Synbiotics

Nature of business: Makes diagnostic tests; therapeutic, vaccine products for small animals. Total employees: 115 In Orange County: 20 Stock listing in The Times: On NASDAQ “Synbio” Ticker symbol: “SBIO” Friday’s stock close: $4 One-week change: None Analyst review: “Synbiotics is an intriguing company. In addition to the profitable veterinary business it has developed, it has two partially-owned subsidiaries: ImmunoPharmaceutics, an R&D; company with some interesting drug design technology and UniSyn Technologies, which does cell cultures for antibody production. There is a substantial unrecognized value in Synbiotics’ stock from these two companies. In a couple of years, I expect it to spin ImmunoPharmaceutics off as a separate company in an initial public offering. As a result of raising money from its subsidiaries, Synbiotics will no longer have the drain on its assets and should be profitable soon. With the price of the stock under $5, we have a buy on it.” Jim McCamant, analyst AgBiotech Stock Letter, Berkeley Dollar amount in millions

Fiscal year ending Mar. 31 Mar. 31 Mar. 31 3 qtrs. 3 qtrs. 1990 1991 1992 1992 1993 Revenue 8.6 6.9 7.8 5.3 6.5 Profit (loss) (-4.0) (-6.3) (-1.8) (-1.7) (-.616)

Corporate outlook: “Synbiotics and its affiliates form a unique portfolio of three young companies, each participating in different segments of the growing biomedical industry. Our goals are to maximize shareholder value through building a solid business infrastructure; establishing dedicated management teams and securing independent financial resources for each business.” Michael K. Green, chief financial officer RETURN ON INVESTMENT: 3-YEAR SUMMARY AND YEAR-TO-DATE:

Fiscal year ending Mar. 31 Mar. 31 Mar. 31 3 qtrs. 1990 1991 1992 1992 52-week high $6.00 $4.00 $8.25 $7.88 52-week low $2.75 $2.25 $3.00 $3.00 Book value per share $3.52 $2.12 $1.82 $1.82 Price per share $3.50 $3.75 $5.50 $6.13 Net profit per share ($0.83) ($1.25) ($0.36) ($0.34) Price-to-earnings ratio N/A N/A N/A N/A Avg. return on investor equity N/A N/A N/A N/A

Fiscal year ending 3 qtrs. 1993 52-week high $5.88 52-week low $3.00 Book value per share $1.80 Price per share $3.75 Net profit per share ($0.12) Price-to-earnings ratio N/A Avg. return on investor equity N/A

For more information call or write, Synbiotics Corp.; 11011 Via Frontera, San Diego, Calif. 92127 (619) 451-3771 Source: Synbiotics Corp.