Macquarie Forestry. Welcome to the latest Macquarie Forestry update from the Macquarie Agribusiness Team UPDATE NOVEMBER 2017

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1 Macquarie Forestry UPDATE NOVEMBER 2017 Welcome to the latest Macquarie Forestry update from the Macquarie Agribusiness Team This newsletter provides you with an update on the performance of your investment as well as an update on some of the key macroeconomic and climatic factors influencing your investment. Macquarie Financial Products Management Ltd and Macquarie Alternative Assets Management Ltd (Macquarie) are responsible for operating forestry projects on behalf of retail investors across nine managed investment schemes established between 2003 and 2011 inclusive (Projects). All of the Projects continue to be well funded and are operating in accordance with the scheme constitutions and the PDSs. 1 of 18 macquarie.com

2 Macquarie Forestry Update of 18 Australian woodchip price update Trade in the hardwood woodchip market is predominantly denominated in US dollars, with supply emanating from producers located all over the globe including North America, Latin America, Oceania, South-East Asia, Europe and Africa. Historically, benchmark prices for Australian hardwood woodchips were set through annual negotiations between major suppliers and Japanese pulp and paper manufacturers in Australian dollar terms. However, the nature of these negotiations have changed over recent years, with more and more contracts priced in US dollar terms and often at spot prices, rather than an annually negotiated price benchmark. The shift towards the use of spot prices in Australian hardwood woodchip trade has occurred primarily due to uncertainty on both the supply and demand side, highlighting a preference for short-term over longer term contracts in recent times. From the demand side, the tsunami that hit Japan in 2011 caused a number of pulp and paper facilities to permanently shut down. This shutdown and the lingering effects of slowing demand from Japan for paper and paper products following the GFC in 2008 have seen the Japanese industry shift away from annual price contracts to an increasing number of spot market transactions. From the supply side, the corporate failures of a number of Australian forestry companies in recent times have seen the use of the spot market over long-term contracts to obtain greater shortterm cash flows. For example, a number of Chinese pulp and paper manufacturers were able to take advantage of the distressed suppliers who were prepared to sell hardwood woodchips on a ship by ship basis at low spot prices. However, since 2015, China s demand for Australian hardwood woodchips has significantly increased (see graph below). Industry participants report that a number of Chinese customers are now seeking to negotiate longer term volume commitments from Australian hardwood woodchip suppliers in order to secure large volumes of fibre over longer term contract periods (for example, 12 month contracts) rather than ship by ship trade on the spot market. Chinese Hardwood Chip Imports by Country 3,500 3,000 2,500 BDMT ( 000) 2,000 1, Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Source: Industry Edge Vietnam Australia Thailand Indonesia Malaysia

3 Macquarie Forestry Update of 18 As a result, hardwood woodchip prices, when measured in Australian dollar terms, began to rise in 2015 after being depressed at multi-decade low prices for a number of years between 2011 and While pricing of hardwood woodchips in US dollars has remained relatively flat over the last three years, the depreciation of the Australian dollar in 2015 resulted in a price increase for Australian suppliers (see graph below). It is important to note that the prices shown in the below graph represent the average export price of all hardwood woodchips, regardless of species or source. Because of the differences in their fibre and pulp yields, different export prices apply for Eucalyptus Globulus, Eucalyptus Nitens and native forest sourced fibre. Australian Hardwood Chip Exports Jul-12 Sep-12 Nov-12 Jan-13 BDMT ( 000) Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Source: Industry Edge AUDFob/bdmt USDFob/bdmt Over the last decade, Australia s hardwood woodchip exports have grown from 4.9 million Bone Dry Metric Tonnes (BDMT) in 2007 to 6.1 million BDMT in 2016, having experienced a decline in 2013, in a period where the Australian Dollar was above parity against the US Dollar (see graph below). The shift of China from an occasional recipient to a major customer of Australia s hardwood chips, had a significant positive impact on export volumes during this period. Free on board (FOB) a trade term requiring the seller to deliver goods on board a vessel designated by the buyer.

