Bender/Wise

Main

First Contact to Start Lysozyme Research

January 1, 2000

FDA Expenditure ($16 mil)

1/1/00 - 1/1/03

JV or IPO

June 1, 2001

Tentative Sales Staff Loan

1/1/03 - 1/1/05

FDA Approval as Food Additive

1/1/03

Followed Gilbert's Marketing Plan

4/1/04 - 4/1/06

Sales [1 - .495 (to GC for producing) - 1 (SG&A) = (.505)]

4/1/04 - 4/1/05

License Fee for non-food addives (1.5 - .4)

january 1, 2005 - december 31, 2005

Y2 Sales(2.1 - 2.1 = approx. 0)

4/1/05 - 4/1/06

LC financed Y1 loss by borrowing from GC

4/1/05

Suggested Sale Price (50)

4/1/06 - 4/1/11

Projected Y3 Sales (5 - 3.6 = 1.4)

4/1/06 - 4/1/07

Restructure

April 1, 2006