Document:

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                                                                    Exhibit 10.4

                          CONTRACT FOR THE PURCHASE AND

                            BARGAIN SALE OF PROPERTY

         THIS AGREEMENT, made as of the 16th day of December, 2002, by and among
GLATFELTER PULP WOOD COMPANY, formerly known as The Glatfelter Pulp Wood
Company, a Maryland corporation (hereinafter referred to as "Seller"), THE
CONSERVATION FUND, A NON-PROFIT CORPORATION (hereinafter referred to as "TCF"),
and FIDELITY NATIONAL TITLE INSURANCE COMPANY (hereinafter referred to as
"Escrow Agent ").

                              W I T N E S S E T H:

         WHEREAS, Seller is the owner of the Property (as hereinafter defined);
and has determined that it wishes to bargain sale same to TCF;

         WHEREAS, TCF desires to purchase and Seller desires to bargain sell the
Property as an installment sale (the "Installment Sale");

         NOW, THEREFORE, the parties have agreed and do hereby agree as follows:

         1.       Agreement of Purchase and Bargain Sale. Subject to the
provisions of this Agreement, and for the consideration herein stated, Seller
agrees to bargain sell to TCF and TCF agrees to buy from Seller all of the
following described property (collectively, the "Property"):

         (a)      fee simple interest in and to those certain tracts or parcels
of land in Charles, Caroline, Dorchester, Somerset, St. Mary's, Wicomico and
Worcester Counties, Maryland, containing approximately 25,568 acres, all of
which tracts or parcels are more fully described in Exhibit A attached hereto,
together with all buildings, structure and other improvements located thereon,
all tenements: hereditaments, easements, appurtenances and

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privileges thereto belonging, all trees, timber, sand, gravel and crops now
located thereon or thereunder (said land, together with said buildings,
structures, improvements, tenements, hereditaments, easements, appurtenances,
privileges, trees, timber, sand, gravel and crops being hereinafter referred to
as the "Real Property");

         (b)      to the extent Seller has the right to assign the same, all of
Seller's right, title and interest in and to the leases, subleases, contracts,
licenses and permits described on Exhibit B attached hereto and any renewals
thereof (collectively, the "Leases");

         (c)      all of Seller's non-proprietary files and records relating to
the Real Property (excluding any financial records) (the "Books and Records"),

         The parties agree that if any portion of the Real Property is deleted
or taken pursuant to either of paragraphs 5(b)(iii), 7, 8(a) or 8(c) below, then
the term "Red Property" shall no longer include such deleted portion.

         2.       Purchase Price: Earnest Money.

         (a)      Subject to adjustment as provided in paragraphs 4, 5(b)(ii),
7, 8(b), 8(c) and 11 hereof, the purchase price for the Property (the "Purchase
Price") shall be Thirty-Seven Million Eight Hundred Fifty Thousand and No/100
Dollars ($37,850,000.00). The Purchase Price will be payable on the Closing Date
(as hereinafter defined) by delivery by TCF to Seller or its assignee of an
installment promissory note (the "Installment Note") for the Purchase Price
secured by a letter of credit and issued in conformity with the requirements of
and subject to the terms and provisions set forth on Exhibit D attached hereto
(the "Installment Sale Terms"). The forms of all documents to be executed by
Seller and/or TCF in connection with the Installment Sale, including, without
limitation, the Installment Note shall be in form reasonably acceptable to the
parties. Seller acknowledges and agrees that Seller shall be solely responsible
for all of TCF's additional fees, costs, and expenses incurred in connection
with the Installment Sale

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structure of this transaction including but not limited to costs incurred in
connection with obtaining the letter of credit, documenting the transaction as
an installment sale and preparing the installment promissory note. Seller
further acknowledges that TCF is making no representation or warranty concerning
the Seller's use of the Installment Sale structure, including but not limited to
the tax consequences thereof. TCF agrees to reasonably cooperate with Seller in
structuring and documenting the Installment Sale including, without limitation,
providing all reasonable information requested by Seller's structuring agent;
provided, however, TCF shall not be required to incur any additional cost or
assume any additional liabilities or obligations not expressly contemplated
under the Agreement.

         (b)      Within five (5) business days after the effective date of this
Agreement, TCF will deliver to Escrow Agent the sum of $200,000 (said sum,
together with all interest earned thereon, is referred to herein as the "Earnest
Money"), which sum shall be held by Escrow Agent in an interest bearing account
and shall be disbursed in accordance with the further provisions of this
Agreement. At Closing, Escrow Agent shall return the Earnest Money to TCF.

         3.       Closing.

         (a)      The execution and delivery of the documents and instruments
for the consummation of the purchase and sale of the Property pursuant hereto
(herein referred to as the "Closing") will take place at 1O:OO a.m. on or before
the date which is twenty (20) days after the expiration of the Inspection
Period, as that term is defined below in Section 5 (the "Closing Date") at the
offices of Seller's Title Company In Maryland, subject to extension as provided
in paragraphs 5(b), 6, 7, 8 and 29 hereof, or such other date and time, and/or
such other location, as may be mutually agreeable to Seller and TCF.
Notwithstanding the foregoing, the parties will use reasonable efforts to close
on or before January 15, 2003, provided that TCF is able to

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successfully complete all of its due diligence of the Real Property, as
contemplated herein, prior to January 15,2003 and Seller has sufficient time to
complete transaction documents required for the Closing. Seller may elect not to
attend the Closing so long as all documents to be executed by Seller in
connection with the consummation of the transactions contemplated herein are
delivered to Escrow Agent not later than two (2)days prior to Closing.

         (b)      At the Closing, Seller will execute and deliver to TCF (i)
seven or more special warranty deeds conveying the Real Property to TCF subject
only to the Permitted Encumbrances (as hereinafter defined), (ii) a bill of sale
with respect to the Books and Records, (iii) an affidavit as to the non-foreign
status of Seller (or, if Seller is a foreign person, Seller will deliver to TCF
a withholding exemption certificate pursuant to Section 1445 of the Internal
Revenue Code of 1954, as amended), (iv) an assignment of the applicable Leases
(as hereinafter defined) (the "Assignment of Leases"); if any, with rents to be
pro-rated at Closing (v) an owner's affidavit in form satisfactory to TCF's
title insurer, (vi) such assignments and other documents as are necessary to
assign unto TCF any Forest Management Conservation Agreements, and (vii) such
other deeds, assignments, certificates, affidavits and instruments as may be
reasonably necessary or desirable to consummate the purchase and sale
contemplated hereby and to obtain the issuance of the title insurance policy
insuring TCF's fee simple title to the Real Property as of the date of the
Closing. All of the foregoing documents shall be in form and content reasonably
satisfactory to Seller and TCF.

         (c)      At the Closing, TCF will execute and deliver to Seller (i) the
Assignment of Leases, and (ii) such other deeds, assignments, certificates,
affidavits and instruments as may be reasonably necessary or desirable to
consummate the purchase and sale contemplated hereby, including the Installment
Note, the TSA (as described below in Section 13) and such other instruments as
are required pursuant to Exhibit D hereof to consummate the installment sale in

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accordance therewith, which documents shall be in form reasonably satisfactory
to Seller and TCF.

         (d)      The parties agree to do such other acts and execute and
deliver such other documents and instruments as are reasonably necessary or
desirable for the consummation of the transactions contemplated hereby.

         4.       Acreage Verification. TCF shall have the right at any time
prior to Closing to independently verify the number of acres contained within
the Real Property. In the event TCF determines that the Real Property contains
less than 25,312 acres, the Purchase Price shall be reduced by an amount equal
to the product of (a) the difference between 25,312 minus the number of acres
contained within the Real Property as verified by TCF multiplied by (b)
$1,480.37. In the event TCF determines that the Real Property contains more than
25,823 acres, the Purchase Price shall be increased by an amount equal to the
product of the difference between the number of acres contained within the Real
Property, as verified by TCF, minus 25,823 multiplied by $1,480.37, provided
however, that if the Purchase Price is increased by more than $500,000 TCF may
elect to terminate this Agreement, in which event the Earnest Money shall be
returned to TCF and neither party shall have any further rights or obligations
hereunder. If Seller disputes the acreage verification, the dispute will be
resolved pursuant to Paragraph 29 hereof.

         5.       Title.

         (a)      Seller agrees to convey to TCF or a supporting organization
thereof qualifying for bargain sale treatment under the Internal Revenue Code
good and marketable fee simple title to the Real Property at the Closing by
special warranty deed.

         (b)      TCF shall have the right to obtain, at its sole cost and
expense, a commitment for an owner's policy of title insurance issued by
Fidelity National Title Insurance

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Company (the "Title Company") having an insured amount equal to the Purchase
Price (the "Title Commitment"). TCF will have from the date of this Agreement
until 5:00 p.m. EDT on January 31, 2003 (as the same may be extended pursuant to
paragraph 6 below, the "Inspection Period") to examine the title to the Real
Property and furnish to Seller written notice of any objections to Seller's
title to the Real Property, other than the matters set forth on Exhibit E
attached hereto (the "Permitted Encumbrances"). Upon full execution this
Agreement, Seller will make available to TCF, its contractors, agents and
representatives copies of all maps and surveys in Seller's possession that
relate to the Real Property. TCF shall also have the right to object to any
title exceptions created or suffered between the date of the Title Commitment
and the date of the Closing which do not constitute Permitted Encumbrances. Any
title objections raised by TCF shall be provided on or before the expiration of
the Inspection Period by written notice to Seller accompanied with a copy of
that portion of the Title Commitment and all supplemental title documents
evidencing and describing the nature of the title objection. Seller will have
the right, but not the obligation, to cure or remove at or prior to the Closing
all objections to Seller's title to the Real Property. In the event that TCF
fails to give notice to Seller on or before the expiration of the Inspection
Period of TCF's objection to any exception to Seller's title to the Real
Property, such exception will be deemed to be a Permitted Encumbrance. In the
event that TCF gives such notice of objection to any such exception and Seller
fails or elects not to cure or remove such exception at or prior to the Closing,
TCF, at its sole option, may elect either of the following:

                  (i)      waive the objection and proceed to Closing; or

                  (ii)     subject to the conditions set forth in Section 5(e)
         below, delete the portion of the Real Property subject to any such
         uncured or unremoved exception from the real property conveyed by
         Seller to TCF at Closing, and the Purchase Price will be reduced by

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         an amount equal to the product of the number of acres contained within
         such deleted portion multiplied by the quotient of the Purchase Price
         divided by the acreage contained in the Real Property as determined in
         accordance with paragraph 4 above.

Notwithstanding the foregoing, in the event TCF timely delivers its notice of
objection to any matter pursuant to this paragraph 5(b), the Closing, at
Seller's election, shall be adjourned to the date which is twenty (20) days
after the scheduled Closing Date to allow the parties adequate time to properly
document the transactions contemplated hereunder.

         (c)      So long as this contract remains in force, Seller will not
enter into any new lease, modify or renew any existing lease or encumber or
convey all or part of the Real Property or any interest therein, or enter into
any agreement granting to any person any right with respect to the Real Property
or any portion thereof, without the prior written consent of TCF, which consent
shall not be unreasonably withheld or delayed so long as such action by Seller
does not materially impair the value or TCF's contemplated use of the Property.

         (d)      In the event the aggregate acres of those portions of the
Property, if any, deleted from the transactions pursuant to this paragraph 5 or
paragraph 7 below, together with the acres of the Property destroyed or damaged
prior to Closing, as determined in accordance with paragraph 8(b) below exceeds
256 acres, then either party may terminate this Agreement, whereupon Escrow
Agent shall return the Earnest Money to TCF and no party hereto will have any
further rights, duties or obligations hereunder, other than those which
expressly survive a termination hereof.

