APPENDIX G

APPENDIX H

Important note: The information sheets contain a summary of basic information on the topic. It is not

Insolvency information for directors, employees, creditors and shareholders ASIC has 11 insolvency information sheets to assist you if you’re affected by a company’s insolvency and have little or no knowledge of what’s involved.

These plain language information sheets give directors, employees, creditors and shareholders a basic understanding of the three most common company insolvency procedures—liquidation, voluntary administration and receivership. There is an information sheet on the independence of external administrators and one that explains the process for approving the fees of external administrators. A glossary of commonly used insolvency terms is also provided.

The Insolvency Practitioners Association (IPA), the leading professional organisation in Australia for insolvency practitioners, endorses these publications and encourages its members to make their availability known to affected people.

List of information sheets • INFO 41 Insolvency: a glossary of terms • INFO 74 Voluntary administration: a guide for creditors • INFO 75 Voluntary administration: a guide for employees • INFO 45 Liquidation: a guide for creditors • INFO 46 Liquidation: a guide for employees • INFO 54 Receivership: a guide for creditors • INFO 55 Receivership: a guide for employees • INFO 43 Insolvency: a guide for shareholders • INFO 42 Insolvency: a guide for directors • INFO 84 Independence of external administrators: a guide for creditors • INFO 85 Approving fees: a guide for creditors

Getting copies of the information sheets To get copies of the information sheets, visit ASIC’s website at www.asic.gov.au/insolvencyinfosheets. The information sheets are also available from the IPA website at www.ipaa.com.au. The IPA website also contains the IPA’s Code of Professional Practice for Insolvency Professionals, which applies to IPA members.

a substitute for legal advice. Some provisions of the law referred to may have important exceptions or qualifications. These documents may not contain all of the information about the law or the exceptions and qualifications that are relevant to your circumstances. You will need a qualified professional adviser to take into account your particular circumstances and to tell you how the law applies to you.

© Australian Securities & Investments Commission, December 2008 Page 1 of 1

APPENDIX I

Insolvency Practitioners Association of Australia ABN 28 002 472 362 33 Erskine Street, GPO Box 3921, Sydney NSW 2001 P+61 2 9290 5700 F +61 2 9290 2820 www.ipaa.com.au

Creditor Information Sheet

Offences, Recoverable transactions and Insolvent Trading

Offences A summary of offences that may be identified by the administrator:

180 Failure by officer to exercise a reasonable degree of care and diligence in the exercise of his powers and the discharge of his duties.

181 Failure to act in good faith.

182 Making improper use of position as an officer or employee, to gain, directly or indirectly, an advantage.

183 Making improper use of information acquired by virtue of his position.

184 Reckless or intentional dishonesty in failing to exercise duties in good faith for proper purpose. Use of position or information dishonestly to gain advantage or cause detriment.

206A Contravening an order against taking part in management of a corporation.

206A, B Taking part in management of corporation while being an insolvent under an administration.

206A, B Acting as a director or promoter or taking part in the management of a company within five years after conviction or imprisonment for various offences.

209(3) Dishonest failure to observe requirements on making loans to directors or related companies.

254T Paying dividends except out of profits.

286 Failure to keep proper accounting records.

312 Obstruction of auditor.

314-7 Failure to comply with requirements for financial statement preparation.

437C Performing or exercising a function or power as officer while a company is under administration.

437D(5) Unauthorised dealing with company's property during administration.

438B(4) Failure by directors to assist administrator, deliver records and provide information.

438C(5) Failure to deliver up books and records to administrator.

590 Failure to disclose property, concealed or removed property, concealed a debt due to the company, altered books of the company, fraudulently obtained credit on behalf of the company, material omission from Report as to Affairs or false representation to creditors.

Voidable Transactions

Preferences

A preference is a transaction such as a payment between the company and one or more of its creditors, in which the creditor receiving the payment is preferred over the general body of creditors. The relevant time period is six months before the commencement of the liquidation. The company must have been insolvent at the time of the transaction, or become insolvent as a result of the transaction.

Where a creditor receives a preferred payment, the payment is voidable as against a liquidator and is liable to be paid back to the liquidator subject to the creditor being able to successfully maintain any of the defences available to the creditor under either the Corporations Act. Uncommercial Transaction

An uncommercial transaction is one that it may be expected that a reasonable person in the company's circumstances would not have entered into having regard to: • the benefit or detriment to the company; • the respective benefits to other parties; and, • any other relevant matter.

To be voidable, an uncommercial transaction must have occurred during the two years before the liquidation. However, if a related entity is a party to the transaction, the time period is four years and if the intention of the transaction is to defeat creditors, the time period is ten years.

Insolvency Practitioners Association of Australia Creditor Information Sheet s439A report (2) Page 2

The company must have been insolvent at the time of the transaction, or become insolvent as a result of the transaction. Unfair Loan

A loan is unfair if and only if the interest was extortionate when the loan was made or has since become extortionate. There is no time limit on unfair loans – they only have to have been entered into any time on or before the day when the winding up began. Arrangements to avoid employee entitlements

If an employee suffers loss because a person (including a director) enters into an arrangement or transaction to avoid the payment of employee entitlements, the liquidator or the employee may seek to recover compensation from that person. It will only be necessary to satisfy the court that there was a breach on the balance of probabilities. There is no time limit on when the transaction occurred. Unreasonable payments to directors

Liquidators have the power to reclaim "unreasonable payments" made to directors by companies prior to liquidation. The provision relates to transactions made to, on behalf of, or for the benefit of, a director or close associate of a director. To fall within the scope of the section, the transaction must have been unreasonable, and have been entered into during the 4 years leading up to a company's liquidation, regardless of its solvency at the time the transaction occurred. Voidable charges

Certain charges are voidable by a liquidator: • Floating charge created with six months of the liquidation unless it secures a subsequent advance; • Unregistered charges; and • Charges in favour of related parties who attempt to enforce the charge within 6 months of its creation. Insolvent Trading

In the following circumstances, directors may be personally liable for insolvent trading by the company: • a person is a director at the time a company incurs a debt; • the company is insolvent at the time of incurring the debt or becomes insolvent because of incurring the

debt; • at the time the debt was incurred, there were reasonable grounds to suspect that the company was

insolvent; • the director was aware such grounds for suspicion existed; and • a reasonable person in a like position would have been so aware.

The law provides that the liquidator, and in certain circumstances the creditor who suffered the loss, may recover from the director, an amount equal to the loss or damage suffered. Similar provisions exist to pursue holding companies for debts incurred by their subsidiaries.

A defence is available under the law where the director can establish: • there were reasonable grounds to expect that the company was solvent and they actually did so

expect; • they did not take part in management for illness or some other good reason; or, • they took all reasonable steps to prevent the company incurring the debt.

The proceeds of any recovery for insolvent trading by a liquidator are available for distribution to the unsecured creditors before the secured creditors. Important note: This information sheet contains a summary of basic information on the topic. It is not a substitute for legal advice. Some provisions of the law referred to may have important exceptions or qualifications. This document may not contain all of the information about the law or the exceptions and qualifications that are relevant to your circumstances.

APPENDIX J

RIYri

WILLMOTT GROUP

REMUNERATION REPORT FOR PERIOD 26 OCTOBER TO 15 NOVEMBER 2010

ADMINISTRATORS’ REMUNERATION REPORT FOR PERIOD 26 OCTOBER TO 15 NOVEMBER 2010

WILLMOTT GROUP OF COMPANIES Willmott Forests Limited (ACN 063 263 650) ("WFL")

Willmott Finance Pty Ltd (ACN 081 274 811) Willmott Forest Products Pty Ltd (ACN 103 019 094)

Willmott Forests Investment Management Pty Ltd (ACN 098 718 837) Willmott Forest Nominees Pty Ltd (ACN 085 588 772)

Willmott Energy Pty Ltd (AGN 130 251 759) Wilmott Subscriber Pty Ltd (ACN 134 963 027) Bioenergy Australia Pty Ltd (ACN 096 335 901)

Bioforest Limited (ACN 096 335 876) Willmott Notes Pty Ltd (ACN 134 963 036)

(All Administrators Appointed)

(All Receivers And Managers Appointed)

(together, Willmott Group)

BACKGROUND

Craig Crosbie and Ian Carson (Administrators) were appointed Administrators of the Willmott Group by order of the Federal Court of Australia on 26 October 2010.

The Company is the Responsible Entity and Manager of the schemes set out in Schedule 1 and Schedule 2 to this report (Willmott Schemes).

This report identifies the fees incurred by the Administrators in the conduct of the administration for the period 26 October 2010 to 15 November 2010 (Period).

All of the Administrators’ fees incurred during the Period related solely to WFL. If costs in any later period relate specifically to other companies within the Willmott Group, we will address this in the relevant remuneration report.

During the Period, the Administrators have:

� conducted investigations and a review of key scheme documents, an analysis of a 6 month budget for the Willmott Schemes and recently commenced a scheme viability analysis;

� commenced investigations into the affairs of the Willmott Group, including a review of books and records of WFL and discussions with key management personnel;

� had dealings with various key stakeholders including regular meetings with the representatives of the investors (Growers), dealings with the secured creditors and Receivers and Managers, employees and unsecured creditors;

� investigated the costs expected to be incurred by WFL as owner and manager of the Willmott Schemes including, for example, statutory costs and fire preparedness;

� had dealings with WFL’s insurer to determine the current insurance position and negotiate further cover, and writing to all Growers to advise them they have an option to insure their woodlots;

� commenced an expressions of interest campaign for recapitalisation, restructuring, or replacement of the responsible entity or manager of the Willmott Schemes; and

� ensured that all statutory responsibilities have been met, including lodgement of forms with ASIC and the ATO.

BASIS FOR CHARGING FEES

The Administrators’ rates were provided to the Federal Court on or before 26 October 2010 by way of letter to Clayton Utz dated 21 October 2010 which was produced to the Court. The Administrators’ rates are set out in Appendix A to this report.

The Administrators’ fees are charged on the basis of time spent on the administration in accordance with Insolvency Practitioners Association guidelines. The Administrators have taken all reasonable steps to ensure that the employees engaged in the administration have the appropriate experience for the work conducted.

This report identifies in respect of all fees:

� the nature of the work performed; � the amount of time spent by the Administrators and their employees; � the seniority of those personnel; and � the rates charged in respect of those personnel.

Fees outlined in this remuneration report have not been attributed to specific schemes or companies on the basis that all scheme-related tasks undertaken by the administrators to date have been general tasks. In subsequent reports, where fees are attributable to a particular scheme or company, the Administrators will identify the scheme or company to which the fees relate.

3 STAFFING OF ADMINISTRATION

LEVEL NAME RESPONSIBILITY EXPERIENCE

Partner Craig Crosbie Appointee 21 Years

Partner Ian Carson Appointee 30 Years

Partner Cohn Egan Expressions of Interest Program

18 Years

Director Barry Wight Team Leader 17 Years

Director Les Cullen Scheme Analysis 25 Years

Director Carl Hoerner Scheme Analysis 15 Years

Director Anthony Natoli Expressions of Interest Program

25 Years

Senior Manager Aaron Finlayson Expressions of Interest Program

9 Years

2

Manager Michael Carmody Statutory & Trade On Management

5 1/2 Years

Manager Ben Te Wierik Investigations 6 Years

Supervisor Bridgette Watson Grower’s Liaison 4 Years

Supervisor Michael Paterson Scheme Analysis 5 Years

Supervisor Ronan Lehane Remuneration 4 Years

Analyst 1 Evan Wright Expressions of Interest Program

4 Years

Analyst 1 May Kelly Creditors 2 % Years

Analyst 1 Roydon Saldanha Budgeting 2 Years

Analyst I Diana Micovski Statutory 2 % Years

Analyst 2 Robert Gold Creditors 2 Years

Analyst 2 Anna Sajben Administrative Tasks

2 Years

Graduate Christopher Tung Scheme Analysis 1 Year

Bookkeeper Fatima Onal Administrative Tasks

6 Years

Personal Assistant Sky Austin-Martin Administrative Tasks

5 % Years

Personal Assistant Taryn Green Administrative Tasks

6 Years

4 FEES INCURRED

The Administrators’ fees incurred during the Period in performing general scheme-related tasks as part of the administration total $105,479.90.

The Administrators’ fees incurred during the Period in performing non-scheme-related tasks as part of the administration total $122,936.60.

A breakdown of these fees is recorded in Appendix B to this report (summary of hours spent) and Appendix C to this report (summary of work completed).

5 ANALYSIS OF TIME SPENT ON ADMINISTRATION

The fees incurred by the Administrators can be broken down into the following categories:

� scheme-related costs; � administration; � assets; � creditors; � employees; � investigation; and � trade on.

The distribution of fees incurred amongst these categories is illustrated in the graph below.

Distribution of Fees by Task

DScheme Costs DAdministration IMAssets RCreditors QEmployees Minvestigation *TradeOn

Scheme related costs comprised 46% of the overall fees incurred by the Administrators during the Period. Tasks in this category include:

� analysing the nature and viability of the Willmott Schemes; � dealing with Growers’ concerns and queries and reviewing various Growers’ reports; � preparing all relevant documents to conduct an expressions of interest campaign for

the Willmott Schemes; and � overall management of the Willmott Schemes going forward including preparation of

budgets.

In relation to general administration costs a significant amount of time has been spent dealing with the following areas:

� liaising with stakeholders, including creditors and employees; � complying with statutory requirements, including lodging forms with ASIC and the

ATO; � corresponding with suppliers and landlords; � investigations into the Bombala land and valuations attributed thereto; and � insurance.

A detailed breakdown of time spent on all areas is set out in Appendix C of this report. Individual timesheet records can be provided upon request.

4

6 SENIORITY OF PERSONNEL

Due to the recent appointment of the Administrators and the complex nature of the administration, there has been a greater need for the involvement of senior staff to date, in directing the administration and overseeing the team of employees assisting with the administration.

The Administrators expect that as the administration progresses, senior staff will become less involved and the bulk of the Administrators’ fees incurred will be attributable to mid-range and junior staff.

There have been three directors involved full-time during the Period in the following roles:

� Barry Wight - overall team leader involved in overseeing the administration in its entirety. � Les Cullen & Carl Hoerner - responsible for overseeing the analysis and review of the

Willmott Schemes.

A Senior Manager has been involved full time in an advisory role working on expressions of interest for:

� the Willmott Schemes; � possible restructuring or recapitalisation of The Willmott Group; and � asset acquisitions.

Managers and Supervisors have been active in dealing with a number of important issues such as liaising with creditors and Growers and complying with statutory requirements.

Junior staff have assisted in supporting senior staff in dealing with such things as creditors’ and Growers’ queries and the analysis of scheme documents.

The breakdown of work conducted during the period in terms of seniority of personnel is illustrated in the graph below:

Position Hours Worked by Position

Partner

Director

Senior Manager

Manager

Supervisor

Senior Analyst 1

Analyst 1

Analyst 2

Graduate

Bookkeeper

PA

0 50 100 150 200

Number of Hours

5

Schedule I - Manacled Investment Schemes

Willmott Forests 1989 - 1991 Project Willmott Forests 1995 - 1999 Project Willmott Forests Project BioForest Dual Income Project 2006 BioForest Sustainable Timber and Biofuel Project 2007 Willmott Forests Premium Forestry Blend Project Willmott Forests Premium Forestry Blend Project - 2010 Project Willmott Forests Premium Timberland Fund No. 1

Schedule 2 - Unregistered Managed Investment Schemes

1983 (No Project) 1984 (No Project) 1985 (No Project) 1986 (No Project) 1987 (No Project) 1989 (No Project) 1990 (No Project) - Interest Only Offer 1991 (No Project) Mckenzie & Partners - Forestry Partnership No.1 (1993) Grimsey & Associates Pty Ltd - Forestry Partnership No. 1 (1994) Grimsey & Associates Pty Ltd - Forestry Partnership No. 2 (1994) Grimsey & Associates Pty Ltd - Forestry Partnership No. 3 (1994) McKenzie & Partners - Forestry Partnership No. 2 (1994) 1995 (No Project) (Custom) Sharp/Reed Plantation Project -1998 Information Memorandum Willmott Forests - Professional Investor - 2001 Project - 2001 Information Memorandum 2001 (No Project) WiIImott Forests - Professional Investor - 2002 Project - 2002 Information Memorandum Willmott Forests - Professional Investor - 2003 Project - 2003 Information Memorandum (2003) and 2003 Information Memorandum (2004) Willmott Forests - Professional Investor - 2004 Project - 2004 Information Memorandum and 2004 Information Memorandum (2005) 2005 BioForest Wholesale Project No. 2 - 2005 Wholesale Forestry Memorandum (Bioforest) Willmott Forests - Professional Investor - 2006 Project - 2006 Information Memorandum

APPENDIX A

ADMINISTRATORS’ APPROVED RATES

POSITION DESCRIPTION HOURLY RATE

Principal Registered and I or Official Liquidator, Administrator or Registered 560 Appointee Trustee in Bankruptcy or Partner, bringing their specialist skills to the

administration or insolvency task.

Director/ Principal Extensive insolvency or equivalent experience, at least 5 years at 460 manager level as a qualified accountant and capable of controlling all aspects of an administration.

Senior Manager More than 7 years insolvency or equivalent experience, at least 3 of 440 which as a manager and qualified accountant. Answerable to the appointee but otherwise responsible for all aspects of administration. Experienced at all levels and considered very competent. Controls staff and their training.

Manager 6-7 years, qualified accountant, with well developed technical and 330 commercial skills. Is constantly alert to opportunities to meet clients’ needs and to improve the clients’ future operation either by revenue enhancement or by reducing costs and improving efficiency. Controls 2-4 staff.

Supervisor 4-6 years. ICAA/CPA or equivalent qualification. Has conduct of minor 300 administrations and experience in control of 1-3 staff. Assisting with the planning and control of medium to larger jobs.

Senior Analyst 1 2-4 years. ICANCPA is normally completed within this period. Assisting 234

with the planning and control of small to medium scale jobs as well as

Senior Analyst 2 performing some of the more senior work on larger jobs. 215

Analyst 1 0-2 years. ICAA/ CPA is normally commenced within this period. 200 Required to assist in day to day fieldwork under supervision of more

........................... 154

senior staff.

Graduate 0-1 years. Has recently completed an appropriate degree. Required to 154 assist in day to day fieldwork under supervision of more senior staff.

Undergraduate Undertaking an appropriate degree. Required to assist in administration 154 and day to day fieldwork under supervision of more senior staff.

Senior More than 5 years experience dedicated to specialised IPS/Sol 6 154 Bookkeeper processing.

Bookkeeper Skilled operator dedicated to specialised IPS/Sol 6 processing. 150

PA Appropriate skills including machine usage. 150

Administration Non qualified. Classification depends on experience, salary and 95 complexity of work to be conducted.

