TIMBERCORP PRIMARY INFRASTRUCTURE FUND(TPF)

this entity deregistered today

delisted as entity has failed to pay to ASX Limited their annual listing fee in respect of year ending June 2011

releases Financial Report for the half-year ended 31 December 2009

releases Full Year Statutory Accounts 30 June 2009

an announcement was previously made that a Singapore-based company, Olam International Limited, had purchased the two almond properties for a total amount of $160 million - the Receivers and Managers have confirmed that the sale settled on Friday, 18 February 2010 and that Olam is now in possession of those orchards - Receivers have also confirmed that they have selected a preferred bidder on the Solora property and they applied to the Court to approve the sale of the land on an unencumbered basis, with the extinguishment of growers' rights. That matter was heard on Tuesday, 16 February 2010 and judgement was handed down on 28 February 2010, approving the sale. The Receivers and Managers are now proceeding to complete the sale (it is expected to settle on 18 March 2010) - it is not possible at this point in time to determine with any certainty the timing or the balance of funds, if any, that may be available to the Fund's unit holders, following settlement with each of the prior-ranking parties

the registry of the Fund is to be maintained in-house by Align Funds Management Limited rather than by Computershare Investor Services Pty Limited. The new contact number and address for the registry of unit holders in the Fund is: C/- Align Funds Management Limited, Level 33, 360 Collins Street, Melbourne VIC 3000 Telephone (03) 9691 5414

Align Funds Management Limited (Align), the responsible entity for the Timbercorp Primary Infrastructure Fund ( ARSN 116 024 830 ) (TPF) notes the news release issued by Singapore based group, Olam International Limited (Olam), on Monday 16 th November 2009, which advises details of their acquisition of TPF's almond assets for $160 million from the Receivers and Managers (Receivers) appointed to OIM #2 Pty Ltd as trustee for the Timbercorp Orchard Trust #3 ("TOT3") and OIM #5 Pty Ltd as trustee for the Timbercorp Orchard Trust #5 ("TOT5")

Align advises that it has not lodged its Annual Report for Year Ended 30 June 2009 with the ASX as required by 30 September 2009 - the board believes that it is not currently in a position to lodge the TPF Annual Report for year Ended 30 June 2009 due to uncertainties surrounding the going concern assumption required under the relevant accounting standards

David McEvoy and Paul William Kirk of PricewaterhouseCoopers are appointed as receivers and managers (Receivers) to the assets of OIM #2 Pty Ltd as trustee of the Timbercorp Orchard Trust #2 (the owner of the Solora citrus orchard) and Timbercorp Orchard Trust #3 (the owner of the Liparoo almond orchard) and OIM #5 Pty Ltd as trustee of the Timbercorp Orchard Trust #5 (the owner of the Yungera almond orchard). The effect of this appointment is that Solora, Yungera and Liparoo are now under the control of the Receivers

directors of Align Funds Management Limited (ACN 105 684 231) (Align), the responsible entity of the Timbercorp Primary Infrastructure Fund (ARSN 116 024 830) (TPF), wish to provides an update with respect to the TPF group - the Senior Lender has requested that the overdue interest on the facility for the Yungera almond orchard be paid by 10.00am, on Monday, 14 September 2009. The borrower (which is a trustee of the sub-trust that owns the Yungera almond orchard) is not in a position to make this payment due to the failure of Timbercorp to pay rent and other amounts owing under the Yungera almond orchard head lease. The borrower expects that TPF's Senior Lender, which has first-ranking security over the Yungera almond orchard, will act to enforce its rights

company releases preliminary final report

Align Funds Management Limited provides a further update to unit holders

Align advises that it (as responsible entity of TPF) and the trustee of two wholly-owned sub-trusts of TPF entered into an Interest Moratorium Deed with the Australia and New Zealand Banking Group Limited (ACN 11 005 357 522) (ANZ) on 26 June 2009 - the Interest Moratorium Deed relates to two of the separate ANZ facilities that have been provided to each of TPF's three sub-trusts - interest under the two ANZ facilities was payable on 29 June 2009 - under the Interest Moratorium Deed, ANZ has agreed that the interest amounts due to be paid under the two facility agreements on 29 June 2009 would now not be required to be paid until 29 July 2009

the Voluntary Administrators have submitted a proposal to Align Funds Management Limited on 18 June 2009 regarding a proposal for a "standstill" arrangement in relation to leases of TPF's properties

the Administrators of Timbercorp Securities Limited (TSL) have applied to the Supreme Court of Victoria for a direction that it is proper for TSL to commence proceedings to wind up the Timbercorp Almond and Olive MIS Schemes in accordance with their constitutions due to the current financial circumstances of TSL and the Schemes - a number of the Timbercorp Almond Schemes are conducted on land owned by the Fund. Align has instructed its lawyers to monitor and advise on the Administrators' application. At the same time the Directors are continuing with the development of detailed plans to respond to the challenges presented by the insolvency of the Timbercorp Group

the board of Align Funds Management Ltd (Align) is not aware of any reason why the suspension of trading in the units in the Timbercorp Primary Infrastructure Fund (TPF) should not continue - representatives of the board of Align have met with a number of parties over the past week in an endeavour to establish the impact of recent events on the outlook for TPF - the meetings have included the Voluntary Administrators appointed to Timbercorp (and its subsidiaries) as well as other relevant parties such as the senior lender to TPF and the Trustee for the holders of the TPF Bonds - these discussions have not reached any conclusion at this stage

securities suspended from quotation while the fund manager reviews the fund's position