AN ASSET FOR THE CITY OF DUNEDIN

City Forests Limited is owned by Dunedin City Holdings Limited (DCHL) and, ultimately, the Dunedin City Council (DCC). The Company is a Council Controlled Trading Organisation (CCTO). City Forests pays regular dividends to its shareholders and the forests assets form an important part of the DCHL group of companies.

From 1906 to 1990 the forest assets were held directly by the DCC. City Forests was created in 1990 by the sale of the DCC forestry assests to DCHL for $25.7 million. On a compounding post-tax basis the total shareholder return for City Forests since 1990 is 6.8% per annum. This compares to a 4.6% per annum return from 10 Year Government Bonds.

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