##### 



Exhibit 10.4
    
    Settlement Agreement dated May 27, 2005 among Roger Parry and Clear Channel
Outdoor, Inc.
 
 th
    st st
 st st
 Modified
Employment (ME) : June
1st 2005
to
May 31st 2006
  
    
    a base salary at the rate of £37,493.75 per month;
    
    car benefit at the rate of £3,124.50 per month;
    
    contributions to the Term Assurance Policy at the rate of £277.07 per month;
    
    contributions to the Executive Personal Pension Scheme will continue at the rate of 20%
of cash compensation per annum (£1,760 per month), up to the approved UK Government
Earnings Cap.




---



##### 




    
    You confirm that you have already waived your rights to receive medical insurance
benefits from the company and that you will continue to waive these rights for the entire
period covered by this letter.
    
    Similarly, pension contributions will continue at the same rate (£1,760 per month),
despite the abolition of the Earnings Cap as from 6 April 2006.
  st
  st
 st




---



##### 




    
    You will be entitled to use the title Chairman, Clear Channel
International. However, you do not have any authority to act on
behalf of the Company and you agree that you will not do so. You
will not be authorised to commit the Company to any contract or
expenditure unless there is prior, explicit, written approval from
the President of Clear Channel Outdoor.
 
    
    You will agree to use your best efforts to support and assist the
Company in its preparation for its IPO. This will include
reviewing documents and participating in meetings. Under the
terms of this Letter you must make yourself available for work for
a total of ten days during 2005. You will use your reasonable
efforts to provide additional days of work if required and if
mutually agreed with myself. Any legitimate expenses you incur in
pursuit of theses authorised duties will be reimbursed by the
Company on production of receipts consistent with past practices.
 
    
    You will also be required to continue as a member of the Board of
Clear Media in China and to use your best efforts to ensure good
working relations between Clear Media and Clear Channel. Any fees
that are paid to you as Deputy Chairman of Clear Media will be
paid to you directly by Clear Media. You will make yourself
available for a maximum of 8 days in 2005 and a maximum of 5 days
in 2006 for these duties. If mutually agreed between you and I
you will provide additional days. During the ME period you will
provide myself and the President of Clear Channel Outdoor with a
written monthly report on progress in China and will use your best
efforts to attend China Board meetings in person or by telephone.
Any expenses you incur in connection with participating in these
Board meetings will be reimbursed by Clear Channel, consistent
with past practices.
 
    
    Apart from the two exceptions above relating to the IPO and to
China, in carrying out your duties you will not be required to
attend the Clear Channel offices, nor to participate in any
meetings, nor to carry out any tasks on behalf of Clear Channel
unless this is by mutual agreement between yourself and the
President of Clear Channel Outdoor.
 
    
    It is the intention of the Company that you may be asked to
carry out certain tasks for Clear Channel Outdoor such as
investigating acquisitions or new contracts, subject to your
agreement to carry out such tasks. Where these tasks are mutually
agreed and approved in advance, the Company will reimburse you for
all legitimate expenses incurred by you in pursuit of these agreed
tasks. You will not be entitled to any other type of expense
reimbursement other than for the approved projects.
  Non
Executive Employment (NEE): June
1st 2006
to
May 31st 2009
 st




---



##### 



Conduct
and Duties




---



##### 



1.
    
    Duty to not act on behalf of the Company except as mutually
agreed,2.
    
    Duty to support and assist with IPO,3.
    
    Duties regarding Clear Media in China,4.
    
    Confidentiality of Trade Secrets and Proprietary Information,5.
    
    Duties regarding inventions and intellectual property,6.
    
    Duty regarding competitors,7.
    
    Any act which would entitle the Company under English law to
dismiss you summarily for gross misconduct, such as misappropriation of Company
funds.




---



##### 



/s/ Mark P. MaysMark P. MaysPresident & CEO
  /s/ Roger Parry
    
    
    
    7/June/05Roger Parry
    
    
    
    Date




---



##### 



SCHEDULE 1
  1.
    
