proposal, page-32

Graham

I understand your position. You want to maximise the benefits to PXUPA holders when PPX is in a difficult position. In such a case your interests are oppposite to that of PPX holders. I am not a lawyer but it is in PPX holders' interest that claims of deceptive behavour by PPX are dismissed and the board of PPX does what is in the best interests of ordinary shareholders which I believe is its prime responsibility.

PXUPAs are neither straight debt or equity but a form of hybrid. In a case like PPX or Elders where the company is in difficulity it seems fair and sensible to me that the company does what it is entitled to and stop payments to hybrid holders.

On the other hand your promotion of PaperlinX SUX which presumably got the ABCs interest in the 7.30 report has done a valuable thing by alerting investors of the traps in hybrids.

I am not sure how this will now pan out but do not think your promotion of negative views on PPX prospects will ulimately help either PPX or PXUPA holders.