Ann: June 2018 Quarterly Report, page-3

3 things that are going to influence the performance of TAP going forward are:

1. Production
2. Oil Price
3. Currency

Production looks assured for the short-medium term.
Oil Price looks supportive for the short-medium term.
Market expectations are that the USD will strengthen against the AUD on the back of the interest rate differential growing in the short-medium term, which is a positive for not just our revenues but also our cash reserves.

It has been a ride, but there may be some light at the end of the tunnel....