The Authentic Outback Experience (a joint venture between The Australian Agricultural Company and R.M.Williams Holdings Limited) and P&O Australian Resorts announced today that work will commence on the development of a premium 'outback station' resort. To be built on The Australian Agricultural Company's 600,000 hectare property Wrotham Park, located 300km west of Cairns, the new AUD$4million tourism development Wrotham Park Station will open in August 2004.

'The Homestead' and ten guest 'Quarters', will be set on the banks of the Mitchell River and be owned and operated by P&O Australian Resorts.

"The concept for a premium outback resort was proposed late last year and following an extensive selection process and considered evaluation of a number of options, I am pleased to announce this partnership with P&O Australian Resorts, a company recognised as a leader in the development of premium nature-based resorts in some of Australia's most spectacular locations," explained Peter Holmes � Court, CEO - The Australian Agricultural Company.

�The joint venture between R.M.Williams and Australian Agricultural Company to form Authentic Outback Experiences is a tremendous partnership that brings together two of the great companies working in, and reflecting the values of, the Australian Outback,� said Hamish Turner, Chief Executive Office of R.M.Williams. �We look forward to a new partnership with P&O Australian Resorts to develop and operate this exclusive bush experience.� "P&O Australian Resorts have been at the forefront of developing innovative tourism products," said Richard Hein, Chairman of P&O Australian Resorts. "The concept of an outback property is well suited to our Australia's Natural Treasures portfolio and is expected to resonate with as much market appeal as P&O's other icon resorts, in particular Lizard and Bedarra Islands on the Great Barrier Reef and the Daintree National Park's Silky Oaks Lodge."

"With an increasing amount of interest in the Australian outback as a holiday destination, Wrotham Park Station will position itself as a holiday experience that captures the heritage and spirit of outback Australia," explained Mark Campbell, Managing Director, P&O Australian Resorts.

"Capitalising on the strong demand, both domestically and inbound, for soft adventure tourism, Wrotham Park Station will cater to a maximum of 20 guests at one time and provide an unparalleled outback experience that brings together wilderness, wildlife and a hint of luxury", Campbell added.

Christopher Brown, Chairman of Authentic Outback Experience, stated that the Wrotham Park Station venture would provide an exciting new experience for international visitors and continue Australia�s rise as one of the world�s most favoured travel destinations.

�In combining the rich heritage of Australia�s rural history and classic outback cattle station life with a premium resort experience, Wrotham Park Station will provide visitors to Australia with a unique opportunity to engage with Australia�s heartland.�

Product notes: Wrotham Park Station will operate April to December each year.

Built on a site overlooking the Mitchell River, The Homestead and 10 Guest Quarters will be designed in a North Queensland architectural style with a flavour of the outback.

Guests will be able to immerse themselves in the rugged beauty of quintessential Australian landscapes - great expanses of red Earth stretching under seemingly endless blue skies - and can also involve themselves in the excitement of the daily workings of a major cattle station taking home authentic and memorable outback stockman's experiences.

As another premium P&O Australian Resort, Wrotham Park Station will also offer excellent food and wine as well as a range of activities including wildlife walks, canoeing and stargazing, activities that allow guests to engage with Wrotham's stunning natural surroundings.

Wrotham Park Station will be offered as a complete resort experience; the tariff is expected to be set around $800 per person per night and will include accommodation, all meals and beverages and selected activities

Guests will arrive via Cairns or directly from Dunk or Lizard Islands or Cow Bay (near Silky Oaks Lodge) on charter flights, landing on an airstrip 5 kms away from the Homestead (Cairns to Wrotham Park is a 40 minute flight)

Media Contacts: Julia Gauci Marketing Communications P&O Australian Resorts 02) 9364 8350 julia.gauci@poresorts.com

P&O Australian Resorts offer premium nature-based holiday experiences in some of Australia's most spectacular locations. Each property within the Australia's Natural Treasures portfolio is a unique window to one of Australia's World Heritage Listed areas. P&O Australian Resorts include: Bedarra Island; Brampton Island; Cradle Mountain Lodge; Dunk Island; Heron Island, Lizard island, Silky Oaks Lodge and Wilson Island. Background see www.poresorts.com.

AACo is Australia's oldest surviving company, formed by Royal Decree in 1824. Today the Company manages 460,000 cattle over 21 properties spread across 7.0 million hectares of Northern Australia. AACo beef is exported world-wide and is distributed through the AACo group of companies and alliance partners. AACo and its flagship beef brand 1824, are the official supplier of meat to the Australian Rugby Union and the Wallabies. Background on AACo (ASX: AAC) - www.aaco.com.au