<SUBMISSION>
<ACCESSION-NUMBER>0001047469-04-010279
<TYPE>PRE 14A
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20040511
<FILING-DATE>20040331
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PHARMACOPEIA INC
<CIK>0001002388
<ASSIGNED-SIC>8731
<IRS-NUMBER>330557266
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>PRE 14A
<ACT>34
<FILE-NUMBER>000-27188
<FILM-NUMBER>04706868
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>CN 5350
<CITY>PRINCETON
<STATE>NJ
<ZIP>08543-5350
<PHONE>6094523600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>CN 5350
<CITY>PRINCETON
<STATE>NJ
<ZIP>08543-5350
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>a2132497zpre14a.htm
<DESCRIPTION>PRE 14A
<TEXT>
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<FONT SIZE=3 ><A HREF="#04SAN1133_1">QuickLinks</A></FONT>
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<P ALIGN="CENTER"><FONT SIZE=4><B>SCHEDULE 14A INFORMATION</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Proxy
Statement Pursuant to Section&nbsp;14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>

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<TD COLSPAN=3><FONT SIZE=2>Filed by the Registrant <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><BR><FONT SIZE=2>Filed by a Party other than the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><BR>
Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><BR><FONT SIZE=2><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><BR>
Definitive Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><BR>
Definitive Additional Materials</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><BR>
Soliciting Material Pursuant to &sect;240.14a-12<BR></FONT>
</TD>
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<TD COLSPAN=5 ALIGN="CENTER"><BR><FONT SIZE=2><B>PHARMACOPEIA,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> (Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5><FONT SIZE=2>Payment of Filing Fee (Check the appropriate box):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
No fee required</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and&nbsp;0-11</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(5)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or
Schedule and the date of its filing.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(1)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2><B>
<IMG SRC="g487672.jpg" ALT="GRAPHIC" WIDTH="240" HEIGHT="40">
  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B>Joseph A. Mollica, Ph.D.<BR>  </B></FONT><FONT SIZE=2>Chairman of the Board, President and<BR>
Chief Executive Officer </FONT></P>

<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>April&nbsp;12,
2004 </FONT></P>

</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>


<P><FONT SIZE=2>Dear
Stockholders: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is my pleasure to invite you to the Annual Meeting of Stockholders of Pharmacopeia,&nbsp;Inc., to be held on Tuesday, May&nbsp;11, 2004 at 9:00&nbsp;a.m. at The Hyatt Regency La
Jolla at Aventine, 3777 La Jolla Village Drive, San Diego, California 92122. The Notice of Annual Meeting and Proxy Statement accompanying this letter describe the business to be conducted at the
meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
hope that you will be able to attend. If you are unable to attend this year's meeting, you can ensure your representation by completing the enclosed proxy and returning it to us
promptly. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank
you for your interest and participation in the affairs of Pharmacopeia. </FONT></P>

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<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>Sincerely,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><B>
<IMG SRC="g642613.jpg" ALT="GRAPHIC" WIDTH="258" HEIGHT="66">
 </B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>Joseph A. Mollica, Ph.D.</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>
Pharmacopeia,&nbsp;Inc.&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;P.O.&nbsp;Box 5350&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;Princeton, New Jersey 08543-5350 </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=4><B>PHARMACOPEIA,&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>Notice of Annual Meeting of Stockholders<BR>
To Be Held May&nbsp;11, 2004  </B></FONT></P>

<P><FONT SIZE=2>TO THE STOCKHOLDERS: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE
IS HEREBY GIVEN that the 2004 Annual Meeting of Stockholders of Pharmacopeia,&nbsp;Inc., a Delaware corporation, will be held on Tuesday, May&nbsp;11, 2004, at
9:00&nbsp;a.m. local time, at The Hyatt Regency La Jolla at Aventine, 3777 La Jolla Village Drive, San Diego, California 92122 for the following purposes, as more fully described in the Proxy
Statement accompanying this Notice: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>To
elect three directors to our Board of Directors for a term of three years.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>To
approve an amendment to our Restated Certificate of Incorporation to change our name to Accelrys,&nbsp;Inc.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>To
adopt the Pharmacopeia,&nbsp;Inc. 2004 Stock Incentive Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>To
ratify the appointment of Ernst&nbsp;&amp; Young LLP as our independent auditors for the period commencing January&nbsp;1, 2004 and ending March&nbsp;31, 2005.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>To
transact such other business as may properly come before the meeting or any adjournment thereof. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
stockholders of record at the close of business on March&nbsp;25, 2004 are entitled to receive notice of and to vote at the meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
stockholders are cordially invited to attend the meeting in person. However, to ensure your representation at the meeting, you are urged to mark, sign, date and return the enclosed
proxy as promptly as possible in the postage-prepaid envelope enclosed for that purpose. Stockholders attending the meeting may vote in person even if they have returned a proxy. </FONT></P>

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<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>By Order of the Board of Directors,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><BR><FONT SIZE=2><B>
<IMG SRC="g941975.jpg" ALT="GRAPHIC" WIDTH="174" HEIGHT="97">
 </B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
John J. Hanlon<BR></FONT> <FONT SIZE=2><I>Secretary</I></FONT></TD>
</TR>
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<P><FONT SIZE=2>Princeton,
New Jersey<BR>
April&nbsp;12, 2004 </FONT></P>

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<A NAME="toc_de1133_1"> </A>
<BR></FONT><FONT SIZE=2><B>PHARMACOPEIA,&nbsp;INC.    <BR>    <BR>    PROXY STATEMENT    <BR>    <BR>    INFORMATION CONCERNING SOLICITATION AND VOTING    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>General  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The enclosed proxy is solicited on behalf of the Board of Directors of Pharmacopeia,&nbsp;Inc., a Delaware corporation, for use at our 2004 Annual Meeting of
Stockholders to be held on May&nbsp;11, 2004, at 9:00&nbsp;a.m., local time, or at any adjournments or postponements thereof, for the purposes set forth in this Proxy Statement and in the
accompanying Notice of Annual Meeting of Stockholders. The Annual Meeting will be held at The Hyatt Regency La Jolla at Aventine, 3777 La Jolla Village Drive, San Diego, California 92122. Our
principal executive offices are located at P.O.&nbsp;Box 5350, Princeton, New Jersey 08543-5350. Our telephone number is (609)&nbsp;452-3600. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
proxy solicitation materials were mailed on or about April&nbsp;12, 2004 to all stockholders entitled to vote at the Annual Meeting. </FONT></P>

<P><FONT SIZE=2><B>Record Date; Outstanding Shares  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders of record at the close of business on March&nbsp;25, 2004 (the "Record Date") are entitled to receive notice of and to vote at the Annual Meeting.
On the Record Date, 24,299,849 shares of our Common Stock, $0.0001 par value, were issued and outstanding. </FONT></P>

<P><FONT SIZE=2><B>Revocability of Proxies  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies given pursuant to this solicitation may be revoked at any time before they have been used. Revocation will occur by delivering a written notice of
revocation to us or by duly executing a proxy bearing a later date. Revocation will also occur if an individual attends the Annual Meeting and votes in person. </FONT></P>


<P><FONT SIZE=2><B>Voting and Solicitation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every stockholder of record on the Record Date is entitled, for each share held, to one vote on each proposal or item that comes before the Annual Meeting. Votes
cast in person or by proxy at the Annual Meeting will be tabulated by the Inspector of Election appointed for the Annual Meeting who will determine whether or not a quorum is present and the results
of the votes with respect to each matter. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
presence at the Annual Meeting, in person or by proxy, of the holders of a majority of the shares of our Common Stock outstanding on the Record Date will constitute a quorum. The
Inspector of Election will treat abstentions and broker non-votes as shares that are present for the purpose of determining the presence of a quorum. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
election of directors will be decided by a plurality of the votes cast. Accordingly, abstentions and broker non-votes will have no effect on the outcome of the vote. The
approval of the proposed amendment to our Restated Certificate of Incorporation, the adoption of the Pharmacopeia,&nbsp;Inc. 2004 Stock Incentive Plan and the ratification of the appointment of
Ernst&nbsp;&amp; Young LLP as our independent auditors for the period commencing January&nbsp;1, 2004 and ending March&nbsp;31, 2005 will require the affirmative vote of the holders of a majority of
the shares of our Common Stock present in person or by proxy and entitled to vote at the Annual Meeting. Abstentions will be treated as votes cast with respect to these proposals and, therefore, will
have the same effect as votes against the proposals. Broker non-votes will not be counted as votes cast with respect to these proposals and, therefore, will have no effect on the outcome
of the vote. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will bear the cost of this solicitation. We may reimburse expenses incurred by brokerage firms and other persons representing beneficial owners of shares in forwarding solicitation
material to beneficial owners. Certain of our directors, officers and regular employees, without additional compensation, may
solicit proxies personally or by telephone. In addition, we have engaged MacKenzie Partners,&nbsp;Inc. to assist us in soliciting proxies. We expect to pay MacKenzie Partners, Inc. approximately
$7,500 plus reimbursement of expenses for their services. </FONT></P>

<P><FONT SIZE=2><B>Submission of Stockholder Proposals and Director Nominations  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder proposals pursuant to Rule&nbsp;14a-8 ("Rule&nbsp;14a-8") under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), that are intended to be presented at our 2005 Annual Meeting of Stockholders must be received by us no later than December&nbsp;14, 2004 in order that they may be included in the
proxy statement and form of proxy for that meeting. In addition, in accordance with Rule&nbsp;14a-4(c) under the Exchange Act, our form of proxy relating to the 2005 Annual Meeting of
Stockholders will confer discretionary authority to vote at that meeting on matters that are submitted to the Company outside the processes of Rule&nbsp;14a-8 after February&nbsp;27,
2005. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
may propose nominees for consideration by the Corporate Governance Committee by submitting the names, appropriate biographical information and qualifications in writing to:
John J. Hanlon, Executive Vice President, Chief Financial Officer and Secretary. In order to be considered for inclusion in the proxy statement and form of proxy for the annul meeting of stockholders
to be held in 2005, the name of the proposed nominee and the supporting documentation must be received before December&nbsp;14, 2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
considering any nominee proposed by a stockholder, the Corporate Governance Committee will reach a conclusion based on the criteria it uses in evaluating all candidates for director.
After full consideration, the stockholder proponent will be notified of the decision of the Committee. Director nominees should possess the highest personal and professional ethics, integrity and
values, and must be committed to representing the long-term interests of the stockholders. They must also have an inquisitive and objective prospective, practical wisdom and mature
judgment. The Corporate Governance Committee seeks to identify candidates representing diverse experience at policy-making levels in business, management, marketing, finance, technology, human
resources, communications, education, government, healthcare and in other areas that are relevant to our activities. Additionally, director nominees should have sufficient time to effectively carry
out their duties. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
and Exchange Commission rules establish a different deadline for submission of stockholder proposals that are not intended to be included in our proxy statement with respect
to discretionary voting. The deadline for these proposals for the year 2005 annual meeting is February&nbsp;27, 2005 (45 calendar days prior to the anniversary of the mailing date of this proxy
statement). If a stockholder gives notice of such a proposal after this deadline, our proxy holders will be allowed to use their discretionary authority to vote against the stockholder proposal when
and if the proposal is raised at our 2005 Annual Meeting. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<A NAME="toc_dg1133_1"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL ONE:<BR>  <BR>    ELECTION OF DIRECTORS    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>General  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors is divided into three classes, with the term of office of one class expiring each year. We currently have seven directors, with two
directors in Class&nbsp;I, two directors in Class&nbsp;II and three directors in Class&nbsp;III. The terms of office of Class&nbsp;III directors Paul A. Bartlett, Kenneth L. Coleman and
Ricardo B. Levy expire at the 2004 Annual Meeting. The terms of office of Class&nbsp;I directors Joseph A. Mollica and Gary E. Costley expire at the 2005 Annual Meeting. The terms of office of
Class&nbsp;II directors Frank Baldino, Jr. and James J. Marino expire at the 2006 Annual Meeting. At the 2004 Annual Meeting, the stockholders will elect three Class&nbsp;III directors for a term
of three years. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Board of Directors has approved the separation of our software and drug discovery segments through a pro rata distribution to our stockholders of 100% of the outstanding shares of
common stock of Pharmacopeia Drug Discovery, Inc ("PDD"). Upon the distribution, commonly referred to as a "spin-off," Drs. Mollica, Baldino and Bartlett and Mr.&nbsp;Marino are expected
to resign from our Board of Directors. In that event, Dr.&nbsp;Bartlett will not stand for election at the Annual Meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director
candidates are nominated by the Corporate Governance Committee of our Board of Directors. Stockholders are also entitle to nominate director candidates for our Board of
Directors in accordance with the procedures set forth on page 7 under the heading "Submission of Stockholder Proposals and Director Nominations." The Corporate Governance Committee did not receive a
recommendation for a director nominee from a stockholder that beneficially owned more than 5% of our Common Stock by December&nbsp;5, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise instructed, the proxy holders will vote the proxies received by them "FOR" our three nominees named below. If any of our nominees is unable or declines to serve as a
director at the time of the Annual Meeting, the proxies will be voted for any nominee who is designated by our present
Board of Directors to fill the vacancy. Except in the case of Dr.&nbsp;Bartlett under the circumstances described above, it is not expected that any of the nominees will be unable or will decline to
serve as a director. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Board of Directors recommends that the stockholders vote "FOR" each of the nominees listed below.</B></FONT></P>

<P><FONT SIZE=2><B>Nominees for Election at the Annual Meeting  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The names of the nominees to our Board of Directors, and certain information about them, are set forth below: </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="40%" ALIGN="LEFT"><FONT SIZE=1><B>Name of Director<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Age</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=1><B>Position/Principal Occupation<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>Director<BR>
Since</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Paul A. Bartlett, Ph.D.(3)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>56</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>Director; Professor Emeritus of Chemistry at the University of California, Berkeley</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1998</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2><BR>
Kenneth L. Coleman(2)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
61</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
Director; Founder, Chairman and Chief Executive Officer of ITM Software Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2003</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2><BR>
Ricardo B. Levy, Ph.D.(1)(3)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
59</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
Director; Chairman of the Board of Directors of Catalytica Energy Systems, Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2000</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Member
of Audit Committee </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Member
of Compensation Committee
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Member
of Corporate Governance Committee </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr.&nbsp;Bartlett
has served as our director since January&nbsp;1998. He is also a member of our Scientific Advisory Board. Dr.&nbsp;Bartlett was a Professor of Chemistry at the
University of California, Berkeley from 1973 to 2003; he is now Professor Emeritus. Dr.&nbsp;Bartlett also is the past Chairman of the Department of Chemistry at the University of California,
Berkeley. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr.&nbsp;Levy
has served as our director since July&nbsp;2000. Dr.&nbsp;Levy is a Founder of Catalytica,&nbsp;Inc. He currently serves as Chairman of the Board of Catalytica
Energy Systems,&nbsp;Inc. From its founding in 1974 through 1991, Dr.&nbsp;Levy served as Director and Chief Operating Officer of Catalytica,&nbsp;Inc. and from 1991 to 2000 as President and
Chief Executive Officer. Prior to 1974, Dr.&nbsp;Levy was a member of the Chemical Physics Research Team at Exxon Research and Engineering Company. Dr.&nbsp;Levy is a member of the Board of
Directors of Stem Cells,&nbsp;Inc. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Coleman
has served as our director since May&nbsp;2003. Mr.&nbsp;Coleman is the Founder, Chairman and Chief Executive Officer of ITM Software Corporation, an enterprise
software company. Since founding ITM Software in October&nbsp;2001, Mr.&nbsp;Coleman has served as Chairman and Chief Executive Officer of ITM Software. Previously, from 1987 until his retirement
in August&nbsp;2001, Mr.&nbsp;Coleman served in various senior executive positions at Silicon Graphics,&nbsp;Inc. (SGI), a computer systems company, such as Executive Vice President of Global
Sales, Service and Marketing, Senior Vice President, Customer and Professional Services and Senior Vice President, Administration. Prior to joining SGI, Mr.&nbsp;Coleman was Vice President of
Product Development at Activision,&nbsp;Inc. Mr.&nbsp;Coleman is a member of the Board of Directors of ITM Software, MIPS Technologies,&nbsp;Inc., a licensor of microprocessor architecture,
Acclaim Entertainment, an interactive entertainment software company, United Online, an internet service provider, and City National Bank. </FONT></P>

<P><FONT SIZE=2><B>Incumbent Directors Whose Terms of Office Continue after the Annual Meeting  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The names and certain other information about the directors whose terms of office continue after the Annual Meeting are set forth below: </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="40%" ALIGN="LEFT"><FONT SIZE=1><B>Name of Director<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Age</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=1><B>Position/Principal Occupation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>Director<BR>
Since</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>Joseph A. Mollica, Ph.D.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>63</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>Director; Chairman of the Board, President and Chief Executive Officer of the Company</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1994</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2><BR>
Gary E. Costley, Ph.D.(1)(2)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
60</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
Director; Chairman of the Board, President and Chief Executive Officer of International Multifoods Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1996</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2><BR>
Frank Baldino, Jr., Ph.D.(1)(2)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
50</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
Director; Chairman of the Board and Chief Executive Officer of Cephalon, Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1996</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2><BR>
James J. Marino(3)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
54</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
Director; Partner, law firm of Dechert LLP</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2000</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Member
of Audit Committee
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Member
of Compensation Committee
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Member
of Corporate Governance Committee </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr.&nbsp;Mollica
has served as Chairman of our Board of Directors and our Chief Executive Officer since February&nbsp;1994 and was appointed President in August&nbsp;1996. From
1987 to December&nbsp;1993, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<BR>

<P><FONT SIZE=2>Dr.&nbsp;Mollica
was employed initially by the DuPont Company and then by the DuPont Merck Pharmaceutical Company, most recently as President and Chief Executive Officer. Dr.&nbsp;Mollica is a
director of Genencor International,&nbsp;Inc., ImPath,&nbsp;Inc. and Neurocrine BioSciences,&nbsp;Inc. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr.&nbsp;Costley
has served as our director since February&nbsp;1996. He has served as Chairman of the Board of Directors and Chief Executive Officer of International Multifoods
Corporation, a food company, since January&nbsp;1997, and as that company's President since March&nbsp;2004. From May&nbsp;1995 through January&nbsp;1997, Dr.&nbsp;Costley was the Dean of
Babcock Graduate School of Management, Wake Forest University. For more than five years prior to that time, Dr.&nbsp;Costley held various management positions with Kellogg Company, most recently as
Executive Vice President. Dr.&nbsp;Costley is currently a director of Principal Financial Group. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr.&nbsp;Baldino
has served as our director since October&nbsp;1996. In 1987, Dr.&nbsp;Baldino founded Cephalon,&nbsp;Inc., an integrated specialty biopharmaceutical company. He
has served as Cephalon,&nbsp;Inc.'s Chairman and Chief Executive Officer since 1999. Dr.&nbsp;Baldino is currently a director of ViroPharma,&nbsp;Inc., NicOx S.A., Acusphere,&nbsp;Inc. and
certain closely held companies and charitable organizations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Marino
has served as our director since February&nbsp;2000. He has been a partner in the law firm of Dechert LLP since 1988. Mr.&nbsp;Marino currently serves as Chair of
the firm's Life Sciences Practice Group and is the Managing Partner of the firm's Princeton, New Jersey office. He is engaged in the practice of corporate law with an emphasis on the representation of
technology-based companies. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is no family relationship between any of our directors, executive officers or nominees for director. </FONT></P>


<P><FONT SIZE=2><B>Stock Ownership of Principal Stockholders and Management  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the beneficial ownership of our Common Stock as of January&nbsp;31, 2004 (i)&nbsp;by all persons known to us to be the
beneficial owners of more than 5% of our Common Stock, (ii)&nbsp;by each of the executive officers named in the table under "Executive Compensation&#151; </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<BR>

