Sino Agro Food Inc (fka SIAF)

[RealDutch]

The only thing wrong with your slow growth model is that SIAF is targeting 14,000MT for this year (down from 20,000MT estimate previously). That has something to do with upgrading the fish farms and preparing them for the Mega Farm. As well as eliminating intercompany sales, perhaps. And switching from finfish to prawns.

If they can get the prawns up and running (small IF, not a big IF) then we should be getting 5,000MT more from the Mega Farm next year as they complete building nr. 3. Probably another 2,000MT from the other fish farms and another 3,000MT from open dam RAS developments. So that gives you a total of 24,000MT for 2018 as opposed to the 16,000MT you are using. Without financing. Although they may still need a little bit of money to complete building 3 at the Mega Farm.

Other than that, well done. The numbers are actually very close to what I projected years ago in the Mega Farm stickie. It doesn't matter how we treat the numbers, we always end up with the same result. Even the slow growth model is faster than the fast growth model now. LOL.