         (e)      The parties acknowledge that the deletion by TCF from the
transaction of any real property pursuant to Paragraphs 5(b) or 7 hereof (the
"Excluded Acres") may require a subdivision of such Excluded Acres from certain
other tracts TCF intends to acquire at Closing. Seller shall retain at Closing
such Excluded Acres and the least amount of acreage contiguous

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with such Excluded Acres as is necessary to create a legal parcel for which no
subdivision is required (the "Additional Acres") and subject to the provisions
of Paragraph 5(d), the Purchase Price will be reduced on account of Seller's
retention of the Additional Acres by an amount equal to the product of the
number of acres contained within the Additional Acres multiplied by the quotient
of the Purchase Price divided by the acreage contained in the Real Property as
determined in accordance with Paragraph 4 above.

         6.       Inspection. TCF will have from the date of this Agreement
until the expiration of the Inspection Period to inspect the Real Property and,
among other things, to perform timber cruises, environmental evaluations and
verify compliance with applicable laws, ordinances and regulations. TCF and its
agents, representatives, employees, engineers and contractors will have the
right to enter upon the Real Property to inspect, examine, survey and make test
borings, soil bearing tests, timber cruises and other engineering tests or
surveys which it may deem necessary or advisable. Prior to entering upon the
Property to conduct such activities, TCF shall deliver to Seller certificates of
commercial general liability insurance with coverage amounts not less than
$l,000,000 on an occurrence basis showing Seller as an additional insured
thereunder. TCF hereby agrees to return the Real Property to substantially the
same condition that existed prior to Purchaser's activities. TCF further agrees
to indemnify and hold Seller harmless for any and all cost and expense resulting
from claims or damages caused by said inspections, examinations and tests. Upon
full execution of this Agreement, Seller will make available to TCF, its agents,
contractors and representatives, at Seller's offices all non-privileged,
non-proprietary materials relating to the Real Property in the possession of
Seller or its agents or attorneys, including without limitation, all aerial
photographs, maps, charts, existing surveys, timber cruises, previous deeds,
leases, reports, timber type maps, timber inventories, soil maps, growth and
yield information, harvest schedules, and timber bid customer lists relating

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to the Real Property. In the event TCF, after using commercially reasonable
efforts, is not able to complete its due diligence inspections of the Property
prior to the expiration of the Inspection Period, TCF shall have the right, upon
written notice to Seller delivered prior to the expiration of the Inspection
Period to extend the Inspection Period for an additional ten (10) days. In such
event, the Closing Date shall be postponed to a mutually acceptable date not
later than the date which is twenty (20) days after the expiration of the
Inspection Period, as extended hereunder. In the event TCF in its sole and
absolute discretion is not satisfied for any reason whatsoever with the
Property, then TCF may terminate this Agreement by delivering written notice to
Seller at my time prior to the expiration of the Inspection Period, whereupon
Escrow Agent shall return the Earnest Money to TCF and no party will have any
further rights, duties or obligations under this Agreement other than those
which expressly survive a termination hereof. In such event, TCF shall promptly
deliver to Seller, without representation or warranty, all title materials,
environmental reports and other third party reports (other than any appraisal or
cruise results) obtained by TCF in connection with its inspections or
investigations of the Property.

         7.       Environmental Audit. TCF will have the right at any time
before the expiration of the Inspection Period to perform or cause to be
performed, at TCF's expense, a non-invasive environmental audit or assessment
of the Real Property. In the event that such audit or assessment reveals that
(i) any portion of the Real Property has ever been used as a landfill to receive
solid wastes; (ii) has been affected by or contains any underground storage tank
or storage facility; (iii) has ever been used for dumping, discharge, treatment,
storage of hazardous wastes or hazardous substances; (iv) is in violation of any
law, ordinance, notice requirement, rule or regulation because of its
environmental and/or ecological condition; or (v) is identified by TCF's
consultant as a "high risk" parcel or acre (in each instance, an "Environmental
Defect"), TCF shall promptly notify Seller and, subject to the provisions of
paragraph 5(d) and (e) above,

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TCF may delete the portion of the Real Property subject to such Environmental
Defect from the real property conveyed by Seller to TCF at the Closing, and the
Purchase Price will be reduced by an amount equal to the product of the number
of acres contained within such deleted portion multiplied by the quotient of the
Purchase Price divided by the acreage contained in the Real Property as
determined in accordance with paragraph 4 hereof. In the event TCF notifies
Seller of any Environmental Defect, Seller, at its election, may adjourn the
Closing until the date which is twenty (20) days after the scheduled Closing
Date to allow the parties adequate time to properly document the transactions
contemplated herein. In the event TCF objects to any Environmental Defect, TCF
shall provide Seller with a copy of any environmental audit, assessment or
report forming the basis for TCF's objection.

         8.       Condition of Property; Damage; Condemnation.

         (a)      Seller agrees that at the Closing the Property will be in
substantially the same condition as exists on the date hereof, subject to
condemnation and casualties beyond Seller's control and Seller's harvest of
timber in the ordinary course of business. During the pendency of this
Agreement, Seller shall not materially accelerate the volume of timber or the
species harvested relative to Seller's past practices. All risk of loss to the
Property or any part thereof prior to the Closing will be borne entirely by
Seller. Except for timber harvesting conducted in the ordinary course of
Seller's business, Seller will neither cut or remove nor permit the cutting or
removal of any timber or trees or the mining of any oil, gas, gravel or other
minerals located on the Real Property without the prior consent of TCF, which
consent shall not be unreasonably withheld or delayed so long as such action by
Seller does not materially impair the value or TCF's contemplated use of the
Property. Seller shall keep detailed records on a load by load basis by species
and category of the volume of timber harvested after the effective date of this
Agreement and prior to Closing. Five (5) days prior to Closing (the "Adjustment
Date"),

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an officer of Seller with knowledge of such matters shall deliver a certificate
setting forth the total volume by species harvested by Seller during the
pendency of this Agreement. The Purchase Price shall be reduced on account of
such harvested timber by an amount equal to the sum of the products of the
volume of each species and category of timber harvested multiplied by the
applicable unit value for such species and category set forth on Exhibit F
attached hereto and hereby made a part hereof. Within five (5) days after
Closing, the Seller shall deliver to TCF another certificate setting forth the
total volume by species harvested by Seller between the Adjustment Date and the
Closing date, and shall deliver to TCF, or its assignee a check for the value of
the timber harvested during such period, calculated in the same manner as
described above.

         (b)      If at my time prior to the Closing, the Property or any
material part thereof (including, but not limited to, any timber or trees which
are included as part of the Property) is destroyed or damaged by fire or other
casualty, then TCF, subject to the provisions of paragraph 5(d) above, shall
purchase the Property, whereupon the Purchase Price will be reduced as mutually
agreed by Seller and TCF, or, in the event such parties are unable to agree
within fifteen (15) days after TCF's receipt of notice of the occurrence of such
damage or destruction, the Purchase Price will be reduced by an mount determined
in accordance with the procedures set forth in paragraph 29 hereof. TCF's option
under this paragraph 8(b) will be exercisable at any time on or before fifteen
(15) days after TCF's receipt of notice of the occurrence of such damage or
destruction and the date of Closing will be extended to the extent necessary to
permit the exercise of such option by TCF and the determination of the Purchase
Price reduction. For purposes of this paragraph 8(b), a "material" part of the
Property shall mean damage to the Property prior to Closing having an aggregate
value, in TCF's good faith estimate, equal to or exceeding $50,000.

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         (c)      If at any time prior to the Closing, any action or proceeding
is filed or threatened under which the Real Property or any part thereof may be
taken pursuant to any law, ordinance or regulation by condemnation or the right
of eminent domain, then TCF shall purchase the Real Property pursuant to this
Agreement, notwithstanding such action or proceeding, and receive a credit
against the Purchase Price in the amount of all proceeds of any awards paid to
Seller with respect to the Real Property, or if such amounts have not been paid
to Seller as of the Closing, Seller shall assign all of its rights to any such
proceeds or awards.

         9.       Warranties and Representations.

         (a)      Seller hereby warrants and represents to TCF as follows:

                  (i)      Seller owns good and marketable fee simple title to
         the Real Property, and will convey such title at the Closing by special
         warranty deed subject only to the Permitted Encumbrances.

                  (ii)     Attached hereto as Exhibit B and hereby made a part
         hereof is a true and accurate summary of all leases, timber service
         agreements, licenses, permits, contracts and agreements affecting the
         Real Property; the Leases remain in full force and effect, and have not
         been modified or amended, and except as set forth on Exhibit B, no
         consent is required to be obtained to assign Seller's right, title and
         interest in, under and to the Leases to TCF and to Seller's actual
         knowledge neither party thereto is in default in the observance or
         performance of any of its duties or obligations thereunder.

                  (iii)    There are no outstanding mineral leases affecting the
         Real Property and, to Seller's actual knowledge there are no current
         commercial mining activities occurring on the Red Property and no
         mining permits are currently issued and outstanding with respect to the
         Real Property or any portion thereof.

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                  (iv)     There is no pending or, to Seller's actual knowledge,
         threatened action or proceeding (including, but not limited to, any
         condemnation or eminent domain action or proceeding) before any court,
         governmental agency or arbitrator which may adversely affect Seller's
         ability to perform this Agreement or which may affect the Real
         Property.

                  (v)      To Seller's actual knowledge, the Real Property is in
         compliance with all statutes, ordinances, rules, regulations, orders
         and requirements of all federal, state and local authorities and any
         other governmental entity having jurisdiction over the Real Property;
         and Seller has not received any notice from any such governmental
         entity of any violation of any of the aforesaid statutes, ordinances,
         rules, regulations, orders and requirements.

                  (vi)     Seller has the full capacity, power and authority to
         enter into this Agreement and fully perform its obligations hereunder,
         subject however to the final approval by its Board of Directors at its
         next regularly scheduled meeting currently planned to be held on
         December 17, 2002, and the final approval of its parent corporation's
         Board of Directors at its next regularly scheduled meeting, currently
         planned to be held on December 18, 2002.

                  (vii)    This Agreement and the performance hereof by Seller
         will not contravene any law or contractual restriction binding on
         Seller.

                  (viii)   Subject to subparagraphs (vi) and (ix) herein, Seller
         has the full right, power, and authority to enter into and perform this
         Agreement; and no consent, approval, order or authorization of any
         court or other governmental entity is required to be obtained by Seller
         in connection with the execution and delivery of this Agreement or the
         performance hereof by Seller.

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                  (ix)     This Agreement has been duly executed and delivered
         by Seller and is subject to approval by Seller's Board of Directors and
         P. H. Glatfelter's Board of Directors, which, if granted; constitutes
         the valid and binding obligation of Seller, enforceable against Seller
         in accordance with its terms subject to applicable bankruptcy,
         insolvency and other similar laws affecting the enforceability of
         creditors' rights generally and the discretion of the courts with
         respect to equitable remedies.

