Previous NSEP Event

Exceeding Investor Expectations

Meeting and beating the demands of investors in Pharmaceuticals and Biotechnology

Thursday 11^th March 2004, 18.30, Four Seasons Hotel, London, 18:30

The event starts at 6.30pm (Registration from 6.00pm). The short talks and panel discussions last approximately 1¼ hours and will be followed by cocktails and canapés - the ideal networking opportunity. We are delighted that this networking evening will be held at the world famous Four Seasons Hotel, one of the most prestigious venues in the country.

Share prices in Pharmaceutical and Biotechnology seem to be on a roller coaster ride; swinging wildly on different announcements, but often averaging lower than should be the case. The question is whether this is just the nature of the industry (and therefore something we just have to live with it) or is there something that companies can do to dampen the effects?

One key to enhancing your company's profile and credibility within the investment community is to understand what they are looking for, another is delivering the promise. Getting those two right should clear the path to an increased share price, obtaining additional funding or other financial worries.

In particular the following issues will be examined:

• The importance of not talking up the share price too much
• Keeping pace with the changing attitudes and requirements of today's stakeholders and responding accordingly
• Strategies for keeping the hard won (and easily lost) reputation
• Aligning communication strategy to corporate strategy
• How to engage all stakeholders
• Why pharmaceutical and biotech stocks will outperform the market in the long run and how to communicate this
• Is looking for a company to merge with/take over/be taken over by always beneficial to investors?
• Why it matters if shares are undervalued of if they are overvalued

Outstanding speaker panel

Giles F B Kerr - Chief Financial Officer   AMERSHAM PLC

Giles Joined Amersham International plc as Group Financial Controller in 1991, becoming Commercial Controller in 1994 and Company Secretary and Director Corporate Development in 1996, before being appointed Group Finance Director in 1997. Worked for Arthur Anderson & Co from 1981, in positions including Audit and Accounting Manager and Partner, Corporate Finance and Investigations.

Mark Clement - Chief Executive Officer    MERLIN BIOSCIENCES

Mark Clement joined Merlin Biosciences in March 2000. A Chartered Accountant and Fellow of the Securities Institute he has over 17 years corporate finance experience with Coopers and Lybrand, Price Waterhouse, Hoare Govett, and more recently Panmure Gordon. In 1992 he was co-founder and Finance Director of Celsis International plc. He formed his own corporate finance consultancy in October 1997. He has extensive experience in negotiating and managing collaborations and consolidations both in the US and in Europe. He is a non-executive director of investee companies of the Merlin Biosciences Fund and of the Merlin General Partner II Ltd.

Andrew Heath - Chief Executive Officer   PROTHERICS Andrew Heath holds an M.D. and PhD from Sweden's Gothenburg University. He has both clinical and commercial experience in the pharmaceutical industry. Until 1996, he was responsible for more than 500 sales and marketing professionals at Astra USA. He served as Chief Executive Officer at AeroGen Inc a privately held drug delivery company from 1996 to 1998, joining Protherics as Chief Executive Officer in March 1998.