This is good news for existing and prospective investors  in GrainCorp’s growing business. It’s all about service. GrainCorp’s ability to provide a complete service for its customers rests with being involved at every step of the supply chain.  This move, however, has not changed the level of control that Grain Growers has over GrainCorp. Voting rights previously attached to Class B Shares are transferred directly to the Grain Grower's controlled Foundation Share. The third pillar of GrainCorp’s strength is perhaps its key asset; its human capital. During the year, GrainCorp invested in AWB Limited, Australia’s dominant wheat marketer and exporter. This investment was consistent with GrainCorp’s strategy of related supply chain investment and will provide stronger links with a major customer. GrainCorp’s business strategy is not the only aspect  of the business to have undergone rapid and progressive change. The structure of the organisation has been brought into line with the expectations of the market  of a modern publicly listed company. Following last year’s merger, GrainCorp has had a great influx of different cultures, different people and is consequently now able to put in place a people structure taking the best of both businesses, leaving the Company well positioned to move forward. We will have a more effectively structured, trained and adaptable workforce in the years ahead. A workforce  with a single front-of-mind thought of providing the best possible Growing Solutions through service.  Thank you to our dedicated staff for their efforts in another solid year for GrainCorp. On August 28, 2001 in an extraordinary general meeting, shareholders voted overwhelmingly to simplify the Company’s capital structure. The simplification involved cancellation of GrainCorp’s Class B Shares held by Grain Growers Association Limited (Grain Growers) in exchange for a payment of $37.6 million. Grain Growers, at a preceding meeting of Class B Shareholders, approved the proposal. The endorsement of the proposal, by Ordinary and Class B Shareholders, has eliminated the risk  of Class B Shares diluting the value of GrainCorp’s  40.2 million Ordinary Shares. This report was opened with the statement that 2001 was a challenging year for GrainCorp. With a strong balance sheet, exceptional physical assets and first rate people assets, GrainCorp is in a fine position to take advantage  of the opportunities that lie ahead. The business will continue to prosper on the back of a rock solid commitment to servicing its customers’ needs and growing value for its shareholders.  The market has viewed the capital restructure as a very positive step for GrainCorp that is expected to boost investment in the Company. GrainCorp 2001 Annual Report 17 Are Coreen Fra Tom Keene Managing Director Ron Greentree Chairman