Referring to our PTXheadline of last week. Based on more recent contacts we have had with the Cabinet of the Minister of Finance, the Council of Ministers on 23 October 2002 would have decided that companies could be allowed to extend the exercise period of existing stock options for a 3 year period (instead of 2 years as previously communicated) without additional Belgian income tax cost.

In addition, the conditions under which a taxable event would occur on the grant date would be subject to the acceptance in writing of the option grant by the beneficiary. At present, taxation takes place on the 60th day following the offer date unless the option has been refused in writing prior to that date.