Subject: File No. S7-03-06
From: David Mackay, Ph.D.

April 9, 2006

The open disclosure of the full benefits and various forms of compensation provided to executives is long overdue. Inclusion of salary of non-executives is unnecessary. For too long there has been a long series of perquisites and benefits provided in executive compensation that is far to obscure and hidden. Stock options should be clearly listed as a seperate item. The valuation of stock options is far too mercurial. It might be what someone else would theoritically pay for them at that time.