Ann: Result of Option Exercise, page-24

Options? Everything with KPO always revolves around options. For the past 12 months every little rally, every plunge in SP, was attributable in some way to the granting/ maturation/ exercising of options.

What's happening in China, with Sinopec, or ROW, barely rates a mention anymore. It's not driving the SP. It hasn't for some time. It's all about the options. The options is what it's about. Options.

I think options are handed out too generously and cheaply. Far from incentivizing management and rewarding 'advisers' options are an end in themselves. In my opinion, options cleave - not align - the interests of management from shareholders.

Options. That's my opinion on options.