Valuation changes to related entities
14-Jan-2009

Timbercorp Limited notes the ASX announcements lodged by Timbercorp Primary Infrastructure Fund (TPIF) and the Timbercorp Orchard Trust (TOT) on 13 January 2009 regarding the directors’ revised valuations (subject to audit) of properties and agricultural assets.

The revised valuations include:

• TPIF – the total of the Fund’s properties, comprising investment properties and agricultural assets at fair value and water licences at costs, is expected to reduce by $10.130 million to $193.80 million as at 31 December 2008. This represents a 4.97% decrease in the carrying value of the properties.
• TOT – the total of the Fund’s properties, comprising investment properties and agricultural assets at fair value and water licences at cost, is expected to reduce by $7.611 million to $89.425 million as at 31 December 2008. This represents a 7.8% decrease in the carrying value of the properties compared to the previous reporting period as at 30 June 2008.

Timbercorp Limited is an equity holder in both TPIF (46%) and TOT (45%), and equity accounts for its interests in these assets. As a result, the valuation adjustments will reduce Timbercorp’s earnings by $4.939 million ($3.457 million after tax).

For further information call:

Sol Rabinowicz, CEO & Executive Director, (03) 8615 1200
Matt Trewin, Communications Manager, 0407 684 765