-o -o m z a

911

Client Name: WILLMOTT GROUP OF COMPANIES

CALCULATION OF REMUNERATION FOR THE PERIOD 26 OCTOBER 2010 TO 15 NOVEMBER 2510

__ __ CROSBIE, CRAIG Partner 560.00 36.60 20,496.00 5,040.00 9.00 9,772.00 77.40 2,436.00 4,35 1,736.00 3.10 - - 840.00 1.50 672.00 1,20

CARSON. IAN Partner 560,00 11,50 6,440,00 - - 6,440.00 11.50 - - - - - - - - - - EGAN, COLIN Partner 560.00 0.50 280.00 280.00 0.50 - - - - - - - - - - - - WIGHT, BARRY Director lPrtncipal 460,00 8738 40,194.80 2,566.80 558 21.87300 47.55 460.00 1.00 3.220,00 7,00 1,265,00 2.75 690.00 7,50 10,120.00 22.00

CULLEN. LEO Director /Principal 460.00 51.20 23,552,00 15,410.00 33.50 7,222.00 15.70 - 920.00 2.00

HOERNER.CARL Director lPrincipal 460,00 42.40 19,504.00 17,020,00 37.00 1,540.00 4.00 644.00 1,40 - - - - - - - NATOLI. ANTHONY Director I Principal 460.00 0.50 230.00 230.00 0,50 - - - - - - - - - - - - FINLAYSON, AARON Senior Manager 440.00 69.05 30,352.00 30,352.00 69.05 - - - - - - - - - - - - .ARMOOY. MICHAEL Manager 330,00 51.40 16,962.00 1,023.00 3.10 9,900.00 30.00 429.00 1.30 1,749.00 5.30 594.00 1.80 924.00 2,80 2,343,00 7.10

W1ERIK, BE YE Manager 330,00 23.10 7,623.00 - 3,993.00 12.10 2.574,50 7.80 - - - - 132.00 0,40 924.00 2.90

WATSON. BRIDGE1TE Supervisor 30000 81.40 24,425.00 8,970.00 29.90 6,990.00 2330 3,210.00 10.70 4,410.00 14.70 90.00 030 - - 75000 2,50

PATERSON. MICHAEL Supervisor 300.00 56.50 16.950,00 16.900,00 56.50 - - - - - - - - - - - - LEHANE. RONAN Supervisor 300,00 14,00 4,200,00 - - 4,200.00 14.00 - - - - - - - - - WRIGHT. EVAN Senior Arralyot 1 234.00 4.80 1,123.20 1,123.20 4,80 - - - - - - - - - - - - MAY, KELLY Analyst I 20000 1,50 300,00 - - - - - - 300.00 1.50 - - - - SALDSNHA. ROYDON Analyst 1 200,00 1,00 200,00 - - - - - - - - - - - 200.00 1.00

MICOVSKI. DIANA Analyst 200.00 0.50 100.00 - - 100.00 0.50 - - - - - - - - - GOLD, ROBERT Analyst 15405 40,40 6,221,80 - - B47.00 5,50 569.60 370 4,96460 31.25 - - - - - - SK,JBEN, ANNA Analyst 2 154,00 10,60 1,632.40 - - 1.524,60 9,90 77.00 0.50 - - - - - - 30,80 020

rUNG. CHRISTOPHER Graduate 154,00 47,00 7.238,00 6,202.45 40,60 215,80 1.40 770.00 5,00 - - - - - - ONAL. EATMA Bookkeeper 150.00 0,70 105,00 - - 10500 0.70 - - - - - - - - - AUSTIN-MARTIN, SKY PA 150.00 1.55 232.50 232.50 1.55 - - - - - - - - - - - - GREEN. TARYN PA 150,00 0.20 30,00 - - - - - - 30.00 0.20 - - - - - -

GOT

Average hourly rate (excluding GOT) 360,40

APPENDIX C DESCRIPTION OF WORK SCHEDULE

WILLMOTT GROUP OF COMPANIES

Summary of work undertaken for the period 26 October 2010 to 15 November 2010.

Task Area General Description Includes Appropriate Resources Employed

Analysis of Schemes � Review of various Public Disclosure Statements, information memoranda and other scheme documents to � The analysis of the schemes has primarily been understand the nature of the schemes and the conducted by Les Cullen and Carl Hoerner, both differences between them. Directors. Messrs Cullen and Hoerner have experience

� Understanding variations between registered and non� with MIS and were therefore appropriate for this task, registered schemes. particularly given the level of complexity involved.

� Analysing viability of various schemes, with reference to � Supervisor, Michael Paterson, and Graduate, Chris maturity, size and location of plantation, together with Tung, also assisted Messrs Cullen and Hoerner with scheme structure. non-complex tasks which were deemed appropriate for

� Assessment of short and long term schemes and their level of experience. discussions with Receivers and Managers and company � It was necessary for the MIS team as detailed opposite employees, to attend regular meetings to allow effective

� Liaising with legal advisors re scheme legalities to understanding of the complex schemes and information

Scheme Related establish how to deal with varying constitutions and to be shared efficiently. different projects within schemes.

Costs � Meetings between the MIS team consisting of Les Total: Cullen, Carl Hoerner, Christopher Tung and Michael

$105,479.90 Patterson to share information and to discuss various issues, including review of key scheme documents, viability analysis and plantation maintenance requirements.

Grower Liaison � Work on creating a Frequently Asked Questions ( FAQ’s) � Primary oversight for Grower liaison was performed by list for dealing with Growers’ concerns. Supervisor, Bridgette Watson, who is considered to have

� Discussions surrounding budgeted cashflow and the requisite level of expertise, noting significant providing information to Growers. involvement with Grower issues since the Administrators’

� Correspondence with Rachel Grant of Willmott regarding appointment. Grower register and data extraction. � Administrator, Craig Crosbie, has attended all Grower

� Dealing with Grower enquiries. meetings along with Ms Watson, and provided necessary

� Analysing cash flow on a scheme by scheme basis. guidance and oversight on Grower related issues where

� Preparing for, and meeting with, Grower representatives, appropriate. � Robbie Gold, Analyst 2 level, has provided assistance

with any routine or administrative tasks.


Grower Liaison � Attendance at meeting with Willmott Action Group (WAG) and WiUmott Growers Group (WGG) to update them on progress of the administration and strategy going forward.

� Review of 2009 and 2010 Growers’ Reports. � Meeting with Paul Kaiser of King’s Insurance Brokers to

negotiate terms of Growers’ insurance policy. � Consider letters from Macpherson & Kelley regarding

Grower claims for damages. � Dealing with information and document requests from

WAGand WGG. EOI/Recapitalisation � Preparation of timeline for expressions of interest’ � Senior Manager, Aaron Finlayson, with specialist skills in

process, outlining key tasks to be carried out and Corporate Finance has primary oversight in analysing updating once tasks are commenced or completed. the schemes and leading the expressions of interest

� Prepare advert for expressions of interest and placement process. The complexity of this administration requires in newspapers. someone who has Mr Finlayson’s experience in running

� Liaison with newspapers. similar types of processes and dealing with interested � Preparing expressions of interest pack of documents for parties.

circulation to interested parties. � Preparing list of potential interested parties and

contacting those parties. � Discussions with Administrators’ legal advisers as to

disclosure of documents and treatment of confidential information.

Scheme Maintenance � Discussions with David Sherwood (KordaMentha) and � Director, Carl Hoerner, has primarily conducted this Stephen Addicott (Willmott) regarding scheme cash analysis, noting his experience with MIS. budgets for FY 2011. � Michael Paterson, Supervisor, also provided assistance

� Meeting with Steve Addicott (Willmott) re preparation of in the analysis of forestry costings, where appropriate. forecast profit and loss statement to June 2011 and review of same.

Sale of Real Property � Discussions with Mr D Thomas from M3 Property, the � Administrator, Craig Crosbie, has predominantly carried valuer previously engaged by Willmott, regarding out tasks in relation to real property, noting his previous valuations of land. experience in property matters and the requirement to

� Telephone discussion with Messrs Sutherland and deal with senior personnel within external property

Assets Brown of Sutherland Farrelly, a property valuation organisations.

Total $11 ,169.80 company, regarding the Bombala, NSW, sites and nature � Manager, Ben Te Wierik, has assisted the Administrator of previous valuations conducted. in relation to property related tasks, particularly in

� Review property valuations provided by M3 Property as relation to the investigation into unencumbered land, at June and August 2010. noting this largely involved research and discussion with

� Discussions in relation to Shannon’s/Goldsands property Willmott management. As such, Mr. Te Wierik is at the which is unencumbered land in Bombala and appropriate level of seniority for this task. assessment of its sales potential.


Leasing � Review of correspondence received from landlords, � Barry Wight, Director, was primarily involved in dealings including notices of breach, and discussions with legal with leased land, which required the review of numerous advisors regarding Willmott’s response. agreements and obtaining legal advice. MrWight is the

� Reviewing leasing documents and understanding primary contact with the Administrators’ legal advisors. underlying rights and obligations. Mr. Wight has extensive experience in dealing with

� Review of leased vehicle register and correspondence to leasing issues from previous insolvencies and is Esanda Finance in respect of vehicles to be retained or therefore appropriate for this task. returned. � Michael Carmody, Manager, assisted with the collation of

� Review of correspondence from Forests NSW. relevant documents and initial review of the above leases, as well as a review of leased forestry motor vehicles, noting one of his primary roles is to assist the Administrators _with _operational _matters.

Creditor Enquiries � Receive and follow up creditor enquiries via telephone � Robbie Gold, Analyst 2 level, has primarily dealt with a and email, high volume of creditor issues such as phone calls or

� Maintaining creditor enquiry register. emails, noting these tasks are non-complex or of a � Review and prepare correspondence to creditors and routine nature.

their representatives via telephone and email. � Review and consider letters from Forests NSW regarding

maintenance works on leasehold land.

Creditor Reports � Commence drafting Section 439A report to Creditors. � Robbie Gold, Analyst 2 level, has been responsible for � Collation of contact information for all advisors, commencing the Section 439A report outline as well as � Review of numerous emails from the Committee of compiling the Committee of Creditors details and dealing

Creditors regarding preparation for meeting. with their enquiries. These tasks are not complex and of an_ administrative _nature.

Creditors Secured Creditor � Meetings with KordaMentha to firstly receive an update � Barry Wight, Director, has primary responsibility for Total: $16,249.80 on the current status of administration and thereafter to liaison with KordaMentha staff as he has extensive

share information, insolvency experience and knowledge. Mr Wight has � Numerous telephone discussions and email also dealt with enquiries direct from the secured

correspondence with KordaMentha regarding access to creditors, noting he has extensive experience in dealing books and records, investigations and operational with such stakeholders. issues. � Ian Carson and Craig Crosbie have been involved in

� Letters to secured creditors formally advising of meetings and discussions with the Receivers and appointment. Managers and secured creditors. This is considered

� Other correspondence with secured creditors appropriate given the complexity of issues involved, the

� Telephone conversation with Mr Berger of CBA decision making required and level of seniority of

regarding Committee of Creditors Meeting. secured creditors’ staff participating.

Dealing with Proof of Debts � Receiving, review and processing of Proof of Debt forms � Robbie Gold, Analyst 2 level, has primarily dealt with a for 386 unsecured creditors totalling $27,903,844. high volume of proofs of debt, noting these tasks are

� Review of incoming mail and distribution to appropriate non-complex or of an administrative nature. staff.


Employees Enquiry . Extensive phone conferences with Rachel Grant � Michael Carmody, Manager, has primary responsibility regarding current employee resources. for dealing with all employee issues, noting he has also

� Meeting with Willmott employees to discuss ongoing been dealing with Willmott employees throughout the roles. administration in regard to forestry management and

� Dealing with general employee enquiries, insurance matters. Mr Carmody has extensive Employees . Assessment of employee resources as per Receivers experience dealing with employee issues in other

Total: $1,949.00 and Managers correspondence received. insolvency administrations.

� Engaging with KordaMentha to discuss Willmott’s ongoing _staffing _requirements.

Other Employee Issues � Review of employee requirements at Willmott Head � Barry Wight, Director, has reviewed Mr. Carmody’s Office and onsite at the Bombala plantations. reporting on employee issues and sought approvals from

� Liaise with Receivers and Managers and key Willmott the Administrators where appropriate. He has also management personnel. liaised with the Receivers and Managers where

� Consider nature and quantum of employee entitlements. necessary.

Trade On Management � Extensive review of supply and trading agreements � Barry Wight, Director, has primary responsibility of between Visy Pulp and Willmott and preparation of managing the Administrators’ team across a number of correspondence to Visy regarding ongoing operations. trade-on issues, noting his extensive insolvency and

� Review of trade agreement with Hancock Forestry. operational experience.

� Review of Harvest Agreement between Willmott and SF � Michael Carmody, Manager, has provided the majority of

Forestry. support to Mr Wight in completing various tasks such as

� Management of PPB team including review and approval reviewing agreements, drafting correspondence, dealing

Trade On correspondence, providing guidance on trade on issues with employees etc. Mr Carniody’s level of insolvency

Total: $15,039.80 and discussions with the Receivers and Managers re experience was appropriate for dealing with various

trade-on issues. stakeholders and reviewing documents.

� Various trade on management issues including application for finance letter and discussion with financiers, instructing Willmott employees, discussions with Receivers and Managers on access to information and other issues.

� Meeting with Rob de Fegely, independent forestry expert, regarding advice on viability of the various plantations, forestry strategy and retention of key personnel.

Conducting Investigation � Investigation of funding alternatives. � Craig Crosbie, Administrator, has primary responsibility

� Investigating statutory land maintenance requirements for leading the administration team and providing

and associated risk implications, guidance and leadership where appropriate over all administration issues. This is considered critical to an

Investigation effective management of the team. Investigations to

Total: $3,506.00 date have focussed on key risk areas requiring direct appointee involvement.

Examinations � Meeting with Marcus Derham director of Willmott Group. � Craig Crosbie and Ian Carson, Administrators, held a meeting with a Willmott Group director, which is appropriate given the company officers level of seniority and the issues discussed.


Legal . Obtain and review legal advice regarding application for � Barry Wight, Director, is primarily responsible for liaison directions (including proposed finance facility, scheme with the Administrators’ legal representatives, including

funding and insurance), the dissemination of information between the legal and Administrators’ teams. MrWight has been extensively involved in affidavit preparation, noting Mr Wight has general oversight of the Administrators’ team and the complex issues involved. Craig Crosbie, Administrator, has been closely involved with various legal issues, including the court application process, _scheme _funding _and _insurance.

Correspondence � Review and respond to email from Mr D Perrett from � Outward correspondence has been prepared and inward Willmott Action Group. correspondence dealt with by various team members

� Review and respond to email from Mr R Craig of counsel since the commencement of the administration, noting

re proposed court orders. this section covers a wide range of issues as detailed.

� Review correspondence from Avitus Fernandez, former � Initial drafts of correspondence are prepared by junior administrator, regarding arrangements for handover. staff before being provided to management staff (such as

� Correspondence with to Arnold Bloch Leibler, Michael Carmody) for review.

Administrators’ solicitors. � Administrator, Craig Crosbie, has been involved in

� Drafting correspondence to landowners Hancock Vic reviewing final drafts of correspondence before signing.

Plantations Pty Ltd and Forestry Commission of NSW. � Drafting letters to legal representatives for AborGen

Australia Pty Ltd, Eastern Forest Nursery Pty Ltd and Withcott Seedlings regarding various seedling contracts.

� Review and respond to correspondence from Mr D Administration Andrews from Slater and Gordon. Total: $75,022.20 � Review correspondence from Aliens Arthur Robinson

regarding letters issued by Macpherson & Kelly on behalf of growers.

� Consideration of letter from KordaMentha re Plantation and Reforestation Code Regulation 2001.

� Drafting letters to ATO re GST registration and Commonwealth Bank re-establishing a bank account.

� Preparation and review of RATA letters to the directors of the various entities.

ASIC/ITSA Forms � Preparation and review of statutory forms and lodgement � Anna Sajben, Analyst 2 level, was involved in the

with ASIC. preparation and lodgement of statutory forms. Ms. Sajben was an appropriate member to carry out this task due to the routine nature of the task.

� Michael Carmody, Manager, reviewed relevant statutory forms for accuracy and Craig Crosbie, Administrator, executed them prior to lodgement.


Document � Establishing IT and data storage systems for � Fatima Onal, Bookkeeper, was involved in the

Maintenance/File administration and updating of appointment register. establishment of job codes. This is part of Ms. Onal’s

Review/Checklist � Review and establish internal time recording codes. primary responsibilities at PPB.

� Establish and ongoing update of administration checklist. � Michael Carmody, Manager, had primary oversight in the establishment of an internal checklist and relevant time codes and communicating such information to team members. Mr. Carmody’s level of seniority is required to monitor time recording, checklist maintenance and delegation of tasks _to_be_performed.

Meetings - Internal � Voluntary Administration Team meetings. � It was necessary for the Administrators’ team to meet on a regular basis, noting the complex nature of this appointment and a number of interrelated issues requiring _sharing _ofknowledge.

Meetings - External � Meeting with Rachell Grant - Growers Relationship � Administrators’ staff attend external meetings where their Manager to discuss numerous matters including, but not involvement is necessary for the effective management limited to, insurance of standing timber, grower relations, of the administration. staffing requirements and a general overview as to the � The seniority of staff involved in external meetings is position with the various schemes. dictated by:

� Meeting with Rob De Fegley, an independent forestry � the complexity of the discussions to occur; and expert, in relation to the Bombala land and related � the level of decision making required. matters, including background discussion regarding the company. � Craig Crosbie, Administrator, and Barry Wight, Director,

� Attendance at Willmott Forests Head Office to meet with attended a meeting with a forestry expert to discuss Andrew Knight - KordaMentha and Rachel Grant - Client general forestry strategy, maintenance issues and Relations Manager. associated risk.

� Michael Carmody, Manager, attended a meeting with Willmott’s Grower Relationship Manager given his responsibility to deal with grower related insurance queries.

ATO & Other Statutory � Correspondence with the ATO regarding registration and � Michael Carmody, Manager, conducted a review of

Reporting the Commonwealth Bank regarding establishment of an correspondence prepared by junior staff prior to signing

account. by Craig Crosbie, Administrator. � As Administrator, Craig Crosbie, was involved in

telephone discussions with Senior ASIC staff which is appropriate _noting _appointee _obligations _to the regulator.


Insurance � Discussions surrounding insurance requirements of � Barry Wight, Director, was largely involved in key Willmott as the Responsible Entity/Manager of various insurance discussions and reviewing information to schemes. ensure appropriate insurance was effected. Mr Wight is

� Obtaining insurance information from company records. considered to have suitable seniority and insolvency

� Reviewing and obtaining legal advice in relation to experience to undertake this task given the risk

insurance policies, considerations concerned.

� Discussions internally regarding risk considerations and � Michael Carmody, Manager, assisted with the process of

insurance requirements. collating insurance information and presenting this to Mr

� Review of broker risk report and liaising with Willmott Wight for consideration and arranging meetings with

insurer to discuss Standing Timber policy, insurance brokers and others. Mr Carmody has strong

� Telephone conversation with Deborah Chong of Willis background experience from prior insolvencies in regard

Insurance regarding IMI policy and seeking clarification to insurance issues and oversees insurance matters

of key policy terms. generally at PPB.

� Review Agricola insurance policy. � Meeting with insurance broker and discuss proposed

amendments to terms of policy. � Review of fire maintenance planning at Willmott Group. � Meeting with Paul Kaiser of Kings Brokers and Paul

Beamer of Agrigcola to discuss standing timber insurance requirements.

Planning! � Conferences with Arnold Bloch Leibler to discuss various � Planning and supervision has primarily been carried out

Review/Supervision of complex issues that required legal advice, by Craig Crosbie, Administrator, and Barry Wight,

Staff � Extensive review of information provided by Director, with guidance and supervision provided to less KordaMentha pertaining to their appointment as senior members of staff. Senior team members are

Receivers and Managers. appropriate for this function given their involvement in all

� Review and updating of checklist outlining outstanding administration issues and noting the interdependence of

matters. issues.

� Internal meeting re discussions with Receivers and � Ronan Lehane, Supervisor, has primary oversight of the

Managers and banking syndicate. Administrators’ remuneration reporting process. His role

� Internal discussion regarding preparation of includes ensuring PPB time recording policies are

Remuneration Report. adhered to and the preparation of remuneration reports.

