Exhibit 1

ARCADIAN MICROARRAY TECHNOLOGIES, INC.

Cash Flow Forecast by Arcadian Management

INCOME STATEMENT
Sales
Clinical microarrays
Research microarrays
Royalties and other revenue
Human therapeutics
Total sales
Cost of sales
Gross profits
Contract revenue
Operating expenses
Research & development
Selling, general & admin.
Total expenses
Other income
Income before taxes
Taxes
Net income
FREE CASH FLOW
Net income
Noncash items
Working capital

Actual
2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

$0
2
0
0
2
7
(5)
16

$1
12
0
0
13
10
3
21

$15
28
2
0
45
21
24
23

$56
45
13
0
114
41
73
15

$107
75
52
8
242
84
158
12

$181
110
106
57
454
159
295
4

$249
135
146
171
701
246
455
3

$274
165
166
250
855
322
533
3

$282
190
174
330
976
335
641
3

$285
210
186
352
1,033
350
683
3

$289
225
189
362
1,065
361
704
3

14
12
26
3
(12)
0
($12)

20
15
35
2
(9)
0
($9)

24
24
48
2
1
5
($4)

18
45
63
0
25
9
$16

21
93
114
(3)
53
19
$35

21
176
197
(10)
92
32
$60

32
259
291
(25)
142
57
$85

43
323
366
(38)
132
76
$56

51
369
420
(43)
181
89
$92

52
372
424
(37)
225
90
$135

50
349
399
(20)
288
85
$203

($12)
0
(4)

($9)
1
(8)

($4)
2
(12)

$16
2
(22)

$35
6
(63)

$60
10
(101)

$85
18
(118)

$56
19
(100)

$92
15
(61)

$135
8
1

$203
(1)
39

Capital expenditures
Free cash flow

(15)
($31)

(6)
($22)

(5)
($19)

(23)
($27)

(53)
(93) (111)
(98)
($76) ($124) ($126) ($123)

(66)
($20)

(10)
$134

(10)
$231

Exhibit 2
ARCADIAN MICROARRAY TECHNOLOGIES, INC.
Cash Flow Forecast by Sierra Capital

INCOME STATEMENT
Sales
Clinical microarrays
Research microarrays
Royalties and other revenue
Human therapeutics
Total sales
Cost of sales
Gross profits
Contract revenue
Operating expenses
Research & development
Selling, general & admin.
Total expenses
Other income
Income before taxes
Taxes
Net income
FREE CASH FLOW
Net income
Noncash items
Working capital

Actual
2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

$0
2
0
0
2
7
(5)
16

$0
4
1
0
5
17
(12)
22

$2
11
4
0
17
20
(3)
22

$11
22
7
0
40
25
15
15

$22
40
12
0
74
39
35
12

$36
59
15
0
110
54
56
4

$56
89
25
0
170
72
98
4

$71
135
50
14
270
96
174
4

$85
145
60
56
346
124
222
4

$95
160
75
80
410
142
268
4

$106
185
91
110
492
154
338
4

14
12
26
3
(12)
0
($12)

23
21
44
0
(34)
0
($34)

25
25
50
0
(31)
(0)
($31)

27
32
59
1
(29)
1
($30)

29
44
73
(1)
(27)
4
($31)

33
64
96
(2)
(38)
(13)
($25)

37
87
124
(2)
(24)
4
($28)

44
104
147
(3)
28
11
$17

52
127
179
(2)
45
15
$30

53
138
191
0
80
27
$53

54
136
191
0
152
39
$112

($12)
2
(6)

($34)
3
(6)

($31)
3
(6)

($30)
3
(7)

($31)
4
(14)

($25)
6
(17)

($28)
8
(19)

$17
10
(20)

$30
14
(28)

$53
18
(16)

$112
20
(6)

Capital expenditures
Free cash flow

(15)
($31)

(9)
($46)

(9)
($43)

(9)
($43)

(10)
($51)

