Jonthan Milner urges Abcam shareholders to elect him as Executive Chairman

Jonathan Milner, the founder and one of the largest investors in Abcam with ownership of 6.3% of the Company, issued an open letter to the Company’s shareholders calling for the removal of Peter Allen, Michael Baldock and Sally Crawford as Directors of the Company; and the appointment of Jonathan Milner as a Director of the Company and Executive Chairman. The letter read in part, As the Founder and 6.3% shareholder in Abcam, I am dedicated to helping restore Abcam’s financial and operational performance and to driving value for all shareholders. At the Company’s upcoming extraordinary general meeting of shareholders scheduled on or before July 18, 2023, you will have an important decision to make regarding the future of your investment in Abcam. Align yourself with me, who has a vested interest in restoring Abcam to the valuation it deserves for the benefit of all Abcam shareholders or stay the course with the current Board, which has lost focus resulting in sustained financial underperformance and value destruction compared to its peers and the broader market. I have attempted to meaningfully engage with Board members on multiple occasions where I offered to help reverse the Company’s loss of focus. During that process, I was offered a Board seat subject to restrictions that would impair my ability to hold management accountable and to serve shareholders effectively. It has now been proved that, under the current Chairman, the Board and management team are unable to restore the value of the Company and I feel compelled to return to the Board as Executive Chairman. The persistent erosion of share value in recent years under the current Board signals that the time for change is now. While I am disheartened by Abcam’s performance over recent years, I am excited about the Company’s future. The global markets that Abcam operates in are robust and growing and the Company continues to serve customers who are loyal and predictable. I believe that management miscues can be easily fixed positioning Abcam to deliver value to shareholders in short, medium and long term. But time is of the essence. If we don’t act now, the Company is at risk of passing the point of no return…My expertise and shareholding uniquely make me the only person that can quickly reverse this situation, restore shareholder trust and value and make Abcam the world leading antibody company once again… My six pledges to you: My leadership will re-energize the Board and management team; We will rapidly restore focus around first-rate governance, execution, cost control, transparent investor relations, and executive accountability; We will restore focus on our core competency – being best in the world at antibodies and protein research tools; We will restore focus on costs, to return to strong margins and EPS; We will return to building sustainable shareholder value in the short, medium and long term; I will work tirelessly at the heart of the Company to achieve the above on behalf of all shareholders, employees and customers…For the sake of all stakeholders, I urge shareholders to elect me to the position of Executive Chairman and vote for the proposals outlined below. I can support and constructively challenge the current management team, lead the Board appropriately and increase value for all shareholders. The proposals include: The removal of Peter Allen, Michael Baldock, and Sally Crawford from office as Directors of the Company; The removal of any Director of the Company appointed after the Company’s receipt of the request to convene an EGM and before the occurrence of the meeting; The election of Jonathan Milner as a Director and appointment as Executive Chairman of the Board; A shareholder resolution to the Board to conduct a thorough search for candidates and appoint at least two other independent, highly qualified Directors to the Board promptly after the meeting;Company reimbursement of expenses of Jonathan Milner and affiliates incurred in connection with the foregoing matters.”