Ann: Chairman's Address - AGM, page-16

Not a Merry Christmas for shareholders and looks to be not a happy New Year.

Three farms does not warrant being a publically entity unless milking large amount of cows or production. Many family operators have 3 or more farms and operate very successfully.

An IM I saw from broker in February or there about"s was self explanatory of how the 5 farms complimented each other and the future success of the company going forward. Since then there have been all sorts of announcements from the board.

Cropping Farms: On average 1 in 5 seasons is a good income and profit year. Successful larger dairy operators contract their requirements with grain producers, which works extremely well for both parties.

Fiji: The Fantasy that has amazed shareholders and the Dairy Industry. If they knew how to do their figures and had knowledge of the dairy industry they would work out that if they were hell bent on their Fiji play they would get their Aussie production processed by a processor and freighted there. Long way off in my opinion as there is a lot to complete as announced to the market and shareholders.

IMO DYOR