<SEC-DOCUMENT>0001193125-11-285089.txt : 20111028
<SEC-HEADER>0001193125-11-285089.hdr.sgml : 20111028
<ACCEPTANCE-DATETIME>20111028070110
ACCESSION NUMBER:		0001193125-11-285089
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		50
CONFORMED PERIOD OF REPORT:	20111027
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20111028
DATE AS OF CHANGE:		20111028

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REPLIGEN CORP
		CENTRAL INDEX KEY:			0000730272
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				042729386
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14656
		FILM NUMBER:		111163364

	BUSINESS ADDRESS:	
		STREET 1:		41 SEYON STREET
		STREET 2:		BUILDING 1, SUITE 100
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02453
		BUSINESS PHONE:		7814499560

	MAIL ADDRESS:	
		STREET 1:		41 SEYON STREET
		STREET 2:		BUILDING 1, SUITE 100
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02453
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d248251d8k.htm
<DESCRIPTION>FORM 8-K
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<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) of the </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Securities Exchange Act of
1934 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Date of Report (Date of earliest event reported): October&nbsp;27, 2011 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>REPLIGEN CORPORATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of registrant as specified in charter) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Delaware</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>0-14656</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>04-2729386</B></FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or Other Jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>of Incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>File Number)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(IRS Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>41 Seyon Street, Bldg. 1, Suite 100, Waltham, MA 02453 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><U></U></B><B>(Address of Principal Executive Offices) (Zip Code) </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(781) 250-0111 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Registrant&#146;s telephone number, including area code) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see </I>General Instruction A.2. below): </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;1.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Entry into a Material Definitive Agreement. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Asset Transfer Agreement </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">On October&nbsp;27, 2011, Repligen Corporation (the
&#147;Company&#148; or &#147;Repligen&#148;) and Repligen Sweden AB, a company organized under the laws of Sweden and a wholly-owned subsidiary of the Company (the &#147;Buyer&#148;), entered into an Asset Transfer Agreement (the &#147;Asset
Transfer Agreement&#148;) with Novozymes Biopharma DK A/S, a company organized under the laws of Denmark (&#147;Novozymes Denmark&#148;), and Novozymes Biopharma Sweden AB, a company organized under the laws of Sweden and a wholly-owned subsidiary
of Novozymes Denmark (&#147;Novozymes Sweden&#148; and, together with Novozymes Denmark, &#147;Novozymes&#148;), to acquire Novozymes&#146; business headquartered at Novozymes Sweden&#146;s facility in Lund, Sweden and all related operations,
including the manufacture and supply of cell culture ingredients and Protein A affinity ligands for use in industrial cell culture, stem and therapeutic cell culture and biopharmaceutical manufacturing, and the provision of contract manufacturing
services for ALK Abello A/S (the &#147;Business&#148;). Pursuant to the Asset Transfer Agreement, the Buyer will (a)&nbsp;purchase all of the assets related to the Business and assume certain specified liabilities related to the Business from
Novozymes Sweden and (b)&nbsp;purchase contract rights and licenses used in the Business and other specified assets from Novozymes Denmark (collectively, the &#147;Transferred Business&#148; and the acquisition of the Transferred Business, the
&#147;Transaction&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">On the date of the consummation of the Transaction (the &#147;Closing Date&#148;), the Company will pay a purchase
price of 17.0&nbsp;million Euros (~$22.7 million) to Novozymes. The Asset Transfer Agreement includes future contingent payments by the Buyer to Novozymes Sweden consisting of: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">an earn-out payment of 1.0&nbsp;million Euros (~$1.3 million) if the Transferred Business achieves sales of a minimum quantity of a Novozymes product
between January&nbsp;1, 2012 and December&nbsp;31, 2012; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">two milestone payments of 1.0&nbsp;million Euros (~$1.3 million) each if sales of certain Novozymes products achieve agreed levels for the combined
calendar years 2012 and 2013 and for calendar year 2014, respectively; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">technology transfer payments totaling 1.0&nbsp;million Euros (~$1.3 million) following the successful transfer of certain Novozymes manufacturing
technology. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Asset Transfer Agreement provides that, following the consummation of the Transaction, Novozymes will
indemnify the Company and Buyer for breaches of Novozymes&#146; warranties and covenants and agreements as well as certain other specified matters, subject to certain limitations set forth therein, including, among other things, limitations on the
period during which the Company and the Buyer may make certain claims for indemnification and limitations on the amounts for which Novozymes may be liable. The Asset Transfer Agreement further provides that the Company and the Buyer will be entitled
to offset any indemnifiable losses against any future contingent payments payable to Novozymes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Asset Transfer Agreement contains a
customary &#147;no-shop&#148; covenant under which Novozymes is not permitted to solicit any alternative acquisition proposals, participate in any negotiations or discussions with any person relating to any alternative acquisition proposal, provide
any information to any person in connection with any alternative acquisition proposal, or otherwise cooperate in any way with any effort to do or seek an alternative acquisition proposal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Asset Transfer Agreement also contains non-competition and non-solicitation clauses under which Novozymes and its affiliates must not, for five years from the Closing Date, directly or indirectly
participate in any activity which involves the commercial application of (a)&nbsp;recombinant transferrin or fragments, mutants and derivatives of recombinant transferrin within specified fields that excludes, so that Novozymes may produce, products
for drug delivery, targeting, conjugation, fusion, association, half-life extension, nanoparticles, diagnostics and imaging, and (b)&nbsp;LongR3&reg;IGF-1, Long&reg;EGF, Long&reg;TGF-<FONT STYLE="FONT-FAMILY:SYMBOL">&#097;</FONT> or
(c)&nbsp;affinity ligands. Additionally, Novozymes and its affiliates must not, for three years from the Closing Date, solicit any former employees of Novozymes Sweden to leave the Buyer&#146;s employment or hire. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Asset Transfer Agreement provides each party with specified termination rights. The parties may terminate the Asset Transfer Agreement by written
mutual assent, due to the material breach of the other parties, or, for Novozymes, in the event that the closing conditions have not been fulfilled by April&nbsp;30, 2012. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The boards of directors of the Company, the Buyer, Novozymes Denmark and Novozymes Sweden have each approved
the Asset Transfer Agreement and the related transactions. The Company and Novozymes currently expect to complete the Transaction in the fourth quarter of 2011. The Company does not anticipate seeking preclearance of its acquisition of the
Transferred Business from any antitrust authorities or the applicability to the closing timeline of any antitrust-based statutory waiting periods. The Company&#146;s and Novozymes&#146; obligations to consummate the Transaction are subject to the
satisfaction or waiver of customary closing conditions, including, among others, obtaining the transfer of permits used in the business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
foregoing description of the Transaction and the Asset Transfer Agreement does not purport to be complete and is qualified in its entirety by reference to the Asset Transfer Agreement, which is filed as Exhibit 2.1 to this Current Report on Form 8-K
and is incorporated herein by reference. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Asset Transfer Agreement has been included to provide investors and securityholders with
information regarding its terms. It is not intended to provide any other factual information about the Company or Novozymes. The Asset Transfer Agreement contains warranties and covenants that the Company and the Buyer, on one hand, and Novozymes,
on the other hand, made to each other as of specific dates. The assertions embodied in those warranties and covenants were made solely for purposes of the Asset Transfer Agreement between the parties and may be subject to important qualifications
and limitations agreed to by the parties in connection with negotiating its terms, including being qualified by confidential disclosures exchanged between the parties in connection with the execution of the Asset Transfer Agreement. Moreover, the
warranties may be subject to a contractual standard of materiality that may be different from what may be viewed as material to investors or securityholders, or may have been used for the purpose of allocating risk between the parties to the Asset
Transfer Agreement rather than establishing matters as facts. Moreover, information concerning the subject matter of the warranties may change after the date of the Asset Transfer Agreement, which subsequent information may or may not be fully
reflected in the Company&#146;s public disclosures. For the foregoing reasons, no person should rely on the warranties as statements of factual information at the time they were made or otherwise. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Supply Agreement Amendment </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In
connection with entering into the Asset Transfer Agreement, on October&nbsp;27, 2011, the Company entered into an amendment (the &#147;Amendment&#148;) to the Strategic Supplier Alliance Agreement with GE Healthcare Bio-Sciences AB, a GE Healthcare
company (&#147;GEHC&#148;), dated as of January&nbsp;28, 2010 (the &#147;Supply Agreement&#148;). GEHC sells chromatography products, which incorporate Protein A, to the biopharmaceutical industry for the manufacture of monoclonal antibodies.
Pursuant to the terms of the Supply Agreement, the Company manufactures and sells to GEHC and GEHC purchases two forms of GEHC proprietary recombinant Protein A (the &#147;Products&#148;) from the Company. The Amendment amends the term of the Supply
Agreement to extend it from its current expiration on January&nbsp;1, 2015 until December&nbsp;31, 2021, if the transactions contemplated by the Asset Transfer Agreement are consummated by April&nbsp;30, 2012. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Amendment also adds a provision by which the Company and GEHC agree to each use commercially reasonable efforts to define the Company&#146;s internal
contingency arrangements to support GEHC&#146;s continuity of supply regarding both (a)&nbsp;the Company and its main operating facility in Waltham, Massachusetts, United States and (b)&nbsp;if the transactions contemplated by the Asset Transfer
Agreement are consummated, Novozymes Sweden and its main operating facility in Lund, Sweden. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The foregoing description of the Amendment is
qualified in its entirety by reference to the full Amendment, which will be attached as an exhibit to the Company&#146;s quarterly report on Form 10-Q for the period ending December&nbsp;31, 2011 and is incorporated herein by this reference. The
Company intends to submit a FOIA Confidential Treatment Request to the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), requesting that it be permitted to
redact certain portions of the Amendment. The omitted material will be included in the request for confidential treatment. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This document contains forward-looking statements which are made pursuant to the safe harbor provisions of
Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements do not constitute guarantees of future performance. Investors are cautioned that
express or implied statements which are not strictly historical statements, including, without limitation, statements regarding the Transaction, the expected timetable for the closing of the Transaction, the performance of Repligen&#146;s and
Novozymes&#146; combined bioprocessing businesses following the closing and future financial performance and position, including projected revenues, plans and objectives for future operations, and plans and objectives for product development,
regulatory approval, and product sales constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including,
without limitation, failure to receive consents or regulatory approval for the Transaction; the termination of customer contracts prior to the end of their term; the Company&#146;s ability to accurately forecast the the Transaction, related
restructuring costs and allocation of the purchase price, goodwill and other intangibles that are acquisition related and other asset adjustments; the impact of foreign currency fluctuations; costs associated with restructuring of certain European
operations; costs associated with and consequential to the acquisition and integration of the Transferred Business and benefits realized from the acquisition; risks associated with: the market acceptance of Repligen&#146;s products, Repligen&#146;s
uncertainty of product revenues and profits, Repligen&#146;s ability to generate future revenues, Repligen&#146;s ability to raise additional capital, the success of its clinical trials, Repligen&#146;s ability to develop and commercialize products,
the Company&#146;s ability to obtain required regulatory approvals, Repligen&#146;s compliance with all Food and Drug Administration and EMEA regulations, Repligen&#146;s ability to obtain, maintain and protect intellectual property rights for its
products, the risk of litigation regarding Repligen&#146;s intellectual property rights, Repligen&#146;s limited sales and manufacturing capabilities, Repligen&#146;s dependence on third-party manufacturers and value added resellers, the
Company&#146;s ability to hire and retain skilled personnel, the Company&#146;s volatile stock price, and other risks detailed in Repligen&#146;s filings with the Securities and Exchange Commission. Repligen assumes no obligation to update any
forward-looking information contained in this document or with respect to the announcements described herein except as required by law. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;7.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Regulation FD Disclosure. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">On
October&nbsp;27, 2011, the Company issued a press release announcing it entered into the Asset Transfer Agreement with Novozymes Denmark, Novozymes Sweden and the Buyer. The full text of the press release issued in connection with the announcement
is attached as Exhibit 99.1 to this Current Report on Form 8-K. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">On October&nbsp;28, 2011, the Company will hold a conference call to discuss
the Transaction. A copy of the management presentation that will be used during the conference call is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The information provided in this Item&nbsp;7.01 and the exhibits attached hereto shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of
the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in
such a filing. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Exhibits. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)
<I>Exhibits.</I> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:23pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Exhibit<BR>No.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:37pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Description</FONT></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;2.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Asset Transfer Agreement by and among Repligen Corporation, Repligen Sweden AB, Novozymes Biopharma DK A/S and Novozymes Biopharma Sweden AB, dated October&nbsp;27,
2011.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release by Repligen Corporation, dated October&nbsp;27, 2011.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management Presentation Slides, dated October&nbsp;28, 2011.</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">REPLIGEN CORPORATION</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dated: October&nbsp;28, 2011</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Walter C. Herlihy</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Walter C. Herlihy</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT INDEX </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="92%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:23pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Exhibit<BR>No.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:37pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Description</FONT></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;2.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Asset Transfer Agreement by and among Repligen Corporation, Repligen Sweden AB, Novozymes Biopharma DK A/S and Novozymes Biopharma Sweden AB, dated October&nbsp;27,
2011.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release by Repligen Corporation, dated October&nbsp;27, 2011.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management Presentation Slides, dated October&nbsp;28, 2011.</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>d248251dex21.htm
<DESCRIPTION>ASSET TRANSFER AGREEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Asset Transfer Agreement</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 2.1 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Execution Version </I></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TR>
<TD WIDTH="100%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NOVOZYMES BIOPHARMA DK A/S,</B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NOVOZYMES BIOPHARMA SWEDEN AB,</B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>REPLIGEN CORPORATION</B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AND</B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>REPLIGEN SWEDEN
AB</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Asset Transfer
Agreement</B></FONT></P></TD></TR>
</TABLE></DIV>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>This Asset and Transfer Agreement (the &#147;Agreement&#148;) contains warranties that Novozymes
Biopharma DK A/S (the &#147;Seller&#148;) and Novozymes Biopharma Sweden AB (the &#147;Company&#148;), on one hand, and Goldcup 7136 AB under name change to Repligen Sweden AB (the &#147;Buyer&#148;) and Repligen Corporation (the
&#147;Parent&#148;), on the other hand, made to each other. These warranties were made only for the purposes of the Agreement and solely for the benefit of the Seller, the Company, the Buyer and the Parent as of specific dates, may be subject to
important limitations and qualifications agreed to by the parties thereto and included in a confidential disclosure letter provided by the Seller and the Company to the Buyer and the Parent in connection with the signing of the Agreement, and may
not be complete. Furthermore, these warranties may have been made for the purposes of allocating contractual risk between the Seller, the Company, the Buyer and the Parent instead of establishing these matters as facts, and may or may not have been
accurate as of any specific date and do not purport to be accurate as of the date of the filing of the Agreement by the Parent with the Securities and Exchange Commission. Accordingly, you should not rely upon the warranties contained in the
Agreement as characterizations of the actual state of facts, since they were intended to be for the benefit of, and to be limited to, the parties thereto. </I></B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>TABLE OF CONTENTS </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Background</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Definitions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Assets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>4.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Liabilities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>13</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>5.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Purchase Price</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Conditions Precedent</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>21</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Closing</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>23</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Warranties of the Seller and the Company</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>23</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>9.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Warranties of the Buyer and the Parent</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>32</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>10.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Breach and Indemnification</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>34</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>11.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Covenants of the Seller and the Company</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>37</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>12.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Termination</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>42</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>13.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Announcements</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>43</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR></TABLE>

