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To: Mark Marcellus who wrote (7917)	5/16/2001 12:20:10 PM
From: Jorj X Mckie	Respond to of 17683

CSCO gives new options grants yearly. It shouldn't be too surprising that they were given again. Any options that have been granted since January 1999 are underwater. There have been two stock splits since then. This means that if there was a re-pricing of those options, there would be a much greater number of options that are now at $18 AND they would be partially vested, which would add to the likelihood that they could add to the immediate dilution issues. Further, it is arguable that many of the options that were granted in the 2 years will remain underwater forever and will never actually dilute the stock, since they won't get exercised. But that isn't the real issue. The issue is that it is important for reporters to at least attempt to do some responsible reporting.