Ann: Results of Meeting, page-7

From The Annual Report To Shareholders - The Philippines.

'Firstly, having restructured and proved the business model we must establish local manufacturing operations in neighbouring Southeast Asian countries where plastic polluters and forest destroyers are less tolerated and are expected to be financially penalised. In those places, our pallets are more competitive as timber pallets are more expensive than in Indonesia where no such penalties exist and where forestry timber is still a plentiful and cheap commodity.

Our first target is the Philippines, where existing legislation penalises plastic polluters who can seek relief in offsets via a ‘plastic credits’ mechanism in much the same way as carbon credits work around the world. Plastic credits will accrue to those who collect and recycle plastic waste, and of course, the buyers of those credits will be any manufacturer that uses plastic packaging in selling their product.'

In my opinion - a good move.