� Internal discussion and provision of background � Craig Crosbie, Administrator, has provided instruction

information re s439A report, particularly identified and guidance to:

investigations to focus on. � Mr Ben Te Wierik, Manager, in regard to

� Considering Administrators’ remuneration reporting s439A report preparation; and

process, preparing and reviewing timeline for � Mr Ronan Lehane, Supervisor, as to the

administration strategy. remuneration reporting process. Such instruction and guidance will allow both tasks to be undertaken by staff at appropriate levels in an efficient manner.

Telephone Calls/File Notes � Receive call from Lachlan McKenzie at ATO regarding � Bridgette Watson, Supervisor, is noted as contact for forest levy liabilities and review of email from same. external enquiries and has the requisite knowledge and

experience _in_ dealing _with _such _matters.


Books and Records / Storage

� Collection and review of books and records provided by the previous administrator,

� Bridgette Watson, Supervisor, was responsible for the collection of the books and records of Willmott from the former Administrator. Ms. Watson has had extensive dealings with the former administrator from the commencement of this administration. She has the requisite knowledge and experience to complete this task effectively and cost efficiently.

1

ADMINISTRATORS’ REMUNERATION REPORT FOR PERIOD 16 NOVEMBER TO 15 DECEMBER 2010


Willmott Forests Limited (ACN 063 263 650) (“WFL”) Willmott Finance Pty Ltd (ACN 081 274 811)

Willmott Forest Products Pty Ltd (ACN 103 019 094) Willmott Forests Investment Management Pty Ltd (ACN 098 718 837)

Willmott Forest Nominees Pty Ltd (ACN 085 588 772) Willmott Energy Pty Ltd (ACN 130 251 759)

Wilmott Subscriber Pty Ltd (ACN 134 963 027) Bioenergy Australia Pty Ltd (ACN 096 335 901)



(All Receivers and Managers Appointed)


1 BACKGROUND

Craig Crosbie and Ian Carson (Administrators) were appointed administrators of the Willmott Group on 26 October 2010 by order of the Federal Court of Australia.

WFL is the Responsible Entity or Manager of the schemes set out in Schedule 1 and Schedule 2 to this report (Willmott Schemes).

This report identifies the fees incurred by the Administrators in the conduct of the administration for the period 16 November 2010 to 15 December 2010 (Period).

The Administrators’ fees incurred during the Period included in this report predominantly relate to WFL. Fees charged in respect of the remaining nine entities relate solely to work completed in relation to the S439A Report and have been separately accounted for in Appendix A.


continued to conduct investigations and review key scheme documents;

engaged and liaised closely with an independent specialist forestry company to ascertain the viability of the schemes;

conducted preliminary investigations into the affairs of the Willmott Group for the purpose of reporting to creditors pursuant to s 439A(4) of the Corporations Act 2001(Cth) (Act). This has included a review of books, records and financial statements and discussions with key management personnel;

dealt with various key stakeholders including meeting regularly with the representatives of the investors (Growers) and communicating with secured creditors, Receivers and Managers, employees and unsecured creditors;

negotiated with the Commonwealth Bank of Australia (CBA);

prepared and updated the Administrators’ cashflow forecast including analysing employee costs, overheads, plantation costs, statutory costs, expressions of interest and professional fees;

2

dealt with insurance issues. This has included communicating with WFL’s insurer to review the current insurance position, writing to all Growers to advise them of the option to insure their own woodlots, and undertaking reconciliations of insurance funds received;

continued an expressions of interest campaign for recapitalisation, restructuring, or replacement of the responsible entity or manager of the Willmott Schemes. This has included dealing with interested parties, conducting the data room process and dealing with due diligence queries;

prepared application for Administrators’ directions;

ensured that statutory obligations were met; and

dealings with the former Administrator.

2 BASIS FOR CHARGING FEES

The Administrators’ rates were provided to the Federal Court on or before 26 October 2010 by way of letter to Clayton Utz dated 21 October 2010. That letter was produced to the Court. The Administrators’ rates are set out in Appendix B to this report.

The Administrators’ fees are charged on the basis of time spent on the administration in accordance with the Insolvency Practitioners Association of Australia guidelines. The Administrators have taken all reasonable steps to ensure that the employees engaged in the administration have the appropriate experience for the work conducted.


the nature of the work performed; the amount of time spent by the Administrators and their employees on each task; the seniority of those personnel; and the rates charged in respect of those personnel.

3 STAFFING OF ADMINISTRATION DURING PERIOD 16 NOVEMBER TO 15 DECEMBER 2010



Partner Ian Carson Appointee 30 Years




Director Martin Quinlan Review of Remuneration Report

17 Years

Director David Haddock Scheme Analysis 20 Years

Senior Manager Kim Khor Forensic Investigations

14 Years

3


9 Years


5 ½ Years


Manager Sylvia Young Insol Manager 6 Years


Supervisor Michael Paterson Scheme Analysis 5 Years


Supervisor Jason Lont Expressions of Interest Program

6 Years


4 Years

Analyst 1 Clarence Goh Cashflow Forecast 2 Years

Analyst 1 May Kelly Creditors 2 ½ Years

Analyst 1 Diana Micovski Statutory 2 ½ Years

Analyst 1 Anthony Deague Expressions of Interest Program

2 Years



2 Years


Undergraduate Michela Ashton Scheme Analysis Less Than 1 Year

Undergraduate Alex Papas Scheme Analysis Less Than 1 Year


6 Years


5 ½ Years

Personal Assistant Stacie Mason Administrative Tasks

2 Years

4 FEES INCURRED

The Administrators’ fees incurred during the Period in performing scheme-related tasks relating to WFL as part of the administration total $180,631.00.

The Administrators’ fees incurred during the Period in performing non-scheme-related tasks relating to WFL as part of the administration total $221,790.60.

4

A breakdown of these fees are recorded in Appendix C (summary of hours spent) and Appendix D to this report (summary of work completed).

The Administrators’ fees incurred during the Period in respect of the remaining 9 entities total $9,434.60 as recorded in Appendix A.

The Administrators have also incurred fees of $1,020.00 in respect of WFL’s role in Supreme Court Proceeding SCI 2010 04435 during the Period. The Administrators have agreed with the CBA that the CBA will pay the Administrators’ fees incurred up to and including the hearing of the proceeding.

A breakdown of these fees are recorded in Appendix C (summary of hours spent) and Appendix D to this report (summary of work completed).

In summary, the fees for the period that the Administrators are seeking approval for are as follows:

$ $

Willmott Forests Limited - Scheme Related Tasks (Refer to Appendix E)

$180,631.00

Willmott Forests Limited - Non- Scheme Related Tasks

$221,790.60

Willmott Forests Limited – Supreme Court Hearing – CBA Costs

$1,020.00

Total WFL Fees $403,441.60

Willmott Finance Limited $1,048.29

Willmott Forest Products Pty Ltd $1,048.29

Willmott Forests Investment Management Pty Ltd

$1,048.29

Willmott Forest Nominees Pty Ltd

$1,048.29

Willmott Energy Pty Ltd $1,048.29

Willmott Subscriber Pty Ltd $1,048.29

Bioenergy Australia Pty Ltd $1,048.29

Bioforest Limited $1,048.29

Willmott Notes Pty Ltd $1,048.29

Total Fees for 16 November to 15 December 2010

$412,876.21

5 ANALYSIS OF TIME SPENT ON WFL ADMINISTRATION


scheme-related costs; administration;

5

assets; creditors; employees; investigation; and trade on.


Scheme related costs comprised 45% of the overall fees incurred by the Administrators during the Period. Tasks in this category include:

analysing the nature and viability of the Willmott Schemes; engaging and liaising with Poyry as forestry experts, to conduct an independent

analysis of the viability of the schemes; dealing with Growers’ concerns and queries and reviewing Growers’ reports issued

by Willmott to Investors and the Administrators’ first circular to growers and creditors including attending Grower liaison meetings; and

conducting an expressions of interest campaign for the recapitalisation of the Willmott Schemes.


liaising with numerous stakeholders, including creditors and employees; landowner management including liaising with employees and reviewing costs to

manage Bombala region; financial forecast preparation and monitoring of costs such as general overheads and

employee costs;

45%

0%

14%3%

6%0%

22%

10%


Scheme Costs CBA Administration Assets Creditors Employees Investigation Trade On

6

investigating the affairs of the Willmott Group and preparation of the s 439A report; and

planning and preparing for the second meeting of creditors as required by s439A of the Act.

A detailed breakdown of time spent on all areas is set out in Appendix D to this report. Individual timesheet records can be provided upon request.

In addition, a breakdown of scheme-related costs across the various schemes is set out in Appendix E to this report.

Where tasks have been completed which are directly attributable to a scheme(s) they have been allocated against that scheme(s).

The majority of scheme-related costs during the Period are general in nature and do not relate to any particular scheme. Those costs have therefore been apportioned in one of two ways:

Method 1: Equal apportionment across each of the 44 schemes; or Method 2: Pro rata apportionment across all schemes based on the number of growers

in each scheme.


As noted in our first remuneration report, due to the recent appointment of the Administrators and the complex nature of the administration, there has been a greater need for the involvement of senior staff to date in directing the administration and overseeing the team of employees assisting with the administration.

The Administrators expect that as the administration progresses, senior staff will become less involved and the bulk of the Administrators’ fees incurred will be attributable to mid-range and junior staff.

Whilst there were three directors working full-time through the period of the Administrators’ first report, during the Period this has been reduced to one director involved on a full-time basis and two directors involved on a part-time basis, as set out below:

Barry Wight (full-time) – overall team leader involved in overseeing the administration in its entirety.

Les Cullen & Carl Hoerner (part-time) – responsible for overseeing the analysis of the Willmott Schemes.

A Senior Manager has been involved full-time in an advisory role working on expressions of interest for:

the Willmott Schemes; possible restructuring or recapitalisation of the Willmott Group.

Managers and Supervisors have been active in dealing with a number of important issues such as liaising with creditors and Growers and statutory compliance.

Junior staff have assisted in supporting senior staff in dealing with such things as creditors’ and Growers’ queries and analysis of scheme documents.

The breakdown of work conducted during the Period in terms of seniority of personnel is illustrated in the graph below:

7

0 50 100 150 200 250 300 350 400

Partner

Director

Senior Manager

Manager

Supervisor

Senior Analyst 1

Analyst 1

Analyst 2

Graduate

Undergraduate

Bookkeeper

PA

Number of Hours

PositionHours Worked by Position

Schedule 1 - Managed Investment Schemes



1983 (No Project) 1984 (No Project) 1985 (No Project) 1986 (No Project) 1987 (No Project) 1989 (No Project) 1990 (No Project) - Interest Only Offer 1991 (No Project) McKenzie & Partners - Forestry Partnership No.1 (1993) Grimsey & Associates Pty Ltd - Forestry Partnership No. 1 (1994) Grimsey & Associates Pty Ltd - Forestry Partnership No. 2 (1994) Grimsey & Associates Pty Ltd - Forestry Partnership No. 3 (1994) McKenzie & Partners - Forestry Partnership No. 2 (1994) 1995 (No Project) (Custom) Sharp/Reed Plantation Project -1998 Information Memorandum Willmott Forests - Professional Investor - 2001 Project - 2001 Information Memorandum 2001 (No Project) Willmott Forests - Professional Investor - 2002 Project - 2002 Information Memorandum Willmott Forests - Professional Investor - 2003 Project - 2003 Information Memorandum (2003) and 2003 Information Memorandum (2004) Willmott Forests - Professional Investor - 2004 Project - 2004 Information Memorandum and 2004 Information Memorandum (2005) 2005 BioForest Wholesale Project No. 2 - 2005 Wholesale Forestry Memorandum (Bioforest) Willmott Forests - Professional Investor - 2006 Project - 2006 Information Memorandum

APPENDIX A

Client Name: WILLMOTT GROUP COMPANIES

Willmott Finance Willmott Forest Willmott Forests Investment Willmott Forest Willmott Energy Willmott Subscriber Bioenergy Bioenergy Australia Willmott NotesPty Ltd Products Pty Ltd Management Pty Ltd Nominees Pty Ltd Pty Ltd Pty Ltd Limited Limited Pty Ltd

WIERIK, BE TE Manager 330.00 12.7 4,191.00 465.67 465.67 465.67 465.67 465.67 465.67 465.67 465.67 465.67 WATSON, BRIDGETTE Supervisor 300.00 10.6 3,180.00 353.33 353.33 353.33 353.33 353.33 353.33 353.33 353.33 353.33 GOLD, ROBERT Analyst 2 154.00 13.4 2,063.60 229.29 229.29 229.29 229.29 229.29 229.29 229.29 229.29 229.29 TOTAL 36.7 9,434.60 1,048.29 1,048.29 1,048.29 1,048.29 1,048.29 1,048.29 1,048.29 1,048.29 1,048.29

CALCULATION OF REMUNERATIONFOR THE PERIOD 16 NOVEMBER 2010 TO 15 DECEMBER 2010

Employee Position Rate (Ex GST)

Hrs Total($)

APPENDIX B


POSITION DESCRIPTION HOURLY

RATE

$ Principal

Appointee Registered and / or Official Liquidator, Administrator or Registered Trustee in Bankruptcy or Partner, bringing their specialist skills to the administration or insolvency task.

560

Director/ Principal Extensive insolvency or equivalent experience, at least 5 years at manager level as a qualified accountant and capable of controlling all aspects of an administration.

460

Senior Manager More than 7 years insolvency or equivalent experience, at least 3 of which as a manager and qualified accountant. Answerable to the appointee but otherwise responsible for all aspects of administration. Experienced at all levels and considered very competent. Controls staff and their training.

440

Manager 6-7 years, qualified accountant, with well developed technical and commercial skills. Is constantly alert to opportunities to meet clients’ needs and to improve the clients’ future operation either by revenue enhancement or by reducing costs and improving efficiency. Controls 2-4 staff.

330

Supervisor 4-6 years. ICAA/CPA or equivalent qualification. Has conduct of minor administrations and experience in control of 1-3 staff. Assisting with the planning and control of medium to larger jobs.

300

Senior Analyst 1

2-4 years. ICAA/CPA is normally completed within this period. Assisting with the planning and control of small to medium scale jobs as well as performing some of the more senior work on larger jobs.

234

Senior Analyst 2 215

Analyst 1 0-2 years. ICAA/ CPA is normally commenced within this period. Required to assist in day to day fieldwork under supervision of more senior staff.

200

Analyst 2 154

Graduate 0-1 years. Has recently completed an appropriate degree. Required to assist in day to day fieldwork under supervision of more senior staff.

154

Undergraduate Undertaking an appropriate degree. Required to assist in administration and day to day fieldwork under supervision of more senior staff.

154

Senior Bookkeeper

More than 5 years experience dedicated to specialised IPS/Sol 6 processing.

154



Administration Non qualified. Classification depends on experience, salary and complexity of work to be conducted.

95

APPENDIX C

Client Name:

Scheme Costs Hrs CBA Hrs Administration Hrs Assets Hrs Creditors Hrs Employees Hrs Investigation Hrs Trade On Hrs

CROSBIE, CRAIG Partner 560.00 59.80 33,488.00 15,736.00 28.10 840.00 1.50 5,376.00 9.60 952.00 1.70 2,688.00 4.80 1,344.00 2.40 6,552.00 11.70

CARSON, IAN Partner 560.00 7.30 4,088.00 4,088.00 7.30

WIGHT, BARRY Director / Principal 460.00 140.75 64,745.00 460.00 1.00 2,875.00 6.25 690.00 1.50 460.00 1.00 43,907.00 95.45 16,353.00 35.55

CULLEN, LES Director / Principal 460.00 30.10 13,846.00 13,386.00 29.10 460.00 1.00

HOERNER, CARL Director / Principal 460.00 24.10 11,086.00 3,266.00 7.10 552.00 1.20 6,808.00 14.80 460.00 1.00

QUINLAN, MARTIN Director / Principal 460.00 2.00 920.00 920.00 2.00

HADDOCK, DAVID Director / Principal 460.00 2.00 920.00 920.00 2.00

KHOR, KIM Senior Manager 440.00 0.40 176.00 176.00 0.40

FINLAYSON, AARON Senior Manager 440.00 126.60 55,704.00 55,704.00 126.60

CARMODY, MICHAEL Manager 330.00 111.70 36,861.00 17,556.00 53.20 2,574.00 7.80 99.00 0.30 2,772.00 8.40 495.00 1.50 1,551.00 4.70 11,814.00 35.80

WIERIK, BE TE Manager 330.00 130.30 42,999.00 2,145.00 6.50 14,322.00 43.40 3,960.00 12.00 231.00 0.70 22,341.00 67.70

BARCELLONA, PHILLIP Manager 330.00 1.40 462.00 462.00 1.40

YOUNG, SYLVIA Manager 330.00 0.40 132.00 132.00 0.40

WATSON, BRIDGETTE Supervisor 300.00 176.50 52,950.00 23,880.00 79.60 180.00 0.60 8,310.00 27.70 960.00 3.20 16,050.00 53.50 3,120.00 10.40 450.00 1.50

PATERSON, MICHAEL Supervisor 300.00 90.50 27,150.00 15,000.00 50.00 900.00 3.00 7,500.00 25.00 3,750.00 12.50

LEHANE, RONAN Supervisor 300.00 45.40 13,620.00 13,620.00 45.40

LONT, JASON Supervisor 300.00 22.00 6,600.00 6,600.00 22.00

WRIGHT, EVAN Senior Analyst 1 234.00 47.80 11,185.20 11,185.20 47.80

GOH, CLARENCE Analyst 1 200.00 3.00 600.00 600.00 3.00

MAY, KELLY Analyst 1 200.00 0.20 40.00 40.00 0.20

MICOVSKI, DIANA Analyst 1 200.00 1.10 220.00 220.00 1.10

DEAGUE, ANTHONY Analyst 1 200.00 18.55 3,710.00 3,710.00 18.55

GOLD, ROBERT Analyst 2 154.00 86.20 13,274.80 3,480.40 22.60 1,694.00 11.00 261.80 1.70 1,909.60 12.40 5,775.00 37.50 154.00 1.00

SAJBEN, ANNA Analyst 2 154.00 6.80 1,047.20 1,047.20 6.80

TUNG, CHRISTOPHER Graduate 154.00 3.60 554.40 554.40 3.60

ASHTON, MICHELA Undergraduate 154.00 21.50 3,311.00 3,311.00 21.50

PAPAS, ALEX Undergraduate 154.00 11.00 1,694.00 1,694.00 11.00

ONAL, FATIMA Bookkeeper 150.00 0.10 15.00 15.00 0.10

MASON, STACIE PA 150.00 3.50 525.00 525.00 3.50

AUSTIN-MARTIN, SKY PA 150.00 10.12 1,518.00 1,518.00 10.12

1,184.72 403,441.60 180,631.00 543.87 1,020.00 2.10 57,145.20 174.25 13,040.80 33.70 24,340.60 81.30 955.00 2.50 86,174.00 244.55 40,135.00 102.45

40,344.16

443,785.76

340.54


CALCULATION OF REMUNERATIONFOR THE PERIOD 16 NOVEMBER 2010 TO 15 DECEMBER 2010

Employee Position Rate (Ex GST)

Hrs Total($)

Task Area

TOTAL

GST

TOTAL (including GST)

Average hourly rate (excluding GST)

APPENDIX D DESCRIPTION OF WORK SCHEDULE


Summary of work undertaken for the period 16 November 2010 to 15 December 2010.


