ASK PRIVATE EQUITY ISCTE, Jan. 2010

ASK, S. A. ASK – Advisory Services Kapital is a financial boutique, born in 2006, which covers a wide range of financial services focusing in Corporate Finance ("ASK Corporate Finance"), Venture/Private Equity ("ASK Private Equity") and Real Estate ("ASK Real Estate"). 2 ‹ Venture/Private Equity business arose at the end of 2006, when ASK acquired 100% of the capital stock of the management company, ISQ - Sociedade de Capital de Risco, S.A. ("ISQ Capital").

ASK PRIVATE EQUITY 3 ‹ ASK Private Equity has a unique position in the Portuguese venture capital environment as it invests only in the sectors where it has a deep knowledge. This expertise arises mainly from one of its major shareholders – ISQ, the biggest technological infra structure in Portugal. Thus, ASK Private Equity investments focus on those sectors in which ISQ boasts deep knowledge, such as: information technologies, new industrial technologies, energy and the environment. ‹ ASK Private Equity launched its first venture capital fund in the beginning of 2006 – Fundo ISQ Capital. Fundo ISQ Capital was totally invested in the capital of 16 companies. Practically all the investments were completed at the seed or startup phase. Strong personal relationship between the entrepreneurs and members of the Fund’s Management Team. As opposed to the risk associated with this phase in the life of companies, there also exists, in general, an expectation for a higher return, assuming the success of projects in which it participates. ‹ The portfolio companies are performing very well. At the moment there are only 13 subsidiaries, as the Fund has already divested in 3 companies, achieving good levels of return. * These are the three companies already sold

FUNDO ISQ CAPITAL PORTFOLIO 4

FUNDO ISQ CAPITAL INVESTMENTS’ SAMPLE 5 CERAMED ‹ Formed in 2005, its main business area is the coating of medical implants for orthopedics, working mainly for the foreign market. It also offers services in the area of PVD coatings, physical vapor deposition for medical instruments and organic coatings. Ceramed also operates in the area of biomaterial production with medical applications, especially, kitosan, for which it has submitted several intellectual property patents with worldwide protection. The company also has a plant producing ultra-pure kitosan.

FUNDO ISQ CAPITAL INVESTMENTS’ SAMPLE 6 OON ‹ Formed in 2008, OON is dedicated to researching, developing and marketing recycling solutions in the domestic environment. The company began its activity focused on the development of an innovative product that allows any vegetable oil used in ornamental candles to be converted.

FUNDO ISQ CAPITAL INVESTMENTS’ SAMPLE 7 Spheraa ‹ Formed in 2007, this company developed a solution that consists of the use of micro turbines at strategic points in water-supply pipelines for the production of electrical energy, transferring energy to the national electricity grid. Cell 1 Cell 2 Cell 3 Electricity Pole Maneuvering Chamber Electricity Pole Electricity Pole Maneuvering Chamber Electricity Pole Cell 1 Cell 2

WHERE DOES ASK PRIVATE EQUITY STAND NOW? 8 ‹ ASK Private Equity is now in the process of fundraising for two new Funds, which are already structured and about to be launched: ‹ FUNDO ASK CAPITAL – This Fund has come into being as a result of the work developed within the scope of Fundo ISQ Capital, the first venture capital fund under ISQ Capital management. The aim of Fundo ASK Capital (“Fundo ASK”) is, then, to give continuity to the project associated with ASK Private Equity, by way of the management of greater amounts and the use of the invaluable experience of the Management Team associated with Fundo ISQ Capital. In line with the first fund under management, Fundo ASK will also focus on companies that are in the early stage of their existence and that present a strong potential to increase in value, either through the utilization of technology of a unique nature, or through the utilization of a strong component of innovation. ‹ FUNDO ASK CELTA – This Fund has its focus on small and medium sized companies, operationally profitable and with an international potential, yet, with fund needs. The preferred sectors are the ones where ISQ has a recognized track record and where either ISQ’s and ASK’s international presence may create an additional value, in order to potentiate new business in new alternative markets, as for Northern Africa, Latin America and Angola.

DEAL FLOW 9 ‹ ASK Private Equity is now mainly focused on the Fundo ASK. One of its main concerns is its access to good investment opportunities. The investment projects, that usually enter ASK Private Equity for analysis, have mainly 4 types of origin: ‹ ISQ - opportunities coming from the ISQ Universe (own ideas and/or of business partners); ‹ ISQ BUSINESS INCUBATOR - space with 3,000 m2 destined to incubate companies of an innovative nature; ‹ NETWORK of contacts belonging to the ASK Management Team, its shareholders and its subsidiaries; ‹ PUBLIC VISIBILITY attained by ASK, which has motivated countless contacts from potential (and existing) promoters of business opportunities. Moreover, ASK Private Equity also counts on investment opportunities coming from INVESTMENT BANKS/FINANCIAL ADVISERS, as well as other opportunities presented by OTHER VENTURE CAPITAL management companies, interested in sharing the risk and know-how.

INVESTMENT PROCESS 10 ‹ ASK Capital Fund investment process will be conducted by means of a set of phases meticulously developed by the Management Team:

INVESTMENT PROCESS (CONT.)‏ 11

12 INVESTMENT PROCESS (CONT.)‏

13 INVESTMENT PROCESS (CONT.)‏

14 EXIT ‹ The fund has an investment period of 3 years followed by 6 years focus on divestment. ‹ The most common exits within the scope of ASK Private Equity Funds are: ‹ Trade-Sale: larger companies who often look to buy smaller companies them once their innovations can contribute to their own profitability. ‹ Call Options Repayment: The company may want or be required to buy back the Fund’s stock at cost plus a certain premium. ‹ Clearly, it is the Fund’s aim to sell the investments it makes with a substantial increase in value.