Dividend Reinvestment Plan - Update
02-July-2008

Timbercorp advises that the Company’s Dividend Reinvestment Plan (“Plan”) will apply to the interim dividend announced 1 July 2008.

The last day of processing for dividend reinvestment election notices is 29 August 2008 (Record date).

Under the Plan, shares are issued at an effective discount of 5% from the weighted average price of Timbercorp Limited ordinary shares traded on the ASX during the 5 days immediately following the Record Date.

Shares issued under the Plan rank equally in all respects from the date of allotment with existing fully paid ordinary shares.

For further information call:
Sol Rabinowicz, CEO & Executive Director, 03 8615 1200
Matt Trewin, Communications Manager, 0407 684 765