Scheme Related Costs Total: $180,631.00

Analysis of Schemes Engaging Poyry, a forestry specialist company, to ascertain the viability of each scheme by conducting its own independent analysis of the various schemes.

Preparing for and meeting with Messrs van Rensbury and Dickinson of Poyry regarding evaluation of viability of various schemes and reviewing letter of engagement for Poyry.

Meeting at Willmott head office with Messrs Steve Addicott (WFL) and Andrew Dickinson (Poyry) to discuss scheme analysis and financial/cash flow models.

Obtaining legal advice. Correspondence to and from Mr. Stephen Addicott re scheme plantings and Mr. Andrew Dickinson re valuation instructions.

Discussing scheme viability and review of cash flow model.

Telephone discussion with Ms Jane Sheridan on legal advice re separation of schemes into individual projects.

Conducting detailed review of KordaMentha scheme analysis/viability documents.

Reviewing and analysing financial model prepared by Willmott and KordaMentha.

The analysis of the schemes has primarily been conducted by Les Cullen and Carl Hoerner, both Directors. Messrs Cullen and Hoerner have experience with MIS and were therefore appropriate for this task, particularly given the level of complexity involved.

Supervisors, Michael Paterson and Jason Lont and Graduate, Chris Tung, also assisted Messrs Cullen and Hoerner with non-complex tasks such as preparing and reviewing summaries which were deemed appropriate for their level of experience.

The Administrators also engaged the help of the internationally renowned consulting and engineering company Poyry. It’s in depth experience of the forestry industry makes it an appropriate choice to carry out the complex scheme viability analysis and ensures Poyry is better placed to undertake this work than the administrators.

Grower Liaison

Preparing Growers’ letters in respect of documents provided to them and confidentiality restrictions regarding same and arranging distribution of same.

Discussions with Mr Paul Kaiser of Kings Brokers regarding Frequently Asked Questions to be distributed to Growers and discussions re his concerns that growers would not take up the option to insure if they were not provided with undertakings by the insurer.

Conversation with Mr Paul Challis of Willmott Growers’ Group (WGG) regarding fire maintenance costs.

Meeting with WGG and providing Growers with a list of FAQs. Review of notes and questions from the meeting.

Primary oversight for Grower liaison was performed by Supervisor, Bridgette Watson, who is considered to have the requisite level of expertise due to her significant involvement with Grower issues since the Administrators’ appointment.

Administrator, Craig Crosbie, has attended all Grower meetings along with Ms Watson, and provided necessary guidance and oversight on Grower-related issues where appropriate.

Robbie Gold, Analyst 2 level, has primarily dealt with a high volume of proofs of debt, noting these tasks are non-complex or of an administrative nature. He has also


Dealing with Grower inquiries regarding the status of the administration, assistance with Proof of Debt Forms and insurance concerns.

Updating Growers on the status of the Administrators’ statutory investigations.

Reviewing and responding to emails from Growers. Reviewing list of queries from Ms Marie Bermingham of

the Willmott Action Group (WAG). Drafting responses to each query.

Reviewing correspondence from Allens Arthur Robinson and M&K Lawyers regarding legal claims from Growers

Reviewing KordaMentha scheme viability analysis spreadsheets and discussing internally the provision to Growers’ groups.

Organising documents such as the agenda for Growers’ meeting and emailing all documents to WGG and WAG.

Discussions with Mr Nick Cameron of Forests NSW regarding their consent to release confidential documents to the WAG.

Meeting with both the WAG and WGG and dealing with queries arising out of same. Preparing and setting up next meeting with Growers’ groups.

Discussing cashflow projection and future timeframes for Growers’ liaison management issues.

Receiving, review and processing Proof of Debt forms for approximately 300 Growers.

dealt with any additional non-complex tasks.

EOI/Recapitalisation Sending out EOI packs, liaising with potential bidders and dealing with other expressions of interest.

Discussions with solicitors regarding the setting up of a data room.

Compiling information for the data room, regularly updating the data room and verifying material.

Discussions with interested parties to ensure all participants have the requisite information. Arranging responses to due diligence questions.

Email and telephone discussions with interested parties outside the data room, such as Ms Justine Epstien and Mr Michael Ramsten.

Teleconference with Mr Rodger Kay from RMS regarding EOI process and structuring their bid.

Discussions with bidders such as Plantation Capital and HVP.

Calling interested parties who had not submitted an EOI to gauge if they had any interest.

Senior Manager, Aaron Finlayson, with specialist skills in Corporate Finance, has primary oversight in analysing the schemes and leading the expressions of interest process. The complexity of this administration requires someone with Mr Finlayson’s experience in running similar types of Expressions of Interest Campaigns and dealing with interested parties.

Evan Wright, Senior Analyst 1 level, has provided assistance with any routine or administrative tasks.


Reviewing EOIs and nominating selected parties. Scheme Maintenance Reviewing email correspondence from Ms L Jennings

concerning transfer of Crown Lease in respect of Ando 4 in Bombala, NSW.

Meeting with Receivers and Managers to discuss monies held on trust including maintenance monies.

Reviewing email from Mr S Addicott (employee) re plantation management services.

Reviewing and amending letter to Mr D Hawkins of Visy Pulp and Paper Pty Ltd re ongoing supply of pulpwood.

Meeting with Mallesons Stephen Jaques (Mallesons) and Hancock Victoria Plantations regarding current status of Administration.

Meeting with Ms Sewell (CEO) of Hancock Victorian Plantations and Joanne Cameron of Mallesons regarding update on Administration.

Obtaining legal advice re statutory compliance obligations.

Discussion with Mr Bryan Webster (KordaMentha) re schemes, cash flow projections, rental and other income and trust monies.

Administrator, Craig Crosbie and Director, Les Cullen have predominantly carried out tasks in relation to scheme maintenance. This is considered appropriate given the complexity of issues involved, the level of decision making required and the seniority of third party personnel involved.

Assets Total: $13,040.80

Sale of Real Property Discussing and reviewing unplanted land owned by Willmott in the Bombala region with Arjan Wilkie and identifying land available for sale.

Discussions internally re potential property sales and email correspondence to M3 Property in relation to same.

Discussions with Mr Will Barton (M3 Property) re saleability of uncharged land.

Reviewing correspondence from KordaMentha re Bombala land.

Reviewing details of the certificates of title for Bombala Land and lien drafted by company solicitor over titles for unpaid monies.

Reviewing Bombala land available for immediate sale and potential sales after subdivision.

Administrator, Craig Crosbie, has predominantly carried out tasks in relation to real property, noting his previous experience in property matters and the requirement to deal with senior personnel within external property organisations.

Manager, Ben Te Wierik, has assisted the Mr Crosbie in relation to property related tasks, particularly in relation to the investigation into unencumbered land, noting this largely involved research and discussion with Willmott management. As such, Mr Te Wierik is at the appropriate level of seniority for this task.

Leasing Reviewing email and attached correspondence from Mallesons on behalf of Hancock Victoria Plantations regarding notice of breach of agreements and demand for monies owed. Reviewing claims made and total sums involved and obtaining legal advice in relation to same.

Bridgette Watson, Supervisor, was responsible for this task and has the requisite knowledge and experience to complete this task effectively. Ms Watson’s previous experience in dealing with lessors of Willmot ensured she was appropriate for this task.

Creditors Total: $24,340.60

Creditor Enquiries

Dealing with various unsecured creditors and ensuring they are correctly accounted for on the creditors’ listing.

Discussions with various investors providing updates on

Robbie Gold, Analyst 2 level, has primarily dealt with a high volume of creditor issues such as phone calls or emails, noting these tasks are non-complex or of a


the status of the Administration and various issues raised.

routine nature.

Creditor Reports Collating information for, discussing and drafting second report to creditors.

Robbie Gold, Analyst 2 level, has been responsible for commencing the Section 439A report outline as well as compiling the Committee of Creditors details and dealing with their enquiries. These tasks are not complex and are administrative in nature.

Bridgette Watson, Supervisor, is primarily responsible for the overall completion of this report. She has the requisite knowledge and experience to complete this task effectively and cost efficiently.

Barry Wight, Director supervised this process ensuring Mr Gold and Ms Watson carried out their tasks appropriately and correctly.

Secured Creditor Teleconference between members of CBA and senior Administration staff to provide an update on the progress of the Administration. Items discussed included the Court Application, Directors and Officers’ Insurance and EOI update.

Drafting detailed correspondence to Mr P James of Clayton Utz regarding correspondence from Brian Ward Partners about Directors’ Indemnity & Access Deeds and funding of IMI and D&O policies.

Preparing and attending meeting of the banking syndicate.

Craig Crosbie, Administrator and Barry Wight, Director have for the most part been involved in meetings and discussions with the secured creditors. This is considered appropriate given the complexity of issues involved, the decision making required and the level of seniority of secured creditors’ staff participating.

Meeting of Creditors Reviewing and responding to emails from Committee of Creditors.

Reviewing and preparing attendance register and agenda for meeting.

Attendance at the meeting of Committee of Creditors. Reviewing questions raised by the Committee of

Creditors and preparing responses.

Administrator, Craig Crosbie and Manager, Michael Carmody have predominantly carried out tasks in this area. Mr Crosbie chaired the Committee of Creditors meeting which is appropriate as he is the appointee. Mr Carmody assisted him throughout the process to ensure creditors’ concerns were dealt with appropriately.

Shareholder Enquiries Obtaining legal advice re shareholders’ register.

Discussions internally and with Ms Rachel Grant of Willmott regarding shareholder queries.

Internal discussions about the position on the transfer of shares and the request from WAG for a copy of the company’s share register. Subsequently reviewing and signing letter to WAG granting access to the share register.

Primary oversight for Shareholder queries was performed by Supervisor, Bridgette Watson, who is considered to have the requisite level of expertise given her significant involvement with all creditor issues since the Administrators’ appointment.

Administrator, Craig Crosbie, has provided necessary guidance and oversight on Grower related issues where appropriate.


Employees Total: $955.00

Employees Enquiry

Meeting with key management employees to discuss the Administration process, the role of the Administration team, court process and strategy over the coming months.

Barry Wight, Director, met with key management employees to discuss the Administration to date and the strategy going forward. This is considered appropriate given the complexity of issues involved, the decision making required and level of seniority of Willmott staff in attendance. Mr Wight was able to pass on the requisite information to management who in turn would pass this on to other Willmott staff members.

Other Employee Issues Discussions with Ms Rachel Grant of Willmott regarding

engagement of temporary employees. Reviewing proposal regarding staffing levels and cash

flow budget for staffing costs.

Michael Carmody, Manager, has primary responsibility for dealing with all employee issues, noting he has also been dealing with Willmott employees throughout the administration in regard to forestry management and insurance matters. Mr Carmody has extensive experience dealing with employee issues in other insolvency administrations.

Trade On Total: $40,135.00

Trade On Management Reviewing statutory maintenance costs and planning works as part of the Administrators’ statutory duty.

Dealing with general trade on issues, including reviewing budget, discussions internally on level of works to be performed, utilisation of employees.

Discussions with staff at Willmott regarding any trading issues and reviewing immediate purchase order requirements.

Establishing and updating a purchase order register. Reviewing trading performance.

Barry Wight, Director, has primary responsibility for managing the Administrators’ team across a number of trade-on issues, noting his extensive insolvency and operational experience.

Michael Carmody, Manager, has provided the majority of support to Mr Wight in completing various tasks such as reviewing agreements, drafting correspondence, dealing with employees etc. Mr Carmody’s level of insolvency experience was appropriate for dealing with various stakeholders and reviewing documents.

Budgeting & Financial Reporting

Preparing, reviewing and updating cash flow forecast for all regions.

Meeting with Mr S Addicott to discuss budgets and overall strategy.

Discussions with Mr McEachren of Willmott Forests regarding forestry budgets and preparation of same.

Conducting extensive review of underlying budgets and supporting documentation.

Barry Wight, Director, had primary responsibility for managing this task and was assisted by Supervisor, Michael Patterson in the preparation of same. Mr. Wight reviewed all work carried out in this area which was important due to the need for these forecasts to be accurate. Mr Wight’s experience of insolvency and cashflow forecasting ensured that this occurred.

Investigation Total: $86,174.00

Conducting Investigation Internal discussions re investigation areas and planning

and updating gantt chart timeline for investigation tasks. Investigating the structure and flow of funds in a

Management Investment Scheme. Interviews and discussions with key management of

Willmott. Conducting voidable transactions review. Examining flow of funds between WFL and the various

schemes.

Barry Wight, Director, has primary responsibility for leading the investigations team and providing guidance and leadership where appropriate. Mr Wight has extensive experience in dealing with complex issues from previous insolvencies and is therefore appropriate for this task.

Ben Te Wierik, Manager, assisted Mr Wight in investigations as appropriate for manager level. Robbie Gold, Analyst 2 level, also assisted Mr Wight and Mr Te Wierik with less complex tasks such as preparing data


Reviewing financial statements. Examining WFL’s/the Wilmott companies’ budgeting and

accounting processes. Reviewing Willmott policies and procedures. Investigating the funding structure of Willmott. Investigating the events leading to insolvency.

tables, reviewing documents and basic analysis which were deemed appropriate for their level of experience.

Litigation/Recoveries Obtaining legal advice in relation to court application. Discussions with ABL and Mr G Dewar of the CBA

regarding Kumnick proceeding . Progressing court application and reviewing output from

Administration team members. Reviewing cashflow to support funding application. Drafting relevant sections of supporting affidavit and

discussions with financiers in relation to same. Reviewing and amending Originating Process in respect

of s447D application and reviewing and amending supporting affidavit.

Preparing for and attending directions hearing at the Federal Court.

Conversations with and considering correspondence from potential external funders of the Administration.

Barry Wight, Director, is primarily responsible for all aspects of the court application, including the dissemination of information between the legal and Administrators’ teams. Mr Wight has been extensively involved in affidavit preparation. Mr Wight’s involvement in this aspect of the Administration is appropriate, as he has general oversight of the Administrators’ team and is familiar with the complex issues involved.

Craig Crosbie, Administrator, has been closely involved in the court application process and has been assisted mainly by Ben Te Wierik, Manager.


Administration Total: $57,145.20

Correspondence Reviewing and amending correspondence to former Administrator regarding approval of his fees, details of assets held or realised and the extent of any liens purportedly exercised.

Reviewing letter from Brian Ward Partners concerning directors Indemnity and Access Deed and Insurance Coverage and internal discussions re same.

Reviewing email correspondence from Mr Andrew Knight (KordaMentha) re Crop Thinning and Visy Agreement.

Reviewing information provided by Ms Toni Smith (Willmott) re information requested by Visy for suppliers certification.

Internal discussions re Visy arrangement and amendments to Visy correspondence.

Drafting letter to Hunt & Hunt re land title documents and potential lien issue.

Reviewing email from Mr Andrew Knight of KordaMentha and correspondence from Gold Seal regarding collection of loan accounts and RE responsibilities.

Reviewing email from Ms Denyse Dawson from Lilley Dawson solicitors regarding documents collected by KordaMentha and attached land titles register.

Correspondence has been dealt with by various team members since the commencement of the administration, noting this section covers a wide range of issues as detailed.

Initial drafts of correspondence are prepared by junior staff before being provided to management staff (such as Michael Carmody) for review.

Administrator, Craig Crosbie, has been involved in reviewing final drafts of correspondence before signing.

ASIC/ITSA Forms Telephone discussion with Mr R Merrick of ASIC re update on Administration and Court application.

Preparing letter to Messrs Eastment and Merrick of ASIC re Willmott’s obligations under its Financial Services Licence.

Reviewing minutes of first meeting by previous Administrator.

As Administrator, Craig Crosbie, was involved in telephone discussions with senior ASIC staff which is appropriate noting appointee obligations to the regulator.

Document Maintenance/File Review/Checklist

Setting up folders and files for Willmott bank accounts on receipt of cheque and deposit books.

Fatima Onal, Bookkeeper, was involved in ordering and receiving cheque and deposit books for the Willmott bank accounts. Banking administration is one of Ms Onal’s primary responsibilities at PPB.

Meetings - Internal Voluntary Administration team meetings. It was necessary for the Administrators’ team to meet on a regular basis, noting the complex nature of this appointment and a number of interrelated issues requiring sharing of knowledge.


Meetings – External

Briefing CBA on the court application. Meeting with Mr Marcus Derham (WFL CEO).

Administrators’ staff attend external meetings where their involvement is necessary for the effective management of the administration.

The seniority of staff involved in external meetings is determined with reference to:

the complexity of the discussions to occur; and the level of decision making required.

Ian Carson, Administrator has met with the CBA, the

secured creditor, in order to discuss the court application. This is considered appropriate given the complexity of issues involved, the decision making required and level of seniority of the secured creditor’s staff participating.

Craig Crosbie, Administrator, and Ben Te Wierik,

attended a meeting with Mr Marcus Derham of Willmott to interview him in relation to the investigations being carried out. Mr Derham is CEO of Willmott and it was therefore deemed appropriate for the Administrator and a Manager to conduct such an interview.


Insurance Internal discussions concerning fire maintenance insurance position and reviewing email from Mr Stephen Addicott (Willmott).

Obtaining legal advice in relation to insurance issues. Discussions and meeting with Ms Deborah Chong and

Mr Steven Macek of Willis Insurance Brokers regarding IMI policy and associated documents.

Reviewing IMI Policy. Reviewing insurance information relating to the Standing

Timber Arrangement. Extensive discussions with Mr Steven Addicott regarding

insurance proceeds from insurance claims. Discussions with Mr Bruno Agostini (Willmott) regarding

funds held relating to insurance proceeds. Detailed discussions with Mr Ryan of KordaMentha

regarding funds held on trust. Reviewing information pertaining to directors’ IMI Policy

including executed Deed of Indemnities and drafting email to Mr Wolff of Baker & McKenzie regarding signing of deeds of indemnities and reviewing underlying constitution.

Internal discussions and instructions re providing Baker & McKenzie advice to Willis Insurance Brokers.

Discussions with Deborah Chong of Willis Insurance Brokers regarding Occupational Health & Safety (OH&S) summary and review of OH&S manual.

Craig Crosbie, Administrator, was largely involved in key insurance discussions and reviewing information to ensure appropriate insurance was effected. It was appropriate for Mr Crosbie to deal with the issue of insurance, due to its importance in an Administration.

Michael Carmody, Manager, assisted with the process of collating insurance information, presenting this to Mr Crosbie for consideration and arranging meetings with insurance brokers and others. Mr Carmody has strong background experience from prior insolvencies in regard to insurance issues and oversees insurance matters generally at PPB.

Bank Account Administration

Discussions with the CBA about setting up a trust account for third party monies.

Sylvia Young, Manager, was involved in setting up the trust account. Banking administration is one of Ms Young’s primary responsibilities at PPB and therefore she is appropriate for this task.


Planning/ Review/Supervision of Staff

Attending conferences with ABL to discuss various complex issues that required legal advice.

Reviewing and updating checklist of outstanding matters. Internal discussions regarding preparation of

Remuneration Report. Internal discussion re settling of Poyry engagement. Internal meeting to discuss, inter alia, administration

cashflow, timeline of key dates, operational plantation issues, progress of investigations and s439A report.

Planning meetings between Messrs Crosbie, Carson and Wight.

Creating and finalising Remuneration Report for the period from the date of appointment (26 October 2010) to 15 November 2010.

Planning and supervision has primarily been carried out by Craig Crosbie, Administrator, and Barry Wight, Director, with guidance and supervision provided to less senior members of staff. Senior team members are appropriate for this function given their involvement in all Administration issues and noting the interdependence of issues.

Ronan Lehane, Supervisor, has primary oversight of the Administrators’ remuneration reporting process. His role includes ensuring PPB time-recording policies are adhered to and preparing the remuneration reports.

