1. InnovFin – Product Presentation Warsaw, 27 October 2014 Financing of Mid-Caps under the Investment Plan for Europe in parallel to the products offered under InnovFin Hristo Stoykov Head of InnovFin MidCap Growth Finance, EIB

2. Mid Cap Products EFSI vs. InnovFin 2 Mid-Caps are currently supported by EIB mainly under the InnovFin programme Under the Investment Plan for Europe (EFSI) the focus on supporting Mid-Caps will be even stronger, replying to the high demand and market need Similar to InnovFin, under EFSI Mid-Caps will be supported through direct or intermediated products However the product range and eligibility criteria will be further enlarged under EFSI in order to cover even more significant portfolio of Mid-Caps in Europe and support their investments and financing needs The strategy and processes for Mid-Cap products under EFSI are currently in the process of being finalised In the meantime InnovFin products can serve as a base and provide an overview of current direct and indirect Mid-Cap financing opportunites

3. Two Products for Innovative Mid-Caps EIF Financial Intermediary Financial Intermediary Innovative Mid-Caps 3,000 Employees Innovative Mid-Caps 3,000 Employees New Loans 50% Guarantee EUR 25m EIF Innovative Mid-Caps 3,000 Employees Innovative Mid-Caps 3,000 Employees Growth Finance / Mezzanine EUR 25m 1. Indirect Financing (Risk Sharing) for Senior Loans: Mid-Cap Guarantee 2. Direct Growth Financing (Mezzanine): Mid-Cap Growth Finance 3

4. How does the MidCap Guarantee work? EIF Financial Intermediary Financial Intermediary Innovative Mid-Caps 3,000 employees Innovative Mid-Caps 3,000 employees New Loans 50% Guarantee EUR 25m 50% loss coverage for new mid-cap loans of up to EUR 50m not covered under InnovFin SME Guarantee Can be complemented with EIB funding (global loan) Pari-passu sharing of risk and pricing Full delegation to financial intermediaries Favourable capital treatment, English law 4

5. How does MidCap Growth Finance (MGF) work? Direct long term debt and mezzanine finance: EUR 7.5m – EUR 25m Loans can be structured as economic equity (silent participation) For innovative Mid-Caps and SMEs (eligible counterparty concept) EIB can finance up to 50% of all investments over 3 years Streamlined EIB approval process & English law EIF Innovative Mid-Caps 3,000 Employees Innovative Mid-Caps 3,000 Employees Growth Finance / Mezzanine EUR 25m 5

6. MGF: Summary of Terms 6 Indicative Term Sheet Illustration Short-Term AssetsSenior Debt Junior Debt Equity Long-Term Assets Balance Sheet: Mid-Market Company BorrowerEligible companies ProductTerm Loan / Guarantee PurposeFinance future investment budgets (capex, opex and other, mainly R&D related) Size of the loanEUR 7.5m – EUR 25.0m TenorFlexible (usually 5-7 years) options: amortizing, bullet, grace period SenioritySenior to mezzanine SecuritySecured or unsecured PricingFloating, fixed or convertible No subsidy elements, full risk pricing Pricing advantage a function of favorable borrowing costs and non-for-profit maximization objective CovenantsBased on EIB standard loan contracts General and financial covenants/limitations are included according to the credit risk FeesLimited but certain fees may be applicable JurisdictionEnglish law Appraisalsubject to satisfactory documentation usually between 3 and 5 months BorrowerEligible companies ProductTerm Loan / Guarantee PurposeFinance future investment budgets (capex, opex and other, mainly R&D related) Size of the loanEUR 7.5m – EUR 25.0m TenorFlexible (usually 5-7 years) options: amortizing, bullet, grace period SenioritySenior to mezzanine SecuritySecured or unsecured PricingFloating, fixed or convertible No subsidy elements, full risk pricing Pricing advantage a function of favorable borrowing costs and non-for-profit maximization objective CovenantsBased on EIB standard loan contracts General and financial covenants/limitations are included according to the credit risk FeesLimited but certain fees may be applicable JurisdictionEnglish law Appraisalsubject to satisfactory documentation usually between 3 and 5 months Eligibility Borrowing Base* Screening process Industry & company RDI intensity Company R&D score (quality) Borrowing base Industry & company RDI intensity Company R&D score (quality) Borrowing base Planned investments of at least € 15m and € 50m over the next three years Research & Development – related Innovation / Commercialization of new technology, capex, opex, salaries Planned investments of at least € 15m and € 50m over the next three years Research & Development – related Innovation / Commercialization of new technology, capex, opex, salaries Eligible company Medium sized companies, usually from 500 to 3,000 employees “R&D-intensive” of “fast growing” Medium sized companies, usually from 500 to 3,000 employees “R&D-intensive” of “fast growing” *see criteria on the next slide

