PPT Slide

Economics to Infant FormulaCompanies

50% Improvement in Earnings by Selling Formula with Martek’s Oils

* Based on 2001 earnings for Nutritionals division of Bristol-Myers Squibb as restated in 10-K/A filed 3/19/03

Formula with Martek’s Oils

Formula w/o Martek’s Oils

Change

Price/can $17 Price/can $20 $3

(15-20% premium)

Cost 13 Cost 14 1

(5% to Martek)

Earnings $4* Earnings $6 $2 (50%)

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