Craig Crosbie, Administrator, has provided instruction and guidance to:

Mr Ben Te Wierik, Manager, in regard to s439A report preparation; and

Mr Ronan Lehane, Supervisor, in regard to the remuneration reporting process.

Such instruction and guidance has enabled both tasks to be undertaken by staff at appropriate levels in an efficient manner.

Books and Records / Storage

Reviewing and executing Administrators’ Access Deed relating to access to the books and records under the control of the Receivers and Managers.

As Administrator, Craig Crosbie, was involved in executing the Administrators’ Access Deed which is appropriate noting the need for an appointee to sign off on the Deed.

APPENDIX E

WILLMOTT FORESTS LIMITED (ACN 063 263 650)(ADMINISTRATORS APPOINTED) (RECEIVERS AND MANAGERS APPOINTED) ("WFL")

TIME ALLOCATION ACROSS SCHEMES FOR THE PERIOD 16 NOVEMBER TO 15 DECEMBER 2010

Barry Wight - Director

Les Cullen -Director

Carl Hoerner - Director

David Haddock - Director

Aaron Finlayson -

Senior Manager

Michael Paterson - Supervisor

Jason Lont -Supervisor

Evan Wright - Senior

Analyst 1

Anthony Deague - Analyst 1

Chris Tung - Graduate

Michela Ashton - Under-

graduate

Alex Papas Under

graduateStacie

Mason - PASky Austin-Martin - PA

Schemes Method 1 Method 2 Method 3 Method 1 Method 1 Method 1 Method 1 Method 1 Method 1 Method 2 Method 3 Method 1 Method 3 Method 1 Method 2 Method 3 Method 1 Method 1 Method 1 Method 1 Method 2 Method 1 Method 1 Method 1 Method 1 Method 1

1983 No Project Scheme 298.49 5.62 11.20 10.45 304.23 74.23 20.91 1,266.00 333.25 1.17 0.00 10.50 0.00 340.91 119.45 6.00 150.00 254.21 84.32 26.95 13.55 12.60 75.25 38.50 11.93 34.50 3,504.21










1993 McKenzie and Partners- Forestry Partnership No. 1 298.49 1.73 0.00 10.45 304.23 74.23 20.91 1,266.00 333.25 0.36 0.00 10.50 0.00 340.91 36.75 0.00 150.00 254.21 84.32 26.95 4.17 12.60 75.25 38.50 11.93 34.50 3,390.241994 Grimsey and Associates - Forestry Partnership No. 1 298.49 2.05 0.00 10.45 304.23 74.23 20.91 1,266.00 333.25 0.43 165.00 10.50 0.00 340.91 43.64 0.00 150.00 254.21 84.32 26.95 4.95 12.60 75.25 38.50 11.93 34.50 3,563.301994 Grimsey and Associates - Forestry Partnership No. 2 298.49 1.73 0.00 10.45 304.23 74.23 20.91 1,266.00 333.25 0.36 165.00 10.50 0.00 340.91 36.75 0.00 150.00 254.21 84.32 26.95 4.17 12.60 75.25 38.50 11.93 34.50 3,555.241994 Grimsey and Associates - Forestry Partnership No. 3 298.49 1.95 0.00 10.45 304.23 74.23 20.91 1,266.00 333.25 0.40 165.00 10.50 0.00 340.91 41.35 0.00 150.00 254.21 84.32 26.95 4.69 12.60 75.25 38.50 11.93 34.50 3,560.61

1994 McKenzie and Partners- Forestry Partnership No. 2 298.49 1.30 0.00 10.45 304.23 74.23 20.91 1,266.00 333.25 0.27 165.00 10.50 0.00 340.91 27.56 0.00 150.00 254.21 84.32 26.95 3.13 12.60 75.25 38.50 11.93 34.50 3,544.48Willmott Forests -Professional Investor 2001 Scheme 298.49 0.54 0.00 10.45 304.23 74.23 20.91 1,266.00 333.25 0.11 0.00 10.50 0.00 340.91 11.49 0.00 150.00 254.21 84.32 26.95 1.30 12.60 75.25 38.50 11.93 34.50 3,360.67Willmott Forests -Professional Investor 2002 Scheme 298.49 0.43 44.80 10.45 304.23 74.23 20.91 1,266.00 333.25 0.09 0.00 10.50 0.00 340.91 9.19 0.00 150.00 254.21 84.32 26.95 1.04 12.60 75.25 38.50 11.93 34.50 3,402.78Willmott Forests -Professional Investor 2003 Scheme 298.49 3.14 44.80 10.45 304.23 74.23 20.91 1,266.00 333.25 0.65 0.00 10.50 0.00 340.91 66.62 0.00 150.00 254.21 84.32 26.95 7.56 12.60 75.25 38.50 11.93 34.50 3,469.98Willmott Forests -Professional Investor 2004 Scheme 298.49 7.78 156.80 10.45 304.23 74.23 20.91 1,266.00 333.25 1.62 0.00 10.50 0.00 340.91 165.39 105.00 150.00 254.21 84.32 26.95 18.76 12.60 75.25 38.50 11.93 34.50 3,802.58Willmott Forests -Professional Investor 2006 Scheme 298.49 1.41 112.00 10.45 304.23 74.23 20.91 1,266.00 333.25 0.29 0.00 10.50 0.00 340.91 29.86 130.00 150.00 254.21 84.32 26.95 3.39 12.60 75.25 38.50 11.93 34.50 3,624.17Sharp Reed PlantationProject - 1998 Information Memorandum 298.49 0.22 0.00 10.45 304.23 74.23 20.91 1,266.00 333.25 0.04 0.00 10.50 11.00 340.91 4.59 0.00 150.00 254.21 84.32 26.95 0.52 12.60 75.25 38.50 11.93 34.50 3,363.60

2005 BioForest Wholesale Project No 2 298.49 1.08 0.00 10.45 304.23 74.23 20.91 1,266.00 333.25 0.22 0.00 10.50 11.00 340.91 22.97 0.00 150.00 254.21 84.32 26.95 2.61 12.60 75.25 38.50 11.93 34.50 3,385.11

Willmott Forests 1989 - 1991 Project - 1989 Prospectus 298.49 2.05 0.00 10.45 304.23 74.23 20.91 1,266.00 333.25 0.43 0.00 10.50 11.00 340.91 43.64 0.00 150.00 254.21 84.32 26.95 4.95 12.60 75.25 38.50 11.93 34.50 3,409.30


Willmott Forests 1989 - 1991 Project - 1991 Prospectus 298.49 2.05 0.00 10.45 304.23 74.23 20.91 1,266.00 333.25 0.43 0.00 10.50 11.00 340.91 43.64 0.00 150.00 254.21 84.32 26.95 4.95 12.60 75.25 38.50 11.93 34.50 3,409.30Willmott Forests 1989 - 1991Project - 1990 Information Memorandum 298.49 2.05 0.00 10.45 304.23 74.23 20.91 1,266.00 333.25 0.43 0.00 10.50 11.00 340.91 43.64 0.00 150.00 254.21 84.32 26.95 4.95 12.60 75.25 38.50 11.93 34.50 3,409.30


Total

Craig Crosbie - Partner Michael Carmody - Manager Ben Te Wierik - Manager Robert Gold - Analyst 2Bridgette Watson -

Supervisor

APPENDIX E

WILLMOTT FORESTS LIMITED (ACN 063 263 650)(ADMINISTRATORS APPOINTED) (RECEIVERS AND MANAGERS APPOINTED) ("WFL")

TIME ALLOCATION ACROSS SCHEMES FOR THE PERIOD 16 NOVEMBER TO 15 DECEMBER 2010

Barry Wight - Director

Les Cullen -Director

Carl Hoerner - Director

David Haddock - Director

Aaron Finlayson -

Senior Manager

Michael Paterson - Supervisor

Jason Lont -Supervisor

Evan Wright - Senior

Analyst 1

Anthony Deague - Analyst 1

Chris Tung - Graduate

Michela Ashton - Under-

graduate

Alex Papas Under

graduateStacie

Mason - PASky Austin-Martin - PA

Schemes Method 1 Method 2 Method 3 Method 1 Method 1 Method 1 Method 1 Method 1 Method 1 Method 2 Method 3 Method 1 Method 3 Method 1 Method 2 Method 3 Method 1 Method 1 Method 1 Method 1 Method 2 Method 1 Method 1 Method 1 Method 1 Method 1 Total

Craig Crosbie - Partner Michael Carmody - Manager Ben Te Wierik - Manager Robert Gold - Analyst 2Bridgette Watson -

Supervisor

Willmott Forests 1995 - 1999 Project -1996 Prospectus 298.49 14.94 0.00 10.45 304.23 74.23 20.91 1,266.00 333.25 3.11 209.00 10.50 11.00 340.91 317.46 6.00 150.00 254.21 84.32 26.95 36.01 12.60 75.25 38.50 11.93 34.50 3,944.74




Willmott Forests Project - 1999 Prospectus 298.49 60.99 56.00 10.45 304.23 74.23 20.91 1,266.00 333.25 12.68 0.00 10.50 11.00 340.91 1,295.83 0.00 150.00 254.21 84.32 26.95 147.00 12.60 75.25 38.50 11.93 34.50 4,930.73

Willmott Forests Project - 2000 Prospectuses 298.49 60.99 67.20 10.45 304.23 74.23 20.91 1,266.00 333.25 12.68 0.00 10.50 11.00 340.91 1,295.83 6.00 150.00 254.21 84.32 26.95 147.00 12.60 75.25 38.50 11.93 34.50 4,947.93




Willmott Forests Project - 2004 PDS 298.49 60.99 67.20 10.45 304.23 74.23 20.91 1,266.00 333.25 12.68 0.00 10.50 11.00 340.91 1,295.83 3.00 150.00 254.21 84.32 26.95 147.00 12.60 75.25 38.50 11.93 34.50 4,944.93

Willmott Forests Project - 2006 PDS 298.49 60.99 218.40 10.45 304.23 74.23 20.91 1,266.00 333.25 12.68 0.00 10.50 11.00 340.91 1,295.83 130.00 150.00 254.21 84.32 26.95 147.00 12.60 75.25 38.50 11.93 34.50 5,223.13

Willmott Forests Project - 2007 PDS 298.49 60.99 112.00 10.45 304.23 74.23 20.91 1,266.00 333.25 12.68 0.00 10.50 1,430.00 340.91 1,295.83 105.00 150.00 254.21 84.32 26.95 147.00 12.60 75.25 38.50 11.93 34.50 6,510.73

BioForest Dual Income Project 2006 PDS 298.49 4.32 0.00 10.45 304.23 74.23 20.91 1,266.00 333.25 0.90 0.00 10.50 11.00 340.91 91.88 0.00 150.00 254.21 84.32 26.95 10.42 12.60 75.25 38.50 11.93 34.50 3,465.75BioForest SustainableTimber and Biofuel Project 2007 PDS 298.49 132.54 0.00 10.45 304.23 74.23 20.91 1,266.00 333.25 27.59 0.00 10.50 11.00 340.91 2,816.21 0.00 150.00 254.21 84.32 26.95 319.46 12.60 75.25 38.50 11.93 34.50 6,654.02Willmott Forests PremiumForestry Blend Project 2008 PDS 298.49 154.49 112.00 10.45 304.23 74.23 20.91 1,266.00 333.25 32.11 0.00 10.50 11.00 340.91 3,282.52 147.00 150.00 254.21 84.32 26.95 372.36 12.60 75.25 38.50 11.93 34.50 7,458.69Willmott Forests PremiumForestry Blend Project 2010 PDS 298.49 42.81 340.10 10.45 304.23 74.23 20.91 1,266.00 333.25 8.90 990.00 10.50 11.00 340.91 909.64 2,945.00 150.00 254.21 84.32 26.95 103.19 12.60 75.25 38.50 11.93 34.50 8,697.87

Willmott Forests Premium Timberland Fund No 1 298.49 6.16 0.00 10.45 304.23 74.23 20.91 1,266.00 333.25 1.28 0.00 10.50 11.00 340.91 130.93 0.00 150.00 254.21 84.32 26.95 14.85 12.60 75.25 38.50 11.93 34.50 3,511.45

13,133.50 952.00 1,650.50 460.00 13,386.00 3,266.00 920.00 55,704.00 14,663.00 198.00 2,695.00 462.00 1,683.00 15,000.00 20,228.00 3,652.00 6,600.00 11,185.20 3,710.00 1,185.80 2,294.60 554.40 3,311.00 1,694.00 525.00 1,518.00 180,631.00

METHOD 1: Equal apportionment across all schemesMETHOD 2: Pro rata apportionment across all schemes based on the number of growers in each schemeMETHOD 3: Applied to a specific scheme

1

ADMINISTRATORS’ REMUNERATION REPORT FOR PERIOD 16 DECEMBER 2010 TO 15 JANUARY 2011


Willmott Forests Limited (ACN 063 263 650) (“WFL”) Willmott Finance Pty Ltd (ACN 081 274 811)

Willmott Forest Products Pty Ltd (ACN 103 019 094) Willmott Forests Investment Management Pty Ltd (ACN 098 718 837)

Willmott Forest Nominees Pty Ltd (ACN 085 588 772) Willmott Energy Pty Ltd (ACN 130 251 759)

Wilmott Subscriber Pty Ltd (ACN 134 963 027) Bioenergy Australia Pty Ltd (ACN 096 335 901)



(All Receivers and Managers Appointed)


1 BACKGROUND

Craig Crosbie and Ian Carson (Administrators) were appointed administrators of the Willmott Group on 26 October 2010 by order of the Federal Court of Australia.

WFL is the Responsible Entity or Manager of the schemes set out in Schedule 1 and Schedule 2 to this report (Willmott Schemes).

This report identifies the fees incurred by the Administrators in the conduct of the administration for the period 16 December 2010 to 15 January 2011 (Period).

The Administrators’ fees incurred during the Period included in this report predominantly relate to WFL. Fees charged in respect of the remaining nine entities relate solely to work completed in relation to the report to creditors pursuant to s 439A(4) of the Corporations Act 2001(Cth) (Act) and have been separately accounted for in Appendix A.


continued to conduct investigations and review key scheme documents;

assisted an independent specialist forestry company (Poyry) in ascertaining the viability of the schemes and reviewed draft reports produced by Poyry;

continued our investigations into the affairs of the Willmott Group for the purpose of reporting to creditors pursuant to s 439A(4) of the Act. This has included a review of books, records and financial statements and discussions with key management personnel;

dealt with various key stakeholders including meeting regularly with the representatives of the investors (Growers) and communicating with secured creditors, receivers and managers, employees and unsecured creditors;

updated the Administrators’ cashflow forecast on a weekly basis;

undertaken reconciliations of insurance funds received and processed applicable payments to insurers;

2

continued an expressions of interest campaign for recapitalisation, restructuring, or replacement of the responsible entity or manager of the Willmott Schemes. This has included dealing with interested parties, conducting the data room process and dealing with due diligence queries;

prepared applications for administrators’ directions;

ensured that statutory obligations are met; and

held regular meetings of the Committee of Creditors in order to update creditors on the progress of the administration.

2 BASIS FOR CHARGING FEES

The Administrators’ rates were provided to the Federal Court on or before 26 October 2010 by way of letter to Clayton Utz dated 21 October 2010. That letter was produced to the Court. The Administrators’ rates are set out in Appendix B to this report.

The Administrators’ fees are charged on the basis of time spent on the administration in accordance with the Insolvency Practitioners Association of Australia guidelines. The Administrators have taken all reasonable steps to ensure that the employees engaged in the administration have the appropriate experience for the work conducted.


the nature of the work performed; the amount of time spent by the Administrators and their employees on each task; the seniority of those personnel; and the rates charged in respect of those personnel.

3 STAFFING OF ADMINISTRATION DURING PERIOD 16 DECEMBER TO 15 JANUARY 2011



Partner Colin Egan Expressions of Interest Program

18 Years




Director Anthony Natoli Expressions of Interest Program

25 Years

Director Greg Quinn Expressions of Interest Program

10 Years


9 Years

3


5 ½ Years




Supervisor Jason Lont Expressions of Interest Program

6 Years


4 Years

Analyst 1 Anthony Deague Expressions of Interest Program

2 Years



2 Years



6 Years

Personal Assistant Angela Jones Administrative Tasks

9 Years


5 ½ Years

4 FEES INCURRED

The Administrators’ fees incurred during the Period in performing scheme-related tasks relating to WFL as part of the administration total $92,555.30.

The Administrators’ fees incurred during the Period in performing non-scheme-related tasks relating to WFL as part of the administration total $154,117.00.

A breakdown of those fees are recorded in Appendix C to this report (summary of hours spent) and Appendix D to this report (summary of work completed).

The Administrators’ fees incurred during the Period in respect of the remaining nine Willmott Group entities total $7,500.70 as recorded in Appendix A.

In summary, the fees for the period that the Administrators are seeking approval for are as follows:

4

$ $

Willmott Forests Limited - Scheme Related Tasks (Refer to Appendix E)

$92,555.30

Willmott Forests Limited - Non- Scheme Related Tasks

$154,117.00

Total WFL Fees $246,672.30

Willmott Finance Limited $833.41

Willmott Forest Products Pty Ltd $833.41

Willmott Forests Investment Management Pty Ltd

$833.41

Willmott Forest Nominees Pty Ltd

$833.41

Willmott Energy Pty Ltd $833.41

Willmott Subscriber Pty Ltd $833.41

Bioenergy Australia Pty Ltd $833.41

Bioforest Limited $833.41

Willmott Notes Pty Ltd $833.41

Total Fees for 16 November to 15 December 2010

$254,173.00

5 ANALYSIS OF TIME SPENT ON WFL ADMINISTRATION


scheme-related costs; administration; assets; creditors; employees; investigation; and trade on.


5

Scheme-related costs comprised 38% of the overall fees incurred by the Administrators during the Period. Tasks in this category include:

analysing the nature and viability of the Willmott Schemes and liaising with Poyry throughout its independent analysis of the viability of the schemes;

dealing with Growers’ concerns and queries; reviewing Growers’ reports issued by Willmott to investors; attending Grower liaison meetings; and continuing an expressions of interest campaign for the recapitalisation of the Willmott

Schemes.


liaising with numerous stakeholders, including creditors; preparing financial forecasts and monitoring costs such as general overheads and

employee costs; investigating the affairs of the Willmott Group and preparing the s 439A report; and planning and preparing for the second meeting of creditors.

Costs relating to investigations comprised 39% of the overall general administration fees incurred by the Administrators during the period. Given the size and complexity of the Willmott Group and range of stakeholders impacted by the administration it has been necessary to spend a considerable amount of time conducting these investigations. Tasks in this category include:

38%

11%

1%

9%0%

39%

2%


Scheme Costs Administration Assets Creditors Investigation Trade On

6

reviewing books and records of the Willmott Group; discussions with key management personnel; conducting a detailed analysis of all relevant documents and information; and conducting statutory investigations including investigations into preference payments,

directors’ duties, voidable transactions and related party transactions.

A detailed breakdown of time spent on all areas is set out in Appendix D to this report. Individual timesheet records can be provided upon request.

In addition, a breakdown of scheme-related costs across the various schemes is set out in Appendix E to this report.

Where tasks have been completed which are directly attributable to a scheme(s), they have been allocated against that scheme(s).

The majority of scheme-related costs during the Period are general in nature and do not relate to any particular scheme. Those costs have therefore been apportioned in one of two ways:

Method 1: Equal apportionment across each of the 44 schemes; or Method 2: Pro rata apportionment across all schemes based on the number of growers

in each scheme.