4 Macquarie Forestry Update of 18 Australian Hardwood Chip Exports 7,000 6,000 BDMT ( 000s) 5,000 4,000 3,000 2,000 1, Source: Industry Edge Current demand dynamics for hardwood woodchips are relatively stable and as Asia s living standards improve, their expanding population is not only consuming more, but also a greater variety of resources. Conversely, the supply chain for hardwood woodchip exports are generally considered to be at peak capacity in most regions and ports, with limited opportunities existing for volumes to rise any higher over a sustained period. During the last 20 years, Japan has been the largest importer of hardwood woodchips in the Asia Pacific region. The global paper and paperboard market experienced a dramatic fall in demand for paper and paperboard products during 2009 which brought forward decisions to close down older and less competitive production units in Japan. Japanese imports of hardwood woodchips peaked in 2008 with a record volume of 12.1 million before decreasing by 26% to 9.1 million BDMT in This was the lowest volume of imports for Japan since 1994 and volumes have remained in the 9.5 million to 10.5 million BDMT range ever since. Offsetting this decline in Japanese demand, the number of paper mills in China entering production has increased since China imports of hardwood woodchips increased at an annual rate of 52% between 2008 and 2013, increasing its market share of Asia Pacific woodchip imports from 7% to 44% over the period (see graph below). The growth of imports is unprecedented in the history of international hardwood woodchip trade, to the extent where China s hardwood woodchip imports surpassed Japan s in Japanese and Chinese Hardwood Chip Imports 25,000 20,000 BDMT ( 000s) 15,000 10,000 5, Source: Industry Edge China Japan

5 Macquarie Forestry Update of 18 Climatic conditions update One of the most important factors impacting tree growth is soil moisture, which is directly influenced by rainfall. When plantations are established, the trees will utilise moisture that has been stored in the soil. Once this moisture is utilised, growing trees rely on annual rainfall for continued growth. As outlined in the respective PDS for each Project, when the Projects were first established, land was identified for planting in areas compliant to Land Selection Protocols (LSPs), which set out certain requirements for land to be used in the Macquarie Forestry Projects. The LSPs took into account soil parameters, climate parameters, distance to the mill gate, terrain, block size and existing vegetation. One of the key climate parameters required by the protocols was that selected land needed to satisfy a certain pre-determined average rainfall criteria, which was based off mean long term average rainfall information available from the Australian Bureau of Meteorology (BOM). For the most part of the last decade, the Ballarat, Portland and East Gippsland regions, where the majority of the Macquarie Forestry Projects are located, have been subject to well below average rainfall conditions, including sustained periods of drought. The below average rainfall has impacted all projects and the independent expert expects lower than forecast yields across all Projects. As indicated in the 10 year rainfall charts on the following pages, in most years since plantation establishment, all plantation regions have received below average rainfall. Victorian rainfall deciles from 1 January 2017 to 30 September 2017 Rainfall Decile Ranges Highest on Record Very Much Above Average Above Average Average Below Average Very Much Below Average Lowest on Record Distribution Based on Gridded Data Australian Bureau of Meteorology The map above illustrates the amount of rainfall received across Victoria where the Macquarie Forestry Projects catchments are located from 1 January 2017 to 30 September As described in the PDS for each Project, climatic conditions and other environmental factors could have adverse impacts on timber yields. After four years of very low rainfall, most regions experienced above average rainfall in Unfortunately, this will not be sufficient rainfall to replenish the soil moisture lost in the prior dry period, which has caused tree growth to slow across most regions.

6 Macquarie Forestry Update of 18 Annual rainfall charts across selected Macquarie Forestry Projects Catchments Hamilton annual rainfall vs long term average Source: Australian Bureau of Meteorology Annual Mean Casterton annual rainfall vs long term average Source: Australian Bureau of Meteorology Annual Mean

7 Macquarie Forestry Update of 18 Ballarat annual rainfall vs long term average Source: Australian Bureau of Meteorology Annual Mean Otway annual rainfall vs long term average Source: Australian Bureau of Meteorology Annual Mean Strzelecki annual rainfall vs long term average Source: Australian Bureau of Meteorology Annual Mean

