Ann: EGM Presentation, page-32

I really think some shareholders are assuming that Dirk and management made some announcement that forced that share price collapse. The way it was explained to us was that post the placement at 35 cents the market experienced some softness leading to one of the new institutional investors to sell out followed by another for some governance reason. Shortly after that some Asian hedge fund sold the stock down from 29 cents to 19 cents where more damage has been done by retail investors. I have personally heard that Fidelity has been a constant seller. Some of these funds are forced to sell when a company’s market cap falls below a certain value. Not Alexium’s fault but the rebuilding will start with a new group of institutional shareholders - hopefully more loyal than the last lot.