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Important Great Southern HVT 2007 and 2008 Update

Dear Advisers

A grower meeting was held to consider the Lowell Capital HVT proposal on Tuesday, 4 May 2010.

The meeting was again adjourned on the basis that the grower committee has been working to improve the commercial proposition for the benefit of growers. It appears that this has been achieved however additional time is required to formalise the undertakings.

The next meeting is due to be held on Thursday, 13 May 2010.

The numbers are close however Lowell do not yet have sufficient numbers to get across the line.

We suggest that you encourage all of your clients who have not yet voted, whether in favour of or against the proposition, to submit their vote in the next few days.

Given that Lowell are the only party to submit a proposition, in the absence of a successful vote, for Lowell to replace GSMAL as the responsible entity, the likely outcome will be a scheme wind up with little or no return to growers.

If your clients would like to avoid a wind up then they must vote in favour of the Lowell Capital proposal.

All Proxies should be sent to HVT2008@africanmahoganyaustralia.com.au or faxed to (03) 9665 2455.

Kind Regards

Professional Investment Services Pty Ltd

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