Ann: TFS EXCEEDS SALES FORECAST , page-6

Hi NZ Sly,

Yes fully agree..a great result - this result has clearly moved the model from MIS dependence through to wholesale. Remember also that EIG / the Euros and the AAA investment funds also have year on year commitments post 2009.

Cash up front - all good....debt free, cash, growing and a very bright 'monopoly future'....and a PF of 6!

I was hoping for stellar MIS sales up to 500....however the reduced number is still ok.

No negative news on the $30mill yet, but no positive news either. No update is positive in my view e.g. the money is still expected.

I agree Lord they won't be tied to the MIS cycle so much in the future and can perhaps move to open ended offers (with a max planting allocation on an annual basis) once they are confident they do not need MIS to fill any residual any longer. E.g. once wholesale breaches the 1000ha /annum.

They will still have a fixed planting schedule June - August (mother naturea), but applications can be accepted all year round.

Well done TFS and the team....very competent management IMO.

SD