As noted in our previous remuneration reports, due to the complex nature of the administration, there has been a greater need for the involvement of senior staff to date in directing the administration and overseeing the team of employees assisting with the administration.

As expected, as the administration progresses, some senior staff have become less involved. Whilst there was one director involved on a full-time basis and two directors on a part-time basis during the previous period, there is now one full-time director and one part-time director still heavily involved in the Administration with minimal involvement from others at that level. The directors still involved with the administration are:

Barry Wight (full-time) – overall team leader involved in overseeing the administration in its entirety.

Les Cullen (part-time) – responsible for overseeing the analysis of the Willmott Schemes.

A senior manager has been involved full-time in an advisory role working on expressions of interest for:

the Willmott Schemes; and the possible restructuring or recapitalisation of the Willmott Group.

Managers and supervisors have been active in dealing with a number of important issues such as liaising with creditors and Growers and conducting investigations. For the Period, a larger portion of fees is therefore now attributable to mid-range staff completing these tasks.

Junior staff have assisted in supporting senior staff in dealing with things such as creditors’ and Growers’ queries and analysis of scheme documents.

The breakdown of work conducted during the Period in terms of seniority of personnel is illustrated in the graph below:

7

0 50 100 150 200 250

Partner

Director

Senior Manager

Manager

Supervisor

Senior Analyst 1

Analyst 1

Analyst 2

Graduate

Bookkeeper

PA

Number of Hours

PositionHours Worked by Position

Schedule 1 - Managed Investment Schemes



1983 (No Project) 1984 (No Project) 1985 (No Project) 1986 (No Project) 1987 (No Project) 1989 (No Project) 1990 (No Project) - Interest Only Offer 1991 (No Project) McKenzie & Partners - Forestry Partnership No.1 (1993) Grimsey & Associates Pty Ltd - Forestry Partnership No. 1 (1994) Grimsey & Associates Pty Ltd - Forestry Partnership No. 2 (1994) Grimsey & Associates Pty Ltd - Forestry Partnership No. 3 (1994) McKenzie & Partners - Forestry Partnership No. 2 (1994) 1995 (No Project) (Custom) Sharp/Reed Plantation Project -1998 Information Memorandum Willmott Forests - Professional Investor - 2001 Project - 2001 Information Memorandum 2001 (No Project) Willmott Forests - Professional Investor - 2002 Project - 2002 Information Memorandum Willmott Forests - Professional Investor - 2003 Project - 2003 Information Memorandum (2003) and 2003 Information Memorandum (2004) Willmott Forests - Professional Investor - 2004 Project - 2004 Information Memorandum and 2004 Information Memorandum (2005) 2005 BioForest Wholesale Project No. 2 - 2005 Wholesale Forestry Memorandum (Bioforest) Willmott Forests - Professional Investor - 2006 Project - 2006 Information Memorandum

AP

PE

ND

IX A

Clie

nt N

ame:

WIL

LMO

TT

GR

OU

P C

OM

PA

NIE

S

CA

LC

UL

AT

ION

OF

RE

MU

NE

RA

TIO

NF

OR

TH

E P

ER

IOD

16

JAN

UA

RY

201

1 T

O 1

5 F

EB

RU

AR

Y 2

011

Will

mot

t Fi

nanc

eW

illm

ott F

ores

tW

illm

ott F

ores

ts In

vest

men

tW

illm

ott F

ores

tW

illm

ott E

nerg

yW

illm

ott S

ubsc

riber

Bio

ener

gyB

ioen

ergy

Aus

tral

iaW

illm

ott

Not

esP

ty L

tdP

rodu

cts

Pty

Ltd

Man

agem

ent P

ty L

tdN

omin

ees

Pty

Ltd

Pty

Ltd

Pty

Ltd

Lim

ited

Lim

ited

Pty

Ltd

WIE

RIK

, BE

TE

Man

ager

330.

00

5.16

1,70

2.80

18

9.20

18

9.20

18

9.20

189.

20

189.

20

189.

20

189.

20

189.

20

189.

20

WA

TS

ON

, BR

IDG

ET

TE

Sup

ervi

sor

300.

00

13.5

4,05

0.00

45

0.00

45

0.00

45

0.00

450.

00

450.

00

450.

00

450.

00

450.

00

450.

00

OP

AT

, JE

RE

MY

Ana

lyst

120

0.00

0.

714

0.00

15.5

6

15

.56

15.5

6

15.5

6

15

.56

15.5

6

15

.56

15.5

6

15

.56

GO

LD, R

OB

ER

TA

naly

st 2

154.

00

11.3

51,

747.

90

194.

21

194.

21

194.

21

19

4.21

19

4.21

19

4.21

19

4.21

19

4.21

19

4.21

T

OT

AL

30.7

17,

640.

70

848.

97

848.

97

848.

97

84

8.97

84

8.97

84

8.97

84

8.97

84

8.97

84

8.97

Em

plo

yee

Po

siti

on

Rat

e

(Ex

GS

T)

Hrs

To

tal

($)

APPENDIX J2


POSITION DESCRIPTION HOURLY

RATE

$ Principal

Appointee Registered and / or Official Liquidator, Administrator or Registered Trustee in Bankruptcy or Partner, bringing their specialist skills to the administration or insolvency task.

560

Director/ Principal Extensive insolvency or equivalent experience, at least 5 years at manager level as a qualified accountant and capable of controlling all aspects of an administration.

460

Senior Manager More than 7 years insolvency or equivalent experience, at least 3 of which as a manager and qualified accountant. Answerable to the appointee but otherwise responsible for all aspects of administration. Experienced at all levels and considered very competent. Controls staff and their training.

440

Manager 6-7 years, qualified accountant, with well-developed technical and commercial skills. Is constantly alert to opportunities to meet clients’ needs and to improve the clients’ future operation either by revenue enhancement or by reducing costs and improving efficiency. Controls 2-4 staff.

330

Supervisor 4-6 years. ICAA/CPA or equivalent qualification. Has conduct of minor administrations and experience in control of 1-3 staff. Assisting with the planning and control of medium to larger jobs.

300

Senior Analyst 1

2-4 years. ICAA/CPA is normally completed within this period. Assisting with the planning and control of small to medium scale jobs as well as performing some of the more senior work on larger jobs.

234

Senior Analyst 2 215

Analyst 1 0-2 years. ICAA/ CPA is normally commenced within this period. Required to assist in day to day fieldwork under supervision of more senior staff.

200

Analyst 2 154

Graduate 0-1 years. Has recently completed an appropriate degree. Required to assist in day to day fieldwork under supervision of more senior staff.

154

Undergraduate Undertaking an appropriate degree. Required to assist in administration and day to day fieldwork under supervision of more senior staff.

154

Senior Bookkeeper

More than 5 years’ experience dedicated to specialised IPS/Sol 6 processing.

154



Administration Non-qualified. Classification depends on experience, salary and complexity of work to be conducted.

95

AP

PE

ND

IX J3

Clie

nt

Nam

e:

Sch

eme

Co

sts

Hrs

Ad

min

istr

atio

nH

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sset

sH

rsC

red

ito

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rsE

mp

loye

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rsIn

vest

igat

ion

Hrs

Tra

de

On

Hrs

CR

OS

BIE

, CR

AIG

Par

tner

560.

00

48.5

0

27

,160

.00

11,8

72.0

0

21

.20

2,74

4.00

4.90

1,

624.

00

2.90

7,

224.

00

12.9

0

-

-

2,01

6.00

3.60

1,68

0.00

3.

00

EG

AN

, CO

LIN

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tner

560.

00

2.00

1,

120.

00

1,12

0.00

2.

00

WIG

HT

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RR

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irect

or /

Prin

cipa

l46

0.00

11

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0

46

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1.00

1,

610.

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3.

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230.

00

0.

50

1,38

0.00

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46

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10

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-

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CU

LLE

N, L

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Dire

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/ P

rinci

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460.

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0

19

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0

41

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-

-

-

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ER

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AR

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Prin

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00

460.

00

46

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INN

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EG

Dire

ctor

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rinci

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00

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0.00

230.

00

0.

50

-

-

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-

-

-

-

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FIN

LAY

SO

N, A

AR

ON

Sen

ior

Man

ager

440.

00

55.4

0

24

,376

.00

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76.0

0

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-

-

-

-

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ICH

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er33

0.00

72

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53.2

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1,

254.

00

3.

80

-

-

924.

00

2.

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-

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1,

650.

00

5.

00

2,

574.

00

7.80

WIE

RIK

, BE

TE

Man

ager

330.

00

137.

50

45

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.00

1,71

6.00

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20

7,88

7.00

23.9

0

1,

287.

00

3.90

1,

551.

00

4.70

-

-

32,9

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0

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TS

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Sup

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300.

00

69.4

0

20

,820

.00

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0.00

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AN

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300.

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234.

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0.00

0.

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37.5

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incl

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Ave

rage

hou

rly r

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(exc

ludi

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ST

)

WIL

LM

OT

T G

RO

UP

OF

CO

MP

AN

IES

CA

LC

UL

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OF

RE

MU

NE

RA

TIO

NF

OR

TH

E P

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16

DE

CE

MB

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201

0 T

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011

Em

plo

yee

Po

siti

on

Rat

e

(E

x G

ST

)H

rsT

ota

l($

)T

ask

Are

a

A

PP

EN

DIX

J4

DE

SC

RIP

TIO

N O

F W

OR

K S

CH

ED

UL

E

WIL

LM

OT

T G

RO

UP

OF

CO

MP

AN

IES

Sum

mar

y of

wor

k un

dert

aken

for

the

perio

d 16

Dec

embe

r 20

10 to

15

Janu

ary

2010

.

Tas

k A

rea

Gen

eral

Des

crip

tio

n

Incl

ud

es

Ap

pro

pri

ate

Res

ou

rce

s E

mp

loye

d

Sch

eme

Rel

ated

C

ost

s T

ota

l: $

93,7

44.3

0

Ana

lysi

s of

Sch

emes

Eng

agin

g P

oyr

y to

car

ry o

ut s

che

me

viab

ility

ana

lysi

s,

incl

udin

g lia

isin

g w

ith M

r Jo

hn W

elsf

ord,

dire

ctor

of

Po

yry.

Co-

ordi

natin

g th

e p

rovi

sion

of i

nfor

mat

ion

to P

oyr

y fo

r its

re

port

.

Con

duct

ing

seve

ral p

rogr

ess

mee

tings

and

num

erou

s te

leph

one

disc

ussi

ons

with

Po

yry

to d

iscu

ss th

e st

atus

of

thei

r re

port

.

Dis

cuss

ions

with

the

Rec

eive

rs a

nd M

anag

ers

on t

he

prog

ress

of t

he P

oyr

y re

port

.

Rev

iew

ing

seve

ral d

rafts

of t

he P

oyr

y re

port

and

mee

ting

with

var

ious

sta

keho

lder

s to

dis

cuss

the

final

rep

ort.

Con

duct

ing

rese

arch

on

cert

ain

inpu

ts to

the

Po

yry

repo

rt, i

nclu

ding

dis

coun

t rat

e, p

oten

tial r

espo

nsib

le

entit

y fe

es a

nd o

ther

sch

eme

cost

s.

R

evie

win

g th

e dr

aft o

utpu

t of v

ario

us s

chem

e vi

abili

ties.

Dis

cuss

ions

with

Po

yry

staf

f mem

bers

reg

ard

ing

the

assu

mpt

ions

use

d in

thei

r re

port

.

Cor

resp

ond

ence

with

Mr

A W

ilkie

(W

FL

empl

oye

e) in

re

latio

n to

the

lan

d tit

les

of th

e 20

01 “

No

Pro

ject

” sc

hem

e 10

0% o

wne

d b

y W

FL

and

revi

ewin

g hi

s re

spon

se.

C

orre

spo

nden

ce w

ith M

r D

icki

nson

of P

oyr

y re

gard

ing

sche

me

cate

goris

atio

n.

R

evie

win

g th

e fi

nanc

ial m

odel

pre

pare

d b

y K

orda

Men

tha

and

Will

mot

t, in

clud

ing

revi

ew

ing

the

mod

el fo

r m

athe

mat

ical

and

logi

cal a

ccur

acy.

T

he a

naly

sis

of t

he s

chem

es h

as p

rimar

ily b

een

cond

ucte

d b

y D

irec

tor,

Les

Cul

len.

Mr

Cul

len

has

prev

ious

exp

erie

nce

with

ma

nage

men

t inv

estm

ent

sche

mes

and

is th

eref

ore

appr

opri

ate

for

this

task

, pa

rtic

ular

ly g

iven

the

leve

l of c

ompl

exity

invo

lved

. Mr

Cul

len

has

also

bee

n si

gnifi

cant

ly in

volv

ed in

this

are

a si

nce

the

begi

nnin

g of

the

adm

inis

trat

ion

and

the

refo

re is

de

emed

to h

ave

the

appr

opr

iate

kno

wle

dge

to c

ondu

ct

this

ana

lysi

s.

S

uper

viso

r, J

ason

Lon

t and

gra

duat

e, C

hris

Tun

g,

also

as

sist

ed M

r C

ulle

n w

ith n

on-c

ompl

ex ta

sks

such

as

the

anal

ysis

of s

chem

e su

mm

arie

s, w

hich

was

de

emed

ap

prop

riate

for

thei

r le

vel o

f exp

erie

nce.

Dur

ing

the

pre

viou

s pe

riod

the

Ad

min

istr

ator

s al

so

enga

ged

the

help

of t

he in

tern

atio

nally

ren

ow

ned

cons

ultin

g an

d en

gine

erin

g co

mp

any

Po

yry.

Its

in-d

epth

ex

perie

nce

of th

e fo

rest

ry in

dust

ry m

akes

it a

n ap

prop

riate

cho

ice

to c

arry

out

the

com

plex

sch

eme

viab

ility

ana

lysi

s. T

he A

dm

inis

trat

ors

have

det

erm

ined

th

at g

iven

its

exp

erie

nce,

Po

yry

is b

ette

r pl

aced

to

unde

rtak

e th

is w

ork

than

the

Adm

inis

trat

ors.

Mr

Cu

llen

has

assi

sted

Poy

ry in

ens

urin

g th

at t

hey

rece

ive

all

nece

ssar

y in

form

atio

n in

ord

er to

pro

duce

thei

r re

por

t on

the

viab

ility

of t

he s

chem

es.

Tas

k A

rea

Gen

eral

Des

crip

tio

n

Incl

ud

es

Ap

pro

pri

ate

Res

ou

rce

s E

mp

loye

d

Gro

we

r Li

aiso

n

T

elep

hone

con

vers

atio

n w

ith P

aul C

halli

s of

Will

mot

t G

row

ers

Gro

up (

WG

G)

reg

ardi

ng t

he c

onve

ning

of

a m

eetin

g of

gro

we

rs fo

r th

e 19

95-9

9 sc

hem

es a

nd

revi

ewin

g su

bse

quen

t em

ail f

rom

Mr

Cha

llis

in r

espe

ct o

f th

e m

eetin

g.

M

eetin

g w

ith M

arie

Birm

ingh

am fr

om W

illm

ott A

ctio

n G

rou

p (W

AG

) to

geth

er w

ith B

rian

Web

ster

of K

ord

a M

enth

a to

dis

cuss

the

rest

ruct

urin

g of

sch

emes

.

Rev

iew

ing

emai

l fro

m W

AG

and

sub

sequ

ent

corr

espo

nden

ce w

ith K

ord

aMen

tha

and

Com

mo

nw

ealth

B

ank

re m

eetin

g w

ith th

e W

GG

.

Pre

para

tion

for

the

WG

G m

eetin

g.

R

evie

win

g an

d p

repa

ring

atte

nda

nce

regi

ster

and

ag

enda

for

mee

ting.

Atte

ndan

ce a

t th

e W

GG

mee

ting.

Rev

iew

ing

ques

tions

rai

sed

by

the

Gro

wer

s an

d pr

epar

ing

resp

onse

s.

R

evie

win

g al

l em

ails

and

pro

of o

f de

bts

rece

ived

from

G

row

ers.

Res

pond

ing

to a

ll G

row

ers

’ que

ries.

Rev

iew

ing

num

ero

us e

mai

ls fr

om G

row

ers

reg

ardi

ng

insu

ranc

e m

atte

rs.

O

btai

ning

lega

l adv

ice

from

AB

L.

P

rimar

y ov

ers

ight

for

Gro

we

r lia

ison

was

per

form

ed

by

Sup

ervi

sor,

Brid

get

te W

atso

n, w

ho

is c

onsi

dere

d to

hav

e th

e re

quis

ite le

vel o

f exp

ertis

e du

e to

her

sig

nific

ant

invo

lvem

ent w

ith G

row

er is

sues

sin

ce th

e A

dmin

istr

ator

s’

appo

intm

ent.

Adm

inis

trat

or, C

raig

Cro

sbie

, has

atte

nded

all

Gro

we

r m

eetin

gs a

long

with

Ms

Wat

son,

and

pro

vide

d ne

cess

ary

guid

ance

and

ove

rsig

ht o

n G

row

er-

rela

ted

issu

es w

her

e ap

prop

riate

.

Rob

bie

Gol

d, A

nal

yst 2

leve

l, ha

s pr

imar

ily d

ealt

with

a

high

vol

ume

of p

roof

s of

deb

t, n

otin

g th

ese

task

s ar

e no

n-co

mpl

ex o

r of

an

adm

inis

trat

ive

natu

re. H

e ha

s al

so

deal

t with

an

y a

ddi

tiona

l non

-com

plex

task

s as

they

ar

ise.

Tas

k A

rea

Gen

eral

Des

crip

tio

n

Incl

ud

es

Ap

pro

pri

ate

Res

ou

rce

s E

mp

loye

d

EO

I/Rec

apita

lisat

ion

R

evie

win

g co

rres

pond

ence

from

Ms

L S

ewel

l fro

m H

VP

re

gard

ing

pote

ntia

l int

eres

t in

som

e sc

hem

es a

nd

inte

rnal

dis

cuss

ions

re

HV

P in

tere

st.

Pro

vidi

ng c

onfid

entia

l inf

orm

atio

n to

HV

P.

D

iscu

ssio

ns w

ith S

Bla

ir re

gard

ing

pro

posa

l for

de

alin

g w

ith W

illm

ott a

sset

s.

R

evie

win

g an

d re

spon

ding

to e

mai

l fro

m R

uper

t Sm

oker

of

The

Tru

st C

om

pan

y re

gard

ing

cha

nges

to th

e C

onfid

entia

lity

Agr

eem

ent.

Clo

sing

pro

posa

l str

uctu

re a

nd r

evi

ewin

g al

l pro

posa

ls.

D

iscu

ssio

ns w

ith M

icha

el P

olla

ck r

egar

ding

Will

mot

t S

hell.

Mee

ting

with

Joh

n K

nox

and

Mal

colm

Cle

land

from

H

untle

y G

roup

.

Ans

we

ring

due

dilig

ence

que

ries

from

pro

spec

tive

part

ies.

Hol

ding

reg

ular

inte

rnal

str

ateg

y m

eetin

gs r

egar

ding

the

EO

I cam

paig

n a

nd p

roce

ss.

Id

entif

ying

and

ta

rget

ing

pote

ntia

l int

eres

ted

part

ies

with

th

e re

leva

nt in

dust

ry e

xper

tise.

Atte

ndin

g E

OI

resp

onse

s an

d fu

rthe

r qu

erie

s.

U

nder

taki

ng c

ontin

ual r

evie

w a

nd

upda

te o

f bot

h fin

anci

al a

nd s

chem

e in

form

atio

n in

the

data

roo

m.

