Timber Management Agreement

Attached is a copy of the Timber Management Agreement with the revisions you
asked me to make. I still have not inserted the address of Southern
Timbergrowers and I will probably come by later to confirm the italicized
portions (things we needed to find out from Ms. Bywaters). I hope this is up
to your unyielding standards of perfection. If not, Eric has volunteered to
prepare the agreement all over from scratch.

William L. Nealy

713-345-7152