<P><FONT SIZE=2>Summary
Compensation Table," (iii)&nbsp;by each director and nominee for director, and (iv)&nbsp;by all current directors and executive officers as a group: </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="62%" ALIGN="LEFT"><FONT SIZE=1><B>Name of Person or Entity<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Number of<BR>
Shares(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1><B>Approximate<BR>
Percentage of Total<BR>
Voting Power</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2>Brown Capital Management, Inc.<BR>
1201 N. Calvert Street<BR>
Baltimore, MD 21202</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>3,457,942</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>14.41</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2><BR>
Wellington Management Company, LLP<BR>
75 State Street<BR>
Boston, MA 02109</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
3,018,600</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2><BR>(3)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
12.58</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2><BR>
Samuel D. Isaly, OrbiMed Advisors Inc., OrbiMed Capital LLC and<BR>
OrbiMed Advisors LLC<BR>
767 Third Avenue<BR>
30th Floor<BR>
New York, NY 10017</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
<BR>
2,026,000</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR><BR>(4)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
<BR>
8.45</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR><BR>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2><BR>
David J. Greene and Company, L.L.C.<BR>
599 Lexington Avenue<BR>
New York, NY 10022</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
1,952,338</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2><BR>(5)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
8.14</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2><BR>
Dimensional Fund Advisors, Inc.<BR>
1299 Ocean Avenue, 11th Floor<BR>
Santa Monica, CA 90401</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
1,412,323</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2><BR>(6)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
5.89</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2><BR>
J. &amp; W. Seligman &amp; Co. Incorporated and William C. Morris<BR>
100 Park Avenue<BR>
New York, NY 10017</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
1,225,094</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2><BR>(7)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
5.11</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2><BR>
Barclays Global Investors, N.A., Barclays Global Fund Advisors and<BR>
Barclays Bank PLC<BR>
45 Fremont Street<BR>
San Francisco, CA 94105</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
<BR>
1,082,286</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
<BR>
5.06</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR><BR>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2><BR>
Joseph A. Mollica</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
653,660</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(9)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2.72</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2><BR>
Mark J. Emkjer</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
92,595</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(10)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2><BR>
Stephen A. Spearman</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
179,095</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(11)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2><BR>
John J. Hanlon</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
55,939</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(12)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2><BR>
John Delli Santi</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
69,962</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(13)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2><BR>
Frank Baldino, Jr.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20,000</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(14)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2><BR>
Paul A. Bartlett</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
92,439</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(15)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2><BR>
Kenneth L. Coleman</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2><BR>
Gary E. Costley</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
27,000</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(16)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2><BR>
Ricardo B. Levy</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20,000</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(17)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2><BR>
James J. Marino</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
24,685</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(18)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="62%"><FONT SIZE=2><BR>
All Current Directors and Executive Officers as a group (18 persons)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
1,620,232</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2><BR>(19)</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
6.75</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
</TABLE>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2><I>Less than one percent.</I></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Gives
effect to the shares of our Common Stock issuable within 60&nbsp;days of January&nbsp;31, 2004 upon the exercise of all options and other rights beneficially
owned by the indicated stockholders on that date. Unless otherwise indicated, the persons named in the table have sole voting and sole investment power with respect to all shares shown as being
beneficially owned. Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission and includes voting and investment power with respect to shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Brown
Capital Management,&nbsp;Inc. filed an amended Schedule&nbsp;13G with respect to our Common Stock on February&nbsp;11, 2004. All data in this Proxy Statement
regarding such ownership is based on such amended Schedule&nbsp;13G. Brown Capital Management,&nbsp;Inc. has sole voting power with respect to 1,804,351 of the indicated shares, and sole
dispositive power with respect to all of the indicated shares. Brown Capital Management,&nbsp;Inc. does not have shared voting or dispositive power with respect to any of the indicated shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Wellington
Management Company, LLP filed an amended Schedule&nbsp;13G with respect to our Common Stock on February&nbsp;12, 2004. All data in this Proxy Statement
regarding such ownership is based on such amended Schedule&nbsp;13G. Wellington Management Company, LLP shares voting power with respect to 2,628,900 of the indicated shares, and shares dispositive
power with respect to all of the indicated shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Samuel
D. Isaly, OrbiMed Advisors&nbsp;Inc., OrbiMed Capital LLC and OrbiMed Advisors LLC filed an amended Schedule&nbsp;13G with respect to our Common Stock on
February&nbsp;18, 2004. All data in this Proxy Statement regarding such ownership is based on such amended Schedule&nbsp;13G. Samuel&nbsp;D. Isaly, OrbiMed Advisors&nbsp;Inc., OrbiMed Capital
LLC and OrbiMed Advisors LLC share voting and dispositive power with respect to all of the indicated shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>David
J. Greene and Company, L.L.C. filed an amended Schedule&nbsp;13G with respect to our Common Stock on February&nbsp;4, 2004. All data in this Proxy Statement
regarding such ownership is based on such amended Schedule&nbsp;13G. David J. Greene and Company, L.L.C. has sole voting power with respect to 5,800 of the indicated shares and shares voting power
with respect to 1,191,100 of the indicated shares. David J. Greene and Company, L.L.C. has sole dispositive power with respect to 5,800 of the indicated shares and shares dispositive power with
respect to 1,946,538 of the indicated shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>Dimensional
Fund Advisors,&nbsp;Inc. filed an amended Schedule&nbsp;13G with respect to our Common Stock on February&nbsp;6, 2004. All data in this Proxy Statement
regarding such ownership is based on such amended Schedule&nbsp;13G. Dimensional Fund Advisors,&nbsp;Inc. has sole voting and dispositive power with respect to all of the indicated shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>J.&amp;W.
Seligman&nbsp;&amp; Co. Incorporated and William C. Morris filed a Schedule&nbsp;13G with respect to our Common Stock on February&nbsp;11, 2004. All data in this
Proxy Statement regarding such ownership is based on such Schedule&nbsp;13G. J.&amp;W. Seligman&nbsp;&amp; Co. Incorporated and William C. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<P><FONT SIZE=2>Morris
share voting power with respect to 1,186,696 of the indicated shares, and share dispositive power with respect to all of the indicated shares. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>Barclays
Global Investors, N.A., Barclays Global Fund Advisors and Barclays Bank PLC filed a Schedule&nbsp;13G with respect to our Common Stock on February&nbsp;17,
2004. All data in this Proxy Statement regarding such ownership is based on such Schedule&nbsp;13G. Barclays Global Investors, NA., has sole voting and dispositive power with respect to 623,600 of
the indicated shares. Barclays Global Fund Advisors has sole voting and dispositive power with respect to 448,386 of the indicated shares. Barclays Bank PLC has sole voting and dispositive power with
respect to 10,300 of the indicated shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD><FONT SIZE=2>Includes
15,546 shares held by Dr.&nbsp;Mollica's wife and children, although Dr.&nbsp;Mollica disclaims beneficial ownership of such shares. Includes 473,121 shares
of the Company's Common Stock subject to options exercisable within 60&nbsp;days of January&nbsp;31, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD><FONT SIZE=2>Includes
91,665 shares of our Common Stock subject to options exercisable within 60&nbsp;days of January&nbsp;31, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD><FONT SIZE=2>Includes
176,207 shares of our Common Stock subject to options exercisable within 60&nbsp;days of January&nbsp;31, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD><FONT SIZE=2>Includes
54,686 shares of our Common Stock subject to options exercisable within 60&nbsp;days of January&nbsp;31, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(13)</FONT></DT><DD><FONT SIZE=2>Includes
67,467 shares of our Common Stock subject to options exercisable within 60&nbsp;days of January&nbsp;31, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(14)</FONT></DT><DD><FONT SIZE=2>Includes
20,000 shares of our Common Stock subject to options exercisable within 60&nbsp;days of January&nbsp;31, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(15)</FONT></DT><DD><FONT SIZE=2>Includes
30,000 shares of our Common Stock subject to options exercisable within 60&nbsp;days of January&nbsp;31, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(16)</FONT></DT><DD><FONT SIZE=2>Includes
25,000 shares of our Common Stock subject to options exercisable within 60&nbsp;days of January&nbsp;31, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(17)</FONT></DT><DD><FONT SIZE=2>Includes
20,000 shares of our Common Stock subject to options exercisable within 60&nbsp;days of January&nbsp;31, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(18)</FONT></DT><DD><FONT SIZE=2>Includes
20,000 shares of our Common Stock subject to options exercisable within 60&nbsp;days of January&nbsp;31, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(19)</FONT></DT><DD><FONT SIZE=2>Includes
1,339,592 shares of our Common Stock subject to options exercisable within 60&nbsp;days of January&nbsp;31, 2004. </FONT></DD></DL>

<P><FONT SIZE=2><B>Board Meetings and Committees  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors held a total of seven meetings during 2003. No current director attended fewer than 75% of the aggregate of the total number of meetings of
the Board of Directors or the total number of meetings held by all committees of the Board of Directors on which he served. </FONT></P>


<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Committees.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The standing committees of the Board of Directors are the Audit Committee, the Compensation Committee and the
Corporate Governance Committee. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Committee.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee's current members are Frank Baldino, Jr., Gary E. Costley and Ricardo B. Levy. Each of
the members of the Audit Committee is independent under the listing standards of the National Association of Securities Dealers and as that term is used in Section&nbsp;10A(m)(3) of the Exchange
Act. The Board has determined that Gary&nbsp;E. Costley is a financial </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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<P><FONT SIZE=2>expert,
as described in Rule&nbsp;401(h) of Regulation&nbsp;S-K promulgated under the Securities Act of 1993, as amended (the "Securities Act"). The Audit Committee maintains the sole
responsibility for appointing, determining funding for and overseeing the independence and performance of our independent auditors and has the authority to engage independent counsel and other
advisors to assist in such responsibility. The Audit Committee is primarily responsible for reviewing and evaluating our accounting principles and system of internal accounting controls. The Audit
Committee met five times during 2003. The Audit Committee has adopted a written charter, a copy of which was attached as Exhibit&nbsp;A to our proxy statement filed with the Securities and Exchange
Commission on April&nbsp;4, 2003. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation Committee.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee's current members are Frank Baldino,&nbsp;Jr., Kenneth L. Coleman and
Gary E. Costley. The Compensation Committee reviews and recommends to the Board of Directors the compensation of the Chief Executive Officer and the other executive officers. The Compensation
Committee also administers our equity compensation plans. The Compensation Committee met four times during 2003. Each of the members of the Compensation Committee is independent under the listing
standards of the National Association of Securities Dealers and as that term is used in Section&nbsp;10A(m)(3) of the Exchange Act. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Governance Committee.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Corporate Governance Committee's current members are Paul A. Bartlett, Ricardo B. Levy
and James J. Marino. Each member of the Corporate Governance Committee, other than Dr.&nbsp;Bartlett, is independent under the listing standards of the National Association of Securities Dealers.
The Corporate Governance Committee assists the full Board of Directors in fulfilling its responsibilities to assure that we are governed in a manner consistent with applicable law and the interests of
our stockholders. The Corporate Governance Committee has adopted a written charter, a copy of which is attached as Appendix&nbsp;A to this proxy statement. The Corporate Governance Committee met
four times during 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporate Governance Committee will consider director candidates recommended by stockholders. A description of the procedures a stockholder must follow to submit a director candidate
and the criteria the Corporate Governance Committee will use to evaluate candidates is set forth on page 6 under the heading "Submission of Stockholder Proposals and Director Nominations." </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication with our Board of Directors.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Stockholders may communicate with our Board of Directors by sending a letter to
Pharmacopeia,&nbsp;Inc. Board of Directors, c/o Corporate Secretary, P.O.&nbsp;Box 5350, Princeton, New Jersey 08543-5350. The Secretary will review the correspondence and forward it
to the Chair of the appropriate committee or to any individual director or directors to whom the communication is addressed, unless the communication is unduly hostile,
threatening, illegal, does not reasonably relate to Pharmacopeia,&nbsp;Inc. or its business, or is similarly inappropriate. The Secretary has the authority to discard or disregard any inappropriate
communications or to take other appropriate actions with respect to any such inappropriate communications. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director Independence.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has determined that the following directors are independent under the listing
standards of the National Association of Securities Dealers: Frank Baldino, Jr., Kenneth L. Coleman, Gary E. Costley, Ricardo B. Levy and James J. Marino. </FONT></P>

<P><FONT SIZE=2><B>Board Compensation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-employee directors are reimbursed for expenses incurred in connection with performing their respective duties as our directors. In fiscal 2003,
each director who was not our employee received annual compensation in the amount of $20,000 plus a $1,500 meeting fee for each meeting of the Board or a committee of the Board attended in person and
a $750 meeting fee for each such Board or committee meeting attended by telephone. In fiscal 2003, the Chairpersons of the Audit Committee, the Compensation Committee and the Corporate Governance
Committee received additional annual compensation in the amounts of $5,000, $3,500 and $3,500, respectively, for that service. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
non-employee director participates in the 1995 Director Stock Option Plan. Each individual who becomes a non-employee Board member for the first time is
automatically granted an option to purchase 10,000 shares of our Common Stock on the date of his or her election or appointment to the Board of Directors, provided such individual has not been in our
prior employ. Thereafter, at each annual stockholders meeting, each non-employee director with at least six months of service on the Board of Directors who will continue to serve as a
director after such meeting will automatically be granted an option to purchase 5,000 shares of our Common Stock. </FONT></P>

<P><FONT SIZE=2><B>Employment Agreements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective February&nbsp;2001, we and Dr.&nbsp;Joseph A. Mollica entered into a three year employment agreement, subject thereafter to annual automatic
extension, whereby Dr.&nbsp;Mollica is employed as Chief Executive Officer. Pursuant to this agreement, as amended in May&nbsp;2003, Dr.&nbsp;Mollica is entitled to receive an annual base salary
and is currently eligible to receive a discretionary bonus of up to 75% of his base
salary. The base salary and bonus percentage are subject to periodic review. In the event we involuntarily terminate Dr.&nbsp;Mollica's employment without "cause," as defined in his agreement, or if
Dr.&nbsp;Mollica terminates his employment for "good reason," as defined in his agreement, we will continue to pay as severance benefits his base salary until the earlier to occur of
(i)&nbsp;24&nbsp;months after the date of termination or (ii)&nbsp;an event that would constitute "cause." In lieu of any bonuses, we will pay Dr.&nbsp;Mollica an amount obtained by
multiplying 75% times Dr.&nbsp;Mollica's base salary in effect at the date of termination times two (2). We will maintain Dr.&nbsp;Mollica's medical coverage for a period of two (2)&nbsp;years
following his termination. In addition, in such event, all of Dr.&nbsp;Mollica's unvested stock options will accelerate on the date of such termination, and all of his stock options will be
exercisable until the earlier of 25&nbsp;months after the date of termination or the expiration date of such options. "Good reason" includes an acquisition of us that materially changes
Dr.&nbsp;Mollica's title or duties. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December&nbsp;2002, we and Mark J. Emkjer entered into an agreement whereby Mr.&nbsp;Emkjer is employed as our Executive Vice President and as President of Accelrys&nbsp;Inc.
Pursuant to his agreement, Mr.&nbsp;Emkjer is entitled to receive an annual base salary and currently is eligible to receive an annual bonus to be awarded at the discretion of the Board of
Directors. The base salary and bonus percentage are subject to periodic review, and may be adjusted with the approval of the Compensation Committee. The agreement does not specify a term of
employment. In the event we involuntarily terminate Mr.&nbsp;Emkjer's employment without "cause," as defined in his agreement, or if Mr.&nbsp;Emkjer terminates his employment for "good reason," as
defined in his agreement, we will continue to pay as severance benefits his base salary for 12&nbsp;months after the date of termination, plus a pro rata portion of his bonus for the year in which
he is terminated or leaves us for good reason. In the event Mr.&nbsp;Emkjer's employment is involuntarily terminated without "cause," as defined in his agreement, or he terminates his employment
with us for "good reason," as defined in his agreement, within 12&nbsp;months after a "change of control," as defined in his letter, of us and the successor company does not offer him comparable
employment, then we will pay him as severance benefits one times Mr.&nbsp;Emkjer's base salary, plus a pro rata portion of his target incentive bonus for the calendar year during which he is
terminated or leaves us for good reason. In addition, in the event Mr.&nbsp;Emkjer's employment is involuntarily terminated without "cause," as defined in his agreement, or he terminates his
employment for "good reason," as defined in his agreement, within 18&nbsp;months after such a "change of control," all of Mr.&nbsp;Emkjer's unvested stock options will accelerate on the date of
such termination, and all of his stock options will be exercisable for one year following the date of termination. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June&nbsp;1996, we and Stephen A. Spearman entered into an agreement whereby Dr.&nbsp;Spearman is employed as Executive Vice President of Operations. Pursuant to his agreement,
Dr.&nbsp;Spearman is entitled to receive an annual base salary and currently is eligible for an annual bonus of up to 50% of his annual base salary to be awarded at the discretion of the Board of
Directors. The base salary and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<P><FONT SIZE=2>bonus
percentage may be adjusted with the approval of the Compensation Committee. The agreement does not specify a term of employment. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May&nbsp;2002, we delivered to Mr.&nbsp;Hanlon a letter under which he is employed as our Executive Vice President and Chief Financial Officer. Under that letter,
Mr.&nbsp;Hanlon is entitled to receive an annual
base salary and is eligible for an incentive bonus of up to 50% of his base salary awarded at the discretion of the Board. The base salary and incentive bonus are subject to annual review. The letter
does not specify a term of employment. In the event Mr.&nbsp;Hanlon's employment is involuntarily terminated within 6&nbsp;months after a "change of control," as defined in his letter, of us and
the successor company does not offered him comparable employment, then we will continue to pay as severance benefits Mr.&nbsp;Hanlon's base salary for 12&nbsp;months after the date of termination,
plus a pro rata portion of his incentive bonus for the calendar year during which he is terminated. In addition, in the event of a "change of control," as defined in his letter, of us in which
Mr.&nbsp;Hanlon's stock options are not continued or assumed, all such options will vest in full. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
February&nbsp;2003, we delivered to Mr.&nbsp;Delli Santi a letter under which he is employed as Senior Vice President, Worldwide Sales of Accelrys,&nbsp;Inc. Under that letter,
Mr.&nbsp;Delli Santi is entitled to receive an annual base salary and is eligible for an incentive bonus of up to 50% of his base salary, awarded based upon his individual performance and our
financial performance. The letter does not specify a term of employment. In the event we terminate Mr.&nbsp;Delli Santi's employment involuntarily without "cause," we will continue to pay as
severance benefits his base salary for 12&nbsp;months after the date of termination. In the event Mr.&nbsp;Delli Santi's employment is involuntarily terminated within 2&nbsp;months before or
6&nbsp;months after a "change of control" of us and the successor company does not offer him comparable employment, then we will pay as a severance benefit to Mr.&nbsp;Delli Santi a
lump-sum payment in an amount equal to one times his then current annual base salary. In addition, in the event of such a "change of control" in which Mr.&nbsp;Delli Santi's stock
options are not continued or assumed, all such options will vest in full. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1133_proposal_two__approval_of_amen__pro04116"> </A>
<A NAME="toc_di1133_1"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL TWO:<BR>  <BR>    APPROVAL OF AMENDMENT TO CERTIFICATE OF INCORPORATION TO CHANGE<BR>  OUR NAME TO ACCELRYS,&nbsp;INC.    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors has concluded that it is advisable to amend our Restated Certificate of Incorporation (the "Certificate of Incorporation") to change our
name to Accelrys,&nbsp;Inc. If approved, the new name will become effective upon our filing of the Certificate of Amendment with the Secretary of State of the State of Delaware. The change in our
name will be accomplished by amending the first paragraph of the Restated Certificate of Incorporation to read: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>ONE</I></FONT><FONT SIZE=2>. The name of this corporation is "Accelrys,&nbsp;Inc."' </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
primary reason for the proposed name change is to better reflect the change in our business focus and to align our name with that of our principal operating subsidiary after the
spin-off of Pharmacopeia Drug Discovery,&nbsp;Inc. Upon completion of the spin-off of Pharmacopeia Drug Discovery,&nbsp;Inc., our focus will be on the growth and
development of our software business. Changing our name to "Accelrys,&nbsp;Inc." will better reflect our new business focus, increase our name recognition and allow our stockholders and clients to
more strongly identify with our business. We changed our trading symbol on The Nasdaq National Market from "PCOP" to "ACCL," effective as of February&nbsp;27, 2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
authorization by the stockholders of the name change, at any time prior to the effectiveness of the filing of the Certificate of Amendment to effect the name change, the
Board of Directors may abandon the name change without further action by our stockholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Board of Directors recommends that the stockholders vote "FOR" approval of the amendment to the Restated Certificate of Incorporation to change our name to
Accelrys,&nbsp;Inc.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

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<A NAME="toc_di1133_2"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL THREE:<BR>  <BR>    ADOPTION OF PHARMACOPEIA,&nbsp;INC. 2004 STOCK INCENTIVE PLAN    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>General  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee of the Board of Directors adopted the Pharmacopeia,&nbsp;Inc. 2004 Stock Incentive Plan (the "Plan") on March&nbsp;16, 2004,
subject to approval by our stockholders. The general purpose of the Plan is to provide motivation to selected employees, directors and consultants to put forth maximum efforts toward our continued
growth, profitability, and success by providing incentives to these employees, directors and consultants through the ownership and performance of our Common Stock. </FONT></P>

<P><FONT SIZE=2><B>Summary of the Plan  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following general description of certain features of the Plan is qualified in its entirety by reference to the Plan, which is attached as Appendix&nbsp;B.
Capitalized terms not otherwise defined herein have the meanings ascribed to them in the Plan. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan will authorize the grant of stock options, restricted stock, common stock, performance awards (denominated
in cash or stock), deferred stock units and stock appreciation rights. Stock options granted under the Plan may be either "incentive stock options" as defined in section&nbsp;422 of the Internal
Revenue Code (the "Code"), or nonqualified stock options, as determined by the Administrator (defined below). A total of 1,000,000 shares of our Common Stock will be initially reserved for issuance
under the Plan. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The "Committee" will administer the Plan for all employees subject to Section&nbsp;16 of the Exchange Act.
The Committee will consist of two or more non-employee directors appointed by our Board of Directors, and the members of the Committee will meet the independence standards required by
Nasdaq or other applicable governing body. With respect to all other participants in the Plan, the Board of Directors may either administer the Plan or appoint a committee (the "Secondary Committee")
from among its members, including the Committee, to administer the Plan. The Committee also may appoint any one or more of its members or the Chief Executive Officer to make grants to employees other
than employees subject to Section&nbsp;16 of the Exchange Act. The Board
of Directors, Committee or Secondary Committee, as applicable, are collectively referred to herein as the "Administrator." Subject to the other provisions of the Plan, the Administrator has the
authority to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>select
the participants and determine the type of awards to be made to participants, the number of shares subject to awards and the terms, conditions, restrictions and
limitations of the awards;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>interpret
the Plan;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>determine
eligibility for participation in the Plan;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>decide
all questions concerning eligibility for and the amount of awards payable under the Plan;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>construe
any ambiguous provision of the Plan;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>correct
any default;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>supply
any omission;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reconcile
any inconsistency;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>issue
administrative guidelines as an aid to administer the Plan and make changes in such guidelines as it from time to time deems proper;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>make
regulations for carrying out the Plan and make changes in such regulations as it from time to time deems proper; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>determine
whether awards should be granted singly, in combination or in tandem;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
the extent permitted under the Plan, grant waivers of Plan terms, conditions, restrictions, and limitations;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>accelerate
the vesting, exercise or payment of an award or the performance period of an award when such action or actions would be in our best interest;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>establish
such other types of awards, besides those specifically enumerated in the Plan, which the Administrator determines are consistent with the Plan's purpose;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>grant
awards in replacement of awards previously granted under the Plan or any of our other executive compensation plans, provided, that no re-pricing of awards
will be permitted without approval of the stockholders;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>establish
and administer the performance goals and certify whether, and to what extent, they have been attained;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>determine
the terms and provisions of any agreements entered into hereunder;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>take
any and all other action it deems necessary or advisable for the proper operation or administration of the Plan; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>make
all other determinations it deems necessary or advisable for the administration of the Plan, including factual determinations. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligibililty.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan will provide that awards may be granted to our employees, directors and consultants (as such terms are
defined in the Plan). Incentive stock options may be granted only to employees. It is not possible to state at this time whether a particular executive officer, all current executive officers as a
group, a particular nominee for director or all non-executive officers as a group will be granted awards under the Plan, since these matters will be determined by the Administrator based
on each participant's level of responsibility, compensation and contribution to our success. The maximum number of shares that may be awarded in a form other than stock options or stock appreciation
rights (such as restricted stock, common stock, performance awards or deferred stock units) shall not exceed 200,000 in the aggregate. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;162(m) Limitations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;162(m) of the Code limits the deductibility of compensation paid to certain
of our executive officers. Performance based compensation or performance vesting of awards (such as restricted stock) may not be subject to the limitations of section&nbsp;162(m). Additionally, to
maximize our deduction attributable to options granted to such persons, the Plan will require that no participant may receive options for more than 300,000, or separately exercisable stock
appreciation rights for more than 100,000, shares of common stock in any one year. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
award granted under the Plan will be evidenced by a written award agreement between the grantee and us and will be subject to the terms and conditions described below, with respect
to the particular type of award. </FONT></P>

<P><FONT SIZE=2><B><I>Terms and Conditions of Options  </I></B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Administrator will determine the exercise price of an option to purchase shares of common stock at the
time the option is granted. The exercise price under an incentive stock option or non-qualified stock option will not be less than 100% of the fair market value of common stock on the date
the option is granted. However, any optionee who owns more than 10% of the combined voting power of all classes of our outstanding stock (a "10% Stockholder") will not be eligible for the grant of an
option unless the exercise price of the option is at least 110% of the fair market value of the common stock on the date of grant. Generally, the fair market value shall be the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

