warmer waters, page-11

The results next Friday will be very interesting and I will be looking out for the following
1. The benefits that have accrued to the business with the De Costi purchase. what have been the "cost outs" and what have been the integration costs. There was mention at the half year that De Costi computer systems needed significant CAPEX.
2. The impact price rises have had on returns
3. The impact that the warmer weather has had on production
4. Debt - for a commodity business, minimal debt and paying it down is critical to survival
5. Cash Flow - For a high CAPEX business, managing cash is critical. I would prefer to see dividends held or reduced if that meant that net debt was reduced.
6. Strategy going forward and how TGR is progressing from moving from a salmon producer to a seafood provider and what benefits management believes that will bring to the bottom line in years to come.

HT1