Chairman’s report

2009 has been a mixed year for Silver Jungle. With both carrots and celery above their historic averages, we have enjoyed considerable success in balancing a portfolio of high-yielding cash-resilient stocks. Two notable exceptions, however, are apples, where core inflation is currently above target levels, and beans, which are broadly anticipated to underperform in a sluggish market.

Spinach suffered a slight correction in early February, but corn on the cob has continued to do well with overall returns substantially outpacing kale deposits. There was, inevitably, a sharp slow-down in canteloupes, but the expected softening in the global market has not occurred as some feared, and we expect a measured recovery over the coming months. Looking ahead, we remain cautiously optimistic.

Please note that the views of the Chairman are not necessarily shared by the other directors.