DnbNor Health Care Summit 19 September, 2006 Important news expected shortly

2 Content  Positioned to: – Become the first player with Marketing Authorization in all EU/EEA-countries for glucosamine – Become the first vertically integrated pharmaceutical glucosamine player – Become one of the leading glucosamine players globally, building on our strong partners

3 Content  Market  Product  Company  Milestones

4 Treating a widespread disease  Osteoarthritis, the most widespread form of arthritis – 50 % of people above 65  Traditional medication (pain killers / NSAIDs) may have severe side effects  Glucosamine is a a strong alternative – Naturally occurring substance – Favourable safety profile – Relieves pain and improves function – Classified as a medicine in several European countries – Recommended by EULAR* Market Arthritis: A major cause of disability *European League against Rheumatism

5 An attractive market  Global retail value of arthritis drugs NOK ~ billion.  Expected strong growth in osteoarthritis (OA) market – Fast growing number and share of people above 60 – Overweight represents an increasing problem  Glucosamine market more than NOK 10 billion of which rapidly growing pharma market accounts for NOK >1.5 billion  Glucosamine market growth 10-15% Market Source: Reuters Business Insights, IMS, Harvard Medical School, Navamedic data and analysis

6 Current EU/EEA regulatory status (2006) Prescription medicine Prescription/Over-The Counter (OTC) OTC/Nutra Prescription medicine/ Nutra Nutra/unknown Market

7 Content  Market  Product  Company  Milestones

8 Glucomed® has substantial advantages 1.HCl easier to administer than sulphate 2.Does not contain NaCl* 3.Quality Glucomed® has substantial advantages over competing glucosamine products *A large share of OA patients also have high blood pressure (hypertension) Product

9 Content  Market  Product  Company  Milestones

10 Chitin powder Glucosamine powder Positioned to become a leading player Shrimp shells Glucomed ® Company  Building unique glucosamine value chain  Access to scarce raw material  Proprietary low-cost glucosamine production technology  Strong marketing and distribution network: 10 partners in 14 countries

11 Marketing Authorization and Marketing and Distribution agreements, EU/EEA Company Marketing and distribution agreement Glucomed launched in market Marketing Authorization Marketing Authorization and Marketing and distribution agreement In addition: Marketing and distribution agreement in 3 countries outside this region

12 Going to market Company  Where prescription (RX) – Marketing towards and visiting with doctors  Where non-prescription (OTC) – Advertising towards patients  Where “OTX” – Combination  Strong partners: – E.g. Merck, Meda, Gerolymatos – Negotiations with strong potential partners in several countries

13 Content  Market  Product  Company  Milestones

14 Key milestones Milestones Q >Launch of finished product in markets where MA and Marketing and distribution agreement Q >Further Marketing and distribution agreements Q1 2007Marketing Authorization (MA) in EU/EEA-countries Q1 2007Ratification of conclusion in the EU-commission September or October Conclusion in EU/EEA product approval process  Regulatory  Sales and marketing:

15 Key milestones Milestones Chitin factory in productionQ Production with novel glucosamine producion method 2008  Production

16 Content  Summary: – Important milestones in short time – Short time-to-market – Become the first vertically integrated pharmaceutical glucosamin player – Become the first player with Marketing Authorization in all EU/EEA-countries – Become one of the leading glucosamine players globally, building on our strong partners