8 Macquarie Forestry Update of 18 East Gippsland annual rainfall vs long term average Source: Australian Bureau of Meteorology Annual Mean The impact of harvesting costs on stumpage prices Unfortunately, the stumpage prices achieved for the Macquarie Forestry Projects in recent years have been below original expectations. One of the main factors driving this is lower timber production from the plantation caused by the below average rainfall. This has seen properties achieve lower than anticipated growth, which has in turn increased the costs of harvest on a per Green Metric Tonne (GMT) basis. Harvesting operations are normally conducted by clear felling trees (i.e. mechanically cutting the tree at the base of the stump). Harvest contractors are required to mechanically cut each individual tree so the trunks can be processed (bark and limbs stripped) and the logs can then be piled. A similar amount of time is required to mechanically cut a smaller diameter tree (i.e. an underperforming tree) as compared to a larger diameter tree (i.e. a performing tree). This is one example of a fixed cost consideration when cutting down each of the approximately 900 standing trees per hectare, regardless of the size (or weight) of the tree. Moreover, road construction for the harvest and transport of timber is fixed, irrespective of the weight of the timber. When this fixed cost is then spread across a property that has underperformed with a lower overall amount of timber volume, it results in average harvesting cost per GMT to be relatively higher. Conversely, for properties that have outperformed, as the fixed cost is spread across a larger volume, the average dollar cost per GMT is relatively lower. Harvest and roading costs are two examples of supply chain costs that influence overall stumpage prices. Other factors include the mill door price paid per GMT for the timber and transport costs. Given that growth rates across all projects have been negatively impacted by dry conditions to date, harvest costs as a proportion of harvest revenue are likely to remain high and stumpage prices are likely to be lower than original expectations.

9 Macquarie Forestry Update of 18 Inventory measurements and tree growth models The Macquarie Forestry team engages expert silviculturists to perform inventory measurements on your trees when they are at ages 3, 5, 7 and 9 years. Inventory measurements are used in conjunction with industry accepted mathematical growth models to estimate the likely merchantable volume of the plantation when the trees are ready for harvest at around 10 years old. Preliminary analysis from an alternative growth model (the Ballarat / Upper-Goulburn model or BUG model ) suggests that growth projections between it and the Wong Model are similar at (tree age) year ten on higher rainfall sites. However, on low rainfall sites (e.g. where sites have experienced rainfall below 650mm per annum), future harvest yields will be lower under the BUG model than the previously industry accepted Wong model. It is important to understand that while growth models are helpful in estimating ongoing tree growth and performance, they are limited in that they are unable to fully capture all types of agriculture risk factors. Furthermore, forecast accuracy of the growth model improves the nearer the inventory measurements are taken to projected harvest. For example, a year three inventory measurement requires a greater degree of extrapolation (and is therefore less reliable) than a year seven inventory measurement which is closer to harvest. Therefore, greater care must be taken when relying on inventory results from younger trees. The table below summarises the 2017 inventory yield estimates for the 2007, 2009 and 2011 projects and the 2016 inventory yield estimates for the 2006, 2008 and 2010 projects, both measured by the BUG and Wong models. Table 1 Macquarie Forestry Investments - Performance Summary PROJECT MEASUREMENT YEAR OR (HARVEST COMMENCEMENT YEAR) BUG MODEL EXPECTED YIELD (GMT/HA) WONG MODEL EXPECTED YIELD (GMT/HA) ACTUAL YIELD ACHIEVED TREE PROJECT PROCEEDS (PER HECTARE) LAND TRUST PROCEEDS (PER HECTARE)*** 2003 (2014) 166 $1, $3, (2015) 149 $1, $3, (2016) 98* $860.00** $2,820.00** 2006 (2017) 133* $2,780.00** n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a * Estimate only. Harvest has commenced for the Project and the estimated yield is based on current information. ** Estimate only. The estimated Tree Project and Land Trust proceeds are based on current information. *** Land Trust proceeds include Deferred Rent paid to the Land Trust in addition to net sales proceeds of land.

