Ann: Executive Director Remuneration, page-6

It's funny how people perceive value - if it was $300k Would that be better? We will have to judge her contribution in hindsight but I am in favor of the package as I believe there have been too many biotech failures though lack of general commercial experience and the flawed approach of appointing the scientists to run the commercial aspects. She completely understands the business now and my read of her experience was that she was being groomed for a CEO role that was more expensive than we are paying and if PYC is successful then it may only be a 2-3 year appointment so there could be a premium for potentially unstable tenure - I am also certain that we already owe her - my experience is that she has worked far harder than we have paid so far. Your assement of Hayes and their combined skillls is spot on and precisely why the combination has been appointed IMHO. Attracting someone like Hayes to a Board is a big win but getting him to move down here and lead the science is absolutely next level and worth asking the question - why is he so interested (and Kendall for that matter). I believe it is an appointment that will be understood over time and the combination of the 2 will demonstrate its potency faster than people expect. A commercial lawyer with experience in negotiating multi hundred million dollar deals as a CEO will (I believe) prove valuable over the next 2 years. Someone with a spare $5m seems to agree and paid a fair price to get involved. I still believe that there are others who would like to be involved - let see what happens during the next quarter/half. The construction of the Scientific Board will finalise the global awareness of PYC and then then it's cred will be where VLA was a little while back. It's potential is 10x VLA though because of the unlimited potential of the FPP. This is not just a combination therapy improvement - it is a delivery platform holy grail and on top of this they might crack a 35 year old target in MYC. Thats why people like Hayes are showing up IMHO. Part of the new CEOs job is to make sure no one steals it from us and that all the current owners begin to understand what they own.