Ann: Board Changes, page-156

All –

Apologies for the lateness of this post. I’ve been busy in the real world!

Some very interesting and, IMO, positive developments this week.

New blood appointed to the BoD – I’m waiting now to see what remains to unfold and what communications are issued once they have had the opportunity to meet.I’m expecting that there will be further developments in the near term to address a range of issues that have been raised by SH for several years. If this doesn’t occur, the option for further action to be taken by members of the Company is still alive.

Interim arrangements include John Clark joining the BoD and continuing to act as CEO – I think we should all do whatever we can to lend our support to John, who has stepped up for the Company (that’s US people) at a very challenging time. I hope that the BoD has turned its mind to the need to support John in whatever way it can.

For those who are disappointed that the restructuring of the BoD has been accompanied by a SP drop, I urge patience and a longer-term view of the situation. I remain confident that these structural reforms to the way the Company is governed are not only necessary but will set us up well to transition from baby-biotech to world beater. From what I have learnt over the past week, I believe this would not and could not have happened without these significant reforms.

The current SP presents an outstanding buying opportunity as the company fundamentals have not changed – other than the obvious reinvigoration of the Board with new Directors who are well equipped to guide PAA through the next exciting stage.

The changes that occurred this week were never going to be a magic wand – they are the start of a very exciting journey and I look forward to being aboard for the next chapter.

Cheers

Densy