REPORT OF THE BALLOT COMMITTEE

We, the duly appointed Ballot Committee, certify that we have examined
carefully and tabulated the votes cast in the election of Directors for
the American Turpentine Farmers Association Cooperative, and do hereby
declare the following elected to serve as Directors for the ensuing year:

DISTRICT 1 (GEORGIA)

Sub-District 1 Tp ALD Cod A?

Sub-District 2 Da mee J. oh ake Q ct:

Sub-District 3 Ke J)  CH Je LS

Sub-District 4 SS Se ee PRS 8
DISTRICT 2 (FLORIDA) DEW LS Ki LSP Y

WELL LAM GvpPPIC4.

DISTRICT 3 (ALABAMA AND Bok ae
MISSISSIPPI) ee FIM Pr Ae &

AND SO CERTIFIED this 16th day of April, 1986:

cee TE Le cuits

APPROVED:

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BBJ107

ANNUAL MEETING -- April 16th, 1986

73

ATFA's Board of Directors met in regular session on Wednesday, April 16, 1986,
at 11 o'clock A. M. in the Valdosta office. Directors present were Mr. Gillis,
President, who presided over the meeting, Mr. Cook, Mr. Powell, and Mr. Vickers.

Absent were Mr. Bulloch, Mr. Kight and Mr. Prine.

The Minutes of a special meeting of the Board held on August 8, 1985, were
read and approved. The Board then review the Financial Statement for
fiscal year ending January 31, 1986 prepared by the Secretary. The

formal audit prepared by Mr. Charlton Davis, CPA, was not ready because

of unusually heavy tax work, but it should be completed in the near
future.

President Gillis told the Board that Mr. Bulloch had suffered a serious

fire in his timber and had very little production and intended to tender his
resignation; however, after talking with Mr. Gillis he said he would try

to hang on a little longer and would try to get some State timber to work.

The Board was informed of rumors that Monsanto was going to sell the
Baxley plant; but so far nothing had been finalized. It is expected that
the gum-buying and processing part of the business will be unaffected even
if a sale is made.

The Board discussed severe competition from foreign rosin and noted that
Brazil in particular makes rosin very similar to ours and could double
their production in two or three years. But Mr. Gillis said based on
Charlie Grimsley's sales he thought we might show an increase in production
this year, or at least stay about the same.

The Board then recognized Bob McReynolds and commended him for his long
service in naval stores research. Mr. McReynolds spoke briefly to the
Board.

Mr. Alton Carter then gave the report of the Ballot Committee. All
incumbent Directors were re-elected. The Board then proceeded with

its organizational meeting, and all incumbent officers were re-elected.
In further action, the Board unanimously agreed to decrease the number
of calendars purchased from 1250 to 1000; voted to continue selection of
the Queen in the usual manner and to continue the scholarship award at
$250; and re-elected the same officers who serve ATFA to also serve as
officers of Pine Gum Development Corporation.

Grady Williams then reported on the 1985 Naval Stores Conservation Program.
$115,845 in cost-share payments was paid to producers in 1985.

There being no further business to come before the Board, the meeting
was adjourned.

Respectfully submitted,