Ann: Company Update, page-123

Just happened to take a glance at WRM/SFR JV deal announced today. Of course it is a completely different field (minerals c.f. oil/gas), but the JV deal announced in principle has many situational similarities when compared to EMP: a naughty adolescent teenage boy who has been causing much trouble for his parents over the years, but comes to his senses on the 2nd of April and matures into a fine young man. He inherited 966 bcf of food from his grandfather which will feed him for at least 20 years. Nobody had any interest in him or his food previously coz everyone thought he is a nutter and it wasn’t worth the trouble, but after the maturation, relatives that he never even knew he had starts flocking to him and suggesting proposals on how he may best cook up all this food. EMP is now a smart intelligent man that will select the best way to get cooking for the next 20 years. WRM MC = $8.2mil. SFR MC = $1.1billion. SFR to provide $20mil over 4 years.