Hi Jurek,

I agree that increased royalties is likely the cause of negative net revenue in 2010/2011. Without a detailed look at the numbers they used to create the chart we can only speculate.

The purpose of my note to bbq was that he seemed to be confused by referring to 2PP and 3PP when he thanked you for your explanation. He stated that he wasn't good with numbers. I was only trying to be helpful by providing a basic explanation of slide 24.

I guess my point was that the dropping net revenue was not related to the change from 2PP to 3PP.

XBB