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ABN: 36 091 232 209

AFSL: 238701 ARSN: 125 191 531

PRODUCT DISCLOSURE STATEMENT

and

SUPPLEMENTARY PRODUCT DISCLOSURE STATEMENT

GUNNS PLANTATIONS LIMITED – WALNUT PROJECT No. 2

ARSN 125 191 531

This is a Product Disclosure Statement (“PDS”), dated 30 April 2007 (“the Original PDS”+), and a Supplementary Product Disclosure Statement (“Supplementary PDS”), dated 1 November 2007, relating to the Gunns Plantations Limited Walnut Project No 2 (ARSN 125 191 531) (“the “Project”+) issued by Gunns Plantations Limited (“GPL”+ or the “Responsible Entity”+).

The Supplementary PDS is located at the rear of the Original PDS. The Original PDS contemplated investment by Late Growers+ in the Project+ pending the issue of a Product Ruling by the Australian Taxation Office (ATO) and the subsequent release of a Supplementary PDS. The ATO issued that ruling (PR 2007/89) on 22 August 2007 and the Supplementary PDS contains the updated information necessary to re-open the Project for Late Growers+ in the financial year ending June 2008. Accordingly, the Original PDS is to now incorporate the amendments in the Supplementary PDS applicable to Late Growers+.

The Supplementary PDS must be read together with the PDS.

Applications can only be accepted from the Supplementary PDS at the rear of this document.

+ Denotes terms that are defined in the PDS+. The Supplementary PDS must accompany any

copies of the PDS+ that are given to an investor after the issue of the Supplementary PDS.

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Contents

Important information

Chairman’s letter

Key features

The offer

Overview of the project

Overview of the project

Benefits of Investing in the Project

Benefits of Investing in the Project

Murrumbidgee

River

Mirrool

Creek

Mirrool

Creek

Floodw ay

Wah WahIrrigationDistrict

TabbitaIrrigationDistrict

MirroolIrrigation

Area

BenerenbahIrrigationDistrict

YancoIrrigation

Area

YANCO

LEETON

TABBITA

GOOLGOWI

GRIFFITH

NARRANDERA

DARLINGTONPOINT

Legend

Cities & TownsRivers & CreeksStorages & SwampsMurrumbidgee Irrigation Area

Risks and safeguards

Fees and Charges

The Gunns Group

Commonly asked Questions

Commonly asked Questions

Project Management

Project Management

Market Information

Figure 12.3

Figure 12.2

Figure 12.1

Source: www.crainranch.com

Source: www.crainranch.com

Source: www.crainranch.com

Annual California WalnutTotal Sales Volume

35084 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05

400

450

500

550

600

650

700

750

Crop Year

Mill

ions

of I

n-sh

ell P

ound

s So

ld

400 403420

433451

470 480

559

449

498 497 507

469 464444

573

507

538

572

634

688

733

Annual California WalnutKernel Sales Volume

25084 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05

300

350

400

450

500

550

600

Crop Year

Mill

ions

of I

n-sh

ell P

ound

s So

ld

267 276 288 294315

328348

418

338

367

339

370

329348

334

420

390

418

455

499

554

596

Annual California WalnutIn-shell Sales Volume

10084 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05

110

120

130

140

150

160

170

Crop Year

Mill

ions

of I

n-sh

ell P

ound

s So

ld

133

127132

139

136

142

132

141

111

131

158

137

140

116

110

153

116

120

117

135 134137

Figure 12.10

Figure 12.9

Figure 12.8

Source: www.walnut.org

Source: Webster Ltd 2005

Source: Webster Ltd 2005

Australian Imports from the USA

02002/03 2003/04 2005/06

(as at 11th April 2006 and adjusted to end of June 2006)

2004/05

500

1,000

1,500

2,000

2,500

3,500

3,000

Tonn

es

Consumption Data

0Greece

Australia - Present Australia - basis US now Australia - basis Switzerland now

Austria Switzerland Germany US Australia - Present

100,000

120,000

80,000

60,000

40,000

20,000

140,000

160,000

180,000

Countries

Year

Consumption Per Capita

Australian Consumption Extrapolation

0

5,000

10,000

15,000

20,000

25,000

30,000

0

0.4

0.2

0.6

0.8

1

1.2

1.4

0

1

0.5

1.5

2

2.5

3

3.5

Dom

estic

Con

sum

ptio

n (T

onne

s)D

omes

tic C

onsu

mpt

ion

(Ton

nes)

Per

Capi

ta C

onsu

mpt

ion

(Pou

nds

per

Year

)Pe

r Ca

pita

Con

sum

ptio

n (P

ound

s pe

r Ye

ar)

In-shell Shelled

Consumption Per Capita

Taxation Features

Taxation Features Responsible Entity & Custodian

Dispute Resolution

Dispute Resolution Independent Expert’s Report

SCHOLEFIELD ROBINSON HORTICULTURAL SERVICES PTY LTD118A Glen Osmond Road, Parkside SA 5063 AustraliaPh: (08) 8373 2488Email: srhs@srhs.com.au

ACN 008 199 737ABN 63 008 199 737

PO Box 650, Fullarton SA 5063Fax: (08) 8373 2442

Web Site: www.srhs.com.au

Offices in Adelaide and Mildura

>

Independent Expert’s Report-Water Resources

SCHOLEFIELD ROBINSON HORTICULTURAL SERVICES PTY LTD118A Glen Osmond Road, Parkside SA 5063 AustraliaPh: (08) 8373 2488Email: srhs@srhs.com.au

ACN 008 199 737ABN 63 008 199 737

PO Box 650, Fullarton SA 5063Fax: (08) 8373 2442

Web Site: www.srhs.com.au

Offices in Adelaide and Mildura

McKINNA et al Pty LtdStrategic Insights

Independent Market Report

1000

Ton

nes

01996 1997 1998 1999 2000 2001 2002 2003 2004 2005

200

400

600

800

1,000

1,200

1,800

1,600

1,400

Year

1087 1132 1152 1209 1241 12651352

1474 1472 1527

2.4% 4.1% 1.7% 4.7% 2.6% 1.9% 6.4% 8.2% -0.1% 3.6%

Met

ric

Tonn

es P

rodu

ced

0China FranceIranUSA ChileUkraineTurkey India

50,000

100,000

150,000

200,000

250,000

300,000

450,000

400,000

350,000

Countries (2005)

420,000

322,050

150,000 133,00093,000 34,000 26,422 14,500

Taxation Adviser’s Report

Taxation Adviser’s Report

Summary of Material Contracts

Summary of Material Contracts

Additional Information

Additional Information

Glossary

Glossary

Instructions to Applicants

7 7

7 7

7 7

A. Application & Power of Attorney Form

Power of Attorney

B. Joint Venture Applicants

7 7

7 7

7 7

7 7

7 7

Power of Attorney

C. Joint Venture Applicants

7 7

7 7

7 7

7 7

7 7

Power of Attorney

7

Payment Details

Corporate Directory

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Important information

Chairman’s letter

Independent Expert’s Report

Independent Expert’s Report

Taxation Adviser’s Report

Taxation Adviser’s Report

Instructions to Applicants

Terms Arrangement

7 7

7 7

7 7

A. Application & Power of Attorney Form

Power of Attorney

B. Joint Venture Applicants

7 7

7 7

7 7

7 7

7 7

C. Joint Venture Applicants

7 7

7 7

7 7

7 7

7 7

Power of Attorney

7

Payment Details

7

7

Payment Details

Corporate Directory

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