People should go and have a look at the copy of the AGM and in...

People should go and have a look at the copy of the AGM and in particular page 15.."Project Development Value curve",

I would much prefer to see FMS go to production as that is where the maximum value for shareholders is.

The derisked value rang of FMS SP is potentially between 49 cents to 1.73. This is based on FMS'S own internal modelling and various infrastructure solutions.

So why did management except 30 cents a share when their own derisked value starting point is 49 cents a share, that just doesnt make sense..

Per the AGM presentation in Nov 2011

Significant valuation upside exists
• Derisking the project is the key focus of the Strategic review
• Key opportunities to derisk the project include:
? Securing access to infrastructure
? Construction of a rail spur to existing and planned rail projects
? Construction of a direct rail line to port
? Securing offtake and/or funding agreements
? Corporate level investments
? Project sale - this obviously has not provided significant valuation upside if chosen to accept only 30cents a share