Jonas CT, Wang Ph. D.Partners, Sycamore Ventures

Business Plan Presentation & Pitching

December 4, 2004

Jonas CT, Wang Ph. D Partner, SYCAMORE VENTURES

• National Defense Medical Center, Taipei Taiwan ROC, 1967 (The 2nd Military Medical University, Shanghai PROC)

• Ph. D. College Of Pharmacy, University of Iowa, 1982• Associate Director, Bristol-Myers-Squibb, 1981-1988 • Vice President, Research & Technology RD&E Division Johnson & Johnson Consumer Products WW1988-2001

• Fields of Expertise: Technology & Business Strategy, IP Strategy, and Global market development strategy, in Pharmaceuticals & Biotechnology.

• CEO/President, StemCyte Inc., July-October 2002

• Partner, Sycamore Ventures 2001-Present

• Instructor, School of Pharmacy NDMC Taiwan ROC 1968-1977

Venture Capital Firms Looking For Plan B "The Pink Sheet", January 05, 2009 Copyright FDC Reports Inc. 2009

● Companies are cheap, but money is expensive. ● Burn must be slowed, but without sacrificing value drivers. ● Finding the exit has never been more difficult. ● A devastating fund-raising environment-a dilemma: the ongoing financial crisis means there are buying opportunities for VCs with cash, but it also means fewer total dollars going into VC funds. ● Because of the financial meltdown, straitened endowments

and institutions will have less to invest in venture capital in 2009, making it one of the most difficult fund-raising environments in memory. ● Even already committed capital may be at risk; despite evidence to the contrary, rumors are spreading that certain limited partners are balking on capital calls.

Sample of Investment Proposal MemoI. Recommendation

· Amount and instrument · IRR· Closing Date

II. Background…………………………………(History)III. Product & Services……………………….. (Technology)IV. Market Size & Growth Rate………………(Marketing)

· Competitions· Accessible Market

V. Management Team…………………………(Management)VI. Financial History & Projections…………..(Finance)

· Shareholder List· Income Statements, Balance Sheets, Cash Flows · Comparables & IRR

VII. Sources & Uses of Fund……………………(F & M)VIII. Rationale for the Investment………………(Justification)IX. Risks…………………………………………(Legal)X. Outstanding Issues………………………….(Concerns)XI. Appendix · Due Diligences……………………..(Communication)