    You agree that you accept the terms of this Schedule in full and final settlement of
all claims of whatever nature you have or may have against the Company, any Associated Company
or any of its or their present or former officers or employees in any country or jurisdiction
in the world arising from or in connection with your employment with the Company, including
but not limited to any claims under the terms of your Service Agreement dated 20th May 1996
(which the Company denies is still in effect as of this Letter) or its termination and whether
any such claim falls within the jurisdiction of an employment tribunal or not (including,
without limitation, any claim for wrongful dismissal or for damages for loss of opportunity to
exercise any statutory rights or otherwise but excluding any claim relating to personal injury
which you are unaware of at the date of the Letter and/or any claim relating to any rights
arising from or pursuant to the Companys material obligations under the Letter.
 2.
    
    Without prejudice to the generality of Clause 1 you agree that no termination or
other payments, expenses or benefits are due to you except as provided for in the Letter to
which this document forms the Schedule.
 3.
    
    In consideration of the payments by the Company to you during the period of Modified
Employment set out in the Letter and following careful consideration of the facts and
circumstances relating to your employment and the terms of your Service Agreement dated 20th
May 1996 and its termination of your employment, you confirm as a separate and binding
agreement that you shall not institute or continue any proceedings or complaints against the
Company any Associated Company or any of its or their present or former officers or employees
before an employment tribunal or court arising out of or in connection with your employment
with the Company and the terms of your Service Agreement dated 20th May 1996 or its
termination in respect of any of the specific claims of which you are aware and that you
hereby raise as follows:
 
    
    any claim arising out of a contravention or alleged contravention of Part X
of the Employment Rights Act 1996 (unfair dismissal);
    
    any claim arising out of a contravention or alleged contravention of
section 92 (written statement of reasons for dismissal) of the Employment Rights
Act 1996;
    
    any claim pursuant to the Employment Act 2002 or the Employment Act 2002
(Dispute Resolution) Regulations 2004;
    
    any claim for wrongful dismissal.
 4.
    
    You warrant that you are not aware of any statutory claims that you may have other
than those referred to in clause 3 above.
 5.
    
    You acknowledge that you have taken advice from the Legal Adviser (being a relevant
independent adviser for the purposes of the legislation governing compromise agreements) being
David Major of Lyons Davidson solicitors of Bridge House, Baldwin Street, Bristol as to the
terms and effect of this Schedule and its effect on your ability to pursue your rights before
an employment tribunal and you will procure that the Legal Adviser will sign below.




---



##### 



6.
    
    The conditions regulating compromise agreements under the Employment Rights Act 1996
are satisfied.
 7.
    
    This Schedule shall be subject to English law and the parties submit to the
exclusive jurisdiction of the English courts.
  /s/ Mark P. Mays
    
    
    
    Director/s/ Randall Mays
    
    
    
    Director
  Signed as a Deed by Roger Parry
    
    /s/ Roger ParryIn the presence of :
    
    /s/ T.J. MaunderName
    
    T.J. MaunderAddress
    
    Draguns, City, Bledlow RidgeHigh WycombeOccupation
    
    Chartered Accountant
  1.
    
    I am a Solicitor of the Supreme Court of England and Wales holding a current
practising certificate.
 2.
    
    I have advised Roger Parry of the terms and effect of the Letter between him and
Clear Channel Outdoor, Inc, and the terms of this Schedule to the Letter and, in particular,
its effect on his ability to pursue his rights before an Employment Tribunal following its
signing.
 3.
    
    I am an independent adviser (as defined at section 203, Employment Rights Act 1996).
I am not acting (and have not acted) in relation to this matter for the Company or any
Associated Company (as defined in this Schedule).
 4.
    
    There is in force and was in force when I gave the advice referred to above, cover
under a contract of insurance, or an indemnity provided for members of a profession or
professional bodies relating to the risk of a claim by Roger Parry in respect of loss arising
from such advice.




---



##### 



SCHEDULE 2
  1.
    
    You agree that you accept the terms of this Schedule in full and final settlement of
all claims of whatever nature you have or may have against the Company, any Associated Company
or any of its or their present or former officers or employees in any country or jurisdiction
in the world arising from or in connection with your employment with the Company or its
termination and whether any such claim falls within the jurisdiction of an employment
tribunal or not (including, without limitation, any claim for wrongful dismissal or for
damages for loss of opportunity to exercise any statutory rights or otherwise) but excluding
any claim arising after May 27, 2005 and relating to personal injury and/or accrued pension
rights and/or any rights arising from or pursuant to Companys material obligations under the
Letter.
 2.
    
