Ann: Half Yearly Report and Accounts, page-123

Hi Smac

Next half is going to be very interesting,

If each territory that they release in attracts a Licensee fee and given that given Japan & China are 1 & 2 markets for SK-11 and larger markets tend to attract a larger licensee fee. As you would not expect to pay the same for Australia as you would for Japan. Nothing would ever make it to Australia.

Add to that all the remaining territories. Next Half will be a very large number indeed.

As part of what was said by G was that the fee related to what OBJ have informed the market (thus Korea Taiwan & Hong Kong).

But there is always the chance that it was a regional Fee (highly doubt)

Add to that Milestones being hit if Korea performance are replicated. I think the Milestones would be off a small base as the Cream was not a big seller. Just speculation of course. Time will tell.

What will be exciting is that by second half reporting we will know the type of deal that was struck and will have a better idea what to expect from all other P&G products especially SK-ii.