Ann: Appendix 4C - quarterly, page-5

The PIL management team has once again proven themselves to be highly effective at executing their on-the-ground strategy.....and at very low cost.

Future cash outflows are a good indicator of future performance if, as we see in PIL's case, there is a track record of achievement.

The March quarter outflows exceeded the December quarters outflows by 23% and they leveraged that into a 92% increase in cash inflows. Now, for the June quarter, they forecast a 29% increase in cash outflows quarter-on-quarter. So we can probably expect the current quarter to be another blockbuster.