Shifting the goalposts, page-12

OK I will admit that I have no numbers to back up my prices. I did spend many years in the continuous process industry and do have some idea of how things work.. I also doubt you have any back up because you did not show it.

I do have a question for you. You say you hold and your sentiment is hold. This makes no sense to me if you truly believe there is a 200M bogie out there. For the record even though my estimates are 25% of your’s I got out.

200M is almost 3 times more than they have made in the last ten years. That is total profits not subtracting any loses. Loses are many times the 200M number.

Raising 200M would more than double their debt or cause a lot more Dilution.

200M is about 40% of their book value.

So if youreally believe it is this large why are you still holding? Why is you sentiment hold not sell.

I will alsosay that if WES thought it was that much to clear this up I cannot imagine theywould have made the offer. So I concede you are correct could you explain why you are still holding.

Look forwardto your answer. CJ