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<P><FONT SIZE=2>closing
sale price for such stock on the date of determination as quoted on The Nasdaq National Market. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
means of payment for shares issued upon exercise of an option will be specified in each option agreement and generally may be made by cash, certain other shares of common stock owned
by the optionee for at least six months, delivery of an exercise notice together with irrevocable instructions to a broker chosen by the optionee (and reasonably agreeable to the Administrator) to
deliver the exercise price to us from the sale proceeds (a "cashless exercise"), any combination of the foregoing methods, or any other consideration to the extent permitted under applicable law. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term of the Option.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each stock option agreement will specify the type of option, the term of the option, the date when the
option will become exercisable and any applicable performance goals. However, the term of an option granted under the Plan will be no longer than ten years from the date of grant. Moreover, in the
case of an option granted to a 10% Stockholder, the term of an incentive stock option will be for no more than five years from the date of grant. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination of Employment or Consulting Services.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon the grant of an option under the Plan, the Administrator will provide
in the option grant agreement the effect a termination of employment, the termination of a director's services or cessation of a consulting arrangement, including for reasons of death, disability,
retirement, voluntary resignation, involuntary termination, and misconduct, will have upon the vesting and exercise period applicable to the option. Generally, unless otherwise provided in an
agreement, no further vesting will occur upon termination and the exercise period for the option will be truncated to be no more than one year following termination (in the case of retirement, death,
or disability) and may end immediately (as in the case of misconduct). For purposes of the Plan, misconduct will include, but not be limited to, (i)&nbsp;acts of dishonesty or other willful
misconduct, (ii)&nbsp;failure to comply with our lawful written direction or (iii)&nbsp;other intentional acts of misconduct by the optionee that harm us. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Limitation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If the aggregate fair market value of all shares of common stock subject to an optionee's incentive stock
options which are exercisable for the first time during any calendar year exceeds $100,000, the excess options shall be treated as nonqualified stock options. </FONT></P>

<P><FONT SIZE=2><B><I>Stock Appreciation Rights  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A stock appreciation right ("SAR") granted in connection with an option ("Tandem SAR") will entitle the optionee to exercise the SAR by surrendering to us
unexercised the corresponding portion of the related option. In exchange, the optionee will receive from us an amount equal to the excess of the fair market value of common stock covered by the
surrendered portion of the related option on the date of surrender of the related option over the exercise price of the related option. When a Tandem SAR is exercised, the related option, to the
extent surrendered, ceases to be exercisable. A Tandem SAR remains exercisable until, and expires no later than, the date on which the related option ceases to be exercisable or expires. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
SAR that is not a Tandem SAR also may be awarded under the Plan ("Freestanding SAR"). A Freestanding SAR shall entitle the grantee to surrender unexercised the SAR (or any portion of
such SAR) and to receive a payment equal to the excess of the fair market value of the shares of stock covered by the SAR on the date of exercise over the base price of the SAR. The payment may be in
cash, in shares of stock, in shares of restricted stock, or any combination thereof, as the Administrator shall determine. The exercise price of a Freestanding SAR will be determined by the
administrator. SARs also will be subject to a vesting schedule, which will be at least one year, as provided in individual grant agreements. Vesting may be accelerated in a change of control or on
certain approved terminations. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

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<P><FONT SIZE=2><B><I>Performance Awards  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance awards (share-based and cash-based) may be made under the Plan. The Administrator will establish performance measures, described in each
award agreement. The applicable performance measures may include one or more of the following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>revenue
growth;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>earnings
before interest, taxes, depreciation and amortization (EBITDA);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>earnings
before interest, taxes and amortization (EBITA);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>operating
income;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>net
operating income after tax;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>pre-
or after-tax income;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>cash
flow;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>cash
flow per share;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>net
earnings;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>earnings
per share;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>return
on equity;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>return
on capital employed;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>return
on assets;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>economic
value added (or an equivalent metric);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>share
price performance;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>total
shareholder return;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>improvement
in or attainment of expense levels;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>improvement
in or attainment of working capital levels; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>debt
reduction. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Administrator may make other adjustments to the goals at the time they are determined regarding any extraordinary items, or unusual or non-recurring items. Performance
goals may be established on a corporate-wide basis; with respect to one or more business units, divisions, or subsidiaries; and in either absolute terms or relative to the performance of
one or more comparable companies or an index covering multiple companies. </FONT></P>

<P><FONT SIZE=2><B><I>Stock Awards and Restricted Stock  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Administrator will determine the number and timing of stock awards to be granted. The Administrator may also modify or accelerate the delivery of a stock
award under circumstances it deems appropriate. The Administrator may subject the stock awards to terms, conditions, restrictions, and/or limitations, including, but not limited to, restrictions on
transferability and continued employment, as long as they are not inconsistent with the Plan. During the period restricted stock is subject to the above restrictions, the Administrator may, in its
sole discretion, grant to the holder of restricted stock all or any of the rights of a stockholder with respect to the restricted stock shares, including, but not limited to, the right to vote and the
right to receive dividends. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
recipient of a deferred stock or stock unit award will receive, subject to certain conditions which could include the achievement of performance goals determined by the Administrator,
a fixed number of shares of stock at the end of a specified deferral period or periods. During the deferral period(s), recipients will have no rights as a stockholder with respect to any shares of
stock. Amounts equal to any dividends declared during the deferral period with respect to deferred stock that is not subject to the achievement of specified performance goals will either be paid to
the grantee, reinvested in additional shares of deferred stock or otherwise reinvested, as determined by the Administrator at the time of the award. Shares of stock awarded pursuant to a deferred
stock award will be issued and delivered at the end of a deferral period as specified in the deferred stock agreement evidencing such award, and may be subject to additional conditions determined by
the Administrator. Deferred stock awards will be subject to a vesting schedule of at least three years, unless the award is made in lieu of other compensation or is made to a new hire to replace
awards forfeited from his or her prior employer. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability of Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In general, during a participant's lifetime, his or her awards shall be exercisable only by the
participant and shall not be transferable other than by will or laws of descent and distribution as well as, under certain circumstances, to family members and related trusts. The Administrator has
the discretionary authority to grant transferability to non-qualified stock options. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Withholding.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Administrator may allow participants in the Plan to satisfy their withholding obligations, if
applicable, by electing to have a certain number of shares of stock held by the participant delivered to us, or a certain number of shares of stock, which would be received pursuant to the exercise of
the option withheld by us. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment Upon Change in Capitalization.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to any required action by our stockholders, in the event that our stock is
changed by reason of any stock split, reverse stock split, stock dividend,
combination, reclassification or other increase or decrease in the number of issued shares of common stock effected without receipt of consideration by us, appropriate proportional adjustments will be
made in the number and class of shares of stock under the Plan, the number of shares of stock subject to any award outstanding under the Plan, and the exercise price of any outstanding option. Any
such adjustment will be made by the Administrator, whose determination shall be conclusive. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger or Asset Sale.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In connection with any merger, or sale of all or substantially all of our assets, each outstanding
award may be assumed or an equivalent award substituted by a successor corporation. If the successor corporation does not assume the award or substitute a substantially equivalent award, each share of
restricted stock will be immediately vested and the value of the restricted stock will be paid to the recipient in cash and each option will become fully vested and exercisable for a period of time
determined by the Administrator. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Control.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any outstanding awards will become fully vested and exercisable upon a change in control unless the awards
are assumed by our successor or substituted with awards of equal value. In addition, the Administrator may provide in an award agreement or otherwise, that awards are cashed out immediately upon a
change in control. A "change in control" will be defined as: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
"person" (within the meaning of Section&nbsp;13(d) or 14(d) of the Exchange Act), including a "group" within the meaning of Section&nbsp;13(d) but excluding us and
any of our subsidiaries and any employee benefit plan sponsored or maintained by us or any of our subsidiaries, shall become the "beneficial owner" (as defined in Rule&nbsp;13d-3 under
the Exchange Act), directly or indirectly, of our securities representing thirty percent (30%) or more of the combined voting power of the then outstanding securities entitled to vote generally in the
election of our directors ("Voting Securities"); or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
consummation of a merger, consolidation, reorganization or any other business combination (any of the foregoing, a "Business Combination") of or involving us and another
person or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

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<A NAME="page_di1133_1_18"> </A>
<UL>
<UL>

<P><FONT SIZE=2>persons
where the persons who were the beneficial owners of the Voting Securities outstanding immediately prior to such Business Combination do not beneficially own, directly or indirectly,
immediately after such transaction, securities representing more than fifty percent (50%) of the combined voting power of the then outstanding Voting Securities of us or of the entity acquiring us in
such Business Combination; or </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
complete liquidation or dissolution of us; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
sale, lease, exchange or other disposition or transfer (in one transaction or a series of related transactions) of all or substantially all of our assets or business;
provided, that a change of control under this clause shall not be deemed to have occurred where we sell, exchange or otherwise dispose of or transfer all or substantially all of our assets or business
to another corporation which is beneficially owned, directly or indirectly, immediately following such transaction by the holders of the Voting Securities in substantially the same proportions as
their ownership of the Voting Securities immediately prior to such transaction; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>such
time as the continuing directors (as defined below) do not constitute at least a majority of our Board of Directors (or, if applicable, of a successor), where the term
"continuing director" means at any date a director who was (x)&nbsp;a director on the date of the Plan or (y)&nbsp;nominated or elected subsequent to such date by at least a majority of the
directors who were continuing directors at the time of such nomination or election or whose election to the board was recommended or endorsed by at least a majority of the directors who were our
continuing directors at the time of such nomination or election (it being understood that no individual whose initial assumption of office occurred as a result of an actual or threatened election
contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the board shall be a continuing
director). </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments, Suspensions and Termination of the Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors will be able to amend, suspend or terminate the
Plan at any time; provided, however, that stockholder approval is required for any amendment which (i)&nbsp;materially increases the number of shares under the Plan, (ii)&nbsp;materially increases
the maximum number of shares allowed for grants to any participant, (iii)&nbsp;materially changes the class of persons eligible to receive grants of awards, (iv)&nbsp;materially increases the
benefits to participants under the Plan, or (v)&nbsp;as otherwise required by applicable law or Nasdaq rule. In any event, the Plan will terminate automatically ten years after it is approved by the
stockholders. </FONT></P>

<P><FONT SIZE=2><B><I>Federal Income Tax Consequences  </I></B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Shares of restricted stock received under the Plan will be considered subject to a substantial risk of
forfeiture for federal income tax purposes. If a grantee does not make the election described below, the grantee will realize no taxable income upon the receipt of shares of restricted stock. When the
forfeiture restrictions with respect to the restricted stock lapse, the grantee will realize ordinary income equal to the fair market value of the shares at that time and, provided that certain
requirements of the Code are met, we will be entitled to a corresponding deduction. Dividends paid with respect to restricted stock will be treated as compensation income (not dividend income)
received by a grantee. A grantee's tax basis in shares of restricted stock will be equal to their fair market value when the forfeiture restrictions lapse, and the grantee's holding period for the
shares will begin when the forfeiture restrictions lapse. Upon sale of the shares, the grantee will realize short-term or long-term gain or loss depending how long the shares
will have been held prior to the sale. Such gain or loss will be equal to the difference between the amount realized upon the sale of the shares and the grantee's tax basis of the shares. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

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<A NAME="page_di1133_1_19"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
grantee receiving shares of a restricted stock will be able to make an election under section&nbsp;83(b) of the Code with respect to the shares. By making a section&nbsp;83(b)
election, the grantee would elect to realize compensation income with respect to the shares when the shares are received rather than at the time the forfeiture restrictions lapse. The amount of such
compensation income will be equal to the fair market value of the shares when the grantee receives them (valued without taking the restrictions into account) and, provided that certain requirements of
the Code are met, we will be entitled to a corresponding deduction. By making a section&nbsp;83(b) election, the grantee will realize no additional compensation income with respect to the shares
when the forfeiture restrictions lapse, and will instead recognize gain or loss with respect to the shares when they are sold. Dividend payments, if any, received with respect to shares of restricted
stock for which a section&nbsp;83(b) election has been made will be treated as dividend income, assuming we have adequate current or accumulated earnings and profits. The grantee's tax basis in the
shares with respect to which a section&nbsp;83(b) election is made will be equal to their fair market value when received by the grantee, and the grantee's holding period for such shares begins at
that time. If, however, the shares are subsequently forfeited to us, the grantee will not be entitled to claim a loss with respect to the shares to the extent of the income realized by the grantee
upon the making of the section&nbsp;83(b) election. To make a section&nbsp;83(b) election, a grantee must file an appropriate form of election with the Internal Revenue Service and with his or her
employer, each within 30&nbsp;days after shares of restricted stock are received, and the grantee must also attach a copy of his or her election to his or her federal income tax return for the year
in which the shares are received. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An optionee who is granted an incentive stock option does not recognize taxable income at the time
the option is granted or upon its exercise, although the exercise may subject the optionee to the alternative minimum tax. Upon a disposition of the shares more than two years after the grant of the
option and one year after exercise of the option, any gain or loss is treated as long-term capital gain or loss. If these holding periods are not satisfied, the optionee recognizes
ordinary income at the time of disposition equal to the difference between the exercise price and the lower of (i)&nbsp;the fair market value of the shares at the date of the option exercise or
(ii)&nbsp;the sale price of the shares. Any gain or loss recognized on such a premature disposition of the shares in excess of the amount treated as ordinary income is treated as
long-term or short-term capital gain or loss, depending on the holding period. A different rule for
measuring ordinary income upon such a premature disposition may apply if the optionee is also an officer, director, or 10% stockholder of us. We are entitled to a deduction in the same amount as the
ordinary income recognized by the optionee. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonqualifed Stock Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An optionee does not recognize any taxable income at the time he or she is granted a nonqualified
stock option. Upon exercise, the optionee recognizes ordinary taxable income generally measured by the excess of the then fair market value of the shares over the exercise price. Any taxable income
recognized in connection with an option exercise by an employee of the Company is subject to tax withholding by us. We are entitled to a deduction in the same amount as the ordinary income recognized
by the optionee. Upon a disposition of such shares by the optionee, any difference between the sale price and the optionee's exercise price, to the extent not recognized as taxable income as provided
above, is treated as long-term or short-term capital gain or loss, depending on the holding period. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Appreciation Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No income will be recognized by a recipient in connection with the grant of a stock appreciation
right. When the stock appreciation right is exercised, the recipient generally will be required to include as taxable ordinary income in the year of exercise an amount equal to the sum of the amount
of cash received and the fair market value of any common stock received on the exercise. In the case of a recipient who is also an employee, any income recognized on exercise of a stock appreciation
right will constitute wages for which withholding will be required. We will be entitled to a tax deduction in the same amount. If the optionee receives common stock upon </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

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<A NAME="page_di1133_1_20"> </A>
<BR>

<P><FONT SIZE=2>the
exercise of a stock appreciation right, any gain or loss on the subsequent sale of such stock will be treated in the same manner as discussed above under "Nonqualified Stock Options." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Deferred Stock and Stock Units.</I></FONT><FONT SIZE=2> A grantee realizes no taxable income when a deferred stock award is made. When the deferral period for the
award ends and the grantee receives shares of common stock, the grantee will realize ordinary income equal to the fair market value of the shares at that time and, provided that certain requirements
of the Code are met, we will be entitled to a corresponding deduction. A grantee's tax basis in shares of common stock received at the end of a deferral period will be equal to the fair market value
of such shares when the grantee receives them. Upon sale of the shares, the grantee will realize short-term or long-term capital gain or loss, depending upon how long he or she
has held the shares. Such gain or loss will be equal to the difference between the amount realized upon the sale of the shares and the tax basis of the shares in the grantee's hands. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing is only a summary of the effect of federal income taxation upon award grantees and us with respect to the grant of awards under the Plan. It does not purport to be
complete, and does not discuss the tax consequences of the employee's or consultant's death or the provisions of the income tax laws of any municipality, state or foreign country in which the employee
or consultant may reside. </FONT></P>

<P><FONT SIZE=2><B>New Plan Benefits  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no grants under the Plan. Because benefits under the Plan will depend on the actions of the Committee and the value of our common stock, it is not
possible to determine the benefits that will be received if the Plan is approved by our stockholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Board of Directors recommends that the stockholders vote "FOR" the adoption of the Pharmacopeia,&nbsp;Inc. 2004 Stock Incentive
Plan.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

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<A NAME="page_di1133_1_21"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1133_proposal_four__ratification_of__pro02737"> </A>
<A NAME="toc_di1133_3"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL FOUR:<BR>  <BR>    RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to stockholder ratification, the Audit Committee of the Board of Directors has reappointed the firm of Ernst&nbsp;&amp; Young LLP, certified public
accountants, as independent accountants to audit and report upon our consolidated financial statements for the period commencing January&nbsp;1, 2004 and ending March&nbsp;31, 2005. Ratification
requires the affirmative vote of a majority of shares present and entitled to vote at the Annual Meeting, in person or by proxy, and voting thereon. Unless otherwise specified by the stockholders, the
shares of stock represented by proxy will be voted for ratification of the appointment of Ernst&nbsp;&amp; Young LLP as independent accountants to audit and report upon our consolidated financial
statements for the period commencing January&nbsp;1, 2004 and ending March&nbsp;31, 2005. If this appointment is not ratified by stockholders, the Audit Committee may reconsider its appointment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
or more representatives of Ernst&nbsp;&amp; Young LLP are expected to be at the Annual Meeting. They will have an opportunity to make a statement and will be available to respond to
appropriate questions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Board of Directors recommends that the stockholders vote "FOR" approval and ratification of such selection</B></FONT><FONT SIZE=2>. In the event of a negative
vote on such ratification, the Board of Directors will reconsider its selection. </FONT></P>

<P><FONT SIZE=2><B>Audit Fees; Audit-Related Fees; Tax Fees; All Other Fees.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents fees for professional audit services rendered by Ernst&nbsp;&amp; Young LLP for the audits of our annual financial statements for the
fiscal years ended December&nbsp;31, 2003 and 2002, for the review of the financial statements included in our Quarterly Reports on Form&nbsp;10-Q for the fiscal years ended
December&nbsp;31, 2003 and 2002, and fees billed for other services rendered by Ernst&nbsp;&amp; Young LLP: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="71%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Audit fees(1)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>383,518</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>370,510</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Audit related fees(2)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="63%"><FONT SIZE=2>Audit and audit related fees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>383,518</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>370,510</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Tax fees(3)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>5,123</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>24,881</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>All other fees(4)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>4,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>4,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="63%"><FONT SIZE=2>Total fees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>392,641</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>399,391</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE></DIV>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Includes
fees and expenses related to the fiscal year audit and interim reviews, notwithstanding when the fees and expenses were billed or when the services rendered, and related to
the registration statement on Form&nbsp;10 filed by our wholly-owned subsidiary, PDD, in connection with the proposed separation of our software and drug discovery segments through a pro rata
distribution to our stockholders of 100% of the outstanding shares of common stock of PDD.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Audit
related fees consisted principally of fees for audits of financial statements of certain employee benefit plans, as well as accounting research and due diligence services.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>During
fiscal years 2002 and 2003, we engaged Ernst and Young LLP to provide tax compliance services with respect to foreign tax compliance.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>All
other fees for 2002 and 2003 consisted of fees paid to Ernst&nbsp;&amp; Young LLP in connection with the use of online services. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

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<A NAME="page_di1133_1_22"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
fiscal years 2003 and 2002, we did not engage Ernst&nbsp;&amp; Young LLP to provide any professional services related to financial information systems design and implementation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is the practice of the Audit Committee to pre-approve all services rendered to us by our independent accountants in accordance with all applicable legal requirements and
all services provided by its independent accountants were so approved. Our Audit Committee also determined that the provision of the non-audit services by Ernst&nbsp;&amp; Young LLP
described above is compatible with maintaining the independence of such independent auditor. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

