My Chat with Bill Paterson, page-2

During my call with Bill this afternoon:

- He reiterated Corum's focus on improving the current business and exploiting previously neglected opportunities in the pharmacy sector.
- In regard to acquisitions he also reiterated that if the corporate and business fit with the Corum business is plausible and it was for the right price that the Board will give it proper consideration. However, what I guaged after further discussion is that they are looking more for a "fixer upper" rather than an already high performing business. They have also found that the owners of listed companies command a much higher multiple than unlisted.
- He ruled out the prospect of a share buyback. Said it was too "short term" minded and that it wouldn't add value. His opinion is that if the business performs well the share price will follow and the cash should be retained to pursue future opportunities.