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<TD></TD>
<TD></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Costs</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Entire Agreement</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>16.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Amendments and Waivers</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>17.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notices</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>18.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Assignments</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>46</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>19.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Partial Invalidity</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>46</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>20.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Governing Law and Disputes</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>46</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>APPENDICES </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Appendix&nbsp;A</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Danish Assets</FONT></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Appendix&nbsp;B</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Licenses</FONT></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Appendix&nbsp;C</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pro Forma Balance Sheet</FONT></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Appendix&nbsp;D</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Latest Estimate</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Appendix&nbsp;E</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Disclosure Letter</FONT></TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Appendix&nbsp;F</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Transitional Services Agreement</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Appendix&nbsp;3.1.1(d)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Purchased Assets &#150; Interests in Leased and Subleased Real Property</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Appendix&nbsp;3.1.1(f)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Purchased Assets &#150; Fixed Assets</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Appendix&nbsp;3.1.1(h)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Purchased Assets &#150; Employees</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Appendix&nbsp;3.2.1(e)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Excluded Assets</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Appendix&nbsp;5.1.1</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Purchase Price Allocation</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Appendix&nbsp;6.2.4</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consents, Approvals and Clearances</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Appendix&nbsp;8</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Data Room Documents</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Appendix&nbsp;8.5.1</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accounts</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ASSET TRANSFER AGREEMENT </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This asset transfer agreement (this &#147;<B>Agreement</B>&#148;) is entered into on 27&nbsp;October 2011. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">AMONG: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Novozymes Biopharma DK A/S</B>, Reg. No.29603537, a company duly incorporated and organized under the Laws of Denmark, having its registered address at KROGSHO JVEJ
36 2880 BAGSVERD GLADSAXE DENMARK G7 00000, Sweden (the &#147;<B>Seller</B>&#148;); and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Novozymes Biopharma Sweden AB</B>, Reg. No.&nbsp;556627-0830, a company duly incorporated and organised under the Laws of Sweden, having its registered address at
Box 965, 220 09 Lund, Sweden (the &#147;<B>Company</B>&#148;); on one hand; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Goldcup 7136 AB under name change to Repligen Sweden AB</B>, Reg. No.&nbsp;556869-0704, a company duly incorporated and organised under the Laws of Sweden (the
&#147;<B>Buyer</B>&#148;); and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Repligen Corporation</B>, a company duly incorporated and organised under the Laws of the State of Delaware in the United States, having its registered address at 41
Seyon Street, Building 1, Suite 100, Waltham, Massachusetts 02453, United States (the &#147;<B>Parent</B>&#148;) on the other hand. </FONT></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Background </U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">All of the Purchased Assets (as defined below) and Assumed Liabilities (as defined below) are owned either by the Company or the Seller and shall be subject to transfer
directly to the Buyer in accordance with the terms of this Agreement. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has full title and ownership to the Swedish Assets (as defined below) and the Seller has full title and ownership to the Danish Assets (as defined below).
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller and the Company agree to sell and the Buyer agrees to purchase the Transferred Business (as defined below) on the terms and conditions set out in this
Agreement. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">IT IS AGREED as follows: </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Definitions</U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In this Agreement, the following definitions are used: </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Accounting Principles</B>&#148; means IFRS with the sole exception of the Company&#146;s Accounts; </FONT></P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Accounts</B>&#148; means the audited annual accounts (including balance sheet,
profit and loss account, cash flow statement, notes and management report (<I>Sw. F&ouml;rvaltningsber&auml;ttelse</I>) and statements from the auditor of the Company for the financial year ended on the Accounts Date in respect of the Company
prepared in accordance with Swedish GAAP, attached hereto as Appendix&nbsp;8.5.1; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Accounts Date</B>&#148; means
31&nbsp;December 2010; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Accounts Receivable</B>&#148; means the accounts receivable of the Seller relating to the
Business and the Company as of the Closing Date; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Acquisition Transaction</B>&#148; has the meaning set forth in
Section&nbsp;11.4.1; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Adjusted Excess Working Capital</B>&#148; has the meaning set forth in Section&nbsp;5.2.1(b);
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Adjusted Shortfall Working Capital</B>&#148; has the meaning set forth in Section&nbsp;5.2.1(a); </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Affiliate</B>&#148; means, with respect to any Person, any other Person controlling, controlled by or under common control with
such Person. As used in this definition, &#147;control&#148; (including, with its correlative meanings, &#147;controlled by&#148; and &#147;under common control with&#148;) means the possession, directly or indirectly, of power to direct or cause
the direction of the management and policies of a Person whether through the ownership of voting securities, by contract or otherwise; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Affinity Ligands</B>&#148; means Protein A or fragments, mutants or derivatives of Protein A including but not limited to native protein A, rPA, rSPA, and Protein Zata or other proteins that are
functionally substitutable for Protein A which bind to at least one isoform of mammalian immunoglobulin with high affinity, but specifically excludes affinity ligands (such as Protein A or fragments, mutants or derivatives of Protein A) used for
conjugation, fusion or linkage to a second molecule such as described in the patent applications no. WO 2009/062942 and WO2010/128033; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Agreement</B>&#148; means this Asset Transfer Agreement, including all the appendices attached to it; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Assigned Contracts</B>&#148; has the meaning set forth in Section&nbsp;3.1.1(g); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Assumed Liabilities</B>&#148; has the meaning set forth in Section&nbsp;4.1.1; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Business</B>&#148; means the Seller&#146;s and the Company&#146;s business headquartered at the Company&#146;s facility in Lund, Sweden and all related operations, including the manufacture and
supply of cell culture ingredients and Protein A affinity ligands for use in industrial cell culture, stem and therapeutic cell culture and </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
biopharmaceutical manufacturing, and the provision of contract manufacturing services for ALK Abello A/S; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Business Day</B>&#148; means a day when banks are open for general banking business in Sweden, Denmark and the United States of America; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Buyer</B>&#148; has the meaning set forth in the preamble to this Agreement; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Claim</B>&#148; means a bona fide claim made by the Buyer against the Seller and/or the Company in respect of a Loss; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Closing</B>&#148; means the completion of the transactions contemplated by this Agreement; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Closing Accounts</B>&#148; means a balance sheet of the Transferred Business, as of the close of business on the Closing Date, to
be prepared in the form set forth in Appendix&nbsp;C and in accordance with the Accounting Principles; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Closing
Conditions</B>&#148; has the meaning set forth in Section&nbsp;6.1; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Closing Date</B>&#148; means
(i)&nbsp;the fifth (5</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;Business Day after the
fulfilment of the Closing Conditions; or (ii)&nbsp;such other date as the Parties may agree in writing; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Closing
Working Capital</B>&#148; means the excess of the current assets included within the Purchased Assets over current liabilities included within the Assumed Liabilities as set forth in the Closing Accounts, which amount shall be calculated using the
form set out in Appendix&nbsp;C in accordance with the Accounting Principles, subject to Section&nbsp;5.3.2; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Closing
Working Capital Adjustment</B>&#148; has the meaning set forth in Section&nbsp;5.2.2; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Company</B>&#148; has the
meaning set forth in the Background; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Confidential Information</B>&#148; means any information of any kind or nature
whatsoever, whether written or oral, including, without limitation, this Agreement, financial information, trade secrets, customer lists and other information, regarding the Parent, the Buyer, the Seller, the Seller Group and the Company other than
information that (i)&nbsp;is available to the general public on the Signing Date or (ii)&nbsp;becomes available to the general public other than as a result of a disclosure not otherwise permissible hereunder; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Contract</B>&#148; means any contract, license, sublicense, mortgage, purchase order, indenture, loan agreement, lease, sublease,
agreement or instrument or any binding commitment to enter into any of the foregoing (in each case, whether written or oral). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Danish Assets</B>&#148; means the Purchased Assets owned or licensed by the Seller
to be purchased by the Buyer, set out in an exhaustive list, in Appendix&nbsp;A; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Data Room Documents</B>&#148; means
the documents made available to the Buyer and its advisors containing commercial, accounting, financial and legal information relating to the Seller, the Company and the Business, as listed in Appendix&nbsp;8; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Disclosure Letter</B>&#148; means the disclosure schedules attached hereto as Appendix&nbsp;E; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Earn-out Obligation</B>&#148; has the meaning set forth in Section&nbsp;5.4.1.1; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Earn-out Period</B>&#148; means&nbsp;the period beginning 1&nbsp;January 2012 and ending on 31&nbsp;December 2012; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Employees</B>&#148; mean all persons who at the Closing Date are employed by the Company; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Encumbrance</B>&#148; means an option, lien, mortgage, pledge, charge, security interest of any kind or nature or any similar
encumbrance; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Environmental Laws</B>&#148; means all Laws relating to the protection of the environment, protection of
natural resources, or the protection of public or worker health and safety and any agreements with any Governmental Authorities; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Environmental Permits</B>&#148; has the meaning set forth in Section&nbsp;8.13.2; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Estimated Closing Accounts</B>&#148; means an estimated balance sheet of the Transferred Business, as of the Closing Date, to be
prepared in the form set forth in Appendix&nbsp;C and in accordance with the Accounting Principles; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Estimated Closing
Working Capital</B>&#148; means the excess of the current assets included within the Purchased Assets over current liabilities included within the Assumed Liabilities, as set forth in the Estimated Closing Accounts, which amount shall be calculated
using the form set forth in Appendix&nbsp;C and in accordance with the Accounting Principles, subject to Section&nbsp;5.1.3; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Excluded Assets</B>&#148; has the meaning set forth in Section&nbsp;3.2.1; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Excluded Liabilities</B>&#148; has the meaning set forth in Section&nbsp;4.2.1; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>EUR</B>&#148; means the currency European Euros (&#128;); </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>First Transfer</B>&#148; has the meaning set forth in Section&nbsp;5.4 of the Disclosure Letter; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Fixed Assets</B>&#148; means all plant, machinery, tools, equipment and vehicles owned by the Company and used in the Business as
of the Closing Date; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Governmental Authority</B>&#148; means any foreign, federal, state, cantonal or
local governmental commission, board, body, bureau or other regulatory authority, agency, including courts, other judicial bodies, and any stock exchange, or any self-regulatory body or authority, including any instrumentality or entity designed to
act for or on behalf of the foregoing; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Hazardous Substances</B>&#148; means any chemicals, materials or substances
defined or regulated as toxic, hazardous, a pollutant, or contaminant under any applicable Environmental Law (including petroleum and petroleum products, by-products or breakdown products, radioactive materials, asbestos containing materials and
polychlorinated biphenyls, <I>Staphylococcus aureus</I> and toxins produced by <I>Staphylococcus aureus</I>); </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Independent Accounting Firm</B>&#148; means a reputable international accounting firm to be selected by the Parties, provided
that such firm shall not then be currently performing significant services for any of the Parties or the Company or, failing agreement between the Parties, such firm to be appointed by the Stockholm Chamber of Commerce; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Industrial Cell Culture</B>&#148; means bioproduction technologies and processes that utilize mammalian cells (that are not part
of the active biologic therapeutic) for the production of therapeutic biologics such as monoclonal antibodies, recombinant proteins and live or attenuated viral vaccines; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Intellectual Property Rights</B>&#148; means the intellectual property rights, including without limitation (i)&nbsp;patents and patent applications and any renewals, reissues, re-examinations,
extensions, continuations, continuations-in-part, divisions and substitutions relating to any of patent or patent applications, as well as all foreign counterparts to such patents and patent applications, (ii)&nbsp;registered and unregistered
trademarks, service marks, trade names, trade dress, logos, slogans, corporate names, Internet domain names, together with any registrations and applications for registration thereof, together with all goodwill associated therewith,
(iii)&nbsp;copyrights whether registered or unregistered, in both published and unpublished works, including, without limitation, all computer programs, manuals and other documentation and any and all registrations and applications for registration
thereof, and (iv)&nbsp;Know-How, trade secrets and other rights under applicable Law, in know-how, inventions (whether or not patentable) and improvements thereto and confidential or proprietary information; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Inventory</B>&#148; means the inventory owned by the Company or owned by the Seller and used in the Business as of the Closing
Date; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Inventory Cap</B>&#148; has the meaning set forth in Section&nbsp;5.1.3; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>In Vitro Fertilisation</B>&#148; means in vitro fertilisation applications, where in vitro fertilisation is defined as the growth
and development of fertilised human eggs in culture medium ex-vivo to form embryos or blastocysts; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Key Permits</B>&#148; has the meaning set forth in Section&nbsp;8.4; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Know-How</B>&#148; means all technical information, know-how and data, including inventions (whether patentable or not),
discoveries, trade secrets, specifications, instructions, processes, formulae, materials, expertise and other technology applicable to compounds, formulations, compositions, products or to their manufacture, development, registration, use or
commercialisation or methods of assaying or testing them or processes for their manufacture, formulations containing them, compositions incorporating or comprising them and including all biological, chemical, pharmacological, biochemical,
toxicological, pharmaceutical, physical and analytical, safety, quality control, manufacturing, preclinical and clinical data, instructions, processes formulae, expertise and information, regulatory filings and copies thereof, relevant to the
development, manufacture, use or commercialization of and/or which may be useful in studying, testing, development, production or formulation of products, or intermediates for the synthesis thereof; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Knowledge</B>&#148; (or words of similar import) means the knowledge, after reasonable due inquiry, of (i)&nbsp;each of Mikael
Bundgaard-Nielsen, Svend Licht and Gustav Silfversparre with respect to the Company and (ii)&nbsp;each of Thomas Stenfeldt Batchelor and David N&oslash;rby Kowalczyk with respect to the Seller; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Latest Estimate</B>&#148; means the latest estimate as of 20&nbsp;October 2011 for the fiscal year ending 31&nbsp;December 2011
for the Business attached hereto as Appendix&nbsp;D, which has been prepared by the Seller and the Company using its best endeavours to calculate an EBITDA estimate for the fiscal year ended 31&nbsp;December 2011 taking into consideration its
normalized level after the Reorganisation; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Law</B>&#148; means any law, statute, ordinance, code, rule, Order,
regulation or other requirement enacted, entered, promulgated or issued by any Governmental Authority; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Liability</B>&#148; means any liability, debt, obligation, deficiency, Tax, penalty, assessment, fine, claim, cause of action or
other loss, fee, cost or expense of any kind or nature whatsoever, whether asserted or unasserted, absolute or contingent, known or unknown, accrued or unaccrued, liquidated or unliquidated, and whether due or to become due and regardless of when
asserted; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Loss</B>&#148; means any direct damages, liabilities, losses, claims, diminution in value, obligations,
liens, assessments, judgments, Taxes, fines, penalties, reasonable costs and expenses (including reasonable legal fees), but excluding any indirect or consequential damage, loss or expense, as the same are incurred, of any kind or nature whatsoever
(whether or not arising out of third party claims and including all amounts paid in investigation, defence or settlement of the foregoing); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Material Adverse Effect</B>&#148; means a material adverse effect on the condition of the Transferred Business&#146; assets, liabilities or conditions (financial or otherwise)
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
or results of operations or prospects of the Transferred Business taken as a whole or the ability of the Seller and/or the Company to consummate the transactions contemplated hereby, except any
such effect resulting from or arising in connection with (i)&nbsp;this Agreement or any transactions contemplated hereby or the announcement hereof (ii)&nbsp;change or conditions affecting the industry generally that do not disproportionately affect
the Transferred Business or (iii)&nbsp;changes in economic, regulatory or political conditions generally that do not disproportionately affect the Transferred Business; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Material Agreements</B>&#148; has the meaning set forth in Section&nbsp;8.7.1; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Milestone Payments</B>&#148; has the meaning set forth in Section&nbsp;5.4.2.1; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Milestone Period</B>&#148; means (i)&nbsp;the period beginning 1&nbsp;January 2012 and ending on 31&nbsp;December 2013 or (ii)&nbsp;the period beginning on 1&nbsp;January 2014 and ending on
31&nbsp;December 2014; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Net Revenues</B>&#148; means the gross invoice price (excluding import Taxes, export Taxes,
excises, sales Taxes, value added, consumption Taxes, duties or other similar Taxes imposed upon and paid with respect to such sales) of all Transferred Products manufactured by the Transferred Business and sold in an arm&#146;s length transaction
by the Buyer with respect to the Transferred Business or any of its Affiliates to the first unrelated third party after deducting, if not previously deducted, from the amount invoiced or received: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trade and quantity discounts other than early payment cash discounts, returns, rebates, chargebacks, similar fees and other allowances; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Retroactive price reductions that are actually allowed or granted; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sales commissions paid to unrelated third party distributors and/or selling agents, in amounts customary to the trade and to the extent allocable to the Transferred
Products. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All of the foregoing shall be determined in accordance with the Parent&#146;s regular accounting
methods consistently applied; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Non-continuing Employees</B>&#148; has the meaning set forth in Section&nbsp;11.6;
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Normalised Working Capital</B>&#148; means 69,200,000&nbsp;SEK; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Order</B>&#148; means any legally binding award, injunction, judgment, order, ruling, subpoena, or verdict or other decision
entered, issued, made, or rendered by any Governmental Authority; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Parent</B>&#148; has the meaning set forth in the
preamble to this Agreement; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Party</B>&#148; means the Seller, the Company, the Parent or the Buyer and
&#147;<B>Parties</B>&#148; means the Seller, Company, the Parent and the Buyer, collectively; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Person</B>&#148; means
any individual, corporation, partnership, joint venture, association, trust, unincorporated organization or other legal entity, or any Governmental Authority or political subdivision thereof; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Prepaid Expenses</B>&#148; means the prepaid expenses of the Transferred Business as at the Closing Date; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Pro Forma Balance Sheet</B>&#148; means the unaudited balance sheet of the Transferred Business as of 30&nbsp;September 2011, as
attached hereto as Appendix&nbsp;C prepared in accordance with the Seller&#146;s and the Company&#146;s Accounting Principles and general normal month end closing procedures for the Seller&#146;s Group taking into consideration that the balance
sheet has been prepared especially for the transactions consummated by this Agreement and not within the ordinary course of business; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Purchase Price</B>&#148; has the meaning set forth in Section&nbsp;5.1.1; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Purchased Assets</B>&#148; has the meaning set forth in Section&nbsp;3.1.1 and 3.1.2; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Real Property Leases</B>&#148; has the meaning set forth in Section&nbsp;8.14.1; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Reorganisation</B>&#148; has the meaning set forth in Section&nbsp;8.11; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Revenues Statement</B>&#148; has the meaning set forth in Section&nbsp;5.4.2.2; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Second Transfer</B>&#148; has the meaning set forth in Section&nbsp;5.4 of the Disclosure Letter; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>SEK</B>&#148; means Swedish kronor; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Seller</B>&#148; has the meaning set forth in the preamble to this Agreement; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Seller Group</B>&#148; means the Seller and all companies, partnerships or other forms of legal entities directly or indirectly now or hereafter controlled by, or under common control with the
Seller; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Seller Licenses</B>&#148; has the meaning set forth in Section&nbsp;3.1.1(b); </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Signing Date</B>&#148; means the date of this Agreement; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Software</B>&#148; has the meaning set forth in Section&nbsp;8.15.3; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Stem Cell and Therapeutic Cell Culture</B>&#148; means the branch of medicine that utilizes mammalian cells to repair or replace
diseased or damaged tissue or the function of diseased or damaged tissue in the human body, where the cells in </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
these types of therapies are or form part of the active component that confers the therapeutic effect, including but not limited to autologous or allogeneic stem cells, terminally or partially
differentiated embryonic, adult or induced pluripotent stem cells, primary cells, cell lines, engineered tissue constructs, or combination therapies consisting of mammalian cells and other biologic or medical device components; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>STIBOR</B>&#148; means, in relation to a particular period, the Stockholm interbank offered rates for deposits of the currency in
question for a period of 360 days at or about 11.00 a.m. (Stockholm time) on the second Business Day prior to such period as displayed on the relevant Reuters page (or on a comparable page in another information system) or, if such interest rate is
not shown or quoted as described above for the said period, the interest rate per 360 days for deposits of the currency in question in an equal amount offered to banks in the Stockholm interbank market for a period of 360 days; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Swedish Assets</B>&#148; means all of the Purchased Assets owned by the Company to be purchased by the Buyer; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Target Sales</B>&#148; has the meaning set forth in Section&nbsp;5.4 of the Disclosure Letter; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Taxes</B>&#148; means income taxes, duties, charges and withholding taxes and any other taxes imposed by any tax authority,
including penalties and interest relating to such taxes; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Third Party Claim</B>&#148; means any claim by a third party
(including Tax and other authorities) against the Company, the Parent or the Buyer; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Third Transfer</B>&#148; has the
meaning set forth in Section&nbsp;5.4 of the Disclosure Letter; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Transaction Documents</B>&#148; has the meaning set
forth in Section&nbsp;8.1.1; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Transfer Completion Date</B>&#148; means 31&nbsp;December 2013; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Transferred Business</B>&#148; means the Purchased Assets and the Assumed Liabilities; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Transferred Products</B>&#148; means: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">rTransferrin identified as SEQ ID No2 in the patent designated WO 2008/152140; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">LONG&reg;EGF; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">LONG&reg;TGF-<FONT STYLE="FONT-FAMILY:SYMBOL">&#097;</FONT>; </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Transitional Services Agreement</B>&#148; means the agreement between the Seller
and the Company on one side and the Buyer on the other side in substantially the form set forth in Appendix&nbsp;F; and </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<B>Warranties</B>&#148; means the warranties (<I>Sw. garantier</I>) of the Seller set out in Section&nbsp;8. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In this Agreement, save where the context otherwise requires, words in the singular shall include the plural, and vice versa. </FONT></TD></TR></TABLE>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Assets</U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Purchased Assets</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon the terms and subject to the conditions set out in this Agreement, at the Closing, the Company agrees to sell and the Buyer agrees to purchase all assets,
properties, rights, titles and interests of every kind or nature owned, leased, licensed or otherwise held by the Company (including indirect and other forms of beneficial ownership) as of the Closing Date, and in any case, belonging to or intended
to be used in the Business, whether tangible, intangible, real or personal and wherever located, including without limitation all of the following assets, but excluding all Excluded Assets and Excluded Liabilities, as further detailed below and on
Appendix&nbsp;3.1.1 (together with the assets, properties, rights, titles and interests set forth in Section&nbsp;3.1.2, the &#147;<B>Purchased Assets</B>&#148;): </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Business as a going concern; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the goodwill, if any, relating to the Business; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all Accounts Receivable, notes receivable and other amounts receivable from third parties, including customers and employees, and all correspondence with respect
thereto; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all interests in leased or subleased real estate listed on Appendix&nbsp;3.1.1(d), including the Real Property Leases; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all Inventory, work in progress and raw material; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all Fixed Assets, including such assets scheduled on Appendix&nbsp;3.1.1(f); </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">except for any Excluded Assets or Excluded Liabilities and subject to Sections&nbsp;3.1.5, 3.6 and 11.6, all rights and obligations arising after the Closing existing
under all Contracts to which the Company is a party or to which the Seller is a party if any such Contract relates to the Business, including, without limitation each Material Agreement (collectively, the &#147;<B>Assigned Contracts</B>&#148;);
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">subject to Section&nbsp;11.6, all rights to the employment of the Employees, including those individuals set forth in Appendix&nbsp;3.1.1(h) attached hereto;
</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all records of Taxes and employer&#146;s fees relating to all the Employees duly completed and up to date, covering the three (3)&nbsp;financial years preceding the
Accounts Date; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all lists and records pertaining to customer accounts (whether past or current), suppliers, distributors, personnel and agents of the Business (including without
limitation a list of all the customers of the Business during the last two years); </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(k)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a list of potential customers of the Business to which outstanding quotations have been given as at the Closing Date; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a list of unfulfilled orders of the Business as at the Closing Date; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(m)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all claims, deposits, prepayments, Prepaid Expenses, warranties, guarantees, refunds, causes of action, rights of recovery, rights of setoff and rights of recoupment of
every kind and nature (including rights to insurance proceeds) which relate to the Business, except for any of the foregoing to the extent they relate to Excluded Assets or Excluded Liabilities; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(n)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all Intellectual Property Rights owned or otherwise held by the Company as part of the Business; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(o)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all licenses, consents, permits and authorisations necessary for the Company to carry on the Business, including the Key Permits, and all material product (including
software) registrations, accreditations and other certifications required for the Business; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(p)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all insurance, warranty and condemnation net proceeds received after the Closing Date with respect to damage, non-conformance of or loss to the Purchased Assets;
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(q)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all plans, instructional and promotional material, sales publications, advertising materials, terms and conditions of sale and other technical material and sales matter
which relate to the Business, together with any plates, blocks, negatives and similar material relating to them (without retaining any copies thereof); </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(r)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">except to the extent they relate to Excluded Assets or Excluded Liabilities, all computer programs, copies of books (other than minute books relating to board meetings,
shareholders&#146; meetings and statutory books), copies of books of account, copies of records (including tax records, payroll records and income records), copies of ledgers, originals of files, documents, correspondence, lists, studies and reports
and other printed or written materials which relate to the Business, to the extent such information and documentation exists; provided that, the Company shall retain the originals in cases where the Buyer obtains copies and the Company shall retain
copies in cases where the Buyer obtains the originals for the purpose of safeguarding legal auditing requirements; </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(s)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the value added Tax records of the Business covering the three (3)&nbsp;financial years preceding the Accounts Date; and </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(t)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all other assets of any kind or nature of the Company, as applicable, which relate to the Business other than the Excluded Assets or Excluded Liabilities.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon the terms and subject to the conditions set out in this Agreement, at the Closing, the Seller agrees to sell and the Buyer agrees to purchase the Danish Assets, as
exhaustively listed in Appendix&nbsp;A and included in the definition of Purchased Assets. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Purchased Assets shall be transferred to the Buyer on the Closing Date free and clear from any Encumbrances. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If, following the Closing Date, any amounts due to the Buyer in relation to the Transferred Business are mistakenly paid directly to the Seller or the Company, the
Company shall refund said amount forthwith to the Buyer as soon as reasonably possible but in all circumstances within five&nbsp;(5) Business Days of receipt. Furthermore, if, following the date hereof, any amounts due to the Seller or the Company
are mistakenly paid directly to the Buyer, the Buyer shall refund said amount forthwith to the Seller or the Company as soon as reasonably possible but in all circumstances within five&nbsp;(5) Business Days of receipt. In the event that
(a)&nbsp;the Parent or the Buyer by mistake pays any amount which should have correctly been paid by the Seller or the Company, the Parent or the Buyer, as applicable, shall be reimbursed accordingly but in all circumstances within five&nbsp;(5)
Business Days of such payment or (b)&nbsp;the Seller or the Company by mistake pays any amount which should have correctly been paid by the Parent or the Buyer, the Seller or the Company, as applicable, shall be reimbursed accordingly but in all
circumstances within five&nbsp;(5) Business Days of such payment. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Should any such assets, rights or properties be discovered related to the Business that were previously omitted from the Purchased Assets, these assets, rights and
properties shall forthwith be promptly transferred by the Seller or the Company, as the case may be, to the Buyer without any additional compensation to the Company or the Seller. Similarly, if any assets, rights or properties have been transferred
to the Buyer which should have remained with the Seller or the Company, then, to the extent not related to the Business, these assets, rights and properties shall be promptly returned by the Buyer to the Seller or the Company, as the case may be,
without any penalty on the Buyer or the Parent. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.6</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Anything in this Agreement to the contrary notwithstanding, this Agreement shall not constitute an agreement to assign any Contract if an attempted
assignment thereof, without consent of a third party thereto, would constitute a breach or other contravention thereof or in any way adversely affect the rights of the Buyer or the Company or the Seller, as the case may be, thereunder. The Company
or </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">12 </FONT></P>