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NAME="page_dk1133_1_23"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk1133_other_information_regarding_us"> </A>
<A NAME="toc_dk1133_1"> </A>
<BR></FONT><FONT SIZE=2><B>OTHER INFORMATION REGARDING US    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Performance Graph  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following graph compares the cumulative total stockholder return to Pharmacopeia,&nbsp;Inc.'s stockholders during the five-year period ended
December&nbsp;31, 2003 to (i)&nbsp;the Nasdaq Pharmaceuticals Index and (ii)&nbsp;the Nasdaq Stock Market (U.S. Companies) Index. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information contained in this report shall not be deemed "soliciting material" or "filed" or "incorporated by reference" in future filings with the Securities and Exchange
Commission, or subject to liabilities of Section&nbsp;18 of the Exchange Act, except to the extent that the Company specifically incorporates it by reference into a document filed under the
Securities Act or the Exchange Act. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk1133_comparative_cumulative_return___com04171"> </A>
<A NAME="toc_dk1133_2"> </A>
<BR></FONT><FONT SIZE=2><B>COMPARATIVE CUMULATIVE RETURN AMONG PHARMACOPEIA, INC.,<BR>  NASDAQ PHARMACEUTICALS INDEX AND NASDAQ MARKET INDEX    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT SIZE=2><B>
<IMG SRC="g114132.jpg" ALT="GRAPHIC" WIDTH="615" HEIGHT="432">
  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm1133_executive_compensation"> </A>
<A NAME="toc_dm1133_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXECUTIVE COMPENSATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Compensation Tables  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary Compensation Table.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the compensation awarded to, earned by or paid to the Chief
Executive Officer and each of the other four most highly compensated executive officers of Pharmacopeia (the "Named Executive Officers") for services rendered to us in each of the last three fiscal
years: </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Long Term Compensation Awards(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="7%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Annual Compensation(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Restricted<BR>
Stock<BR>
Awards<BR>
($)(3)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="7%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ROWSPAN=2 ALIGN="LEFT"><FONT SIZE=1><B>Name and Principal Position<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Securities<BR>
Underlying<BR>
Options(#)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>All Other<BR>
Compensation<BR>
($)(4)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="7%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>Salary($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>Bonus($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="7%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>Joseph A. Mollica<BR>
Chairman, President<BR>
and Chief Executive Officer</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>2003<BR>
2002<BR>
2001</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>530,000<BR>
526,667<BR>
505,833</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>150,000<BR>
100,000<BR>
150,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>74,132<BR>
48,580<BR>
5,250</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>(5)<BR>(5)<BR></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Mark J. Emkjer<BR>
Executive Vice<BR>
President President, Accelrys Inc.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2003<BR>
2002<BR>
2001</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
325,000<BR>
19,791<BR>
&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>(6)<BR></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
<BR>
75,000<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
50,000<BR>
250,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6,000<BR>
594</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
Stephen A. Spearman<BR>
Executive Vice<BR>
President and Chief Operating<BR>
Officer, Pharmacopeia<BR>
Drug Discovery, Inc.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2003<BR>
2002<BR>
2001</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
298,000<BR>
296,333<BR>
284,667</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
100,000<BR>
25,000<BR>
40,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
18,462<BR>
6,000<BR>
5,250</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>(5)<BR><BR></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
John J. Hanlon<BR>
Executive Vice<BR>
President and<BR>
Chief Financial Officer</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2003<BR>
2002<BR>
2001</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
275,000<BR>
163,590<BR>
&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>(7)<BR></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
75,000<BR>
75,000<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23,811<BR>
4,906<BR>
&#151;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>(5)<BR><BR></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2><BR>
John Delli Santi<BR>
Senior Vice President,<BR>
Worldwide Sales, Accelrys Inc.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2003<BR>
2002<BR>
2001</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
265,409<BR>
246,666<BR>
224,167</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
&#151;<BR>
10,001</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
30,000<BR>
15,000<BR>
35,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
38,588<BR>
60,943<BR>
85,077</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>(8)<BR>(9)<BR>(10)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>The
value of certain perquisites or personal benefits is not included in the amounts disclosed because it did not exceed for any Named Executive Officer the lesser of either $50,000
or 10% of total annual salary and bonus reported for the Named Executive Officer.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>We
did not grant any stock appreciation rights or make any long-term incentive plan payments to any Named Executive Officer in 2001, 2002 or 2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>During
2001, 720 shares of restricted Common Stock were awarded to Mr.&nbsp;Delli Santi. In 2002 and 2003, no shares of restricted Common Stock were awarded or sold to
the Named Executive Officers. As of December&nbsp;31, 2003, Dr.&nbsp;Mollica held 164,993 shares of restricted Common Stock with an aggregate value of $2,347,850. Dr.&nbsp;Mollica is entitled to
dividends paid with respect to such shares. The other Named Executive Officers held no shares of restricted Common Stock as of December&nbsp;31, 2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Represents
our 401(k) matching contributions in 2001, 2002 and 2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>Represents,
in addition to our 401(k) matching contributions, vacation payouts of $20,385 in each of 2003 and 2002 for Dr.&nbsp;Mollica, $11,462 in 2003 for
Dr.&nbsp;Spearman and $17,811 in 2003 for Mr.&nbsp;Hanlon; and reimbursement of certain of Dr.&nbsp;Mollica's San Diego-based housing costs in 2003 and 2002 of $46,747 and $22,195, respectively. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=27,EFW="2132497",CP="PHARMACOPEIA, INC.",DN="1",CHK=983270,FOLIO='24',FILE='DISK033:[04SAN3.04SAN1133]DM1133A.;25',USER='BKYNARD',CD='31-MAR-2004;16:06' -->
<A NAME="page_dm1133_1_25"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>Mr.&nbsp;Emkjer
began his employment with us in December&nbsp;2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>Mr.&nbsp;Hanlon
began his employment with us in May&nbsp;2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>Represents,
in addition to our 401(k) matching contributions, sales commissions of $21,536, a vacation payout of $9,807 and proceeds from the sale of shares of
restricted Common Stock of $2,940.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD><FONT SIZE=2>Represents,
in addition to our 401(k) matching contributions, reimbursement for relocation expenses of $18,206, a vacation payout of $9,538, proceeds from the sale of
shares of restricted Common Stock of $1,927, proceeds from the exercise of options to purchase shares of Common Stock of $26,775, and proceeds from the sale of shares of Common Stock in our Employee
Stock Purchase Plan of $496.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD><FONT SIZE=2>Represents,
in addition to our 401(k) matching contributions, sales commissions of $79,827. </FONT></DD></DL>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Grants in Last Fiscal Year.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth each grant of stock options made during the year ended
December&nbsp;31, 2003 to each of the Named Executive Officers: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="27%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=7 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Assumed Annual Rate of Stock Appreciation<BR>
for Option Term (2)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="27%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>% of Total<BR>
Options<BR>
Granted to<BR>
Employees in<BR>
Fiscal Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="27%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Options<BR>
Granted<BR>
(#)(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Exercise<BR>
Price</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Expiration<BR>
Date</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>5%</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>10%</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2>Joseph A. Mollica</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>150,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>11.78</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>6.21</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>2/5/13</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>585,815</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,484,571</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Mark J. Emkjer</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
50,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3.93</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6.21</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2/5/13</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
195,272</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
494,857</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Stephen A. Spearman</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
100,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
7.85</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6.21</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2/5/13</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
390,544</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
989,714</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
John J. Hanlon</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
75,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5.89</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6.21</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2/5/13</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
292,908</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
742,286</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
John Delli Santi</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
30,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2.36</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6.21</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2/5/13</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
117,163</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
296,914</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>The
listed options become exercisable as follows: one-fourth of the total number of shares subject to the options are exercisable one year from the grant date and an
additional one forty-eighth of the total number of shares are exercisable each full month thereafter for the next 36&nbsp;months based on the optionee's continuing to be employed by us.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Potential
realizable value is based on an assumption that the stock price appreciates at the annual rate shown (compounded annually) from the date of grant until the end of the
ten-year option term. These numbers are calculated based on the requirements promulgated by the Securities and Exchange Commission and do not reflect our estimate of future stock price
growth. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
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<A NAME="page_dm1133_1_26"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Aggregate Option Exercises in Last Fiscal Year and Fiscal Year-End Option Values.</I></FONT><FONT SIZE=2> The following table sets forth for each of
the Named Executive Officers options exercised during 2003 and the fiscal year-end value of unexercised options: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="22%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Number of Shares Underlying Options at<BR>
Year-End(#)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Value of Unexercised<BR>
In-the-Money Options at<BR>
Year-End ($)(1)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="22%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Shares<BR>
Acquired<BR>
on<BR>
Exercise(3)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="22%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>Value<BR>
Realized<BR>
($)(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Unexercised<BR>
Exercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Unexercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Unexercisable</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Joseph A. Mollica</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>413,435</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>271,565</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>745,695</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>1,392,105</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Mark J. Emkjer</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>62,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>237,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>324,375</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>1,374,125</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Stephen A. Spearman</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>143,811</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>132,189</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>182,336</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>849,279</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>John J. Hanlon</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>29,687</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>120,313</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>100,342</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>754,658</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>John Delli Santi</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>54,812</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>54,742</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>40,629</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>268,967</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Market
value of underlying securities at exercise date or, year-end, as the case may be, minus the exercise price. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm1133_2003_equity_compensation_plan___20003997"> </A>
<A NAME="toc_dm1133_2"> </A>
<BR></FONT><FONT SIZE=2><B>2003 Equity Compensation Plan Information    <BR>    <BR>    (as of the end of the fiscal year&#151;December&nbsp;31, 2003<BR>  and as of the Record Date&#151;March&nbsp;25, 2004)    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="80%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="23%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(a)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(b)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="23%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(c)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="23%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Number of securities to be issued upon exercise of outstanding options, warrants and rights</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Weighted-average exercise price of outstanding options, warrants and rights</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="23%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Number of securities remaining available for future issuance under equity compensation plans (excluding securities<BR>
reflected in column (a))</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="23%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>(as of 12/31/03)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>(as of 3/25/04)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(as of 12/31/03)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(as of 3/25/04)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>(as of 12/31/03)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>(as of 3/25/04)</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="23%"><FONT SIZE=2>Equity compensation plans approved by security holders</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="23%"><FONT SIZE=2><BR>
1994 Incentive Stock Plan</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4,084,868</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4,015,479</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
15.98</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
15.89</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
191,778</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
17,643</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="23%"><FONT SIZE=2>1995 Directors Stock Plan</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>183,333</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>183,333</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>18.06</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>18.06</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>58,333</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>58,333</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="23%"><FONT SIZE=2><BR>
Equity compensation plans not approved by security holders</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="23%"><FONT SIZE=2><BR>
2000 Stock Option Plan</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,174,012</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,015,457</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
13.83</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
14.06</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
319,627</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
382,909</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="23%"><FONT SIZE=2><BR>
Total</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5,442,213</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5,214,269</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
569,738</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
458,885</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2><B>Description of the Pharmacopeia,&nbsp;Inc. 2000 Stock Option Plan  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The general purpose of the Pharmacopeia,&nbsp;Inc. 2000 Stock Option Plan (the "2000 Plan") is to materially
increase stockholder value by: (i)&nbsp;providing performance related incentives that motivate superior performance on the part of our employees and consultants; (ii)&nbsp;providing our employees
and consultants with the opportunity to acquire an ownership interest in us, and to thereby acquire a greater stake in us and a closer identity with us; and (iii)&nbsp;enabling us to attract and
retain the services of employees and consultants of outstanding ability and upon whose judgment, interest and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
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<A NAME="page_dm1133_1_27"> </A>

<P><FONT SIZE=2>special
effort the successful conduct of our operations is largely dependent. We expect the 2000 Plan will accomplish these goals by providing our eligible employees and consultants with awards of
restricted stock, non-qualified stock options or stock appreciation rights (the "Awards"). </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligibility.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any employee or consultant who is not a "covered employee" within the meaning of Section&nbsp;162(m) of the
Code and who is not subject to Section&nbsp;16 of the Exchange Act is eligible to participate in the 2000 Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Administration</I></FONT><FONT SIZE=2>. A committee made up of one or more of our directors (the "Committee") administers the 2000 Plan. The Committee has the
full authority to (i)&nbsp;interpret and administer the 2000 Plan; (ii)&nbsp;select the eligible employees and consultants to whom Awards may be granted; (iii)&nbsp;determine the times at which
such Awards may be granted; (iv)&nbsp;determine the time and manner in which stock options may be exercised; (v)&nbsp;determine the amounts and terms and conditions of Awards to be granted;
(vi)&nbsp;determine the terms and conditions of agreements which will be entered into with participants; (vii)&nbsp;establish different terms and conditions with respect to the granting of the
same type of Award to different participants; (viii)&nbsp;accelerate the exercisability or vesting of any Award; (ix)&nbsp;determine the effect, if any, of a change in control upon outstanding
Awards; (x)&nbsp;adopt and amend regulations for carrying out the 2000 Plan; and (xi)&nbsp;make all other determinations deemed necessary or advisable for the administration of the 2000 Plan. All
decisions and other actions of the Committee are final and binding on all participants in the 2000 Plan. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Stock Subject to the 2000 Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares of our Common Stock available for Awards under the 2000
Plan is 750,000 shares (subject to adjustments for stock splits, stock dividends and the like) which equals approximately 3% of the outstanding shares of our Common Stock as of December&nbsp;31,
2003. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Qualified Stock Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An Award of Non-Qualified Stock Options ("Options") is a grant by us to
the recipient of the right to purchase a specified number of shares of common stock from us for a specified time period at a fixed price. Grants of Options are evidenced by option agreements. The
price per share at which common stock may be purchased upon exercise of an Option is determined by the Committee. The Committee specifies when an Option may be exercisable and the terms and conditions
applicable thereto. The term of an Option will in no event be greater than 10&nbsp;years. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Appreciation Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An Award of Stock Appreciation Rights ("SARs") is a grant by us to the recipient of the right to
receive, upon exercise of the SAR, a payment equal to the excess of the fair market value of the shares of common stock covered by the SAR on the date of exercise over the base price of the SAR. The
base price of a SAR shall be the fair market value of the common stock on the date of grant. SARs are rights to receive a payment in cash, common stock or Restricted Stock as determined by the
Committee. The value of these rights, determined by the appreciation in the number of shares of common stock subject to the SAR, will be evidenced by SAR agreements. The term of the SAR will in no
event be greater than 10&nbsp;years. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
SAR granted under the Plan may be granted in tandem with all or a portion of a related Option. Upon exercise of a SAR issued in tandem with an Option or lapse thereof, the related
Option will be canceled automatically to the extent of the number of shares ofcommon stock covered by such exercise, and such shares shall no longer be available for purchase under the Option.
Conversely, if the related Option is exercised, or lapses, as to some or all of the shares of common stock covered by the grant, the related SAR will be canceled automatically to the extent of the
number of shares of common stock covered by the Option exercise. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An Award of restricted stock is a grant to the recipient of a specified number of shares of common stock
which are subject to forfeiture upon specified events. Such Award will be evidenced by a restricted stock agreement which will specify the duration of the restriction period and the events under which
the restricted stock may be forfeited to us. The certificate(s) representing the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>27</FONT></P>

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<BR>

<P><FONT SIZE=2>restricted
stock shall bear a legend as to restrictions on the sale, transfer, assignment, or pledge of the restricted stock during any restriction period and deposited by the holder, together with a
stock power endorsed in blank, with us. During the restriction period, unless otherwise specified by the Committee, the holder has the right to receive dividends on, and to vote, the shares of
restricted stock. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment and Termination.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors has authority to amend, suspend or terminate the 2000 Plan at any time.
However, no amendment may be made without stockholder approval to the extent such approval is required by any applicable law or the rules of a stock exchange or NASDAQ. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2000 Plan will remain in effect until ten years from the date of its adoption, unless earlier terminated by our Board of Directors. Any such termination will not affect Awards
outstanding under the 2000 Plan. </FONT></P>

<P><FONT SIZE=2><B>Report of the Compensation Committee  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a report of the Compensation Committee (the "Committee") of our Board of Directors describing the compensation policies and rationale applicable
to our executive officers with respect to the compensation paid to such executive officers for the year ended December&nbsp;31, 2003. The Committee reviews and approves our executive compensation
policies. </FONT><FONT SIZE=2><I>The information contained in this report shall not be deemed "soliciting material" or "filed" or "incorporated by reference" in future filings with the Securities and
Exchange Commission, or subject to liabilities of Section&nbsp;18 of the Exchange Act, except to the extent that the Company specifically incorporates it by reference into a document filed under the
Securities Act or the Exchange Act.</I></FONT></P>

<UL>

<P><FONT SIZE=2><I> Compensation Philosophy  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's philosophy in setting its compensation policies for executive officers is to maximize stockholder value over time. The primary goal of the Company's
executive compensation program is therefore to closely align the interests of the executive officers with those of the Company's stockholders. To achieve this goal, the Company seeks to offer its
executive officers competitive compensation based upon their performance and the performance of the Company. The executive compensation program is designed to attract and retain executive talent that
contributes to the Company's long-term success, to reward the achievement of the Company's short-term and long-term strategic goals, to recognize and reward
individual contributions to the Company's performance, and to link executive officer compensation and stockholder interests through equity-based plans. The Company currently uses three integrated
components&#151;Base Salary, Variable Annual Incentives and Long-Term Incentives&#151;to meet these goals. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Base Salary  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The base salary component of the total compensation is designed to compensate executives competitively within the industry. The Committee reviewed and approved
fiscal year 2003 base salaries for the Chief Executive Officer and other executive officers. Base salaries were established by the Committee based upon competitive compensation data, and the
executive's job responsibilities, level of experience, individual performance and contribution to the business. Executive officer base salaries have been targeted at or above the average rates paid by
competitors in similar size companies to enable the Company to attract, motivate, reward and retain highly skilled executives. In order to evaluate the Company's competitive posture in the industry,
the Committee reviewed and analyzed the compensation packages, including base salary levels, offered by other biotechnology and pharmaceutical companies. The competitive information was obtained from
surveys prepared by consulting companies or industry associations (e.g., the Radford Biotechnology Compensation survey, the Top Five Data Services Report on Executive Compensation in the
Biopharmaceutical Industry and the Culpepper </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>28</FONT></P>

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<P><FONT SIZE=2>Survey
on the Software Industry). In making base salary decisions, the Committee exercised its discretion and judgment based upon these factors. No specific formula was applied to determine the weight
of each factor. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
base salaries of the Chief Executive Officer and our other executive officers were the same in 2003 as in 2002. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Variable Annual Incentives  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable incentive bonuses for executive officers are intended to reflect the Committee's belief that a portion of the compensation of each executive officer
should be contingent upon the performance of the Company as well as the individual contribution of each executive officer. To carry out this philosophy, the Company has implemented a compensation
policy (the "Compensation Policy") which compensates officers in the form of annual bonuses that are paid in cash. The Committee established target bonuses for each executive officer relative to the
officer's base salary. The Compensation Policy is intended to motivate and reward executive officers by directly linking the amount of any cash bonus to specific Company-based performance targets and
specific individual-based performance evaluations. The Company-based performance goals are tied to different indicators of the Company's performance, such as achievement of revenue, research and
development, and other operating objectives. These Company-based performance goals vary from year to year and are somewhat subjective in nature. The individual officer's performance goals are taken
into account and are tied to different indicators of the individual officer's performance (such as having achieved a research and development project milestone) and, except in the case of the Chief
Executive Officer, are based upon the evaluation of the
Chief Executive Officer. The Chief Executive Officer's achievement of individual performance goals is determined by the Committee. The Committee evaluates the achievement level of the Company's annual
goals and approves a performance rating relative to the goals. At the beginning of each year, the Company's objectives are assigned a relative weighting factor to assist in the priority setting and
subsequent evaluation of performance against objectives that is conducted at the end of the year. This evaluation is subjective and is influenced by the Committee's perception of the importance of the
various corporate goals. The aggregate amount of the bonus pool can range from 50-150% of the total individual target amounts based upon achievement of individual goals. The Committee
believes that the Company's Compensation Policy provides an excellent link between the Company's performance and the incentives paid to executives. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the Company's financial performance in 2003, no incentive bonuses were paid to our executive officers for 2003. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Long-Term Incentives  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee provides the Company's executive officers with long-term incentive compensation through grants of stock options under the Company's 1994
Incentive Stock Plan (the "1994 Plan") and the opportunity to purchase stock under the 1995 Employee Stock Purchase Plan (the "Purchase Plan"). The Company's Board of Directors believes that stock
options provide the Company's executive officers with the opportunity to purchase and maintain an equity interest in the Company and to share in the appreciation of the value of the Company's Common
Stock. The Board believes that stock options directly motivate an executive to maximize long-term stockholder value. The options also utilize vesting periods (generally four years) that
encourage key executives to continue in the employ of the Company. All options granted to executive officers to date have been granted at the fair market value of the Company's Common Stock on the
date of grant. The Board considers the grant of each option subjectively, considering factors such as the individual performance of the executive officer and the anticipated contribution of the
executive officer to the attainment of the Company's long-term strategic performance goals. Long-term incentives granted in prior years are also taken into consideration. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>29</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company established the Purchase Plan both to encourage employees to continue in the employ of the Company and to motivate employees through ownership interest in the Company. Under
the Purchase Plan, employees, including officers, may have up to 10% of their earnings withheld for purchases of the Company's Common Stock on certain dates specified by the Board. The price of the
Company's Common Stock purchased will be equal to 85% of the lower of the fair market value of the Common Stock on the date of commencement of participation in each six-month offering
period or on each specified purchase date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
fiscal 2003, the Committee granted Dr.&nbsp;Mollica options to purchase 150,000 shares of the Company's Common Stock under the 1994 Plan and granted Executive Vice Presidents
and Vice Presidents options to purchase an aggregate 687,500 shares of the Company's Common Stock under the 1994 Plan. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Chief Executive Officer Compensation  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The compensation of the Chief Executive Officer is reviewed annually on the same basis as discussed above for all executive officers. Dr.&nbsp;Mollica's base
salary for fiscal 2003 was set at $530,000, the same as his base salary for fiscal 2002. Dr.&nbsp;Mollica's base salary was established in part by comparing the base salaries of chief executive
officers at other biotechnology and pharmaceutical companies of similar size. In 2003, Dr.&nbsp;Mollica was granted options to purchase 150,000 shares of the Company's Common Stock. Under the
Compensation Policy, Dr.&nbsp;Mollica received no bonus for 2003 performance. Dr.&nbsp;Mollica's total 2003 compensation was based on the Company's accomplishments and his contributions thereto,
including (i)&nbsp;the successful implementation of the restructuring of the business (focused principally on Accelrys) and other cost containment initiatives in the third and fourth quarters of
2002, (ii)&nbsp;the conclusion of new or expanded third party collaboration agreements and the attainment of contractual milestones under a number of existing third party collaboration agreements
and (iii)&nbsp;the significant enhancements made with respect to the capabilities of the Company's executive management group, including the addition of key officers augmenting the Accelrys
management team. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Section&nbsp;162(m)  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has considered the potential future effects of Section&nbsp;162(m) of the Internal Revenue Code on the compensation paid to the Company's executive
officers. Section&nbsp;162(m) disallows a tax deduction for any publicly held corporation for individual compensation exceeding $1.0&nbsp;million in any taxable year for any of the executive
officers named in the proxy statement, unless compensation is performance-based. The Company has adopted a policy that, where reasonably practicable, the Company will seek to qualify the variable
compensation paid to its executive officers for an exemption from the deductibility limitations of Section&nbsp;162(m). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
approving the amount and form of compensation for the Company's executive officers, the Committee will continue to consider all elements of the cost to the Company of providing such
compensation, including the potential impact of Section&nbsp;162(m). </FONT></P>

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<TD WIDTH="53%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Respectfully submitted by:<BR>
COMPENSATION COMMITTEE</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
Gary E. Costley (Chair)<BR>
Frank Baldino, Jr.<BR>
Kenneth L. Coleman</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>30</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_do1133_1_31"> </A> </FONT> <FONT SIZE=2><B>Report of the Audit Committee  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The information contained in this report shall not be deemed "soliciting material" or "filed" or "incorporated by reference" in future
filings with the Securities and Exchange Commission, or subject to liabilities of Section&nbsp;18 of the Exchange Act, except to the extent that the Company specifically incorporates it by reference
into a document filed under the Securities Act or the Exchange Act.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Company's Audit Committee Charter (a copy of which was attached as Exhibit&nbsp;A to the Company's proxy statement filed with the Securities and Exchange Commission on
April&nbsp;4, 2003), the Audit Committee oversees the Company's financial reporting process on behalf of the Board of Directors. The Audit Committee is currently comprised of three independent
directors. Management has the primary responsibility for the financial statements and the reporting process including the systems of internal controls. In fulfilling its oversight responsibilities,
the Audit Committee reviewed the Company's audited financial statements proposed to be included in the Company's Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2003 with management including a discussion of the quality, not just the acceptability, of the accounting principles, the reasonableness of significant judgments, and the clarity of disclosures in the
financial statements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee reviewed with Ernst&nbsp;&amp; Young LLP, who are responsible for expressing an opinion on the conformity of those audited financial statements with generally accepted
accounting principles, their judgments as to the quality, not just the acceptability, of the Company's accounting principles and such other matters as are required to be discussed with the Audit
Committee under generally accepted auditing standards. The Audit Committee discussed with Ernst&nbsp;&amp; Young LLP the matters to be discussed by Statement on Auditing Standard No.&nbsp;61. In
addition, the Audit Committee discussed with Ernst&nbsp;&amp; Young LLP their independence from management and the Company, including the matters in the written disclosures required by Independence
Standards Board Standard No.&nbsp;1, and considered the compatibility of nonaudit services with the auditors' independence. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee discussed with Ernst&nbsp;&amp; Young LLP the overall scope and plans for their audit. The Audit Committee met with Ernst&nbsp;&amp; Young LLP, with and without
management present, to discuss the results of their examinations, their evaluations of the Company's internal controls, and the overall quality of the Company's financial reporting. The Audit
Committee held five meetings during fiscal year 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
reliance on the review and discussions referred to above, the Audit Committee recommended to the Board of Directors (and the Board has approved) that the audited financial statements
described above be included in the Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2003 for filing with the Securities and Exchange Commission. The Audit Committee
has reappointed, subject to stockholder approval, Ernst&nbsp;&amp; Young LLP as the Company's independent auditors for the period commencing January&nbsp;1, 2004 and ending March&nbsp;31, 2005. </FONT></P>

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<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>Respectfully submitted by:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
AUDIT COMMITTEE</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Ricardo B. Levy (Chair)<BR>
Frank Baldino, Jr.<BR>
Gary E. Costley</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2>31</FONT></P>

