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• a rallying point to encourage the independent private and venture capital consideration of <br />market -ready "graduates" of the IP @ND. <br />It is currently anticipated that the construction of the IP @ND facilities will be in three to <br />four stages or phases. A comprehensive master facilities plan for the entire park has been <br />completed, allowing for relatively expedited expansion to additional facilities should the need <br />arise. Building A, a/k/a "Phase F' (approximately 54,000 gross square feet) will be occupied by <br />tenant companies, organizations, and program offices that are able to pay the rents and other <br />service charges associated with the park either with cash or equity as the situation warrants. <br />These tenants are expected to include some investor - funded start-up companies. This facility <br />will provide the main common areas and meeting facilities for the park, as well as "greenhouse" <br />space for the active exploration of alternative commercial applications of University technology <br />platforms. It is currently anticipated that personal property in the form of research and <br />development equipment and information technology equipment with a total cost of no less than <br />$500,000 will be installed in Building A within the first five years. The research and <br />development equipment will consist of laboratory equipment, computers and computer software, <br />telecommunications equipment, testing equipment, and other research and development <br />equipment. The information technology equipment will consist primarily of equipment and <br />software used in office automation, telecommunication facilities and networks, informatics, <br />network administration, software development and fiber optics. Future facilities will be <br />primarily focused on providing tenant office and lab space, with these tenants utilizing the <br />principal common areas in Building A. Planning for construction of Building A began in mid - <br />2007, with construction anticipated to be initiated in the 3rd Quarter of 2008 and construction <br />completed in no more than two years thereafter. <br />Following the completion of Building A, we expect a sequence of two to- three additional <br />structures (Buildings B, C and D, a/k/a "Phases II, III and IV ") to be constructed at <br />approximately two- to three -year intervals. We expect that the tenant base of Buildings B, C and <br />D will include the same general mix of clients found in Building A with an increased percentage <br />of technology platform start-up companies. The specific features, size and targeted tenants of <br />Page 16 of 23 <br />