10 Macquarie Forestry Update of Project update Sale of land The Macquarie Timber Land Trust 2003 (2003 Land Trust) comprised 10 different properties located across the Ballarat, Otway and Strzelecki regions of Victoria. All properties have been sold; the final property settled on 28 June A final distribution of land sale proceeds was paid to investors on 15 August 2017 and the 2003 Land Trust is in the process of being wound up in accordance with the terms of its Constitution. The weighted average sale price achieved for the 2003 Land Trust was $3,134 per net plantable hectare (before selling costs and expenses). The following table shows the property values achieved from sales in the different regions. A summary of the land sales for the 2003 Land Trust is outlined below: 2003 LAND TRUST TOTAL AREA (HA) AREA SOLD (HA) SALE PRICE ACHIEVED PER HA Bone Dry Metric Tonnes (BDMT) a measurement used in the forestry industry relating to a metric tonne of dried hardwood woodchips. Green Metric Tonnes (GMTs) a term used in the forestry industry for a metric tonne of freshly cut timber, bark mulch, etc. Standing Volume the actual GMT of wood at the point the tree is cut down, before harvest. Ballarat $1,940 Otway $5,423 Strezlecki $3,300 Total / Weighted Avg 1,068 1,068 $3,134 All distributions which have been made to investors in the 2003 Land Trust are outlined below: TIMING SOURCE AMOUNT (PER UNIT) Aug-14 Deferred Rent paid $39.79 Sep-15 Deferred Rent paid $ Sep-15 Land sales paid $ May-16 Deferred Rent paid $33.47 May-16 Land sales paid $1, Feb-17 Land sales paid $ Aug-17 Land sales paid $ Total distribution $3,182.05

11 Macquarie Forestry Update of Project update Sale of land The Macquarie Timber Land Trust 2004 (2004 Land Trust) comprised 34 different properties located across the Ballarat, Otway and East Gippsland regions of Victoria. All properties have been sold; the final property settled on 22 June A final distribution of land sale proceeds was paid to investors on 15 August 2017 and the 2004 Land Trust is in the process of being wound up in accordance with the terms of its Constitution. The weighted average sale price achieved for the 2004 Land Trust was $3,505 per net plantable hectare (before selling costs and expenses). The following table shows the property values achieved from sales in the different regions. A summary of the land sales for the 2004 Land Trust is outlined below: 2004 LAND TRUST TOTAL AREA (HA) AREA SOLD (HA) SALE PRICE ACHIEVED PER HA Ballarat 1,137 1,137 $2,325 Otway 1,314 1,314 $5,731 East Gippsland 1,176 1,176 $2,157 Total / Weighted Avg 3,627 3,627 $3,505 Merchantability of timber reflects the percentage of standing timber that can be processed into woodchips and later sold. The percentage of merchantable timber will vary between plantations and can also vary depending on the harvesting method used. Merchantability yields described in this report are based on a merchantability factor of 85 per cent of standing timber. Actual merchantability may be higher or lower than these amounts. Mean Dominant Height (MDH) the mean (average) height of the tallest trees in a sample. Fire Breaks Fire Breaks are gaps in the forest to help stop the spread of fire and allow access to the fire fighting appliances if necessary. All distributions which have been made to investors in the 2004 Land Trust are outlined below. Please note that 1 Unit equals 1/3 of a hectare: TIMING SOURCE AMOUNT (PER UNIT) AMOUNT (PER HA) Aug-15 Deferred Rent paid $15.47 $46.41 Aug-16 Deferred Rent paid $49.07 $ Aug-16 Land sales paid $1, $3, Feb-17 Land sales paid $97.18 $ Aug-17 Land sales paid $29.56 $88.67 Total distribution $1, $3,580.97

12 Macquarie Forestry Update of Project update Harvest update Harvest of the Macquarie Eucalypt Project 2005 (2005 Tree Project) commenced in early The harvest is approximately 91% complete with harvest expected to be completed by 31 March The initial stumpage price negotiations between MAAML and Midway resulted in the parties being unable to agree a price for the 2005 Tree Project. The parties followed the contracted price dispute resolution process and agreed to adopt an Independent Expert s weighted average stumpage price of $12.30 per GMT for the merchantable timber in the 2005 Tree Project as a provisional stumpage price for the 2005 Project. The parties also agreed to use the actual costs of harvest rather than the pre harvest budgeted costs when calculating the final stumpage price, meaning that any cost saving, or conversely, additional expenses will be passed onto investors. It should be noted that under the terms of the off-take agreement with Midway, the agreed stumpage price will be adjusted, either upwards or downwards, due to movements in the market price of timber during the harvest period. The Independent Expert s weighted average stumpage price for the merchantable timber in the 2005 Tree Project was calculated based on a forecast of a total expected merchantable volume of 531,274 GMT. This was based on inventory estimates provided by Midway at the commencement of harvest and had been produced after measurements across sites had been undertaken and the results extrapolated, in accordance with normal forestry practice. Unfortunately, the final quantity of timber harvested for the 2005 Tree Project will be less than the forecast provided prior to the harvest commencing. As we are nearing the completion of the harvest, the total merchantable volume is expected to be between 475,000 GMT to 495,000 GMT. This will have a negative impact on returns for the 2005 Tree Project. The final distribution of harvest proceeds for the 2005 Tree Project will not be paid to investors until the harvest is completed and is expected to be approximately $80 per Interest. All distributions which have been made to investors in the 2005 Tree Project are outlined below: TIMING SOURCE AMOUNT (PER INTEREST) Aug-16 Harvest proceeds paid $ Feb-17 Harvest proceeds paid $ Harvest proceeds paid to date $778.19

