Ann: AACo Market Update and Operational Review, page-17

Have been a past holder of this stock and a constant follower for about 18 years. Have not held for a while as I did not agree with recent strategies.

History repeats - in my 30 years involved in agriculture I have known only three new abattoirs to make a profit higher than their cost of capital. Not one of them is in the North! It was always only a matter of time before they brought to book a big write-off on their northern abattoir adventure.

As an aside - the share price is back to where it was 15 years ago. In 15 years we have seen massive increase in northern land values, some of the best cattle prices in modern times and the stock is trading at 2003 levels!! What a waste of energy and shareholders funds by current and past management!! So much potential - so much waste......