Ann: Issue of Assessment Certificate, page-22

Morning Crashtrain,



The easiest way to work out FGR's future MC is using the PE's of other like companies.

In the Graphene industry, there are no companies that have successfully commercialised graphene,
Versarien (Uk) currently have a $330mil AUD MC with no graphene sales, They did reach $500mil AUD MC within the past 12 month, total capacity is around 3 tonnes.

We are listed as a Chemical company, the PE ratio range from 22-110

WG expected FGR to reach EBITDA of $10mil by this time next year =$220Mil = 44c

FGR's Graphene Marketing update gave the following forecasts
200t in a few years = 88c

500-1000tpa into the future = $2.20 - 4.40

Out of the ASX listed Chemical companies, Advanced Nanotech is the closest to FGR, they have PE of 110.

I have completed an excel spreadsheet that I will upload tonight,
my model is based on FGR's sales forecast that was contained in the Graphene Sales and Marketing update,