Warren Lichtenstein Quotations

We are prepared to allow you to demonstrate this or a greater value to us and would consider increasing our acquisition price if you are able to do so.

We made our commitment to KT&G because we are confident in the strong potential of this company. If the CEO is not willing to consider our proposals as investors, we have no choice but to continue to seek election of our nominees.

You have flatly refused to listen to any of the proposals that we have made. In light of this, we have determined to make a proposal to acquire KT&G.

You have flatly refused to listen to any of the proposals that we have made.

We believe such a decision, without justifiable reason, infringes our statutory right to submit shareholder proposals.

The company has effectively accepted only two of three of the committee's director nominees and thereby violated Korean law.

The company's ability to designate the number of directors up for election ... disenfranchises shareholders.