Thank you nobeefstu - as I said I don't use the program much so would not have purchased an additional registration key. Each feature I was trying to use though was prompting it and I didn't realise that it was a different/new feature, that is why I asked. As you know it takes a while to 'create' the file and I couldn't see the watermark until it was created and I had started with the option at the top. My original emails from wnsoft say 'This registration will work with all future versions of PicturesToExe (otherwise, we'll provide you with the new one - free of charge, of course). If you lose this file, please drop the letter to support@wnsoft.com and we'll send it to you again.' So I assumed this meant that future versions would work in full. No drama I have the exe file I needed now and can see that I need to purchase an upgrade to use the additional features. Thank you for the genuine response though.