Ann: Chairman's Address to Shareholders, page-25

Mr Cod has summarised most of the salient points from the AGM. Here are a few thoughts from me.

Firstly, the FXS and TBI trials are still on track to be reported in Q4, as per current expectations. He wouldn't be drawn on exact enrolment numbers for any of the trials. My purely subjective judgement is that RT seemed quite positive about the TBI trial and neutral about the FXS trial. Given that this would have been the perfect opportunity to soften everyone up for a delay- a la concussion trial- I am working on the basis that we don't have to panic about these trials being even later.

Reading between the lines I think they've learned from the BT experience with Rett and will keep their cards close to the chest for future BT applications. Note that this is purely my interpretation (I think at some point RT used the phrase "if we decide to pursue BT")

The concussion trial is running slow and won't report until 2016. In what is probably one of those obvious-in-retrospect things, they're going to expand the trial to some of the sites that have been running the TBI trial. I think the hope was that the Army location would be steady source of trial participants but circumstances have proved otherwise.

The meeting with the FDA will definitely be held during this half of the year. RT seemed very firm on that. His comment was "we'll be pushing for the next trial to be a pivotal trial"- in other words the one that would get them to market if successful. I don't think that's particularly surprising and really until we get solid info from that meeting we can only speculate.

RT reiterated at several points that they were very pleased with the trial results and that they exceeded expectations. This was clearly one of his "take home points".

An interesting aspect of the meeting for me was that Larry was present (via teleconference) but silent. I wasn't at last year's effort so don't know if it was the same then. RT is much more measured and careful in what he says than LG who tends to be a bit more expansive.

SO I got the feeling that this year's AGM was a bit of expectation management: no new news, a few recent issues that are a bit disappointing but not disastrous, steady as she goes, don't panic.