(11)
($47)

(15)
($54)

(18)
($11)

(24)
($8)

(27)
$28

(28)
$98

2015
$114
199
105
140
558
160
398
4
58
136
194
3
210
48
$162

$162
23
(6)

(30)
$149

Exhibit 3
ARCADIAN MICROARRAY TECHNOLOGIES, INC.
Analysis of 5 year Dividends as % of Stock Price

BNSF
Caterpillar
Cooper Industries
Cummins, Inc.
Deluxe Corporation
RR Donnelley
Dun & Bradstreet
Eaton Corp.
Emerson Electric Co.
Equifax
FedEx Corporation
Fluor Corporation
Honeywell Int'l. Inc.
Illinois Tool Works, Inc.
Kelly Services
ServiceMaster
Sherwin-Williams Co.
Smurfit-Stone Cont. Co.
Tenneco
Weyerhauser Co.

Recent
Price
$53
49
67
82
33
34
64
63
70
33
81
63
34
82
29
14
46
10
17
68

Annual
Dividend
$0.64
0.80
1.40
1.20
1.48
1.04
0.00
1.08
1.60
0.11
0.29
0.64
0.75
1.00
0.40
0.43
0.68
0.00
0.00
1.60

Projected
Five-Year
Dividend
Growth (%)
13.0%
10.0%
0.0%
1.0%
1.5%
3.5%
0.0%
13.5%
7.5%
3.5%
13.0%
4.0%
3.0%
8.5%
11.0%
2.5%
11.0%
0.0%
0.0%
7.5%

Beta
0.95
1.20
1.20
1.35
0.80
0.95
0.80
1.10
1.10
1.10
1.10
1.20
1.35
1.05
0.95
0.80
1.00
1.30
1.75
1.15

Equity
Cost
11.2%
12.6%
12.6%
13.4%
10.4%
11.2%
10.4%
12.0%
12.0%
12.0%
12.0%
12.6%
13.4%
11.7%
11.2%
10.4%
11.5%
13.1%
15.5%
12.3%

Present
Value of
Five Years'
Dividends
3.36
3.74
4.98
4.30
5.79
4.21
0.00
5.62
7.08
0.44
0.00
2.54
2.84
4.58
1.99
1.73
3.36
0.00
0.00
7.03

Average

Percent of
Market Price Not
Attributable to
Dividends
94%
92%
93%
95%
82%
88%
100%
91%
90%
99%
100%
96%
92%
94%
93%
87%
93%
100%
100%
90%

2006
0.72
0.88
1.40
1.21
1.50
1.08
0.00
1.23
1.72
0.11
0.33
0.67
0.77
1.09
0.44
0.44
0.75
0.00
0.00
1.72

Projected
Annual Dividends Per Share
2007
2008
2009
0.82
0.92
1.04
0.97
1.06
1.17
1.40
1.40
1.40
1.22
1.24
1.25
1.52
1.55
1.57
1.11
1.15
1.19
0.00
0.00
0.00
1.39
1.58
1.79
1.85
1.99
2.14
0.12
0.12
0.13
0.37
0.42
0.47
0.69
0.72
0.75
0.80
0.82
0.84
1.18
1.28
1.39
0.49
0.55
0.61
0.45
0.46
0.47
0.84
0.93
1.03
0.00
0.00
0.00
0.00
0.00
0.00
1.85
1.99
2.14

2010
1.18
1.29
1.40
1.26
1.59
1.24
0.00
2.03
2.30
0.13
0.53
0.78
0.87
1.50
0.67
0.49
1.15
0.00
0.00
2.30

0.040351

93%

Exhibit 5
ARCADIAN MICROARRAY TECHNOLOGIES, INC.
Cash Flows of Three Deals with Differing Rates of Development

Projected Cash Flows by Investment

350
300
250
200
Millions
150of Dollars
Movie Studio

100

Bottling Plant
Toll Road

50
0

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

-50
-100
-150
Year

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Movie Bottling
Studio
Plant
($20)
($20)
(40)
(60)
(60)
(100)
(20)
5
0
10
20
20
30
40
50
65
75
115
100
150
90
180
80
190
60
200
55
204
70
208
85
212
95
216
105
221
130
225
150
230
140
234
160
239

-100
-150
Year

23
24
25
26
27
28
29
30
31+

190
244
225
249
240
254
230
259
255
264
260
269
265
275
270
280
Steady growth to infinity.

