Sarsia Seed Management AS

1. Sarsia Seed Management AS Sarsia Seed November 2012 - web

2. Sarsia Seed Basic Facts

3.  Sarsia Seed One offournational seed funds in Norway • Invest in approximately 25 early-stage technology-basedcompanies • Development of selected companies through active board membership • Investment realization typically through trade sale or IPO • The Task • Investmentareas • Energy/Oil/Gas • Biotechnology/Pharma/Medtech/Marine • Onlyinvest in Norwegian companies • Capital base of €45 m and 15 yearhorizon (2018 2021) • 50% publicfinancing, public loss fund of €5.3 m • IRR hurdle of 7%, goal of9% Structure • Management team offive partners • Broad management and Board experience from Norway, Europe and the USA • Qualifications include PhDs, MBAs and financial analyst Team Sarsia Seed Management - Confidential

4. Sarsia Seed Management Sveinung HoleManaging Partner MBA Erlend Skagseth Partner BioLife Sciences & Financial Control MBA Farzaad Abdi-DezfuliPartner PhDPharmacology Jon Trygve Berg Partner Energi/Cleantech / Investments M.Phil. MBA, CEFA Øivind Enger Partner PhDMicrobiology Sarsia Seed Management - Confidential

5. Sarsia Seed AS Investors Board Statoil ASA BKK Sarsia Innovation AS Sparebanken Vest DnB NOR ASA L. Meltzers Høyskolefond Stiftelsen Unifob Viken Shipping AS GC Rieber AS Bergens Tidende AS Bergens Forskningsstiftelse Bergens Medisinske Forskningsstiftelse EGD Holding AS Mowinckel Management AS J. E. Greve AS B. Friele & Sønner AS Sarsia Seed Management AS Innovasjon Norge Sigurd Moe Paulsen, Investment Director, Statoil New Technology AS Lise Reinertsen, VP Business Development, BKK Bjørg Marit Eknes, VP, Sparebanken Vest Elisabeth Teigland Gjesdahl, VP, DnB ASA Kåre Rommetveit, Director, Bergen Medisinske Forskningsstiftelse Wenche Rolfsen, Rolfsen Consulting Election Committee • Jan Einar Greve, Barrister Norwegian Supreme Court, Chairman up to 2009. Current head ofelectioncommittee. Sarsia Seed Management - Confidential

6. Investment criteria for initial investmentsAn initial investment is usually in theregion of 0.2 to 1 mUSD, andtypicallymade in severalmilestone-based tranches BUSINESS MODELScalable PRODUCT/ SERVICEUnique technology / idea MILESTONES AND EXITClearly visible TEAMBusiness oriented Coachable MARKETAttractive /growth 10 m invest x 10 value Phase Contact Analysis Decision Due-diligence Investment ~ 3-> years ~2-5 days ~4-8 weeks ~3-6 weeks ~3-12 weeks Goal Identifydegreeofsuitability Verificationofinvestment/ business plan Investment terms and formalisation Auditof terms for investment Injectionoffinancial and human capital Sarsia Seed Management - Confidential

7. Key figures As of November 2012

8. 92 mEUR procured to22 early stage technology based companies over 6 years 21 mEUR invested by Sarsia Seed in 22 companies 33 mEUR invested from >40 investors from six countries 38 mEURin softmoney/R&D support funds granted to 20 companies Team in Sarsia Seed Management of 5 persons, 100% continuity More than doubled patent base in the companies In total more than 4.3 times Sarsia Seed’s total investments is injected into the companies 109 Directors on the Boards of the companies, 16 international and 33 industry experts Analyzed 372 potential investments over the last six years Sarsia Seed Management - Confidential

9. Portfolio The companies

10. Portefølje – Energy/Oil/Gas • Shaping windfarms • Global leader as providers of simulation software for optimal location of turbines in wind farms. • Process water treatment; produced water, shale gas, oil sand, shale oil and slop water. • Water purification • Cellulostic ethanol • Global pioneer in large-scale production of industrial sugar from cellulostic sources. • Forecasting of Wind Power production • Forecastingsolution for Wind Farm production to minimizeimbalancecosts. • Novel, game changing high performance radar technology with petro-maritime, geological and military applications. • Radar technology • Ballast water treatment • Novel treatment unit for inactivation of marine organsims, particularly microorgansisms, in ballast water. Sarsia Seed Management - Confidential

11. Portefølje – Marine • Aquaculture feed technology • Unique feed concept as an alternative to live feed (eg. Artemia) for early stage sea-food animals including farmed fish, crustaceans and shellfish. • Fish feed technology • Means of incorporating and retaining water and supplements in fish feed; enabling natural salinity, increased growth and reduced mortality. • Omega 3 marine oil formulation/delivery • Microencapsulated omega 3 marine oils in user friendly effervescent powder and tablett format. Sarsia Seed Management - Confidential

