Ann: 2012 Results Presentation , page-24

Hi Surandy

Have you done any analysis to see if they survive the Olam loss and whether they can service the debt. My numbers suggest a drop in earnings in 2013 if the harvest is no better than 2011/2012 averages. From then on it improves. My biggest concern is the one liner that says operating expenditure in WA is higher than feasibility. Also that feasibility was built on 10000 acres. We are at 40% and have written down a lot - is the expected return going to flow or is it all just an exercise in not being viable and just churn.

I was a bit concerned that the banks knocked such a large amount off the facility. I am a bit uncomfortable with banks in Agri businesses they always forget the "we are in this together" in bad times but offer help when you dont need it. The style looked like we will chisel an amount off each year. That just strangles the company - New ideas and pathways just dont get the cash.

Probably my biggest concern right now is that the banks are owed too much and I cannot get a handle on the viability of what we have left. WA worries me.