    Without prejudice to the generality of Clause 1 you agree that no termination or
other payments, expenses or benefits are due to you except as provided for in the Letter to
which this document forms the Schedule.
 3.
    
    In consideration of the payments by the Company to you during the period of
Non-Executive Employment set out in the Letter and following careful consideration of the
facts and circumstances relating to your employment and its termination of your employment,
you confirm as a separate and binding agreement that you shall not institute or continue any
proceedings or complaints against the Company any Associated Company or any of its or their
present or former officers or employees before an employment tribunal or court arising out of
or in connection with your employment with the Company or its termination in respect of any of
the specific claims of which you are aware and that you hereby raises as follows:
 
    
    any claim arising out of a contravention or alleged contravention of Part X
of the Employment Rights Act 1996 (unfair dismissal);
    
    any claim arising out of a contravention or alleged contravention of
section 92 (written statement of reasons for dismissal) of the Employment Rights
Act 1996;
    
    any claim pursuant to the Employment Act 2002 or the Employment Act 2002
(Dispute Resolution) Regulations 2004;
    
    any claim for wrongful dismissal.
 4.
    
    You warrant that you are not aware of any statutory claims that you may have other
than those referred to in clause 3 above.
 5.
    
    You acknowledge that you have taken advice from the Legal Adviser (being a relevant
independent adviser for the purposes of the legislation governing compromise agreements) David
Major of Lyons Davidson Solicitors of Bridge House, Baldwin Street, Bristol as to the terms
and effect of this Schedule and its effect on your ability to pursue your rights before an
employment tribunal and you will procure that the Legal Adviser will sign below.
 6.
    
    The conditions regulating compromise agreements under the Employment Rights Act 1996 are
satisfied.




---



##### 



7.
    
    This Schedule shall be subject to English law and the parties submit to the exclusive
jurisdiction of the English courts.
     Signed as a Deed by Roger Parry
    
    ________________________In the presence of :Name
    
    ________________________Address
    
    ________________________________________________Occupation
    
    ________________________
  1.
    
    I am a Solicitor of the Supreme Court of England and Wales holding a current
practising certificate.
 2.
    
    I have advised Roger Parry of the terms and effect of the Letter between him and
Clear Channel Outdoor, Inc, and the terms of this Schedule to the Letter and, in particular,
its effect on his ability to pursue his rights before an Employment Tribunal following its
signing.
 3.
    
    I am an independent adviser (as defined at section 203, Employment Rights Act 1996).
I am not acting (and have not acted) in relation to this matter for the Company or any
Associated Company (as defined in this Schedule).




---



##### 



EXHIBIT A
 Clear Channel International
 2005 OIBAN Bonus Scheme
 Name:
    
    Roger Parry
    
    
    
    Bucket 1  OIBAN growth
    
    
    
    
    
    Bucket 2  OIBDAN growthBase Salary (£):
    
    £449,925
    
    
    
    Bonus per 1% growth
    
    
    1.2
    %
    
    Bonus per 1% growth
    
    
    3.0
    %
 Base OIBAN 000s
    
    $
    70,066
    
    
    Exchange Rate
    
    
    0.5461Base OIBDAN 000s
    
    $
    227,526Budget Depreciation
    
    $
    157,975
 Bucket 1
    
    
    Bucket 2
    
    
    TotalOIBAN
    
    
    Bonus
    
    
    Bonus
    
    
    
    
    
    
    
    
    
    
    Bonus
    
    
    Bonus
    
    
    Bonus
    
    
    BonusOIBAN
    
    OIBAN
    
    
    Growth
    
    
    Payable
    
    
    Payable
    
    
    OIBDAN
    
    
    OIBDAN
    
    
    Payable
    
    
    Payable
    
    
    Payable
    
    
    Payable
    
    
    %ageGrowth
    
    $000s
    
    
    $000s
    
    
    %
    
    
    £s
    
    
    $000s
    
    
    Growth
    
    
    %
    
    
    £s
    
    
    £s
    
    
    $s
    
    
    Salary1%
    
    
    70,767
    
    
    
