In This Issue:

• Message from the CEO
• Corporate News
• Operations
• Log Harvesting
• Forestry & Engineering
• Mill Report
• Safety Stats
• Safety
• Information Systems
• Calendar

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By Susan Merivirta, Chief Financial OfficerCorporate News

Here it is the middle of May and we still have snow half way down the hills and at our traditionally, snow-free log harvesting sites!

The Deloitte financial audit of Coulson Group companies is now complete. Not only have Coulson Group tax returns been prepared, we have also entered all adjusting entries into our internal accounting system. This is a first on two fronts. We are usually signing off the tax returns on June 30th (the Corporate tax deadline), and adjusting entries are input during the summer months.

The fact that we have accomplished these feats is due to the hard work of our Administration and Accounting teams. Last year was one of the most challenging for our staff with the move of the Corporate office, the purchase of TFL 54, the need for more information reporting to understand our risk and exposures in a very difficult time for Forest Companies, and, finally but not least, the addition of two Martin Mars Water Bombers to our Aviation fleet.

I am very proud of what the Teams have accomplished. We should all take a moment to pat ourselves on the back.

Quality is never an accident. It is always the result of intelligent effort. There must be the will to produce a superior thing.

John Rushkin, Words of Honour, p.138