Ann: AGM Presentation, page-4

HI Grant,

I missed the whole thing and was hoping there was a recording or transcript of it somewhere but I haven't found one yet.

Whoever voted against Ed also voted against the cap raise resolution but that was withdrawn before the meeting anyway. Maybe the board heard the concerns? But a good move as you say, when shares are at such a discount to NAV. Also why have a buyback and then issue more shares?

The performance fees were pretty hefty last year - roughly the same as free cash flow at $1.4m. But they are outlined for all to see in the prospectus so we all go into this knowing what they are. The gain in NAV last year was the reason it was high this year and if they keep it up I won't be upset. You pay for what you get and to me, Ed and the team seem like good operators.

I dare say it will be something similar next year with the prices of cattle, sheep and grains going higher all the time. If there is enough water and moisture for the next few years you can expect similar results. I keep an eye on RFF too and that is hitting all time highs so would like to see DBF get the same exposure, but it is so small it's not on many radars. In the meantime, the share buyback is good value.