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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the Seller, as the case may be, and the Buyer will use their reasonable best endeavours (but without the requirement of any payment of money by the Company, the Seller or the Buyer) to obtain the
consent of the other parties to any such Contract for the assignment thereof to the Buyer as the Buyer may request. With the exception of employment Contracts with Employees which are subject to Section&nbsp;11.6, unless and until such consent is
obtained, or if an attempted assignment thereof would be ineffective or would adversely affect the rights of the Company or the Seller, as applicable, thereunder so that the Buyer would not in fact receive all rights under such Contract, the Company
or the Seller, as applicable, and the Buyer will cooperate in an arrangement under which the Buyer would obtain the benefits and assume the obligations thereunder in accordance with this Agreement, including sub-licensing, or subleasing to the
Buyer, or under which the Company or the Seller, as applicable, would enforce, at the Buyer&#146;s expense, for the benefit of the Buyer, with the Buyer assuming at the Buyer&#146;s expense the Company&#146;s or the Seller&#146;s obligations, as
applicable, any and all rights of the Company or the Seller, as applicable, against a third party thereto. With the exception of employment Contracts with Employees which are subject to Section&nbsp;11.6, the Company or the Seller, as the case may
be, will promptly pay to the Buyer when received all monies received by the Company or the Seller under any such Contract, and the Buyer shall pay, defend, discharge and perform all Liabilities under such Contracts. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Excluded Assets</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.2.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding Section&nbsp;3.1, the following assets of the Business are expressly excluded from the purchase and sale contemplated hereby (the &#147;<B>Excluded
Assets</B>&#148;) and, as such, are not included in the assets to be conveyed as contemplated hereby: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all cash and cash equivalents; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">any intercompany receivables or intercompany assets of any kind or nature; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all bank accounts; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">those amounts listed under the headings &#147;prepaid Taxes&#148; and &#147;Tax assets&#148; as set forth on the Closing Accounts up to and not in excess of the amounts
set forth on the Closing Accounts; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the assets set forth in Appendix&nbsp;3.2.1(e). </FONT></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>4.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Liabilities</U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Assumed Liabilities</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.1.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">At the Closing, the Buyer shall assume and shall agree to pay, defend, discharge and perform as and when due and performable the following specific Liabilities of the
Business as further detailed below (the &#147;<B>Assumed Liabilities</B>&#148;): </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">13 </FONT></P>



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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">those amounts listed under the headings &#147;accounts payable,&#148; &#147;VAT and withheld Taxes&#148; and &#147;Employee liabilities&#148; as set forth on the
Closing Accounts up to and not in excess of the amounts set forth on the Closing Accounts; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">subject to Section&nbsp;11.6, the obligations of the Company or the Seller, as applicable, under the Assigned Contracts, but only to the extent such obligations:
(i)&nbsp;arise after the Closing Date; (ii)&nbsp;do not arise from or relate to any breach by the Company or the Seller, as applicable, of any provision of any of the Assigned Contracts; (iii)&nbsp;do not arise from or relate to any event,
circumstance or condition occurring or existing on or prior to the Closing Date that, with notice or lapse of time, would constitute or result in a breach by the Company, the Seller, the Buyer or any of their respective Affiliates of any of the
Assigned Contracts; and (iv)&nbsp;are ascertainable solely by reference to the express terms of the Assigned Contracts; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">any cost or liability incurred by the Company arising out of its obligation under Real Property Lease dated 29&nbsp;November 2005 as set out in Appendix&nbsp;3.1.1(d)
to reinstate the premises upon its termination; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">any cost or liability incurred by the Company in relation to the Non-continuing Employees as further specified in Section&nbsp;11.6.3 below; and
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">any cost or liability incurred by the Company or the Seller arising out of their respective obligations in the transfer of the Key Permits. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Excluded Liabilities</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.2.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except for the Assumed Liabilities, the Buyer shall not assume or be bound by any obligations or Liabilities of the Company, the Seller or any of their respective
Affiliates of any kind or nature whatsoever, whether known, unknown, accrued, absolute, contingent or otherwise, now existing or hereafter arising. Except for the Assumed Liabilities, all such other Liabilities shall be retained by and remain
Liabilities of the Company or the Seller, as applicable (all such Liabilities not being assumed are herein referred to as the &#147;<B>Excluded Liabilities</B>&#148;) as further exemplified in Appendix&nbsp;C. </FONT></TD></TR></TABLE>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>5.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Purchase Price</U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Purchase Price</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Purchase Price shall be equal to an amount in cash equal to EUR&nbsp;17,000,000, (i)&nbsp;decreased by the amount, if any, by which the Estimated
Closing Working Capital is less than the Normalised Working Capital, or (ii)&nbsp;increased by the amount, if any, by which the Estimated Closing Working Capital is more than the Normalised Working Capital (such calculated amount, the
&#147;<B>Purchase Price</B>&#148;). While final accounting treatment may vary with local accounting requirements, </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 </FONT></P>



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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the Parties agree that the allocation of Purchase Price between the Swedish and the Danish Assets is set out in Appendix&nbsp;5.1.1. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">No later than five&nbsp;(5) Business Days prior to the date on which Closing is scheduled to occur, the Company shall furnish to the Buyer the Estimated Closing
Accounts, which shall include an account of the Estimated Closing Working Capital, prepared in accordance with Appendix&nbsp;C taking the Accounting Principles into consideration. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding anything to the contrary in this Agreement, under no circumstances shall the value of the Inventory purchased by the Buyer under this Agreement be
ascribed a value in excess of 65,000,000 SEK<B> (</B>the &#147;<B>Inventory Cap</B>&#148;) for the purpose of calculating the Estimated Closing Working Capital; provided that the Inventory Cap shall fall away if the Closing Date does not occur prior
to 1&nbsp;January 2012. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Purchase Price as regards the Swedish Assets shall be paid in EUR&nbsp;by the Buyer on the Closing Date in immediately available funds to the account the Company
shall designate in writing or by e-mail at least three (3)&nbsp;Business Days prior to the Closing Date. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Purchase Price as regards the Danish Assets shall be paid in EUR&nbsp;by the Buyer on the Closing Date in immediately available funds to the account the Seller
shall designate in writing or by e-mail at least three (3)&nbsp;Business Days prior to the Closing Date. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Purchase Price Adjustment</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon determination of the Closing Working Capital, the Purchase Price shall be adjusted as follows: </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">if the Closing Working Capital is less than the Estimated Working Capital, the Seller shall pay to the Buyer an amount equal to such shortfall (the &#147;<B>Adjusted
Shortfall Working Capital</B>&#148;); or </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">if the Closing Working Capital exceeds the Estimated Working Capital, the Buyer shall pay to the Seller an amount equal to such excess (the &#147;<B>Adjusted Excess
Working Capital</B>&#148;). </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Payment of the Adjusted Shortfall Working Capital or Adjusted Excess Working Capital in accordance with Section&nbsp;5.2.1 (the &#147;<B>Closing
Working Capital Adjustment</B>&#148;) shall be made by transfer of immediately available funds within five (5)&nbsp;Business Days after the date of the final determination of the Closing Working Capital, together with interest thereon from the
Closing Date until the date of payment calculated at STIBOR plus one (1)&nbsp;percentage unit. Payment of the Closing Working Capital Adjustment shall be made in EUR, adjusted from SEK to EUR in accordance with the exchange rate reported by the
Eastern Edition of The Wall Street Journal on the Closing Date. Payment shall be made </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">15 </FONT></P>



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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
to the account that the Seller or the Buyer, as applicable, shall designate in writing or by e-mail to such other Party within two (2)&nbsp;Business Days after the date of the final determination
of the Closing Working Capital. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Closing Accounts</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.3.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As soon as reasonably practicable, but not later than sixty (60)&nbsp;Business Days after the Closing Date, the Buyer shall deliver to the Seller the Closing Accounts
which shall include a statement of the Closing Working Capital. The Closing Accounts shall be prepared using the form set out in Appendix&nbsp;C in accordance with the Accounting Principles. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.3.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding anything to the contrary in this Agreement, under no circumstances shall the value of the Inventory purchased by the Buyer under this Agreement be
ascribed a value in excess of the Inventory Cap for the purpose of calculating the Closing Working Capital. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.3.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Within thirty (30)&nbsp;Business Days after receipt of the Closing Accounts, the Seller and/or the Company may deliver to the Buyer a written statement setting forth in
detail those items and amounts in the Closing Accounts with which the Seller and/or the Company disagrees with the Buyer, including a separate statement setting out the Seller and/or the Company&#146;s proposal for the Closing Working Capital and
the Seller and/or the Company&#146;s calculation thereof. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.3.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event that the Seller and/or the Company does not deliver such written statement to the Buyer within the period set forth in Section&nbsp;5.3.3 or, if such
statement from the Seller and/or the Company is delivered, to the extent that the statement does not include any disagreement on items and amounts, the Seller and the Company shall be deemed to have accepted Closing Accounts from the Buyer.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.3.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Seller and/or the Company objects to the Buyer&#146;s Closing Accounts and if the Buyer does not agree with the Seller and/or the Company&#146;s submitted
statement (it being agreed that the failure of the Buyer to deliver written notice to the Seller or the Company of the Buyer&#146;s disagreement with the Seller and/or the Company&#146;s objections within fifteen (15)&nbsp;Business Days of receipt
of such objections shall be deemed as acceptance by the Buyer), and such objections are not resolved on a mutually agreeable basis within thirty (30)&nbsp;Business Days after the Buyer&#146;s receipt thereof, any disagreement between the Parties
regarding the same shall be resolved in the following manner: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">upon a written request by either Party, be referred for expert determination to the Independent Accounting Firm. The Independent Accounting Firm shall make its decision
to the Parties in a written report within sixty (60)&nbsp;Business Days of its appointment; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Independent Accounting Firm shall consider only those amounts and items as to which the Seller and the Buyer have disagreed and the decision
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">16 </FONT></P>



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<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
of the Independent Accounting Firm shall in no event be greater than the largest amount of the Adjusted Shortfall Working Capital or Adjusted Excess Working Capital proposed by the Seller and the
Company, or the Buyer, respectively. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.3.6</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Independent Accounting Firm shall act in its capacity as an expert and not as an arbitrator. The Closing Working Capital Adjustment determined by the Independent
Accounting Firm shall be final and binding upon the Parties. Each Party shall bear the fees, costs and expenses of its own accountants in connection the preparation of its Closing Accounts, and other actions contemplated by this Section&nbsp;5.3. If
the absolute value of the difference between (a)&nbsp;the Closing Working Capital Adjustment calculated by the Independent Accounting Firm and (b)&nbsp;the Closing Working Capital Adjustment calculated by the Buyer is greater than or equal to five
percent&nbsp;(5%) of the Closing Working Capital Adjustment calculated by the Independent Accounting Firm, then the Buyer or the Parent shall bear all fees, costs and expenses of the Independent Accounting Firm. If the absolute value of the
difference between (i)&nbsp;the Closing Working Capital Adjustment calculated by the Independent Accounting Firm and (b)&nbsp;the Closing Working Capital Adjustment calculated by the Seller is less than five percent (5%)&nbsp;the Closing Working
Capital Adjustment calculated by the Independent Accounting Firm, then the Seller shall bear all fees, costs and expenses of the Independent Accounting Firm. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Additional Payment Obligations</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Earn-out Obligation </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.1.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to continued compliance with the terms of Section&nbsp;11.5, the Buyer shall pay to the Company (unless the Company assigns such right to the Seller), if and to
the extent earned, EUR&nbsp;1,000,000 million if the Transferred Business (wherever operated by the Buyer or the Parent) achieves the Target Sales over the Earn-out Period (the &#147;<B>Earn-out Obligation</B>&#148;). </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.1.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Earn-out Obligation, if any, shall be paid to the Company by the Buyer or the Parent, as the case may be, no later than 31&nbsp;March 2013. The Parties acknowledge
that the Earn-out Obligation shall accrue no interest from the Closing Date to the due date specified above. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.1.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nothing contained herein shall in any way limit the Parent&#146;s or the Buyer&#146;s ability to manage, control and run, in good faith, the Transferred Business;
provided, however, that during the Earn-out Period, neither the Parent or the Buyer nor any of their respective Affiliates, using their reasonable commercial efforts, shall take any other actions outside the ordinary course of business with the
actual knowledge that such actions reduce payments under the Earn-out Obligation. The Parent and the Buyer shall, at their sole discretion, be entitled to pay the Earn-out Obligation to the Company before the Earn-out Period has expired if either
the Parent or the Buyer wish to be released from the obligations set forth above. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">17 </FONT></P>



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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Milestone Payments </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.2.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to continued compliance with the terms of Section&nbsp;11.5, the Buyer shall pay to the Seller the &#147;<B>Milestone Payments</B>&#148; as provided in this
Section&nbsp;5.4.1, if and to the extent earned. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.2.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Milestone Payments are only related to the Swedish Assets and shall be determined and paid, to the extent earned, in the following manner: </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As promptly as practicable after the end of each calendar year at the end of each Milestone Period, the Buyer shall prepare a statement
which shall set forth the Net Revenues (the &#147;<B>Revenues Statement</B>&#148;) for the applicable Milestone Period. The Buyer shall deliver each Revenues Statement to the Company by 15&nbsp;March of the calendar year of determination thereof.
The Milestone Payments to be paid by the Buyer to the Company (unless the Company assigns such right to the Seller) over the Milestone Period, if earned, shall be: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">One payment for the first Milestone Period (combined calendar years 2012 and 2013) equal to EUR&nbsp;1,000,000 in the aggregate if the Transferred Business (wherever
operated by the Buyer or the Parent) achieves an amount equal to or greater than EUR&nbsp;1,500,000 in cumulative Net Revenues from the sale of the Transferred Products for the combined calendar years 2012 and 2013; and </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">One payment for the second Milestone Period (calendar year ended 2014) equal to EUR&nbsp;1,000,000 if the Transferred Business (wherever operated by the Buyer or the
Parent) achieves EUR&nbsp;2,100,000 in cumulative Net Revenues from the sale of the Transferred Products during calendar year 2014. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.2.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Buyer agrees to (a)&nbsp;provide the Seller and the Company with sufficient access and information and (b)&nbsp;to co-operate and assist in the same manner as set
out in Section&nbsp;11.2, in order to enable the Seller and the Company to jointly verify each Revenues Statement which shall for the purpose of this Section&nbsp;also include the Earn-out Obligation. If the Buyer and the Company are unable to agree
on the Revenues Statement within fifteen (15)&nbsp;Business Days following the delivery of the Revenues Statement to the Company, then either Party may refer the matter to the Independent Accounting Firm to assist the Parties in verifying the
Revenues Statement at such referring Party&#146;s expense. However, should the Parties not agree on the Independent Accounting Firm&#146;s determination of the Revenues Statement, either Party may refer the matter and the overall determination to
arbitration pursuant to Section&nbsp;20.2-20.4 within thirty&nbsp;(30) Business Days after the engagement of the Independent Accounting Firm on such matter; provided that the prevailing party in such arbitration shall be entitled to payment by the
non-prevailing party of the prevailing party&#146;s legal fees and disbursements, arbitration costs, and other expenses of protecting its interests hereunder </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">18 </FONT></P>



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<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.2.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Milestone Payments, if any, shall be paid to the Company by the Buyer or the Parent, as the case may be, no later than five&nbsp;(5) Business Days after the latest
of (i)&nbsp;the date of delivery to the Company of the Revenues Statement, (ii)&nbsp;the date the Buyer and the Company agree on a joint resolution, or (iii)&nbsp;if the matter is referred to arbitration, the date the Milestone Payments is finally
determined by the arbitrator. The Parties acknowledge that the Milestone Payments shall accrue no interest from the Closing Date to the due date specified above. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.2.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nothing contained herein shall in any way limit the Parent&#146;s or the Buyer&#146;s ability to manage, control and run, in good faith, the Transferred Business;
provided, however, that during the Milestone Period, neither the Parent or the Buyer nor any of their respective Affiliates, using their reasonable commercial efforts, shall take any other actions outside the ordinary course of business for the
purpose of reducing the Milestone Payments. The Parent and the Buyer shall, at their sole discretion, be entitled to pay the Milestone Payments to the Company before the Milestone Period has expired if either the Parent or the Buyer wish to be
released from the obligations set forth above. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Technology Transfer </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.3.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller shall use its reasonable best endeavours to implement the transfer of Know-How and validation of the processes relating to the formulation, manufacture and
development of each of the Transferred Products in accordance with the terms and conditions of licenses in the form attached hereto as Appendix&nbsp;B as promptly as practical following the Closing. Any transfer described in this Section&nbsp;5.4.3
is related to the Danish Assets. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.3.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Following the successful completion of the First Transfer by the Transfer Completion Date, the Buyer shall make a cash payment of EUR&nbsp;500,000 to the Seller within
fifteen&nbsp;(15) Business Days of the completion of such transfer, subject to continued compliance with the terms of Section&nbsp;11.5; provided that the Buyer and the Seller shall use reasonable endeavors to extend the Transfer Completion Date in
the event of material delays caused by major deviations during the consistency runs preventing release of material. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.3.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Following the successful completion of the Second Transfer by the Transfer Completion Date, the Buyer shall make a cash payment of EUR&nbsp;250,000 to the Seller within
fifteen&nbsp;(15) Business Days of the completion of such transfers, subject to continued compliance with the terms of Section&nbsp;11.5; provided that the Buyer and the Seller shall use reasonable endeavors to extend the Transfer Completion Date in
the event of material delays caused by major deviations during the consistency runs preventing release of material. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.3.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Following the successful completion of the Third Transfer by the Transfer Completion Date, the Buyer shall make a cash payment of EUR&nbsp;250,000 to
the Seller within 15 Business Days of the completion of such transfers, subject to continued compliance with the terms of Section&nbsp;11.5; provided that the Buyer and </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">19 </FONT></P>



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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the Seller shall use reasonable endeavors to extend the Transfer Completion Date in the event of material delays caused by major deviations during the consistency runs preventing release of
material. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.3.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Buyer and the Parent undertake to maintain and keep available all required and adequate resources in order to fulfill the procedures set out in this
Section&nbsp;5.4.3 in order to effect the transfers stipulated herein. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Parties hereby agree that any Earn-out Obligation, Milestone Payments or any of the payments contemplated by Sections&nbsp;5.4.3.2 to 5.4.3.4 that are paid
hereunder shall be deemed additional consideration paid by the Buyer in respect of the Transferred Business. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Buyer has the option of setting off all or any part of any obligation owed by the Seller to the Buyer pursuant to the terms of this Agreement against any Earn-out
Obligation, Milestone Payments or any of the payments contemplated by Sections&nbsp;5.4.3.2 to 5.4.3.4 actually owed to the Seller or the Company, as the case may be, by the Buyer by notifying the Seller or the Company, as the case may be, that the
Buyer is reducing the amount of such additional payment by the amount of such obligation of the Seller. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4.6</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Since the transfer of the Swedish Assets under this Agreement refers to the transfer of an entire business, the Parties have assessed that value added
Taxes shall not be payable on the Purchase Price allocated to the Swedish Assets. If, however, the Swedish Tax authorities should consider that value added Taxes shall be charged in relation to the Swedish Assets, the Buyer shall reimburse the
Company for any value added Tax payable within thirty (30)&nbsp;days from receiving an invoice from the Company in the form and substance necessary for the Buyer to be able to deduct the value added Taxes. The Buyer hereby agrees to assume the right
and obligation under Chapter 8 a, Section&nbsp;11 of the Swedish VAT Act (1994:200)&nbsp;to adjust input value added Taxes attributable to investments in the Lund facility made by the Company, or a former possessor of the facility, from 2002 and
onwards. Five (5)&nbsp;Business Days before Closing, the Company shall issue a value added Taxes adjustment document under Chapter 8 a, Section&nbsp;15 of the VAT Act (1994:200)&nbsp;to the Buyer. The document shall specify all input value added
Taxes attributable to investments in the Lund facility made by the Company from 2002 and onwards. Should the Company have received a value added Taxes adjustment document from a former possessor of the Lund facility, a copy of the document should be
enclosed the value added Taxes adjustment document issued by the Company. Should no value added Taxes adjustment document be issued or, if the information in the document proves to be incorrect or incomplete or, if a copy of a value added Taxes
adjustment document the Company has received from a former possessor of the premises is not enclosed, the Company shall reimburse the Buyer for any input value added Taxes the Buyer might have to adjust. Such reimbursement shall cover input value
added Taxes, interest and tax penalties. The Parties have assessed that value added Taxes shall not be payable on the Purchase Price allocated to the Danish Assets. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20 </FONT></P>



