Ann: Dividend/Distribution - CII, page-4

The price of phosphate rock the major export of CII continues to decline and the price is now under US$ 100 / ton . This will have a dramatic effect on income and profit of CII in the current financial years to June 2017. Palm Oil is no better with and no price growth.

Would it be better to sell the Palm Oil plantation, it would seem not to be delivering the return on capital invested indicated when the plantation was acquired.

The contract supply of diesel for the Christmas Island is interesting but not a major income producer. CII have not disclosed in the a/c the profit contribution of this activity.

The Management / Directors have have made no comment or given a earnings downgrade .

Based on what little information is available the dividend will be either NIL or 2c and the share price will fall to 80 c.