Ann: AOE Increased Unconditional Offer for Pure E, page-31

re: Ann: PES: AOE Increased Unconditional Off... Stocktoe,

I don't know where you are getting the "per year" for the $8mm from.

The PES announcement of 14 June 07 at the time of the purchase of these royalties for $3mm stated their value was up to $8mm (over time).

The corresponding COI announcement (the seller) said clearly that they were capped at $8mm, and that it would take many years to attain that.

Your original statement that they were worth tens of millions per year was way wide of the mark.

EL