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<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
If, however, the Danish Tax authorities should consider that value added Taxes shall be charged in relation to the Danish Assets, the Buyer shall reimburse the Seller for any value added Tax
payable within thirty (30)&nbsp;days from receiving an invoice from the Seller in the form and substance necessary for the Buyer to be able to deduct the value added Taxes or have the value added Taxed repaid (as applicable).
</FONT></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Conditions Precedent</U> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Each Party undertakes to use its commercially reasonable endeavours to satisfy the Closing Conditions as promptly as practicable and to complete the transactions contemplated by this Agreement in
accordance with the terms of this Agreement as promptly as practicable. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The respective obligations of the Buyer and the Parent, on the one hand, and the Seller and the Company, on the other hand, to complete the transactions contemplated by
this Agreement shall be subject to the satisfaction or, where possible, the waiver by the relevant Party of the following closing conditions (together with the conditions set forth in Sections&nbsp;6.2 and 6.3, the &#147;<B>Closing
Conditions</B>&#148;): </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">No Law shall have been enacted, promulgated, entered, issued or enforced by any court or Governmental Authority that would have the effect of making the transactions
contemplated by this Agreement illegal or otherwise restrain or prohibit the consummation of such transactions. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">No temporary restraining order, preliminary or permanent injunction or other Order preventing the consummation of the transactions contemplated by this Agreement shall
have been issued by any court of competent jurisdiction or any other Governmental Authority and shall remain in effect. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The obligations of the Parent and the Buyer to complete the transactions contemplated by this Agreement shall be subject to the satisfaction or, where possible, the
waiver of the following Closing Conditions: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.2.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Warranties set forth in Section&nbsp;8 in respect of the Seller and the Company are true and correct in all material respects as of the Signing Date, except that
those Warranties that are qualified by materiality, Material Adverse Effect, or similar phrase shall be true and correct in all respects as of the Signing Date. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Warranties set forth in Section&nbsp;8 in respect of the Seller and the Company shall be true and correct in all material respects as of the Closing Date, except (a)&nbsp;that those Warranties that
are qualified by materiality, Material Adverse Effect or similar phrase shall be true and correct in all respects as of the Closing Date and (b)&nbsp;for inaccuracies in the Warranty set forth in Section&nbsp;8.5.4, the underlying circumstance(s) do
not or would not reasonably be expected to result in a Material Adverse Effect. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">21 </FONT></P>



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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.2.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller and the Company shall have performed and complied with, in all material respects, all covenants and agreements required by this Agreement to be performed or
complied with by the Seller or the Company, as applicable, at or prior to the Closing Date. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.2.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">No Material Adverse Effect shall have occurred between the Signing Date and the Closing. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.2.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller or the Company has obtained all consents, approvals and clearances set forth on Appendix&nbsp;6.2.4, including: </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all notices, consents and approvals required in respect of the agreements set forth on Appendix&nbsp;6.2.4(a); </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all consents, approvals and clearances enabling the Key Permits to be transferred in substantially their current form from the Company to the Buyer, and
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all consents, approvals and clearances enabling the Real Property Leases to be transferred in their current forms from the Company to the Buyer.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.2.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">At the Closing, the Purchased Assets shall be transferred from the Seller or the Company, as applicable, to the Buyer, all in accordance with the terms and conditions
of Section&nbsp;3.1 with Appendix&nbsp;A updated for changes that occur in the ordinary course of business and in compliance with this Agreement between the Signing Date and the Closing Date and are to be reflected in the Closing Accounts.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.2.6</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of the Closing, the Seller shall have delivered, or cause to be delivered, to the Buyer: </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">evidence satisfactory to the Buyer that the conditions set forth in Sections&nbsp;6.2.1 and 6.2.2 have been fulfilled; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">executed versions of the Seller Licenses; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">an executed version of the Transitional Services Agreement; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">certificates executed by at least one board member of each of the Seller and the Company certifying copies of actions taken by the board of directors and, if
applicable, shareholders of each of the Seller and the Company authorizing the appropriate officers of the Seller and the Company to execute and deliver this Agreement and all ancillary agreements, documents and instruments executed by the Seller
and the Company pursuant hereto, and to perform the obligations and to consummate the transactions contemplated hereby and thereby, including, without limitation the transfer of the Purchased Assets to the Buyer. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The obligations of the Seller and the Company to complete the transactions contemplated by this Agreement shall be subject to the satisfaction or, where possible, the
waiver of the following Closing Conditions: </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">22 </FONT></P>



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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.3.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The warranties set forth in Section&nbsp;9 in respect of the Parent and the Buyer are true and correct in all material respects as of the Signing Date and the Closing
Date except that those warranties that are qualified by materiality or similar phrase shall be true and correct in all respects as of each of the Signing Date and the Closing Date. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.3.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Parent and the Buyer shall have performed and complied with, in all material respects, all covenants and agreements required by this Agreement to be performed or
complied with by the Parent and the Buyer on or prior to the Closing. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.3.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In accordance with Sections&nbsp;5.1.4 and 5.1.5, the Buyer shall, at the Closing pay the Purchase Price in cash by wire transfer of immediately available funds to
two&nbsp;(2) accounts, which accounts shall be designated by the Seller and the Company no less than three&nbsp;(3) Business Days prior to the Closing Date. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.3.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">At the Closing, the Buyer shall have delivered to the Seller evidence satisfactory to the Seller that the conditions set forth in Sections&nbsp;6.3.1 and 6.3.2 have
been fulfilled. </FONT></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Closing</U> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Closing
shall take place at the offices of Advokatfirman Vinge KB at &Ouml;stergatan 30, 203 13 Malm&ouml;, Sweden, at 1 p.m. Swedish time on the Closing Date. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Warranties of the Seller and the Company</U> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Prior to the Signing Date, the Buyer has conducted a due diligence review with respect to the Transferred Business together with the Buyer&#146;s professional advisors. The Buyer and the Buyer&#146;s
professional advisors have reviewed the Data Room Documents and have received requested commercial, accounting, financial and legal documentation relating to the Transferred Business. Furthermore, the Buyer and the Buyer&#146;s professional advisors
have, during the occurrence of meetings with the management of the Seller and the Company, received additional commercial, accounting, financial and legal information in oral and in written form regarding the Transferred Business. For the avoidance
of doubt, however, the occurrence of such due diligence review or the information disclosures made in connection therewith shall not be deemed to limit the Seller&#146;s or the Company&#146;s liability under this Agreement unless expressly and
specifically stated in Section&nbsp;10.2 of this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the disclosures made by the Seller and the Company as
set forth in the Disclosure Letter, the Seller and the Company jointly and severally make the following Warranties, all of which are made as of the Signing Date or such other date or period of time as explicitly stated below. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">23 </FONT></P>



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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Corporate Existence and Power; Subsidiaries</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.1.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each of the Seller and the Company is (a)&nbsp;duly incorporated, validly existing and in good standing under the Laws of its jurisdiction of organisation,
(b)&nbsp;duly qualified in each jurisdiction as required by Law to conduct business as conducted as at the Signing Date and (c)&nbsp;has the requisite corporate power and authority to enter into and perform this Agreement and any other undertaking
to be executed by the Seller or the Company pursuant to this Agreement (together with the Agreement, the &#147;<B>Transaction Documents</B>&#148;). </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.1.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each of the Seller and the Company has not filed (or have had filed against it) any petition for its winding-up, is not insolvent within the meaning of applicable Laws,
rules or regulations or similar requirements, and has not made any assignment in favour of its creditors, nor has any petition for receivership or any administration order been presented in respect of the Seller or the Company. Each of the Seller
and the Company has not initiated any proceedings with respect to a compromise or arrangement with its creditors or for the dissolution, liquidation or reorganisation of the Seller or the Company or the winding-up or cessation of the Transferred
Business. No receiver or administrative receiver or liquidator has been appointed in respect of the Company, the Seller or any of their respective material assets, including, without limitation, the Transferred Business. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.1.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As verified in the Accounts, the Company does not own or control, directly or indirectly, any interest in any other corporation, partnership, limited liability company,
association or other business entity. The Company is not a participant in any joint venture, partnership or similar arrangement. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.1.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller lawfully owns and has good title to all of the outstanding equity or other securities of the Company. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Corporate Authorisation and Non-Contravention</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Transaction Documents and the performance by each of the Seller and the Company of its obligations pursuant to the Transaction Documents have been duly authorised
by all necessary corporate action on the part of the Seller and the Company, as applicable, and the Transaction Documents will, when executed and delivered, constitute valid and binding obligations of the Seller and the Company in accordance with
their respective terms. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The execution and performance by each of the Company and the Seller of the Transaction Documents does not and will not: </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">result in a breach of any provision of the memorandum or articles of association or any provision of any other constitutional document of the Company or the Seller;
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">result in any breach of any resolution adopted by the shareholders or board of directors of the Company or the Seller; </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">24 </FONT></P>



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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">require any consent by the shareholders of the Company or the Seller, or any class of them, as applicable, which has not been unconditionally and irrevocably obtained;
or </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">result in a breach of any applicable Law or of any agreement to which either the Company or the Seller is a party or by which either the Company or the Seller is bound.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Purchased Assets; Ownership and Sufficiency</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller lawfully owns and has good and marketable title or right, as the case may be, to the Danish Assets, free and clear of all Encumbrances, and there exists no
agreement to create any Encumbrance over any of the Danish Assets. The Buyer will through this Agreement acquire good and marketable title or right to the Danish Assets free of any and all Encumbrances. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company lawfully owns and has good and marketable title or right, as the case may be, to the Swedish Assets, free and clear of all Encumbrances, and there exists no
agreement to create any Encumbrance over any of the Swedish Assets. With respect to any Swedish Assets that are leased, if any, the Company holds a valid and subsisting leasehold interest therein, free and clear of all Encumbrances, is in
compliance, in all material respects, with the terms of the applicable lease, and enjoys peaceful and undisturbed possession under such lease in accordance with its terms. The Buyer will through this Agreement acquire good and marketable title or
right to the Swedish Assets free of any and all Encumbrances. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">All of the Purchased Assets are in good operating condition, ordinary wear and tear excepted, and fully maintained and serviced on a timely basis.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Purchased Assets are adequate and sufficient to conduct the Business immediately following the Closing in a manner consistent in all material respects with the
manner in which the Business was conducted in the ordinary course prior to the Closing Date and to comply with any obligations of the Buyer following the Closing with respect to the Business, and except as provided in this Agreement, no additional
transactions, Contracts or agreements are necessary to transfer the Purchased Assets to the Buyer. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The transfer of the Assumed Liabilities shall not (a)&nbsp;constitute a default under, (b)&nbsp;result in the violation of or (c)&nbsp;give any third party the right to
materially modify or accelerate any obligation under any of the Material Agreements underlying the Assumed Liabilities in a manner that may reasonably be expected to result in a Material Adverse Effect. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Operational Permits</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;8.4 of the Disclosure Letter sets forth a complete list of all material licenses, consents, permits and authorisations
necessary for the Company or the Seller to carry on the Transferred Business in the places and in the manner in </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">25 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
which the Business is now conducted (the &#147;<B>Key Permits</B>&#148;), including any such consents, permits and authorisations required by any Governmental Authority. All material permits and
licenses required for the operation of the Business, including the Key Permits, exist and are kept in accordance with applicable Laws and in an organized fashion and are true, accurate, up-to-date and complete, and all registrations and applications
relating thereto have been fulfilled, and all applicable fees have been paid. No notice or allegation that any of the documentation mentioned in this Section&nbsp;is incorrect or should be rectified has been received, and to the Knowledge of the
Seller and the Company, there are no pending actions or other proceedings which seek the revocation thereof. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Accounts</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.5.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Accounts, true and complete copies of which are attached hereto as Appendix&nbsp;8.5.1, give a fair view of the financial position and results of the operations of
the Company in all material respects as of the Accounts Date. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.5.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Pro Forma Balance Sheet is a true and correct balance sheet of the Business as of 30&nbsp;September 2011 and has been prepared in accordance with the Seller&#146;s
and the Company&#146;s Accounting Principles and normal month end closing procedures for the Seller&#146;s Group and for the special purpose of the transactions contemplated by this Agreement. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.5.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Pro Forma Balance Sheet does not, as of the date thereof, include any asset or omit to state any Liability or other fact, the inclusion of or omission of which
renders the Pro Forma Balance Sheet, in the light of the circumstances under which it was made, misleading in any material respect. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.5.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller and the Company have prepared and delivered a copy of the Latest Estimate, which is based on reasonable assumptions known to the Seller and the Company at
the time thereof and, in light of these circumstances in which it was prepared, the Latest Estimate does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the Latest Estimate not
misleading. Neither the Seller nor the Company have taken or failed to take any action that would cause any material changes or deviations in the Latest Estimate. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.5.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except for (a)&nbsp;those Liabilities that are reflected or reserved for in the Pro Forma Balance Sheet, (b)&nbsp;Liabilities and obligations incurred pursuant to this
Agreement (c)&nbsp;Liabilities incurred by the Company with respect to the Business since 30&nbsp;September 2011 in the ordinary course of business and (d)&nbsp;Liabilities which have not been and would not reasonably be expected to be material to
the Business, the Company does not have, and since 30&nbsp;September 2011, have not incurred, any material Liabilities with respect to the Business. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26 </FONT></P>



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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.6</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Accounts Receivable; Accounts Payable</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.6.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">All Accounts Receivable have arisen from bona fide transactions in the ordinary course of business with any provisions for bad debts, to the extent that any such bad
debts exist, made in the Accounts in accordance with the Accounting Principles and in the Pro Forma Balance Sheet in accordance with the Accounting Principles. To the best of the Seller&#146;s and the Company&#146;s Knowledge, none of the Accounts
Receivable (i)&nbsp;are subject to any setoffs or counterclaims or (ii)&nbsp;represent obligations for goods sold on consignment, on approval or on sale-or-return basis or subject to any other repurchase or return arrangement.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.6.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">All accounts payable included in the Assumed Liabilities are the result of bona fide transactions in the ordinary course of business. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.7</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Material Agreements</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.7.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;8.7.1 of the Disclosure Letter sets forth all (a)&nbsp;Assigned Contracts that are material to the Business and (b)&nbsp;Contracts that relate to any
management contract or any compensatory plan, contract or arrangement (whether or not in writing) related to the Business (collectively, the &#147;<B>Material Agreements</B>&#148;). Full and up-to-date copies of the Material Agreements have been
delivered to the Buyer and the Parent prior to the Closing. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.7.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each of the Material Agreements is in full force and effect and is a valid, enforceable and binding obligation of the Company or the Seller, as applicable, and, to the
Knowledge of the Company and the Seller each other party thereto, enforceable against each such party thereto in accordance with its terms. None of the Company, the Seller or, to their Knowledge, any counterparties to any Material Agreement
(a)&nbsp;is or has been in material breach, anticipated breach or default under any Material Agreement or (b)&nbsp;has failed to perform, in any material respects, any obligations under such Material Agreement, and, to the Seller&#146;s and the
Company&#146;s Knowledge, no event has occurred which (whether with or without notice, lapse of time, or both) would constitute such a material breach or default under any Material Agreement by the Company or Seller, as the case may be, or any
counterparty. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.7.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company or the Seller, as applicable, has not received or given notice of termination of any Material Agreement </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.8</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Compliance with Law</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.8.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each of the Company and the Seller, with respect to the Business, (a)&nbsp;complies with and has at all times complied with and (b)&nbsp;conducts and has at all times
conducted the Business in accordance with applicable Laws and regulations. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.8.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each of the Company and the Seller, with respect to the Business, has not received any notice of (a)&nbsp;any controversy or investigation with respect
to the </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">27 </FONT></P>



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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Business by any Governmental Authority or any other Person or entity relating, <I>inter alia</I>, to any violation or possible violation of applicable Laws (and to the Knowledge of the Company
and the Seller, no such controversy or investigation is pending, threatened or expected); (b)&nbsp;any injunctions, cautions or remarks by any Governmental Authority towards the Business (and to the Knowledge of the Company and the Seller, no such
injunctions, cautions or remarks are pending, threatened or expected), and (c)&nbsp;any outstanding Orders, decrees or judgments in respect of the Business (and to the Knowledge of the Company and the Seller, no such Orders, decrees or judgments are
pending, threatened or expected). </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.8.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">To the Knowledge of the Company and the Seller, no material circumstances have occurred which imply any limitation or restriction in the conduct of the present
activities of the Business as presently conducted in all material respects. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.8.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Neither the Seller nor the Company has ever been subject to any liquidation or bankruptcy proceedings. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.9</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Litigation and Claims</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.9.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">There are no material claims, actions, suits, investigations or inquiries, or administrative, arbitration or other legal proceedings pending or, to the Knowledge of the
Company and the Seller, threatened in writing against the Business, or in which the Business is otherwise involved, before any court, arbitral tribunal or administrative board, agency or commission which involve a claim by any Governmental
Authority, any fiscal, regulatory or other body or by a third party against the Business. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.9.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Neither the Seller nor the Company has received any claims or complaints regarding any wrongdoings relating to the Business and, to the best of the Seller&#146;s and
the Company&#146;s Knowledge, no grounds exist for such claims or complaints. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.9.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">No investigation or enquiry is being or has been conducted by any governmental, fiscal, regulatory or other body in respect of the Business, and no such investigation
is pending, threatened or expected. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.10</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Information</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All original
copies and other relevant documentation relating to the Transferred Business, and other information which is material in relation to the Business, including historical records, are true, accurate and complete in all respects and kept in good order
and will be delivered to the Buyer on the Closing Date as set forth in Section&nbsp;3.1.1(r). </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.11</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Absence of Certain Changes or Events</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">During the period between the date of the Pro Forma Balance Sheet and the Closing Date; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">28 </FONT></P>



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<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Business has been and will be carried on in the ordinary and usual course except for the reorganization which is described in Section&nbsp;8.11(a) of the Disclosure
Letter (the &#147;<B>Reorganisation</B>&#148;); </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Seller and the Company have not sold, pledged or otherwise encumbered, and will not sell, pledge or otherwise encumber any material asset with respect to the
Business, other than in the normal course of business; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">no changes to the Accounting Principles have been made; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Seller (to the extent related to the Business) and the Company have not borrowed, and will not borrow, any additional funds from banks or other external sources,
except as disclosed in the Disclosure Letter; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Seller and the Company have not taken or failed to take any actions that would materially change the Latest Estimate or render it materially incorrect.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.12</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Insurance</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;8.12 of the Disclosure Letter sets forth a true and complete list of all material insurance policies of the Business and all
such policies are in full force and effect until the Closing Date. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.13</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Environmental Matters</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the purpose of this Section&nbsp;8.13, the definition &#147;Company&#148; means the Company and any legal entity which has been merged
into the Company. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.13.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company fully complies and has fully complied with the Environmental Laws. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.13.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company, as applicable, holds and has held all Key Permits required under Environmental Laws (&#147;<B>Environmental Permits</B>&#148;). However, the Buyer is fully
aware of the application process that has been initiated for the permit described in the Disclosure Letter. The Company fully complies, and has fully complied, with such permits and none of them will expire or be revoked as a result of the
transactions contemplated by this Agreement. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.13.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has not received any notice or other communication indicating that the Environmental Permits held by the Company may be revoked, modified, expire
prematurely or not be renewed or be renewed only on conditions less favorable than current conditions. Further, there are no circumstances or facts that could result in such revocation, modification, premature expiry or non-renewal.
</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">29 </FONT></P>



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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.13.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has not received any notice or other communication indicating that the Company may be, or may have been in violation of, or may have any Liability under,
any Environmental Laws or Key Permits. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.13.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company is not, and may not become, liable in relation to any release, contamination or disposal of Hazardous Substances that has occurred prior to the Closing
Date. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.14</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Leased Premises</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.14.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;8.14.1 of the Disclosure Letter sets forth a complete list, as of the Signing Date, of agreements for the leased real property of the Business (the
&#147;<B>Real Property Leases</B>&#148;), identifying all agreements related to the Business under which the Company is a lessee, sub-lessee, tenant, licensee or assignee of any real property owned by any third Person. Each of the Real Property
Leases is in full force and effect and is a valid, enforceable and binding obligation of the Company, and, to the Knowledge of the Company, each other party thereto, enforceable against each such party thereto in accordance with its terms.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.14.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">No property related to the Business is leased or subleased by the Company to a third party. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.15</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Intellectual Property Rights</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.15.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;8.15.1 of the Disclosure Letter sets forth a true and complete list of (a)&nbsp;all patent registrations and patent applications, trademarks, trademark
registrations, trademark applications, designs, design registrations, design applications and domain names included in the Intellectual Property Rights owned by the Seller or the Company, as applicable, as part of the Business and (b)&nbsp;all
license agreements for Intellectual Property Rights licensed by the Seller and/or the Company, as applicable, as part of the Business, except any administrative and IT system licenses for standard software licensed by the Company or Seller. The
Intellectual Property Rights set forth on Section&nbsp;8.15.1 of the Disclosure Letter are sufficient to conduct the Business as currently conducted. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.15.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller and/or the Company, as the case may be, owns or has been granted rights to use such Intellectual Property Rights that are material to the conduct of the
Business as conducted by the Seller or the Company as applicable, prior to the Signing Date and as currently conducted. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.15.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller and/or the Company, as the case may be, has all rights whether by ownership or under valid and enforceable licenses on market terms to all software used in
the conduct of the Business (&#147;<B>Software</B>&#148;). </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.15.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">No action before a Governmental Authority is pending against the Company or the Seller with respect to the Business (i)&nbsp;challenging the ownership,
enforceability, validity or use by the Company or the Seller, as applicable, of any </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">30 </FONT></P>



