Ann: December 2018 Quarterly Report, page-5

"They have failed to close one deal."

Sympathetic to where you are coming from but I don't think that statement is more true than false.

They did close the initial Fujifilm deal of 19 January 2017 to a substantial extent. Some of its ramifications are still playing out but there was real value in that original commercial deal. Cyp really benefitted from the association with Fujifilm then.

I also think (on the balance of probabilities) there has been value in other deals too. For instance I think there is/was real value in getting Fidelity into CYP at 10% shareholding because it helps create a blocking stake against a low-ball takeover by Fujifilm for instance. CYP management with their own shares only has to convince Fidelity that a low-ball offer is and they have largely headed it off.

I did not like the way management obtained their shares but I do appreciate that now that they have them they do help to allign with shareholders general interests against low-ball take-over offers. Very little could save shareholders if management was actually in the pocket of Fujifilm and I don't believe that that is the case I just acknowledge the possibility for completeness.