Toll
Road
($20)
90
169
172
176
179
183
187
190
194
198
202
206
210
214
219
223
227
232
237
241
246

project
movie studio
bottling plant
toll road

year

rumus growth rate

27 255/270 = 1/(1+g)^3
13 200/280 = 1/(1+g)^17
3 169/288 = 1/(1+g)^27

growth rate
1.92%
1.99%
1.99%

CAGR
1.92%
-1.96%
-1.96%

1.92%
1.96%
1.96%

251
256
261
266
272
277
283
288
Steady growth to infinity.

Exhibit 6
ARCADIAN MICROARRAY TECHNOLOGIES, INC.
Sensitivity Analysis, Present Value Varying by Terminal Value Growth Assumptions
Arcadian's View
Annual growth rate to infinity
Weighted average cost of capital
Annual capex (net of depr'n.) 2015
Annual addition to NWC 2015
Adjusted free cash flow 2015
Terminal value 2014

2%
20%
$0
202
1,142

3%
20%
($5)
(3)
194
1,173

4%
20%
($12)
(5)
185
1,200

5%
20%
($15)
(7)
180
1,257

6%
20%
($20)
(8)
174
1,314

7%
20%
($28)
(9)
165
1,355

PV of terminal value 2014

PV free cash flows 2005-2014
Total Present Value

185
($151)
$33

189
($151)
$38

194
($151)
$43

203
($151)
$52

212
($151)
$61

219
($151)
$68

Annual growth rate to infinity

Weighted average cost of capital
Annual capex (net of depr'n.) 2016
Annual addition to NWC 2016
Adjusted free cash flow 2016
Terminal value 2015

2%
20%
$0
185
1,049

3%
20%
($5)
(3)
177
1,073

4%
20%
($12)
(5)
168
1,093

5%
20%
($15)
(7)
163
1,142

6%
20%
($20)
(8)
157
1,189

7%
20%
($28)
(9)
148
1,219

PV of terminal value 2015

PV free cash flows 2005-2015

141
($118)

144
($118)

147
($118)

154
($118)

160
($118)

164
($118)

Sierra Capital's View

Total Present Value

$23

$26

$29

$35

$42

$46

terminal value
p/e ratio
arcadian
net income 2014
tv 2014
pv tv 2014
pv fcf 05-14
total pv
60% ownership
p/b ratio
arcadian
bv to equity
tv 2014
pv tv 2014
pv fcf 05-14
total pv
60% ownership
growth rate
type
population
economic
pharmaceutical
arcadian
constant growth
total pv
60% ownership

15
$203
$3,039
491
(151)
340
204

20
sierra
$203 net income 2015
4052 tv 2015
654 pv tv 2015
(151) pv fcf 05-15
503 total pv
302 60% ownership

8.5
$672
$5,708
922
(151)
771
462

20

$162
2431.5
327
(118)
209
125

$162
3242
436
(118)
318
191

8.5
sierra
bv to equity
tv 2015
pv tv 2015
pv fcf 05-15
total pv
60% ownership

inflation
nominal rate
1%
3%
3%
5%
5%
7%

5%
$52
$31

15

$199
$1,691
228
(118)
109
66
2%

sierra
constant growth
total pv
60% ownership

5%
$35
$21

arcadian's view sierra's view

range
60% ownership 60% ownership
p/e ratio
15
20
p/b ratio
growth rate

204
302
462
$31

125
191
66
$21

78
111
397
$10