H

oldi

ng d

iscu

ssio

ns w

ith e

ach

of

the

inte

rest

ed p

art

ies

invo

lved

in th

e E

OI p

roce

ss, a

nd a

ttend

ing

mee

tings

with

a

num

ber

of p

artie

s.

R

evie

win

g fir

st r

oun

d, in

dica

tive

non-

bind

ing

pro

posa

ls

from

eig

ht in

tere

sted

par

ties.

S

enio

r m

anag

er,

Aar

on F

inla

yson

, w

ith s

peci

alis

t ski

lls in

co

rpor

ate

finan

ce, h

as p

rimar

y ov

ersi

ght i

n an

alys

ing

the

sche

mes

and

lead

ing

the

EO

I pro

cess

. T

he c

ompl

exity

of

this

adm

inis

trat

ion

requ

ires

som

eone

with

Mr

Fin

lays

on’s

exp

erie

nce

in r

unni

ng s

imila

r ty

pes

of E

OI

cam

paig

ns a

nd d

ealin

g w

ith in

tere

sted

par

ties.

Eva

n W

right

, Sen

ior

Ana

lyst

1 le

vel a

nd A

ntho

ny

Dea

gue,

Ana

lyst

1 le

vel h

ave

prov

ided

ass

ista

nce

with

an

y ro

utin

e or

ad

min

istr

ativ

e ta

sks

such

as

upda

ting

the

data

roo

m, c

allin

g in

tere

sted

par

ties

and

anal

ysin

g

prop

osal

s fr

om in

tere

sted

par

ties.

Ass

ets

To

tal:

$3,

321.

00

Sal

e of

Re

al P

rope

rty

D

iscu

ssio

ns w

ith M

r W

ill B

arto

n of

M3

Pro

pert

y ab

out

the

valu

atio

n of

Bom

bala

land

and

rev

iew

ing

emai

ls fr

om

M3

prop

erty

re

sam

e.

R

evie

win

g M

3 P

rope

rty

repo

rt r

eg

ardi

ng B

omba

la la

nd.

Li

aisi

ng w

ith M

r S

tew

art L

ee, r

eal e

stat

e ag

ent r

e S

elle

rs,

Mitc

hell,

Gol

dsan

ds a

nd C

atca

rt p

rope

rtie

s in

Bom

bala

.

Dis

cuss

ing

secu

rity

for

fun

ding

arr

ange

men

t.

Li

aisi

ng w

ith M

r an

d M

rs J

enni

ngs

re tr

ansf

er o

f lea

se.

R

evie

win

g re

leva

nt d

ocum

ents

.

A

dmin

istr

ator

, Cra

ig C

rosb

ie, h

as p

redo

min

antly

car

ried

out t

asks

in r

elat

ion

to r

eal p

rope

rty,

not

ing

his

prev

ious

ex

perie

nce

in p

rope

rty

mat

ters

an

d th

e re

quir

emen

t to

deal

with

sen

ior

pers

onne

l with

in e

xter

nal p

rope

rty

orga

nisa

tions

.

Man

ager

, Be

n T

e W

ierik

, has

ass

iste

d M

r C

rosb

ie in

re

latio

n to

pro

pert

y re

late

d ta

sks,

par

ticul

arly

in r

elat

ion

to th

e in

vest

igat

ion

into

une

ncum

bere

d la

nd, n

otin

g th

is

larg

ely

invo

lved

res

earc

h an

d di

scus

sion

with

Will

mot

t m

anag

emen

t. A

s su

ch, M

r T

e W

ierik

is a

t the

app

ropr

iate

le

vel o

f sen

iorit

y fo

r th

is ta

sk.

Tas

k A

rea

Gen

eral

Des

crip

tio

n

Incl

ud

es

Ap

pro

pri

ate

Res

ou

rce

s E

mp

loye

d

Cre

dit

ors

T

ota

l: $

22,7

01.8

0

Cre

dito

r E

nqu

irie

s

R

ecei

ving

and

follo

win

g up

num

erou

s cr

edito

r en

qui

ries.

Rev

iew

ing

and

pre

parin

g co

rres

pon

denc

e to

cre

dito

rs

and

thei

r re

pres

ent

ativ

es v

ia fa

csim

ile, e

mai

l and

pos

t.

R

obbi

e G

old,

An

alys

t 2 le

vel,

has

prim

arily

dea

lt w

ith a

hi

gh v

olum

e of

cre

dito

r is

sues

suc

h as

pho

ne c

alls

or

emai

ls, n

otin

g th

ese

task

s ar

e no

n-co

mpl

ex o

r of

a

rout

ine

natu

re.

Cre

dito

r R

epor

ts

D

rafti

ng r

epo

rt to

Com

mitt

ee o

f Cre

dito

rs r

egar

ding

B

omba

la v

alua

tion

and

seed

ling

tree

stoc

k.

P

repa

ring

s 43

9A

rep

ort a

nd c

ontin

ually

rev

iew

ing

the

draf

t re

port

an

d u

pdat

e th

e re

port

.

Dis

cuss

ing

deta

ils c

onta

ined

in th

e 43

9A r

epo

rt.

Pre

parin

g an

d re

view

ing

the

finan

cial

ana

lysi

s se

ctio

n of

th

e re

port

.

Rev

iew

ing

acco

unt

ing

stan

dard

s fo

r co

mm

enta

ry in

the

repo

rt.

R

obbi

e G

old,

An

alys

t 2 le

vel,

has

been

res

pons

ible

for

com

men

cing

the

s 43

9A r

epor

t ou

tline

as

wel

l as

com

pilin

g th

e C

omm

ittee

of C

redi

tors

det

ails

and

dea

ling

with

thei

r en

quiri

es.

The

se ta

sks

are

not c

ompl

ex

and

are

adm

inis

trat

ive

in n

atur

e.

B

ridge

tte W

atso

n, S

uper

viso

r, is

prim

arily

res

pons

ible

for

the

over

all c

ompl

etio

n of

this

rep

ort

. S

he h

as th

e re

quis

ite k

now

ledg

e an

d e

xpe

rienc

e to

com

plet

e th

is

task

eff

ectiv

ely

and

cost

eff

icie

ntly

.

Bar

ry W

ight

, Dire

ctor

sup

ervi

sed

this

pro

cess

ens

urin

g M

r G

old

and

Ms

Wat

son

carr

ied

out t

heir

task

s ap

prop

riate

ly a

nd

corr

ectly

. S

ecur

ed

Cre

dito

r

Dis

cuss

ions

with

sec

ured

cre

dito

r re

gard

ing

finan

ce

appl

icat

ion.

Tel

epho

ne c

onve

rsat

ions

with

Me

ssrs

Cop

p, B

erg

er a

nd

Mus

so o

f the

Co

mm

onw

ealth

Ba

nk.

R

evie

win

g co

rres

pond

ence

from

the

Com

mon

wea

lth

Ban

k.

C

raig

Cro

sbie

, Adm

inis

tra

tor

and

Bar

ry W

ight

, Dire

ctor

ha

ve fo

r th

e m

ost p

art b

een

invo

lved

in m

eetin

gs a

nd

disc

ussi

ons

with

the

secu

red

cred

itors

. T

his

is

cons

ider

ed a

ppro

pria

te g

iven

the

com

plex

ity o

f iss

ues

invo

lved

, the

dec

isio

n m

akin

g re

quire

d an

d th

e le

vel o

f se

nior

ity o

f sec

ured

cre

dito

rs’ s

taff

part

icip

atin

g.

Mee

ting

of C

redi

tors

Pre

parin

g ag

end

a fo

r C

omm

ittee

of C

redi

tors

me

etin

g.

In

tern

al d

iscu

ssio

ns r

egar

ding

mee

ting

venu

es a

nd

cost

s fo

r C

omm

ittee

of

Cre

dito

rs m

eetin

g.

P

repa

ratio

n o

f var

ious

sch

edul

es fo

r th

e p

rese

ntat

ion

at

the

Com

mitt

ees

of C

redi

tors

me

etin

gs.

A

ttend

ance

at n

um

erou

s m

eetin

gs o

f Com

mitt

ee o

f C

redi

tors

.

Cor

resp

ond

ence

with

Com

mitt

ee o

f Cre

dito

rs m

embe

rs.

A

dmin

istr

ator

, Cra

ig C

rosb

ie a

nd M

anag

er, M

icha

el

Car

mod

y ha

ve p

redo

min

antly

car

ried

out t

asks

in th

is

area

. Mr

Cro

sbie

cha

ired

the

Com

mitt

ee o

f Cre

dito

rs

mee

ting

whi

ch is

app

rop

riate

as

he

is th

e ap

poin

tee.

M

r C

arm

ody

assi

sted

him

thro

ugh

out t

he p

roce

ss t

o en

sure

cre

dito

rs’ c

once

rns

we

re d

ealt

with

ap

prop

riate

ly.

Tas

k A

rea

Gen

eral

Des

crip

tio

n

Incl

ud

es

Ap

pro

pri

ate

Res

ou

rce

s E

mp

loye

d

Tra

de

On

T

ota

l: $

4,25

4.00

Tra

de O

n M

anag

emen

t

C

ondu

ctin

g re

gula

r ca

sh r

econ

cilia

tions

.

Liai

sing

with

man

agem

ent a

nd s

taff.

Ens

urin

g ap

prop

riat

e st

affin

g le

vels

are

mai

ntai

ned.

Liai

sing

with

man

agem

ent r

ega

rdin

g th

e us

e of

Co

mpa

ny

veh

icle

s.

R

egul

ar in

tern

al d

iscu

ssio

ns r

egar

ding

issu

es e

mer

ging

fr

om tr

adin

g ac

tiviti

es.

Pre

parin

g an

d au

thor

isin

g re

ceip

t vou

cher

s, p

aym

ent

vo

uche

rs a

nd E

FT

pa

ymen

ts.

D

iscu

ssio

ns r

egar

ding

CB

A o

verd

raft

issu

e an

d re

view

of

docu

men

ts r

egar

ding

sam

e.

B

arry

Wig

ht,

Dire

ctor

, ha

s pr

imar

y re

spon

sibi

lity

for

man

agin

g th

e A

dm

inis

trat

ors’

team

acr

oss

a nu

mb

er o

f tr

ade-

on

issu

es, n

otin

g hi

s ex

tens

ive

inso

lven

cy a

nd

oper

atio

nal e

xpe

rienc

e.

M

icha

el C

arm

ody,

Man

ager

, has

pro

vide

d th

e m

ajor

ity o

f su

ppor

t to

Mr

Wig

ht in

com

plet

ing

vario

us ta

sks

such

as

revi

ewin

g a

gree

men

ts, d

rafti

ng c

orre

spon

den

ce,

deal

ing

with

em

plo

yees

etc

. M

r C

arm

ody’

s le

vel o

f ins

olve

ncy

expe

rienc

e is

app

ropr

iate

for

deal

ing

with

var

ious

st

akeh

olde

rs a

nd r

evie

win

g d

ocum

ents

.

Inve

stig

atio

n

To

tal:

$97

,451

.20

Con

duct

ing

Inve

stig

atio

n

Com

plet

ing

a dr

aft

of th

e in

vest

igat

ion

exec

utiv

e su

mm

ary

.

Pre

parin

g a

dra

ft a

naly

sis

of c

onso

lidat

ed fi

nanc

ial

stat

emen

ts a

nd n

otes

for

inve

stig

atio

n re

port

.

Rev

iew

ing

WF

L co

rres

pond

ence

to

AS

IC r

e A

FS

L co

mpl

ianc

e an

d co

vena

nt c

alcu

latio

n.

R

evie

win

g no

tes

to fi

nanc

ial a

ccou

nts

and

disc

ussi

ons

with

Mr

Ago

stin

i (W

FL

Acc

ount

ant)

re

calc

ulat

ion

of la

nd

carr

ying

val

ues.

Rev

iew

ing

corr

espo

nden

ce fr

om M

cPhe

rson

Kel

ly

rega

rdin

g cl

aim

s of

dir

ecto

rs’ b

rea

ches

.

Pre

parin

g sp

read

shee

t and

gra

ph o

f WF

L sh

are

pric

e ov

er p

ast t

hree

yea

rs, i

nclu

ding

det

ails

of a

ny e

vent

s ov

er th

e pe

riod

that

ma

y o

r di

d h

ave

an e

ffect

on

the

shar

e pr

ice.

Rev

iew

ing

annu

al f

inan

cial

acc

ount

s fo

r F

Y ’0

7 to

in

vest

igat

e na

ture

of $

91.4

mill

ion

inflo

w o

f inv

estm

ent

activ

ity.

P

repa

ring

stac

ked

grap

h fo

r ca

sh f

low

act

iviti

es fo

r pe

riod

2007

to

201

0 an

d ca

lcul

atin

g an

d gr

aphi

ng n

et

debt

for

sam

e p

erio

d.

In

tern

al d

iscu

ssio

ns r

e in

vest

igat

ion

area

s an

d pl

anni

ng

and

upda

ting

Ga

ntt c

hart

tim

elin

e fo

r in

vest

igat

ion

task

s.

N

umer

ous

inte

rnal

dis

cuss

ions

and

mee

tings

bet

wee

n th

e in

vest

igat

ion

team

on

the

cont

ent o

f the

inve

stig

atio

n re

port

.

Inve

stig

atin

g th

e st

ruct

ure

and

flow

of f

unds

bet

we

en

Will

mot

t Gro

up e

ntiti

es in

rel

atio

n to

inve

stm

ents

in

vario

us M

anag

em

ent I

nves

tmen

t S

chem

es.

In

terv

iew

s an

d di

scus

sion

s w

ith k

ey

man

age

men

t of

W

illm

ott i

nclu

ding

fina

ncia

l acc

ount

ant a

nd fo

rest

ry

B

arry

Wig

ht,

Dire

ctor

, ha

s pr

imar

y re

spon

sibi

lity

for

lead

ing

the

inve

stig

atio

ns t

eam

and

pro

vidi

ng g

uida

nce

and

lead

ersh

ip w

here

app

ropr

iate

. M

r W

ight

has

ex

tens

ive

expe

rienc

e in

dea

ling

with

com

ple

x is

sues

fr

om p

revi

ous

inso

lven

cies

and

is th

eref

ore

appr

opri

ate

for

this

task

.

Ben

Te

Wie

rik, M

anag

er, a

ssis

ted

Mr

Wig

ht in

in

vest

igat

ions

as

appr

opria

te fo

r m

anag

er le

vel.

Ro

bbie

G

old,

Ana

lyst

2 le

vel,

also

ass

iste

d M

r W

ight

and

Mr

Te

Wie

rik

with

less

com

plex

ta

sks

such

as

prep

arin

g d

ata

tabl

es, r

evie

win

g d

ocum

ents

and

bas

ic a

naly

sis

whi

ch

we

re d

eem

ed a

ppr

opria

te fo

r th

eir

leve

l of e

xper

ien

ce.

Tas

k A

rea

Gen

eral

Des

crip

tio

n

Incl

ud

es

Ap

pro

pri

ate

Res

ou

rce

s E

mp

loye

d

depa

rtm

ent s

taff.

Con

duct

ing

void

able

tran

sact

ions

rev

iew

.

Exa

min

ing

WF

L’s/

the

Will

mot

t com

pani

es’ b

udge

ting

and

acco

untin

g pr

oces

ses.

Rev

iew

ing

Will

mot

t acc

ount

ing

polic

ies

and

proc

edur

es.

In

vest

igat

ing

the

fund

ing

stru

ctur

e o

f Will

mot

t.

Rev

iew

ing

MIS

indu

stry

tre

nds

and

pra

ctic

es in

clud

ing

revi

ewin

g su

bmis

sion

s to

Joi

nt P

arlia

men

tary

Inq

uiry

into

A

gri-B

usin

ess

MIS

and

Inqu

iry

findi

ngs.

Pre

parin

g d

raft

inve

stig

atio

n su

mm

ary

on

finan

cial

st

atem

ents

, rev

iew

ing

acco

untin

g po

licie

s an

d ca

lcul

atin

g S

tand

ing

Tim

ber

asse

t va

luat

ion,

rec

ogni

tion

of r

even

ue, l

and

valu

atio

n m

etho

dolo

gy

and

futu

re

harv

est p

roce

eds.

Rev

iew

ing

Will

mot

t Gro

up c

orre

spon

denc

e w

ith B

anki

ng

Syn

dica

te fo

llow

ing

1 Ju

ly 2

010.

Rev

iew

ing

finan

cial

sta

tem

ents

, Ana

lysi

s of

Con

solid

ated

In

com

e S

tate

me

nt, A

naly

sis

of C

onso

lidat

ed S

tate

men

t of

Fin

anci

al P

ositi

on, a

nd A

naly

sis

of C

onso

lidat

ed

Cas

hflo

w a

nd p

repa

ring

exp

lana

tory

not

es to

fina

nci

al

stat

emen

ts.

M

eetin

gs a

nd d

iscu

ssio

ns w

ith W

illm

ott F

inan

cial

A

ccou

ntan

t in

rela

tion

to c

alcu

latio

n/ v

alua

tion

and

cl

assi

ficat

ion

of A

sset

and

liab

ilitie

s in

clud

ing

SG

AR

A

and

Fut

ure

Ha

rves

t pro

ceed

s ca

lcul

atio

ns, P

INE

S a

nd

Pro

visi

on b

alan

ces

and

Rev

enue

and

Exp

ens

e re

cogn

ition

incl

udin

g S

tand

ing

Tim

ber

and

def

erre

d le

asin

g an

d m

aint

enan

ce r

even

ue, F

ores

try

Man

agem

ent e

xpen

ses.

Pre

parin

g an

d a

men

ding

dra

ft w

ork

pap

er o

n ev

ents

le

adin

g to

Will

mot

t Gro

up’s

inso

lven

cy, i

nclu

ding

re

view

ing

mo

nthl

y bo

ard

pac

kage

s an

d m

inut

es o

f boa

rd

mee

tings

, rev

iew

ing

and

prep

ari

ng

hist

oric

al s

hare

pric

e gr

aph

and

AS

X a

nnou

ncem

ents

.

Rev

iew

ing

Gro

wer

Inve

stor

Fin

ance

pro

vide

rs.

D

iscu

ssio

ns w

ith W

illm

ott s

taff

re

PD

S d

evel

opm

ent

proc

ess

and

WF

L bu

sine

ss m

odel

.

Pre

limin

ary

anal

ysis

of I

nsol

vent

trad

ing.

Ana

lysi

s of

Aud

itor

Inde

pend

ence

and

dis

cuss

ions

with

ac

coun

ting

and

aud

it ex

pert

in r

ela

tion

to W

illm

ott g

roup

ac

coun

ting

trea

tmen

ts.

R

evie

win

g W

illm

ott G

roup

ban

k tr

ansa

ctio

ns a

nd

reco

ncili

atio

n of

tran

sact

ions

to B

ank

Sta

tem

ents

, and

in

terc

ompa

ny

tra

nsfe

r of

loan

fun

ds.

R

evie

win

g di

rect

or a

nd r

elat

ed p

art

y tr

ansa

ctio

ns.

Tas

k A

rea

Gen

eral

Des

crip

tio

n

Incl

ud

es

Ap

pro

pri

ate

Res

ou

rce

s E

mp

loye

d

A

naly

sis

of W

FL

owne

d an

d le

ase

d la

nd a

nd

reco

ncili

atio

n ba

sed

on G

row

er d

atab

ase.

Ana

lysi

s of

Woo

dlot

pla

ntat

ions

by

plan

tatio

n ty

pe a

nd

prep

arat

ion

of s

um

mar

y ta

ble.

