Cattle

The Group owns 34.37% of The North Australian Pastoral Company Pty Limited ("NAPCo"), one of the biggest cattle companies in Australia which owns some 5.8 million hectares of land in the Northern Territory and Queensland with a normal carrying capacity of some 200,000 head.

In southern Queensland, the Group owns four adjoining cattle-fattening properties known collectively as "the Woodlands aggregation", comprising a total of 31,000 hectares. A water-management and pasture-improvement programme has recently been completed enabling the property to carry some 11,000 head of cattle at 30 June 2011. The carrying capacity is expected to increase by a further 2,000 to 3,000 head as the full benefits of the improvement programme come through.  It is, however, the board’s aim in the longer term to sell the Woodlands aggregation and focus on building on the investment in NAPCo.