    701
    
    
    
    1.20
    %
    
    £
    5,399
    
    
    
    228,742
    
    
    
    0.53
    %
    
    
    1.60
    %
    
    £
    7,212
    
    
    £
    12,611
    
    
    $
    23,093
    
    
    
    2.8
    %2%
    
    
    71,467
    
    
    
    1,401
    
    
    
    2.40
    %
    
    £
    10,798
    
    
    
    229,442
    
    
    
    0.84
    %
    
    
    2.53
    %
    
    £
    11,368
    
    
    £
    22,167
    
    
    $
    40,591
    
    
    
    4.9
    %3%
    
    
    72,168
    
    
    
    2,102
    
    
    
    3.60
    %
    
    £
    16,197
    
    
    
    230,143
    
    
    
    1.15
    %
    
    
    3.45
    %
    
    £
    15,525
    
    
    £
    31,722
    
    
    $
    58,089
    
    
    
    7.1
    %4%
    
    
    72,869
    
    
    
    2,803
    
    
    
    4.80
    %
    
    £
    21,596
    
    
    
    230,844
    
    
    
    1.46
    %
    
    
    4.37
    %
    
    £
    19,682
    
    
    £
    41,278
    
    
    $
    75,587
    
    
    
    9.2
    %5%
    
    
    73,569
    
    
    
    3,503
    
    
    
    6.00
    %
    
    £
    26,996
    
    
    
    231,544
    
    
    
    1.77
    %
    
    
    5.30
    %
    
    £
    23,838
    
    
    £
    50,834
    
    
    $
    93,085
    
    
    
    11.3
    %6%
    
    
    74,270
    
    
    
    4,204
    
    
    
    7.20
    %
    
    £
    32,395
    
    
    
    232,245
    
    
    
    2.07
    %
    
    
    6.22
    %
    
    £
    27,995
    
    
    £
    60,389
    
    
    $
    110,583
    
    
    
    13.4
    %7%
    
    
    74,971
    
    
    
    4,905
    
    
    
    8.40
    %
    
    £
    37,794
    
    
    
    232,946
    
    
    
    2.38
    %
    
    
    7.15
    %
    
    £
    32,151
    
    
    £
    69,945
    
    
    $
    128,081
    
    
    
    15.5
    %8%
    
    
    75,671
    
    
    
    5,605
    
    
    
    9.60
    %
    
    £
    43,193
    
    
    
    233,646
    
    
    
    2.69
    %
    
    
    8.07
    %
    
    £
    36,308
    
    
    £
    79,501
    
    
    $
    145,579
    
    
    
    17.7
    %9%
    
    
    76,372
    
    
    
    6,306
    
    
    
    10.80
    %
    
    £
    48,592
    
    
    
    234,347
    
    
    
    3.00
    %
    
    
    8.99
    %
    
    £
    40,465
    
    
    £
    89,056
    
    
    $
    163,077
    
    
    
    19.8
    %10%
    
    
    77,073
    
    
    
    7,007
    
    
    
    12.00
    %
    
    £
    53,991
    
    
    
    235,048
    
    
    
    3.31
    %
    
    
    9.92
    %
    
    £
    44,621
    
    
    £
    98,612
    
    
    $
    180,575
    
    
    
    21.9
    %11%
    
    
    77,773
    
    
    
    7,707
    
    
    
    13.20
    %
    
    £
    59,390
    
    
    
    235,748
    
    
    
    3.61
    %
    
    
    10.84
    %
    
    £
    48,778
    
    
    £
    108,168
    
    
    $
    198,073
    
    
    
    24.0
    %12%
    
    
    78,474
    
    
    
    8,408
    
    
    
    14.40
    %
    
    £
    64,789
    
    
    
    236,449
    
    
    
    3.92
    %
    
    
    11.77
    %
    
    £
    52,934
    
    
    £
    117,724
    
    
    $
    215,571
    
    
    
    26.2
    %13%
    
    
    79,175
    
    
    
    9,109
    
    
    
    15.60
    %
    
    £
    70,188
    
    
    
