Dear Silverwood Land 2015 Limited Partnership unit holders,

Silverwood directors approved a distribution of $1,250 per unit to be made on receipt of funds. Funds were received yesterday and almost all received their $1,250 p/u last night or today 22 December 2015.

This $1,310,000 is the third and last distribution made in the 2015 calendar year, our 25^th anniversary, during which we distributed $419,200 in April and $366,800 in September at total of $2,096,000 or$2,000 per unit.

Directors wish you a Merry Christmas and a Happy New year.

SLP 350 Distribution Letter 250815

New Distribution Requirement:

As from 1 May 2015 the NZ Companies Office requires SLP to record unit holders Date of Birth (see attached).

At the board meeting held  20 May 2015 directors have acknowledged this requirement and agreed future distributions can only be made to unit holders that have provided this information.

Existing Requirement:

Future distributions will be made to the last known bank account number.

We have paid 92% of all dues under the 30 March 2015 $400 distribution resolution made at the SLP Board Meeting of 30 March 2015.There

Subsequently directors have agreed that we will also make bank credit transfers to our unti holders living overseas providing they provide us with their bank account and country details and agree to a deduction of $15 per transfer for our bank costs.

There are still seventeen (17) NZ Unit Holders who have not provided us with their bank account details. Transfers into their bank accounts cannot be completed without it.

Please email details to pect@xtra.co.nz or phone me on 021 764 664 to discuss options. Unit holders are responsible to keep SLP informed of changes they make to their unit holder names, addresses, phone numbers and bank account numbers and, with potentially further distributions on the horizon, I can only recommend you, or your family or accountant, keeps us informed of your changes, in particular where you like distributions transferred to.

At the Silverwood Special General Meeting held 30 March in Auckland, 87% of the vote per unit was FOR the resolution to accept the change to limited partnership effective from 1 April 2015, no one voted AGAINST and thirty five unit holders did not respond.

At the board meeting prior to the SGM the directors agreed to a $400 per unit distribution payable starting after Easter. Furthermore it was agreed that we pay those who had provided us with their bank account details and also had confirmed their address by way of either returning their proxy or by being present at the SGM, first.

It is the responsibility of all unit holders to inform the Silverwood management of changes to details held re address, bank account, etc. Directors agreed that envelopes returned as undeliverable and thus requiring SLP to incur costs to find the ‘lost’ unit holder their distribution would be reduced by $150 initially and to recover all further costs from distributions if this turns out to become an extended search. A motion to this effect was passed by the AGM in 2011 following the discontinuance and final distribution of the Silverwood Forest Partnership where the High Court decided no funds would be held by government on behalf of ‘lost’ unit holders unless Silverwood could provide proof of extended professional searches and related costs.