Michael Millner

Choiseul Investments Limited is an Australian listed investment company that invests in a diversified portfolio of Australian shares, unit trusts and interest bearing securities. The company was established in 1911 and its shares listed on the Stock Exchange (ASX) in 1971. Choiseul seeks to invest for the long-term in well managed companies and trusts that have a profitable history and the likelihood of paying increasing dividends. Choiseul is not a speculative investor and does not sell its assets to increase profit for distribution to shareholders. Capital profits are reinvested by the Company for the benefit of shareholders. The company has a history of paying increasing dividends to its shareholders. Dividends will be declared by directors out of the company's operating profits which excludes any gains or losses on disposal of its portfolio of investments. Gains on disposal of investments are reinvested for the benefit of all shareholders.

Ruralco Holdings Ltd. engages in the provision of merchandising, real estate, wool, and livestock services. It operates through the following segments: Rural Services, Water Services, Live Export, Financial Services and Corporate. The Rural Services segment offers livestock agency, wool broking, real estate services, and sells rural supplies. The Water Services segment supplies and installs water related products and also provides irrigation and planning services. The Live Export segment supplies feeder and slaughter cattle. The Financial Services segment includes finance broking and agricultural advisory services. The Corporate segment comprises the Group's back office Corporate, Supply Chain and Procurement cost centers. The company was founded in 1865 and is headquartered in Macquarie Park, Australia.

SP Telemedia Ltd. provides telecommunication services. The company network infrastructure has significant investment being built from a broadcast television base, and today includes fixed line, fibre and wireless services connecting voice customers with call collection areas throughout Australia and data and internet customers with more than 300 exchange areas. It also provides innovative voice, internet and data solutions through networks in Australia. The company is headquartered in Sydney, Australia.

The Group's principal activities are manufacturing and selling of bakery products (savouries, cakes, desserts and bread). It operates in Australia.

Roberts Ltd. provides agricultural and real estate services. It covers rural merchandising, livestock, wool, agronomy, irrigation, insurance, finance, travel and both urban and rural real estate. The company was founded in 1865 and is headquartered in Western Junction, Australia.