1. 1 SEB Företagsinvest - an active Venture Capital partner

2. 2 A north european financial group History Established player - SEB founded in 1856 Wallenberg family have a significant shareholding Significant Resources Listed on Stockholm Stock Exchange with a market capitalization of €13.2 billion Total Assets in excess of €210 billion €115 billion in Asset under Management Total Book Equity in excess of €6.4 billion Global presence Local presence in ten countries + strategic locations globally Over 20.000 employees

3. 3 SEB Group offers a full range of financial services Group Staff Hans Larsson/Per-Arne Blomquist Group IT Max Currie Group Operations Pia Warnerman Internal Audit Agneta Brevenhag Group Credits & Group Risk Control Johan Andersson President & CEO Annika Falkengren Merchant Banking Magnus Carlsson Retail Banking Bo Magnusson Life Anders Mossberg Wealth Management Fredrik Boheman

4. 4 Seed CapitalStart-upExpansionBuy-outIPO M&A Company life cycle Enskilda Securities SEB Acquisition Finance EUR 1.5bn SEB Företagsinvest - EURM 130 SEB Strategic Investment – EURM 100 SEB Private Equity – EUR 1.1bn SEB is a significant player in the private equity market KTH Seed Capital In addition, SEB is an investor in EQT, Innovations Kapital, AskEmbla (Baltics) etc Bank financing Venture Capital

5. 5 SEB Företagsinvest - one of Sweden’s leading venture capital investors Our business concept… We invest venture capital and supply expertise and a broad network of contacts to growth companies in the Technology and Life Science sectors

6. 6 SEB Företagsinvest in brief… Evergreen fund structureSEK 1,200m No. of existing investments 40 No. of exits35 No. of investment professionals14 Established1995

7. 7 Balanced portfolio vis-à-vis sector and maturity Minority owners Max. investment sum SEK 80m Investment horizon of up to 7 years Exits SEB Företagsinvest in brief...

8. 8 Investment criteria The company has a unique product or service with a sustainable competitive edge Highly skilled management who are also partners in the company Business concept with international market potential

9. 9 Active ownership - value creation Powerful networks Experienced venture team Industry-specific expertise Close co-operation with management Commitment Board representation

10. 10 Professionals Frederick Johansson Head of unit Arpinée Åhrberg Assistant Business Development Technology David Sonnek, PhD Business Development Health Care Viktor Drvota, MD, PhD Hans Engblom Björn Österlund Ola Romney Senior Investment Managers Jonas Nyman Rickard Malmsjö Investment Managers Patrik WesterbergStefan Olofsson Anna Gustafsson Ulf Lewander Anna Ljungdahl Business Controller Andreas Pennervall Malin Carlström Venture Analyst

11. 11 Portfolio - key figures 1996-971998 19992000 2001 2002 2003 20042005 2006 2007 Portfolio, no of companies 9815273537 38 39403840 Exits, no of companies 13810151921262935 35 Cumulative paid out capital 507022036058075591011001220 1380 1450 No. of employees 3471112131314141616

12. 12 Co- investors 3i ABN Amro Abingworth Applied Biosystems Alafi Capital Atlas Ventures Bankinvest Beijer Biofund Bure CapMan Centrecourt Chalmersinvest Cimon Cirkus Concordia Capital CR&T Credit Suisse Dansk Kapitalanlaeg Danish Investment Fund EMA Emano Företagsbyggarna GE Capital Healthcap H&B Capital IDI Industrifonden Industrivärden Innovationskapital Investor Growth Capital Kantonal Bank Karolinska Investment Fund KIHAB Latour Malmöhusinvest Metall Metallica Microdrug Nordic BioScience Nordic Biotech Novo AS Optiomi Pomona Schibstedt 6:e AP-Fonden SLS Skandia Skanditek Universal W-Capital Wallgrund Öresund

13. 13 Divestment of to Aixtron AG amount not disclosed 1998 Divestment of to Aixtron AG amount not disclosed 1998 35 Exits to date Initial Public Offering of on the Stockholm SE for a value of SEKM 2,500 2000 Initial Public Offering of on the Stockholm SE for a value of SEKM 2,500 2000 Divestment of to Nortel for a total of SEKM 1,400 2000 Divestment of to Nortel for a total of SEKM 1,400 2000 The number 1 selling show world wide Grand opening 1999 The number 1 selling show world wide Grand opening 1999 Divestment of to Segulah and founders amount not disclosed 2004 Divestment of to Segulah and founders amount not disclosed 2004 Divestment of to Astra Tech Amount not disclosed 2005 Divestment of to Astra Tech Amount not disclosed 2005 Divestment of to Biovitrum AB Amount not disclosed 2005 Divestment of to Biovitrum AB Amount not disclosed 2005 Divestment of to Motorola Inc Amount not disclosed 2006 Divestment of to Motorola Inc Amount not disclosed 2006 Divestment of to a consortium of private investors Amount not disclosed 2004 Divestment of to a consortium of private investors Amount not disclosed 2004 Divestment of to Wind River For a value of $21.5m 2006 Divestment of to Wind River For a value of $21.5m 2006 Divestment of to Crucell N.V. for a min value of EUR 39,4m 2006 Divestment of to Crucell N.V. for a min value of EUR 39,4m 2006

