Ann: Letter to Shareholders, page-57

You have just highlighted the very reasons why this private club needs to be dismantled.

An independent audit(if only) would reveal some interesting facts............what a pity we cannot expedite this.

I sincerely hope that Directors can fully explain where our Vertical Integration intentions are atm because this competitive advantage seems to disappearing fast and looks like in need of being rescued.

Will they show us percentages going to ACM and percentages going to CDC? Is there an issue with sales...............what is happening to our sales channels that says we cannot send all our milk through CDC to get processed and sold on? Why are we so reliant on ACM which inturn must be hurting the bottom line?

Dazed and confused atm and wait for Michaels reply to the market...........