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<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Intellectual Property Rights, or (ii)&nbsp;alleging the Company, the Seller or any Software or any product thereof or the use thereof is violating, misappropriating or infringing the Intellectual
Property Rights of any third party individual or entity. Neither the Seller nor the Company has received any notification that a license under any third party individual&#146;s or entity&#146;s Intellectual Property Rights that is not included in
the Purchased Assets may be required to conduct the Business. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.15.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">To the Knowledge of the Company and the Seller, no Person is violating, misappropriating or infringing any material Intellectual Property Rights or Software related to
the Business. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.16</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Employment and Pension Agreements and Labour Matters</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.16.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;8.16.1 of the Disclosure Letter sets forth a true and complete list of all of the Employees describing for each such employee the position, date of hire,
base salary (whether paid on a salary, hourly or commission basis), pension entitlements, periods of notice, average scheduled hours per week, bonus potential, severance payment potential, equity compensation, accrued vacation time and the total
amount of bonus, severance and other amounts or equity to be paid to any specific Employee as a consequence of the Closing or otherwise in connection with the transactions contemplated hereby. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.16.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;8.16.2 of the Disclosure Letter sets forth a true and complete list of any collective bargaining agreements, union contracts, and similar agreements
currently in effect to which the Company or any Employee is party or otherwise bound. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.16.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has never violated any Law or agreement relating to labour or employment in any jurisdiction. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.16.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company is not involved in any litigation, arbitration or any other proceedings in relation to present or former employees, and there is no dispute between the
Company and any current or former employee or trade union (whether local, regional or national), pending or threatened. There are no pending or threatened investigations, actions, claims or charges against the Company from the Equality Ombudsman
(<I>Sw. Diskrimineringsombudsmannen</I>), the Swedish Work Environment Authority (<I>Sw. Arbetsmilj&ouml;verket</I>) or the Labour Inspectorate (<I>Sw. Yrkesinspektionen</I>) or any other Governmental Authority. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.16.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other than the Employees, there are no employees or consultants related to the Business </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.17</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Taxes</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.17.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">All Taxes with respect to the Business relating to the period up to and including the Accounts Date have been fully paid or adequate reserves have been
set up for </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">31 </FONT></P>



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<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the same and are reflected in the Accounts. All Taxes with respect to the Business relating to the period from the Accounts Date until the Closing Date which have become due and payable, shall be
withheld or collected, will be firmly paid, withheld or collected, as required under applicable Laws. No deficiency in payment of Tax with respect to the Business in respect of the period up to and including the Closing Date has been, is or will be
claimed or made by any Governmental Authority, including any Tax authority, for any year or part of a year in respect of the Company or the Seller, as applicable. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.17.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">There are no Tax audits pending with respect to the Business. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.18</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>No Brokers or Finders</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except for Piper Jaffray Ltd., no Person has or will have, as a result of the transactions contemplated by this Agreement, any right,
interest or claim against or upon the Company or the Seller for any commission, fee or other compensation as a finder or broker because of any act or omission by the Company, the Seller or any of their respective Affiliates. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.19</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Full Disclosure</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each of
the Company and the Seller has provided the Buyer with all information requested by the Buyer in connection with its decision to purchase the Transferred Business. To the Seller&#146;s and the Company&#146;s Knowledge, neither this Agreement,
including the appendices and exhibits hereto, nor any other document delivered by the Seller or the Company to the Buyer or its attorneys or agents in connection herewith or therewith or with the transactions contemplated hereby or thereby, contain
any untrue statement of a material fact nor, to the Seller&#146;s and the Company&#146;s Knowledge, omit to state a material fact necessary in order to make the statements contained herein or therein not misleading. </FONT></P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>9.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Warranties of the Buyer and the Parent</U> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Each of the Parent and the Buyer makes the following warranties to the Seller, all of which are made as of the Signing Date and the Closing Date: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Corporate Existence and Power</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.1.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each of the Parent and the Buyer is (a)&nbsp;duly incorporated, validly existing and in good standing under the Laws of the jurisdiction in which it was incorporated,
(b)&nbsp;duly qualified in each jurisdiction as required by Law to conduct business as conducted as at the Signing Date and (c)&nbsp;has the requisite power and authority to enter into and the funds necessary to perform the Transaction Documents.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.1.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Neither the Parent nor the Buyer has filed (or has had filed against it) any petition for its winding up, is insolvent within the meaning of applicable
Laws, rules or regulations or similar requirements, and has made any assignment in favour of its </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">32 </FONT></P>



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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
creditors or any class of them, nor has any petition for receivership or any administration order been presented in respect of the Parent or the Buyer. Neither the Parent nor the Buyer has
initiated any proceedings for a compromise or arrangement with its creditors or for its dissolution, liquidation or reorganisation or its winding-up or cessation of the business. No receiver or administrative receiver or liquidator has been
appointed in respect of the Parent or the Buyer or any of its or their material assets and no execution have been levied upon any of its or their material assets. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Corporate Authorisation and Non-Contravention</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.2.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Transaction Documents and the performance by the Parent and the Buyer of each of their respective obligations under them, have been duly authorised by all necessary
corporate action on the part of the Parent and the Buyer, and the Transaction Documents, will, when executed, constitute valid and binding obligations of the Parent and the Buyer in accordance with their respective terms. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.2.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The execution and performance by each of the Parent and the Buyer of Transaction Documents do not and will not: </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">result in a breach of any provision of its certificate of incorporation, bylaws, memorandum or articles of association, as applicable, or any provision of any other
constitutional document of the Parent or the Buyer; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">result in any breach of any resolution adopted by the shareholders or board of directors of the Parent or the Buyer; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">require any consent by the shareholders of the Parent or the Buyer, or any class of them, which has not been unconditionally and irrevocably obtained; or
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">result in a breach of any applicable Law or of any agreement to which the Parent or the Buyer is a party or by which the Parent or the Buyer is bound.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Litigation</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">There are no
material claims, actions, suits or, investigations or inquiries pending against the Parent or the Buyer in which the Parent or the Buyer is otherwise involved, before any court, arbitral tribunal or administrative board, agency or commission which
involve a claim by any Governmental Authority, any fiscal, regulatory or other body or by a third party against the Parent or the Buyer. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>No Brokers or Finders</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except for Stifel, Nicolaus&nbsp;&amp; Company, Incorporated, no Person has or will have as a result of the transactions contemplated by
this Agreement, any right, interest or claim against or upon the Parent or the Buyer for any commission, fee, or other </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">33 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
compensation as a finder or broker because of any act or omission by the Parent or the Buyer or any of their Affiliates. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Authority Consents</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Neither the Parent nor the Buyer is required to make any filing with, give any notice to, or obtain any consent from any authority in
connection with the execution of this Agreement or the completion of the transaction contemplated by this Agreement, except for any filings with the U.S. Securities and Exchange Commission and the NASDAQ Stock Market LLC. The Buyer agrees that all
such necessary filings or clearances are the responsibility of the Buyer and all costs incurred in relation thereto shall be borne by the Buyer. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.6</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Parent undertaking</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Parent has on the Signing Date, and prior to the Closing Date will transfer to the Buyer, the necessary financing for the acquisition of the Transferred Business. The Parent hereby undertakes to be liable as for its own debt (<I>Sw. s&aring;som
f&ouml;r egen skuld</I>) for the proper fulfilment of all obligations and liabilities of the Buyer as set out in this Agreement. Furthermore, the Parent shall take all necessary steps and actions in order to facilitate that all closing conditions
are obtained and shall use its best endeavours to make sure that Closing takes place as agreed. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>10.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Breach and Indemnification</U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Purchase Price Reduction and Indemnification</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Subject to Section&nbsp;10.2, the Parent and the Buyer shall, as their sole and exclusive remedy, be entitled to a reduction or repayment of a portion of the Purchase Price with an amount corresponding to
the Loss EUR&nbsp;by EUR&nbsp;(<I>Sw. EURO f&ouml;r EURO</I>) in respect of any Losses incurred by the Buyer or the Parent based upon, arising, directly or indirectly, out of or otherwise in respect of: (a)&nbsp;any inaccuracy of any Warranty or in
any schedule or certificate required to be delivered by the Seller or the Company under this Agreement, (b)&nbsp;any breach of or non-fulfilment of any covenant or agreement set forth herein by the Seller or the Company or (c)&nbsp;any Excluded
Liability. The Seller and the Company shall be jointly and severally liable for any Loss claimed by the Buyer or the Parent pursuant to this Section&nbsp;10. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Limitation of Liability</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as provided in Section&nbsp;10.2, the Seller&#146;s and the Company&#146;s liability in respect of any breach of any of the
Warranties, covenants or agreements made or to be performed by the Seller or the Company pursuant to this Agreement is subject to the following limitations: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Buyer and the Parent shall not be entitled to a reduction of the Purchase Price unless the aggregated amount of all Losses, subject to any
restrictions made under </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">34 </FONT></P>



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<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
this Section&nbsp;10, exceeds EUR&nbsp;135,000 in the aggregate, after which the total amount of Losses from the first EUR&nbsp;shall be payable. For the purposes hereof no individual Loss, which
is less than EUR&nbsp;13,500 shall be taken into account. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The aggregate of the liability of the Seller or the Company, as the case may be, to the Buyer and the Parent for all Losses in respect of all Claims shall in no event
exceed EUR&nbsp;2,700,000. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">No Claim shall entitle the Buyer or the Parent to a reduction of the Purchase Price unless notice in writing of any such Claim, accompanied by reasonable particulars
thereof specifying the nature of the Claim and, so far as practicable, the amount of the Claim, has been given to the Seller or the Company, and in any event no later than eighteen&nbsp;(18) months after the Closing Date. Any such Claim which may be
made, which has not been previously satisfied, settled or withdrawn, shall be deemed to have been withdrawn six (6)&nbsp;months subsequent to the Claim having been made, unless the Buyer or the Parent has referred the determination of the Claim to
arbitration pursuant to Section&nbsp;20.2-20.4 or commenced legal proceedings in respect thereof against the Seller. The Warranties contained in this Agreement or in any schedule or certificate required to be delivered pursuant to this Agreement
shall bind the Parties&#146; successors and assigns, whether so expressed or not, and, except as otherwise provided in this Agreement, all such Warranties, agreements and covenants and obligations shall inure to the benefit of the Parties and their
respective successors and assigns. Each of the Warranties shall be construed as a separate representation or warranty and shall not be limited or restricted by reference to or inference from the terms of any other Warranty. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding Section&nbsp;10.2.3, the liability of the Seller or the Company with regards to any breach of Warranty in relation to Environmental Matters
(Section&nbsp;8.13) shall remain valid for a period of 10 years following Closing and shall not be subject to the limitations in Sections&nbsp;10.2.1 and 10.2.2. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The limitations of indemnification set forth in Sections&nbsp;10.2.1, 10.2.2 and 10.2.3 shall not apply to Losses in connection with (i)&nbsp;any breach of Warranty in
relation to Section&nbsp;8.1 (Corporate Existence and Power), Section&nbsp;8.2 (Corporate Authorisation and Non-Contravention), Sections&nbsp;8.3.4 (Sufficiency of Assets) and Section&nbsp;8.18 (No Brokers or Finders), (ii)&nbsp;any breach or
non-fulfillment of any covenant of the Seller or the Company, (iii)&nbsp;the Excluded Liabilities and (iv)&nbsp;any fraud, intentional misrepresentation or a deliberate or wilful breach. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.6</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">For purposes of calculating Losses hereunder, any materiality or Material Adverse Effect qualifications (or similar qualification) in the Warranties, covenants and
agreements contained herein and in any certificates, schedules or appendices referenced herein, as applicable, shall be disregarded. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">35 </FONT></P>



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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.7</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the purposes of this Agreement, a liability, which is contingent, shall not constitute a Loss unless and until such contingent liability becomes an actual liability
and is due and payable. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.8</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If any Loss or cost referred to in Section&nbsp;10.1 hereof is a Tax deductible item, or relates to an untaxed reserve, the recoverable Loss or cost shall be reduced by
the actual Tax benefit realized by the Buyer or the Parent. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.9</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">No liability shall arise if and to the extent that any Claim: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">is based on facts or circumstances which are set forth on the Disclosure Letter; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a specific provision or allowance for the matter of the Loss has been made in the Closing Accounts, or the same is otherwise taken account of or reflected in the
Closing Accounts; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">occurs as a result of the passing of any legislation not in force at the Signing Date, or which takes effect retroactively, or occurs as a result of any increase in the
Tax rate in force on the Signing Date or any change in the generally established practise of the relevant Tax authorities; or </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">is actually recovered by the Buyer or the Parent under a policy of insurance. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.10</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The limitations in the Seller&#146;s and the Company&#146;s liability provided for in this Section&nbsp;10.2 shall be exclusive and neither the Company&#146;s nor the
Seller&#146;s liability shall be limited by any limitations provided under the Swedish Sale of Goods Act (<I>Sw. K&ouml;plagen</I>) or under any other statute, law or legal principle. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Third Party Claims and Recovery</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In case a Third Party Claim arises that would lead to a Loss for which the Seller or the Company is liable for indemnification under Section&nbsp;10.1:
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3.1.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Buyer or the Parent shall promptly, but in no event later than twenty&nbsp;(20) Business Days after the Buyer or the Parent becomes aware of the
Third Party Claim, give notice thereof to the Seller or the Company, as applicable; provided that the failure of the Buyer or the Parent to give notice of any Third Party Claim shall not release, waive or otherwise affect the Seller&#146;s or the
Company&#146;s obligations, as applicable, with respect thereto except to the extent that the Seller or the Company, as applicable can demonstrate actual loss and prejudice as a result of such failure. The Seller and the Company shall have the right
upon written notice to the Parent or the Buyer within ten&nbsp;(10) Business Days after the Seller&#146;s or Company&#146;s receipt of notice of such Claim, to conduct at its expense the defence against such claim in its own name, or if necessary in
the name of the Parent or the Buyer. If Seller or the Company, as applicable, elects to assume control, the Seller or the Company, as applicable, shall consult with the Parent and Buyer for the purpose of allowing the Parent and Buyer to participate
in such </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">36 </FONT></P>



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<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
defence at its own cost. If the Seller or the Company, as applicable, elects not to assume control, the Parent or the Buyer, as applicable, shall retain control of such Third Party Claim.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3.1.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Neither the Buyer nor the Parent shall make any admission of liability or agree to settle or compromise any Claim with any Person, body or authority in relation
thereto, without obtaining the prior written consent of the Seller or the Company, as applicable, which shall not be unreasonably withheld, conditioned or delayed. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3.1.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Seller or the Company, as applicable, elects to assume control of the defence pursuant to Section&nbsp;10.3.1.1, the Parent and the Buyer shall grant and give
(a)&nbsp;all authorisations and all reasonable assistance necessary to enable the Seller or the Company, as applicable, to dispute and defend any such claim and properly to conduct any litigation resulting there from and (b)&nbsp;reasonable access
to the personnel of the Parent and the Buyer, as the case may be, and to any relevant premises, accounts, documents and records within their respective possessions, in order to enable the Seller or the Company, as applicable, to examine the basis of
any potential Third Party Claim. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Seller or the Company, as applicable, makes any payment to the Buyer or the Parent, as applicable, as a settlement of a Claim and the Buyer or the Parent has the
right to recover from any third party any amount that has formed the basis of the Claim, the Buyer or the Parent, as applicable, shall promptly and upon written request from the Seller or the Company, as applicable, assign that right to the Seller
or the Company, as applicable. </FONT></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>11.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Covenants of the Seller and the Company</U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Pre-Closing Conduct of the Transferred Business and the Company</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Except as contemplated by this Agreement or as otherwise consented to in writing by the Buyer, from Signing Date through the Closing: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.1.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller and the Company shall: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">conduct the Business only in the ordinary course of business and consistent with the Latest Estimate; and </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">use their best efforts to (i)&nbsp;preserve the present business operations, organisation (including officers and employees) and goodwill of the Business,
(ii)&nbsp;preserve the present relationships with all Persons having business dealings with the Business (including customers and suppliers) and (iii)&nbsp;diligently and promptly pursue all consents, approvals and clearances necessary to satisfy
the Closing Conditions set forth in Section&nbsp;6. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.1.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Without limiting the generality of the foregoing, except as otherwise expressly provided in this Agreement or with the prior written consent of the
Parent, the </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">37 </FONT></P>



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<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Seller and the Company shall not (i)&nbsp;take any of the actions set forth in Section&nbsp;8.11 or (ii)&nbsp;increase the compensation arrangements described in Section&nbsp;8.16.1 of the
Disclosure Letter with any Employee. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Access to Information; Cooperation</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">From the Signing Date until the Closing, upon reasonable notice, the Seller and the Company shall and shall cause each of the Seller&#146;s and the Company&#146;s respective officers, directors,
employees, agents, representatives, accountants and counsel to, afford the officers, employees and authorized agents, representatives, accountants, counsel and any financing sources of the Parent and the Buyer reasonable access, during normal
business hours upon reasonable notice, to the offices, properties, plants, other facilities, books and records of or relating to the Business and to those officers, employees, agents, representatives, accountants and counsel of the Seller and the
Company who have knowledge relating to the Business; provided, however, that the Parent and the Buyer and each of their respective officers, employees and authorized agents, representatives, accountants, counsel and financing sources shall not
unreasonably interfere with the business and operations of the Company or the Seller. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Competition Authority Matters</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.3.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Parties have agreed that the transactions consummated by this Agreement do not require any filing or approval by any competition authorities before Closing.
However, should any filing or approval be required the Parties shall use their best efforts to co-operate in order to fulfill any such requirements. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.3.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In order to comply with any investigation or inquiry by any Governmental Authority having jurisdiction with respect to the transactions contemplated hereby pursuant to
applicable antitrust, monopolization or business competition matters, the Buyer and the Seller shall (a)&nbsp;make any filings required of them or any of their respective Affiliates under any applicable Law as promptly as practicable following the
date hereof; (b)&nbsp;comply at the earliest reasonable practicable date with any request for additional information, documents, or other materials received by them or any of their Affiliates from or by any relevant Governmental Authority in respect
of such filings or such transactions; and (c)&nbsp;cooperate with the other in connection with any such filings (including, to the extent permitted by applicable Law, providing copies of all such documents to the other prior to filing and
considering all reasonable additions, deletions or changes suggested in connection therewith) and in connection with resolving any investigation or other inquiry by any Governmental Authority under any applicable Law with respect to any such filing
or such transaction. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.3.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each of the Buyer and the Seller shall promptly inform the other of any oral communication, and provide copies of written communications, with any
Governmental Authority regarding any such filings made pursuant to Section&nbsp;11.3.1 or the transactions contemplated by this Agreement, and not </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">38 </FONT></P>



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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
participate in any substantive meeting or discussion with any Governmental Authority in respect of any such filings, investigation or inquiry concerning such transactions unless it consults with
the other in advance and, to the extent permitted by such Governmental Authority, gives the other the opportunity to attend and participate thereat. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.3.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Buyer and the Parent shall use their best commercial efforts to comply with the matters covered in this Section&nbsp;11.3 in order to ensure a proper and swift
process to enable Closing including undertaking reasonable actions and financial undertakings in order to affect the transactions consummated by this Agreement. Notwithstanding anything to the contrary in this Agreement, neither the Parent, the
Buyer nor any of their Affiliates shall be required, in connection with the matters covered by this Section&nbsp;11.3, prior to the Closing (a)&nbsp;to pay any material amounts (other than the payment of filing fees and expenses and fees of
counsel), (b)&nbsp;to commence or defend any litigation, (c)&nbsp;to hold separate (including by trust or otherwise) or divest any of its respective businesses, product lines or assets (which for purposes of this sentence shall include material
parts of the Transferred Business), (d)&nbsp;to agree to any limitation on the operation or conduct of its or any of its Affiliates&#146; respective businesses or (e)&nbsp;to waive any of the conditions set forth in Section&nbsp;6 of this Agreement.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.3.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding anything to the contrary in this Agreement, following the Closing, neither the Seller nor the Company shall have any potential liability to the Buyer or
the Parent, and no Buyer Indemnified Party shall have any right to make any Claim for any Loss under Section&nbsp;10, arising in connection any investigation, inquiry or litigation initiated by, or temporary restraining order, preliminary or
permanent injunction or other Order from, any Governmental Authority having jurisdiction with respect to the transactions contemplated hereby pursuant to applicable antitrust, monopolization or business competition matters. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>No Shop</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.4.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Until the earlier of (a)&nbsp;the termination of this Agreement or (b)&nbsp;the consummation of the transactions contemplated herein, neither the
Seller nor the Company will, and neither will permit any of its directors, officers, counsel, advisors or representatives or any of its subsidiaries to, directly or indirectly, (i)&nbsp;discuss, negotiate, undertake, authorize, recommend, propose or
enter into, either as the proposed surviving, merged, acquiring or acquired corporation, any transaction involving a merger, consolidation, business combination, purchase or disposition of any material portion of the Transferred Business other than
the transactions contemplated by this Agreement (an &#147;<B>Acquisition Transaction</B>&#148;), (ii)&nbsp;facilitate, encourage, solicit or initiate discussions, negotiations or submissions of proposals or offers in respect of an Acquisition
Transaction, (iii)&nbsp;furnish or cause to be furnished, to any Person, any information concerning the business, operations, properties or assets of the Transferred Business in connection with an Acquisition Transaction, or (iv)&nbsp;otherwise
cooperate in any way with, or assist or participate </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">39 </FONT></P>



