The ASPM assessment of the Prince Edward Islands toothfish resource by Brandão and Butterworth (2005) that permitted annual fluctuations about a deterministic stock-recruitment relationship is updated to take account of further catch, GLM standardised CPUE and catch-at-length information that has become available for the years 2005 and 2006. The assessment allows for a second fleet to accommodate data from a pot fishery that operated in 2004 and 2005. Updated biological parameter values for Subarea 48.3 are incorporated and lead to less optimistic results. The resource is estimated to be at about 40% of its average pre-exploitation level in terms of spawning biomass. It is suggested that it would be prudent to restrict annual legal catches to 500 tonnes or less, unless a large proportion of the catch is to be taken by pots (which avoid the cetacean predation associated with longlining). Specific issues raised at WG-FSA-SAM 2006 about this assessment are addressed.