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<P><FONT SIZE=2><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the basis of reports and representations submitted by or on behalf of our directors, executive officers and ten percent stockholders, all Forms 3, 4 and 5
showing ownership of and change of ownership in the Company's equity securities during 2003 were timely filed with the Securities and Exchange Commission as required by Section&nbsp;16(a) of the
Exchange Act, except that the Forms&nbsp;4 of Joseph A. Mollica, Stephen A. Spearman, Mark J. Emkjer, John J. Hanlon, William J. DeLorbe, Michael G. Lenahan, John Delli Santi and Nicholas Austin
that should have been filed in February&nbsp;2004 inadvertently were filed late with the Securities and Exchange Commission in March&nbsp;2004. All of our directors, officers and
greater-than-10% stockholders are now current in their filings. </FONT></P>


<P><FONT SIZE=2><B>Compensation Committee Interlocks and Insider Participation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee during 2003 was composed of the following independent directors: Drs. Baldino and Costley and Charles A. Sanders, M.D. (prior to
May&nbsp;1, 2003), and Drs. Baldino and Costley and Mr.&nbsp;Coleman (on and after May&nbsp;1, 2003). </FONT></P>

<P><FONT SIZE=2><B>Certain Relationships and Related Transactions  </B></FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Spin-Off Agreements  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In conjunction with our spin-off of PDD, the two companies will enter into various agreements for purposes of governing certain of the ongoing
relationships between us and PDD after the spin-off and to provide for the orderly transition to the status of two independent companies. The agreements will govern the relationship
between us and PDD subsequent to the
spin-off and provide for the allocation of tax, employee benefits and certain other liabilities and obligations arising from the periods prior to the spin-off. The companies
will have one common director. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Distribution Agreement  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and PDD will enter into a distribution agreement providing for, among other things, certain corporate transactions required to effect the distribution and
other arrangements between us and PDD subsequent to the distribution. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
particular, the distribution agreement defines the assets, liabilities and contractual relationships that are being allocated to and assumed by PDD and those which will remain with
us. The distribution agreement also defines what constitutes our business and what constitutes PDD's business. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the distribution agreement, we are obligated to transfer or cause to be transferred to PDD all our right, title and interest in the assets comprising PDD's business. All
assets are being transferred without any representation or warranty, "as is-where is", and PDD bears the risk that any necessary consent to transfer is not obtained. Each party also agrees
to exercise its respective commercially reasonable efforts promptly to obtain any necessary consents and approvals and to take such actions as may be reasonably necessary or desirable to carry out the
purposes of the distribution agreement and the other agreements summarized below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
distribution agreement provides for, among other things, assumptions of actual or contingent liabilities and cross indemnities designed to allocate generally, effective as of the
distribution date, financial responsibility for the liabilities arising out of or in connection with (i)&nbsp;the business conducted by PDD to PDD and (ii)&nbsp;all other liabilities to us. The
distribution agreement provides for the allocation generally of the financial responsibility for the liabilities arising out of or in connection with former businesses, including those formerly
conducted by or associated with us or PDD. Under the terms of the distribution agreement, we may withdraw the proposed distribution without liability at any time prior to the time that the
distribution is effected. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>32</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
distribution agreement includes provisions governing the administration of certain insurance programs and the procedures for making claims. The distribution agreement also allocates
the right to proceeds and the obligation to satisfy deductibles under certain insurance policies. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that any transfers contemplated by the distribution agreement were not effected on or prior to the distribution date, the parties are required to cooperate to effect such
transfers as promptly as practicable following the distribution date, and pending any such transfers, to hold any asset not so transferred in trust for the use and benefit of the party entitled
thereto (at the expense of the party entitled thereto), and to retain any liability not so transferred for the account of the party by whom such liability is to be assumed. Under the distribution
agreement, we and PDD agree to provide to the other party, subject to certain conditions, access to certain corporate records and information and to provide or cause to be provided certain services on
such terms as are set forth in a transition services agreement between such parties. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
distribution agreement also provides that, except as otherwise set forth therein or in any related agreement, all costs or expenses incurred in connection with the distribution will
be charged to and paid by us. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Transition Services Agreement  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and PDD will enter into a transition services agreement pursuant to which PDD will provide us with certain limited administrative and support services.
Pursuant to the transition services agreement, we will provide PDD with certain administrative and support services. These services may include management, business and financial information systems
advice and services, support for the maintenance of corporate records and personnel administration advice and services. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Tax Sharing and Indemnification Agreement  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to allocate our responsibilities for taxes and certain other tax matters, we and PDD will enter into a tax sharing and indemnification agreement prior to
the date of the distribution. Under the terms of the agreement, we will pay all consolidated federal income taxes, and consolidated, combined and unitary state income taxes from all periods prior to
the distribution, except, as described below, for certain taxes that may be incurred if the distribution is not tax-free. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will also be responsible for, and will hold PDD harmless from, any liability for income taxes of us or any member of our group by reason (other than PDD) of PDD being severally liable
for those taxes under U.S. Treasury regulation or analogous state or local provisions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to separate state or foreign income taxes imposed on PDD, PDD will be responsible for and will indemnify and hold us harmless from, any liability for PDD's income taxes with
respect to taxable periods or portions of periods beginning on or after the date of PDD's incorporation. PDD will also be responsible for, and will indemnify and hold us harmless from, any liability
for PDD's non-income taxes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
tax sharing and indemnification agreement includes covenants, including certain covenants designed to ensure that the transaction is tax-free, as described above. If PDD
breaches any of those covenants, PDD would be liable for any taxes and other damages arising from PDD's breach of those covenants. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the allocation of liability for PDD's taxes, the terms of the agreement also provide for other tax matters, including tax refunds, returns and audits. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>33</FONT></P>

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<UL>

<P><FONT SIZE=2><I> Employee Matters Agreement  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDD and we will enter into an employee matters agreement, which will allocate responsibilities and obligations with respect to certain employee benefit plans and
other employment-related matters on and after the distribution date. The employee matters agreement is summarized below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
any outstanding options to purchase our common stock (the "Pharmacopeia Options") issued under the Pharmacopeia,&nbsp;Inc. 1994 Incentive Stock Plan, the
Pharmacopeia,&nbsp;Inc. 1995 Director Option Plan and the Pharmacopeia,&nbsp;Inc. 2000 Stock Option Plan (collectively, the "Pharmacopeia Stock Option Plans") will be adjusted or converted to
maintain the then existing intrinsic value of the Pharmacopeia Options and maintain the ratio of the then existing exercise price per share to the market value per share in accordance with applicable
accounting standards. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the employee matters agreement, PDD and we will identify those current and former employees who are employed (or, in the case of former employees, were employed) in the Accelrys
business and those employees employed in the PDD business. PDD will assume all the employee benefit plan, workers' compensation, unemployment compensation, bonus, fringe benefit and vacation
liabilities, which relate to PDD's current and former employees (both foreign and domestic) as of the distribution date. PDD will also, generally, recognize any service earned by PDD employees with us
for purposes of determining eligibility for and vesting in any benefits (including sick pay and vacation accrual). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
a transition period, which will begin on the distribution date and will end no later than December&nbsp;31, 2004, PDD's employees may continue their participation in plans
maintained by us. The transition period with respect to any particular employee benefit (for example, our 401(k) savings plan or medical plan) may end prior to December&nbsp;31, 2004 if PDD and we
agree on such an earlier date. During the transition period, PDD will have input in the shared employee benefit plans with regard to PDD's employees, and PDD will also be able to change the terms of
the plans as they apply to their employees. However, we will be primarily responsible for maintaining and administering these plans, notifying vendors, third party administrators, insurance companies
and other service providers regarding the distribution, and will indemnify PDD for any liabilities that arise from our failure to fulfill our obligations under the employee matters agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to our 401(k) plan during the transition period, any matching contributions for our employees will be initially invested in our stock. After the transition period, PDD will
adopt a 401(k) savings plan for the benefit of PDD's employees and former employees. We will transfer the accounts of PDD's current and former employees under our 401(k) savings plan to PDD's 401(k)
savings plan effective as of a date no later than January&nbsp;1, 2005. After the transfer of 401(k) accounts, PDD participants will be able to change the investment of the portion of their
accounts, if any, which is invested in our stock, and our participants in our 401(k) savings plan will be able to do the same with amounts invested in PDD stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the transition period, in the event that the contributions by PDD's participants in the flexible spending accounts maintained under our plan are less than the amount paid out
from the cafeteria plan, PDD will be reimbursed by us. In the event that these contributions are less than the amount paid out by the cafeteria plan, PDD will reimburse us. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have agreed with PDD that the distribution is not a severance of employment for the purposes of any employee benefit plan that we or PDD maintains. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
and PDD have agreed to safeguard and utilize protected health information relating to PDD's current and former employees in accordance with applicable federal privacy regulations
under the Health Insurance Portability and Accountability Act of 1996. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
maintain a non-qualified deferred compensation plan for select key management and highly-compensated employees of ours, including certain employees who will become PDD
employees after the distribution. The non-qualified deferred compensation plan is funded by a rabbi trust, which is a </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>34</FONT></P>

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<A NAME="page_dq1133_1_35"> </A>
<BR>

<P><FONT SIZE=2>trust
established by us that is subject to the claims of our general creditors in the event of our bankruptcy or insolvency. After the distribution, amounts contributed by PDD employees and former
employees to our non-qualified deferred compensation plan will be transferred to PDD or to a rabbi trust that PDD establishes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign
employees, former employees and employee benefit plans (including retirement and welfare plans) will be dealt with in a similar manner, to the extent permitted by local
applicable law, in which those benefits are described above for domestic employees. Generally, PDD will be responsible for the liabilities relating to PDD's current and former employees as of the
distribution date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDD
and we have agreed to share data to the extent necessary for accounting and auditing purposes. We have agreed to cooperate with each other to the extent permitted by applicable law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDD
or we may notify the other party of any disputes that arise under the employee matters agreement. Disputes will be resolved by negotiation between PDD's executives and our
executives. Only after a period of negotiation may either party begin litigation or another procedure allowed by law. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Patent and Software License Agreement  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and PDD will enter into a patent and software license agreement, whereby we will grant to PDD a non-exclusive license (i)&nbsp;to utilize various
software applications we currently provide to PDD and that PDD presently uses in its drug discovery business and (ii)&nbsp;to a number of patents which we own and with respect to which PDD funded a
portion of the patent prosecution and filing costs. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Additional Relationships and Related Transactions.  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James J. Marino, one of our directors, is a partner at Dechert LLP, a law firm that we retained in 2001, 2002 and 2003 and continue to retain in 2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
and Paul A. Bartlett, Ph.D., one of our directors, are parties to a consulting agreement pursuant to which Dr.&nbsp;Bartlett receives annual compensation of $36,000. The current
term of the agreement expires in March&nbsp;2005. In 2003, we paid Dr.&nbsp;Bartlett $75,000 pursuant to the consulting agreement. </FONT></P>


<P><FONT SIZE=2><B>Ethics and Business Conduct Policy  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We adopted our Ethics and Business Conduct Policy in its current form in March&nbsp;2004. The Ethics and Business Conduct Policy applies to all of our employees
and directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Ethics and Business Conduct Policy is posted on our Internet website. Our Internet address is www.pharmacopeia.com. Any waivers of the application of the Ethics and Business Conduct
Policy to directors or executive officers must be made either by the Board of Directors or the Audit Committee. Any waiver of the Ethics and Business Conduct Policy will be disclosed promptly on our
Internet website. Any amendment of the Ethics and Business Conduct Policy also will be disclosed promptly on our Internet website. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq1133_other_matters"> </A>
<A NAME="toc_dq1133_1"> </A>
<BR></FONT><FONT SIZE=2><B>OTHER MATTERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We know of no other matters to be submitted at the meeting. If any other matters properly come before the meeting, it is the intention of the persons named in the
enclosed proxy to vote the shares they represent as the Board of Directors may recommend. </FONT></P>


<P><FONT SIZE=2>BY
ORDER OF THE BOARD OF DIRECTORS<BR>
Princeton, New Jersey<BR>
Dated: April&nbsp;12, 2004 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>35</FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><A
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<P ALIGN="RIGHT"><FONT SIZE=2><B>APPENDIX A  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ga1133_pharmacopeia,_inc._char__ga102336"> </A>
<A NAME="toc_ga1133_1"> </A>
<BR></FONT><FONT SIZE=2><B>PHARMACOPEIA,&nbsp;INC.    <BR>    <BR>    CHARTER OF<BR>  CORPORATE GOVERNANCE COMMITTEE    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Statement.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Corporate Governance Committee (the "Committee") of the Board of Directors of
Pharmacopeia,&nbsp;Inc. ("Pharmacopeia" or the "Company") will assist the Board of Directors in fulfilling its responsibilities with the respect to its stewardship of the Company, as more fully
described in this Charter. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational Matters.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee will be a committee of the Board as contemplated by
Article&nbsp;4 of the Bylaws of the Company and Section&nbsp;141 of the General Corporation Law of the State of Delaware. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Composition.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall consist exclusively of not less than three (3)&nbsp;directors selected by the full Board. A
majority of these
Board members shall be "Independent." Independence shall mean that the members have no relationship that may interfere with the exercise of their independence from management and the Company. Members
of the Committee also shall otherwise meet the independence standards required by applicable law, regulations and listing requirements. </FONT></P>

<P><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee members shall be appointed for terms of one (1)&nbsp;year at the annual meeting of the Board. The Chair of
the Committee shall
be designated by the Board. </FONT></P>

<P><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall meet at such times and from time to time as it deems appropriate, but not less than once each
year. The Committee may
invite to any of its meetings other directors, members of Company management and such other persons as it deems appropriate in order to carry out its responsibilities. The Committee will keep minutes
of its meetings and will make such minutes available to the full Board for its review. </FONT></P>

<P><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall report to the full Board, orally or in writing, at the Board's first meeting following each such
meeting of the
Committee, with respect to the Committee's activities and its recommendations to the Board. </FONT></P>

</UL>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Authority.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have the authority to confer with Company management and other
employees to the extent it deems necessary or appropriate to fulfill its responsibilities. The Committee is authorized to conduct or initiate inquiries or investigations into any matters within the
Committee's scope of responsibilities and shall have full access to the books, records, facilities and personnel of the Company. The Committee is further authorized to seek outside legal or other
expert advice, including financial advice, to the extent it deems necessary or appropriate from time to time, provided that the Committee keeps the Board reasonably informed as to the nature and
extent of such outside advice. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Role and Responsibilities.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have full power and authority to carry out the
following activities, for which it shall have responsibility: </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Review on an annual basis the Board's compliance with SEC and NASDAQ rules, including (if
appropriate) preparation and review of any required Committee report for the Company's annual proxy statement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-1</FONT></P>

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<A NAME="page_ga1133_1_2"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Corporate Governance.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Develop and periodically review and revise principles and standards for corporate
governance of the Company, and make recommendations to the Board as to adoption and revision of such principles and standards. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Consultation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Consult with the President and Chief Executive Officer of the Company with respect to carrying
out the responsibilities of the Committee and implementing those recommendations of the Committee adopted by the Board. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Composition, Performance and Compensation of the Board.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Qualifications.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Develop qualifications and other criteria for individual candidates for the Board including,
without limitation, background, technical and industry-specific skills, affiliations and personal characteristics. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Identification, Evaluation and Recommendation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In consultation with, and with the assistance of, the Chairman
of the Board and Chief Executive Officer, identify candidates for election to the Board; gather information on such candidates; and conduct interviews and hold meetings with candidates. Make
recommendations to the full Board as to particular candidates to fill vacancies on the Board from time to time. Make recommendations to the full Board as to the slate of candidates for membership on
the Board and to be presented to the stockholders for consideration at the Company's Annual Meeting of Stockholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Composition.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Review the composition and size of the Board as a whole, in order to ensure that the Board has
the appropriate experience, expertise and perspective, as well as the diversity of age, sex, race and ethnicity, that the Company believes will foster the effective functioning of the Board and will
best promote the interests of the Board, the Company and Pharmacopeia stockholders. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Age and Term Limits.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Review the Company's policies concerning minimum and maximum (i.e., mandatory
retirement) ages of directors and, if deemed appropriate, term limits for Board members. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Evaluation of Board and Individual Directors.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;On a regular basis, conduct an assessment and evaluation of the
performance of the Board, as a whole, and the directors individually. Make recommendations to the full Board as to whether individual members should stand for re-election. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Director Compensation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Develop recommendations for approval of the full Board regarding compensation of
non-employee directors of the Company. Report to the full Board on an annual basis on the compensation of Board members as compared to compensation of directors of comparable companies,
and make recommendations regarding changes to the Company's director compensation practices. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Succession Planning.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Company Executives.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In consultation with the President and Chief Executive Officer, review succession
planning relating to the Company's President and Chief Executive Officer as well as other key members of Company senior management. Require the President and Chief Executive Officer to prepare and
update regularly his or her recommendation as to the individual who should succeed him or her in such position in the event he or she becomes unable to perform the duties of the office. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Board Members.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Plan for continuity on the Board as existing Board members retire or rotate off the Board. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board Committees.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Review on an annual basis the compliance by each committee of the Board with the Company's
committee structure, size and composition rules, including holding the required number of meetings and providing to the full Board reports as to that committee's activities. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-2</FONT></P>

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<A NAME="page_ga1133_1_3"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Composition of Committees.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In consultation with the Chairman, recommend to the full Board individual
directors to serve as members and Chairpersons of the various committees and recommend changes to the composition of committees from time to time. Ensure that each committee is comprised of members
with experience and expertise sufficient for the committee to perform its responsibilities, and reflecting the diversity of perspective and background discussed above. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Evaluation of Committees.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In consultation with the Chairman, annually review the charter of each committee
and regularly review the performance of each committee and its individual members. Make recommendations to the Board for the creation of additional committees, the change in mission or
responsibilities of standing committees, and the dissolution of existing committees. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts of Interest.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Directorships and Affiliations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Company's filing of its Annual Report on
Form&nbsp;10-K, review directorships, consulting arrangements and other business relationships involving the Company's directors as reported in the directors' questionnaires for possible
conflicts of interest. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Addressing Conflict of Interest Situations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Identify, analyze and, if possible, resolve actual and potential
conflicts of interest a Board member has or may have. In connection with actual or potential conflicts of interest, issue to such member instructions concerning the manner in which he or she is to
conduct himself or herself, as applicable, in matters that are, or may come, before the Board including, without limitation, recusal of the member from the Board's consideration of matters implicated
by such conflict of interest. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Matters.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Charter and Bylaws.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Periodically review the Restated Certification of Incorporation and Bylaws of the
Company, as amended, and make recommendations to the Board with the objective of promoting good corporate governance and fostering stockholder rights. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Meetings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Review the procedures and communication plans for stockholders meetings to ensure that
the rights of stockholders (including the right to participate) are protected, that required information concerning the Company is adequately presented and that the meetings promote effective
communication between the Company and its stockholders on matters of importance. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Stockholder Communications.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Monitor the manner and frequency with which the Board and, particularly,
the management of the Company communicate with stockholders between scheduled stockholders' meetings. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Take such other actions regarding the matter of governance of the Company, including the adoption of
principles of corporate governance, from time to time as the Committee deems necessary or appropriate to further and to protect the interests of the Company and its stockholders. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-3</FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><B>APPENDIX B  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gc1133_pharmacopeia,_inc._2004_stock_incentive_plan"> </A>
<A NAME="toc_gc1133_1"> </A>
<BR></FONT><FONT SIZE=2><B>PHARMACOPEIA,&nbsp;INC.<BR>  <BR>    2004 STOCK INCENTIVE PLAN    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Effective&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004 </FONT></P>

