"Incarceration" or "Honesty from the Board", page-2

Announced 1 May 2017
"Extension of Plantation Put Option In 2014,
the Company granted a put option to an institutional plantation owner whereby the investor could elect to sell 400 hectares of plantations to the Company at a pre-determined price. The terms of this option were amended in July 2016 so that the put option was exercisable by 30 April 2017. In light of the current corporate activity, with the announcement by Quintis’ former Managing Director, Mr Frank Wilson, of his intention to work with third parties to assess, develop and present a potential change of control transaction to the Company’s Board, the put option has been renegotiated and now includes the following terms:  The put option may be exercised between either 10 July 2017 and 14 July 2017 or between 11 December 2017 and 15 December 2017 with settlement to occur at either the end of July 2017 or at the end of December 2017, respectively.  No change to the previously disclosed financial terms, included in most recent financial accounts, if the put is exercised and settled in July 2017.  Settlement value to increase by an annualised rate of 15% between July 2017 and December 2017 (ie: a nominal rate of 6.25%), if the put is exercised in December 2017.  In the event that the put option is not exercised in either July or December 2017, it may be exercised at any time prior to 31 December 2018 with a settlement value of US$34 million, but only following a change of control transaction.

Progress on New China Wood Sales Agreement
The Company notes recent press reports relating to the progress being made by Quintis on a new wood sales contract to China. The Company confirms it has selected its preferred off-take counterparty and negotiations are well advanced, however no final sales agreement has as yet been signed. These negotiations have confirmed Quintis’ confidence that there is a substantial market for Indian Sandalwood from a range of buyers in the China market. The Company will continue to keep the market informed of developments in this area. ENDS