Improving bone and cardiovascular health

Investor Presentation

1. Quarter 2008

Exclusive strategic partnership agreement with Sumitomo Corp. to develop, market and sell the natural Vitamin K2

Exclusive Research & Science contract with VitaK (Maastricht University), the world leading research-company in vitamin K.

R&D is focused on developing K2 products in addition to build IPR to secure long-term market access

Vitamin K2 is needed for optimal body utilization of Calcium and has documented beneficial effects on both Osteoporosis and Cardiovascular diseases

NattoPharma focuses on Sales & Product Development, through own Product IPR- based on clinical studies (GCP), leaving the production to Sumitomo.

Product development may also be carried out in collaboration with End-clients, depending upon customer and market requirements.

Production& Process IPR

Sumitomo Corp.

Product-Development

Based on research

NattoPharma

Product-design End-product S&M

End-client

Clinical StudiesIPR

Calcification in health and disease:NattoPharma focus

Normal condition:99% of all Ca inbones & teeth;1% in circulation

Scientific evidence:Loss of calcification in bones;Increased calcification heart,arteries and in joints:

•Osteoporosis•Cardiovascular disease•Osteoarthrosis

Kidneys

Lungs

+- +

+

Teeth

Bone and cardiovascular health

Prevention &Treatment

The calcium paradoxRelationship osteoporosis - arterial calcification

Function of both proteins needed for optimal health

•OC synthesised in osteoblasts• Glu residues carboxylated to Gla-residues which bind Ca++

• Binds Ca++ to hydroxyapatite in bones

•MGP synthesised in chondrocytes in cartilage, and vascular smooth muscle cells in arteries•Inhibits soft tissue calcification, including

cartilage mineralization

Matrix Gla ProteinOsteocalcin

x xx

Market opportunities

NattoPharma market strategy

• NattoPharma is working to include vitamin K2 in already existing global leading brands in the Dietary supplement (ex. Multivitamins, Calsium & Omega3) Functional Food marked (Dairy-products). Thus, the revenue from the clients has the potential to go from zero to 3-diget million figure, only during the first year after signing with a large client.

Dietary supplement

• Stand-alone / combination (Multivitamins, Calcium, Omega-3 and Vitamin D)

Fortified food

• Fortified food with vitamins and minerals (Dairy segment, drinks)

Pharmacy

• Strategy is to co-operate with a strategic partner

Market strategySell MenaQ7 as an ingredients into all ready existing global leading brands in the following market segments:

2007 2008 2009 2010 2011 2012 2013

Vo

lum

vit

am

in K

2

Dietary supplement

Fortified Food

Pharmacy

Headlines 1Q08

R&D:Commenced clinical study combining

MenaQ7 with Omega- and with KrillLongtime study approved and ready to

start for postmenopausal 240 women to see MenaQ7’s effect on bone structure and cardio vascular effects.

Headlines 1Q08

MARKET:Have signed distribution agreements in all

European countries that we are able to MenaQ7Focus on Food segment both in USA. Official

launch of MenaQ7 in Food at world larges Food Fair, Institute of Food Technology 2008 in New Orleans.

Screening the market outside Europe and USA for potential distributors

Strategic Partnership Agremments

• LOI sign with Bayer ConsumerCare– Bayer is no. 2 largest player in the global OTC

market– The Parties wants to negotiate about signing

a global partnership agreement for MenaQ7.

• In search for a global partner also in the Food Market

Figures 1. quarter 2008

Revenues NOK 5,1m (NOK 7,4m)EBIT NOK -5,9m (NOK -0,8m)Gross margin 55,1% (56,4%)

Profit and Loss pr.31.03.2008INCOME STATEMENT BY NATURE

OF EXPENSE01.01-

31.03.08

01.01-31.03.07 Noter

01.01-31.03.08

01.01-31.03.07

01.01-31.12.07

REVENUE

5 165 7 302 2 Revenue 5 165 7 302 22 1270 98 Other income 0 98 258

5 165 7 400 TOTAL REVENUE 5 165 7 400 22 385

OPERATING EXPENSES

2 321 3 230 Raw material and consumable goods 2 321 3 230 9 3112 447 1 321 Employee benefits expense 2 447 1 321 5 677

