Ann: Business Update and Revision to Earnings Guidance, page-2

An interesting update ... clearly a the yield is not fantastic. What I think is really pleasing is the relatively small dent it has made in the EBITDA forecast for the year. I think that goes to show that the turn around in the retail brand side of the business is by far the most significant short term driver of profitability. I think on the BB we tend to place too much emphasis on the (current) importance of the farming side of the business.

I can see it both ways with respect to this years harvest but on balance I am prepared to give management the benefit of the doubt and think we should start to see significant improvements in DVF yield going forward. Sort out the branded business a bit more, improve the yield on the farming side and there is no reason we cant get to an EBITDA level of $6 to $10 million in 24 months time. With a market cap today of $34 million anything close to those type numbers makes todays share price very attractive indeed.