Ann: Beam Quarterly Report - Further Growth in Cash Position, page-49

that’s pretty much the nexus of the debate we actually had re future regions, setting out a strategic plan, etc.

- my view is you need to put forward a strategic plan, at least directionally, and measure performance against it.

- Michael did say they company has always been conservative, but in this never set false expectations and missed future targets

- I said it’s easy to hit targets when you only comment on what’s actually happened in retrospect

they don’t want to hang themselves out with a lot of expectation risk, but seem pretty confident they will get the results... so really it’s a spectrum and right now they are at zero.

They don’t need to goto 10 with wild predictions of $x revenue by 2022 but more make some clear and achievable goals transparent for the next 12 months and then deliver on them (first sales in Europe/ first sales in Japan/ China etc)