                  (x)      No portion of the Real Property has ever been used by
         Seller or by any third party with the affirmative consent of Seller as
         a land fill or as a dump to receive garbage, refuse, or waste, whether
         or not hazardous, and to Seller's actual knowledge there is and has
         been no Hazardous Waste stored, handled, installed or disposed in, on
         or about the Real Property. For purposes of this warranty, the term
         "Hazardous Waste" means any such materials, waste, contaminates,
         petroleum, crude oil or any fraction thereof or other substances as
         defined by cumulative reference to the following sources as amended
         from time to time: (i) the Resource Conservation and Recovery Act of
         1976, 42 USC Section 6901 et. seq. (RCRA); (ii) the Comprehensive
         Environmental Response, Compensation and Liability Act of 1980, 42 USC
         Section 9601 et. seq. (CERCLA); (iii) the Hazardous Materials
         Transportation Act, 49 USC Section 1801, et. seq.; (iv) applicable laws
         of the State of Maryland; and (v) any federal, state or local
         regulations, rules or orders issued or promulgated under or pursuant to
         any of the foregoing or otherwise by any department, agency or other
         administrative, regulatory or judicial body. To Seller's actual
         knowledge there are no underground storage tanks situated in the
         Property nor have such tanks been previously situated thereon.

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                  (xi)     To Seller's actual knowledge, the Real Property is in
         substantially the same condition as existed on the date TCF inspected
         the Real Property. Since such date, there has been no material
         destruction or damage to the Real Property or any part thereof or any
         improvements, timber or trees thereon by fire or other casualty.

                  (xii)    The Property does not constitute an asset of an
         employee benefit plan affiliated with Seller, as defined in Section
         3(3) of ERISA.

                  (xiii)   No party other than Seller has any right to conduct
         timbering operations on the Real Property or any right, title or
         interest in and to any timber located on the Real Property.

                  (xiv)    To Seller's actual knowledge, the present use of the
         Real Property for the purpose of harvesting timber or any related
         purpose does not pose a danger to any Endangered Species, Critical
         Habitat or Habitat that would expose TCF to any liability under any
         applicable federal, state or local laws. For purposes of this warranty,
         the terms "Endangered Species", "Critical Habitat" and "Habitat" mean
         any such animal, vegetation, flora, fauna, other wildlife, ecosystem or
         geographic region as defined by cumulative reference to the following
         sources as amended from time to time: (i) the Endangered Species Act of
         1973, 16 USC Section 1531, et. seq.; (ii) the applicable law of the
         State of Maryland, and (iii) any federal, state or local regulations,
         rules, or orders issued or promulgated under or pursuant to any of the
         foregoing or otherwise by any department, agency or other
         administrative, regulatory or judicial body.

                  (xv)     Seller hereby certifies that the sale of the Property
         does not represent a transfer of all or substantially all of the assets
         of Seller.

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All warranties and representations will be true as of the date of this Agreement
and, as of the date of the Closing. As used herein, the term "Seller's actual
knowledge" means the actual knowledge of Peter Alexander and Thomas V. Bosky,
the individual officers or employees of Seller having day-to-day responsibility
for the oversight, management and operation of the Property. The foregoing
representations and warranties shall survive the Closing for a period of twelve
(12) months from and after the Closing Date.

                  (xvi)    Except for the foregoing representations and
warranties, the Property is being conveyed hereunder as-is, where-is, without
any representations or warranties, express or implied.

         (b)      Seller hereby agrees to indemnify and hold harmless TCF from
and against any liability, cost, damage, loss, claim, expense or cause of action
(including but not limited to reasonable attorneys' fees and court costs)
incurred by or filed against TCF as a direct result of any breach of any of the
warranties or representations by Seller contained in this paragraph 9. The
foregoing indemnity shall survive the Closing for a period of twelve (12) months
after the Closing Date; provided, however, such indemnity shall continue with
respect to any breach of warranty or representation by Seller for which TCF has
brought a claim against Seller during such twelve (12) month period.

         (c)      TCF hereby warrants and represents to Seller as follows:

                  (i)      TCF is a non-profit corporation organized in
         accordance with Section 501(c)(3) of the Internal Revenue Code and is
         existing and in good standing under the laws of the State of Maryland;

                  (ii)     TCF has the full right, power and authority to enter
         into this Agreement; and, with the exception of approval of this
         transaction by TCF's Board of Directors, no consent, approval, order or
         authorization is required to be

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         obtained by TCF in connection with the execution and delivery of this
         Agreement or the performance hereof by TCF; and

                  (iii)    This Agreement has been duly executed by TCF and
         constitutes the valid and binding obligation of TCF, enforceable
         against TCF in accordance with its terms, subject to applicable
         bankruptcy, insolvency and other similar laws affecting the
         enforceability of creditors' rights generally and the discretion of the
         courts with respect to equitable remedies.

         10.      Brokerage Commission. Seller and TCF each warrant and
represent to the other that neither has incurred any liability for any brokerage
fee or commission in connection with the execution and delivery of this
Agreement or the consummation of the transactions contemplated hereby. Seller
and TCF each agree to indemnify and hold harmless the other from any and all
damage, loss, liability, expense and claim (including but not limited to
attorneys' fees and court costs) arising with respect to any such fee or
commission which may be suffered by the indemnified party by reason of any
action or agreement of the indemnifying party.

         11.      Taxes: Expenses.

         (a)      Ad valorem real property taxes on the Real Property, special
assessments, utility charges (if any) and all rental payments with respect to
the Leases will be prorated as of the date of Closing. If actual tax bills for
the calendar year of Closing are not available, said taxes will be prorated
based on tax bills for the previous calendar year and the parties hereto agree
to cause a reproration of said taxes upon the receipt of tax bills for the
calendar year of Closing. Seller will pay all timber taxes, severance taxes and
any other taxes imposed with respect to timbering operations on the Real
Property prior to the date of Closing and all income and/or capital gains taxes
attributable to the sale of the Real Property, if any. Seller shall be
responsible for any "roll back" taxes or similar taxes that relate to periods
prior to the Closing

                                                                              17
<PAGE>

and arise as a direct result of the consummation of the transactions
contemplated hereunder. TCF shall be responsible for any "roll back" taxes or
similar taxes imposed due to a change in the use of the Real Property by TCF
after the Closing.

         (b)      TCF will pay the cost of TCF's inspection of the Real
Property, the costs of the title examination and preparation of the Title
Commitment, the title insurance premium with respect to any owner's policy of
title insurance obtained by TCF and recording fees in connection with the
recordation of the deeds delivered at Closing. TCF will also pay one-half of all
transfer taxes and/or recordation taxes imposed in connection with the
recordation of the deeds delivered at Closing.

         (c)      Seller will provide for and pay the costs associated with the
preparation of Seller's special warranty deeds and will pay one-half of all
transfer taxes in connection with the transfer of the Property and/or
recordation taxes and the recordation of the deeds delivered at Closing. Seller
shall pay all other taxes assessed in connection with the transfer of the
Property. Seller shall pay all additional costs, fees and expenses incurred by
TCF that would not otherwise have arisen in connection with Seller's sale of the
Property to TCF on a non-installment sale basis, including reasonable attorneys
fees not to exceed $25,000, incurred by TCF in connection with the installment
sale structure of the transaction.

         (d)      Each party will pay its respective costs and expenses of legal
representation.

         12.      Conditions. Unless waived by TCF, the obligations of TCF under
this Agreement are expressly made subject to the fulfillment in all respects of
the following conditions precedent:

                  (i)      the truth and accuracy in all material respects as of
         the date of the Closing of each and every warranty and representation
         herein made by Seller;

                                                                              18
<PAGE>

                  (ii)     Seller's timely performance of and compliance with
         each and every term, condition, agreement, restriction and obligation
         to be performed and complied with by Seller under this Agreement;

                  (iii)    TCF's receipt at Closing of an owner's policy of
         title insurance in the amount of the Purchase Price and otherwise in
         form and substance reasonably satisfactory to TCF;

                  (iv)     TCF shall have received prior to Closing the Maryland
         Board of Public Works approval of the transactions contemplated herein
         and public funds will be available at Closing; and

                  (v)      TCF's Board of Directors will have approved the
         transaction at its regularly scheduled meeting on December 16, 2002.

                  (vi)     The approval of this transaction by Seller's Board of
         Directors at its regularly scheduled meeting on December 17, 2002 and
         the approval of this transaction by the Board of Directors of Seller's
         parent, P. H. Glatfelter, at its regularly scheduled meeting on
         December 18, 2002.

                  [CONTINUED ON NEXT PAGE]

                                                                              19
<PAGE>

         In the event any of the above conditions are not satisfied on or before
Closing, TCF will have the right, exercisable at TCF's sole election, to cancel
this Agreement whereupon Escrow Agent shall return the Earnest Money to TCF and
neither party hereto will have any further rights or obligations hereunder.
Notwithstanding the foregoing, if the condition set forth in subparagraph (iv)
above is not satisfied, or if TCF is otherwise unable for any other reason to
raise by the Closing $37,850,000 for acquisition of the Real Property as
contemplated herein, this Agreement shall be terminated, the Earnest Money
Deposit shall be paid to the Seller and neither party hereto will have any
further rights or obligation hereunder.

         13.      Mutual Condition. Unless waived by Seller and TCF, the
obligations of Seller and TCF under this Agreement are expressly made subject to
Seller and TCF negotiating and agreeing to the terms of: 1) a timber supply
agreement ("TSA") to be granted to Seller at Closing and 2) completing Exhibit
B, Exhibit D and Exhibit E of this Agreement; and 3) favorable opinions from
both parties' tax advisors or counsel regarding the structuring of this
transaction as a bargain sale and installment sale. The TSA shall commence at
Closing and terminate on December 31, 2010. The TSA shall be subject and
subordinate to any conservation easement granted by TCF contemporaneously with
Closing, which conservation easement is subject to Seller's prior written
approval, which approval shall not be unreasonably withheld or delayed so long
as such conservation easement does not materially interfere with Seller's rights
to harvest timber pursuant to the TSA.

         14.      Default; Remedies; Escrow Agent.

         (a)      If the purchase and sale of the Real Property is not
consummated because of a breach by TCF in the performance or observance by TCF
of any of its material covenants or obligations under this Agreement, then
Escrow Agent shall pay the Earnest Money to Seller as full liquidated damages
(the parties hereto acknowledging that Seller's damages as a result of

                                                                              20
<PAGE>

such default are not capable of exact ascertainment and that said liquidated
damages are fair and reasonable), said remedy being Seller's sole and exclusive
remedy hereunder on account of any default by TCF, whereupon this Agreement will
terminate and neither party will have any further rights, duties or obligations
hereunder, other than those which expressly survive a termination hereof.

         (b)      If the purchase and sale of the Property contemplated hereby
is not consummated because of a breach by Seller in the performance or
observance by Seller of any of its material covenants or obligations under this
Agreement, then TCF shall be entitled to damages in an amount equal to TCF's
actual out of pocket expenses incurred in connection with the transactions
contemplated by this Agreement, which amount shall not exceed $200,000.

         (c)      The duties of Escrow Agent will be as follows:

                  (i)      During the term of this Agreement, Escrow Agent will
         hold the Earnest Money, upon the delivery by TCF to Escrow Agent of the
         same, in an interest bearing account approved by TCF and will deliver
         the Earnest Money in accordance with the terms and provisions of this
         Agreement.

                  (ii)     If this Agreement is terminated without the mutual
         written agreement of Seller and TCF, or if Escrow Agent is unable to
         determine at any time to whom the Earnest Money should be delivered, or
         if a dispute develops between Seller and TCF concerning to whom the
         Earnest Money should be delivered, then in any such event, Escrow Agent
         will request joint written instructions from Seller and TCF and will
         deliver the Earnest Money in accordance with such joint written
         instructions. In the event that such written instructions are not
         received by Escrow Agent within ten (10) days after Escrow Agent has
         served a written request for instructions upon Seller and TCF, Escrow

                                                                              21
<PAGE>

         Agent will have the right to pay the Earnest Money into a court of
         competent jurisdiction and interplead Seller and TCF in respect
         thereof, and thereafter Escrow Agent will be discharged of any
         obligations in connection with this Agreement.