13 Macquarie Forestry Update of 18 Sale of land The Macquarie Timber Land Trust 2005 (2005 Land Trust) comprised 33 different properties located across the Ballarat, Otway, Strzelecki, East Gippsland and Green Triangle regions of Victoria. To date, 22 of the 33 properties have been sold, representing 2,425 net plantable hectares of the 4,904 net planted hectares owned by the 2005 Land Trust. The weighted average sale price expected to be achieved for the 2005 Land Trust is approximately $2,714 per net plantable hectare (before selling costs and expenses). A summary of the land sales for the 2005 Land Trust is outlined below: 2005 LAND TRUST TOTAL AREA (HA) AREA SOLD (HA) AREA UNDER CONTRACT (HA) REMAINING AREA UNSOLD (HA)* EST. SALE PRICE ACHIEVED PER HA Ballarat 1,296 1,296 $2,981 Otway $5,395 East Gippsland $2,685 Strzelecki $7,084 Green Triangle 1,903 1,903 $2,066 Total / Weighted Avg 4,904 2,425 1, $2,714 All distributions which have been made to investors in the 2005 Land Trust are outlined below: TIMING SOURCE AMOUNT (PER UNIT) Aug-15 Pine sale proceeds paid $16.06 Aug-16 Deferred Rent paid $38.12 Feb-17 Deferred Rent paid $50.65 Feb-17 Land sales paid $ Aug-17 Land sale paid $ Distributions paid to date $1, * For Remaining area unsold we have assumed the estimated sale price achieved is the average sale price actually achieved to date in the same region.

14 Macquarie Forestry Update of Project update Harvest update The Macquarie Eucalypt Project 2006 (2006 Tree Project) has two off-take agreements to sell timber to Midway and Australian Paper. The 2006 Tree Project is expected to supply merchantable volumes of approximately 370,000 GMT and 159,000 GMT to Midway and Australian Paper respectively. This equates to a yield of approximately 133 GMT per hectare. Negotiations with Midway ended in February 2017 with both parties agreeing to an Independent Expert s provisional stumpage price of $24.75 per GMT. In addition, Midway and Macquarie agreed to a harvest schedule, which will see the harvest completed by 31 March It should be noted that under the terms of the off-take agreement with Midway, the agreed stumpage price will be adjusted, either upwards or downwards, due to movements in the market price of timber during the harvest period. Negotiations with Australian Paper ended in June 2017 with both parties agreeing to a provisional weighted average stumpage price of $24.34 per GMT for plantations in the East Gippsland and Strzelecki regions. Australian Paper have also agreed to use the actual costs rather than the pre harvest budgeted costs when calculating the final stumpage price for properties with reduced yields. Any cost saving, or conversely, additional expenses from these properties will be passed onto investors. Australian Paper commenced harvest in July 2017 and both parties have agreed to a harvest schedule which will see the harvest completed by 30 June Once harvest of all merchantable timber from the 2006 Tree Project is completed it is currently anticipated that investors will receive a total distribution of approximately $2,780 per Interest after all fees and expenses. Of this, $ per Interest was paid to investors on 24 August Further distributions will be progressively paid out to investors over the 2018 to 2021 financial years as harvest proceeds are received by MAAML from Midway and Australian Paper. Sale of land The Macquarie Timber Land Trust 2006 (2006 Land Trust) comprised 29 different properties located across the Ballarat, Otway, Strzelecki, East Gippsland and Green Triangle regions of Victoria. To date, 1 of the 29 properties is under contract, representing 125 net plantable hectares of the 3,933 net planted hectares owned by the 2006 Land Trust. The sale price achieved for this sale is $3,207 per net plantable hectare (before selling costs and expenses). As the trees are still yet to be harvested on the property we have agreed a settlement date of 21 days after the completion of harvest on the property Land Trust property locations and area LOCATION NET PLANTED AREA (HA) Ballarat 1,043 East Gippsland 869 Green Triangle 1,790 Otway 84 Strzelecki 147 Total 3,933

