Ann: Retirement of Managing Director and Appoint of Interim CEO, page-4

Well Captain, We might well ask WHAT Egyptian operation. We have been promised that production has commenced for "Musa" and egg cartons(?) etc etc for months, but then every month there is more engineering tinkering to optimise the machines. Now we are promised that there are sales of "Muza". Odd that a couple of months previously it was "Musa" - great marketing there!

Remember that according to the company: "The information provided in this Appendix 4c does not include the activities of Papyrus Egypt, as Papyrus Australia does not currently control Papyrus Egypt even though it has a direct equity interest of 50% and an indirect equity interest of 19.61% (through its 39.22% equity interest in the joint venture partner EBFC (Egyptian Banana Fibre Company)" which is a very convenient way to not disclose sales numbers.... No sales are equity accounted in the last half yearly and of course there is zero revenue in the Monthlies and Quarterlies. A google search or Musa fertiliser and muza fertiliser only comes up with PPY links, so does Muza even exist as a product yet?

Now supposedly the Egyptian entity and PPY are consolidating so presumably Ramy will still be in charge?????