                  (iii)    If costs or expenses are incurred by Escrow Agent
         because of litigation or a dispute between Seller and TCF arising out
         of the holding of the Earnest Money in escrow, Seller and TCF will each
         pay Escrow Agent one-half of such reasonable and direct costs and
         expenses. Except for such costs and expenses, no fee or charge will be
         due or payable to Escrow Agent for its services as escrow holder.

                  (iv)     By joining herein, Escrow Agent undertakes only to
         perform the duties and obligations imposed upon it under the terms of
         this contract and expressly does not undertake to perform any of the
         other covenants, terms and provisions incumbent upon Seller and TCF
         hereunder.

                  (v)      TCF and Seller hereby agree and acknowledge that
         Escrow Agent assumes no liability in connection herewith except for
         gross negligence or willful misconduct; that Escrow Agent will never be
         responsible for the validity, correctness or genuineness of any
         document or notice referred to under this Agreement; and that Escrow
         Agent may seek advice from its own counsel and will be fully protected
         in any action taken by it in good faith in accordance with the opinion
         of its counsel.

         15.      Assignment. Prior to Closing, TCF will have the right to
assign its rights under this Agreement, in whole or in part, but only to an
organization or entity which would allow Seller to claim bargain sale treatment
of this transaction under the Internal Revenue Code,

                                                                              22
<PAGE>

would not cause Seller to incur any "roll back" taxes or increased transfer
taxes, and is previously approved by Seller in its reasonable discretion. Upon
such assignment TCF will be relieved of liability hereunder. Contemporaneously
with the Closing, TCF shall have the right to assign the provisions of this
Agreement which survive the Closing, in whole or in part, to the ultimate title
holders of the Property including, without limitation, an entity of the State of
Maryland and The Forestland Group, LLC or an affiliate thereof, provided that
the ultimate title holders assume said provisions which survive Closing and such
assignment does not cause Seller to incur any "roll back" taxes or increased
transfer tax, nor adversely impact bargain or Installment Sale considerations
herein.

         16.      No Waiver. No action or failure to act by any party hereto
will constitute a waiver of any right or duty afforded to such party under this
Agreement, nor will any such action or failure to act constitute an approval of
or acquiescence in any breach of this Agreement except as may be specifically
agreed in writing.

         17.      Governing Law. This Agreement will be governed by the laws of
the State of Maryland.

         18.      Notice. Any and all notices, elections and communications
required or permitted by this Agreement will be made or given in writing and
will be delivered in person, sent by facsimile with confirmed electronic
receipt, sent by reputable overnight courier or sent by postage prepaid United
States mail, certified or registered, return receipt requested, to the other
parties at the addresses set forth below, or such other address or facsimile as
may be furnished by notice in accordance with this paragraph. The date of notice
given by personal delivery will be the date of such delivery. The effective date
of notice by overnight courier or mail will be the date such notice is mailed.

                                                                              23
<PAGE>

         Seller:           Glatfelter Pulp Wood Company
                           Attn: Vice President and General Manager
                           228 S. Main Street
                           Spring Grove, PA 17362
                           Fax: (717) 225-2850

                           With copies to:

                           Glatfelter
                           Attn: Legal Department
                           96 South George Street, Suite 500
                           York, PA 17401-1434
                           Fax: (717) 846-2419

                           And:

                           Glatfelter
                           Attn: John R. Anke, Treasurer
                           96 South George Street, Suite 500
                           York, PA 17401-1434
                           Fax: (717) 846-7208

         TCF:              The Conservation Fund
                           584 Bellerive Drive
                           Suite 3-D
                           Annapolis, Maryland 21401
                           Attention: Jodi R. O'Day
                           Fax: (410) 757-0370

         with a copy to:   The Conservation Fund
                           1800 North Kent Street
                           Suite 1120
                           Arlington, Virginia 22209-2156
                           Attention: Richard Erdmann
                           Fax: (703) 525-4610

         with a copy to:   Sutherland Asbill & Brennan LLP
                           999 Peachtree Street, N.E.
                           Atlanta, Georgia 30309
                           Attention: Victor P. Haley
                           Fax: (404) 853-8806

         Escrow Agent:     Fidelity National Title Insurance Company
                           200 Galleria Parkway, Suite 1695

                                                                              24
<PAGE>

                           Atlanta, GA 30339
                           Attention: Kevin Wood
                           Fax: (770) 850-8222

         19.      Entire Agreement. This Agreement contains the entire agreement
among the parties hereto With respect to the subject matter hereof and cannot be
amended or supplemented except by a written agreement signed by all parties.

         20.      Captions, The captions of paragraphs in this Agreement are for
convenience and reference only and are not part of the substance hereof.

         21.      Severability. In the event that any one or more of the
provisions, paragraphs, words, clauses, phrases or sentences contained in this
Agreement, or the application thereof in any circumstance is held invalid,
illegal or unenforceable in any respect for any reason, the validity, legality
and enforceability of any such provision, paragraph, word, clause, phrase or
sentence in every other respect and of the remaining provisions, paragraphs,
words, clauses, phrases or sentences of this contract, will not be in any way
impaired, it being the intention of the parties that this contract will be
enforceable to the fullest extent permitted by 1aw.

         22.      Duplicate Originals. This Agreement shall be executed in
duplicate originals, both of which will be construed as original documents.

         23.      Binding Effect. This Agreement will bind the parties hereto
and their respective heirs, legal representatives, successors and assigns.

         24.      Time of Essence. Time is of the essence of this Agreement.

         25.      Bargain Sale. Purchaser acknowledges that it is Seller's
intent to effectuate a "bargain sale" of the Property, i.e., a sale to a
charitable organization at a price below fair market value wherein the
difference is considered a charitable contribution under applicable sections of
the Internal Revenue Code. Seller acknowledges that the substantiation of a

                                                                              25
<PAGE>

charitable contribution deduction rests exclusively with Seller but for
Purchaser's execution of Internal Revenue Service Form 8283.

         26.      Survival. With the exception of the indemnity set forth in
paragraph 9(b), she indemnities set forth herein will survive the Closing or any
termination of this Agreement indefinitely. The warranties and representations
set forth herein will survive the Closing for a period of twelve (12) months.

         27.      Waivers of Application of Title 42 U.S.C.A. Section 4601
and/or Just Compensation Under Applicable State Statutes. Purchaser may assign
this Agreement and its rights as Purchaser hereunder including the Earnest Money
by written assignment to a governmental agency or entity which assumes the
obligations of Purchaser hereunder, provided such entity is a qualified entity
for purposes of ensuring that the transactions contemplated hereunder qualify
under the Internal Revenue Code for bargain and Installment sale treatment and
do not cause Seller to incur any "roll-back" taxes or increased transfer tax.
Seller hereby waives any right to demand fair market value for the Property. In
addition, recognizing that this Agreement is made in order to procure lands for
public ownership and that condemnation will not be used in any way as part of
this transaction or in securing the Property, Seller hereby knowingly waives any
potential right to receive compensation for the Property consistent with the
requirements of either (i) Title II and Title III of the Uniform Relocation
Assistance and Real Property Acquisition Policies Act of 1970, Title 42 U.S.C.A.
Section 4601, et seq. (Public Law 91-646, as amended) including those provisions
relating to incidental expenses incurred by Seller and/or (ii) applicable state
statutes and regulations. Seller makes this waiver knowing that a governmental
agency or entity may ultimately own the Property and/or that a governmental
agency or entity may be an assignee of this Agreement.

                                                                              26
<PAGE>

         28.      Saturdays, Sundays, Holidays. If the final date of any time
period of limitation set out in any provision of this agreement falls on a
Saturday, Sunday or a legal holiday under the laws of the state in which the
Property is situated, then the time of such period shall be extended to the next
day which is not a Saturday, Sunday or legal holiday.

         29.      Resolution of Disputes. In the event Seller and TCF are unable
to agree as to the reduction of the Purchase Price set forth in paragraph 8(b)
hereof, Seller and TCF will each appoint an independent forestry consultant,
each of which may be a consultant previously engaged by the appointing party
with respect to the Real Property, and such two consultants will in turn select
a third independent forestry consultant to act with them in a panel to determine
the appropriate reduction of the Purchase Price. The panel of consultants will
reach a binding decision within thirty (30) days of the selection of the third
consultant, and the decision of the panel of consultants as to the reduction of
the Purchase Price will be final. Seller and TCF will each bear the cost of its
respective consultant and one-half (1/2) of the cost of the third consultant.
The date of Closing will be extended to the extent necessary to permit the final
decision of the panel of consultants.

         30.      Effective Date. The effective date of this Agreement will be
the date all parties hereto have executed this contract.

         31.      Incorporation of Exhibits. All exhibits referred to herein are
hereby incorporated in this Agreement by this reference.

                                                                              27
<PAGE>

         IN WITNESS WHEREOF, this contract has been duly executed, sealed and
delivered by the parties hereto the day and year first above written.

                           SELLER:

                           GLATFELTER PULP WOOD COMPANY

                           By: /s/ R.P. Newcomer
                               ---------------------------------------
                           Name:   ROBERT P. NEWCOMER
                           Title:  Vice President & Treasurer

                           TCF:

                           THE CONSERVATION FUND

                           By: /s/ Jodi R. O'Day
                               ---------------------------------------
                           Name:   Jodi R. O'Day
                           Title:  Vice President & Regional Counsel

                                                                              28
<PAGE>

EXHIBIT A
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
DESCRIPTION OF PROPERTY
CAROLINE COUNTY

<TABLE>
<CAPTION>
     PHG#     TRACT    MAP   GRID   PARCEL
     ----   --------   ---   ----   ------
<S>  <C>    <C>        <C>   <C>    <C>
1     101   Koch        29    23       19
2     101   Koch        29    23       63
3     101   Koch        34     6        1
4     101   Koch        34    12        6
5     101   Koch        34    12        8
6     101   Koch        34    12        5
7     101   Koch        34    12        7
8     101   Koch        34    12       89
9     101   Koch        35    13        5
10    101   Koch        34    18        4
11    101   Koch*       34     5        2
12    101   Koch        34    23      121
13    101   Koch        35    19        6
14    101   Koch        34    23       50
15    101   Koch        34    23      120
16    101   Koch        38     5      110
17    101   Koch        34    24       54
18    103   Bradley     41    14       23
19    111   Howard      22     1        2
20    111   Howard      17    19        6
21    113   Collins     55    15       43
22    116   Apex        48             89
23    137   Chopt#l     18    23       85
24    137   Chopt#l     18    22       59
25    137   Chopt#l     18    23       58
26    137   Chopt#l     23     4       58
27    137   Chopt#l     23     4       98
28    137   Chopt#l     23     4       59
29    138   Chopt#2     23     5      103
30    138   Chopt#2     23     6       19
31    138   Chopt#2     23    12       20
32    152   Long Swp    55     9       44
</TABLE>

<PAGE>

EXHIBIT A
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
DESCRIPTION OF PROPERTY
CHARLES COUNTY

<TABLE>
<CAPTION>
     PHG#        TRACT       MAP   GRID   PARCEL
     ----   --------------   ---   ----   ------
<S>  <C>    <C>              <C>   <C>    <C>
1      3    Gross, Reid       35    18       59
2      8    Mansion Hall      52    10        6
3      8    Mansion Hall      52     1       49
4      8    Mansion Hall      52    13       10
5      9    Belmont           52    16        7
6     10    Rison             70
7     11    Tayloe Neck       70     5        0
8     12    Hard Frost        29    17        3
9     13    G. Thompson       30    14       86
10    14    Larsen            31    13       32
11    15    Double Trouble    30    17      120
12    15    Double Trouble    31    24       78
12    17    Thee               1    22      250
</TABLE>

