Ann: Offer to RLEOA Option Holders, page-23

I totally disagree with your assessment that OBs will not be exercised. Considering the time value in OBs and the timeline for RLE to establish production one cannot see how anyone could reach such a conclusion at this time. RLE is trying to help owners of OAs within the limits they have to work in and, in my view, have come up with an excellent compromise solution to help owners of OAs.

If we take your view, no matter what they do, you would still be unhappy. Well, so be it. Good luck to you. Cheers