management of this scheme since the takeover by Gunns - the covenants are not ordinary negotiable securities and Auspine is not obliged to undertake to repurchase or resell any covenant - Auspine maintains a Sales Register of those wishing to sell, and subject to the allocation of funds may be prepared to buy - a request to sell must be in writing and submitted to Auspine Limited Phone 08 8721 2247 Fax 08 8721 2297 by the covenant holder, advising their holding, full name, current address and contact number