Ann: EFA issues USD$80 million letter of support for SpaceLink, page-13

Hi there. Negative Nancy here.

Just read the "Letter of Support" which kind of reminded me of the "Letter of Credit" that was announced last year for the outstanding $100m or whatever the figure was that EOS had already dropped into their accounting books without actually receiving the cash (at the time at least).

So it's a non binding Letter of support with some interesting conditions set out;

* An "Independent" technical review of Spacelinks feasibility - I see this as a fantastic opportunity for EOS shareholders to be able to ascertain whether this is Just EOS blowing hot wind, or whether it's the real deal from the perspective of an individual assessment. This I see as a positive. Put simply, if there's real risk adjusted merit in Spacelink, then EFA will back the company by providing a 'component' of the required funding

* Meeting EFA Criteria/risk requirements - Similar story. If EFA decide that they're not prepared to take on the risk, then why should shareholders? Should EFA decide that the risk v reward is weighted in their favour, then this will only enhance the value of EOS.

*Satisfactory ongoing financial and trading performance for EOS - I wonder what determines satisfactory? What's the kicker? I see real risk in this area.

*Complying to regulatory requirements - Surely minimal risk here given their exposure to different sovereign jurisdictions and their operational experience.

Interesting, but not solid enough to have me canceling my limit order.