Ann: Appendix 4C - quarterly, page-7

Something that may have been missed by some is that they own their farms. Current valuation something like $20M (I think). At company meetings I have attended there has been talk of possibly re-structuring the company so as to release this equity. Maybe create a property trust, sell the farms into it and lease back or do a deal to guarantee the production of the farms come back to Camperdown for say next 15-20 years? I think the board are genuine. Well experienced in the dairy industry. Believe we are in safe hands.
Harry