    237,150
    
    
    
    4.23
    %
    
    
    12.69
    %
    
    £
    57,091
    
    
    £
    127,279
    
    
    $
    233,069
    
    
    
    28.3
    %14%
    
    
    79,875
    
    
    
    9,809
    
    
    
    16.80
    %
    
    £
    75,587
    
    
    
    237,850
    
    
    
    4.54
    %
    
    
    13.61
    %
    
    £
    61,248
    
    
    £
    136,835
    
    
    $
    250,567
    
    
    
    30.4
    %15%
    
    
    80,576
    
    
    
    10,510
    
    
    
    18.00
    %
    
    £
    80,987
    
    
    
    238,551
    
    
    
    4.85
    %
    
    
    14.54
    %
    
    £
    65,404
    
    
    £
    146,391
    
    
    $
    268,066
    
    
    
    32.5
    %16%
    
    
    81,277
    
    
    
    11,211
    
    
    
    19.20
    %
    
    £
    86,386
    
    
    
    239,252
    
    
    
    5.15
    %
    
    
    15.46
    %
    
    £
    69,561
    
    
    £
    155,946
    
    
    $
    285,564
    
    
    
    34.7
    %17%
    
    
    81,977
    
    
    
    11,911
    
    
    
    20.40
    %
    
    £
    91,785
    
    
    
    239,952
    
    
    
    5.46
    %
    
    
    16.38
    %
    
    £
    73,717
    
    
    £
    165,502
    
    
    $
    303,062
    
    
    
    36.8
    %18%
    
    
    82,678
    
    
    
    12,612
    
    
    
    21.60
    %
    
    £
    97,184
    
    
    
    240,653
    
    
    
    5.77
    %
    
    
    17.31
    %
    
    £
    77,874
    
    
    £
    175,058
    
    
    $
    320,560
    
    
    
    38.9
    %19%
    
    
    83,379
    
    
    
    13,313
    
    
    
    22.80
    %
    
    £
    102,583
    
    
    
    241,354
    
    
    
    6.08
    %
    
    
    18.23
    %
    
    £
    82,030
    
    
    £
    184,613
    
    
    $
    338,058
    
    
    
    41.0
    %20%
    
    
    84,079
    
    
    
    14,013
    
    
    
    24.00
    %
    
    £
    107,982
    
    
    
    242,054
    
    
    
    6.39
    %
    
    
    19.16
    %
    
    £
    86,187
    
    
    £
    194,169
    
    
    $
    355,556
    
    
    
    43.2
    %21%
    
    
    84,780
    
    
    
    14,714
    
    
    
    25.20
    %
    
    £
    113,381
    
    
    
    242,755
    
    
    
    6.69
    %
    
    
    20.08
    %
    
    £
    90,344
    
    
    £
    203,725
    
    
    $
    373,054
    
    
    
    45.3
    %22%
    
    
    85,481
    
    
    
    15,415
    
    
    
    26.40
    %
    
    £
    118,780
    
    
    
    243,456
    
    
    
    7.00
    %
    
    
    21.00
    %
    
    £
    94,500
    
    
    £
    213,280
    
    
    $
    390,552
    
    
    
    47.4
    %23%
    
    
    86,181
    
    
    
    16,115
    
    
    
    27.60
    %
    
    £
    124,179
    
    
    
    244,156
    
    
    
    7.31
    %
    
    
    21.93
    %
    
    £
    98,657
    
    
    £
    222,836
    
    
    $
    408,050
    
    
    
    49.5
    %24%
    
    
    86,882
    
    
    
    16,816
    
    
    
    28.80
    %
    
    £
    129,578
    
    
    
    244,857
    
    
    
    7.62
    %
    
    
    22.85
    %
    
    £
    102,813
    
    
    £
    232,392
    
    
    $
    425,548
    
    
    
    51.7
    %25%
    
    
    87,583
    
    
    
    17,517
    
    
    
    30.00
    %
    
    £
    134,978
    
    
    
    245,558
    
    
    
    7.93
    %
    
    
    23.78
    %
    
    £
    106,970
    
    
    £
    241,948
    
    
    $
    443,046
    
    
    
    53.8
    %26%
    
    
    88,283
    
    
    