598 38 3 Depreciation nad amortisation expenses 598 38 4815 714 3 581 Other operating expenses 5 714 3 581 13 090

11 080 8 170 TOTAL OPERATING EXPENSES 11 080 8 170 28 559

-5 915 -770 OPERATING PROFIT/LOSS -5 915 -770 -6 174

FINANCIAL INCOME AND EXPENSES

252 7 Finance income 252 7 42387 0 Other finance income 87 0 0

456 1 Finance costs 456 1 1 43779 339 Other finance costs 79 339 840

-196 -333 NET FINANCE -196 -333 -1 854

-6 111 -1 103 LOSS BEFORE INCOME TAX -6 111 -1 103 -8 028

-1 486 -309 Income tax expense -1 486 -309 2 172

-4 625 -794 NET PROFIT/LOSS -4 625 -794 -5 856

Result and diluted result per shareassigned to the company's shareholders:

-0,23 -0,05 6 Result and diluted result per share -0,15

NattoPharma ASA NattoPharma consolidated

Balance pr. 31.03.2008ASSETS

31.03.2008 31.03.2007 Notes 31.03.2008 31.03.2007

NON CURRENT ASSETS

INTANGIBLE ASSETS5 391 2 513 Deferred tax 5 391 2 5134 486 1 637 3 Other intangible assets 4 486 1 7939 877 4 150 Total intangible assets 9 877 4 306

TANGIBEL ASETS352 973 Equipment 352 973352 973 Total tangible assets 352 973

FINANCIEL ASSETS0 156 Investment in subsidiaries 0 00 156 Total financial assets 0 0

10 229 5 279 TOTAL NON CURRENT ASSETS 10 229 5 279

CURRENT ASSETS184 0 Warehouse 184 0

2 774 1 119 Accounts receivables 2 774 1 1191 038 346 Prepaid costs 1 038 346

252 31 Other short term receivables 252 3124 063 6 051 Cash and cash equivalents 24 063 6 051

28 311 7 547 TOTAL CURRENT ASSEST 28 311 7 547

38 540 12 826 TOTAL ASSETS 38 540 12 826

NattoPharma ASA NattoPharma consolidated

Balance pr. 31.03.2008EQUITY AND LIABILITIES

31.03.2008 31.03.2007 Notes 31.03.2008 31.03.2007 EQUITY

OWNERS EQUITY2 045 1 878 Share capital 2 045 1 878

0 0 Resolved, not registered share increase 0 032 680 16 661 Share premium reserve 32 680 16 661

1 431 155 Other paid in equity 1 431 15536 156 18 694 Total owners equity 36 156 18 694

EARNED EQUITY-16 173 -6 486 Accumulated loss -16 173 -6 486

19 983 12 208 TOTAL EQUITY 19 983 12 208

LIABILITIES13 390 0 4 Long term debt 13 390 013 390 0 Total long term debt 13 390 0

CURRENT LIABILITIES3 307 91 Accounts payable 3 307 91

527 301 Public duties payable 527 3011 333 226 5 Other short term debt 1 333 2265 167 618 Total current liabilities 5 167 618

18 557 618 TOTAL LIABILITIESSUM GJELD 18 557 618

38 540 12 826 TOTAL EQUITY AND LIABILITIES 38 540 12 826

NattoPharma ASA NattoPharma consolidated

Cash flow statement Q1 - 2008

2008 200701.01.-31.03 01.01.-31.03

Net Cash Flow from Operations (5 121) (1 123)

Purchase of tangible - (156) Purchase of intangible - (572) Purchase of company - -

Net cash flow from investment - (728)

Payment from issue of shares 15 011 - Payment from issue of bonds - Purchase of own bonds (3 013) Payment from issue of warrants - Payment from excersising share options -

Net cash flow from financial activities 11 998 -

Net change in cash and cash equivalents 6 877 (1 851) Cash and Cash equivalents as pr. 1.1. 17 186 7 902 Cash and Cash equivalents as pr. 31.03. 24 063 6 051

Outlook

Expect EFSA approval during the summer

Increase the investment in R&D going forward

Reiterate revenue expectation for 2008 of between NOK 80 – 90 mill in 2008

Expect positive EBIT in 2008