On behalf of the Directors of Greencross, I am delighted to invite you to participate in the future of Greencross through the initial public offer of Shares in this exciting and unique company.

Until very recently, ownership of veterinary businesses was limited to veterinary professionals. Deregulation within the profession has enabled non-veterinarians to become shareholders in veterinary businesses, presenting the opportunity for Greencross to become Australia’s first listed veterinary group.

Greencross will focus on providing companion animal owners with a new level of professionalism and client peace of mind within the veterinary sector. Greencross intends to establish a branded veterinary group focusing on clinical expertise and advanced veterinary medicine to provide customers, who are increasingly demanding high quality care, with a high quality veterinary medicine capability.

For veterinarians, Greencross aims to create an attractive professional environment to practice high quality veterinary medicine with advanced equipment and to provide opportunities for career development across Australia. The model also provides potential succession planning opportunities for existing practice owners.

For investors, Greencross provides unique exposure to the growing veterinary industry through our portfolio of profitable practices and experienced management team.

Greencross has contracted to acquire 30 veterinary businesses located in Queensland and Victoria and 70% of a veterinary specialist centre located in South Australia. These practices will all be acquired prior to the Company’s Listing. Fifteen of the 31 businesses have been operating under the Greencross brand since 2003. A further three practices currently utilise common operational and purchasing procedures. We are confident of building on this profitable history by integrating all 31 businesses under the Greencross brand. Carefully selected future acquisitions will enable Greencross to expand our specialist and emergency centres creating a powerful network of high quality veterinary businesses.

Our experienced management team currently run multi site veterinary businesses. Our Board of directors have specific experience in the sector with a number sitting on other veterinary industry related boards as well as owning and running their own veterinary businesses. Two directors have extensive board experience from the retail and finance sectors to bring broader commercial experience to our Board.

This Offer is expected to raise gross proceeds of $11.0 million, the majority of which will be used to acquire the Portfolio Practices. This Prospectus contains detailed information about the Offer, Greencross and its business. Please read this Prospectus carefully before making your investment decision.

Together with my fellow Board members, I look forward to welcoming you as a Shareholder of Greencross.

Yours sincerely,

Andrew Geddes

Chairman