AGRO HOLDINGS LIMITED(AHH)

name changed to Yilgarn Mining Limited

we understand that on or about this date the company consolidated its shares 1 for 22

shareholders approve restructure, acquisition of Yilgarn and change of name to Yilgarn Mining Limited

shareholders meeting called for 19 December 2003 to consider proposals to recapitalise and restructure the company

administrators advise that the proponent for the restructure has paid the ASX listing fees and is proceeding to finalise the documentation - once completed this will be sent to shareholders - hopefully all this will take place within the next 3-4 weeks

administrators expect the meeting - as noted 07/01/03 below - to take place by end August 2003 - if the proposal to utilise the shell (which will of course involve a significant share dilution) is not approved by shareholders the company will go into liquidation

seeking update

administrators expect to send notices of meeting out to shareholders over the next two to three months - shareholders will be asked to vote on the sale of the corporate shell and the restructure of the company

it is disappointing for shareholders that there has been absolutely no release to the market since this company was suspended from quotation on 2 April 2001

Not delisted - suspended 2/4/01 - releases can be viewed at www.asx.com.au

administrators expect to send notices of meeting out to shareholders in about 8 weeks - shareholders will be asked to vote on the sale of the corporate shell and the restructure of the company

shareholders are unable to claim any tax loss - if the proposed restructure (see below) is not approved the company will go into liquidation and at that point a liquidator would probably be in a position to issue the required declaration. If the restructure is approved, subsequent sale on market would allow the crystallisation of a loss

receivers complete the sale of all assets