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## 24. RELATED PARTY DISCLOSURES 

## (a) Transactions with key management personnel 

Directors of the Group and Directors of its related parties, or their Director-related entities, conduct transactions with entities within the Group that occur within a normal employee, customer or supplier relationship on terms and conditions no more favourable than those with which it is reasonable to expect the entity would have adopted if dealing with the Director or Director-related entity at arm’s length in similar circumstances� 

These transactions include the following and have been quantified below where the transactions are considered likely to be of interest to users of these financial statements� 

Mr N� Burton Taylor, who was a non-executive director of AACo until his resignation on 16 March 2012, is a Principal of Hillgrove Pastoral Company (Hillgrove)� Hillgrove has entered into sale and purchase transactions with the Group with respect to livestock on commercial terms and conditions no more favourable than those available to other suppliers and customers� The following transactions occurred with Hillgrove: 

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## (b) Transactions with related parties in the wholly owned Group 

## Loans 

Loans are made by the parent entity to wholly owned subsidiaries� The loans are repayable on demand� No interest has been charged on these loans by the parent entity for the current financial period (31 December 2012: nil; 31 March 2012: nil)� The parent entity does not expect to call these loans within the next 12 months� 

## (c) Transactions with other related parties 

There were no transactions with other related parties during the three months to 31 March 2013 (31 December 2012: nil; 31 March 2012: nil)� 

## (d) Ultimate parent entity 

The ultimate controlling entity of the Group is Australian Agricultural Company Limited� 