14. 14 Investment focus Growth companies within... Technology Life Science Technology Life Science

15. 15 SANOSBIOSCIENCE Emers Holding

16. 16 Portfolio companies - Technology » Develops and administers loyalty schemes within CRM » A system for the manufacture of powerful, compact lasers in visible and infra-red wavelengths » Platforms and products in telematics, e.g. elevator communication » Software applications for technical decision support, based on visualised web technology

17. 17 Portfolio companies - Technology » ABBA musical in London, Toronto, USA and Australia etc. 16 shows globally » Software program for long-term planning and scheduling of personnel » Software/consulting firm that provides activity-based and process-oriented management solutions » Software solution for diagnostics and maintenance of complex and mission critical software control systems.

18. 18 Portfolio companies - Technology » Develops and sells a software platform to telecom operators to help in their process of trading, pricing and routing international interconnect voice traffic. » KTH Seed Capital invests in early stage high-tech companies relating Research and Development at Royal Institute of Technology (KTH). » CAPRES develops new technology for direct nano- and micro- scale electrical characterization of materials. » Develop and sell products, based on centrifugal separation, for purification of process air to several industrial applications.

19. 19 Portfolio companies - Technology » ScandiNova develops and sells solid state modulators (high power pulse generators) for applications such as radar systems, lasers, radiotherapy systems, research accelerators and X-ray systems. » Matrix is a supplier of architectural services in visualization and 3D modeling. Matrix offers attractively packaged solutions to industries such as real estate and whitegoods. » Tail-f develops On-Device Management Software solutions for network equipment vendors, reducing development costs and speed time-to-market. » SP Devices develops and markets signal processing electronics and algorithms.

20. 20 Portfolio companies - Life Science » Technology for fetal monitoring during the final stage of delivery with focus on oxygen supply to the brain. » Digital X-ray imaging based on photon counting » Products for minimally invasive treatment of enlarged prostate » Biotage AB is a leading supplier of complete solutions for Medical Chemistry Research and Applied genomic Analysis » EMERS Holding is the holding company of Bactus AB and LightUp Technologies AB. LightUp markets PNA based probes for the diagnostic market within human infectious diseases. Bactus is a company dedicated to clinical and industrial microbiology with production of substrates for various applications. Emers Holding

21. 21 Portfolio companies – Life Science » Medical supplier of fertility systems, transplantation systems and biosupportive systems » Develops extremely compact multi-parameter probes. The target group for these is international medical equipment companies working within the field of anesthesia, intensive care and emergency care. » Sanos Bioscience is a drug discovery company which develops new compounds for its new proprietary glucagon-like peptide-2 (GLP-2) pathway for the treatment and prevention of osteoporosis. The company will focus on clinical studies aiming to confirm the promising results from pilot studies. SANOSBIOSCIENCE

22. 22 Portfolio companies – Life Science » Discover and develops so called DIMS drugs (DIMS: DNA-based Immunomodulary Sequence) for unmet medical needs in a variety of treatment areas such as inflammation and cancer. DIMS compounds contain oligonucleotides, which intreract with Toll-like Receptors (TLR). » Nuevolution is a drug discovery company poised to revolutionize drug discovery and development by utilising its proprietary Chemetics ® technologies (molecular evolution) to rapidly identify vast amounts of drug-like, high affinity selective small molecules for virtually any target in weeks. » Oligovation is a research-based company developing innovative tools for genetic analysis, molecular diagnostics, and gene-based therapeutics.

23. 23 Portfolio companies – Life Science » DiLab develops and markets instruments for automation of measurement & analysis in early and preclinical in-vivo drug discovery. » A Medtech company developing a new noninvasive accurate method for the diagnosis of malignant melanoma and other skin cancers. » Develops novel diagnostic kits within the area of IBD (Inflammatory Bowel Disease). » A Swedish medtech company which developes a new method to prevent brain damage by cooling of the brain.

24. 24 Our success factors Active ownership Growth in value Analysis » Skill and commitment » Active measures to increase value and enable exits » Careful selection

25. 25 Investment process Evaluation of business planMeeting with the companyPreliminary due diligenceProposal for term sheetAdditional due diligenceFinal investment decisionShareholders’ agreement

26. 26 +46 8 763 79 00 foretagsinvest@seb.se Please contact SEB Företagsinvest