Interim report 2 nd quarter & 1H 2010

1. Interim report 2nd quarter & 1H 2010

2. Content • Highlights • Second quarter 2010 and 1H 2010 Key Figures • Segment Vitaflo • Segment New Business • Financials • Summary and outlook

3. Highlights Improved profitability in Vitaflo, following improved Gross Margin, positive EBITDA in 1H 2010 and reduced operating costs Registration of the Aspen portfolio progressing according to plan. Product launches expected from 2H 2011 Extended cooperation with ASPEN – Navamedic to distribute 8 GlaxoSmithKline products recently purchased from GSK by ASPEN. Revenues expected from Q3 2010. New CFO hired as of September 1, 2010

4. New CFO Bjørn Lindholt (55) employed as new CFO from September 1 Extensive experience from managing financial departments in an international environment 10 years experience as CFO in Profdoc ASA Master of Business and Marketing from Oslo School of Management 2014-10-23 4

5. Content • Highlights • Second quarter 2010 and 1H 2010 Key Figures • Segment Vitaflo • Segment New Business • Financials • Summary and outlook

6. Key figures Q2 2010 vs Q2 2009

7. Key figures 1H 2010 vs 1H 2009 2014-10-23 7

8. Content • Highlights • Second quarter 2010 and 1H 2010 Key Figures • Segment Vitaflo • Segment New Business • Financials • Summary and outlook

9. Key developments in Vitaflo Reduced operating costs with 2.4 million in Q2 and 2.7 million in 1H Sales development: The revenue was flat 1H 2010 compared to 1H 2009 due to a renegotiated agreement with Vitaflo Int. regarding the Netherlands From April 1 2010 Vitaflo Int. took over responsibility for sales and marketing of the IEM products in the Netherlands Sales in the Netherlands accounted for MNOK 1,8 of the revenues in Q2 2009 Vitaflo will still receive a 25% margin on all Vitaflo Int. sales of IEM products in the Netherlands for additional 5 years Gross margin is improved mainly due to additional sales of high margin products and the renegotiated agreement with Vitaflo Int.

10. Sales development in key Knowledge areas

11. Sales development in key Knowledge areas 2014-10-23 11

12. Content • Highlights • Second quarter 2010 and 1H 2010 Key Figures • Segment Vitaflo • Segment New Business • Financials • Summary and outlook

13. Key developments in New Business The marketing Authorization (MA) approval process for Aspen products initiated during Q1 2010 First launch in November 2011 Increased cooperation with Aspen with Navamedic taking responsibility for 8 products as of September 1, 2010 These products are former GlaxoSmithKline products with a market in the Nordic countries worth approx. MNOK 15 Expanded Regulatory department with new employees to focus on MA approvals

14. Content • Highlights • Second quarter 2010 and 1H 2010 Key Figures • Segment Vitaflo • Segment New Business • Financials • Summary and outlook

15. Financials remarks • Operating revenues; • MNOK 12,7 in Q2 2010 vs MNOK 12,7 in Q2 2009 • MNOK 25,8 in 1H 2010 vs MNOK 24,9 in 1H 2009 • Gross margin; • 45% in Q2 2010 vs 37% in Q2 2009 • 42% in 1H 2010 vs 40% in 1H 2009 • EBITDA; • MNOK -1,5 in Q2 2010 vs MNOK -2,8 in Q2 2009 • MNOK -2,7 in 1H 2010 vs MNOK -2,6 in 1H 2009

16. Financials remarks • A dividend of NOK 1 per share was paid to shareholders during Q2 2010 • Total dividend payment was NOK 7.5 million • The Company held cash and liquidity of total NOK 23.7 million June 30 2010 • Navamedic has the financial strength to make investment in new business and in existing business

17. Content • Highlights • Second quarter 2010 and 1H 2010 Key Figures • Segment Vitaflo • Segment New Business • Financials • Summary and outlook

18. Summary and outlook • The management is forecasting increased sales 2H • Management will continue to reinforce the marketing and sales organization in Vitaflo • Strategy • Navamedic maintains its strategy to remain a Specialty Pharma player and to be the partner of choice for companies wishing to enter the Northern European market. • Future key action: • Develop and fine tune the business in Vitaflo Scandinavia AB • Kick off the new cooperation with Aspen Pharma (GSK products) and continue the registration work of products • Search for new products and new business opportunities • Launch Smartfish product line

19. Questions

20. Profit and Loss Statement

21. Disclaimer/Restrictions THIS PRESENTATION AND ITS ENCLOSURES AND APPENDICES (HEREINAFTER JOINTLY REFERRED TO AS THE “PRESENTATION” HAS BEEN PREPARED BY NAVAMEDIC ASA (THE “COMPANY”) EXCLUSIVELY FOR INFORMATION PURPOSES. THIS PRESENTATION HAS NOT BEEN REVIEWED OR REGISTERED WITH ANY PUBLIC AUTHORITY OR STOCK EXCHANGE. RECIPIENTS OF THIS PRESENTATION MAY NOT REPRODUCE, REDISTRIBUTE OR PASS ON, IN WHOLE OR IN PART, THE PRESENTATION TO ANY OTHER PERSON. THE CONTENTS OF THIS PRESENTATION ARE NOT TO BE CONSTRUED AS LEGAL, BUSINESS, INVESTMENT OR TAX ADVICE. EACH RECIPIENT SHOULD CONSULT WITH ITS OWN LEGAL, BUSINESS, INVESTMENT AND TAX ADVISER AS TO LEGAL, BUSINESS, INVESTMENT AND TAX ADVICE. THERE MAY HAVE BEEN CHANGES IN MATTERS THAT AFFECT THE COMPANY SUBSEQUENT TO THE DATE OF THIS PRESENTATION. NEITHER THE ISSUE NOR DELIVERY OF THIS PRESENTATION SHALL UNDER ANY CIRCUMSTANCE CREATE ANY IMPLICATION THAT THE INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO THE DATE HEREOF OR THAT THE AFFAIRS OF THE COMPANY HAVE NOT SINCE CHANGED, AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT ANY INFORMATION INCLUDED IN THIS PRESENTATION. THIS PRESENTATION INCLUDES AND IS BASED ON, AMONG OTHER THINGS, FORWARD-LOOKING INFORMATION AND STATEMENTS. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS ARE BASED ON THE CURRENT EXPECTATIONS, ESTIMATES AND PROJECTIONS OF THE COMPANY OR ASSUMPTIONS BASED ON INFORMATION AVAILABLE TO THE COMPANY. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS REFLECT CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS. THE COMPANY CANNOT GIVE ANY ASSURANCE AS TO THE CORRECTNESS OF SUCH INFORMATION AND STATEMENTS. AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS DOCUMENT. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION.

22. Changes in Equity

23. Cash Flow

24. Balance Sheet