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<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
in, facilitate or encourage, any effort or attempt by any other Person to do or seek any of the foregoing. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.4.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller and the Company shall, and shall cause their respective subsidiaries and representatives to, immediately cease and cause to be terminated any existing
discussions or negotiations with any Persons (other than the Parent or the Buyer) conducted heretofore with respect to any of the foregoing. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.4.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller and the Company shall notify the Parent promptly (but in no event later than twenty-four&nbsp;(24) hours) after receipt by the Seller, the Company or any of
their respective Affiliates and subsidiaries or representatives of any proposal or offer from any Person other than the Buyer to effect an Acquisition Transaction or any request for non-public information relating to the Transferred Business or for
access to the properties, books or records of the Company or the Seller with respect to the Transferred Business by and Person other than the Parent or the Buyer. Such notice shall indicate the identity of the Person or entity making the proposal or
offer, or intending to make a proposal or offer or requesting non-public information or access to the books and records of the Company or any of its subsidiaries. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Non-Competition; Non-Solicitation</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.5.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller, the Seller Group and the Company shall not directly or indirectly pursue, carry out or participate in any activity which involves the development,
manufacture, use, offer for sale, importation, sale or use of (a)&nbsp;recombinant transferrin or fragments, mutants and derivatives of recombinant transferrin within the fields of Industrial Cell Culture or Stem and Therapeutic Cell Culture and/or
In Vitro Fertilisation, however, specifically excluding products for drug delivery, targeting, conjugation, fusion, association, half-life extension, nanoparticles, diagnostics and imaging, (b)&nbsp;LongR3&reg;IGF-1, Long&reg;EGF, Long&reg;TGF-<FONT
STYLE="FONT-FAMILY:SYMBOL">&#097;</FONT> and (c)&nbsp;Affinity Ligands. This undertaking shall apply from Closing Date and for five&nbsp;(5) years.&nbsp;Notwithstanding the foregoing, neither the existing rights to sell Bioreagents (as defined in
the CRC Agreements) for public and private research purposes granted under the Sale, Purchase&nbsp;&amp; License Agreement dated 24&nbsp;November 2010 between the Seller and Novozymes Biopharma AU Ltd. on the one side, and GroPep Bioreagents Pty.
Ltd. on the other side, nor the existing contractual relationship with BioRexis Pharmaceutical Corporation under the License Agreement between the Seller and BioRexis Pharmaceutical Corporation, dated 3&nbsp;February 2003, nor the Seller&#146;s
performance of its obligations thereunder, shall constitute a breach of this undertaking and covenant. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.5.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">For a period of three (3)&nbsp;years from and after the Closing Date the Seller, the Seller Group and the Company shall not, and shall cause their
respective directors, officers, employees and Affiliates not to, directly or indirectly cause, solicit, induce or encourage any Employees to leave the Buyer&#146;s employment or hire, employ or otherwise engage any such individual without the prior
written </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">40 </FONT></P>



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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
consent of the Buyer unless the Buyer has terminated such employment; provided, however, that the foregoing shall not limit any recruitment rendered through generally published recruitment
advertisement as long as such recruitment is not targeted at employees of the Transferred Business (wherever operated by the Buyer or the Parent). </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.5.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Parties hereto agree that, if any court of competent jurisdiction determines that a specified time period, a specified geographical area, a specified business
limitation or any other relevant feature of this Section&nbsp;is unreasonable, arbitrary or against public policy, then a lesser period of time, geographical area, business limitation or other relevant feature which is determined by such court to be
reasonable, not arbitrary and not against public policy may be enforced against the applicable Party. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.6</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Employees</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.6.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Parties are aware that all of the employment agreements between the respective Employee and the Company will be transferred to the Buyer on the same terms and
conditions as regulated in Section&nbsp;6b of the Employment Protection Act. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.6.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller and the Company have fulfilled, and covenant that they will continue to fulfil up and until the Closing Date, all their information, consultation and other
obligations under the Swedish Co-Determination in the Workplace Act (SFS 1976:580) and other applicable Laws, regulations and agreements relating to the Employees and the trade unions. The Seller and the Company further covenant to use all other
reasonable efforts to maintain good relations with the relevant trade unions in the period up and until the Closing Date and to keep the Buyer informed of any correspondence from and to and all other interactions with the relevant trade unions.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.6.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except for the &#147;Employee Liabilities&#148; on the Closing Accounts assumed by the Buyer, all salaries and other costs relating to the employments,
including holiday pay, Taxes, employer&#146;s fees and pension benefits and other emoluments relating to the Employees during the period up to the Closing Date shall be paid by the Company when due. As from the Closing Date, all salaries and other
costs relating to the employment, including holiday pay, Taxes, employer&#146;s fees and pension benefits and other emoluments relating to the Employees whose employment is transferred to the Buyer and that relate to the time after the Closing Date
or are included within the amounts listed under the heading &#147;Employee liabilities&#148; on the Closing Accounts, shall be paid by the Buyer. The Company shall retain those of the Employees, that choose not to transfer their employment to the
Buyer (the &#147;<B>Non-continuing Employees</B>&#148;), however the Buyer shall assume any and all Liabilities, including salary in the notice period in respect of the Non-continuing Employees. The Company shall use its best endeavours to direct
the Non-continuing Employees to provide their services to </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">41 </FONT></P>



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<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the Buyer within their notice periods without charge to Buyer to the extent this kind of arrangement is upheld by Law or Governmental Authority. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.7</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Insurance</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller and
the Company undertake to keep in force its existing insurance policies, as listed in Section&nbsp;11.7 of the Disclosure Letter, in respect of the Danish Assets and the Swedish Assets until the Closing Date. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.8</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Informational Technology (IT) and Financial Systems</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Seller and the Company undertake to use their best commercial endeavors to enable the Buyer for the period between the Signing Date and the Closing Date to have reasonable access to the Informational
Technology (IT) systems and financial systems used in the Business in order for the Business to work on a standalone basis in a commercially reasonable manner as of the Closing. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.9</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Confidentiality</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each
Party undertakes not to use or disclose the existence of this Agreement, any financial information, trade secrets, customer lists or other information which it may from time to time receive or obtain (orally or in writing or in disc or electronic
form) as a result of entering into or performing its obligations pursuant to this Agreement or otherwise, relating to any of the Parties which is not in the public domain unless (i)&nbsp;required to do so by law or pursuant to any Order of court or
other competent authority or tribunal, (ii)&nbsp;required to do so by any applicable stock exchange regulations or the regulations of any other recognised market place, (iii)&nbsp;such disclosure has been consented to by the other Party in writing
(such consent not to be unreasonably withheld), or (iv)&nbsp;the information is disclosed to its professional advisers who are bound to such Party by a duty of confidentiality which applies to any information disclosed. If a Party becomes required,
in circumstances contemplated by clause (i)&nbsp;to disclose any information, the disclosing Party shall use its reasonable endeavours to consult with the other Party prior to any such disclosure. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.10</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Further Assurances</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Seller and the Company shall execute and deliver such further instruments of conveyance and transfer and take such additional action as Buyer may reasonably request to effect, consummate, confirm or evidence the transfer to Buyer of the Transferred
Business and any other transactions contemplated hereby. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>12.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Termination</U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Parties may terminate this Agreement prior to the Closing as follows: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.1.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Parties may terminate this Agreement by mutual written consent. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">42 </FONT></P>



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<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.1.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Parent and the Buyer may terminate this Agreement (provided that neither the Parent nor the Buyer is in material breach of this Agreement) by giving written notice
to the Seller and the Company in the event the Seller or the Company is in material breach of any warranty, obligation, covenant or agreement contained in this Agreement, and such breach, individually or in combination with any other such breach,
(i)&nbsp;would cause the Closing Conditions set forth in Sections&nbsp;6.2.1 and 6.2.2 not to be satisfied and (ii)&nbsp;is not cured within twenty&nbsp;(20) days following delivery by the Parent or the Buyer to the Seller and the Company of written
notice of such breach. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.1.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller and the Company may terminate this Agreement (provided that neither the Seller nor the Company is in material breach of this Agreement) by giving written
notice to the Parent and the Buyer in the event the Parent or the Buyer is in material breach of any warranty, obligation, covenant or agreement contained in this Agreement, and such breach, individually or in combination with any other such breach,
(i)&nbsp;would cause the Closing Conditions set forth in Sections&nbsp;6.3.1 or 6.3.2 not to be satisfied and (ii)&nbsp;is not cured within twenty&nbsp;(20) days following delivery by the Seller or the Company to the Parent and the Buyer of written
notice of such breach. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.1.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event that the Closing Conditions, have not been fulfilled on or before 30&nbsp;April 2012, each of the Seller or the Company, the Parent or the Buyer shall be
entitled, in their sole discretion, to terminate this Agreement forthwith in writing; provided that the Seller or the Company may not terminate this Agreement pursuant to this Section&nbsp;12.1.4 if the failure to satisfy the Closing Conditions
resulted from the breach of this Agreement by or on behalf of the Seller or the Company and the Parent and the Buyer may not terminate this Agreement pursuant to this Section&nbsp;12.1.4 if the failure to satisfy the Closing Conditions resulted from
the breach of this Agreement by or on behalf of the Parent or the Buyer. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If either the Buyer and the Parent, on the one hand, and the Seller or the Company, on the other hand, terminate this Agreement pursuant to Section&nbsp;12.1, all
obligations of the Parties hereunder shall terminate without any liability of any Party to the other Parties (except for any liability of a Party for breaches of this Agreement), provided that the provisions set forth in Sections&nbsp;11.9, 13, 14,
15, 17 and 20 shall survive any such termination. </FONT></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>13.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Announcements</U> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On
the date this Agreement is executed (or if executed after the close of business, no later than the opening of the NASDAQ Global Market on the next day), the Seller and the Parent shall each issue a press release with respect to the execution hereof
and the transactions contemplated hereby in such form as shall be mutually agreed upon by the Seller and the Parent. All other press releases or public announcements by the Parties with regard to this Agreement or the transactions contemplated by it
shall be mutually approved by the Parties in </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">43 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
advance of such release or announcement. Any Party shall, however, not be prevented from disclosing such information which is required under applicable Law or under any applicable stock exchange
regulations or the regulations of any other recognised market place. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Costs</U> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each Party
shall pay its own costs and expenses in connection with the preparation of and the completion of the transactions contemplated by, or otherwise incurred in the performance of such Party&#146;s obligations or exercise of its rights under, this
Agreement, including but not limited to all fees and expenses of its own representatives, agents, brokers, legal and financial advisers and authorities. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Entire Agreement </U> </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Agreement represents the entire understanding and agreement between the Parties with respect to the subject matter hereof and
supersedes all prior negotiations, understandings and agreements (whether oral or written) relating to the subject matter hereof. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>16.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Amendments and Waivers</U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Agreement may only be amended by an instrument in writing duly executed by the Parties. No change, termination, modification or waiver of any provision, term or
condition of this Agreement shall be binding on the Parties, unless it is made in writing and duly executed by the Parties. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In no event shall any delay, failure or omission of a Party in enforcing, exercising or pursuing any right, claim or remedy under this Agreement be deemed as a waiver
thereof, unless such right, claim or remedy has been expressly waived in writing by such Party. </FONT></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>17.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Notices </U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">All notices, requests, demands, approvals, waivers and other communications required or permitted under this Agreement must be in writing in the English language and
shall be deemed to have been received by a Party when: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">delivered by post, unless actually received earlier, on the third Business Day after posting, if posted within Sweden, or the fifth Business Day, if posted to or from a
place outside Sweden; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">delivered by hand, on the day of delivery; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">delivered by fax, on the day of dispatch if supported by a written confirmation from the sender&#146;s fax machine that the message has been properly transmitted;
</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">44 </FONT></P>



