new contracts, page-4

Surandy,

Well I can't remember the exact wording, but I believe AAE claimed it put an enterprise value of US $100 million or thereabouts on their Beatrice Plant which has an output capacity of 50 million US gallons, so is similar in size to one of the three plants in Singapore.

On paper, AAE is still only worth $A30 million, if you go by the share price, so it still has a long way to go, but could rise rapidly this week.

It is hard to put a value on NFL. The cost of building Singapore was given as $A135 million, but what value could you put on the company is a hard number to grasp.