Ann: March 2014 NEWSLETTER , page-69

Dougal the strategy of appointing a CEO before the board was flawed and a number of large shareholders let Harry know this. It is the board that appoints the ceo and even at that time the current board knew they would be required to stand down as new credentialed candidates where signed up. Not only would any CEO appointed then be very nervous that all their supporters had just fallen on their sword a couple of months after they started but obviously with a more pharma focused board we should be able to attract higher quality candidates. So you are correct that the strategy presented 6mths ago in his respect wasn't followed but purely because the current strategy made far more sense. The board and Harry listened to shareholder advice and decided that there was logic in the argument.