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Monday 06 February, 2006

North Atlantic Value

RE: Skyepharma Appointments

North Atlantic Value LLP
06 February 2006

Not for release, publication or distribution in whole or in part, in or into the
United States, Canada, Australia or Japan



                                                                 6 February 2006



     NORTH ATLANTIC VALUE LLP (ACTING ON BEHALF OF CERTAIN INVESTMENT CLIENTS)


                    Re: SkyePharma makes senior appointments


North Atlantic Value LLP (acting on behalf of certain investment clients) 
('NAV') together with Insight Investment and Morley Fund Management ('the
Requisitionists') notes the announcement this morning by SkyePharma Plc 
('SkyePharma' or 'the Company') that it has appointed Mr Frank Condella as Chief
Executive and Dr Ken Cunningham as Chief Operating Officer of the Company.

The views of the Requisitionists are wholly unchanged by today's announcement.
SkyePharma's performance over many years has been one of over-promise and
under-delivery and many of the individuals associated with this
under-performance will continue to be associated with the Company following this
morning's announcement.

The Requisitionists also believe that today's appointments are unlikely to
address the corporate governance issues currently faced by the Company. They
believe that the appointment of Bob Thian, who has an exemplary record in
corporate governance reform and the creation of shareholder value, as executive
Chairman is the appropriate way to deliver the fundamental disciplines that the
Company so clearly requires.

The Requisitionists believe that, following the lodging of Extraordinary General
Meeting ('EGM') Requisition Notices with the Company on January 27, the Board of
Skyepharma should call an EGM of shareholders without further delay.


Enquiries:

Citigate Dewe Rogerson
Tel: (020) 7638 9571
Patrick Toyne-Sewell/Freida Moore

North Atlantic Value LLP
Tel: (020) 7747 5678
Christopher Mills/Charles Groves


Note to Editors

The Members of NAV LLP accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the NAV Members
(who have taken all reasonable care to ensure that such is the case), such
information is in accordance with the facts and does not omit anything likely to
affect the import of such information.



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