Ann: Extraordinary General Meeting Documents, page-5

Spicers has a long history in Australia in the Paper Industry. The paper industry is in decline but it is not dead and there are significant opportunities for it to diversify its offering to the industry and its offshoots with which it is intimately familiar. Spicers as a reliable long term supplier has a very good name.

But more importantly the alternative independent directors have skin in the game and it is clearly in their
interest, and our interest, that Spicers succeed and become a profitable growth story again.

I personally do not have confidence in voting for more of the same and so my preference is to
back the people who have steered the resolution of the PXUPA bind to its current conclusion.

Significant shareholders such as Berger, Plutsky & Artamonov & Burgess are worthy of shareholder support.
All emanate from success stories and hopefully they will employ those skills to restore value to the Spicers name.

Trollip also has a fine pedigree and is worth a guernsey.