annual general meeting , page-5

Ckliew,

While you may be down ramping all the Biofuel stocks, it is highly unlikely that SBI will run out of money in the next 3 months.

It is more likely they could sit in "care and maintenance" mode for a couple of years if required.

If they can get to a situation where they are making a reasonable return, say 10 cents a litre*, that would be close to 20 cents per share.

So whilst we may not be recommending buying this stock at this point in time, if you hold you would be crazy to sell.

If the market conditions do change due to any of the following favourable conditions:
- lower feedstock prices
- higher Biodiesel prices
- mandated Biodiesel quotas
This would quickly become a strong buy recommendation.

It is more likely factors that we can't as yet predict will give the market direction.


*That is only about $114 per Tonne