Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2

this is a great result - cash flow positive for the full year, even after allowing for the bump in spend on feed in the 4th qtr. Excellent improvement in the price per kg too in the 4th qtr - up to $19.68/kg. It would be interesting to know which market is driving this price increase - is it across the board, or in the retail sector or restaurant sector, or any particular geographical region - that would help us understand how sustainable this price increase is and whether it is likely to keep rising or not. Feed costs in the 4th qtr amount to 45% of the feed costs for the full year ($10m/ $22.3m). Obviously without that bump in feed costs for the one quarter we would have been reaping in a lot more free cash flow. I am looking forward to their next presentation which will provide more commentary on the future outlook than a backward looking quarterly report provides. It seems like we'll be able to pay down more of our debt to the CBA and save even more money on interest payments, as well as continue to expand our production capacity at the Whyalla operations. It would also be interesting to know if any of our production has come from the Whyalla area yet, or are all the fish for sale still only coming from Arno Bay.