15 Macquarie Forestry Update of Project update Trees in the Macquarie Eucalypt Project 2007 (2007 Tree Project) were planted in June 2008 and are now into their ninth year of growth. The year nine inventory checks for the 2007 Tree Project were completed in Growth projections for the 2007 Tree Project range from a total yield of 123 GMT (BUG model) to 130 GMT (Wong model) per hectare. The 2007 Tree Project is scheduled to commence harvest at the beginning of We are currently negotiating a stumpage price for the 2007 Tree Project with Midway and Australian Paper, and will provide investors with updates on the negotiations in the quarterly updates Land Trust property locations and area LOCATION NET PLANTED AREA (HA) Ballarat 233 East Gippsland 142 Green Triangle 2,311 Strzelecki 150 Total 2, Project update Trees in the Macquarie Eucalypt Project 2008 (2008 Tree Project) were planted in 2009 and are now into their eighth year of growth. The Independent Expert noted that growth rates vary within and between plantations and that some areas within plantations were showing signs of drought stress due to consecutive years of below average rainfall. The year seven inventory checks of the 2008 Tree Project was completed in Growth projections for the 2008 Tree Project range from a total yield of 112 GMT (BUG model) to 131 GMT (Wong model) per hectare. The next scheduled inventory measurement for the 2008 Tree Project will be the year nine inventory checks which will occur mid The results will be reported to investors in the 2018 newsletter.

16 Macquarie Forestry Update of Project update Trees in the Macquarie Eucalypt Project 2009 (2009 Tree Project) were planted in 2010 and are now into their seventh year of growth. The Independent Expert noted that growth rates vary within and between plantations and that some areas within plantations were showing signs of drought stress due to consecutive years of below average rainfall. The year seven inventory checks of the 2009 Tree Project was completed in Growth projections for the 2009 Tree Project range from a total yield of 102 GMT (BUG model) to 119 GMT (Wong model) per hectare. The next scheduled inventory measurement for the 2009 Tree Project will be the year nine inventory checks which will occur mid The results will be reported to investors in the 2019 newsletter Project update Trees in the Macquarie Eucalypt Project 2010 (2010 Tree Project) were planted in 2011 and are now into their sixth year of growth. The Independent Expert noted that growth rates vary within and between plantations and that some areas within plantations were showing signs of drought stress due to consecutive years of below average rainfall. The year five inventory checks of the 2010 Tree Project was completed in Growth projections for the 2010 Tree Project range from a total yield of 88 GMT (BUG model) to 120 GMT (Wong model) per hectare. There are risks in relying on the year five inventory information due to extrapolation required by the growth models to project the future performance of young trees. A level of caution must therefore be applied to these early inventory results. The next scheduled inventory measurement for the 2010 Tree Project will be the year seven inventory checks which will occur mid The results will be reported to investors in the 2018 newsletter.

