ANNUAL GENERAL MEETING 2007

EXECUTIVE CHAIRMAN’S REPORT

2006 REVIEW

Down $12.6 m versus 2005

NET PROFIT AFTER TAX

Down $10.7m versus 2005

EBIT

Up $3.3m versus 2005SALES

2006 REVIEW

Major deterioration at Northgate

Significant turnaround at Mill Park

2006 REVIEWSales

- Significantly below forecast

Cost Increases

- Major increases in raw materials and packaging supplies

Price Increases

- Poorly managed resulting in reduced margins

Pineapple Yields

- Lower than expected

2006 REVIEW

Capital Investment

- Savings not realised

Supply Chain

- Poor overall planning resulting in excess waste and out of stocks

Cost Control

- Poor transparency in financial systems leading to poor cost control management

2006 REVIEWDEC DEC DEC DEC2003 2004 2005 2006

$m $m $m $m

Sales 403.5 414.1 388.8 392.1

EBIT -25.9 5.5 11.7 1.0

Finance Costs 10.2 10.6 9.5 9.3] B&B $12.3Convertible Notes Investment Fee - - 5.5 7.7] Other $ 4.7

Net Profit After Tax -31.1 -19.4 -4.7 -17.8

OJC

Sales 87.9 89.5 78.7 80.7 (exc Griffith)

EBIT -6.9 2.0 -4.8 4.1 (exc Griffith)

GCL (Northgate) & NEW ZEALAND

Sales 315.6 324.6 310.1 311.4

EBIT -19.0 3.5 15.3 -3.0

PROFIT PERFORMANCE – ACTUAL WITH BABY FOOD SALE

0

2

4

6

8

10

12

2004 2005 2006

EBIT

$

Mil

PROFIT PERFORMANCE – ACTUAL WITHOUT BABY FOOD SALE

-8-6-4-202468

1012

2004 2005 2006

200420052006

$

Mil

EBIT

2006 IN REVIEW

� Many issues not visible to the Board in a timely manner, especially cost blow-outs and poor pricing implementation (850 price lists discovered by new sales team).

� A number of major surprises came to light at the end of the year when final year end reconciliations were completed.

2007 ACTIONS

As previously announced on February 1 2007, once actu al results were apparent the Board instigated a major business re view with management to rationalise and simplify business act ivities with actions now being implemented:

− reduce costs− focus on core business requirements/projects− optimise pricing to improve margins− improve supply chain management to reduce wastage and out of

stocks− improve working capital management to release more cash to run

business− improve activity based costing− improve customer service levels

Total Category Performance L/Kg (QTR % growth)

-5

-0.8

-1.8-1.6

-3.1

-6.9-7-6-5-4-3-2-10

Ambient Juice/Drink

Chilled Juice/Drink

Cordial Canned Fruit Canned Vegetables

Jam

Source: AZTEC Scandata 22/04/07

Golden Circle Performance by Category L/Kg (QTR % growth)

-7.8

31.6

-8.1-12.9 -10.9

-39.1

-40

-30

-20

-10

0

10

20

30

40

Ambient Juice/DrinkChil led Jui ce/DrinkCordi al

Canned Fruit

Canned Vege tablesJam

QTR % Grow th

Source: AZTEC Scandata 22/04/07

2007 ACTIONS

MAJOR CHANGES NOW BEING IMPLEMENTED

� Aggressive cost reduction program is now being actioned across the entire business

� Catch up price increases being implemented several times in 2007

� Simplification of business

2007 ACTIONS

THE ROAD TO RECOVERY

HAS ALREADY STARTED

2007 ROAD TO RECOVERY

Cost Reduction Targeting over $20 Million annualize d savings

- total positions to be reduced by 130 across allparts of business

- recruitment freeze/attrition/contract terminations/redundancies

- additionally discussions commenced with the Union (EBA)for further restructuring at the Northgate factory

- purchasing, productivity, ingredient changes

2007 ROAD TO RECOVERY

Simplification - reduction/elimination for some product lines that bring complexity and contribute little

- export/route/foodservice/retail

- change the way we handle some ingredients to improve cash flow/reduce costs

Prices - prices in 2006 only up an effective 2.8%

- in 2007 price increases occurring in Jan/May/July/Oct to recover cost increasesand improve margins

ISSUES 2007 AND BEYOND

Costs & Margins

- Continued drive to reduce costs and improve profits

Pineapple Supply in Decline

- Options to Correct

Growth in Business

- Chilled Beverages

- Ambient Beverages

- Other?

Finance Costs

- Need to find more cost effective solutions

2007 OUTLOOK AND BEYOND

With the major cost reductions and significant price increases now being implemented we should see a positive EBIT result in 2007 versus the $8.4m loss (excluding baby food sale) in 2006.

The business will be much more profitable going into 2008 when the full effects will be achieved.

ANNUAL GENERAL MEETING 2007

Election of Director John Schmoll

That Mr Schmoll, who will retire at the close of the meeting in accordance with clause 13.17 of the Company’s constitution, be re-elected as a director of the Company.

Election of Director Chris Riordan

That Mr Chris Riordan, who will retire at the close of the meeting in accordance with clause 13.17 of the Company’s constitution, be re-elected as a director of the Company.

To allow Non-Grower Directors and the CEO to purchase and sell shares.

Approval is sought to change the Company’s constitution (and consequently the operating conditions of its Australian Market Licence (Operating Rules)) to allow Directors and the Chief Executive Officer to purchase and sell the Company’s shares.

ANNUAL GENERAL MEETING 2007