Ardana appoints New Non-Executive to The Board

Edinburgh, UK, 17 June 2005

Ardana today announces that Carol Ferguson has been appointed as a non-executive director and as Chair of the audit committee.

From 1990-1996 Mrs Ferguson was Finance Director of Timney Fowler Ltd, a textile design company. Prior to this she was a financial journalist and columnist for The Times drawing on her 14 years experience in investment, fund management, research and sales. Between 1977-1987, she headed up the oil department at stockbrokers Wood Mackenzie & Co in Edinburgh and was ranked No 1 oil analyst by Extel for six successive years.

Since leaving Timney Fowler, Mrs Ferguson has been involved with several public, private and voluntary organisations in a non-executive or advisory capacity, primarily chairing audit committees. In 2002, she was elected a member of the executive committee of the Association of Investment Trust Companies and was recently appointed a Deputy Chairman. Current non-executive appointments include Monks IT, Gartmore Smaller Companies IT, Merrill Lynch Greater Europe IT and Vernalis plc.

Maureen Lindsay, CEO of Ardana, said:

“Carol brings considerable financial expertise to our Board and we are delighted that she is joining us.  She has an impressive background and her current directorships demonstrate how highly she is valued in an advisory capacity.  Her contributions will be invaluable as we take our product pipeline closer to commercialisation.”

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