    18,217
    
    
    
    31.20
    %
    
    £
    140,377
    
    
    
    246,258
    
    
    
    8.23
    %
    
    
    24.70
    %
    
    £
    111,127
    
    
    £
    251,503
    
    
    $
    460,544
    
    
    
    55.9
    %27%
    
    
    88,984
    
    
    
    18,918
    
    
    
    32.40
    %
    
    £
    145,776
    
    
    
    246,959
    
    
    
    8.54
    %
    
    
    25.62
    %
    
    £
    115,283
    
    
    £
    261,059
    
    
    $
    478,042
    
    
    
    58.0
    %28%
    
    
    89,684
    
    
    
    19,618
    
    
    
    33.60
    %
    
    £
    151,175
    
    
    
    247,659
    
    
    
    8.85
    %
    
    
    26.55
    %
    
    £
    119,440
    
    
    £
    270,615
    
    
    $
    495,540
    
    
    
    60.1
    %29%
    
    
    90,385
    
    
    
    20,319
    
    
    
    34.80
    %
    
    £
    156,574
    
    
    
    248,360
    
    
    
    9.16
    %
    
    
    27.47
    %
    
    £
    123,596
    
    
    £
    280,170
    
    
    $
    513,039
    
    
    
    62.3
    %30%
    
    
    91,086
    
    
    
    21,020
    
    
    
    36.00
    %
    
    £
    161,973
    
    
    
    249,061
    
    
    
    9.46
    %
    
    
    28.39
    %
    
    £
    127,753
    
    
    £
    289,726
    
    
    $
    530,537
    
    
    
    64.4
    %31%
    
    
    91,786
    
    
    
    21,720
    
    
    
    37.20
    %
    
    £
    167,372
    
    
    
    249,761
    
    
    
    9.77
    %
    
    
    29.32
    %
    
    £
    131,910
    
    
    £
    299,282
    
    
    $
    548,035
    
    
    
    66.5
    %32%
    
    
    92,487
    
    
    
    22,421
    
    
    
    38.40
    %
    
    £
    172,771
    
    
    
    250,462
    
    
    
    10.08
    %
    
    
    30.24
    %
    
    £
    136,066
    
    
    £
    308,837
    
    
    $
    565,533
    
    
    
    68.6
    %33%
    
    
    93,188
    
    
    
    23,122
    
    
    
    39.60
    %
    
    £
    178,170
    
    
    
    251,163
    
    
    
    10.39
    %
    
    
    31.17
    %
    
    £
    140,223
    
    
    £
    318,393
    
    
    $
    583,031
    
    
    
    70.8
    %34%
    
    
    93,888
    
    
    
    23,822
    
    
    
    40.80
    %
    
    £
    183,569
    
    
    
    251,863
    
    
    
    10.70
    %
    
    
    32.09
    %
    
    £
    144,379
    
    
    £
    327,949
    
    
    $
    600,529
    
    
    
    72.9
    %35%
    
    
    94,589
    
    
    
    24,523
    
    
    
    42.00
    %
    
    £
    188,969
    
    
    
    252,564
    
    
    
    11.00
    %
    
    
    33.01
    %
    
    £
    148,536
    
    
    £
    337,504
    
    
    $
    618,027
    
    
    
    75.0
    %36%
    
    
    95,290
    
    
    
    25,224
    
    
    
    43.20
    %
    
    £
    194,368
    
    
    
    253,265
    
    
    
    11.31
    %
    
    
    33.94
    %
    
    £
    152,693
    
    
    £
    347,060
    
    
    $
    635,525
    
    
    
    77.1
    %37%
    
    
    95,990
    
    
    
    25,924
    
    
    
    44.40
    %
    
    £
    199,767
    
    
    
    253,965
    
    
    
    11.62
    %
    
    
    34.86
    %
    
    £
    156,849
    
    
    £
    356,616
    
    
    $
    653,023
    
    
    
    79.3
    %38%
    
    
    96,691
    
    
    
    26,625
    
    
    
    45.60
    %
    
    £
    205,166
    
    
    
    254,666
    
    
    
    11.93
    %
    
    
    35.79
    %
    
    £
    161,006
    
    
    £
    366,172
    
    
    $
    670,521
    
    
    