<PAGE>

EXHIBIT A
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
DESCRIPTION OF PROPERTY
DORCHESTER COUNTY

<TABLE>
<CAPTION>
     PHG#     TRACT     MAP   GRID   PARCEL
     ----   ---------   ---   ----   ------
<S>  <C>    <C>         <C>   <C>    <C>
1     100   Thomas       34    17       19
2     100   Thomas       34    23       11
3     100   Thomas       34    23       63
4     100   Thomas       45     5       42
5     105   DeWolfe      74    18       31
6     105   DeWolfe      75    13        6
7     112   Hackett      32    11      163
8     112   Hackett      32    12       14
9     112   Hackett      32    12      139
10    115   Lee Jones    60     4       46
11    140   Wheatley      7    15       58
</TABLE>

<PAGE>

EXHIBIT A
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
DESCRIPTION OF PROPERTY
ST. MARY'S COUNTY

<TABLE>
<CAPTION>
PHG#   TRACT   MAP   GRID   PARCEL
----   -----   ---   ----   ------
<S>    <C>     <C>   <C>    <C>
  4    Salem    42    13      64
  4    Salem    49     5      67
</TABLE>

<PAGE>

EXHIBIT A
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
DESCRIPTION OF PROPERTY
SOMERSET COUNTY

<TABLE>
<CAPTION>
      PHG         TRACT         MAP   GRID   PARCEL
      ---   -----------------   ---   ----   ------
<S>   <C>   <C>                 <C>   <C>    <C>
1     102   Diament              48    18       17
2     102   Diament              48    24       22
3     102   Diament              48    23       23
4     102   Diament              48    24       24
5     104   Packer               34    20       39
6     104   Packer               34    19       41
7     106   Hamlet               15     1      170
8     106   Hamlet               15     2      449
9     106   Hamlet                9    19       49
10    107   Tilghman              6    13        1
11    109   Whittington          25    10       47
12    110   Wagenberg             3    24       18
13    110   Wagenberg             3    24       62
14    110   Wagenberg      .   .  3   .24       64
15    110   Wagenberg             3    24       67
16    110   Wagenberg             3    24       68
17    110   Wagenberg             3    24       71
18    110   Wagenberg             3    24       72
19    110   Wagenberg             4    19        5
20    110   Wagenberg             4    19        7
21    110   Wagenberg             4    19       16
22    110   Wagenberg             8    12      245
23    110   Wagenberg             9     3        1
24    110   Wagenberg             9     1        6
25    110   Wagenberg             9     2        7
26    110   Wagenberg             9     7       10
27    110   Wagenberg             9     1       18
28    110   Wagenberg             9     1       32
29    110   Wagenberg             9     2       54
30    110   Wagenberg             9     1       60
31    110   Wagenberg             9     2       68
32    110   Wagenberg             9     1       72
33    110   Wagenberg             9     8       73
34    118   Matthews             58             85
35    118   Matthews             58            108
</TABLE>

<PAGE>

EXHIBIT A
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
DESCRIPTION OF PROPERTY
SOMERSET COUNTY

<TABLE>
<CAPTION>
      PHG         TRACT         MAP   GRID   PARCEL
      ---   -----------------   ---   ----   ------
<S>   <C>   <C>                 <C>   <C>    <C>
36    119   Kingston             49     5      120
37    120   Bowland              42     6      104
38    120   Bowland              42     5      119
39    121   Laws                  5    11       12
40    121   Laws                  5     5       36
41    121   Laws                  5     6       97
42    123   Greenhill            41     4       23
43    123   Greenhill            41     4      171
44    124   Evans                 8    20      260
45    127   Theis                59    13       78
46    128   Turner               65    15      222
47    131   Moseman              41    19      147
48    134   Jamestown            39    12       11
49    134   Jamestown            40    13       13
50    139   Yaggi                49     1       88
51    149   Arden Station        33     9        6
52    149   Arden Station        33    15       19
53    151   Barnes               14     2      159
54    153   Corbin               58    15       93
55    154   Lovers Lane          49    20      101
56    154   Lovers Lane          49    14      105
57    156   Waters               21     6        9
58    156   Waters               21     6      140
59    157   Eel Pot              14    19      173
60    158   Deal Island          14    20       57
61    158   Deal Island          22     2      244
62    160   Fooks                25     6       62
63    161   Austin               23     1       29
64    164   Ridge                15     4      125
65    165   Harris                9     3       70
66    167   Bounds               14    19        1
67    167   Bounds               14    19       90
68    171   Willard              39     5      178
69    171   Willard              39     5      188
</TABLE>

<PAGE>

EXHIBIT A
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
DESCRIPTION OF PROPERTY
SOMERSET COUNTY

<TABLE>
<CAPTION>
      PHG         TRACT         MAP   GRID   PARCEL
      ---   -----------------   ---   ----   ------
<S>   <C>   <C>                 <C>   <C>    <C>
70    173   Flower Hill           5    10      107
71    176   Molley Mills         16    20       69
72    176   Molley Mills         16    20      156
73    177   Sally Hawkins        16     2        2
74    177   Sally Hawkins        16     8       24
75    177   Sally Hawkins        16     9       54
76    177   Sally Hawkins        16     9       56
77    177   Sally Hawkins        16     8       57
78    177   Sally Hawkins        16    14       73
79    177   Sally Hawkins        16    14       84
80    177   Sally Hawkins        16    14       86
81    177   Sally Hawkins        16    14      172
82    177   Sally Hawkins        16     8      240
83    178   Pine Pole            15     9        3
84    178   Pine Pole            15     7       68
85    178   Pine Pole            15     8      121
86    178   Pine Pole            15     8      123
87    178   Pine Pole            15     8      175
88    178   Pine Pole            15     7      176
89    178   Pine Pole            15     7      177
90    178   Pine Pole            15     8      232
91    178   Pine Pole             5    10      107
92    180   Ruark                66    11      108
93    180   Ruark                66    11      109
94    182   Sea Tick              5    24      108
95    182   Sea Tick             10    11       23
96    182   Sea Tick             10     5       39
97    182   Sea Tick             10    12       40
98    182   Sea Tick             10    17       41
99    182   Sea Tick             10    11       42
100   182   Sea Tick             10     6       46
101   182   Sea Tick             10    11       93
102   182   Sea Tick             10     4       99
103   182   Sea Tick             11    14        5
</TABLE>

<PAGE>

EXHIBIT A
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
DESCRIPTION OF PROPERTY
SOMERSET COUNTY

<TABLE>
<CAPTION>
      PHG         TRACT         MAP   GRID   PARCEL
      ---   -----------------   ---   ----   ------
<S>   <C>   <C>                 <C>   <C>    <C>
104   182   Sea Tick             11     2       11
105   182   Sea Tick             11     7       13
106   182   Sea Tick             11     7       14
107   182   Sea Tick             11    13       15
108   182   Sea Tick             11    14       16
109   182   Sea Tick             11     8       18
110   182   Sea Tick             11     7       20
111   182   Sea Tick             11    15       21
112   182   Sea Tick             11    14       22
113   182   Sea Tick             11     8       25
114   182   Sea Tick             11     8       51
115   182   Sea Tick             11     8       57
116   187   Beauchamp            32     7      188
117   187   Beauchamp            32     1      213
118   187   Beauchamp            32     7      228
119   188   Lankford-Anderson    13    18       26
120   193   Bromley              10     8       31
121   194   Marshall             40             96
122   196   Woodcock              5    20      157
123   196   Woodcock              5            157
124         Kingston             49    10      119
</TABLE>
<PAGE>

EXHIBIT A
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
DESCRIPTION OF PROPERTY
WICOMICO COUNTY

<TABLE>
<CAPTION>
     PHG#         TRACT        MAP   GRID   PARCEL
     ----   ----------------   ---   ----   ------
<S>  <C>    <C>                <C>   <C>    <C>
1     117   Wimbrow             60    11        3
2     122   Travers             64    11       15
3     122   Travers             64     3       21
4     122   Travers             64     5       40
5     122   Travers             64     5       42
6     122   Travers             64     5       46
7     122   Travers             64     5       47
8     122   Travers             64     5       66
9     122   Travers             64     5      122
10    122   Travers             64     5      124
11    122   Travers             64    11      125
12    122   Travers             64     5      198
13    125   Johnson             60    16       10
14    125   Johnson             60    16       10
15    125   Johnson             60    16       10
16    125   Johnson             60    14       32
17    129   Cappy                3    19      127
18    129   Cappy                6     1       56
19    129   Cappy                6     2       57
20    130   Hodson              50     5       93
21    130   Hodson              51     1      206
22    132   Hastings            20     7       42
23    132   Hastings            20     8      120
24    141   Wells               61     6       37
25    143   Dennis              27    23       55
26    145   Hammond             21    17       25
27    148   Rich Hall           23     3       50
28    155   Lilly               35     2       52
29    159   Cooper              56    20      216
30    163   Allen               57    15      288
31    169   Outten              59    22       91
32    169   Outten              59    22       99
34    172   Bethards            68              9
35    179   Kings Misfortune    44     5      216
36    181   Morris              51     8      198
37    183   Ward                45     3        6
38    183   Ward                45    15       41
39    184   Banks               56    15       93
40    185   Senkbeil            55    21      108
41    185   Senkbeil            65     3        1
42    185   Senkbeil            65     4      153
43    186   Ellis               35     4       45
44    186   Ellis               35             46
45    190   Nelson               8     3       49
46    192   McMichael           34    17       15
47    195   Raynor              65     2       18
48    195   Raynor              65     2       19
49    195   Raynor              65     3       97
50    195   Raynor              65     7      125
</TABLE>

<PAGE>

EXHIBIT A
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
DESCRIPTION OF PROPERTY
WICOMICO COUNTY

<TABLE>
<CAPTION>
     PHG#         TRACT        MAP   GRID   PARCEL
     ----   ----------------   ---   ----   ------
<S>  <C>    <C>                <C>   <C>    <C>
51    195   Raynor              65     7       16
</TABLE>

<PAGE>

EXHIBIT A
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
DESCRIPTION OF PROPERTY
WORCESTER COUNTY

<TABLE>
<CAPTION>
     PHG#      TRACT      MAP   GRID   PARCEL
     ----   -----------   ---   ----   ------
<S>  <C>    <C>           <C>   <C>    <C>
1     108   Carter         32    17       18
2     114   Ewing          46     2      121
3     125   Johnson        37     8       34
4     125   Johnson        37     8       34
5     125   Johnson        37     3       38
6     125   Johnson        37     4       39
7     125   Johnson        37    10       53
8     126   Furnace        54     2        3
9     133   Cropper        49    13       70
10    135   Hudson         30    23       15
11    142   Selby          94    16        1
12    144   Godfrey        46     4       42
13    146   Almshouse      56     1       39
14    147   Mason          78    14       16
15    147   Mason          78    14       17
16    147   Mason          78    19       86
17    150   Birch          24    16       22
18.   162   Zeuger         44    16       34
19    166   Dickerson      46    24       19
20    166   Dickerson      46    23       31
21    168   Porter         45     1        2
22    168   Porter         45     1       24
23    172   Bethards       35             43
24    174   Nocedum Swp    44    12       30
25    175   Stevenson      61     6       22
26    189   Todd           46    11        9
27    191   Byrd           84    11       16
28    191   Byrd           84    11       16
29    191   Byrd           84    10       85
30    197   Scotland       64    12       61
</TABLE>
<PAGE>

                                    EXHIBIT E

                             Permitted Encumbrances

1.   Ad valorem taxes not yet due and payable.

2.   All matters that would be revealed by a current, accurate survey of the
     Property.

3.   All matters appearing of record not otherwise raised as objection during
     Due Diligence.<PAGE>

                                                                 Exhibit 10.4(a)

                                 FIRST AMENDMENT
             CONTRACT FOR THE PURCHASE AND BARGAIN SALE OF PROPERTY

     THIS FIRST AMENDMENT TO CONTRACT FOR THE PURCHASE AND BARGAIN SALE OF
PROPERTY (this "Amendment") is entered into this 10th day of February, 2003, by
and between GLATFELTER PULP WOOD COMPANY, formerly known as The Glatfelter Pulp
Wood Company, a Maryland corporation (the "Seller"), and THE CONSERVATION FUND,
A NON-PROFIT CORPORATION ("TCF").