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<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If delivered by e-mail, including .PDFs, upon confirmation by the receiving Party. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All such notices and communications shall be addressed as set out below or to such other addresses as may be given by written notice in
accordance with this Section. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If to the Seller (or to the Company pre-Closing): </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Novozymes BioPharma DK A/S </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Attention: Managing Director </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">KROGSHO JVEJ 36 2880 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">BAGSVERD GLADSAXE </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">DENMARK G7 00000 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fax No. + 45 4446 9999 </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">With a copy (which shall not constitute notice) to<B>: </B> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Advokatfirman Vinge KB </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Attention: Bj&ouml;rn Mullaart </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">P.O. Box 4303 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">SE-203 13 Malm&ouml; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Sweden </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fax No. + 46 40 664 5501 </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If to the Parent or the Buyer (or to the Company post-Closing): </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Repligen Corporation </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">41 Seyon Street Building 1 Suite 100 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Waltham, Massachusetts
02453 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">United States </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Attention: Walter C. Herlihy, President and Chief Executive Officer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Fax No. (781)&nbsp;250-0115 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">With a copy (which shall not constitute notice) to:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Goodwin Procter LLP </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">53 State Street </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Boston, Massachusetts 02109 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">United States </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Attention: Lawrence S. Wittenberg, Esq. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fax No.
(617)&nbsp;523-1231 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">and </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Andulf Advokat AB </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Kungsgatan 8 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">111 43 Stockholm </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Martin Pilotti </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">45 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fax No.&nbsp;+46 (0)8 505 31 001 </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the purposes of this Agreement, &#147;writing&#148; or &#147;written&#148; shall include faxes and PDFs but not e-mails (except for as explicitly expressed above).
</FONT></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>18.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Assignments</U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">18.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Seller or the Company may not assign, delegate, sub-contract, or otherwise transfer or pledge or grant any other security interest in or over any of its rights or
obligations under this Agreement without the prior written consent of the other Parties, except that, following the Closing, the Seller may transfer or assign, in whole, its rights and obligations under this Agreement to an acquirer of the Seller or
all or substantially all of the Seller&#146;s assets, provided that the acquirer shall remain liable as for its own debt (<I>Sw. s&aring;som f&ouml;r egen skuld) </I>for all obligations under this Agreement. Notwithstanding the foregoing, the
Company shall have full freedom and shall not be restricted by any undertaking in this Agreement to enter into voluntary liquidation following Closing. In the event that the Company is dissolved as a consequence of a voluntary liquidation, the
Seller shall assume all obligations and liabilities of the Company towards the Buyer. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">18.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Neither the Parent nor the Buyer may assign, delegate, sub-contract, or otherwise transfer or pledge or grant any other security interest in or over any of its rights
or obligations under this Agreement without the prior written consent of the other Parties, except that the Buyer may transfer or assign, in whole or in part, its rights and/or obligations under this Agreement to any company or entity directly or
indirectly controlling, controlled by or under common control with the Buyer and, following the Closing, the Buyer or the Parent may each transfer or assign, in whole, its rights and obligations under this Agreement to an acquirer of the Buyer, the
Parent or all or substantially all of the Transferred Business, provided that the acquirer shall remain liable as for its own debt (<I>Sw. s&aring;som f&ouml;r egen skuld) </I>for all obligations under this Agreement. </FONT></TD></TR></TABLE>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>19.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Partial Invalidity</U> </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:9%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If any provision of this Agreement or the application of it shall be declared or deemed void, invalid or unenforceable in whole or in part
for any reason, the remaining provisions of this Agreement shall continue in full force and effect. The Parties shall seek&nbsp;to amend such void, invalid or unenforceable provisions&nbsp;and thereby&nbsp;this Agreement&nbsp;in order to give effect
to, so far as is possible, the spirit of this Agreement and to achieve the purposes intended by the Parties. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>20.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Governing Law and Disputes</U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">20.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Agreement shall be governed by and construed in accordance with the Laws of Sweden. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">46 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">20.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any dispute, controversy or claim arising out of, or in connection with, this Agreement, or the breach, termination or invalidity of the Agreement, shall be finally
settled by arbitration in accordance with the Arbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">20.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The place of arbitration shall be Stockholm, Sweden. The language to be used in the arbitral proceedings shall be English. The arbitral tribunal shall be composed of
three (3)&nbsp;arbitrators. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">20.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Parties undertake and agree that all arbitral proceedings conducted with reference to this arbitration clause will be kept strictly confidential. This
confidentiality undertaking shall cover all information disclosed in the course of such arbitral proceedings, as well as any decision or award that is made or declared during the proceedings. Information covered by this confidentiality undertaking
may not, in any form, be disclosed to a third party without the written consent of the other Party. This notwithstanding, a Party shall not be prevented from disclosing such information in order to safeguard in the best possible way his rights
vis-&agrave;-vis the other Party in connection with the dispute, or if the Party is obliged to so disclose pursuant to statute, regulation, a decision by an authority, a stock exchange or similar. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">20.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In case this Agreement or any part of it is assigned or transferred to a third party, such third party shall automatically be bound by the provisions of this
arbitration clause. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">47 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Agreement has been duly executed in four&nbsp;(4) original copies, of which each of the Parties has
taken one (1)&nbsp;copy. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lund, Sweden, October&nbsp;27, 2011 </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>SELLER</U>:</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Novozymes Biopharma DK A/S</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Thomas S.
Batchelor</FONT></P></TD></TR></TABLE></DIV><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thomas S. Batchelor</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director, M&amp;A</FONT></TD></TR></TABLE></DIV><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Niels
M&uuml;nter</FONT></P></TD></TR></TABLE></DIV><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Niels M&uuml;nter</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Legal Counsel</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>COMPANY</U>:</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Novozymes Biopharma Sweden AB</B></FONT></TD></TR></TABLE></DIV><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Thomas S.
Batchelor</FONT></P></TD></TR></TABLE></DIV><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thomas S. Batchelor</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director, M&amp;A</FONT></TD></TR></TABLE></DIV><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Niels
M&uuml;nter</FONT></P></TD></TR></TABLE></DIV><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Niels M&uuml;nter</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Legal Counsel</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>BUYER</U>:</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Goldcup 7136 AB under name change to Repligen Sweden AB</B></FONT></TD></TR></TABLE></DIV><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Walter C.
Herlihy</FONT></P></TD></TR></TABLE></DIV><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Walter C. Herlihy</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chairman of the Board</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Signature Page to the Asset Transfer Agreement </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>PARENT</U>:</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Repligen Corporation</B></FONT></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Walter C.
Herlihy</FONT></P></TD></TR></TABLE></DIV><DIV ALIGN="right">
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Walter C. Herlihy</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">President and Chief Executive Officer</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Signature Page to the Asset Transfer Agreement </B></FONT></P>
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<DESCRIPTION>PRESS RELEASE
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 <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="middle"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><B><I>Repli</I></B><B></B><I>Gen</I><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Repligen Corporation</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">41 Seyon
Street</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Building #1, Suite 100</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Waltham, Massachusetts 02453</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telephone:
781-250-0111</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FOR IMMEDIATE RELEASE</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telefax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781-250-0115</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CONTACT: </B></FONT></P>
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<TD VALIGN="top"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Walter C. Herlihy, PhD</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">President and Chief Executive Officer</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(781)
419-1900</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Laura L. Whitehouse</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">VP, Market Development</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(781)
419-1812</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Repligen Acquires Business of Novozymes Biopharma Sweden AB </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Creates World-Leading Supplier of Products for Manufacturing Biologic Drugs </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Accelerates Path to Near-Term, Sustainable Profitability </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Conference Call Scheduled for Friday October&nbsp;28, 2011 at 8:30am EDT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>WALTHAM, MA
&#150; October&nbsp;27, 2011</B> &#150; Repligen Corporation (NASDAQ: RGEN) today announced the execution of a definitive agreement to acquire the business of Novozymes Biopharma Sweden AB in a cash transaction of 17&nbsp;million euros (~$22.7
million) and future potential milestone payments of 4&nbsp;million euros (~$5.6 million). This transformative acquisition will elevate Repligen to a world-leading supplier of products for manufacturing biologic drugs with the potential to yield
sustainable growth and profitability in fiscal year 2013, beginning April&nbsp;1, 2012. The combined company is expected to generate total revenues of approximately $50 million in fiscal year 2013. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Novozymes Biopharma acquisition diversifies and expands Repligen&#146;s product offering and customer base while doubling the company&#146;s
manufacturing capacity. Novozymes Biopharma AB is a leader in the manufacture and supply of growth factors used in mammalian cell culture and Protein A affinity ligands used in the production of monoclonal antibodies. The company is located in Lund,
Sweden and operates a 45,000 sq. ft., c-GMP capable production facility which was recently renovated in 2008 with an investment of ~$25 million. The products acquired in the Novozymes transaction are anticipated to generate $16-$17 million in
revenue in 2011, and are sold primarily under long-term supply agreements with major life sciences companies including EMD Millipore, Sigma-Aldrich Corporation and GE Healthcare. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;This acquisition positions Repligen as a leading producer of high value, consumable products that will directly benefit from the long-term growth of the biologics market,&#148; stated Walter C.
Herlihy, President and Chief Executive Officer of Repligen Corporation. &#147;Earlier this year we announced our strategic objective to transition into a commercially focused company, and the acquisition of the Novozymes business will deliver on
that goal by significantly augmenting our product portfolio and providing a path to sustainable profitability.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Repligen is currently a
leader in the supply of four different forms of recombinant Protein A, a key ingredient used in the production of most monoclonal antibodies. Through this transaction, Repligen will acquire Novozymes &#147;native&#148; Protein A product which is
used in the production of several of the early blockbuster monoclonal antibody drugs. The combined company will be well positioned to fully benefit from the long-term growth of the monoclonal antibody market. There are more than 50 approved
monoclonal antibody products and 200 candidates currently in clinical development, most of </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">- more -
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Repligen Acquires Business of Novozymes Biopharma Sweden AB, October 27, 2011 </I></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><I></I><I> Page
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which are manufactured using Protein A. Importantly, as part of the acquisition, GE Healthcare and Repligen have extended the term of their existing supply agreement for recombinant Protein A
from 2014 to 2021. A further key benefit of the acquisition is Repligen&#146;s expansion into the cell culture ingredients market which increases our product breadth and opens a market opportunity for us in the production of fermentation ingredients
and a future market opportunity as stem and cell-based therapies emerge. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Strategic Benefits of the Transaction </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Diversifies Repligen&#146;s revenue source and customer base</B>: the combined company will manufacture and sell more than 20
products to the biopharmaceutical industry which are incorporated into the manufacture of more than 50 approved products and 200 products in clinical development. The products will be sold under long-term supply agreements with four leading life
sciences companies as well as directly to a variety of end-users and will expand our customer base. The key products that Novozymes produces include insulin like growth factor (LONG<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT>R3 IGF-I), native and recombinant Protein A products, and other growth factors which have potential applications in cell based therapies. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Expands manufacturing capacity</B>: Novozymes Biopharma operates a state of the art, 45,000 sq. ft. manufacturing facility in Lund, Sweden which was
extensively renovated in 2008 to double its fermentation capacity to approximately 6,000 liters and to provide the opportunity to manufacture under cGMP. The combined company will operate two independent manufacturing sites with the potential to
manufacture products at both locations increasing efficiency and security. In addition, the two facilities are expected to support anticipated growth for the next several years without the need for significant additional capital expenditures.
Repligen and Novozymes Biopharma each have more than 15 years of experience in the manufacture of biologic products and employ highly skilled and experienced workforces. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Additional Financial Details </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This is a cash transaction of 17&nbsp;million euros with
contingent milestone payments of 4&nbsp;million euros which are payable in 2012-2015 based on the complete transfer of specific manufacturing technology and the achievement of specified revenue targets for the products used in cell culture in
2012-2014. We expect that the profit generated by the combined company will benefit from our $57 million in net operating loss Federal tax credits. The acquisition is anticipated to close by the end of the year, upon the transfer of key permits and
satisfaction of other customary closing conditions.&nbsp;Repligen does not anticipate seeking preclearance of the acquisition from any antitrust authorities or the applicability of any antitrust&shy;based statutory waiting periods. The combined
bioprocessing businesses are expected to have low selling, general and administrative expenses since the majority of the revenue derives from long-term supply agreements. Based on our projections and a previously secured exchange rate of $1.337/euro
for the upfront payment, we expect to have $35-$37 million in cash and no debt at the end of our current fiscal year, ending March&nbsp;31, 2012. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Novozyme&#146;s Protein A and Cell Culture Ingredients Business </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Protein A is a critical
reagent used in the affinity purification of therapeutic monoclonal antibodies, currently estimated to be a $48 billion segment of the global biologics market and is expected to continue to grow at 10% each year with new applications in cancer,
osteoporosis and asthma. The </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">- more -
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Repligen Acquires Business of Novozymes Biopharma Sweden AB, October 27, 2011 </I></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><I></I><I> Page
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 of 4</I><I> </I> </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
natural form of protein A known as &#147;native Protein A&#148; is incorporated into the manufacturing processes of several key first generation commercial monoclonals which generate more than
$20 billion in annual revenue and are the subject of more than 1,000 on-going clinical trials to expand their use. Through the acquisition of Novozymes Biopharma, Repligen will become a leading commercial manufacturer of native Protein A. Novozymes
Biopharma also manufactures certain forms of recombinant Protein A which are used in the manufacture of many more recently approved monoclonal antibodies. This acquisition positions Repligen to benefit fully from the continued growth of the global
monoclonal antibody market. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">Most biologics, including monoclonal antibodies, are produced in mammalian cell culture whose
growth is supported by supplements and growth factors. Repligen is acquiring four cell culture supplements or growth factors as part of the acquisition of Novozymes Biopharma. LONG<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT>R</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> IGF-I is a proprietary growth factor that can be added to cell culture systems in order to promote growth in viable cell number. LONG<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT>R</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> IGF-I is more biologically potent than either insulin or native IGF-1 and has been shown to significantly increase recombinant protein production in cell culture applications. LONG<FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT>R</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> IGF-I is produced under a 10 year supply agreement with SAFC, the custom chemicals manufacturing and services group
within Sigma-Aldrich Corporation. SAFC has distribution rights for industrial cell culture applications of
LONG<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT>R</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> IGF-I, and the product is currently used in the manufacture of nine commercial biologic products. Repligen will have
the exclusive right to sell LONG<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT>R</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> IGF-I for use in stem cell and other cell based therapies. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">Long epidermal growth factor (LONG<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT>EGF) and transforming growth factor alpha
(LONG<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT>TGF-<FONT STYLE="FONT-FAMILY:SYMBOL">&#097;</FONT>) are analogues of human growth factors used as
supplements for serum-free or low serum culture in cell based therapy applications. Recombinant transferrin (rTransferrin) is a recombinant version of human transferrin which had been developed as an iron supplement for cell culture. There may be
additional applications for these growth factors in stem cell and other cell based therapies. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Repligen&#146;s Bioprocessing Business
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For more than ten years, Repligen has been a leading supplier to the biopharmaceutical industry of products based on recombinant Protein
A, a key consumable used in the manufacture of most monoclonal antibody drugs. We currently manufacture four distinct recombinant Protein A products. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Repligen currently markets a line of pre-packed, single-use, plastic chromatography columns under the trade name Opus&#153;. Single-use, plastic products are revolutionizing the production of
biopharmaceuticals and vaccines as they significantly decrease operating expenses by reducing production time and increasing facility flexibility. In the first quarter of next year, we plan to launch Opus&#153; LS, a &#147;large scale&#148; format
of Opus&#153; chromatography columns, which has been developed in response to requests from numerous customers who are interested in incorporating Opus&#153; LS into their single-use manufacturing processes. Opus&#153; LS products will be
manufactured for use in a cGMP facility and are differentiated from other single-use chromatography products by providing customers columns in any size, packed with chromatography media from any vendor. In addition, we currently sell Protein A
affinity resins to biopharmaceutical customers as well as Protein A detection ELISA kits which are used in quality control testing. We have a focused sales force that is responsible for sales of our direct to end-user products. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">- more -
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Repligen Acquires Business of Novozymes Biopharma Sweden AB, October 27, 2011 </I></FONT></P>
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 <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>About Biologic Drugs and the Biologics Market </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In 2010, five of the top ten selling drugs were biologics and it is estimated that by 2014 eight of the top ten selling drugs will be biologics. Biologics
include a wide range of protein based drugs such as recombinant therapeutic proteins, monoclonal antibodies and vaccines. The global biologics market in 2010 was approximately $150 billion of which $48 billion in revenue was derived from monoclonal
antibody products. Growth of the biologics market is expected to continue, as 40% of the new drugs in development are biologics, the highest proportion in history. By 2015, the global biologics market is expected to reach approximately $240 billion,
an annual growth rate of ~10%, with monoclonal antibody drugs growing at ~12% to approximately $86 billion. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Advisors </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Repligen&#146;s financial advisor in this transaction is Stifel Nicolaus Weisel and its legal advisor is Goodwin Procter LLP. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Conference Call </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dr.&nbsp;Walter, C.
Herlihy, President and Chief Executive Officer of Repligen will host a conference call and webcast on Friday October&nbsp;28, 2011 at 8:30 am EDT to discuss the details of the acquisition, the prospects of the combined businesses and other business
matters including our Q2 FY2012 financial results. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This call is being webcast by Thomson/CCBN and can be accessed via Repligen&#146;s website
at www.repligen.com. If you are unable to access the webcast, you may listen live by calling <B>(866)&nbsp;831-6267</B> for domestic calls and <B>(617)&nbsp;213-8857</B> for international calls. Participants must provide the following passcode:
<B>27485966</B>. For those who cannot participate in the live conference call, an archive of the audio webcast will be available shortly after the call on Repligen&#146;s website www.repligen.com. You may also access the audio only archive by
dialing <B>(888)&nbsp;286-8010</B> for domestic calls and <B>(617)&nbsp;801-6888</B> for international calls and provide the following passcode: <B>14900928</B>. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>About Repligen Corporation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Repligen Corporation is a leading supplier of critical
technologies and ingredients used to manufacture biologic drugs.&nbsp;Repligen also applies its expertise in biologic development to Secreflo&#153;, a novel imaging candidate for the diagnosis of a variety of pancreatic diseases. In addition, we
have two early stage CNS rare disease programs which are advancing into Phase 1 clinical trials. Repligen&#146;s corporate headquarters are located at 41 Seyon Street, Building #1, Suite 100, Waltham, MA 02453. Additional information may be
requested at <U>www.repligen.com</U>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>This press release contains forward-looking statements which are made pursuant to the safe harbor
provisions of Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance.
Investors are cautioned that express or implied statements in this press release which are not strictly historical statements, including, without limitation, statements regarding the closing of the Novozymes acquisition, the performance of the
combined Repligen and Novozymes bioprocessing businesses following the closing, future financial performance and position, plans and objectives for future operations, and plans and objectives for product development, regulatory approval, and product
sales constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, failure to
receive consents or regulatory approval for the acquisition; the termination of customer contracts prior to the end of their term; Repligen&#146;s inability to successfully integrate the bioprocessing business of Novozymes Biopharma DK A/S and
Novozymes Biopharma Sweden AB and its employees into Repligen and achieve expected synergies; the Company&#146;s ability to accurately forecast the acquisition, related restructuring costs and allocation of the purchase price, goodwill and other
intangibles acquisition related and other asset adjustments; the impact of foreign currency fluctuations on its operating results and profitability; costs associated with restructuring of certain European operations; costs associated with and
consequential to the acquisition and integration of Novozymes&#146; bioprocessing business and benefits realized from the acquisition; risks associated with: the success of current and future collaborative relationships, the market acceptance of our
products, our ability to compete with larger, better financed pharmaceutical and biotechnology companies, new approaches to the treatment of our targeted diseases, our uncertainty of product revenues and profits, our ability to generate future
revenues, our ability to raise additional capital, the success of our clinical trials, our ability to develop and commercialize products, our ability to obtain required regulatory approvals, our compliance with all Food and Drug Administration and
EMEA regulations, our ability to obtain, maintain and protect intellectual property rights for our products, the risk of litigation regarding our intellectual property rights, our limited sales and manufacturing capabilities, our dependence on
third-party manufacturers and value added resellers, our ability to hire and retain skilled personnel, our volatile stock price, and other risks detailed in Repligen&#146;s filings with the Securities and Exchange Commission. Repligen assumes no
obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein except as required by law. </I></FONT></P>
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<DESCRIPTION>MANAGEMENT PRESENTATION SLIDES
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<TITLE>Management Presentation Slides</TITLE>
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<img src="g248251ex99_2s1gbgd.jpg" width="961" height="721" border="0" alt=""></div> <div style='position:absolute;left:334px;top:331px;font-style:normal;font-weight:normal;font-size:43px;font-family:arial,sans-serif;color:#000000;'>Repligen Acquires
Business of </div> <div style='position:absolute;left:334px;top:383px;font-style:normal;font-weight:normal;font-size:43px;font-family:arial,sans-serif;color:#000000;'>Novozymes Biopharma AB</div>
<div style='position:absolute;left:334px;top:430px;font-style:normal;font-weight:normal;font-size:27px;font-family:arial,sans-serif;color:#000000;'>October 28, 2011</div>
<div style='position:absolute;left:880px;top:9px;font-style:normal;font-weight:bold;font-size:16px;font-family:arial,sans-serif;color:#000000;'>Exhibit 99.2</div> </td></tr></table></div>
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<img src="g248251ex99_2s2gbgd.jpg" width="961" height="109" border="0" alt=""></div> <div style='position:absolute;left:64px;top:33px;font-style:normal;font-weight:normal;font-size:48px;font-family:arial,sans-serif;color:#FFFFFF;'>Safe Harbor </div>
<div style='position:absolute;left:35px;top:141px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>This presentation contains forward&#45;looking statements which are made pursuant to the safe harbor
provisions of Section 27A of the Securities </div> <div style='position:absolute;left:35px;top:164px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The forward&#45;looking statements in this </div>
<div style='position:absolute;left:35px;top:187px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>presentation do not constitute guarantees of future performance. Investors are cautioned that express
or implied statements in this </div> <div style='position:absolute;left:35px;top:210px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>presentation which are not strictly historical statements,
including, without limitation, statements regarding the closing of the Novozymes </div> <div style='position:absolute;left:35px;top:233px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>acquisition,
the performance of the combined Repligen and Novozymes bioprocessing businesses following the closing, future financial </div>
<div style='position:absolute;left:35px;top:256px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>performance and position, plans and objectives for future operations, and plans and objectives for
product development, regulatory approval, </div> <div style='position:absolute;left:35px;top:279px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>and product sales constitute forward&#45;looking
statements. Such forward&#45;looking statements are subject to a number of risks and uncertainties </div>
<div style='position:absolute;left:35px;top:302px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>that could cause actual results to differ materially from those anticipated, including, without
limitation, failure to receive consents or regulatory </div> <div style='position:absolute;left:35px;top:325px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>approval for the acquisition; the
termination of customer contracts prior to the end of their term; Repligen&#146;s inability to successfully integrate </div>
<div style='position:absolute;left:35px;top:348px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>the business of Novozymes Biopharma Sweden AB and its employees into Repligen and achieve expected
results; the Company&#146;s ability to </div> <div style='position:absolute;left:35px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>accurately</div>
<div style='position:absolute;left:106px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>forecast</div>
<div style='position:absolute;left:163px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>the</div>
<div style='position:absolute;left:187px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>acquisition,</div>
<div style='position:absolute;left:264px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>related</div>
<div style='position:absolute;left:312px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>restructuring</div>
<div style='position:absolute;left:398px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>costs</div>
<div style='position:absolute;left:437px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>and</div>
<div style='position:absolute;left:465px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>allocation</div>
<div style='position:absolute;left:530px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>of</div>
<div style='position:absolute;left:546px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>the</div>
<div style='position:absolute;left:570px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>purchase</div>
<div style='position:absolute;left:635px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>price,</div>
<div style='position:absolute;left:675px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>goodwill</div>
<div style='position:absolute;left:732px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>and</div>
<div style='position:absolute;left:760px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>other</div>
<div style='position:absolute;left:798px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>intangibles</div>
<div style='position:absolute;left:872px;top:371px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>acquisition </div>
<div style='position:absolute;left:35px;top:394px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>related and other asset adjustments; the impact of foreign currency fluctuations on its operating
results and profitability; costs associated with </div> <div style='position:absolute;left:35px;top:417px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>restructuring of certain European operations;
costs associated with and consequential to the acquisition and integration of Novozymes&#146;</div>
<div style='position:absolute;left:35px;top:440px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>bioprocessing business and benefits realized from the acquisition; risks associated with: the success
of current and future collaborative </div> <div style='position:absolute;left:35px;top:463px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>relationships, the market acceptance of our products, our
ability to compete with larger, better financed pharmaceutical and biotechnology </div> <div style='position:absolute;left:35px;top:486px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>companies, new
approaches to the treatment of our targeted diseases, our uncertainty of product revenues and profits, our ability to generate </div>
<div style='position:absolute;left:35px;top:509px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>future revenues, our ability to raise additional capital, the success of our clinical trials, our
ability to develop and commercialize products, our </div> <div style='position:absolute;left:35px;top:532px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>ability to obtain required regulatory
approvals, our compliance with all Food and Drug Administration and EMEA regulations, our ability to </div>
<div style='position:absolute;left:35px;top:555px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>obtain, maintain and protect intellectual property rights for our products, the risk of litigation
regarding our intellectual property rights, our </div> <div style='position:absolute;left:35px;top:578px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>limited sales and manufacturing capabilities,
our dependence on third&#45;party manufacturers and value added resellers, our ability to hire and </div>
<div style='position:absolute;left:35px;top:601px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>retain skilled personnel, our volatile stock price, and other risks detailed in Repligen's filings
with the Securities and Exchange Commission. </div> <div style='position:absolute;left:35px;top:624px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>Repligen assumes no obligation to update any
forward&#45;looking information contained in this presentation or with respect to the </div>
<div style='position:absolute;left:35px;top:647px;font-style:normal;font-weight:normal;font-size:15px;font-family:arial,sans-serif;color:#000000;'>announcements described herein except as required by law. </div> </td></tr></table></div>
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<div style='position:absolute;left:55px;top:135px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:86px;top:135px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Definitive agreement to acquire business of Novozymes </div>
<div style='position:absolute;left:86px;top:173px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Biopharma</div>
<div style='position:absolute;left:249px;top:173px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Sweden from Novozymes A/S in an all cash </div>
<div style='position:absolute;left:86px;top:212px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>transaction of 17M euros ($22.7M) plus future contingent </div>
<div style='position:absolute;left:86px;top:249px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>payments</div>
<div style='position:absolute;left:55px;top:304px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:86px;top:304px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Creates leading bioprocessing company positioned to </div>
<div style='position:absolute;left:86px;top:343px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>benefit from future growth in the market for biologic drugs</div>
<div style='position:absolute;left:55px;top:397px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:86px;top:397px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Doubles product revenue and diversifies revenue base; </div>
<div style='position:absolute;left:86px;top:435px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>provides path to profitability next year (FY2013)</div>
<div style='position:absolute;left:55px;top:490px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:86px;top:490px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Favorable valuation: 1.2&#45;1.4X estimated 2011 revenue; </div>
<div style='position:absolute;left:86px;top:528px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>includes recently renovated cGMP</div>
<div style='position:absolute;left:582px;top:528px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>capable facility ($25M)</div>
<div style='position:absolute;left:55px;top:585px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:86px;top:585px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Business synergy lowers risk; long term supply agreements </div>
<div style='position:absolute;left:86px;top:627px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>with leading life science companies; similar skill sets</div>
<div style='position:absolute;left:80px;top:34px;font-style:normal;font-weight:normal;font-size:48px;font-family:arial,"times new roman",times,serif;color:#FFFFFF;'>Transaction Summary </div> </td></tr></table></div>
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<div style='position:absolute;left:93px;top:35px;font-style:normal;font-weight:normal;font-size:48px;font-family:arial,"times new roman",times,serif;color:#FFFFFF;'>Novozymes Biopharma AB Profile</div>
<div style='position:absolute;left:39px;top:138px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:70px;top:138px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Novozymes Biopharma AB is a manufacturing business with </div>
<div style='position:absolute;left:70px;top:181px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>two principal product lines:</div>
<div style='position:absolute;left:99px;top:219px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:130px;top:219px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Protein A products for manufacture of monoclonal antibodies</div>
<div style='position:absolute;left:99px;top:257px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:130px;top:257px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>IGF&#45;1 derivative, a growth factor for the manufacture of </div>
<div style='position:absolute;left:130px;top:296px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>biologics in mammalian cells; other growth factors with </div>
<div style='position:absolute;left:130px;top:335px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>potential use in cell therapies or stem cells</div>
<div style='position:absolute;left:39px;top:395px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:70px;top:395px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Revenue for 2011 estimated at $17&#45;18M; based on long&#45;term </div>
<div style='position:absolute;left:70px;top:433px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>supply agreements with GE Healthcare, EMD Millipore and </div>
<div style='position:absolute;left:70px;top:472px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Sigma Aldrich</div>
<div style='position:absolute;left:39px;top:530px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:70px;top:530px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>State&#45;of&#45;the&#45;art 45,000 sq. ft. manufacturing facility in Lund, </div>
<div style='position:absolute;left:70px;top:565px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Sweden</div>
<div style='position:absolute;left:99px;top:605px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:130px;top:605px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Renovated with a $25M investment in 2008 </div>
<div style='position:absolute;left:99px;top:644px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:130px;top:644px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Unique manufacturing know&#45;how, established track&#45;record</div>
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<div style='position:absolute;left:93px;top:35px;font-style:normal;font-weight:normal;font-size:48px;font-family:arial,"times new roman",times,serif;color:#FFFFFF;'>Financial Benefits</div>
<div style='position:absolute;left:71px;top:160px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:101px;top:160px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>FY2013 estimates (April 2012 &#45;</div>
<div style='position:absolute;left:552px;top:160px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>March 2013)</div>
<div style='position:absolute;left:119px;top:201px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:149px;top:201px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Total revenue of $50M</div>
<div style='position:absolute;left:119px;top:240px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:149px;top:240px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Bioprocessing revenue of $35&#45;38M</div>
<div style='position:absolute;left:119px;top:279px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:149px;top:279px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Sustainable profitability</div>
<div style='position:absolute;left:71px;top:335px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:101px;top:335px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Low CAPEX expected for several years due to recent </div>
<div style='position:absolute;left:101px;top:370px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>renovation by Novozymes</div>
<div style='position:absolute;left:71px;top:428px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:101px;top:428px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Potential for tax&#45;efficient operations with $57M in Net </div>
<div style='position:absolute;left:101px;top:463px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Operating Loss (NOLs) tax credits</div>
<div style='position:absolute;left:71px;top:521px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:101px;top:521px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Term of the Repligen GE Healthcare supply agreement </div>
<div style='position:absolute;left:101px;top:556px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>extended from December 2014 to December 2021</div>
<div style='position:absolute;left:71px;top:614px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:101px;top:614px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Platform for growth in revenue and profits</div> </td></tr></table></div>
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<div style='position:absolute;left:65px;top:150px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:96px;top:150px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Consumable products used in the production of biologic </div>
<div style='position:absolute;left:96px;top:189px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>drugs (monoclonal antibodies, recombinant proteins) and </div>
<div style='position:absolute;left:96px;top:227px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>vaccines</div>
<div style='position:absolute;left:65px;top:281px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:96px;top:281px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Bioprocessing products have potential for high gross </div>
<div style='position:absolute;left:96px;top:320px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>margins (&#62;50%) with low SG&#38;A costs due to the highly </div>
<div style='position:absolute;left:96px;top:358px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>concentrated market; not regulated by FDA or EMA</div>
<div style='position:absolute;left:65px;top:412px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:96px;top:412px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Our Bioprocessing business has a 10&#45;year CAGR of 15%</div>
<div style='position:absolute;left:65px;top:467px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:96px;top:467px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Demand for Bioprocessing products is directly linked to </div>
<div style='position:absolute;left:96px;top:505px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>the expanding market for biologic drugs which is </div>
<div style='position:absolute;left:96px;top:543px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>expected to grow ~10% annually</div>
<div style='position:absolute;left:64px;top:34px;font-style:normal;font-weight:normal;font-size:48px;font-family:arial,"times new roman",times,serif;color:#FFFFFF;'>Bioprocessing Products </div> </td></tr></table></div>
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<img src="g248251ex99_2s7g4.jpg" width="138" height="156" border="0" alt=""></DIV> <div style='position:absolute;left:681px;top:405px'>
<img src="g248251ex99_2s7g5.jpg" width="105" height="166" border="0" alt=""></DIV> <div style='position:absolute;left:593px;top:404px'>
<img src="g248251ex99_2s7g6.jpg" width="134" height="157" border="0" alt=""></DIV> <div style='position:absolute;left:558px;top:399px'>
<img src="g248251ex99_2s7g7.jpg" width="165" height="98" border="0" alt=""></DIV> <div style='position:absolute;left:558px;top:308px'>
<img src="g248251ex99_2s7g8.jpg" width="165" height="92" border="0" alt=""></DIV> <div style='position:absolute;left:585px;top:244px'>
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<img src="g248251ex99_2s7g10.jpg" width="77" height="165" border="0" alt=""></DIV> <div style='position:absolute;left:64px;top:36px;font-style:normal;font-weight:normal;font-size:48px;font-family:arial,"times new roman",times,serif;color:#FFFFFF;'>Top 10
Pharmaceutical Products</div> <div style='position:absolute;left:264px;top:158px;font-style:normal;font-weight:normal;font-size:37px;font-family:arial,"times new roman",times,serif;color:#000000;'>2010</div>
<div style='position:absolute;left:691px;top:155px;font-style:normal;font-weight:normal;font-size:37px;font-family:arial,"times new roman",times,serif;color:#000000;'>2014</div>
<div style='position:absolute;left:582px;top:689px;font-style:normal;font-weight:normal;font-size:13px;font-family:arial,"times new roman",times,serif;color:#000000;'>Krishan</div>
<div style='position:absolute;left:630px;top:689px;font-style:normal;font-weight:normal;font-size:13px;font-family:arial,"times new roman",times,serif;color:#000000;'>Maggon, 2011, Top selling medicinal brands 2008&#45;2010</div>
<div style='position:absolute;left:582px;top:705px;font-style:normal;font-weight:normal;font-size:13px;font-family:arial,"times new roman",times,serif;color:#000000;'>Reuters top selling drugs in 2014 vs. 2010</div>
<div style='position:absolute;left:610px;top:590px;font-style:normal;font-weight:bold;font-size:24px;font-family:arial,"times new roman",times,serif;color:#000000;'>8 of 10 are Biologics</div>
<div style='position:absolute;left:610px;top:618px;font-style:normal;font-weight:bold;font-size:24px;font-family:arial,"times new roman",times,serif;color:#000000;'>6 of 10 are Monoclonals</div>
<div style='position:absolute;left:160px;top:599px;font-style:normal;font-weight:bold;font-size:24px;font-family:arial,"times new roman",times,serif;color:#000000;'>5 of 10 are Monoclonals*</div>
<div style='position:absolute;left:86px;top:701px;font-style:normal;font-weight:normal;font-size:13px;font-family:arial,"times new roman",times,serif;color:#000000;'>* Monoclonals or Fc fusion proteins</div>
<div style='position:absolute;left:352px;top:256px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Lipitor </div>
<div style='position:absolute;left:425px;top:358px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Plavix </div>
<div style='position:absolute;left:406px;top:453px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Advair </div>
<div style='position:absolute;left:319px;top:517px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Remicade </div>
<div style='position:absolute;left:246px;top:528px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Enbrel&nbsp; </div>
<div style='position:absolute;left:176px;top:475px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Humira </div>
<div style='position:absolute;left:144px;top:404px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Avastin </div>
<div style='position:absolute;left:149px;top:343px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Rituxan </div>
<div style='position:absolute;left:187px;top:280px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Diovan </div>
<div style='position:absolute;left:245px;top:239px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Crestor </div>
<div style='position:absolute;left:341px;top:291px;font-style:normal;font-weight:bold;font-size:19px;font-family:arial,"times new roman",times,serif;color:#000000;'>#1</div>
<div style='position:absolute;left:758px;top:249px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Avastin </div>
<div style='position:absolute;left:833px;top:331px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Humira </div>
<div style='position:absolute;left:847px;top:416px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Enbrel&nbsp; </div>
<div style='position:absolute;left:793px;top:498px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Crestor </div>
<div style='position:absolute;left:696px;top:541px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Remicade </div>
<div style='position:absolute;left:616px;top:502px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Rituxan </div>
<div style='position:absolute;left:568px;top:427px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Lantus </div>
<div style='position:absolute;left:565px;top:355px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Advair </div>
<div style='position:absolute;left:598px;top:290px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>Herceptin </div>
<div style='position:absolute;left:661px;top:242px;font-style:normal;font-weight:bold;font-size:15px;font-family:"arial bold",arial,sans-serif;color:#000000;'>NovoLog </div>
<div style='position:absolute;left:761px;top:287px;font-style:normal;font-weight:bold;font-size:19px;font-family:arial,"times new roman",times,serif;color:#000000;'>#1</div> </td></tr></table></div>
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<img src="g248251ex99_2s8gbgd.jpg" width="961" height="699" border="0" alt=""></div> <div style='position:absolute;left:705px;top:708px;font-style:normal;font-weight:bold;font-size:12px;font-family:arial,sans-serif;color:#000000;'>Confidential Do Not
Reproduce or Distribute </div> <div style='position:absolute;left:68px;top:34px;font-style:normal;font-weight:normal;font-size:48px;font-family:arial,sans-serif;color:#FFFFFF;'>Four Major Products to Drive Growth</div>
<div style='position:absolute;left:84px;top:138px;font-style:normal;font-weight:bold;font-size:27px;font-family:arial,sans-serif;color:#000000;'>Repligen</div>
<div style='position:absolute;left:249px;top:138px;font-style:normal;font-weight:bold;font-size:27px;font-family:arial,sans-serif;color:#000000;'>Novozymes</div>
<div style='position:absolute;left:614px;top:151px;font-style:normal;font-weight:bold;font-size:27px;font-family:arial,sans-serif;color:#000000;'>Attributes</div>
<div style='position:absolute;left:247px;top:266px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>Native Protein A</div>
<div style='position:absolute;left:424px;top:240px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:443px;top:240px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>Early blockbuster monoclonal antibodies for cancer</div>
<div style='position:absolute;left:424px;top:276px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:443px;top:276px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>&#62;1,000 ongoing trials support future growth</div>
<div style='position:absolute;left:79px;top:337px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>Recombinant </div>
<div style='position:absolute;left:97px;top:362px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>Protein A</div>
<div style='position:absolute;left:262px;top:337px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>Recombinant </div>
<div style='position:absolute;left:280px;top:362px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>Protein A</div>
<div style='position:absolute;left:424px;top:336px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:443px;top:336px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>Newer monoclonals approved for cancer, </div>
<div style='position:absolute;left:443px;top:361px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>inflammation, osteoporosis and asthma</div>
<div style='position:absolute;left:254px;top:451px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>Growth factors </div>
<div style='position:absolute;left:249px;top:476px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>for fermentation</div>
<div style='position:absolute;left:290px;top:502px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>(IGF&#45;1)</div>
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<div style='position:absolute;left:443px;top:432px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>Used to increase productivity in cell culture</div>
<div style='position:absolute;left:424px;top:471px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:443px;top:471px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>Used in 9 marketed products</div>
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<div style='position:absolute;left:443px;top:510px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>Potential for cell&#45;based and stem cell therapies</div>
<div style='position:absolute;left:62px;top:607px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>Chromatography </div>
<div style='position:absolute;left:100px;top:633px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>products</div>
<div style='position:absolute;left:424px;top:563px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:443px;top:563px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>Opus&#153;</div>
<div style='position:absolute;left:521px;top:563px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>pre&#45;packed single&#45;use columns for </div>
<div style='position:absolute;left:443px;top:589px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>production of biologics</div>
<div style='position:absolute;left:424px;top:627px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:443px;top:627px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>Protein A resins</div>
<div style='position:absolute;left:424px;top:663px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:443px;top:663px;font-style:normal;font-weight:normal;font-size:21px;font-family:arial,sans-serif;color:#000000;'>Tools for quality control testing</div>
<div style='position:absolute;left:46px;top:702px;font-style:normal;font-weight:bold;font-size:16px;font-family:arial,sans-serif;color:#000000;'>8</div> </td></tr></table></div>
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<div style='position:absolute;left:64px;top:29px;font-style:normal;font-weight:normal;font-size:48px;font-family:arial,"times new roman",times,serif;color:#FFFFFF;'>Chromatography Products &#45;</div>
<div style='position:absolute;left:666px;top:29px;font-style:normal;font-weight:normal;font-size:48px;font-family:arial,"times new roman",times,serif;color:#FFFFFF;'>Opus&#153;</div>
<div style='position:absolute;left:41px;top:146px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:71px;top:146px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Disposable products revolutionizing bio&#45;manufacturing </div>
<div style='position:absolute;left:83px;top:190px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:119px;top:190px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Sales of $500M in fermentation</div>
<div style='position:absolute;left:83px;top:229px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:119px;top:229px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Minimal impact on purification</div>
<div style='position:absolute;left:41px;top:280px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:71px;top:280px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Opus&#153;</div>
<div style='position:absolute;left:188px;top:280px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>pre&#45;packed chromatography columns</div>
<div style='position:absolute;left:83px;top:325px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:119px;top:325px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Plastic, &#147;plug and play&#148;</div>
<div style='position:absolute;left:423px;top:325px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>solution</div>
<div style='position:absolute;left:83px;top:364px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:119px;top:364px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Large scale columns launch in Q1 CY2012</div>
<div style='position:absolute;left:83px;top:402px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:119px;top:402px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Clinical market opportunity potential = $100M</div>
<div style='position:absolute;left:41px;top:454px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:71px;top:454px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Sold directly to end users with lean sales force</div> </td></tr></table></div>

