Ann: Quintis successful in grower sandalwood tender, page-31

Interesting reading the last agriculturist report for 2002 again . There was also an unusual use of host trees as well as rising tableland issues. Strand 5 which comes under the 2002 prospectus but was planted a year later did not use that host mix and is thriving better, These trees will be harvested with the 2003 crop which has a significantly better survival rate than this year.

The 2002 crop was an agri learning experience .2003 yields of heartwood look much more hopeful.

In terms of price of oil this was expected to be around 3000 dollars soon in an internal oil industry report. QIN and others were welcomed as ensuring supply but the industry never wanted to pay 4000. That was just a good deal in a low supply market. The french houses have found substitutes to sandalwood in the low supply period. Whether they come back is a question mark. This is where the fact FW was able to get the pharma side of sandalwood going was fantastic. Nestle left the door of future collaboration open depending on trials so this area is the great big hope.

Quintis has a few years to re-establish its reputation and earn back commercial goodwill in contracting before big harvests. For the first four years from 2022 it will not be facing any large influx of other countries harvests. It will be in a good place to get back pricing leverage and make inroads.

Now just to work out the board issues and ensuring a fair process in evaluating all bids.