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<A NAME="page_gc1133_1_1"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gc1133_table_of_contents"> </A>
<A NAME="toc_gc1133_2"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2>ARTICLE 1 PURPOSE AND TERM OF PLAN</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><BR><FONT SIZE=2> 1.1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2><BR>
Purpose</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>1.2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Term</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 2 DEFINITIONS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 3 ELIGIBILITY</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-5</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><BR><FONT SIZE=2> 3.1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2><BR>
In General</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-5</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>3.2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Incentive Stock Options</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-5</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 4 PLAN ADMINISTRATION</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-5</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><BR><FONT SIZE=2> 4.1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2><BR>
Members</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-5</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>4.2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Responsibility</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>4.3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Authority of the Committee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>4.4.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Discretionary Authority</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>4.5.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Section 162(m) of the Code</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>4.6.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Action by the Committee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>4.7.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Allocation and Delegation of Authority</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 5 FORM OF AWARDS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-7</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><BR><FONT SIZE=2> 5.1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2><BR>
In General</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-7</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>5.2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Foreign Jurisdictions</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-7</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 6 SHARES SUBJECT TO PLAN</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-8</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><BR><FONT SIZE=2> 6.1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2><BR>
Available Shares</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-8</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>6.2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Adjustment to Shares</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-8</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>6.3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Maximum Award Payable</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-9</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 7 PERFORMANCE AWARDS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-9</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><BR><FONT SIZE=2> 7.1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2><BR>
Purpose</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-9</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>7.2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Eligibility</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-9</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>7.3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Discretion of Committee with Respect to Performance Awards</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-9</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>7.4.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Payment of Performance Awards</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-10</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 8 STOCK OPTIONS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-10</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><BR><FONT SIZE=2> 8.1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2><BR>
In General</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-10</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>8.2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Terms and Conditions of Options</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-10</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>8.3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Restrictions Relating to Incentive Stock Options</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-10</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>8.4.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Additional Terms and Conditions</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>8.5.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Exercise of Option and Payment of Option Price</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 9 STOCK APPRECIATION RIGHTS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><BR><FONT SIZE=2> 9.1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2><BR>
In General</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>9.2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Terms and Conditions of Tandem SARs</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>9.3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Terms and Conditions of Freestanding SARs</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>9.4.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Deemed Exercise</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>9.5.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Additional Terms and Conditions</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-12</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 10 STOCK AWARDS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-12</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><BR><FONT SIZE=2> 10.1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2><BR>
Grants</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-12</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>10.2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Stock Award Restrictions</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-12</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>10.3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Rights as Stockholders</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-12</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>10.4.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Evidence of Award</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-12</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 11 PERFORMANCE UNITS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-12</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><BR><FONT SIZE=2> 11.1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2><BR>
Grants</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-12</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>11.2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Performance Criteria</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-12</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>11.3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Additional Terms and Conditions</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-12</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 12 PERFORMANCE SHARES</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><BR><FONT SIZE=2> 12.1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2><BR>
Grants</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-13</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>12.2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Performance Criteria</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>12.3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Additional Terms and Conditions</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-13</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 13 VESTING AND PAYMENT OF AWARDS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><BR><FONT SIZE=2> 13.1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2><BR>
Vesting</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-13</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>13.2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Payment</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>13.3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Death</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-13</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>13.4.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Disability</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-14</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>13.5.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Retirement</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-14</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>13.6.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Approved Reason</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-14</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>13.7.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Termination for Cause</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-14</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>13.8.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Other Terminations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-14</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>13.9.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Incentive Stock Options</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-15</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>13.10.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Other Awards</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-15</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>13.11.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Set-Off</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-15</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 14 DIVIDEND AND DIVIDEND EQUIVALENTS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-15</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 15 DEFERRAL OF AWARDS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-16</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 16 CHANGE IN CONTROL</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-16</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><BR><FONT SIZE=2> 16.1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2><BR>
Background</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-16</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>16.2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Options and SARs</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-16</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>16.3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Stock Awards</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-16</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>16.4.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Treatment of Performance Units and Performance Shares</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-16</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>16.5.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Deferred Awards</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-17</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=4><FONT SIZE=2><BR>
ARTICLE 17 MISCELLANEOUS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-17</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><BR><FONT SIZE=2> 17.1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2><BR>
Nonassignability</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
B-17</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>17.2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Withholding Taxes</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-18</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>17.3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Amendments to Awards</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-18</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>17.4.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Regulatory Approvals and Listings</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-18</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>17.5.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>No Right to Continued Employment, Service or Grants</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-18</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>17.6.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Amendment/Termination</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-18</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>17.7.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Governing Law</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-19</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>17.8.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>No Right, Title, or Interest in Company Assets</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-19</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>17.9.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>Section 16 of the Exchange Act</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-19</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE=2>17.10.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="81%"><FONT SIZE=2>No Guarantee of Tax Consequences</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>B-19</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>ii</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ge1133_1_1"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ge1133_pharmacopeia,_inc._2004_stock_incentive_plan"> </A>
<A NAME="toc_ge1133_1"> </A>
<BR></FONT><FONT SIZE=2><B>PHARMACOPEIA,&nbsp;INC.<BR>  <BR>    2004 STOCK INCENTIVE PLAN    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Effective&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ge1133_article_1_purpose_and_term_of_plan"> </A>
<A NAME="toc_ge1133_2"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 1<BR>  <BR>    PURPOSE AND TERM OF PLAN    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Purpose.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Plan is to provide motivation to selected Employees, Directors and Consultants
to put forth maximum efforts toward the continued growth, profitability, and success of Pharmacopeia (hereinafter referred to as "ACCL") by providing incentives to such Employees,
Directors and Consultants through the ownership and performance of Common Stock. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Term.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan was approved by the Board on March&nbsp;16, 2004, and will become effective upon the date
of the approval by ACCL's stockholders. The Plan and any Awards granted thereunder shall be null and void if stockholder approval is not obtained. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ge1133_article_2_definitions"> </A>
<A NAME="toc_ge1133_3"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 2<BR>  <BR>    DEFINITIONS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any necessary construction of a provision of this Plan, the masculine gender may include the feminine, and the singular may include the plural, and vice versa. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Affiliate</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means any entity other than the Subsidiaries in which the Company has a substantial direct or
indirect equity interest, as determined by the Board. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Approved Reason</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means a reason for terminating employment with the Company, which, in the opinion of the
Committee, is in the best interests of the Company. The Committee must specifically designate that a Participant has been terminated for an Approved Reason. Absent such determination by the Committee,
a Participant cannot be found to have terminated for an Approved Reason. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Award</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means any form of Option, SAR, Stock Award, performance unit, performance share, or Performance
Award, whether singly, in combination, or in tandem, to a Participant by the Committee pursuant to such terms, conditions, restrictions and/or limitations, if any, as the Committee may establish by
the Award Notice or otherwise. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Award Notice</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means the written document establishing the terms, conditions, restrictions, and/or
limitations of an Award in addition to those established by this Plan and by the Committee's exercise of its administrative powers. The Committee will establish the form of the written document in the
exercise of its sole and absolute discretion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Board</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means the Board of Directors of ACCL. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Cause</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means, unless otherwise provided in an Award Notice: (a)&nbsp;any gross failure by the
Participant (other than by reason of Disability) to faithfully and professionally carry out his or her duties or to comply with any other material provision of his or her employment agreement, if any,
which continues for thirty days after written notice by the Company; provided, that the Company does not have to provide notice in the event that the failure is not susceptible to remedy or relates to
the same type of acts or omissions as to which notice has been given on a prior occasion; (b)&nbsp;the Participant's dishonesty or other willful misconduct; (c)&nbsp;the Participant's conviction
of any felony or of any other crime involving moral turpitude, whether or not relating to his or her employment; (d)&nbsp;the Participant's insobriety or use of drugs, chemicals or controlled
substances either in the course of performing his or her duties and responsibilities under his or her employment agreement or otherwise </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-1</FONT></P>

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<BR>

<P><FONT SIZE=2>affecting
the ability of Participant to perform those duties and responsibilities; (e)&nbsp;the Participant's failure to comply with a lawful written direction of the Company; (f)&nbsp;any wanton
or willful dereliction of duties by the Participant; or (g)&nbsp;breach of the Company's Code of Ethics or insider trading policies. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"CEO</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means the Chief Executive Officer of ACCL. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Change In Control</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means: (i)&nbsp;any "person" (within the meaning of Section&nbsp;13(d) or 14(d) of
the Exchange Act, including a "group" within the meaning of Section&nbsp;13(d) but excluding ACCL and any of its Subsidiaries or Affiliates and any employee benefit plan sponsored or maintained by
ACCL or any subsidiary thereof), shall become the "beneficial owner" (as defined in Rule&nbsp;13d-3 under the Exchange Act), directly or indirectly, of securities of ACCL representing
thirty percent (30%) or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors ("Voting Securities") of ACCL (the "ACCL Voting
Securities"); or (ii)&nbsp;the consummation of a merger, consolidation, reorganization or any other business combination (any of the foregoing, a "Business Combination") of or involving ACCL and
another person or persons where the persons who were the beneficial owners of ACCL Voting Securities outstanding immediately prior to such Business Combination do not beneficially own, directly or
indirectly, immediately after such transaction, securities representing fifty percent (50%) or more of the combined voting power of the then outstanding ACCL Voting Securities or Voting Securities of
the entity acquiring ACCL in such Business Combination; (iii)&nbsp;a complete liquidation or dissolution of ACCL; or (iv)&nbsp;a sale, lease, exchange or other disposition or transfer (in one
transaction or a series of related transactions) of all or substantially all of the assets or business of ACCL; provided, that a change in control under this clause shall not be deemed to have
occurred where (x)&nbsp;ACCL sells, exchanges or otherwise disposes of or transfers all or substantially all of its assets or business to another corporation which is beneficially owned, directly or
indirectly, immediately following such transaction by the holders of ACCL Voting Securities in substantially the same proportions as their ownership of ACCL Voting Securities immediately prior to such
transaction and (y)&nbsp;such corporation assumes the Plan; or (v)&nbsp;such time as the Continuing Directors (as defined below) do not constitute at least a majority of the Board (or, if
applicable, of a successor to ACCL), where the term "Continuing Director" means at any date a director of ACCL who was (x)&nbsp;a director on the date of the approval of the Plan by
ACCL's stockholders or (y)&nbsp;nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or
election or whose election to the board was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or election (it being
understood that no individual whose
initial assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies
or consents by or on behalf of a person other than the board shall be a Continuing Director). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Code</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means the Internal Revenue Code of 1986, as amended from time to time, including regulations
thereunder and successor provisions and regulations thereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Committee</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means the Board or the committee designated by the Board to administer the Plan under
Article&nbsp;4. The Committee shall have at least two members, each of whom shall be a "non-employee director" as defined in Rule&nbsp;16b-3 under the Exchange Act and an
"outside director" as defined in Section&nbsp;162(m) of the Code and the regulations thereunder, and, if applicable meet the independence requirements of the applicable stock exchange, quotation
system or other self-regulatory organization on which the Common Stock is traded. Notwithstanding the foregoing, the Board may designate one or more of its members to serve as a Secondary
Committee and delegate to the Secondary Committee authority to grant Awards to eligible individuals who are not subject to the requirements of Rule&nbsp;16b-3 under the Exchange Act or
Section&nbsp;162(m) of the Code and the regulations thereunder. The Secondary Committee shall have the same authority with respect to selecting the individuals to whom such Awards are granted and
establishing the terms and conditions of such Awards as the Committee has under the terms of the Plan. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-2</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Common Stock</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means the common stock, $0.01 par value per share, of ACCL that may be newly issued or
treasury stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Company</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means with respect to Employees and consultants, ACCL and its Subsidiaries and Affiliates (other
than Pharmacopeia Drug Discovery and its Affiliates) provided, however, that with respect to Directors, Company shall only mean ACCL. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Consultants</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means the consultants, advisors and independent contractors retained by the Company. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Covered Employee</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means an Employee who is a "Covered Employee" within the meaning of
Section&nbsp;162(m) of the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Director</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means a non-Employee member of the Board. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Disability</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means a physical or mental impairment that satisfies the definition of disability under
Section&nbsp;22(e)(3) of the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Effective Date</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means the date an Award is determined to be effective by the Committee upon its grant of
such Award, which date shall be set forth in the applicable Award Notice. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Employee</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means any person employed by the Company on a full or part-time basis. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Exchange Act</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means the Securities Exchange Act of 1934, as amended from time to time, including rules
thereunder and successor provisions and rules thereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Fair Market Value</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means on any given date: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;if
the Common Stock is listed on an established stock exchange or exchanges, the closing price of Common Stock on the principal exchange on which it is traded on such
date, or if no sale was made on such date on such principal exchange, on the last preceding day on which the Common Stock was traded; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;if
the Common Stock is not then listed on an exchange, but is quoted on NASDAQ or a similar quotation system, the closing price per share for the Common Stock as quoted
on NASDAQ or similar quotation system on such date; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;if
the Common Stock is not then listed on an exchange or quoted on NASDAQ or a similar quotation system, the value, as determined in good faith by the Committee and in
accordance with applicable provisions of the Code or regulations and rulings thereunder. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Incentive Stock Option</I></FONT><FONT SIZE=2>" means an Option which meets the requirements of Section&nbsp;422 of the Code and which is designated as an
Incentive Stock Option by the Committee.. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Negative Discretion</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means the discretion authorized by the Plan to be applied by the Committee in
determining the size of an Award for a Performance Period if, in the Committee's sole judgment,
such application is appropriate. Negative Discretion may only be used by the Committee to eliminate or reduce the size of an Award. In no event shall any discretionary authority granted to the
Committee by the Plan, including, but not limited to Negative Discretion, be used to: (a)&nbsp;grant Awards for a Performance Period if the Performance Goals for such Performance Period have not
been attained under the applicable Performance Formula; or (b)&nbsp;increase an Award above the maximum amount payable under Section&nbsp;6.3 of the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Non-Qualified Stock Option</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means an Option not intended to be an Incentive Stock Option, and
designated as a Non-Qualified Stock Option by the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Option</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means the right, granted from time to time under the Plan, to purchase Common Stock for a
specified period of time at a stated price. An Option may be an Incentive Stock Option or a Non-Qualified Stock Option. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-3</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Participant</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means either an Employee, Director or Consultant to whom an Award has been granted by the
Committee under the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Participating Covered Employee</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;for a given calendar year means a Covered Employee who has been selected
by the Committee to participate in the annual incentive award for that calendar year under Article&nbsp;8. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Performance Awards</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means the Stock Awards, performance units and performance shares granted to Covered
Employees pursuant to Article&nbsp;7. All Performance Awards are intended to qualify as "performance- based-compensation" under Section&nbsp;162(m) of the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Performance Criteria</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means the one or more criteria that the Committee shall select for purposes of
establishing the Performance Goal(s) for a Performance Period. The Performance Criteria that will be used to establish such Performance Goal(s) shall be limited to the following: revenue growth;
earnings before interest, taxes, depreciation and amortization (EBITDA); operating income; net operating income after tax; pre- or after-tax income; cash flow; cash flow per
share; net earnings; earnings per share; return on equity; return on capital employed; return on assets; economic value added (or an equivalent metric); share price performance; total shareholder
return; improvement in or attainment of expense levels; improvement in or attainment of working capital levels; or debt reduction. To the extent required by Section&nbsp;162(m) of the Code, the
Committee shall, within the time period required by Section&nbsp;162(m) of the Code (generally, the first 90&nbsp;days of a Performance Period), define in an objective fashion the manner of
calculating the Performance Criteria it selects to use for such Performance Period. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Performance Formula</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means, for a Performance Period, the one or more objective formulas (expressed as a
percentage or otherwise) applied against the relevant Performance Goal(s) to determine, with regards to the Award of a particular Participant, whether all, some portion but less than all, or none of
the Award has been earned for the Performance Period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Performance Goals</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means, for a Performance Period, the one or more goals established by the Committee
for the Performance Period based upon the Performance Criteria. Performance Goals may be based on Company or business unit performance, and, if so desired by the Committee, by comparison with a peer
group of companies. Unless otherwise stated, such Performance Goals need not be based upon an increase or positive result and could include, for example, maintaining the status quo or limiting
economic loss (measured, in each case, by reference to specific Performance Criteria). The Committee is authorized at any time during the time period permitted by Section&nbsp;162(m) of the Code
(generally, the first 90&nbsp;days of a Performance Period), or at any time thereafter, in its sole and absolute discretion, to adjust or modify the calculation of a Performance Goal for such
Performance Period in order to prevent the dilution or enlargement of the rights of Participants, (a)&nbsp;in the event of, or in anticipation of, any unusual or extraordinary corporate item,
transaction, event or development; (b)&nbsp;in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company, or the financial statements of the Company, or
in response to, or in anticipation of, changes in applicable laws, regulations, accounting principles, or business conditions; and (c)&nbsp;in view of the Committee's assessment of the business
strategy of the Company, performance of comparable organizations, economic and business conditions, and any other circumstances deemed relevant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Performance Period</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means the one or more periods of time, which may be of varying and overlapping
durations, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant's right to and the payment of a
Performance Award. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Pharmacopeia</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means Pharmacopeia,&nbsp;Inc., a Delaware Corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Plan</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means this Pharmacopeia,&nbsp;Inc. 2004 Stock Incentive Plan, as amended from time to time. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-4</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Publicly Traded</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means ACCL is covered to register shares of any class of common equity under
Section&nbsp;12 of the Exchange Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Restricted Stock</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means a Stock Award granted pursuant to Article&nbsp;11 subject to the restrictions
provided in the applicable Award Notice. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Retirement</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means, unless otherwise provided, a termination for other than Cause after attaining at least
age 55 and completing at least 5&nbsp;years of service with the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"SAR</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means the right to receive, in cash or in Common Stock, as determined by the Committee, the increase
in the Fair Market Value of the Common Stock underlying the SAR from the date of grant to the date of exercise </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Stock Award</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means an award granted pursuant to Article&nbsp;10 in the form of shares of Common Stock,
Restricted Stock, and/or Units of Common Stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Subsidiary</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means any corporation (other than ACCL) in an unbroken chain of corporations beginning with
ACCL (or any subsequent parent of ACCL) if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50&nbsp;percent or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Ten Percent Stockholder</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means a person who on any given date owns, either directly or indirectly (taking
into account the attribution rules contained in Section&nbsp;424(d) of the Code), stock possessing more than 10&nbsp;percent of the total combined voting power of all classes of stock of ACCL or
any Subsidiary. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Unit</I></FONT><FONT SIZE=2>"&nbsp;&nbsp;&nbsp;&nbsp;means a bookkeeping entry used by Company to record and account for the grant of the following
Awards until such time as the Award is paid, canceled, forfeited or terminated, as the case may be: Units of Common Stock, performance units, and performance shares which are expressed in terms of
Units of Common Stock. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ge1133_article_3_eligibility"> </A>
<A NAME="toc_ge1133_4"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 3<BR>  <BR>    ELIGIBILITY    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;In General.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;3.2, all Employees, Directors and Consultants are eligible to
participate in the Plan. The Committee may select, from time to time, Participants from those Employees and who, in the opinion of the Committee, can further the Plan's purposes. In addition, the
Committee may select, from time to time, Participants from those Directors and Consultants (who may or may not be Committee members) who, in the opinion of the Committee, can further the Plan's
purposes. Once a Participant is so selected, the Committee shall determine the type(s) of Awards to be made to the Participant and shall establish in the related Award Notice(s) the terms, conditions,
restrictions and/or limitations, if any, applicable to the Award(s) in addition to those set forth in this Plan and the administrative rules and regulations issued by the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Only Employees shall be eligible to receive "incentive stock options" (within the
meaning of Section&nbsp;422 of the Code). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ge1133_article_4_plan_administration"> </A>
<A NAME="toc_ge1133_5"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 4<BR>  <BR>    PLAN ADMINISTRATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Members.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Members of the Committee shall be appointed by and hold office at the pleasure of the Board.
Committee members may resign at any time by delivering written notice to the Board. Vacancies in the Committee may be filled by the Board. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-5</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Responsibility.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have total and exclusive responsibility to control, operate, manage and
administer the Plan, in accordance with its terms. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Authority of the Committee.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have all the authority that may be necessary or helpful to
enable it to discharge its responsibilities with respect to the Plan. Without limiting the generality of the preceding sentence, the Committee shall have the exclusive right to: (a)&nbsp;select the
Participants and determine the type of Awards to be made to Participants, the number of shares subject to Awards and the terms, conditions, restrictions and limitations of the Awards;
(b)&nbsp;interpret the Plan; (c)&nbsp;determine eligibility for participation in the Plan; (d)&nbsp;decide all questions concerning eligibility for and the amount of Awards payable under the
Plan; (e)&nbsp;construe any ambiguous provision of the Plan; (f)&nbsp;correct any default; (g)&nbsp;supply any omission; (h)&nbsp;reconcile any inconsistency; (i)&nbsp;issue administrative
guidelines as an aid to administer the Plan and make changes in such guidelines as it from time to time deems proper; (j)&nbsp;make regulations for carrying out the Plan and make changes in such
regulations as it
from time to time deems proper; (k)&nbsp;determine whether Awards should be granted singly, in combination or in tandem; (l)&nbsp;to the extent permitted under the Plan, grant waivers of Plan
terms, conditions, restrictions, and limitations, (m)&nbsp;accelerate the vesting, exercise, or payment of an Award or the performance period of an Award when such action or actions would be in the
best interest of the Company; (n)&nbsp;establish such other types of Awards, besides those specifically enumerated in Article&nbsp;5 hereof, which the Committee determines are consistent with the
Plan's purpose; (o)&nbsp;subject to Section&nbsp;17.3, grant Awards in replacement of Awards previously granted under this Plan or any other executive compensation plan of the Company;
(p)&nbsp;establish; and administer the-Performance Goals and certify whether, and to what extent, they have been attained; (q)&nbsp;determine the terms and provisions of any agreements
entered into hereunder; (r)&nbsp;take any and all other action it deems necessary or advisable for the proper operation or administration of the Plan; and (s)&nbsp;make all other determinations it
deems necessary or advisable for the administration of the Plan, including factual determinations. Notwithstanding anything to the contrary, Options and SARs granted under the Plan will not be
repriced, replaced or regranted through cancellation or by decreasing the exercise price, except as expressly provided by the adjustment provisions of Section&nbsp;6.2, without shareholder approval. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Discretionary Authority.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have full discretionary authority in all matters related to
the discharge of its responsibilities and the exercise of its authority under the Plan including, without limitation, its construction of the terms of the Plan and its determination of eligibility for
participation and Awards under the Plan. It is the intent of Plan that the decisions of the Committee and its actions with respect to the Plan shall be final, binding and conclusive upon all persons
having or claiming to have any right or interest in or under the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;162(m) of the Code.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;With regards to all Covered Employees, the Plan shall, for all purposes,
be interpreted and construed in accordance with Section&nbsp;162(m) of the Code. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Action by the Committee.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may act only by a majority of its members. Any determination of the
Committee may be made, without a meeting, by a writing or writings signed by all of the members of the Committee. In addition, the Committee may authorize any one or more of its number to execute and
deliver documents on behalf of the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Allocation and Delegation of Authority.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may allocate all or any portion of its
responsibilities and powers under the Plan to any one or more of its members, the CEO or the Secondary Committee as the Committee deems appropriate and may delegate all or any part of its
responsibilities and powers to any such person or persons, provided that any such allocation or delegation be in writing; provided, however, that only the Committee may select and grant Awards to
Participants who are subject to Section&nbsp;16 of the Exchange Act or are Covered Employees. The Committee may revoke any such allocation or delegation at any time for any reason with or without
prior notice. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-6</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ge1133_article_5_form_of_awards"> </A>
<A NAME="toc_ge1133_6"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 5<BR>  <BR>    FORM OF AWARDS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;In General.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Awards may, at the Committee's sole discretion, be granted in the form of Performance Awards
pursuant to Article&nbsp;7, Options pursuant to Article&nbsp;8, SARs pursuant to Article&nbsp;9, Stock Awards pursuant to Article&nbsp;10, performance units pursuant to Article&nbsp;11,
performance shares pursuant to Article&nbsp;12, any form established by the Committee pursuant to Section&nbsp;4.3(n), or a combination thereof. All Awards shall be subject to the terms,
conditions, restrictions and limitations of the Plan. The Committee may, in its sole judgment, subject an Award at any time to such other terms, conditions, restrictions and/or limitations,
(including, but not limited to, the time and conditions of exercise and restrictions on transferability and vesting), provided they are not inconsistent with the terms of the Plan. Awards under a
particular Article of the Plan need not be uniform and Awards under two or more Articles may be combined into a single Award Notice. Any combination of Awards may be granted at one time and on more
than one occasion to the same Participant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Foreign Jurisdictions</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Special Terms.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In order to facilitate the making of any Award to Participants who are employed or retained
by the Company outside the United States as Employees, Directors or Consultants (or who are foreign nationals temporarily within the United States), the Committee may provide for such modifications
and additional terms and conditions ("special terms") in Awards as the Committee may consider necessary or appropriate to accommodate differences in local law, policy or custom or to facilitate
administration of the Plan. The special terms may provide that the grant of an Award is subject to (1)&nbsp;applicable governmental or, regulatory approval or other compliance with local legal
requirements and/or (2)&nbsp;the execution by the Participant of a written instrument in the form specified by the Committee, and that in the event such conditions are not satisfied, the grant shall
be void. The special terms may also provide that an Award shall become exercisable or redeemable, as the case may be, if an Employee's employment or Director or Consultant's relationship with the
Company ends as a result of workforce reduction, realignment or similar measure and the Committee may designate a person or persons to make such determination for a location. The Committee may adopt
or approve sub-plans, appendices or supplements to, or amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for purposes of
implementing any special terms, without thereby affecting the terms of the Plan as in effect for any other purpose; provided, however, no such sub-plans, appendices or supplements to, or
amendments, restatements, or alternative versions of, the Plan shall: (a)&nbsp;increase the limitations contained in Section&nbsp;6.3; (b)&nbsp;increase the number of available shares under
Section&nbsp;6.1; (c)&nbsp;cause the Plan to cease to satisfy any conditions of Rule&nbsp;16b-3 under the Exchange Act or, with respect to Covered Employees, Section&nbsp;162(m) of
the Code; or (d)&nbsp;revoke, remove or reduce any vested right of a Participant without the prior written consent of such Participant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Currency Effects.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specifically determined by the Committee, all Awards and payments
pursuant to such Awards shall be determined in U.S. currency. The Committee shall determine, in its discretion, whether and to the extent any payments made pursuant to an Award shall be made in local
currency, as opposed to U.S. dollars. In the event payments are made in local currency, the Committee may determine, in its discretion and without liability to any Participant, the method and rate of
converting the payment into local currency. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Modifications to Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have the right at any time and from time to time and without
prior notice to modify outstanding Awards to comply with or satisfy local laws and regulations or to avoid costly governmental filings. By means of illustration, but not limitation, the Committee may
restrict the method of exercise of an Award to facilitate compliance with applicable securities laws or exchange control filings, laws or regulations. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>B-7</FONT></P>

