Presentation to Thursday 13 th October 2005

1. Presentation to Thursday 13th October 2005

3. axiom-e’s view All organisations need to have: a clear and realistic strategy, the financialresources, controls and systems to see it through and the right managementteam and processes to make it happen.

4. Our view Strategic financial management is: the application to strategic decisions of financial techniques in order to help achieve management objectives.

5. How we deliver axiom-ewas established to: provide strategic financial management advice to fast growing companies via Director-level support.

6. The problem The absence of relevant financial support can prove costly. Early assessment of requirements and appropriate input is necessary.

7. Our view An axiom-e portfolio Director providing high-level support is essential for companies without a full-time FD and useful for those with one.

8. Achievements – Recent clients High-tech University spin-out - £3.8m VC funding Manufacturing company - acquisitions Leading regional recruitment company - expansion Internet companies Publishing company -DTI SFL Electronic products company - DTI SFL

9. Achievements – Recent activities Advised on acquisitions for growing manufacturing company Working with a University spin-out to raise further VC funding Raised DTI-supported funds for various start-ups Refinanced established company Prepared Business Plans and arranged finance for start ups Established legal and administrative structures for start-ups Helped set-up and launch internet company Acted as interim/part-time Finance Director

10. Achievements – Consultants Acquiring companies Over 30 Due diligence post-acquisition integration Selling companies to national & international acquirers Fund-raising Angels, banks & VCs - various amounts up to £5m+ Flotations On-Line Travel Corporation – sold to Lastminute.com IT IS Holdings - £28m raised on AIM (valued £186m)

11. axiom-e supports its clients by: acting as their Finance Director providing consultancy for one-off projects negotiating on their behalf with third parties.

12. What we offer depends on each client’s Business Strategy

13. Functional specialisms Board-level involvement Corporate Management/Company Secretarial Grooming companies for sale/flotation Acquisitions Business Financing Advice Business Planning & Control Management Accounting Systems Analysis and Development

14. axiom-e’s qualified staff have: as Finance Director, brought about change in many companies helped to start several businesses successfully managed companies with turnover from £2m to £500m pa acquired or sold more than 30 businesses negotiated high-value deals and contracts raised £ms in finance ensured compliance with good corporate practice and regulations associated with legal, tax & company secretarial work.

15. How we can help – Experience Wide knowledge of business Understanding of biotech, high-tech and manufacturing sectors Technically & scientifically qualified Fund raising and cash management Experience of the Finance Director’s role Former Finance Director of several companies Understanding of early stage companies Helped fund and launch several start-ups Tight cash management and investor/bank liaison Systems implementation

16. How we can help – Business Development Started several companies Developed small companies 3-fold growth in 2 years (£2.6m to £8m turnover) Initiated control & reporting framework Improved professionalism of Board/Management Team Negotiated with 3rd parties over financial/commercial issues Acquisitions

17. How we can help – grooming for sale Increase the chance of a successful sale through: strategy development business planning acquisitions project work necessary to achieve the objectives axiom-evaluation (business health check) implement recommendations follow-up projects axiom-exit

18. How we can help – axiom-exit Preparing theMemorandum of Information Ensuring financial history and forecasts are supported Preparing additional financial data for purchasers Developing financial models to assess the value of deals Negotiating with potential acquirers and their advisors Managing the professional advisors and the process Assisting the legal process by reviewing contracts Ensuring that the business systems are robust Helping to ensure the company continues to function!

19. How we can help– Our approach Adding value – the reason for working Cost-effective – lower charges than expected Flexibility – work undertaken when required Professionalism – experienced and capable Experienced – hands-on Finance Directors Honesty – fundamentally necessary from both parties Integrity – working for the client’s interests Commitment – see tasks through

20. How we can help –Advisors axiom-e has close working relationships with leading: Auditors and Tax advisors Banks Business Angel Networks Consultants covering other functions Corporate Finance Houses Lawyers Venture Capitalists

21. How we can help– Benefits High-level financial management skills used when required paid for when used Coherent business strategy clarity financial evaluation and risk assessment basis of control and monitoring performance Improved focus on financial health reduce unnecessary expenditure focus on maximising added value

22. How we can help - The Next Steps Arrange a meeting to identify potential projects and/or Undertake an axiom-evaluation Prioritise projects Undertake initial project Agree additional projects Agree longer-term advisory role