Fluidigm (FLDM) $75mm IPO with a market capitalization of $270 million at the price range mid-point of $12, scheduled for Thursday, February 10, 2010.

SUMMARY & CONCLUSION

. Enables genetic analysis not previously available in many cases. Has sold to over 200 customers in 20 countries worldwide. . Sales increased 40% for the nine months ended September 30, 2010 compared to the year earlier period, losses increased 14% to $ 16 million. . Can FLDM ‘cross the chasm’ from early adopters to the broader market? . Speculative based on the history of continuing losses.

Valuation Ratios	IPO Mrkt	Price /	Price /	Price /	Price /
annualizing Sept 9 mos	Cap (mm)	Sales	Earnings	BookValue	TangibleBV
Fluidigm (FLDM)	$270	8.8	-13	4.0	4.1

BUSINESS

Targets life science Ag-Bio industries for gene expression analysis & genotyping.

. FLDM’s proprietary technology enables genetic analysis that in many instances was previously impractical. . Proprietary microfluidic systems consist of instruments and consumables, including chips and reagents -- designed to significantly simplify experimental workflow, increase throughput and reduce costs, while providing the excellent data quality demanded by customers. PRODUCTS

. FLDM actively markets three microfluidic systems including eight different commercial chips to leading pharmaceutical and biotechnology companies, academic institutions, diagnostic laboratories and Ag-Bio companies. . Has sold systems to over 200 customers in over 20 countries worldwide

COMPETITION

Competes with life science companies that design, manufacture and market instruments for gene expression analysis, genotyping, other nucleic acid detection and additional applications.

For example, companies such as Affymetrix, Inc., Agilent Technologies, Inc., Caliper Life Sciences, Inc., Illumina, Inc., Life Technologies Corporation, Luminex Corporation, Roche Applied Science, NanoString Technologies, Inc., RainDance Technologies, Inc., Sequenom, Inc. and Wafergen Bio-Systems, Inc. have products for gene expression, genotyping, and/or sequencing that compete in certain segments of the market in which FLDM sells its products

USE OF PROCEEDS

$68mm

. $15.0 million for sales and marketing activities, including expansion of the sales force to support the ongoing commercialization of our products;

. $12.0 million for research and product development activities;

. $4.0 million for facility improvements and the purchase of manufacturing and other equipment;

. $5.0 million for repayment of debt issued in January 2011 (bridge loan)

. Balance for working capital and other general corporate purposes.

Fluidigm (FLDM)	FLDM, C, 6					Post IPO shares: 19mm
Microfluidic systems
South San Francisco, CA	2007	2008	2009	Sept9mos09	Sept9mos10	IPO Mkt
Product revenues ($mm)	$4	$13	$24	$16	$21	Cap (mm)
Grant revenue	$2.4	$1.9	$1.8	$1.4	$1.3	$270
Collaboration revenue	$1	$0	$0	$0	$1	@$14.5
Gross margin % of rev	52%	48%	55%	53%	66%
Net income (loss)	-$25	-$29	-$19	-$14	-$16
Net income % of rev	-568%	-216%	-81%	-85%	-76%
Valuation Ratios	IPO Mrkt	Price /	Price /	Price /	Price /	% offered
annualizing Sept 9 mos	Cap (mm)	Sales	Earnings	BookValue	TangibleBV	in IPO
Fluidigm (FLDM)	$270	8.8	-13	4.0	4.1	28%
SCORECARD		Mgt	Market	Market Do-	Proprie-	Total
1-5, 5 is high			Growth	mination	tary	rating
20 is perfect		2	2	1	1	6