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<P><FONT SIZE=2><A
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<!-- TOC_END -->
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Acquired Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Employee in any country shall have any right to receive an Award, except as expressly
provided for under the Plan. All Awards made at any time are subject to the prior approval of the Committee. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gg1133_article_6_shares_subject_to_plan"> </A>
<A NAME="toc_gg1133_1"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 6<BR>  <BR>    SHARES SUBJECT TO PLAN    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Available Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares of Common Stock which shall be available for grant of Awards
under the Plan (including Incentive Stock Options) during its term shall not exceed </FONT><FONT SIZE=2><I>one million (1,000,000).</I></FONT><FONT SIZE=2> The number of shares of Common that shall
be awarded as Incentive Stock Options shall not exceed two hundred fifty thousand (250,000). Further, the number of Awards that may be in a form other than an Option or a SAR (such as a Stock Award,
performance unit, performance share or Performance Award) shall not exceed 200,000 in the aggregate. Such amount shall be subject to adjustment as provided in Section&nbsp;6.2. Any shares of Common
Stock related to Awards which terminate by expiration, forfeiture, cancellation or otherwise without the issuance of such shares, are settled in cash in lieu of Common Stock, or are exchanged with the
Committee's permission for Awards not involving Common Stock, shall be available again for grant under the Plan. Moreover, if the exercise price of any Option or the tax withholding requirements with
respect to any Option are satisfied by tendering shares of Common Stock to the Company (by either actual delivery or by attestation), only the number of shares of Common Stock issued net of the shares
of Common Stock tendered will be deemed delivered for purposes of determining the maximum number of shares of Common Stock available for delivery under the Plan. The maximum number of shares available
for issuance under the Plan shall not be reduced to reflect any dividends or dividend equivalents that are reinvested into additional shares, of Common Stock or credited as additional performance
shares. The maximum number of shares of Common Stock shall not be reduced by the issuance of shares of Common Stock hereunder due to the assumption, conversion or substitution of awards made by an
entity acquired by the Company. The shares of Common Stock available for issuance under the Plan may be authorized and unissued shares or treasury shares. For the purpose of computing the total number
of shares of Common Stock granted under the Plan, where one or more types of Awards, both of which are payable in shares of Common Stock, are granted in tandem with each other, such that the exercise
of one type of Award with respect to a number of shares cancels an equal number of shares of the other, the number of shares granted under both Awards shall be deemed to be equivalent to the number of
shares under one of the Awards. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Adjustment to Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;In General.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section&nbsp;6.2(a) are subject to the limitation contained in
Section&nbsp;6.2(b). If there is any change in the number of outstanding shares of Common Stock through the declaration of stock dividends, stock splits or the like, the number of shares available
for Awards, the shares subject to any Award and the exercise prices of Awards shall be automatically adjusted. If there is any change in the number of outstanding shares of Common Stock through any
change in the capital account of ACCL, or through a merger, consolidation, separation (including a spin off or other distribution of stock or property), reorganization (whether or not such
reorganization comes within the meaning of such term in Section&nbsp;368(a) of the Code) or partial or complete liquidation, the Committee shall make appropriate adjustments in the maximum number of
shares of Common Stock which may be issued under the Plan and any adjustments and/or modifications to outstanding Awards as it, in its sole discretion, deems appropriate. In the event of any other
change in the capital structure or in the Common Stock of ACCL, the Committee shall also be authorized to make such appropriate adjustments in the maximum number of shares of Common Stock available
for issuance under the Plan and any adjustments and/or modifications to outstanding Awards as it, in its sole discretion, deems appropriate. The maximum number of shares available for issuance under
the Plan shall be </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>B-8</FONT></P>

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<UL>

<P><FONT SIZE=2>automatically
adjusted to the extent necessary to reflect any dividend equivalents paid in the form of Common Stock. Subject to Section&nbsp;6.2(b), if the maximum number of shares of Common Stock
available for issuance under the Plan are adjusted pursuant to this Section&nbsp;6.2(a), corresponding adjustments shall be made to the limitations set forth in Section&nbsp;6.3. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Covered Employees.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In no event shall the Award of any Participant who is a Covered Employee be adjusted
pursuant to Section&nbsp;6.2(a) to the extent it would cause such Award to fail to qualify as "performance-based compensation" under Section&nbsp;162(m) of the Code. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Maximum Award Payable.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision contained in the Plan to the contrary, the maximum
Award payable (or granted, if applicable) to any one Participant under the Plan for a calendar year is: (a)&nbsp;for Performance Awards, 50,000 shares of Common Stock or, in the event the
Performance Award is paid in cash, $500,000; (b)&nbsp;for Options, 300,000 shares of Common Stock; (c)&nbsp;for SARs, 100,000 shares of Common Stock; and(d) for Stock Awards (including Restricted
Stock and those issued in the form of Performance Awards under Article&nbsp;7), 50,000 shares of Common Stock. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gg1133_article_7_performance_awards"> </A>
<A NAME="toc_gg1133_2"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 7<BR>  <BR>    PERFORMANCE AWARDS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Purpose.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;For purposes of grants issued to Covered Employees, the provisions of this Article&nbsp;7 shall
apply in addition to and, where necessary, in lieu of the provisions of Article&nbsp;10, Article&nbsp;11 and Article&nbsp;1`2. The purpose of this Article is to provide the Committee the ability
to qualify the Stock Awards authorized under Article&nbsp;10, the performance units under Article&nbsp;11, and the performance shares under Article&nbsp;12 as "Performance-Based Compensation"
under Section&nbsp;162(m) of the Code. To the extent applicable, after ACCL has become Publicly Traded, the provisions of this Article&nbsp;7 shall control over any contrary provision contained in
Article&nbsp;10, Article&nbsp;11 or Article&nbsp;12. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Eligibility.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Only Covered Employees shall be eligible to receive Performance Awards. The Committee will, in
its sole discretion, designate within the earlier of the (1)the first 90&nbsp;days of a Performance Period or (2)&nbsp;the lapse of 25% of the period of service to which the Performance Goals
relate, which Covered Employees will be Participants for such period. However, designation of a Covered Employee as a Participant for a Performance Period shall not in any manner entitle the
Participant to receive an Award for the period. The determination as to whether or not such Participant becomes entitled to an Award for such Performance Period shall be decided solely in accordance
with the provisions of this Article&nbsp;7. Moreover, designation of a Covered Employee as a Participant for a particular Performance Period shall not require designation of such Covered Employee as
a Participant in any subsequent Performance Period and designation of one Covered Employee as a Participant shall not require designation of any other Covered Employee as a Participant in such period
or in any other period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Discretion of Committee with Respect to Performance Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;With regards to a particular Performance
Period, the Committee shall have full discretion to select the length of such Performance Period, the types of Performance Awards to be issued, the Performance Criteria that will be used to establish
the Performance Goals, the kinds and/or levels of the Performance Goals, whether the Performance Goals are to apply to the Company or any one or more subunits thereof, and the Performance Formula.
Within the earlier of (1)&nbsp;the first 90&nbsp;days of a Performance Period or (2)&nbsp;the lapse of 25% of the period of service, and in any event while the outcome is substantially
uncertain, the Committee shall, with regards to the Performance Awards to be issued for such Performance Period, exercise its discretion with respect to each of the matters enumerated in the
immediately preceding sentence of this Section and record the same in writing. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-9</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Payment of Performance Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Condition to Receipt of Performance Award.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided in the relevant Award Notice, a
Participant must be employed by the Company on the last day of a Performance Period to be eligible for a Performance Award for such Performance Period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Limitation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A Participant shall be eligible to receive a Performance Award for a Performance Period only to
the extent that: (1)&nbsp;the Performance Goals for such period are achieved; and (2)&nbsp;and the Performance Formula as applied against such Performance Goals determines that all or some portion
of such Participant's Performance Award has been earned for the Performance Period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Certification.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Following the completion of a Performance Period, the Committee shall meet to review and
certify in writing whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, to also calculate and certify in writing the amount of the Performance
Awards earned for the period based upon the Performance Formula. The Committee shall then determine the actual size of each Participant's Performance Award for the Performance Period and, in so doing,
shall apply Negative Discretion, if and when it deems appropriate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Negative Discretion.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In determining the actual size of an individual Performance Award for a Performance
Period, the Committee may reduce or eliminate the amount of the Performance Award earned under the Performance Formula for the Performance Period through the use of Negative Discretion, if in its sole
judgment, such reduction or elimination is appropriate. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Timing of Award Payments.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Awards granted for a Performance Period shall be paid to Participants as soon
as administratively practicable following completion of the certifications required by Section&nbsp;7.4(c). </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gg1133_article_8_stock_options"> </A>
<A NAME="toc_gg1133_3"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 8<BR>  <BR>    STOCK OPTIONS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;In General.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Awards may be granted in the form of Options. These Options may be Incentive Stock Options,
Non-Qualified Stock Options or a combination of both. All Awards under the Plan issued to Covered Employees in the form of Non-Qualified Stock Options shall qualify as
"Performance-Based Compensation" under Section&nbsp;162(m) of the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The price at which Common Stock may be purchased upon exercise of
anon-Qualified Stock Option shall be not less than 75% of the Fair Market Value of the Common Stock, as determined by the Committee, on the Effective Date of the option's grant. The
exercise price of any Incentive Stock Option shall not be less than (i)&nbsp;110% of the Fair Market Value on the Effective Date in the case of a grant to a Ten Percent Stockholder, or
(ii)&nbsp;100% of the Fair Market Value on the Effective Date in the case of a grant to any other Participant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Restrictions Relating to Incentive Stock Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options shall, in addition to being
subject to the terms and conditions of Section&nbsp;8.2, comply with Section&nbsp;422 of the Code. Accordingly, the aggregate Fair Market Value (determined at the time the option was granted) of
the Common Stock with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under this Plan or any other plan of the Company) shall not
exceed $100,000 (or such other limit as may be required by the Code). Incentive Stock Options must be issued within ten years from the effective date of the Plan, and the term of such Options may not
exceed ten years (or any shorter period required by Section&nbsp;422 of the Code). Incentive Stock Options shall not be transferable other than by will or the laws of descent and distribution. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-10</FONT></P>

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<A NAME="page_gg1133_1_11"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Additional Terms and Conditions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An Option shall be exerciseable in accordance with such terms and
conditions and at such times and during such periods as may be determined by the Committee. The Committee may, by way of the Award Notice or otherwise, establish such other terms, conditions,
restrictions and/or limitations, including vesting and post-termination exercise period if any, of any Option, provided they are not inconsistent with the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Exercise of Option and Payment of Option Price.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An Option may be exercised only for a whole number of
shares of Common Stock. The Committee shall establish the time and the manner in which an Option may be exercised. The exercise price of the shares of Common Stock received upon the exercise of an
Option shall be paid within three days of the date of exercise: (i)&nbsp;in cash, (ii)&nbsp;with the consent of the Committee in whole or in part in shares of Common Stock held by the Participant
(or to the extent permitted by the Committee, in Common Stock which the Participant would otherwise receive upon the exercise of such Option) and valued at their Fair Market Value on the date of
exercise; provided that if ACCL becomes Publicly Traded, such Common Stock shall have been held by the Participant for at least six months, (iii)&nbsp;after ACCL becomes Publicly Traded, in cash
received from a broker-dealer whom the Participant has authorized to sell all or a portion of the Common Stock covered by the Option, or (iv)&nbsp;in such other manner deemed appropriate by the
Committee. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gg1133_article_9_stock_appreciation_rights"> </A>
<A NAME="toc_gg1133_4"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 9<BR>  <BR>    STOCK APPRECIATION RIGHTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;In General.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Awards may be granted in the form of SARs. The "exercise price" for a particular SAR shall be
defined in the Award Notice for that SAR An SAR may be granted in tandem with all or a portion of a related Option under the Plan ("Tandem SARs"), or may be granted separately ("Freestanding SARs"). A
Tandem SAR may be granted either at the time of the grant of the related
Option or at any time thereafter during the term of the Option. All Awards under the Plan issued to Covered Employees in the form of an SAR shall qualify as "Performance-Based Compensation" under
Section&nbsp;162(m) of the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Tandem SARs.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A Tandem SAR shall be exercisable to the extent, and only to the
extent, that the related Option is exercisable, and the "exercise price" of such an SAR (the base from which the value of the SAR is measured at its exercise) shall be the exercise price under the
related Option. However, at no time shall a Tandem SAR be issued if the exercise price of its related Option is less than the Fair Market Value of the Common Stock, as determined by the Committee, on
the Effective Date of the Tandem SAR's grant. If an Option is exercised as to some or all of the shares covered by the Award, the related Tandem SAR, if any, shall be canceled automatically to the
extent of the number of shares covered by the Option exercise. Upon exercise of a Tandem SAR as to some or all of the shares covered by the Award, the related Option shall be canceled automatically to
the extent of the number of shares covered by such exercise. Moreover, all Tandem SARs shall expire not later than 10&nbsp;years from the Effective Date of the SAR's grant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Freestanding SARs.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Freestanding SARS shall be exercisable or automatically mature
in accordance with such terms and conditions and at such times and during such periods as may be determined by the Committee. The exercise price of a Freestanding SAR shall be not less than 100% of
the Fair Market Value of the Common Stock, as determined by the Committee, on the Effective Date of the Freestanding SAR's grant. Moreover, all Freestanding SARs shall expire not later than
10&nbsp;years from the Effective Date of the Freestanding SAR's grant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Deemed Exercise.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may provide that an SAR shall be deemed to be exercised at the close of
business on the scheduled expiration date of such SAR if at such time the SAR by its terms remains exercisable and, if so exercised, would result in a payment to the holder of such SAR. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-11</FONT></P>

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Additional Terms and Conditions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, by way of the Award Notice or otherwise, determine such
other terms, conditions, restrictions and/or limitations, if any, including vesting and post-termination exercise periods of any SAR Award, provided they are not inconsistent with the
Plan. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gg1133_article_10_stock_awards"> </A>
<A NAME="toc_gg1133_5"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 10<BR>  <BR>    STOCK AWARDS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Grants.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Awards may be granted in the form of Stock Awards. Stock Awards shall be awarded in such numbers
and at such times during the term of the Plan as the Committee shall determine. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stock Award Restrictions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Stock Awards shall be subject to such terms, conditions, restrictions, and/or
limitations, if any, as the Committee deems appropriate including, but not by way of limitation, restrictions on transferability and continued employment, provided, however, they are not inconsistent
with the Plan. The Committee may modify or accelerate the delivery of a Stock Award under such circumstances as it deems appropriate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Performance Criteria.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Stock Awards may be contingent on the attainment during a Performance Period of
certain performance objectives. The length of the Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such goals have
been attained shall be conclusively determined by the Committee in the exercise of its absolute discretion. Performance Goals may be revised by the Committee, at such times as it deems appropriate
during the Performance Period, in order to take into consideration any unforeseen events or changes in circumstances. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Rights as Stockholders.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;During the period in which any Restricted Stock are subject to any restrictions
imposed under Section&nbsp;10.2, the Committee may, in its sole discretion, grant to the Participant to whom such Restricted Stock have been awarded all or any of the rights of a stockholder with
respect to such shares, including, but not by way of limitation, the right to vote such shares and, pursuant to Article&nbsp;15, the right to receive dividends. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Evidence of Award.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any Stock Award granted under the Plan may be evidenced in such manner as the Committee
deems appropriate, including, without limitation, book-entry, registration or issuance of a stock certificate or certificates. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gg1133_article_11_performance_units"> </A>
<A NAME="toc_gg1133_6"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 11<BR>  <BR>    PERFORMANCE UNITS    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Grants.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Awards may be granted in the form of performance units. Performance units, as that term is used in
this Plan, shall refer to Units valued by reference to designated criteria established by the Committee, other than Common Stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Performance Criteria.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Performance units shall be contingent on the attainment during a Performance Period
of certain performance objectives. The length of the Performance Period, the performance objectives to be achieved during the Performance Period, and the measure of whether and to what degree such
objectives have been attained shall be conclusively determined by the Committee in the exercise of its absolute discretion. Performance objectives may be revised by the Committee, at such times as it
deems appropriate during the Performance Period, in order to take into consideration any unforeseen events or changes in circumstances. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Additional Terms and Conditions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, by way of the Award Notice or otherwise, determine
such other terms, conditions, restrictions, and/or limitations, if any, of any Award of performance units, provided they are not inconsistent with the Plan. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-12</FONT></P>

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<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gg1133_article_12_performance_shares"> </A>
<A NAME="toc_gg1133_7"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 12<BR>  <BR>    PERFORMANCE SHARES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Grants.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Awards may be granted in the form of performance shares. Performance shares, as that term is used
in this Plan, shall refer to shares of Common Stock or Units that are expressed in terms of Common Stock. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Performance Criteria.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Performance shares shall be contingent upon the attainment during a Performance
Period of certain performance objectives. The length of the Performance Period, the performance objectives to be achieved during the Performance Period, and the measure of whether and to what degree
such objectives have been attained shall be conclusively determined by the Committee in the exercise of its absolute discretion. Performance objectives may be revised by the Committee, at such times
as it deems appropriate during the performance period, in order to take into consideration any unforeseen events or changes in circumstances. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Additional Terms and Conditions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, by way of the Award Notice or otherwise, determine
such other terms, conditions, restrictions and/or limitations, if any, of any Award of performance shares, provided they are not inconsistent with the Plan. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gg1133_article_13_vesting_and_payment_of_awards"> </A>
<A NAME="toc_gg1133_8"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 13<BR>  <BR>    VESTING AND PAYMENT OF AWARDS    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Vesting.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The time when an Option or SAR shall vest and become exercisable shall be stated in the Award
Notice. The restrictions, if any, on Restricted Stock shall expire at the times designated in the Award Notice. Notwithstanding the foregoing, (i)&nbsp;no Option shall vest before the
one-year anniversary of the Effective Date of such Option, unless such vesting is accelerated in accordance with the other provisions of this Article&nbsp;13 (not including this
Section&nbsp;13.1) or Article&nbsp;16, and (ii)&nbsp;no Restricted Stock shall vest faster than pro rata over a three-year period from the Effective Date, unless such Restricted
Stock was issued to replace a deferred Stock Award, to replace awards that a new Employee has forfeited from his or her previous employer or the restrictions lapse earlier due to the other provisions
of this Article&nbsp;13 (not including this Section&nbsp;13.1) or Article&nbsp;16. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Payment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Absent a Plan provision to the contrary, payment of Awards may, at the discretion of the
Committee, be made in cash, Common Stock, a combination of cash and Common Stock, or any other form of property as the Committee shall determine. In addition, payment of Awards may include such terms,
conditions, restrictions and/or limitations, if any, as the Committee deems appropriate, including, in the case of Awards paid in the form of Common Stock, restrictions on transfer and forfeiture
provisions; provided, however, such terms, conditions, restrictions and/or limitations are not inconsistent with the Plan. Further, payment of Awards may be made in the form of a lump sum or
installments, as determined,by the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Death.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have the authority to promulgate rules and regulations to determine the
treatment of a Participant under the Plan in the event of such Participant's death. Unless otherwise provided in an Award Notice, in the event that a Participant shall die while he or she is an
Employee, Director or Consultant and prior to the complete exercise of Options or complete maturity of SARs granted to him or her under the Plan, any such remaining Options or SARs shall be fully
vested and may be exercised in whole or in part within one year after the date of the Participant's death and then only: (i)&nbsp;by the beneficiary designated by the Participant in a writing
submitted to the Company prior to the Participant's death, or in the absence of same, by the Participant's estate or by or on behalf of such person or persons to whom the Participant's rights pass
under his or her will or the laws of descent and distribution, (ii)&nbsp;to the extent that the Participant would have been entitled to exercise the Option or SAR at the date of his or her death had
it been fully vested, and subject to all of the conditions on exercise imposed by the Plan and the Award Notice, and (iii)&nbsp;prior to the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-13</FONT></P>

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<A NAME="page_gg1133_1_14"> </A>
<BR>

<P><FONT SIZE=2>expiration
of the term of the Option or SAR. Notwithstanding this Section or the terms of an Award Notice, the Committee shall have the right to extend the period for exercise of an Option or
SAR</FONT><FONT SIZE=2><B>,</B></FONT><FONT SIZE=2> up to one year even if such extension exceeds the original term of such Option or SAR. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Disability.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have the authority to promulgate rules and regulations to determine the
treatment of a Participant under the Plan in the event of such Participant's Disability. Unless otherwise provided in an Award Notice, in the event that a Participant's status as an Employee, Director
or Consultant terminates due to the Participant's Disability prior to the complete exercise of Options or complete maturity of SARs granted to him or her under the Plan, any such remaining Options or
SARs shall be fully vested and may be exercised in whole or in part up to three years after the Participant's termination of status due to Disability as an Employee, Director or Consultant, as the
case may be. Notwithstanding this Section or the terms of an Award Notice, the Committee shall have the right to extend the period for exercise of an Option or SAR up to one year, even if such
extension exceeds the term of such Option or SAR. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Retirement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have the authority to promulgate rules and regulations to determine the
treatment of a Participant under the Plan in the event of such Participant's Retirement. Unless otherwise provided in an Award Notice, in the event that a Participant's status as an Employee, Director
or Consultant terminates due to Retirement prior to the complete exercise of Options or complete maturity of SARs granted to him or her under the Plan, any such remaining Options or SARs that were
vested as of the date of Retirement may be exercised in whole or in part up to three years after the Participant's Retirement. During such period, the Participant shall also continue to vest in any
unvested Options or SARs as if such Participant were still an Employee, Director or Consultant hereunder, as applicable; provided that the such Participant does not violate any applicable
non-competition, non-disparagement, non-solicitation, confidentiality or other similar requirement. At the end of the three-year period, any remaining
unvested Options or SARs shall terminate, unless the Committee provides otherwise. Notwithstanding this Section or the terms of an Award Notice, the Committee shall have the right to extend the period
for exercise of a Option or SAR, provided such extension does not exceed the term of such Option or SAR and that the Participant does not violate any applicable non-competition,
non-disparagement, non-solicitation, confidentiality or other similar requirement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Approved Reason.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have the authority to promulgate rules and regulations to determine
the treatment of a Participant under the Plan in the event of a Participant's termination for an Approved Reason, to the extent such rules and regulations are not inconsistent with the Plan. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Termination for Caus</I></FONT><FONT SIZE=2>e</FONT><FONT SIZE=2><I>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A Participant who is terminated for
Cause shall, unless otherwise determined by the Committee, immediately: forfeit, effective as of the date the Participant engages in such conduct, all unexercised, unearned, and/or unpaid Awards,
including, but not by way of limitation, Awards earned but not yet paid, all unpaid dividends and dividend equivalents, and all interest, if any, accrued on the foregoing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Terminations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms of any employment or other agreement a Participant has with the
Company, if a Participant's employment with the Company terminates for a reason other than death, Disability, Retirement, Cause or an Approved Reason, and, unless otherwise provided in an Award
Notice, any Option or SAR shall be exercisable on termination of a Participant's status as an Employee, Director or Consultant only to the extent such Option or SAR is vested and exercisable at the
time of the termination of such relationship; and further, no Option or SAR shall be exercisable or mature after the later of 90&nbsp;days or the expiration of the term thereof. The Committee, in
its absolute discretion, may: (i)&nbsp;accelerate the vesting and exercisability of an Option or SAR in order to allow its exercise by a terminating Participant; (ii)&nbsp;extend the period for
exercise of an Option or SAR, provided such extension does not exceed the term of such Option or SAR </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-14</FONT></P>

