”We aim to be the preferred life sciences investment company in Northern Europe…”

“We have the people, the differentiation, the mind-set, and the structure to deliver better investment returns…”

3

Vanadis Capital unique offer: 1. Partnership with TFS International, the largest private and

independent clinical research organization (CRO) in Europe

2. Team experience and background is aligned with business demands, fund management, and exit opportunities

3. Small size fund by design and strongly committed GP

4. Already screened and identified investment opportunities to bring momentum to the investment cycle right after first close

4

Complementary, unique, and differentiated deal flow from exclusive TFS partnership

• 400+ potential target companies across Europe

– Pre-validate by TFS management according to Vanadis Capital investment criteria

– 40% within the Nordic region

– 50% are either medtech, diagnostics, or medical services companies

5

“Getting the right mix of people in the team is a determinant factor to our future success as a venture firm, our competences and capabilities all put together contribute to what makes Vanadis Capital very unique and well set to deliver strong returns”

6

Unique mix of competences and capabilities

Background

Pascal Van PeborghPartner

Daniel SpasicPartner

Per Carendi

Chairman

Magnus PerssonPartner

Alexander Mata

AnalystEntrepreneurial ✓ ✓ ✓ ✓ ✓

People management(> 10 years)

✓ ✓ ✓ ✓

Corporate management and governance(> 10 years)

✓ ✓ ✓ ✓

Finance, M&A, exits ✓ ✓ ✓ ✓Fund management ✓ ✓

Medical / Biomedical ✓ ✓ ✓ ✓Product development ✓ ✓ ✓ ✓ ✓Market developement ✓ ✓ ✓ ✓ ✓

7

A smaller fund is advantageous compared to larger funds:

• Better alignment between the GP and LP incentives

• Better leverage on specialized industry expertise

• Opportunity to complement larger funds at good financial conditions

• Needs fewer home runs to secure high fund returns

Source: Silicon Valley Bank, VC report may 2010

8

Vanadis Capital partners are strongly committed and aligned with LP incentives

– GP commitment @ 6% of the fund

– Cap on management fees with a focus to operate with predictable fixed costs

– Transparency on GP budget

– Readiness to offer deal on carries provided that GP incentives remain solid

9

Identified Investment OpportunitiesCase 1 Case 2 Case 3 Case 4

Geography Sweden Sweden Sweden Nordic and Baltics

Technology / Services Device Device Device Pharma

Proof of concept Yes, human Animal Yes, human Yes, human

Stage Early growth Early stage Early growth Early growth / growth

Management Serial entrepreneursCommercial -

Serial entrepreneurs Expertise +++Commercial -

Hire new team

Affordability yes yes yes yes

Innovation Monitor last insulin injection

Gum glue for dental disease

Joint / thumb prosthesis Seize opportunities out of OTC market and the

pharmacy deregulation

Customers Diabetes Periodontitis Rheumatoid/Osteoarthritis, thumb

amputation

Pain, inflammation

Development cycle Market Launch Animal studies Market Launch Re-launch

Financials Revenue positive Research investment Debt free Cash cow

Exit strategy Big corporate Big corporate Big corporate Large OTC corp.

10

Vanadis value creation summary

• Accelerate product development

• Accelerate product adoption

• Strategic and operational expertise

• Management reviews (including staffing)

• Well prepared and executed exits

Conclusion

Vanadis Capital has access to a unique pre-validated and differentiated deal flow

Vanadis Capital team is competent, experienced, and strongly committed

Vanadis Capital has a unique opportunity to create value in life sciences for the benefit of patients, society, and its investors!

11