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<div style='position:absolute;left:93px;top:35px;font-style:normal;font-weight:normal;font-size:48px;font-family:arial,"times new roman",times,serif;color:#FFFFFF;'>Financials Details</div>
<div style='position:absolute;left:61px;top:145px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:91px;top:145px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Upfront payment of 17M euros = $22.7M (FX fixed)</div>
<div style='position:absolute;left:109px;top:187px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:139px;top:187px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Upfront = 1.2&#45;1.4 X projected revenue for 2011 of $17&#45;18M</div>
<div style='position:absolute;left:61px;top:240px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:91px;top:240px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Milestones of up to 4M euros = $5.6M</div>
<div style='position:absolute;left:109px;top:280px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:139px;top:280px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Completion of technology transfer 2012&#45;2013 (1M euros)</div>
<div style='position:absolute;left:109px;top:319px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:139px;top:319px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Achievement of target sales of IGF&#45;1 in 2012 (1M euros)</div>
<div style='position:absolute;left:109px;top:357px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:139px;top:357px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Target sales thresholds in 2012, 2013&#45;2014 (2M euros)</div>
<div style='position:absolute;left:61px;top:411px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:91px;top:411px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Closing expected by end of 2011</div>
<div style='position:absolute;left:109px;top:451px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:139px;top:451px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>No filings or related antitrust waiting periods</div>
<div style='position:absolute;left:61px;top:504px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:91px;top:504px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>All cash deal, no dilution </div>
<div style='position:absolute;left:109px;top:544px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:139px;top:544px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>RGEN cash projection of $35&#45;37M post&#45;closing </div>
<div style='position:absolute;left:109px;top:583px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#45;</div>
<div style='position:absolute;left:139px;top:583px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>No debt</div>
<div style='position:absolute;left:61px;top:636px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:91px;top:636px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Diversification of product revenue and customer mix</div> </td></tr></table></div>

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<div style='position:absolute;left:64px;top:36px;font-style:normal;font-weight:normal;font-size:48px;font-family:arial,"times new roman",times,serif;color:#FFFFFF;'>Customer Diversification</div>
<div style='position:absolute;left:340px;top:590px;font-style:normal;font-weight:bold;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Acquisition diversifies customer mix</div>
<div style='position:absolute;left:119px;top:406px;font-style:normal;font-weight:bold;font-size:27px;font-family:arial,"times new roman",times,serif;color:#000000;'>Novozymes</div>
<div style='position:absolute;left:142px;top:133px;font-style:normal;font-weight:bold;font-size:27px;font-family:arial,"times new roman",times,serif;color:#000000;'>Repligen</div>
<div style='position:absolute;left:594px;top:190px;font-style:normal;font-weight:bold;font-size:27px;font-family:arial,"times new roman",times,serif;color:#000000;'>Combined Company</div>
<div style='position:absolute;left:369px;top:679px;font-style:normal;font-weight:bold;font-size:16px;font-family:arial,"times new roman",times,serif;color:#000000;'>Company #1</div>
<div style='position:absolute;left:514px;top:677px;font-style:normal;font-weight:bold;font-size:16px;font-family:arial,"times new roman",times,serif;color:#000000;'>Company #2</div>
<div style='position:absolute;left:663px;top:676px;font-style:normal;font-weight:bold;font-size:16px;font-family:arial,"times new roman",times,serif;color:#000000;'>Company #3</div>
<div style='position:absolute;left:811px;top:677px;font-style:normal;font-weight:bold;font-size:16px;font-family:arial,"times new roman",times,serif;color:#000000;'>Biopharma</div> </td></tr></table></div>
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<div style='position:absolute;left:78px;top:35px;font-style:normal;font-weight:normal;font-size:48px;font-family:arial,"times new roman",times,serif;color:#FFFFFF;'>Transaction Summary</div>
<div style='position:absolute;left:73px;top:148px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:103px;top:148px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Creates a leading bioprocessing business with critical </div>
<div style='position:absolute;left:103px;top:186px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>mass in the manufacture of high value consumable </div>
<div style='position:absolute;left:103px;top:224px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>products for the manufacture of biologic drugs</div>
<div style='position:absolute;left:73px;top:289px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:103px;top:289px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>$50M total revenue and path to profitability in FY2013</div>
<div style='position:absolute;left:73px;top:353px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:103px;top:353px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Positioned to grow with the worldwide biologics market, </div>
<div style='position:absolute;left:103px;top:391px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>particularly monoclonal antibodies</div>
<div style='position:absolute;left:73px;top:453px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:103px;top:453px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Favorable acquisition terms leaves &#62;$35 in cash; </div>
<div style='position:absolute;left:103px;top:492px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>potential for tax efficient business</div>
<div style='position:absolute;left:73px;top:557px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:103px;top:557px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Natural synergy between businesses lowers execution </div>
<div style='position:absolute;left:103px;top:599px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>risk</div> </td></tr></table></div>
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<div style='position:absolute;left:68px;top:34px;font-style:normal;font-weight:normal;font-size:48px;font-family:arial,"times new roman",times,serif;color:#FFFFFF;'>Post&#45;transaction Repligen</div>
<div style='position:absolute;left:39px;top:152px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:70px;top:152px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Leading supplier of products for manufacturing biologic drugs</div>
<div style='position:absolute;left:87px;top:201px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:118px;top:201px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Diverse portfolio of products and customers</div>
<div style='position:absolute;left:87px;top:247px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:118px;top:247px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Rapidly growing markets</div>
<div style='position:absolute;left:39px;top:293px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:70px;top:293px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Emerging imaging business based on SecreFlo&#153;</div>
<div style='position:absolute;left:781px;top:293px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>for </div>
<div style='position:absolute;left:70px;top:343px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>improved pancreatic imaging</div>
<div style='position:absolute;left:87px;top:392px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:118px;top:392px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Potential launch in U.S. in 2012 pending FDA approval</div>
<div style='position:absolute;left:87px;top:438px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:118px;top:438px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Initial market opportunity &#62;$100M (US/EU)</div>
<div style='position:absolute;left:87px;top:483px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:118px;top:483px;font-style:normal;font-weight:normal;font-size:29px;font-family:arial,"times new roman",times,serif;color:#000000;'>Multiple additional indications including pancreatic cancer </div>
<div style='position:absolute;left:39px;top:530px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:70px;top:530px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>Orphan CNS drugs advancing through Phase 1; seeking </div>
<div style='position:absolute;left:70px;top:580px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,"times new roman",times,serif;color:#000000;'>partners to advance development</div> </td></tr></table></div>
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<div style='position:absolute;left:318px;top:342px;font-style:normal;font-weight:bold;font-size:53px;font-family:arial,"times new roman",times,serif;color:#000000;'>Questions?</div> </td></tr></table></div>
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<img src="g248251ex99_2s15gbgd.jpg" width="961" height="109" border="0" alt=""></div> <div style='position:absolute;left:78px;top:35px;font-style:normal;font-weight:normal;font-size:48px;font-family:arial,sans-serif;color:#FFFFFF;'>Summary</div>
<div style='position:absolute;left:73px;top:137px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:103px;top:137px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>Creates a leading bioprocessing business with critical </div>
<div style='position:absolute;left:103px;top:179px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>mass in the manufacture of high value consumable </div>
<div style='position:absolute;left:103px;top:221px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>products for the manufacture of biologic drugs</div>
<div style='position:absolute;left:73px;top:293px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:103px;top:293px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>Doubles bioprocessing product revenue and accelerates </div>
<div style='position:absolute;left:103px;top:343px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>drive to profitability in FY2013 in a tax efficient business</div>
<div style='position:absolute;left:73px;top:411px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:103px;top:411px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>Positioned to grow with the worldwide biologics market, </div>
<div style='position:absolute;left:103px;top:453px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>particularly monoclonal antibodies</div>
<div style='position:absolute;left:73px;top:520px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>&#149;</div>
<div style='position:absolute;left:103px;top:520px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>Favorable</div>
<div style='position:absolute;left:254px;top:520px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>acquisition</div>
<div style='position:absolute;left:414px;top:520px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>terms</div>
<div style='position:absolute;left:503px;top:520px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>leaves</div>
<div style='position:absolute;left:604px;top:520px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>&#62;$35</div>
<div style='position:absolute;left:686px;top:520px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>in</div>
<div style='position:absolute;left:720px;top:520px;font-style:normal;font-weight:normal;font-size:32px;font-family:arial,sans-serif;color:#000000;'>cash</div>
<div style='position:absolute;left:796px;top:528px;font-style:normal;font-weight:normal;font-size:24px;font-family:arial,sans-serif;color:#000000;'>(3/31/12e)</div> </td></tr></table></div> </BODY></HTML>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