12. Portfolio – Biotechnology/Pharma • Fighting inflammation • Optimal Anti-Inflammatory Therapy - Small Molecules Targeting GIVA PLA2 • Novelantibiotics • New chemistry products applied to antibiotics against resistant infectious bacteria • Novelvaccinetechnology • APC targeted vaccine delivery affording potent adjuvant-free prophylactic and active immunotherapy • Anti-cancer therapy • Peptide-drug potentiating chemotherapeutic agents through pan-synthetic lethality • Drugdiscovery services and anti-cancer therapy • First in class anticancer treatments targeting tumour escape and drug resistance. RNAi-based discovery platform yielding novel Targets for drug therapy • Anti-thrombocytopeniatherapy • Prophylactic treatment against neonatal platelet-loss caused by fetus/mother genetic differences • Marine sourced drug • High-value marine-sourced heparin and/or improved process for current heparin production Sarsia Seed Management - Confidential

13. Portfolio – Medtech/Diagnostics • Pain measurement • Instrument for objective measurement of pain based on changes in skin conductancy. • Monitoring respiratory function • Noninvasive and easily applicable means of evaluating respiratory function in neonates and infants without need for mask or sedation. Bacterial infection profiling • Web based rapid diagnosis of bacterial infections from clinical sources; based on gene sequencing software technology. • Gene sequencing • High throughput DNA sequencing technology based on state of the art molecular biology and low-cost commodity electronics components. • Cancer screening • Best practice cancer screening tests combined with follow-up systems to ensure compliance and efficacy . Sarsia Seed Management - Confidential

14. Whatwe do And contribute to thecompanies Sarsia Seed Management - Confidential

15. Active ownershipthroughthe Board Development of business concept and business plan Recruitment of management and key personnel Financing and applications for R&D funding Establish business systems and processes for execution of plans • Establish best possible board composition for the different phases • Search for industrial partners and co-investors • Assistance in negotiations and contractual development • Identify, develop and negotiate Exit possibilities, i.e. Trade Sale • Two dedicated partners from Sarsia Seed Management follow each company • Weekly problem solving and quarterly ranking in Sarsia Seed Management Sarsia Seed Management - Confidential

16. The Sarsia Seed Management (SSM) Team Experience (excerpt) Education • INSEAD, Top Management Program, Telenor • Master of Int. Management (Siv.øk), HH BI, 1991 • Officers Cand. School Military Police, best pupil, 1986 • 2006-, Managing Partner SSM, 6 board positions in portfolio companies • 2010 -, Board member NVCA – Norwegian Venture Capital Association • 2005-2006, Director Anesthesia & SOP, Haukeland University Hospital • 2000-2005, Telenor: Man. Director NextraN, Strategy Dir. Telenor BS Europe, Market-/Strategy director all Norway operations • 1997-2007, Man.Director. Berlitz Nordic region (NYSE), Berlitz GLobalNet, VP Americas/member of Executive Committee Sveinung Hole • Siv.øk. NHH, 1981 • Studfag BHG, 1975 • Navy U-båt 75--76 • Realartium , Os Gymnas 1974 • 2006-, Partner SSM, CFO, 6 board positions in portfolio companies • 2005-2006 Project Director, Sarsia Innovation AS • 1999-2005 CEO Forinnova AS, project development, financing early stage technology development • 1986-1999 CFO Chr. Michelsen Research AS Erlend Skagseth • 2006-, Partner SSM, 6 board positions in portfolio companies • 2002-2005, CEO PE&C –Drilling & Well consultancy, advisor drilling technology, field development and drilling costs • 2000-2002 CTO NST – responsible for 120 person techn. dev. org.. In 3 countries, responsible for big partners, IBM, AT&T • 1995-2000, CEO GexCon- technology spinoff startup, CMR • Siv.Ing ,Off. Eng, Heriot WU 1991 • M.Phil, Polar St. Cantab1992 • MBA NHH,MASTRA, 2000 • AFA NHH, 2006 • Certified Financial Analyst Jon T. Berg • Dr. Scient in micro biology, UiB • Cand. Scient in micro biology UiB • Organizational science . ODH • 2009 - Expert panels, Jury Member Venture Cup • 2006-, Partner SSM, responsible for bio deal flow and IPR • 1997-2006, Project manager – business development Forinnova/Sarsia Innovation • 1992-1998, researcher , UNIFOB/førsteamanuensis UiB Øivind Enger • Financing Entrepreneurial Business: London Business School – 2008 • Postdoc HUS 1992-1994 • PhD University of Edinburgh 1992 • 2009 –, Expert Panels Norges Forskningsråd • 2006-, Partner SSM, responsible bio/pharma • 2002-2005, Forinnova/Sarsia Innovation. Investment Advisor Biotech • 1995-2002, Eli Lilly- Team Leader, part of Lilly Medical Nordic Strategy Group/admin and man respon. /Nordic Point Person & European Clinical Trial Management Trainer Farzad Abdi-Dezfuli

17. Sarsia Seed Management ASSarsia Seed AS Postal address: Thormøhlensgate 51N-5006 BergenNorwayFax:  +47 5559 5948 Phones and e-mails: Sveinung Hole +47 47 90 01 11 sveinung@sarsia.com Erlend Skagseth +47 90 93 28 72 erlend@sarsia.com Øivind Enger +47 90 06 23 03 oivind@sarsia.com Farzad Abdi-Dezfuli +47 90 59 72 90 farzad@sarsia.com Jon Trygve Berg +47 95 23 76 49 jon@sarsia.com Visitor’s address: Vitensenteret (VilVite) Marineholmen, second floor  Thormøhlensgate 51N-5006 BergenNorway Sarsia Seed Management