Litig

atio

n/R

eco

verie

s

In

tern

al m

eetin

gs to

dis

cuss

sta

tus

of c

ourt

app

licat

ion.

Pro

visi

on o

f inf

orm

atio

n re

quire

d fo

r th

e co

urt

appl

icat

ion

and

prog

ress

ion

of c

ourt

app

licat

ion.

Var

ious

con

vers

atio

ns w

ith la

wye

rs a

nd r

evie

win

g m

ater

ial t

o be

incl

uded

in a

ffid

avits

in s

uppo

rt o

f th

e ap

plic

atio

n.

B

arry

Wig

ht, D

irect

or, i

s pr

imar

ily r

espo

nsib

le fo

r al

l as

pect

s of

the

cour

t app

licat

ion,

incl

udin

g th

e di

ssem

inat

ion

of in

form

atio

n be

twee

n th

e le

gal a

nd

Adm

inis

trat

ors’

team

s. M

r W

ight

has

bee

n ex

tens

ivel

y in

volv

ed in

aff

idav

it pr

epar

atio

n. M

r W

ight

’s in

volv

emen

t in

this

asp

ect o

f the

Adm

inis

trat

ion

is a

ppro

pria

te,

as h

e ha

s ge

nera

l ove

rsig

ht o

f the

Adm

inis

trat

ors’

team

and

is

fam

iliar

with

the

com

plex

issu

es in

volv

ed.

C

raig

Cro

sbie

, Adm

inis

trat

or,

has

bee

n cl

osel

y in

volv

ed

in th

e co

urt a

pplic

atio

n pr

oces

s an

d ha

s be

en a

ssis

ted

mai

nly

by

Ben

Te

Wie

rik, M

anag

er.

Ad

min

istr

atio

n

To

tal:

$27

,445

.00

AS

IC/IT

SA

For

ms

P

repa

ratio

n o

f cor

resp

onde

nce

to A

SIC

to u

pdat

e it

on

the

Adm

inis

trat

ion.

R

obbi

e G

old,

An

alys

t 2 le

vel p

rep

ared

the

Initi

al d

raft

of

this

cor

resp

onde

nce

befo

re b

eing

pro

vide

d to

m

anag

emen

t fo

r re

view

.

Adm

inis

trat

or, C

raig

Cro

sbie

, has

bee

n in

volv

ed in

re

view

ing

the

final

dra

ft be

fore

sig

ning

.

Mee

tings

- In

tern

al

V

olun

tary

Adm

inis

trat

ion

team

me

etin

gs.

It

was

nec

essa

ry fo

r th

e A

dmin

istr

ator

s’ te

am to

mee

t on

a re

gula

r b

asis

, not

ing

the

com

plex

nat

ure

of t

his

appo

intm

ent a

nd a

num

ber

of i

nte

rrel

ated

issu

es

requ

iring

sha

ring

of k

now

ledg

e.

Tas

k A

rea

Gen

eral

Des

crip

tio

n

Incl

ud

es

Ap

pro

pri

ate

Res

ou

rce

s E

mp

loye

d

Insu

ranc

e

R

evie

win

g le

tter

in r

espe

ct o

f dire

ctor

s an

d of

ficer

s in

sura

nce

polic

y fr

om B

rand

Par

tner

s an

d m

eetin

g w

ith

Bak

er &

McK

enzi

e to

dis

cuss

sam

e.

C

orre

spo

nden

ce w

ith W

illis

reg

ard

ing

ongo

ing

insu

ranc

e re

quire

men

ts in

clud

ing

IMI p

olic

y.

R

evie

win

g in

sura

nce

proc

eeds

acc

ount

.

Cor

resp

ond

ence

with

bro

kers

incl

udin

g P

aul K

aise

r of

K

ings

Insu

ranc

e B

roke

rs r

ega

rdin

g pl

acem

ent o

f w

oodl

ot

insu

ranc

e.

P

repa

ring

corr

espo

nden

ce to

Kor

daM

enth

a re

gard

ing

publ

ic e

xpos

ure

liabi

lity.

C

raig

Cro

sbie

, Adm

inis

trat

or,

was

larg

ely

invo

lved

in k

ey

insu

ranc

e di

scus

sion

s an

d re

view

ing

info

rmat

ion

to

ensu

re a

ppro

pria

te in

sura

nce

was

effe

cted

. It

was

ap

prop

riate

for

Mr

Cro

sbie

to d

eal

with

the

issu

e of

in

sura

nce,

due

to it

s im

port

ance

in a

n ad

min

istr

atio

n.

M

icha

el C

arm

ody,

Man

ager

, ass

iste

d w

ith th

e pr

oce

ss o

f co

llatin

g in

sura

nce

info

rmat

ion,

pre

sent

ing

this

to M

r C

rosb

ie fo

r co

nsid

erat

ion

and

arra

ngin

g m

eetin

gs w

ith

insu

ranc

e br

oker

s an

d ot

hers

. M

r C

arm

ody

has

stro

ng

back

grou

nd e

xpe

rienc

e fr

om p

rior

inso

lven

cies

in r

egar

d to

insu

ranc

e is

sues

and

ove

rsee

s in

sura

nce

mat

ters

ge

nera

lly a

t PP

B.

Tas

k A

rea

Gen

eral

Des

crip

tio

n

Incl

ud

es

Ap

pro

pri

ate

Res

ou

rce

s E

mp

loye

d

Pla

nni

ng/

R

evie

w/S

uper

visi

on o

f S

taff

R

evie

win

g an

d u

pdat

ing

che

cklis

t of o

utst

andi

ng m

atte

rs.

In

tern

al d

iscu

ssio

ns r

egar

ding

pre

para

tion

of

Rem

uner

atio

n R

epor

t.

P

lann

ing

mee

tings

bet

wee

n M

essr

s C

rosb

ie a

nd W

ight

.

Dra

fting

the

Rem

uner

atio

n R

epo

rt fo

r th

e pe

riod

fro

m 1

6 N

ovem

ber

to 1

5 D

ecem

ber

2010

and

gui

danc

e fr

om

the

Adm

inis

trat

ors’

in r

espe

ct o

f sam

e.

In

tern

al m

eetin

gs to

dis

cuss

the

prog

ress

of

inve

stig

atio

ns a

nd s

439

A r

epo

rt.

P

lann

ing

and

supe

rvis

ion

has

prim

arily

bee

n ca

rrie

d ou

t b

y C

raig

Cro

sbie

, Adm

inis

trat

or, a

nd B

arry

Wig

ht,

Dire

ctor

, w

ith g

uida

nce

and

supe

rvis

ion

prov

ided

to le

ss

seni

or m

embe

rs o

f sta

ff. S

enio

r te

am m

embe

rs a

re

appr

opria

te fo

r th

is fu

nctio

n gi

ven

thei

r in

volv

emen

t in

all

Adm

inis

trat

ion

issu

es a

nd n

otin

g th

e in

terd

epen

denc

e of

is

sue

s.

R

onan

Leh

ane,

Sup

ervi

sor,

has

prim

ary

over

sigh

t of t

he

Adm

inis

trat

ors’

rem

uner

atio

n re

por

ting

proc

ess.

His

rol

e in

clud

es e

nsur

ing

PP

B ti

me-

reco

rdin

g po

licie

s ar

e ad

here

d to

and

pre

parin

g th

e re

mun

erat

ion

repo

rts.

Cra

ig C

rosb

ie, A

dmin

istr

ato

r, h

as p

rovi

ded

inst

ruct

ion

and

guid

ance

to:

M

r B

en T

e W

ieri

k, M

anag

er, i

n re

latio

n to

s

439A

rep

ort

pre

par

atio

n; a

nd

M

r R

onan

Leh

ane,

Sup

ervi

sor,

in r

elat

ion

to

the

rem

une

ratio

n r

epor

ting

pro

cess

. S

uch

inst

ruct

ion

and

guid

ance

ha

s en

able

d bo

th ta

sks

to

be u

nder

take

n b

y st

aff a

t app

ropr

iate

leve

ls in

an

effic

ient

man

ner.

Will

mo

tt F

ore

sts

Lim

ited

(A

CN

063

263

650

)(A

dm

inis

trat

ors

Ap

po

inte

d)

(Rec

eive

rs A

nd

Man

ager

s A

pp

oin

ted

) (“

WF

L”)

Tim

e al

loca

tio

n a

cro

ss s

chem

es f

or

the

per

iod

16

No

vem

ber

201

0 to

15

Dec

emb

er 2

010

Co

lin

Eg

an -

P

artn

er

Bar

ry

Wig

ht

- D

irec

tor

Les

Cu

llen

-

Dir

ecto

r

An

tho

ny

Nat

oli

- D

irec

tor

Gre

g

Qu

inn

-

Dir

ecto

r

Aar

on

F

inla

yso

n -

S

enio

r M

anag

er

Jaso

n L

on

t -

Su

per

viso

r

Eva

n

Wri

gh

t -

Sen

ior

An

alys

t 1

An

tho

ny

Dea

gu

e -

An

alys

t 1

Ch

ris

Tu

ng

-

Gra

du

ate

Sky

A

ust

in-

Mar

tin

-

PA

Sch

emes

Met

ho

d 1

Met

ho

d 2

Met

ho

d 3

Met

ho

d 1

Met

ho

d 1

Met

ho

d 1

Met

ho

d 1

Met

ho

d 1

Met

ho

d 1

Met

ho

d 1

Met

ho

d 3

Met

ho

d 1

Met

ho

d 3

Met

ho

d 2

Met

ho

d 3

Met

ho

d 1

Met

ho

d 1

Met

ho

d 1

Met

ho

d 2

Met

ho

d 3

Met

ho

d 1

Met

ho

d 1

1983 No Project

Schem

e21

2.55

3.64

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

0027

.99

0.00

27.2

748

.93

56.8

29.

910.

009.

450.

851,

861.

811984 No Project

Schem

e21

2.55

1.40

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

0010

.77

240.

0027

.27

48.9

356

.82

3.81

0.00

9.45

0.85

2,07

6.25

1985 No Project

Schem

e21

2.55

1.33

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

0010

.23

0.00

27.2

748

.93

56.8

23.

620.

009.

450.

851,

835.

451986 No Project

Schem

e21

2.55

2.80

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

0021

.53

0.00

27.2

748

.93

56.8

27.

620.

009.

450.

851,

852.

231987 No Project

Schem

e21

2.55

1.89

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

0014

.53

0.00

27.2

748

.93

56.8

25.

150.

009.

450.

851,

841.

841989 No Project

Schem

e21

2.55

0.00

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

000.

000.

0027

.27

48.9

356

.82

0.00

0.00

9.45

0.85

1,82

0.28

1990 No Project

Schem

e21

2.55

0.07

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

000.

540.

0027

.27

48.9

356

.82

0.19

0.00

9.45

0.85

1,82

1.07

1991 No Project

Schem

e21

2.55

0.07

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

000.

540.

0027

.27

48.9

356

.82

0.19

0.00

9.45

0.85

1,82

1.07

1995 No Project

Schem

e21

2.55

0.07

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

000.

540.

0027

.27

48.9

356

.82

0.19

0.00

9.45

0.85

1,82

1.07

2001 No Project

Schem

e21

2.55

0.07

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

000.

540.

0027

.27

48.9

356

.82

0.19

0.00

9.45

0.85

1,82

1.07

1993 M

cKen

zie and

Partners ‐ Forestry

Partnership No. 1

212.

551.

120.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

8.61

0.00

27.2

748

.93

56.8

23.

050.

009.

450.

851,

833.

06

1994 Grimsey and

Associates ‐ Forestry

Partnership No. 1

212.

551.

330.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

10.2

30.

0027

.27

48.9

356

.82

3.62

0.00

9.45

0.85

1,83

5.45

1994 Grimsey and


Partnership No. 2

212.

551.

120.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

8.61

0.00

27.2

748

.93

56.8

23.

050.

009.

450.

851,

833.

06

1994 Grimsey and


Partnership No. 3

212.

551.

260.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

9.69

0.00

27.2

748

.93

56.8

23.

430.

009.

450.

851,

834.

65

1994 M

cKen

zie and

Partners ‐ Forestry

Partnership No. 2

212.

550.

840.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

6.46

0.00

27.2

748

.93

56.8

22.

290.

009.

450.

851,

829.

86

Willmott Forests ‐

Professional Investor

2001 Schem

e21

2.55

0.35

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

002.

690.

0027

.27

48.9

356

.82

0.95

0.00

9.45

0.85

1,82

4.27



2002 Schem

e21

2.55

0.28

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

002.

150.

0027

.27

48.9

356

.82

0.76

0.00

9.45

0.85

1,82

3.47



2003 Schem

e21

2.55

2.03

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

0015

.61

0.00

27.2

748

.93

56.8

25.

530.

009.

450.

851,

843.

44Willmott Forests ‐


2004 Schem

e21

2.55

5.04

224.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

38.7

60.

0027

.27

48.9

356

.82

13.7

20.

009.

450.

852,

101.

79



2006 Schem

e21

2.55

0.91

224.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

7.00

30.0

027

.27

48.9

356

.82

2.48

0.00

9.45

0.85

2,08

4.66

Sharp Reed Plantation

Project ‐ 1998

Inform

ation

Mem

orandum

212.

550.

140.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

1.08

0.00

27.2

748

.93

56.8

20.

380.

009.

450.

851,

821.

872005 BioForest

Wholesale Project No 2

212.

550.

700.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

5.38

0.00

27.2

748

.93

56.8

21.

910.

009.

450.

851,

828.

261991 Project ‐ 1989

Prospectus

212.

551.

330.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

10.2

30.

0027

.27

48.9

356

.82

3.62

111.

659.

450.

851,

947.

10

To

tal

Cra

ig C

rosb

ie -

Par

tner

Ben

Te

Wie

rik

- M

anag

erB

rid

get

te W

atso

n -

S

up

ervi

sor

Ro

ber

t G

old

-

An

alys

t 2

Mic

hae

l Car

mo

dy

- M

anag

er

Will

mo

tt F

ore

sts

Lim

ited

(A

CN

063

263

650

)(A

dm

inis

trat

ors

Ap

po

inte

d)

(Rec

eive

rs A

nd

Man

ager

s A

pp

oin

ted

) (“

WF

L”)

Tim

e al

loca

tio

n a

cro

ss s

chem

es f

or

the

per

iod

16

No

vem

ber

201

0 to

15

Dec

emb

er 2

010

Co

lin

Eg

an -

P

artn

er

Bar

ry

Wig

ht

- D

irec

tor

Les

Cu

llen

-

Dir

ecto

r

An

tho

ny

Nat

oli

- D

irec

tor

Gre

g

Qu

inn

-

Dir

ecto

r

Aar

on

F

inla

yso

n -

S

enio

r M

anag

er

Jaso

n L

on

t -

Su

per

viso

r

Eva

n

Wri

gh

t -

Sen

ior

An

alys

t 1

An

tho

ny

Dea

gu

e -

An

alys

t 1

Ch

ris

Tu

ng

-

Gra

du

ate

Sky

A

ust

in-

Mar

tin

-

PA

Sch

emes

Met

ho

d 1

Met

ho

d 2

Met

ho

d 3

Met

ho

d 1

Met

ho

d 1

Met

ho

d 1

Met

ho

d 1

Met

ho

d 1

Met

ho

d 1

Met

ho

d 1

Met

ho

d 3

Met

ho

d 1

Met

ho

d 3

Met

ho

d 2

Met

ho

d 3

Met

ho

d 1

Met

ho

d 1

Met

ho

d 1

Met

ho

d 2

Met

ho

d 3

Met

ho

d 1

Met

ho

d 1

To

tal

Cra

ig C

rosb

ie -

Par

tner

Ben

Te

Wie

rik

- M

anag

erB

rid

get

te W

atso

n -

S

up

ervi

sor

Ro

ber

t G

old

-

An

alys

t 2

Mic

hae

l Car

mo

dy

- M

anag

er

1991 Project ‐ 1990

Prospectus

212.

551.

330.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

10.2

30.

0027

.27

48.9

356

.82

3.62

111.

659.

450.

851,

947.

101991 Project ‐ 1991

Prospectus

212.

551.

330.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

10.2

30.

0027

.27

48.9

356

.82

3.62

111.

659.

450.

851,

947.

10

1991 Project ‐ 1990

Inform

ation

Mem

orandum

212.

551.

330.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

10.2

30.

0027

.27

48.9

356

.82

3.62

111.

659.

450.

851,

947.

10

Willmott Forests 1995 ‐

1999 Project ‐ 1995

Prospectus

212.

559.

670.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

74.3

990

.00

27.2

748

.93

56.8

226

.34

0.00

9.45

0.85

2,02

0.67


1999 Project ‐1996

Prospectus

212.

559.

670.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

74.3

915

0.00

27.2

748

.93

56.8

226

.34

0.00

9.45

0.85

2,08

0.67


1999 Project ‐ 1997

Prospectus

212.

559.

670.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

74.3

915

0.00

27.2

748

.93

56.8

226

.34

0.00

9.45

0.85

2,08

0.67


1999 Project ‐ 1998

Prospectus

212.

559.

670.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

74.3

912

0.00

27.2

748

.93

56.8

226

.34

0.00

9.45

0.85

2,05

0.67


1999 Project ‐ 1999

Prospectus

212.

559.

670.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

0.00

74.3

990

.00

27.2

748

.93

56.8

226

.34

0.00

9.45

0.85

2,02

0.67

Project ‐ 1999

Prospectus

212.

5539

.46

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

0030

3.65

0.00

27.2

748

.93

56.8

210

7.53

0.00

9.45

0.85

2,27

0.92

Project ‐ 2000

Prospectuses

212.

5539

.46

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

0030

3.65

0.00

27.2

748

.93

56.8

210

7.53

0.00

9.45

0.85

2,27

0.92

Project ‐ 2001

Prospectus

212.

5539

.46

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

0030

3.65

0.00

27.2

748

.93

56.8

210

7.53

0.00

9.45

0.85

2,27

0.92

Project ‐ 2002

Prospectus

212.

5539

.46

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

0030

3.65

0.00

27.2

748

.93

56.8

210

7.53

0.00

9.45

0.85

2,27

0.92

Project ‐ 2003

Prospectus

212.

5539

.46

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

0030

3.65

0.00

27.2

748

.93

56.8

210

7.53

0.00

9.45

0.85

2,27

0.92

Willmott Forests

Project ‐ 2004 PDS

212.

5539

.46

0.00

25.4

510

.45

432.

8210

.45

5.23

554.

0039

3.75

0.00

32.2

50.

0030

3.65

30.0

027

.27

48.9

356

.82

107.

530.

009.

450.

852,

300.

92Willmott Forests


212.

5539

.46

224.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

7523

1.00

32.2

50.

0030

3.65

30.0

027

.27

48.9

356

.82

107.

530.

009.

450.

852,

755.

92Willmott Forests


212.

5539

.46

280.

0025

.45

10.4

543

2.82

10.4

55.

2355

4.00

393.

750.

0032

.25

1,71

6.00

303.

650.

0027

.27

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266.

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Project 2006 PDS

212.

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Timber and Biofuel

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212.

5585

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25.4

510

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432.

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5.23

554.

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3.75

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Willmott Forests

Premium Forestry

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212.

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10.4

543

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55.

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770.

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27.2

748

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56.8

227

2.47

0.00

9.45

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4,23

9.69

Willmott Forests

Premium Forestry

Blend Project 2010 PDS

212.

5527

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336.

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543

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10.4

55.

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4.00

393.

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213.

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27.2

748

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56.8

275

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berland

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APPENDIX G - PwC

Documents

Transcript of APPENDIX G - PwC