                                    RECITALS:

     A. The Seller and TCF entered into that certain Contract for the Purchase
and Bargain Sale of Property dated as of December 16, 2002 (the "Contract")
involving the purchase and sale of certain property containing approximately
25,568 acres situated in seven (7) counties within the State of Maryland,
namely, Charles, Caroline, Dorchester, Somerset, St. Mary's, Wicomico, and
Worcester Counties, all as more particularly described in the Contract (the
"Property"); and

     B. The parties desire to amend the Contract to (i) confirm certain Exhibits
intended to be incorporated within the Contract, (ii) extend the date of
expiration of the Inspection Period (defined in Section 5(b) of the Contract),
and (iii) amend other terms and provisions of the Contract as more particularly
set forth below.

     NOW THEREFORE, for and in consideration of ONE DOLLAR ($1.00) and other
good and valuable consideration, receipt and adequacy of which are hereby
acknowledged, Seller and TCF hereby agree as follows:

     1. Extension of Inspection Period. Notwithstanding the terms of the
Contract to the contrary, the Inspection Period is hereby extended and shall
expire February 14, 2003.

                                                                               1

<PAGE>

     2. Incorporation of Exhibits B and F. The Exhibits attached to this
Amendment as Exhibits A and B, respectively, are hereby incorporated into the
Contract as Exhibits B and F as if originally made a part thereof.

     3. Extension on Deadline Date to Include Exhibit D. Notwithstanding the
terms of the Contract to the contrary, the parties agree to confirm the terms
and provisions of the Installment Note defined in Section 2(a) of the Contract
and to be attached to the Contract as Exhibit D by the date set for Closing
under the Contract.

     4. Incorporation of Recitals and Exhibits. The Recitals set forth above,
and all exhibits referred to herein are incorporated into this Amendment by this
reference.

     5. Ratification of Contract. All other terms and conditions in said
Contract are hereby ratified and affirmed.

     IN WITNESS WHEREOF, the parties have set their hands and seals.

WITNESS:                                SELLER:
                                        GLATFELTER PULP WOOD COMPANY
                                        Formerly The Glatfelter Pulp Wood
                                        Company a Maryland corporation

/s/ Illegible                           BY: /s/ John R. Anke
                                            ------------------------------------
                                        Printed Name: John R. Anke
                                        Title: Treasurer
                                        Date: 2/10/03

                                        TCF:
                                        THE CONSERVATION FUND
                                        A NON-PROFIT CORPORATION

/s/ Illegible                           By: /s/ Jodi R. O'Day
                                            ------------------------------------
                                            Jodi R. O'Day
                                            Vice President and Regional Counsel
                                        Date: 2/6/03

                                                                               2

<PAGE>

                                    EXHIBIT A

        ATTACHED HERETO IS THE FINAL AGREED TO EXHIBIT B TO THE CONTRACT

             WHICH IS HEREBY INCORPORATED INTO THE CONTRACT BY THIS

                                    AMENDMENT

Exhibit B being incorporated into the Contract contains a total of 10 pages,
exclusive of this cover sheet

                                                                               3
<PAGE>

EXHIBIT B
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
LIST OF LEASES
CAROLINE COUNTY

<TABLE>
<CAPTION>
                                                                                                           ACTUAL 2002-2003
GPW #   TRACT  MAP GRID PARCEL         AGREEMENT                   PARTY              DATE*  CONSIDERATION  AMT. COLLECTED
----- -------- --- ---- ------ ------------------------- -------------------------- -------- ------------- ----------------
<S>   <C>      <C> <C>  <C>    <C>                       <C>                        <C>      <C>           <C>
101   Koch      29  23     19  Hunting Rights Agreements United Sportsmen            6/28/00   $6,180.00      $ 8,230.00
101   Koch      29  23     63
101   Koch      34   6      1
101   Koch      34  12      6
101   Koch      34  12      8
101   Koch      34  12      5
101   Koch      34  12      7
101   Koch      34  12     89
101   Koch      35  13      5
101   Koch      34  18      4
101   Koch*     34   5      2
101   Koch      34  23    121
101   Koch      35  19      6
101   Koch      34  23     50
101   Koch      34  23    120
101   Koch      38   5    110
101   Koch      34  24     54
103   Bradley   41  14     23  Hunting Rights Agreements Hog Creek Hunt Club         6/28/00   $  610.00      $   770.00
111   Howard    22   1      2  Hunting Rights Agreements Bayside Hunt Club            6/2/00   $1,110.00      $ 1,400.00
111   Howard    17  19      6
113   Collins   55  15     43  Hunting Rights Agreements Bushwackers                 3/22/00   $  190.00      $   260.00
116   Apex      48         89  Hunting Rights Agreements Pine Town Hunt Club          3/9/96   $  220.00      $   380.00
137   Chopt#1   18  23     85  Hunting Rights Agreements Whitetail Hunting Club      6/21/00   $  850.00      $ 1,080.00
137   Chopt#1   18  22     59
137   Chopt#1   18  23     58
137   Chopt#1   23   4     58
137   Chopt#1   23   4     98
137   Chopt#1   23   4     59
138   Chopt#2   23   5    103  Hunting Rights Agreements Whitetail Hunting Club      6/21/00   $  610.00      $   760.00
138   Chopt#2   23   6     19
138   Chopt#2   23  12     20
152   Long Swp  55   9     44  Hunting Rights Agreements Daniel D. Clark/Bushwacker  3/22/00   $  270.00      $   340.00
                                                                                                              ----------
                                                                                                    Total:    $13,220.00
</TABLE>

*    All hunting rights effective July 1 of year signed through June 30 of
     following year

* ALL TRACTS IN ALL COUNTIES
   ARE ENROLLED IN FOREST
      CONSERVATION AND
    MANAGEMENT AGREEMENTS
     FOR TAX ASSESSMENT
          PURPOSES
<PAGE>

EXHIBIT B
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
LIST OF LEASES
CHARLES COUNTY

<TABLE>
<CAPTION>
                                                                                                                ACTUAL 2002-2003
GPW #      TRACT     MAP GRID PARCEL         AGREEMENT                  PARTY              DATE*  CONSIDERATION  AMT. COLLECTED
----- -------------- --- ---- ------ ------------------------ -------------------------- -------- ------------- ----------------
<S>   <C>            <C> <C>  <C>    <C>                      <C>                        <C>      <C>           <C>
   3  Gross, Reid     35  18     59  Hunting Rights Agreement La Plata Hunt Club          8/10/95   $  650.00      $   930.00
   8  Mansion Hall    52  10      6  Hunting Rights Agreement Bulls Eye Hunting Club     12/31/96   $5,300.00      $ 5,830.00
   8  Mansion Hall    52   1     49
   8  Mansion Hall    52  13     10
   9  Belmont         52  16      7  Hunting Lease            Belmont WMA                  7/1/01   $2,050.00      $ 2,250.00
  10  Rison           70             Hunting Rights Agreement Christian M. Phillips       7/23/98   $  700.00      $   890.00
  11  Tayloe Neck     70   5      0  Hunting Rights Agreement J&D Masonry                 9/25/00   $2,450.00      $ 2,820.00
  11  Tayloe Neck                    Hunting Rights Agreement Sur-Shot Hunt Club           7/1/01   $2,600.00
  12  Hard Frost      29  17      3  Hunting Rights Agreement Anthony C. Wolfe             7/6/95   $1,120.00      $ 1,640.00
  13  G. Thompson     30  14     86  Hunting Lease            Jeffrey S. Gibson            7/1/01   $2,000.00      $ 2,200.00
  14  Larsen          31  13     32  Hunting Rights Agreement Edgewood Fish & Game Club    7/1/98   $1,300.00      $ 1,560.00
  15  Double Trouble  30  17    120  Hunting Rights Agreement Double Trouble Hunt Club     7/6/95   $3,350.00      $ 3,690.00
  15  Double Trouble  31  24     78
  17  Thee             1  22    250  Hunting Rights Agreement Game Busters Hunting Club   7/25/95   $1,160.00      $ 1,530.00
                                                                                                                   ----------
                                                                                                         Total:    $23,340.00
</TABLE>

*    All hunting rights effective July 1 of year signed through June 30 of
     following year

   * ALL TRACTS IN ALL
COUNTIES ARE ENROLLED IN
 FOREST CONSERVATION AND
  MANAGEMENT AGREEMENTS
   FOR TAX ASSESSMENT
        PURPOSES

<PAGE>

EXHIBIT B
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
LIST OF LEASES
DORCHESTER COUNTY

<TABLE>
<CAPTION>
                                                                                                   ACTUAL 2002-2003
GPW #   TRACT   MAP GRID PARCEL         AGREEMENT               PARTY         DATE*  CONSIDERATION  AMT. COLLECTED
----- --------- --- ---- ------ ------------------------ ------------------ -------- ------------- ----------------
<S>   <C>       <C> <C>  <C>    <C>                      <C>                <C>      <C>           <C>
 100  Thomas     34  17     19  Hunting Rights Agreement White Stag H.C.     6/27/00   $  670.00       $  750.00
 100  Thomas     34  23     11
 100  Thomas     34  23     63
 100  Thomas     45   5     42                                                                         $2,430.00
 105  DeWolfe    74  18     31  Hunting Rights Agreement Essex Six Shooters  5/20/96   $1,290.00       $1,940.00
 105  DeWolfe    75  13      6
 112  Hackett    32  11    163  Hunting Rights Agreement Childs Hunt Club     6/3/00   $  750.00       $  940.00
 112  Hackett    32  12     14  Hunting Rights Agreement Harris Hunt Club    6/26/95   $  980.00       $1,520.00
 112  Hackett    32  12    139
 115  Lee Jones  60   4     46  Hunting Rights Agreement 10 Shot Hunt Club   6/14/96   $  280.00       $  400.00
 140  Wheatley    7  15     58  Hunting Rights Agreement Wehner Hunt Club    6/12/01   $  390.00       $  390.00
                                                                                                       ---------
                                                                                            Total:     $8,370.00
</TABLE>

*    All hunting rights effective July 1 of year signed through June 30 of
     following year

   * ALL TRACTS IN ALL
COUNTIES ARE ENROLLED IN
 FOREST CONSERVATION AND
  MANAGEMENT AGREEMENTS
   FOR TAX ASSESSMENT
        PURPOSES

<PAGE>

EXHIBIT B
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
LIST OF LEASES
ST. MARY'S COUNTY

