1. The investment process – & documents in the process

2. Before initial contact Nomination Pitch Training Camp Selection Seed Forum

3. After initial contact Innledende diskusjoner Initial contact / Seed Firum Term SheetDue Diligence Negotiations on documen- tation Initial discussions Investor approval 2 Investor approval 1 Investor ”go ahead” General review of: – The company – Business plan – Financial statements / budget – Discussions with management Main terms and conditions of the investment – Legal – Technical – Environment – Market – Transactions Agreement – Shareholders Agreement – Loan Agreement – Employment agreements Closing

4. Documents to prepare BS - Seed Forum Business Summary PP investor presentation IM - Investment Memorandum (and one-page summary) Miniature due diligence booklet Non-disclosure agreement

5. Documents after intial contact Term sheet Transaction agreement Shareholders agreement Convertible loan agreement Employment agreements

6. IM – the basic document Source: The Business Plan 2 target groups: The company internally External financial partners Investor regular feedback - examples: Not clear capital need and financial aims Not clear exit strategy and ROI To many pages and to complicated To much focus on technology & product To detailed budgets

7. IM – most important Value drivers Exit strategy Hockey stick – parameters for growth Capital need – scaling and milestones

8. The IM one-page summary Not more than 1 page Shall be a REAL summary Include the concrete investment proposal

9. IM and prospect + publicity A prospect is a public advanced investment memorandum including special requirements for an IPO An IM is NOT a public document and shall not be distributed to more than 50 potential investors and thenames of receivers shall be documented

10. Value proposition Often used in the US Basically the same as the IM

11. SF Miniature Request list content 1) Business plan (dated) PP-slides, brochures etc. Budgets at least 3 years Profit and loss accounts + balance sheet so far this year Company certificate, articles Document of foundation Protocols from annual meetings and board meetings Auditors declarations of payment of capital Internal shareholders register / transcript from public shareholders register

12. SF Miniature Request list content 2) Employment agreements (at least management) Insurance Public grants, standard conditions Rental agreements Important customer agreements Other important agreements Licensing documents – intellectual property etc. Agreements bank credits / shareholders Loans / other loans Disputes

13. Non-disclosure agreement How to deal with information Information only for internal use Additional approval if the information shall be given to others than within the investor organization No unnecessary internal copying Information to be handed back if so demanded