Davidson Cameron & Co and Ruralco Holdings Limited

A Letter from the Managing Director, Dick Cameron

On Friday June 29th, 2007, Ruralco Holdings Limited and Davidson Cameron & Co announced the investment by Ruralco in a 51% shareholding of Davidson Cameron & Co.

Ruralco is a public company, listed on the Australian Stock Exchange, which has extensive interests in the rural service industry of Australia. Its joint ventures and corporate enterprises include Rodwells, which has 19 stock and station agencies in Victoria, Roberts Ltd, which is the dominant provider of rural services in Tasmania, Southern Australia Livestock in South Australia and Primaries of Western Australia.

It also has interests in Stephen Egan and Johnston in the Gippsland region, Rawlinson and Brown, which is well known throughout the Riverina, and Pat Rice Hawkins Rural Real Estate in Melbourne. Other prominent brands include the well known rural merchandise network of CRT.

Ruralco is also actively developing agency businesses in Queensland and the Northern Territory through Queensland Rural and Territory Rural.

Ruralco has a business plan to join with strong regional businesses, and support and encourage them to grow their businesses. We are therefore looking to do this both in terms of the range of services we offer, and the geographic spread of our business. It is for this reason that we have chosen to join forces with Ruralco, as has Grant Daniel & Long, a network of twelve offices throughout Queensland.

We are very excited about this next phase of the development of our company. We will retain our independence of management, I will continue as Managing Director and the current directors continue on our board. I should also welcome Dave Henry as a new shareholder in our company. Dave is known to many of you, having started our Coolah office.

Our staff remains exactly the same and our policies and systems also remain the same. In fact, everything will continue as it is. We are confident that the only difference you will notice in time is the better service we offer you as we take advantage of the resources made available to us by this move.

We are very grateful for your support, and look forward to continuing to work with you into the future.

Should you have any questions, please feel free to contact me, or any member of our team, at any time.

Dick Cameron

Managing Director

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