Ann: Facility Agreement with SIO Partners LP, page-86

The EU approval for the ADAPT products was TOTALY out of WP and the boards hands so in this instance I don't think any blame can be attributed . As for the direction they persued to market the ADAPT I feel this was a incredibly poor decision by management . Setting up a world wide network to market this product is just plain crazy , Maybe if AHZ was a well established and funded company and there were more products in the ADAPT range in would great but that's not the case . AHZ needed to partner to market the ADAPT and pick up that nice big pay cheque for the marketing rights . This would have given them the funds to drive the TAVR project deep into human trials , Successful human trials will mean a partnering deal worth a more than most here think about . Most here are probably thinking a opposition company to Edwards will pick this up . Once the TAVR is proven in human trials I personally think Edwards themselves will buy the rights Edwards would undoutably have the cash and would definitely not want to see a opposition company with a better TAVR eat into their 3 billion dollar per year profit