my apologies to the board for not bothering to, page-8

Dear Ed,

Once again my friend, you seemed to have missed the point of this exercise. The exercise was not to point fingers at FML staff or the board or the share price. This was about your simple confusion of results and effort.

So, simply, here is the difference.

Effort - this was about the pay increases for the Board. They are not above industry averages and the effort was there. This should have passed as a no brainer.

Results - This is where the praise, the bonus stock options and first class flights come in (business class standard above 6 hours for any human being). We have not seen the results in the share price, and accordingly, they do not have the praise of many nor the bonus stock options.

I presume that you are unemployed else you would have quickly realised that this is about effort and not results. They are 2 different things.

Finally, let me state the bleeding obvious. Without effort, you cannot have results. Without a dedicated Board, you don't have effort. You do the math!!!!!