Ann: Update on Lodgement of Interim Financial Rep, page-8

re: Ann: Update on Lodgement of Interim Finan... It appears my numbers are attractive. I thought i might share how I got o them.

The 2012 stat accounts of AEJ has net tangible assets at $44.89/share

I simply took the 26.3 Mgt EBITDA multiplied it by 8.55 which would be the realisable value for the sale of the business. this gets me $224.865m less debt of $206.27 add back cash of $16.434m and you get $35.229m. Divide thsi by the outstanding shares of .786287m and you end up with NTA of $44.80, close enough to the stat accounts.

Now, with what has transpired I estimate Mgt EBITDA for 2013 will be around $30m, add to this the Carbon credits of say $5m (big geuss) you get $35m multiplied by 8.55 you get $299.25m Less debt of $206.27m add back the cash of $16.634m and assume AEJ has generated a further $7.5m in cash for the half and you end up with $117.114m Dividedn by the outstanding shares and the NTA is $148.95/share

These are very rough numbers but I do see upside to what AEJ can deliver if it then is a takeover target.