Hi Bernard,

I was looking through some insider trading records for HPQ and learnt that one of our directors - Peter Henderson Smith - has over the past months gone from a position of owning hundreds of thousands of shares down to zero. I find this very puzzling and would really appreciate your comments;

-- why would a director divest himself of his entire portfolio? I hope this is not indicative of his belief in this company's future and of the Pyrogenesis process.

-- is he still a director?

-- does Pyrogenesis, or any of its directors, own stock in HPQ?

Looking forward to your reply,

Brgds - Bullwrinkle.