Ann: 2017 AGM Chairman Address, page-2

Much of the address is a repeat from the annual report.

However, a few additional pieces of information that are important:

1) Improvement in EBITDA. First four months to 31 October 2017 increasing to $3.4m (an improvement of $7.6m from the same time last year). Improvement mainly driven by cost savings initiatives.

2) December 2017 half year likely to be a loss. Will require waivers from financiers again.

3) Return to profit depends on improvements in market conditions, which remain difficult. However, slightly lower prices in the southern herd is/will assist.