peaking- too high, page-8

Another good day for CIY - up 5c to $2.25.

The CIYOA option also had a good day and ended at $1.08. At one stage it was $1.20. That option is now about 8% below the head share in value.

The other option, CIYO, finished the day at $1.25, after trading for most of the day at $1.50 - $1.52. At $1.25, CIYO is way undervalued and doesn't make any sense. Adding in its exercise price of 30c, that makes it only $1.55 compared with the head share of $2.25 - making it undervalued by 30%.

Both options expire in 2006. Beats me why anyone would buy the head share.

Cheers, Anne