substantial shareholder notice, page-11

re: wilsons report jj0007

It looks as though any benefit of past year losses
will be totally exhausted during 2007 financial year.
See WHTM report detailing P&L ("PROFIT & LOSS($m"))
in which they est. tax payable of $m2.1 i.e. 24.1%
for 2007E and 30% tax for 2008E. The current tax rate
for companies is 30%. I assume Wilsons would have
advice as to the quantum of past year losses deductible
in the future for tax purposes to enable them to prepare a reliable analysis and calculate estimates of NPAT.

regds raico