Surandy & Navy,A couple of quick comments.First: Regarding the...

Surandy & Navy,

A couple of quick comments.

First: Regarding the amount of money NFL has got left. Although they had 73 million left at the end of the last quarter after spending 29 million on Singapore, the estimated project cost for Singapore was 135 million*. As they had only spent 73 million to date on Singapore, I would guess they will only have about 10 million left after Singapore has been completed.

Secondly: Navy, you mentined that pharmaceutical grade glycerine would be returning US $1500 per tonne when they only quoted $1000+ in the annual report? Where does this figure come from? If this is correct, the Singapore plant would be making US $60 million a year from the Glycerine alone, which would be about 20 cents a share, even if the Biodiesel side of the operation was only breaking even.


*Project cost of $135 million is mentioned in the commitments section of the Annual report