takeover price, page-21

In the price calculations between PES and AOE there is a factor as well the directors opinion.

Even if the offer is recommended there must still be an experts report. In the area of CSM there is a lot of current pricing information from the deals already done.

Thus a price that is "fair + reasonable" should be set by the directors.

Another issue is that this is the first step in the takeover of AOE by Shell. AS per QGC with SHG it is easier if a local company completes the takeovers before Shell has to go to the FIRB.