Ann: Preliminary Final Report and Full Year Statu, page-3

re: Ann: Preliminary Final Report and Full Ye... Hi Plough,

A slow move up in recent times, though just enough to stay solid.

Just checked the storages of the main dams for the area and they are all down compared to same time last year and past the wet season. We can still get some inflows in September before they need to decide for the October plant, but unless there is some sign rain, it may be another slow year.

It would also be nice to know what acreage might have been planted to winter crop?

On the positive side the cotton price was firming due to the US floods taking out some US crops, so it may give some optimism for the guys to take the risk of getting a crop. I guess to balance this is the GFC which may mean not much lint is needed to fill the Chinese mills needs if the clothes market slows.

I have been in and out of this one several times since the float and I believe that we are on another upward climb due to earnings and the fact they have reduced the shareholding with their buy back.

I am certainly not trying to upramp, as I pointed out earlier I think there are still some risks for next years earnings, which we may know more once we see what the optimism is like in October/November, though I think you are correct that this years earnings will look nice.

Good luck and would be great to hear if you have any closer analysis.

Mop.