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    TIMBERCORP LIMITED 2002-10-21 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    Melbourne 21 October 2002: Australia's leading agribusiness
    investment manager, Timbercorp Limited (ASX:TIM), today announced
    that it has been granted approval from the Australian Securities and
    Investment Commission (ASIC) to change its financial year-end from 30
    June to 30 September, effective from 30 September 2002.

    The Board of Directors believe the change will more accurately
    reflect Timbercorps annual business cycle, which due to its seasonal
    nature concludes each year towards the end of September.

    Chief Executive Officer Robert Hance said that shifting the balance
    date accordingly would enable investors to derive more meaningful
    year-to-year comparisons.

    "Each year, Timbercorp's eucalypt, olive and almond projects move
    through three distinct stages:

    1. Project development - evaluation and establishment;
    2. Project marketing - sales of projects are heavily weighted towards
    30 June due to the tax benefits available to grower investors under
    ATO Product Rulings;
    3. Project finance - securitising loans and financing against project
    assets which occurs around July to September.

    "Moving our financial year-end to the end of our business cycle in
    September will allow us to report the complete results of our most
    recent business cycle - rather than just up to stage 2," said Mr
    Hance.

    "This in turn will provide shareholders with a more accurate picture
    of the current state of our business and make year-on-year
    comparisons much easier.

    "The workload involved in auditing accounts, budgeting and other
    administrative tasks associated with a 30 June year-end also clashes
    badly with our peak selling month of June, and separating these two
    busiest periods will relieve tremendous pressure from management and
    staff," Mr Hance added.

    Timbercorp will release audited accounts for the three months to 30
    September 2002, before adopting a calendar of reporting on the
    half-year to 31 March and the full-year to 30 September.


    ABOUT TIMBERCORP

    Timbercorp creates wealth through high quality agricultural projects
    developed on a world scale to meet global demand. With fully
    integrated operations, Timbercorp actively manages the entire
    agricultural project cycle on behalf of its grower investors. This
    encompasses the establishment, financing and marketing of projects
    through to harvesting, processing and end-sales.

    Since establishment in 1992, Timbercorp has raised more than $400
    million from sales of projects in forestry and horticulture to
    investors seeking long-term income streams and attractive after-tax
    returns. As at 30 June 2002, its portfolio consists of 73,738
    hectares of eucalypt plantations, 2,104 hectares of olive groves, and
    1,350 hectares of almond orchards.


    FOR MORE INFORMATION, PLEASE CONTACT:

    Robert Hance
    CHIEF EXECUTIVE OFFICER
    03 8615 1200

    Sol Rabinowicz
    EXECUTIVE DIRECTOR CORPORATE & FINANCIAL SERVICES
    03 8685 1200 or 0417 887 552

    Mark Pryn
    COMPANY SECRETARY
    03 8615 1244


 
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