    81.4
    %39%
    
    
    97,392
    
    
    
    27,326
    
    
    
    46.80
    %
    
    £
    210,565
    
    
    
    255,367
    
    
    
    12.24
    %
    
    
    36.71
    %
    
    £
    165,162
    
    
    £
    375,727
    
    
    $
    688,019
    
    
    
    83.5
    %40%
    
    
    98,092
    
    
    
    28,026
    
    
    
    48.00
    %
    
    £
    215,964
    
    
    
    256,067
    
    
    
    12.54
    %
    
    
    37.63
    %
    
    £
    169,319
    
    
    £
    385,283
    
    
    $
    705,517
    
    
    
    85.6
    %41%
    
    
    98,793
    
    
    
    28,727
    
    
    
    49.20
    %
    
    £
    221,363
    
    
    
    256,768
    
    
    
    12.85
    %
    
    
    38.56
    %
    
    £
    173,476
    
    
    £
    394,839
    
    
    $
    723,015
    
    
    
    87.8
    %42%
    
    
    99,494
    
    
    
    29,428
    
    
    
    50.40
    %
    
    £
    226,762
    
    
    
    257,469
    
    
    
    13.16
    %
    
    
    39.48
    %
    
    £
    177,632
    
    
    £
    404,394
    
    
    $
    740,513
    
    
    
    89.9
    %43%
    
    
    100,194
    
    
    
    30,128
    
    
    
    51.60
    %
    
    £
    232,161
    
    
    
    258,169
    
    
    
    13.47
    %
    
    
    40.40
    %
    
    £
    181,789
    
    
    £
    413,950
    
    
    $
    758,011
    
    
    
    92.0
    %44%
    
    
    100,895
    
    
    
    30,829
    
    
    
    52.80
    %
    
    £
    237,560
    
    
    
    258,870
    
    
    
    13.78
    %
    
    
    41.33
    %
    
    £
    185,945
    
    
    £
    423,506
    
    
    $
    775,510
    
    
    
    94.1
    %45%
    
    
    101,596
    
    
    
    31,530
    
    
    
    54.00
    %
    
    £
    242,960
    
    
    
    259,571
    
    
    
    14.08
    %
    
    
    42.25
    %
    
    £
    190,102
    
    
    £
    433,061
    
    
    $
    793,008
    
    
    
    96.3
    %46%
    
    
    102,296
    
    
    
    32,230
    
    
    
    55.20
    %
    
    £
    248,359
    
    
    
    260,271
    
    
    
    14.39
    %
    
    
    43.18
    %
    
    £
    194,259
    
    
    £
    442,617
    
    
    $
    810,506
    
    
    
    98.4
    %47%
    
    
    102,997
    
    
    
    32,931
    
    
    
    56.40
    %
    
    £
    253,758
    
    
    
    260,972
    
    
    
    14.70
    %
    
    
    44.10
    %
    
    £
    198,415
    
    
    £
    452,173
    
    
    $
    828,004
    
    
    
    100.5
    %48%
    
    
    103,698
    
    
    
    33,632
    
    
    
    57.60
    %
    
    £
    259,157
    
    
    
    261,673
    
    
    
    15.01
    %
    
    
    45.02
    %
    
    £
    202,572
    
    
    £
    461,729
    
    
    $
    845,502
    
    
    
    102.6
    %49%
    
    
    104,398
    
    
    
    34,332
    
    
    
    58.80
    %
    
    £
    264,556
    
    
    
    262,373
    
    
    
    15.32
    %
    
    
    45.95
    %
    
    £
    206,728
    
    
    £
    471,284
    
    
    $
    863,000
    
    
    
    104.7
    %50%
    
    
    105,099
    
    
    
    35,033
    
    
    
    60.00
    %
    
    £
    269,955
    
    
    
    263,074
    
    
    
    15.62
    %
    
    
    46.87
    %
    
    £
    210,885
    
    
    £
    480,840
    
    
    $
    880,498
    
    
    
    106.9
    %




---



##### 



Exhibit B
 INVENTIONS AND IMPROVEMENTS
  CONFIDENTIALITY




---



#####