Ann: March 2014 NEWSLETTER , page-49

Rereading the Newsletter, two strong negatives(?) stand out, not I think yet commented on:

- unsurprisingly, the page on cosmetics is just an embarrassed commentary on failure (heavily promoted, too, as unfortunately had to be noted). Little future hope held out

- more intriguingly and importantly, absolutely no mention of management succession. Expectation of a further new Director(s) but nothing re the key appointment - a new CEO. Rosen can't realistically go on much longer & they were certainly trying to find someone. Any long term (perhaps even medium term, ie. beyond mid 2015?) independent future for POH must crucially depend on managing to attract a credible successor. The next few months are clearly mapped out in the Newsletter. Thereafter....??