7. MGF: Eligibility Checklist 1/2 7 A mid-cap company shall be eligible for MGF financing if it meets at least one of the following two conditions: A.The company should intend to use the EIB financing to invest in producing or developing products, processes and/or services that are innovative and where the business plan evidences a risk of technological or industrial failure, or a business risk, or B.The company is a “fast growing enterprise” measured by employment or turnover. Annualized growth in sales or full-time employees should be greater than 10% and 5%, respectively, a year over the last three years, or C.The company is an “R&D or innovation-driven enterprise”, if it meets at least one of the following conditions: 1)R&D to Sales ratio is equal of higher than 5% for the last fiscal year, or 2)The company undertakes to spend at least 80% of the loan amount on research, development and innovation activities over the next 36 months, or 3)The company has been awarded grants, loans or guarantees from the European R&D or innovation support schemes (e.g. FP7, Horizon 2020) or regional or national support schemes over the last 36 months, or 4)The company won an innovation prize over the last 24 months, or 5)The company registered more than one patent over the last 24 months, or 6)The company received cash investment from an innovation-driven VC, or 7)The company is registered in a science, technology, or innovation park, or technology cluster or incubator, in each case, for activities related to RDI, or 8)The company has benefited from tax credit related to innovation or investment in R&D in the last 24 months A mid-cap company shall be eligible for MGF financing if it meets at least one of the following two conditions: A.The company should intend to use the EIB financing to invest in producing or developing products, processes and/or services that are innovative and where the business plan evidences a risk of technological or industrial failure, or a business risk, or B.The company is a “fast growing enterprise” measured by employment or turnover. Annualized growth in sales or full-time employees should be greater than 10% and 5%, respectively, a year over the last three years, or C.The company is an “R&D or innovation-driven enterprise”, if it meets at least one of the following conditions: 1)R&D to Sales ratio is equal of higher than 5% for the last fiscal year, or 2)The company undertakes to spend at least 80% of the loan amount on research, development and innovation activities over the next 36 months, or 3)The company has been awarded grants, loans or guarantees from the European R&D or innovation support schemes (e.g. FP7, Horizon 2020) or regional or national support schemes over the last 36 months, or 4)The company won an innovation prize over the last 24 months, or 5)The company registered more than one patent over the last 24 months, or 6)The company received cash investment from an innovation-driven VC, or 7)The company is registered in a science, technology, or innovation park, or technology cluster or incubator, in each case, for activities related to RDI, or 8)The company has benefited from tax credit related to innovation or investment in R&D in the last 24 months Is your company a mid-cap? A mid-cap is a company which, at the time of the application, employs less than 3,000 full-time employees on a consolidated basis. Is your company a innovative or fast growing? Step 1 Step 2 Innovative or fast-growing mid-cap company eligible for MGF financing

8. MGF: Eligibility Checklist 2/2 8 The Bank takes a view on the company’s credit rating – the EIB assigns its own internal rating, no external rating is required. This would be determined based on a number of factors evaluated during the due diligence process. MGF eligible companies will be able to demonstrate their ability to meet their current and future obligations based on their historical and projected business performance. The Bank takes a view on the company’s credit rating – the EIB assigns its own internal rating, no external rating is required. This would be determined based on a number of factors evaluated during the due diligence process. MGF eligible companies will be able to demonstrate their ability to meet their current and future obligations based on their historical and projected business performance. What is the company’s investment budget over the next 3 to 5 years? MGF target companies plan to spend between EUR 15m and EUR 50m cumulative over the next 3 to 5 years. Such expenditures will ideally be linked to R&D but can also include general corporate purposes – Capex and Opex Borrowing capacity Step 3 Step 4 Continued from the previous slide

9. 16 7 Pramac (2014) EUR 8m Senior term loan 8 Maier (2014) EUR 7.5m Senior term loan 9 e-Net (2014) EUR 12m Subordinated loan Novabase (2014) EUR 14m Senior term loan 10 Marangoni (2014) EUR 10m Senior term loan 11 1 2 3 4 5 6 7 8 9 10 11 Innocoll (2015) EUR 25m Quasi-equity 12 SAES (2015) EUR 10m Senior term loan 13 12 PLANON (2015) EUR 12m Senior term loan 14 KIOSKED (2015) EUR 15m Quasi-equity 1516 14 DANOBAT (2015) EUR 10m Senior term loan 15 1 EVS (2013) EUR 12m Senior term loan 2 Marposs (2013) EUR 25m Senior term loan 3 Rovio (2014) EUR 25m Senior term loan 4 Manz (2014) EUR 20m Mezzanine loan 5 Pharmathen (2014) EUR 25m Senior term loan 6 Welltec (2014) EUR 25m Senior term loan 17 BIOSURFIT (2015) EUR 12m Quasi-equity 18 JENNEWEIN (2015) EUR 12m Quasi-equity 18 19 DOPPELMAYR (2015) EUR 25m Senior Term Loan 19 20 GIGACLEAR (2015) EUR 17.5m Quasi-equity 20 21 PUNCH (2015) EUR 25m Senior Term Loan 21 22 FIGEAC (2015) EUR 25m Senior Term Loan 23 22 23 QWANT (2015) EUR 25m Quasi-equity Signature pipeline for Q1 2016 MidCap Growth Finance Transactions since Launch

10. Mid-Cap Product Advantages No crowding out. Complementary finance to house banks EIB signaling effect to attract other banks & investors (quality stamp) Long-term lending at attractive terms (not subsidised) Growth finance without dilution of shareholders 10

11. Mid-Cap Product Contact Details 11 innovfinMGF@eib.org Hristo Stoykov Head of MidCap Growth Finance New Products and Special Transactions Phone: (+352) 4379 87005 Mobile:(+352) 621 374945 Fax: (+352) 4379 67397 email: stoykov@eib.org European Investment Bank 98-100, boulevard Konrad Adenauer L-2950 Luxembourg