Ann: Appendix 4D & Interim Financial Report 31 December 2017, page-7

V_H

Continuing decline in information paper consumption (in Australia, and developed markets generally). Teeney margins. Woeful returns on NTA's. Ever present threat of write downs on largest physical asset (largest or 2nd largest contributor to NTA) - in inventories. No clear guidance on liability overhang from liquidated operations. One bright spot (apart from cash held), NZ ops, now showing substantial margin/revenue contraction (in last HY report). And now the looming threat of price increases by paper manufacturers.

Which of these are you hoping for good news on?