Weird performance issue

Hi. I have encountered very strange performance issue with Audit Trail and i don't understand what is happening. Here is the extract from the OM log

ObjMgrSqlLog      Detail     4             000000af4e9e1748:0       2011-10-19 17:25:53        SELECT statement with ID: 172F38C0

SELECT

      T1.CONFLICT_ID,

      T1.DB_LAST_UPD_SRC,

      CONVERT (VARCHAR (10),T1.DB_LAST_UPD, 101) + ' ' + CONVERT (VARCHAR (10),T1.DB_LAST_UPD, 8),

      CONVERT (VARCHAR (10),T1.LAST_UPD, 101) + ' ' + CONVERT (VARCHAR (10),T1.LAST_UPD, 8),

      CONVERT (VARCHAR (10),T1.CREATED, 101) + ' ' + CONVERT (VARCHAR (10),T1.CREATED, 8),

      T1.LAST_UPD_BY,

      T1.CREATED_BY,

      T1.MODIFICATION_NUM,

      T1.ROW_ID,

      CONVERT(NVARCHAR(2000),SUBSTRING(T1.NEW_VAL, 1, 4000)),