Ann: Company Update & Capital Raising, page-42

Have been doing a few calculations.

The total number of shares on issue if all rights are exercised would be about 135 million (maximum rights to be issued 13,698,630).

Therefore, on a P/E of 30 & earnings of $80 million the share price would be $17.78.

Now once SMN gets approval from the F.A.A. for WiFi followed by further approvals for other sections of the aircraft, which should follow not too far down the track, earnings of $80 million should easily be achieved.

It is more than likely that the P/E would be more than 30 & the share price exceed $20.00.

The licence fees of $10m to $15m for a fully sensor fitted tier 1 airline fleet, originally estimated by SMN, should prove to be a substantial percentage of revenue & the sensor revenue will be a continuous stream as new aircraft are manufactured.