Retirement of director

Papyrus Australia Ltd advises that Mr Graeme Menzies has retired as a director of the Company due to current health issues requiring a reduction in his level of work commitments at this time.

Mr Menzies has been a director of the Company since listing in 2005 and has made an outstanding contribution. The Board of Papyrus wishes to place on record its thanks and gratitude to Mr Menzies for his considerable commitment and wise counsel and wishes him all the very best for the future.