<TABLE>
<CAPTION>
                                                                                                  ACTUAL 2002-2003
GPW # TRACT MAP GRID PARCEL         AGREEMENT                PARTY           DATE*  CONSIDERATION  AMT. COLLECTED
----- ----- --- ---- ------ ------------------------ --------------------- -------- ------------- ----------------
<S>   <C>   <C> <C>  <C>    <C>                      <C>                   <C>      <C>           <C>
  4   Salem  42  13    64   Hunting Rights Agreement Swill River Hunt Club  8/5/98    $3,000.00       $4,650.00
                                                                                                      ---------
  4   Salem  49   5    67                                                                  Total:     $4,650.00
</TABLE>

*    All hunting rights effective July 1 of year signed through June 30 of
     following year

  * ALL TRACTS IN ALL
 COUNTIES ARE ENROLLED
IN FOREST CONSERVATION
    AND MANAGEMENT
  AGREEMENTS FOR TAX
  ASSESSMENT PURPOSES
<PAGE>

EXHIBIT B
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
LIST OF LEASES
SOMERSET COUNTY

<TABLE>
<CAPTION>
                                                                                                          ACTUAL 2002-2003
GPW #    TRACT    MAP GRID PARCEL         AGREEMENT                 PARTY           DATE*   CONSIDERATION  AMT. COLLECTED
----- ----------- --- ---- ------ ------------------------ ---------------------- --------- ------------- ----------------
<S>   <C>         <C> <C>  <C>    <C>                      <C>                    <C>       <C>           <C>
102   Diament      48  18     17  Hunting Rights Agreement R&R&D (Illegible) Club 8/20/96     $  110.00       $  530.00
102   Diament      48  24     22
103   Diament      43  23     23
104   Diament      48  24     24
104   Packer       34  20     39  Hunting Rights Agreement Southern Hunt Club      6/4/00     $1,050.00       $1,320.00
105   Packer       34  19     14
105   Hamlet       15   1    170  Hunting Rights Agreement (Illegible) Hunt Club  6/20/00     $1,560.00       $1,920.00
106   Hamlet       15   2    449
106   Hamlet        9  19     49
107   Tilghman      6  13      1  Hunting Rights Agreement (Illegible) Hunt Club  6/20/96     $  390.00       $  620.00
109   Whittington  25  10     47  Hunting Rights Agreement (Illegible) Hunt Club  6/27/00     $  510.00       $  630.00
110   Wagenberg     3  24     18  Hunting Rights Agreement (Illegible)            6/28/00     $4,090.00       $5,160.00
110   Wagenberg     3  24     62
110   Wagenberg     3  24     64
110   Wagenberg     3  24     67
110   Wagenberg     3  24     68
110   Wagenberg     3  24     71
110   Wagenberg     3  24     72
110   Wagenberg     4  19      5
110   Wagenberg     4  19      7
110   Wagenberg     4  19     16
110   Wagenberg     8  12    245
110   Wagenberg     9   3      1
110   Wagenberg     9   1      6
110   Wagenberg     9   2      7
110   Wagenberg     9   7     10
110   Wagenberg     9   1     18
110   Wagenberg     9   1     32
110   Wagenberg     9   2     54
110   Wagenberg     9   1     60
110   Wagenberg     9   2     68
110   Wagenberg     9   1     72
110   Wagenberg     9   8     73
118   Matthews     58         85  Hunting Rights Agreement Buck & Bear Hunt Club  6/28/00     $  650.00       $  810.00
118   Matthews     58        108
119   Kingston     49   5    120  Hunting Rights Agreement (Illegible) Hunt Club  6/20/00     $  680.00       $  350.00
120   Bowland      42   6    104  Hunting Rights Agreement (Illegible) Hunt Club   7/1/00     $  900.00       $1,130.00
120   Bowland      42   5    119
121   Laws          5  11     12  Hunting Rights Agreement Members Only Hunt Club 6/20/96     $1,470.00       $2,520.00
121   Laws          5   5     36
121   Laws          5   6     97
123   Greenhill    41   4     23  Hunting Rights Agreement (Illegible) Hunt Club   7/3/97     $  430.00       $  680.00
123   Greenhill    41   4    171
124   Evans         8  20    260  Hunting Rights Agreement (Illegible)            10/1/00     $  330.00       $  330.00
127   Theis        59  13     78  Hunting Rights Agreement (Illegible) Hunt Club   6/6/00     $  670.00       $  840.00
128   Turner       65  15    222  Hunting Rights Agreement (Illegible) Hunt Club   5/6/00     $  230.00       $  230.00
131   Moseman      41  19    147                                                                              $  390.00
</TABLE>
<PAGE>

EXHIBIT B
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
LIST OF LEASES
SOMERSET COUNTY

<TABLE>
<CAPTION>
                                                                                                      ACTUAL 2002-2003
GPW #     TRACT     MAP GRID PARCEL         AGREEMENT              PARTY         DATE*  CONSIDERATION  AMT. COLLECTED
----- ------------- --- ---- ------ ------------------------ ----------------- -------- ------------- ----------------
<S>   <C>           <C> <C>  <C>    <C>                      <C>               <C>      <C>           <C>
134   Jamestown      39  12     11  Hunting Rights Agreement ?                  6/20/00   $   290.00      $  360.00
134   Jamestown      40  13     13
139   Yaggi          49   1     88  Hunting Rights Agreement ?                  10/9/00   $   400.00      $  400.00
149   Arden Station  33   9      6  Hunting Rights Agreement ?                        ?   $   380.00      $  650.00
149   Arden Station  33  15     19                           ?
151   Barnes         14   2    159  Hunting Rights Agreement ?                  6/27/00   $   330.00      $  410.00
153   Corbin         58  15     91  Hunting Rights Agreement ?                  6/20/00   $   130.00      $  120.00
154   Lovers Lane    49  20    101  Hunting Rights Agreement David Johnson       7/1/00   $   180.00              ?
154   Lovers Lane    49  14    105
156   Waters         21   6      9  Hunting Rights Agreement Michael K Mullins        ?   $11,000.00      $1,260.00
156   Waters         21   6    140
157   Eel Pot        14  19    173  Hunting Rights Agreement ?                        ?   $   380.00      $  280.00
158   Deal Island    14  20     57  Hunting Rights Agreement ?                        ?   $   500.00      $  630.00
159   Deal Island    22   2    244
160   Fooks          25   6     62  Hunting Rights Agreement ?                        ?   $   600.00      $  740.00
161   Austin         23   1     29  Hunting Rights Agreement ?                  6/27/00   $   198.00              ?
164   Ridge          15   4    125  Hunting Rights Agreement ?                  6/21/00   $   190.00              ?
165   Harris          9   3     70  Hunting Rights Agreement ?                  6/27/00   $   190.00      $  160.00
167   Bounds         14  19      1  Hunting Rights Agreement ?                        ?   $   300.00      $  170.00
167   Bounds         14  19     90
171   Willard        39   5    178  Hunting Rights Agreement ?                        ?            ?      $1,040.00
171   Willard        39   5    178
173   Flower Hill     5  10    107  Hunting Rights Agreement ?                        ?   $ 1,870.00      $  160.00
176   Molley Mills   16  20     69  Hunting Rights Agreement ?                  5/23/01   $   570.00      $  570.00
176   Molley Mills   16  20    156
177   Sally Hawkins  16   2      2  Hunting Rights Agreement ?                  8/28/01   $ 1,870.00      $1,160.00
177   Sally Hawkins  16   8     24  Hunting Rights Agreement ?                  5/25/01   $   300.00              ?
177   Sally Hawkins  16   9     54  Hunting Rights Agreement ?                        ?            ?              ?
177   Sally Hawkins  16   9     56
177   Sally Hawkins  16   8     57
177   Sally Hawkins  16  14     73
177   Sally Hawkins  16  14     84
177   Sally Hawkins  16  14     86
177   Sally Hawkins  16  14    172
177   Sally Hawkins  16   8    240
178   Pine Pole      15   9      3  Hunting Rights Agreement ?                  7/11/96   $ 1,890.00      $3,230.00
178   Pine Pole      15   7     68
178   Pine Pole      15   8    121
178   Pine Pole      15   8    123
178   Pine Pole      15   8    175
178   Pine Pole      15   7    176
178   Pine Pole      15   7    177
178   Pine Pole      15   8    232
178   Pine Pole       5  10    107
180   Ruark          66  11    108  Hunting Rights Agreement ?                        ?   $   163.00      $  190.00
180   Ruark          66  11    109
182   Sea Tick        5  24    108  Hunting Rights Agreement ?                  6/20/00   $ 1,080.00      $1,350.00
</TABLE>
<PAGE>

EXHIBIT B
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
LIST OF LEASES
SOMERSET COUNTY

<TABLE>
<CAPTION>
                                                                                                               ACTUAL 2002-2003
GPW #       TRACT       MAP GRID PARCEL         AGREEMENT                PARTY           DATE*   CONSIDERATION  AMT. COLLECTED
----- ----------------- --- ---- ------ ------------------------- ------------------ ----------- ------------- ----------------
<S>   <C>               <C> <C>  <C>    <C>                       <C>                <C>         <C>           <C>
181   Sea Tick           10  11     23  Hunting Rights Agreement  Shorpine Hunt Club    7/3/96     $ 6,520.00     $12,590.00
182   Sea Tick           10   5     39
182   Sea Tick           10  12     40
183   Sea Tick           10  17     41
183   Sea Tick           10  11     42
182   Sea Tick           10   6     45
182   Sea Tick           10  11     93
183   Sea Tick           10   4     99
183   Sea Tick           11  14      5
183   Sea Tick           11   2     11
183   Sea Tick           11   7     13
183   Sea Tick           11   7     14
183   Sea Tick           11  13     15
182   Sea Tick           11  14     16
182   Sea Tick           11   8     18
182   Sea Tick           11   7     20
182   Sea Tick           11  15     21
182   Sea Tick           11  14     22
182   Sea Tick           11   8     25
182   Sea Tick           11   5     51
183   Sea Tick           11   8     57
187   Beauchamp          32   7    188  Hunting Rights Agreement  David Johnson         7/1/00     $   510.00     $   770.00
187   Beauchamp          32   1    213  minerals rights           Koopers Company    1/82 (Liber          n/a            n/a
                                           reservation                                330, Folio
                                           (1/2 interest)                                806)
187   Beauchamp          32   7    228
188   LankFord-Anderson  10  18     25  Hunting Rights Agreement  (Illegible) Hund     6/20/00     $   740.00     $   920.00
                                           Reservation of mineral    Club
                                           rights (1/2 interest)  Koopers Company    1/82 (Liber          n/a            n/a
                                                                                      330, Folio
                                                                                         806)
193   Bramley            10   8     31  Hunting Rights Agreement  Jack A. Brambley     9/18/96     $   100.00     $   120.00
194   Marshall           40         95  Hunting Rights Agreement  BCPD Hunt Club       6/20/00     $   130.00     $   150.00
196   Woodcock            5  20    157  Hunting Rights Agreement  Wilson Davis         11/1/01     $ 1,710.00     $ 1,710.00
196   Woodcock            5        157  PCS Site Agreement        APC Realty & Equip
                                                                     Co. (Illegible)               $19,990.00
                                                                                                                  ----------
      Kingston           49  10    119                                                                  Total     $51,900.00
</TABLE>

*    All hunting rights effective July 1 of year signed through June 30 of
     following year

 * ALL TRACTS IN ALL
    COUNTRIES ARE
 ENROLLED IN FOREST
  CONSERVATION AND
     MANAGEMENT
 AGREEMENTS FOR TAX
 ASSESSMENT PURPOSES
<PAGE>

