Ann: Chairman's Presentation to Shareholders, page-4

Don't like the decline in price of phosphate rock from US 125 to US 105 / tonne - this will have a material effect on profits as a decline of US $15 - US$20, the annual report indicate sale of phosphate at 770,000 tonnes a price decline calculates to US $ 15+ mill Similarly the price of Palm oil has been in decline several months on oversupply and health concerns. The return on Palm Oil as reported in the Annual Report was a sales was about 1.0%.

Directors and management MUST make a statement as to the impact of phosphate prices and palm oil prices on the Net Profit - management can't sit on this information and not disclose it to the market. If they do nothing the company may find they are on the end off a shareholders class action.

The share price could well be headed to $1.00/ $1.20.