1Q2008A 2Q2008A 3Q2008A AV-45 Phase 4Q2008P

Base Scenario(No debt no D round) 26.4 23.9 23.2 16.7 Cash

Original Plan($25m series D raise in Q12009) 26.4 23.9 23.2 16.7
AV-45 Only,no debt,no-D round 26.4 23.9 23.2 Bas e Scenari o(No debt
16.7
AV-45 Onl y,no debt,no-D
40

30

20

$ in million
10

0
8A 8A 8A 8P
00
-10
2 200 200 200
1Q 2Q 3Q 4Q
a se s
D
-20 ie
Ph er
5 S
-4
-30 AV
 Series D 1Q2009P 2Q22009P3Q22009P4Q2009P
Cash Flow Evaluation11.4(All scenarios)
6.6 1.6 -4.7
36 31.6 26.6 20.3
Bas e Scenari o(No debt no D round) Origi nal Pl an($25m
11.4 8.1 seri4.9
es D rai s e i n Q12009) 1.3
AV-45 Onl y,no debt,no-D round

8A 8A 8P 9P 9P 9P 9P 0P 0P 0P 0P
200 200 200 200 200 200 200 201 201 201 201
4Q 1Q 2 2 4Q 1Q 2Q 3Q 4Q
2Q 3Q 2Q 3Q
a se s
D
Ph ie
5 S er
-4
AV
Quarter
 1Q2010P 2Q2010P 3Q2010P 4Q2010P
-10.3 -15.3 -19.5 -23.6
14.7 9.7 5.5 1.4
-1.2 -4 -6.1 -8.4

P 0P
10 01
2
4Q