 Improving bone and cardiovascular health Investor Presentation 1. Quarter 2008

 Exclusive strategic partnership agreement with Sumitomo Corp. to develop, market and sell the natural Vitamin K2  Exclusive Research & Science contract with VitaK (Maastricht University), the world leading research-company in vitamin K.  R&D is focused on developing K2 products in addition to build IPR to secure long-term market access  Vitamin K2 is needed for optimal body utilization of Calcium and has documented beneficial effects on both Osteoporosis and Cardiovascular diseases

 NattoPharma focuses on Sales & Product Development, through own Product IPR- based on clinical studies (GCP), leaving the production to Sumitomo.  Product development may also be carried out in collaboration with End-clients, depending upon customer and market requirements. Production & Process IPR Sumitomo Corp. Product- Development Based on research NattoPharma Product-designEnd-product S&M End-client Clinical Studies IPR

Calcification in health and disease: NattoPharma focus Normal condition: 99% of all Ca in bones & teeth; 1% in circulation Scientific evidence: Loss of calcification in bones; Increased calcification heart, arteries and in joints: Osteoporosis Cardiovascular disease Osteoarthrosis Kidneys Lungs Teeth Bone and cardiovascular health Prevention & Treatment

The calcium paradox Relationship osteoporosis - arterial calcification Function of both proteins needed for optimal health OC synthesised in osteoblasts Glu residues carboxylated to Gla-residues which bind Ca ++ Binds Ca ++ to hydroxyapatite in bones MGP synthesised in chondrocytes in cartilage, and vascular smooth muscle cells in arteries Inhibits soft tissue calcification, including cartilage mineralization Matrix Gla Protein Osteocalcin x x x

Market opportunities  NattoPharma market strategy NattoPharma is working to include vitamin K2 in already existing global leading brands in the Dietary supplement (ex. Multivitamins, Calsium & Omega3) Functional Food marked (Dairy-products). Thus, the revenue from the clients has the potential to go from zero to 3-diget million figure, only during the first year after signing with a large client.  Dietary supplement Stand-alone / combination (Multivitamins, Calcium, Omega-3 and Vitamin D)  Fortified food Fortified food with vitamins and minerals (Dairy segment, drinks)  Pharmacy Strategy is to co-operate with a strategic partner

Market strategy Sell MenaQ7 as an ingredients into all ready existing global leading brands in the following market segments: Volum vitamin K2 Dietary supplement Fortified Food Pharmacy

Headlines 1Q08 R&D:  Commenced clinical study combining MenaQ7 with Omega- and with Krill  Longtime study approved and ready to start for postmenopausal 240 women to see MenaQ7’s effect on bone structure and cardio vascular effects.

Headlines 1Q08 MARKET:  Have signed distribution agreements in all European countries that we are able to MenaQ7  Focus on Food segment both in USA. Official launch of MenaQ7 in Food at world larges Food Fair, Institute of Food Technology 2008 in New Orleans.  Screening the market outside Europe and USA for potential distributors

Strategic Partnership Agremments LOI sign with Bayer ConsumerCare –Bayer is no. 2 largest player in the global OTC market –The Parties wants to negotiate about signing a global partnership agreement for MenaQ7. In search for a global partner also in the Food Market

Figures 1. quarter 2008  Revenues NOK 5,1m (NOK 7,4m)  EBIT NOK -5,9m (NOK -0,8m)  Gross margin 55,1% (56,4%)

Profit and Loss pr

Balance pr

Cash flow statement Q

Outlook  Expect EFSA approval during the summer  Increase the investment in R&D going forward  Reiterate revenue expectation for 2008 of between NOK 80 – 90 mill in 2008  Expect positive EBIT in 2008