sign of the times, page-13

Some comments from the Half year report:

Mr Patterson: "For the last 10 years, Argos investment portfolio has produced a compound annual return of 10.7%
as measured by the movement in net asset backing per share plus dividends paid. This return is after payment of all administration costs and tax and compares with a return of 8.8% from the S&P ASX All Ordinaries Accumulation Index, which makes no allowance for these items."

**As spoken of, its the long term that really does matter.

Chairman Harris: "Following the success of the unprecedented stimulus provided by governments globally to support their economies, there are two main problems. These governments are now heavily indebted and are relying on low funding costs to service the debt. Also, as the stimulus is wound back and restocking of the global inventory chain is completed, the growth outlook for the global economy remains
unclear."