Ann: Almond Update , page-6

Paoloh I have done the numbers conservatively and as long as they dont try to pay out too much they in fact dont have cash flow issues as the loss of Olam is covered by maturity of orchards giving a higher yield. The net cash flow however only really helps pay down debt in 2016 and beyond and its interesting that the facilities are linked to that date.

I am not a supporter of selling any of the retail branded businesses - The unknown is crop and I dont think they really have any idea as the weather before and during harvest seems to drive the process. So buds are one thing but I doubt they are going to be drawn out on the yield until they can see the harvest.

A capital raising at a good discount and I would be happy as I think its an opportunity to take away a degree of risk. That risk to me is in missing out on bargain established orchards businesses. I think they cannot do any of these right now and I wish they had $10 million to be more flexible.

Risk IMO is if WA cannot get to investment case or another shocker in weather and hence quality and yield. Recall also has to stop.