IOC Update re Call for Special Meeting

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• MH is not on the BOD;(Sorry this is incorrect. He joined the BOD in November 2013)
  
• His compensation is based on his contract from 7/2013;
• Oil prices were over $100/bbl in July 2013;
• No one complained about MH's compensation when he was hired;
• MH's annual compensation is in line with other CEOs in the O/G industry (Woodside CEO Coleman made $8.45 million in 2014)
• MH's purchase of IOC stock is regulated by the IOC Insider trading policy and is not subject to his personal desires to buy shares or not;
• The IOC insider trading policy was enacted by the IOC BOD on which MH has no vote whatsoever.
(MH does have a vote as a director, but the policy is still controlled by the entire BOD and not by the CEO).