best run

I look over the TOL business and how it is manged and it is by far up there in corporate Australia as a top growth story.

These guys no what needs to be done in logistics and I have backed them all the way.
From the agm, it seems that rail would be hardest hit due to drought conditions and far enough as conditions worse, but as Paul Little said this only accounts for 5% of Pac Nat business.

Also air freight. You know to back VBA based on TOL keeping the stake in the airline. They see past short term constraints and hurdles and want to capitalise on its position by hopefully introdcing freight planes.

A long term hold in my opinion, run by very smart people.