EXHIBIT B
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
LIST OF LEASES
WICOMICO COUNTY

<TABLE>
<CAPTION>
                                                                                                                  ACTUAL 2002-2003
GPW #       TRACT      MAP GRID PARCEL             AGREEMENT              PARTY            DATE*    CONSIDERATION  AMT. COLLECTED
----- ---------------- --- ---- ------ ------------------------- ---------------------- ----------- ------------- ----------------
<S>   <C>              <C> <C>  <C>    <C>                       <C>                    <C>         <C>           <C>
117   Wimbrow           60  11      3  Hunting Rights Agreement  Sadler Hunt Club         6/26/96     $1,330.00       $2,380.00
122   Travers           64  11     15  Hunting Rights Agreement  Stag Hunt Club           6/20/00     $1,230.00       $1,530.00
122   Travers           64   3     21
122   Travers           64   5     40
122   Travers           64   5     42
122   Travers           64   5     46
122   Travers           64   5     47
122   Travers           64   5     66
122   Travers           64   5    122
122   Travers           64   5    124
122   Travers           64  11    125
122   Travers           64   5    198
125   Johnson           60  16     10  Hunting Rights Agreement
125   Johnson           60  16     10  Hunting Rights Agreement
125   Johnson           60  16     10  Hunting Rights Agreement
125   Johnson           60  14     32
129   Cappy              3  19    127  Hunting Rights Agreement  Robbins Hunt Club        3/24/00     $  180.00       $  230.00
129   Cappy              6   1     56  Hunting Rights Agreement  K-C Hunt Club            6/21/00     $1,190.00       $1,500.00
129   Cappy              6   2     57
130   Hodson            50   5     93  Hunting Rights Agreement  Buck & Doe Hunt Club     6/27/00     $1,180.00       $1,490.00
130   Hodson            51   1    206
132   Hastings          20   7     42  Hunting Rights Agreement  Fat Boys Hunt Club       6/13/00     $1,310.00       $1,640.00
132   Hastings          20   8    120
141   Wells             61   6     37  Hunting Rights Agreement  Bayfront Sports Club     6/14/00     $  410.00       $  510.00
143   Dennis            27  23     55  Hunting Rights Agreement  New Delaware Sportsman   6/22/00     $  470.00       $  590.00
145   Hammond           21  17     25  Hunting Rights Agreement  Robert Hall             10/14/02     $1,010.00       $1,010.00
148   Rich Hall         23   3     50  Hunting Rights Agreement  Davis Hunt Club          6/27/00     $  400.00       $  490.00
155   Lilly             35   2     52  Hunting Rights Agreement  B.S. Hunt Club            5/5/00     $  520.00       $  650.00
159   Cooper            56  20    216  Hunting Rights Agreement  Over Here Hunt Club      8/12/02     $  400.00       $  400.00
163   Allen             57  15    288  Hunting Rights Agreement  Bill Hall                6/14/00     $  260.00       $  320.00
169   Outten            59  23     91  Hunting Rights Agreement  William R. Lewis         6/27/00     $  400.00       $  490.00
169   Outten            59  22     99
172   Bethards          68          9  Hunting Rights Agreement  The Good, The Bad &      6/27/96     $  290.00       $  490.00
                                                                    The Ugly Hunt Club
179   Kings Misfortune  44   5    216  Hunting Rights Agreement  Trojan Hunt Club         6/26/00     $  460.00       $  580.00
181   Morris            51   8    198  Hunting Rights Agreement  Outlaws Hunt Club        3/28/96     $  270.00       $  470.00
183   Ward              45   3      6  Hunting Rights Agreement  West Side Hunt Club      6/27/00     $1,850.00       $2,330.00
183   Ward              45  15     41  Reservation of mineral    Koppers Co.            1/82 (liber         n/a             n/a
                                          rights (1/2 interest)                          969 Folio
                                                                                            106)
184   Banks             56  15     93  Hunting Rights Agreement. Nichols Hunt Club        7/22/96     $  470.00       $  800.00
                                          Reservation of mineral Koppers Co.            1/82 (liber         n/a             n/a
                                          rights (1/2 interest)                          969 Folio
                                                                                            106)
185   Senkbell          55  21    108  Hunting Rights Agreement  Stag Hunt Club           6/27/00     $  570.00       $  710.00
185   Senkbell          65   3      1  Reservation of mineral    Koppers Co.            1/82 (liber         n/a             n/a
                                          rights (1/2 interest)                          969 Folio
                                                                                            106)
185   Senkbell          65   4    153
186   Ellis             35   4     45  Hunting Rights Agreement  Billy Cropper            6/14/00     $  570.00       $  710.00
186   Ellis             35         46  Reservation of mineral    Koppers Co.            1/82 (liber         n/a             n/a
                                          rights (1/2 interest)                          969 Folio
                                                                                            106)
190   Nelson             8   3     49  Hunting Rights Agreement  Thomas Lambrose, Jr.     6/27/00     $  460.00       $  580.00
</TABLE>
<PAGE>

EXHIBIT B
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
LIST OF LEASES
WICORNICO COUNTY

<TABLE>
<CAPTION>
                                                                                                     ACTUAL 2002-2003
GPW #    TRACT   MAP GRID PARCEL         AGREEMENT                PARTY         DATE*  CONSIDERATION  AMT. COLLECTED
----- ---------- --- ---- ------ ------------------------ -------------------- ------- ------------- ----------------
<S>   <C>        <C> <C>  <C>    <C>                      <C>                  <C>     <C>           <C>
192   McMichael   34  17     15  Hunting Rights Agreement Mortomer Hunt Club   6/20/96    $210.00       $   350.00
195   Raynor      65   2     18  Hunting Rights Agreement T&B Hunt Club        5/31/01    $290.00       $   290.00
195   Raynor      65   2     19  Hunting Rights Agreement
195   Raynor      65   3     97
195   Raynor      65   7    125
195   Raynor      65   7     16
                                                                                                        ----------
                                                                                              Total:    $20,440.00
</TABLE>

*    All hunting rights effective July 1 of year signed through June 30 of
     following year

   * ALL TRACTS IN ALL
COUNTIES ARE ENROLLED IN
 FOREST CONSERVATION AND
  MANAGEMENT AGREEMENTS
   FOR TAX ASSESSMENT
        PURPOSES
<PAGE>

EXHIBIT B
CONTRACT BETWEEN GLATFELTER AND THE CONSERVATION FUND
LIST OF LEASES
WORCESTER COUNTY

<TABLE>
<CAPTION>
                                                                                                              ACTUAL 2002-2003
GPW #    TRACT   MAP GRID PARCEL         AGREEMENT                    PARTY              DATE*  CONSIDERATION  AMT. COLLECTED
----- ---------- --- ---- ------ ------------------------ ---------------------------- -------- ------------- ----------------
<S>   <C>        <C> <C>  <C>    <C>                      <C>                          <C>      <C>           <C>
108   Carter      32  17     18  Hunting Rights Agreement Horn Hunters                  6/28/00   $  520.00      $   650.00
114   Ewing       46   2    121  Hunting Rights Agreement Red Wolf Hunt Club            4/28/96   $  370.00      $   620.00
125   Johnson     37   8     34  Hunting Rights Agreement Burnt Pine Hunt Club          6/28/00   $5,970.00      $ 7,530.00
125   Johnson     37   8     34  Hunting Rights Agreement Hancock Hunt Club              4/5/00   $  390.00      $   470.00
125   Johnson     37   3     38  Hunting Rights Agreement Massey Hunt Club              6/24/00   $  630.00      $ 1,060.00
125   Johnson     37   4     39
125   Johnson     37  10     53
126   Furnace     54   2      3  Hunting Rights Agreement Baltimore Hunt Club           6/21/00   $2,870.00      $ 3,620.00
133   Cropper     49  13     70  Hunting Rights Agreement Investment Hunt Club           7/1/00   $2,490.00      $ 3,130.00
135   Hudson      30  23     15  Hunting Rights Agreement Evergreen Red & Gun Club      6/20/00   $1,410.00      $ 1,780.00
142   Selby       94  16      1  Hunting Rights Agreement Trophy Trackers Hunting Club  6/26/96   $  720.00      $ 1,230.00
144   Godfrey     46   4     42  Hunting Rights Agreement Mount Olive Hunt Club         6/25/96   $1,360.00      $ 2,330.00
146   Almshouse   55   1     39  Hunting Rights Agreement Parks Hunt Club               6/27/00   $1,420.00      $ 1,770.00
146   Almshouse
147   Mason       78  14     16  Hunting Rights Agreement Edgewood Backwoodsmen         6/26/96   $1,310.00      $ 2,240.00
147   Mason       78  14     17
147   Mason       78  19     86
150   Birch       34  16     22  Hunting Rights Agreement McCafe Hunt Club              6/24/96   $  300.00      $   500.00
162   Zenger      44  16     34  Hunting Rights Agreement Peek Hunt Club                7/10/00   $  130.00      $   150.00
166   Dickerson   46  24     19  Hunting Rights Agreement Royal Hunt Club                6/5/00   $1,790.00      $ 2,250.00
166   Dickerson   46  23     31
168   Porter      45   1      2  Hunting Rights Agreement ?????                         6/27/96   $  210.00      $   360.00
168   Porter      45   1     24  Hunting Rights Agreement ?????                         6/30/98   $  320.00      $   540.00
172   Bethards    35         43  Hunting Rights Agreement
174   Necedum Swp 44  12     30  Hunting Rights Agreement Pioneer Sportsmen Association 9/30/12   $  830.00      $   830.00
175   Stevenson   61   6     22  Hunting Rights Agreement ?????                         6/27/00   $  120.00      $   130.00
189   Todd        46  11      9  Hunting Rights Agreement Lucky 7 Sportsmen             6/27/00   $  430.00      $   540.00
191   Byrd        84  11     16  Hunting Rights Agreement ?????                         5/22/96   $  580.00      $   990.00
191   Byrd        84  11     16
191   Byrd        84  10     85
197   Scotland    64  12     61  Hunting Rights Agreement 4100 Sportsman Club            7/2/96   $1,530.00      $ 2,610.00
                                                                                                                 ----------
                                                                                                       Total:    $35,320.00
</TABLE>

*    All hunting rights effective July 1 of year signed through June 30 of
     following year

   * ALL TRACTS IN ALL
 COUNTIES ARE ENROLLED IN
 FOREST CONSERVATION AND
MANAGEMENT AGREEMENTS FOR
 TAX ASSESSMENT PURPOSES
<PAGE>

                                    EXHIBIT B

                          ATTACHED HERETO IS EXHIBIT F

        ATTACHED HERETO IS THE FINAL AGREED TO EXHIBIT F TO THE CONTRACT

             WHICH IS HEREBY INCORPORATED INTO THE CONTRACT BY THIS

                                    AMENDMENT

Exhibit F being incorporated into the Contract contains a total of one page,
exclusive of this cover page

                                                                               4

<PAGE>

                                    EXHIBIT F

                                   UNIT PRICES

         ITEM NO. 3 OF EXHIBIT F TO BE COMPLETED AND AGREED TO BY SELLER
                          AND TCF BY DECEMBER 31, 2002

<TABLE>
<S>                            <C>
1.   Pine Pulpwood Clearcut:   $5.67/ton

2.   Pine Pulpwood Thinning:   $3.80/ton

3.   Sawtimber:                $90/mbf + 90% of delivered price in excess of
                               $200/mbf. 55% to Glatfelter Pulp Wood and 45% to
                               The Forestland Group, of delivered price $200/mbf
                               or less.
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]