17 Macquarie Forestry Update of Project update Trees in the Macquarie Eucalypt Project 2011 (2011 Tree Project) were planted in 2012 and are now into their fifth year of growth. Last year was the first year since the 2011 Tree Project was established that its plantations received above average rainfall. This is shown in the rainfall graphs at the beginning of this newsletter. The Independent Expert noted in his report that actions a manager can take to optimise tree growth in drought conditions include ensuring the trees are not attacked by insects and controlling competing weeds. The Independent Expert also noted that during his site visits over the past few years, the competing weeds had been controlled and that there was negligible insect damage to the trees. The year five inventory checks of the 2011 Tree Project was completed in Growth projections for the 2011 Tree Project range from a total yield of 88 GMT (BUG model) to 120 GMT (Wong model) per hectare. There are risks in relying on year five inventory information due to extrapolation required by the growth models to project the future performance of young trees. A level of caution must therefore be applied to these early inventory results. The next scheduled inventory measurement for the 2011 Tree Project will be the year seven inventory checks which will occur mid The results will be reported to investors in the 2019 newsletter. Independent Expert Geddes Management Pty Ltd Geddes Management Pty Ltd (Geddes Management ) is a South Australian based independent management consultancy company, specialising in plantation forestry. David Geddes, principal of Geddes Management, has a Bachelor degree in forestry with more than 45 years of practical plantation forestry experience. He has broad hardwood and softwood forestry expertise, including direct managerial experience in plantation management, forestry harvesting and haulage, and in timber processing. Geddes Management has been providing independent hardwood and softwood plantation consultancy services since 1993, with significant consultancy experience in all plantation regions of Australia, as well limited consulting in South America and New Zealand. Work has included plantation audits, technical support, valuations, demand and supply analyses, risk assessments and loss adjustments. David is a member of several professional associations including the Institute of Foresters of Australia (IFA), the Australian Institute of Management (AIM) and the Australian Organisation for Quality. He is accredited through the IFA as a Registered Professional Forester and through AIM as a Certified Practising Manager. Geddes Management is not in any way related to MAAML, Midway or McEwans but has been engaged as an Independent Forester for the Macquarie Eucalypt Projects to inspect and review a sample of plantations in each Project and is paid a fee in respect of these services.

18 Macquarie Forestry Update of 18 Keep up-to-date If you have any questions regarding your investment, please contact your financial adviser or the Macquarie Client Service Team on free call or You can safely and easily monitor your Macquarie investments by logging onto GearUp, our secure online site, at macquarie.com.au. Simply use your Macquarie Access Code (MAC) to login Click Login Click Personal Enter your MAC and password At the myhome@macquarie page, click the account that you wish to view. This information has been prepared by Macquarie Alternative Assets Management Limited ABN , AFSL , (MAAML) and Macquarie Financial Products Management Limited ABN , AFSL , (MFPML) and is current as at 9 November This information has been prepared for general information purposes and does not take account of your objectives, financial situation or needs. Before acting on this general advice, you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision. This newsletter has been prepared in good faith with all reasonable care. However, certain parts of the information in this document may have been obtained or may be based upon information obtained from third parties which may not have been checked or verified and consent may not have been obtained from all relevant stakeholders. MAAML and MFPML believe these sources to be reliable but do not make any representation or warranty that the information is accurate, complete, verified or up to date. Further, this newsletter is prepared based on circumstances, market conditions and beliefs existing at the point of preparation. To the extent permitted by law, none of MAAML, MFPML, any other company in the Macquarie Group or their respective directors, employees, consultants and agents makes any warranty as to the accuracy or suitability of this information or accepts any liability for errors or misstatements, negligent or otherwise or any loss or damage suffered by any person arising out of or in relation to this newsletter. Past performance is not an indication of future performance and no guarantee is given in respect of the performance of, or return of capital from, an investment or any fund. Certain statements in this newsletter constitute forward-looking statements. These statements typically contain words such as believes, estimates, expects or similar words indicating that the future outcomes are uncertain. Because forward-looking statements made in this newsletter involve risks and uncertainties, there are important factors that could cause actual results to differ materially, positively or negatively, from those expressed or implied by such forward-looking statements. Future results are impossible to predict. To the extent that this newsletter contains forward looking statements, no representation is made or will be made that they will be achieved or will prove to be correct. Investments in the Macquarie Forestry Investments are not deposits with, or other liabilities of, Macquarie Bank Limited ABN (MBL) or any Macquarie Group company and are subject to investment risk, including possible delays in repayment and loss of income or principal invested. Neither MBL nor any other member of the Macquarie Group guarantees any particular rate of return, the performance of, or the repayment of capital from the Macquarie Forestry Investments. For the purposes of the newsletter the Macquarie Group shall mean Macquarie Group Limited and its related bodies corporate. Macquarie Group. macquarie.com

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