Exhibit 4: Forecast of Free Cash Flows ($000s)

1997
(5,200)

Net Income
Change in Net Working Capital
Receivables (days)
Inventories (days)
Payables (days)
Investment in Working Capital
Net Change in Working Capital

45
90
45

Capital Expenditure
Add back Depreciation
Free Cash Flows
Terminal Value
Adjusted Free Cash Flows
Genzyme Investment

Enterprise Value (000)

Genzyme Investment NPV
Genzyme NPV

JV
89,793

1998
(7,350)

1999
(12,799)

2000
(9,352)

2001
8,177

2002
30,642

2003
52,059

2004
61,575

2005
66,503

2006
71,811

1,017
610
(305)
1,322
(1,322)

2,831
1,698
(849)
3,680
(2,358)

7,275
4,365
(2,182)
9,457
(5,777)

13,811
8,287
(4,143)
17,954
(8,497)

19,878
11,927
(5,963)
25,842
(7,887)

22,949
13,770
(6,885)
29,834
(3,993)

24,625
14,775
(7,388)
32,013
(2,178)

26,425
15,855
(7,928)
34,353
(2,340)

27,983
16,790
(8,395)
36,378
(2,025)

29,219
17,531
(8,766)
37,985
(1,607)

30,598
18,359
(9,179)
39,777
(1,792)

31,903
19,142
(9,571)
41,474
(1,697)

32,859
19,715
(9,858)
42,716
(1,242)

950
75,221

###
950
79,043

950
82,696

###
950
86,358

950
89,200

(3,500)
400
(8,300)

(2,500)
400
(9,450)

(8,000)
950
(21,170)

950
(10,760)

950
3,349

###
950
23,095

950
45,122

950
58,533

950
65,275

###
950
70,421

(8,300)
$27,500

(9,450)

(21,170)

###
(10,760)

3,349

###
23,095

45,122

58,533

65,275

70,421

Genzyme
44,896
$27,500
17,396

Geltex
44,896

2007
76,296

75,221

2008
79,700

79,043

2009
83,539

82,696

2010
87,105

86,358

2011
89,492

89,200