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided in an Award Notice, an Incentive Stock Option shall be
exercisable, during the lifetime of the Participant, only while he or she is an Employee and has been an Employee continuously since the grant of the Incentive Stock Option or, subject to the Award
Notice, within three (3)&nbsp;months after termination of his or her employment. In its sole discretion, the Committee may provide in the Award Notice such further limitations on the survival of
Incentive Stock Options, and such limitations on the survival of Non-Qualified Stock Options and SARs, as it may determine; provided, however that all Options and SARs shall be exercisable
for a minimum of sixty (60)&nbsp;days after termination of a Participant's employment, except in the case of termination for Cause, in which case the exercise period shall lapse at termination. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Committee shall have the authority to promulgate rules and regulations to determine the treatment of the Stock Awards of a Participant under the Plan in the event of
such Participant's death, Disability, Retirement, or termination from the Company for an Approved Reason or Cause. Unless otherwise provided in an Award Notice, upon a Participant's death, Disability,
or Retirement, or
termination from the Company for an Approved Reason, any Stock Awards held by such Participant shall accelerate and become fully vested. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;If
a Participant's employment with the Company terminates for any reason other than death, Disability or Retirement, or an Approved Reason, and except as otherwise
provided by Section&nbsp;13.7, all unexercised, unearned, and/or unpaid Awards, including without limitation, Awards earned but not yet paid, all unpaid dividends and dividend equivalents, and all
interest accrued on the foregoing shall be canceled or forfeited, as the case may be, unless the Participant's Award Notice or the Committee provides otherwise. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Set-Off.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;By accepting an Award under this Plan, a Participant consents to a deduction from any
amounts the Company owes the Participant from time to time (including, but not limited to, amounts owed to the Participant as wages or other compensation, fringe benefits, or vacation pay), to the
extent of the amounts the Participant owes the Company under Section&nbsp;13.7. Whether or not the Company elects to make any set-off in whole or in part, if the Company does not recover
by means of set-off the full amount the Participant owes the Company, the Participant shall immediately pay the unpaid balance to the Company. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gg1133_article_14_dividend_and_dividend_equivalents"> </A>
<A NAME="toc_gg1133_9"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 14<BR>  <BR>    DIVIDEND AND DIVIDEND EQUIVALENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Award is granted in the form of a Stock Award, Option, SAR or performance share, the Committee may choose, at the time of the grant of the Award or any time
thereafter up to the time of the Award's payment, to include as part of such Award an entitlement to receive dividends or dividend equivalents, subject to such terms, conditions, restrictions and/or
limitations, if any, as the Committee may establish. Dividends and dividend equivalents shall be paid in such form and manner (i.e., lump sum or installments), and at such time(s) as the Committee
shall determine. All dividends or dividend equivalents which are not paid currently may, at the Committee's discretion, accrue interest, be reinvested into additional shares of Common Stock of, in the
case of dividends or dividend equivalents, credited in connection with Stock Awards or performance shares, be credited as additional Stock Awards or performance shares and paid to the Participant if
and when, and to the extent that, payment is made pursuant to such Award. The total number of shares available for grant under shall not be reduced to reflect any dividends or dividend equivalents
that are reinvested into additional shares of Common Stock or credited as additional Stock Awards or performance shares. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-15</FONT></P>

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<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gg1133_article_15_deferral_of_awards"> </A>
<A NAME="toc_gg1133_10"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 15<BR>  <BR>    DEFERRAL OF AWARDS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the discretion of the Committee, payment of any Award, dividend, or dividend equivalent, or any portion thereof, may be deferred by a Participant until such
time as the Committee may establish. All such deferrals shall be accomplished by the delivery of a written, irrevocable election by the Participant prior to the time established by the Committee for
such purpose, on a form provided by the Company. Further, all deferrals shall be made in accordance with administrative guidelines established by the Committee to ensure that such deferrals comply
with all applicable requirements of the Code. Deferred payments shall be paid in a lump sum or installments, as determined by the Committee. Deferred Awards may also be credited with interest, at such
rates to be determined by the Committee, and, with respect to those deferred Awards denominated in the form of Common Stock, with dividends or dividend equivalents. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gg1133_article_16_change_in_control"> </A>
<A NAME="toc_gg1133_11"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 16<BR>  <BR>    CHANGE IN CONTROL    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Background.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision contained in the Plan, including, but not limited to,
Section&nbsp;4.5, the provisions of this Article&nbsp;16 shall control over any contrary provision. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Options and SARs.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;With respect to all Options and SARs that are unexercised and outstanding, upon a Change
In Control, such Options and/or SARs shall become immediately and fully vested and exercisable; unless such Options and/or SARs are assumed by the successor corporation, and shall be substituted with
options or SARs involving the common stock of the successor corporation with equivalent value and with the terms and conditions of the substituted options or SARs being no less favorable than the
Options or SARs granted hereunder. Substituted awards shall vest in full if employment is terminated for any reason other than Cause or voluntary termination within eighteen (18)&nbsp;months of the
Change In Control. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stock Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;With respect to all Stock Awards that are outstanding, upon a Change In Control, such Stock
Awards shall become immediately and fully vested; unless such Stock Awards are assumed by the successor corporation, and are substituted with stock awards involving the common stock of the successor
corporation with equivalent value and with the terms and conditions of the substituted restricted stock awards being no less favorable than the Stock Awards granted hereunder. Substituted awards shall
vest in full if employment is terminated for any reason other than Cause or voluntary termination within eighteen (18)&nbsp;months of the Change In Control. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Treatment of Performance Units and Performance Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If a Change In Control occurs during the term of
one or more performance periods for which the Committee has granted performance units and/or performance shares (including those issued as Performance Awards under Article&nbsp;7), the term of each
such performance period (hereinafter a "current performance period") shall immediately terminate upon the occurrence of such event. Upon a Change In Control, for each "current performance period" and
each completed performance period for which the Committee has not on or before such date made a determination as to whether and to what degree the performance objectives for such period have been
attained (hereinafter a "completed performance period"), it shall be assumed that the performance objectives have been attained at a level of one hundred percent (100%) or the equivalent thereof. A
Participant in one or more "current performance periods" shall be considered to have earned and, therefore, be entitled to receive, a prorated portion of the Awards previously granted to him for each
such "current performance period." Such prorated portion shall be determined by multiplying the number of performance shares or performance units, as the case may be, granted to the Participant by a
fraction, the numerator of which is the total number of days that have elapsed since the beginning of the "current performance period," and the denominator of which is the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-16</FONT></P>

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<BR>

<P><FONT SIZE=2>total
number of days in such "current performance period." A Participant in one or more "completed performance periods" shall be considered to have earned and, therefore, be entitled to receive all
the performance shares or performance units, as the case may be, previously granted to him during each "such "completed performance period." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Deferred Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided by the Committee, at any time, upon a Change In Control, any
Awards deferred by a Participant under Article&nbsp;16 hereof, but for which he or she has not received payment as of such date, shall be paid as soon as practicable, but in no event later than
90&nbsp;days after the Change In Ownership or the event giving rise to rights under Article&nbsp;17. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gg1133_article_17_miscellaneous"> </A>
<A NAME="toc_gg1133_12"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE 17<BR>  <BR>    MISCELLANEOUS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Nonassignability.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;In General.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise determined by the Committee or as otherwise provided in
Section&nbsp;17.1(b), no Awards or any other payment under the Plan shall be subject in any manner to alienation, anticipation, sale, transfer (except by will or the laws of descent and
distribution),
assignment, pledge, or encumbrance, nor shall any Award be payable to or exercisable by anyone other than the Participant to whom it was granted. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Non-Qualified Stock Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have the discretionary authority to grant
Non-Qualified Stock Options or amend outstanding Non-Qualified Stock Options to provide that they be transferable, subject to such terms and conditions as the Committee shall
establish. In addition to any such terms and conditions, the following terms and conditions shall apply to all transfers of Non-Qualified Stock Options: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>Permissible Transferees.&nbsp;&nbsp;&nbsp;&nbsp;Transfers shall only be permitted to: (i)&nbsp;the Participant's "Immediate
Family Members," as that term is defined in Section&nbsp;17.1(b)(9); (ii)&nbsp;a trust or trusts for the exclusive benefit of such Immediate Family Members; or (iii)&nbsp;a family partnership or
family limited partnership in which each partner is, at the time of transfer and all times subsequent thereto, either an Immediate Family Member or a trust for the exclusive benefit of one or more
Immediate Family Members. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>No Consideration.&nbsp;&nbsp;&nbsp;&nbsp;All transfers shall be made for no consideration. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>Subsequent Transfers.&nbsp;&nbsp;&nbsp;&nbsp;Once a Participant transfers a Non-Qualified Stock Option, any subsequent
transfer of such transferred Option shall, notwithstanding Section&nbsp;17.l(b)(l) to the contrary, be permitted provided, however, such subsequent transfer complies with all of the terms and
conditions of this Section&nbsp;17.1, with the exception of Section&nbsp;17.l(b)(I). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>Transfer Agent.&nbsp;&nbsp;&nbsp;&nbsp;In order for a transfer to be effective, the Committee's designated transfer agent must be
used to effectuate the transfer. The costs of such transfer agent shall be borne solely by the transferor. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>Withholding.&nbsp;&nbsp;&nbsp;&nbsp;In order for a transfer to be effective, a Participant must agree in writing prior to the
transfer on a form provided by the Company to pay any and all payroll and withholding taxes due upon exercise of the transferred option. In addition, prior to the exercise of a transferred option by a
transferee, arrangements must be made by the Participant with the Company for the payment of all payroll and withholding taxes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>Terms and Conditions of Transferred Option.&nbsp;&nbsp;&nbsp;&nbsp;Upon transfer, a Non-Qualified Stock Option
continues to be governed by and subject to the terms and conditions of the Plan and the option's applicable administrative guide and Award Notice. A transferee of a Non-Qualified Stock
Option is entitled to the same rights as the Participant to whom such </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>B-17</FONT></P>

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<A NAME="page_gg1133_1_18"> </A>
<UL>
<UL>
<BR>

<P><FONT SIZE=2>Non-Qualified
Stock Options was awarded, as if no transfer had taken place. Accordingly, the rights of the transferee are subject to the terms and conditions of the original grant to the
Participant, including provisions relating to expiration date, exercisability, exercise price and forfeiture. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>Notice to Transferees.&nbsp;&nbsp;&nbsp;&nbsp;ACCL shall be under no obligation to provide a transferee with any notice regarding
the transferred Options held by the transferee upon forfeiture or any other circumstance. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>Immediate Family Member.&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section&nbsp;17.1, the term "Immediate Family Member" shall
mean the Participant and his or her spouse, children or grandchildren, whether natural, step- or adopted children or grandchildren. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Withholding Taxes.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;ACCL shall be entitled to deduct from any payment under the Plan, regardless of the
form of such payment, the amount of all applicable income and employment taxes required by law to be withheld with respect to such payment or may require the Participant to pay to it such tax prior to
and as a condition of the making of such payment. In accordance with any applicable administrative guidelines it establishes, the Committee may allow a Participant to pay the amount of taxes required
by law to be withheld from an Award by withholding from any payment of Common Stock due as a result of such Award, or by permitting the Participant to deliver to the Company, shares of Common Stock
having a Fair Market Value, as determined by the Committee, equal to the minimum amount of such required withholding taxes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Amendments to Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may at any time unilaterally amend any unexercised, unearned, or
unpaid Award, including, but not by way of limitation, Awards earned but not yet paid, to the extent it deems appropriate; provided, however, (i)&nbsp;no Award may be repriced, replaced, regranted
through cancellation, or modified without shareholder approval if the effect would be to reduce the exercise price for the shares underlying the Award, and (ii)&nbsp;that any such amendment which,
in the opinion of the Committee, is adverse to the Participant shall require the Participant's consent. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Approvals and Listings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything contained in this Plan to the contrary, the
Company shall have no obligation to issue or deliver certificates of Common Stock evidencing Stock Awards or any other Award resulting in the payment of Common Stock prior to (i)&nbsp;the obtaining
of any approval from any governmental agency which the Company shall, in its sole discretion, determine to be necessary or advisable, (ii)&nbsp;the admission of such shares to listing on the stock
exchange
on which the Common Stock may be listed, and (iii)&nbsp;the completion of any registration or other qualification of said shares under any state or federal law or ruling of any governmental body
which the Company shall, in its sole discretion, determine to be necessary or advisable. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Right to Continued Employment, Service or Grants.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan shall not give any
Employee, Consultant or Director any right to remain in the employ or service of the Company. Further, the adoption of this Plan shall not be deemed to give any Employee, Consultant or Director or any
other individual any right to be selected as a Participant or to be granted an Award. In addition, no Employee, Consultant or Director having been selected for an Award, shall have at any time the
right to receive any additional Awards. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Amendment/Termination.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board may suspend or terminate the Plan at any time for any reason with or
without prior notice. In addition, the Board may, from time to time for any reason and with or without prior notice, amend the Plan in any manner, but may not without stockholder approval adopt any
amendment which would increase the number of shares available under the Plan, or which would require the vote of the stockholders of ACCL pursuant to Section&nbsp;162(m) of the Code or any
applicable rule of the exchange or quotation system on which the Common Stock is traded, but only insofar as such amendment affects Covered Employees, or if such approval is necessary or deemed </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-18</FONT></P>

<HR NOSHADE>
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<A NAME="page_gg1133_1_19"> </A>
<BR>

<P><FONT SIZE=2>advisable
with respect to tax, securities, or other applicable laws, policies, or regulations. Notwithstanding the foregoing, the Committee may not revoke, remove or reduce any vested right of a
Participant without the prior written consent of such Participant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Governing Law.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be governed by and construed in accordance with the laws of the State of
Delaware, except as superseded by applicable federal law, without giving effect to its conflicts of law provisions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Right, Title, or Interest in Company Assets.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Participant shall have any rights as a stockholder of
ACCL as a result of participation in the Plan until the date of issuance of a stock certificate in his or her name, and, in the case of Restricted Stock, such rights are granted to the Participant
under the Plan. To the extent any person acquires a right, to receive payments from the Company under the Plan, such rights shall be no greater than the rights of an unsecured creditor of the Company
and the Participant shall not have any rights in or against any specific assets of the Company. All of the Awards granted under the Plan shall be unfunded. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16 of the Exchange Act.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In order to avoid any Exchange Act violations, the Committee may,
from time to time, impose additional restrictions upon an Award, including but not limited to, restrictions regarding tax withholdings and restrictions regarding the Participant's ability to exercise
Awards under the Company's broker-assisted stock option exercise program. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Guarantee of Tax Consequences.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No person connected with the Plan in any capacity, including, but not
limited to, the Company and its directors, officers, agents and employees, makes any representation, commitment, or guarantee that any tax treatment, including, but not limited to, federal, state and
local income, estate and gift tax treatment, will be applicable with respect to the tax treatment of any Award, any amounts deferred under the Plan, or paid to or for the benefit of a Participant
under the Plan, or that such tax treatment will apply to or be available to a Participant on account of participation in the Plan. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-19</FONT></P>

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<!-- TOC_END -->
<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=2>&#151;Please
Detach and Mail in the Envelope Provided&#151; </FONT></P>

<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="gi1133_proxy_pharmacopeia,_inc._2004___pro02617"> </A>
<A NAME="toc_gi1133_1"> </A>
<BR></FONT><FONT SIZE=2><B>PROXY    <BR>    <BR>    PHARMACOPEIA,&nbsp;INC.<BR>  <BR>    2004 ANNUAL MEETING OF STOCKHOLDERS<BR>  <BR>    TO BE HELD MAY&nbsp;11, 2004    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>This Proxy is solicited on behalf of the Board of Directors</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned stockholder of PHARMACOPEIA,&nbsp;INC., a Delaware corporation, hereby acknowledges receipt of the Notice of Annual Meeting of Stockholders and Proxy Statement, each
dated April&nbsp;12, 2004, and hereby appoints Mark J. Emkjer and John J. Hanlon, and each of them, proxies and attorneys-in-fact, with full power to each of substitution, on
behalf and in the name of the undersigned, to represent the undersigned at the 2004 Annual Meeting of Stockholders of PHARMACOPEIA,&nbsp;INC. to be held on May&nbsp;11, 2004 at 9:00&nbsp;a.m.
local time, at The Hyatt Regency La Jolla at Aventine, 3777 La Jolla Village Drive, San Diego, California 92122 and at any adjournment or adjournments thereof, and to vote all shares of Common Stock
which the undersigned would be entitled to vote if then and there personally present, on the matters set forth below: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>(Continued, and to be dated and signed on the other side)</B></FONT></P>

<HR NOSHADE>
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<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=2>&#151;Please
Detach and Mail in the Envelope Provided&#151; </FONT></P>

<HR NOSHADE>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=7><FONT SIZE=2><B>Please mark your votes as indicated in this example</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><BR><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2> all nominees below<BR>
(except as indicated)<BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><BR><FONT SIZE=2><B>WITHHELD</B></FONT><FONT SIZE=2><BR>
from all nominees<BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
1.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
ELECTION OF DIRECTORS:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
Nominees:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=7><BR><FONT SIZE=2><B>IF YOU WISH TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE A LINE THROUGH THAT NOMINEE'S NAME IN THE LIST BELOW:</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
PAUL&nbsp;A. BARTLETT, PH.D.<BR>
KENNETH&nbsp;L. COLEMAN<BR>
RICARDO&nbsp;B. LEVY, PH.D.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
2.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
APPROVAL OF AMENDMENT TO CERTIFICATE OF INCORPORATION TO CHANGE THE COMPANY'S NAME TO "ACCELRYS,&nbsp;INC."</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2><BR>
FOR<BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2><BR>
AGAINST<BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=2><BR>
ABSTAIN<BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
3.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
ADOPTION OF PHARMACOPEIA,&nbsp;INC. 2004 STOCK INCENTIVE PLAN</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2><BR>
FOR<BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2><BR>
AGAINST<BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=2><BR>
ABSTAIN<BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
4.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
RATIFICATION OF THE APPOINTMENT OF ERNST&nbsp;&amp; YOUNG LLP AS THE COMPANY'S INDEPENDENT AUDITORS FOR THE PERIOD COMMENCING JANUARY&nbsp;1, 2004 AND ENDING MARCH&nbsp;31, 2005</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2><BR>
FOR<BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2><BR>
AGAINST<BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=2><BR>
ABSTAIN<BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
and, in their discretion, upon such other matter or matters which may properly come before the meeting or any adjournment or adjournments thereof.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
THIS PROXY WILL BE VOTED AS DIRECTED OR, IF NO CONTRARY DIRECTION IS INDICATED, WILL BE VOTED FOR THE ELECTION OF DIRECTORS, TO AMEND THE CERTIFICATE OF INCORPORATION, TO ADOPT THE PHARMACOPEIA,&nbsp;INC. 2004 STOCK INCENTIVE PLAN, TO RATIFY THE
APPOINTMENT OF ERNST&nbsp;&amp; YOUNG LLP AND AS SAID PROXIES DEEM ADVISABLE ON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Signature</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Signature</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>Dated</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT><HR NOSHADE></TD>
<TD WIDTH="8%"><FONT SIZE=2>, 2004</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(This
Proxy should be marked, dated and signed by the stockholder(s) exactly as his or her name appears hereon, and returned promptly in the enclosed envelope. Persons signing in a
fiduciary capacity should so indicate. If shares are held by joint tenants or as community property, both should sign.) </FONT></P>

<HR NOSHADE>
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<BR>
<P><br><A NAME="04SAN1133_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de1133_1">PHARMACOPEIA, INC. PROXY STATEMENT INFORMATION CONCERNING SOLICITATION AND VOTING</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dg1133_1">PROPOSAL ONE: ELECTION OF DIRECTORS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_di1133_1">PROPOSAL TWO: APPROVAL OF AMENDMENT TO CERTIFICATE OF INCORPORATION TO CHANGE OUR NAME TO ACCELRYS, INC.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1133_2">PROPOSAL THREE: ADOPTION OF PHARMACOPEIA, INC. 2004 STOCK INCENTIVE PLAN</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1133_3">PROPOSAL FOUR: RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dk1133_1">OTHER INFORMATION REGARDING US</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dk1133_2">COMPARATIVE CUMULATIVE RETURN AMONG PHARMACOPEIA, INC., NASDAQ PHARMACEUTICALS INDEX AND NASDAQ MARKET INDEX</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dm1133_1">EXECUTIVE COMPENSATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dm1133_2">2003 Equity Compensation Plan Information (as of the end of the fiscal year&#151;December 31, 2003 and as of the Record Date&#151;March 25, 2004)</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dq1133_1">OTHER MATTERS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ga1133_1">PHARMACOPEIA, INC. CHARTER OF CORPORATE GOVERNANCE COMMITTEE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_gc1133_1">PHARMACOPEIA, INC. 2004 STOCK INCENTIVE PLAN</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_gc1133_2">TABLE OF CONTENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ge1133_1">PHARMACOPEIA, INC. 2004 STOCK INCENTIVE PLAN</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ge1133_2">ARTICLE 1 PURPOSE AND TERM OF PLAN</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ge1133_3">ARTICLE 2 DEFINITIONS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ge1133_4">ARTICLE 3 ELIGIBILITY</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ge1133_5">ARTICLE 4 PLAN ADMINISTRATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ge1133_6">ARTICLE 5 FORM OF AWARDS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_gg1133_1">ARTICLE 6 SHARES SUBJECT TO PLAN</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_gg1133_2">ARTICLE 7 PERFORMANCE AWARDS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_gg1133_3">ARTICLE 8 STOCK OPTIONS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_gg1133_4">ARTICLE 9 STOCK APPRECIATION RIGHTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_gg1133_5">ARTICLE 10 STOCK AWARDS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_gg1133_6">ARTICLE 11 PERFORMANCE UNITS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_gg1133_7">ARTICLE 12 PERFORMANCE SHARES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_gg1133_8">ARTICLE 13 VESTING AND PAYMENT OF AWARDS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_gg1133_9">ARTICLE 14 DIVIDEND AND DIVIDEND EQUIVALENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_gg1133_10">ARTICLE 15 DEFERRAL OF AWARDS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_gg1133_11">ARTICLE 16 CHANGE IN CONTROL</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_gg1133_12">ARTICLE 17 MISCELLANEOUS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_gi1133_1">PROXY PHARMACOPEIA, INC. 2004 ANNUAL MEETING OF STOCKHOLDERS TO BE HELD MAY 11, 2004</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=SFLORES,SEQ=,EFW="2132497",CP="PHARMACOPEIA, INC.",DN="1" -->
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</SUBMISSION>
