12 May 2017

Credit rating change - S&P

Quintis (ASX:QIN, 'the Company'), the world's largest owner and manager of commercial Indian sandalwood plantations, advises that credit rating agency S&P Global Ratings has downgraded the Company's corporate credit rating and senior secured notes from B+ to B and has placed the ratings on CreditWatch with negative implications.

S&P Global Ratings said it had lowered the rating because the risk of investor cash flows being lower than what the company expects has heightened because of protracted delays in sandalwood sales into China.

This rating change has no impact on the Company's debt capital structure.

ENDS

For investor enquiries please contact:

Julius Matthys Alistair Stevens

Chief Executive Officer Chief Financial Officer

Ph: +61 8 9215 3000 Ph: +61 8 9215 3000

For analyst enquiries please contact: For all media enquiries please contact:

Gerry Bullon Cameron Morse

Gerry.bullon@insor.com.au FTI Consulting

Ph: 0418 106 675 Ph: 0433 886 871

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