6000 per acre, page-20

Orga,

I thought we agree to put this to bed last week but since your raised it again lets run with it. You honestly seem to believe that we were ripped off and since you won't let it go the least I can do is to try and understand your logic.

If I've got shares in Bank X and they are trading at $20 and I look at recent share sales for other banks and I see that Bank Y is trading at $30 and Bank Z is trading at $50, I may be envious of those prices and wish I had those shares instead. I don't however automatically assume that my shares in Bank X should be worth 150% more just because thats what Bank Zs shares are trading at.

To understand the differences in the trading values of the different stocks I look at the fundamentals of each. I look at their customer base, the revenue growth, their margins and their potential growth. Every bank will have a different value because their fundamentals will be different.

So it is with land sales also. Every block has a different value and the method of valuation is obviously different depending on the intended use. Farm land is valued according to fertility and access to water. House blocks are valued according to location, views and exclusivity. O&G / minerals blocks are valued according to what is likely to be underneath them and how cost effectively it can be extracted.

For you to conclude that our land is valued at some much higher figure and compare it with the most expensive such titles ever sold then you must have some pretty compelling data to suggest that the O&G volumes is as high as the particular titles you are comparing it with. Since you obviously know much more about the valuation and comparison of these separate titles than the rest of us I was hoping you could share with us your data and method of comparison. We would be very grateful.


PS. If the secret buyer turns out to have a relationship with an SSN board member then there will be serious questions to be asked and you will be on my favourites list forever.