First Columbus Overview

Overview• Differentiated Market Position

• About First Columbus

• Strong Network of Relationships

Fundraising

Advisory

• First Columbus Services

Private Fundraising

IPO Advisory

M&A

Debt Advisory

Strategic Advisory

• Client Profile for Capital Raisings

• Selection of First Columbus Clients

• Conclusion

• Team

Differentiated Market Position• First Columbus is a London-based, internationally focused, advisory and fundraising boutique

• Historic focus on advising international companies raising money in London

– principally pre-IPO and IPO

• In addition, we advise UK based and international mid and small cap companies on M&A opportunities, principally in North America

• First Columbus has built strong relationships with numerous investing and other advisory institutions internationally

• Our North American M&A advisory capability has been significantly enhanced by forging an exclusive partnership in the US

• We have a strong reputation in the market for high quality independent advice and execution

• A demonstrable track record of delivery

About First Columbus• Founded in 2006 to help under-serviced international companies access London’s capital markets

5 professionals based in London with substantial capital market experience and relationships

Private fundraising for early, mid and late-stage companies

IPO advisory for introductions to brokers/lawyers/accountants and institutional fund raisings

M&A advisory and acquisition search for both public and private companies

Debt restructuring & financing to improve balance sheets and complement equity financings

Public to private transactions for AIM and full listed companies

Investment fund set-up and fund raising

Strategic advisory for international companies in UK/Europe

• Sector Expertise

• Real Estate• Industrials (including Aerospace & Defence)

• Transport & Infrastructure• Leisure & Gaming

• Healthcare• Natural Resources (oil, gas and mining)

• Green Energy• Technology, Media & Telecommunications

Relationships – Fund RaisingOver the past decade First Columbus’ employees have built strong relationships with a wide variety of investors and sources of capital

• Investment relationships include:

Long only institutional equity investors in the UK

Hedge Funds & Family Offices (including Sovereign Wealth Funds)

Pre-IPO investors & investment bank proprietary trading desks

Property funds (both listed and private)

Venture Capital & Private Equity

Angel investor groups & high net worth individuals

Debt/mezzanine firms & major banking institutions

• Through a combination of our direct investor relationships and selected broking partnerships we are able to source capital on a global basis

Multiple funding options to suit specific client needs

Relationships – Advisory PartnershipsFirst Columbus has created strong relationships with a wide variety of capital market participants including:

• UK Broker/NOMADs – We work closely with most of the 70+ firms in the London market

• Lawyers, accountants and financial PR firms

• Boutique M&A houses and sector specialist firms

• US broker dealers

• Property boutiques

• Institutional bodies including the London Stock Exchange, the UKTI, AeA – We market our services in association with a number of these bodies to help their clients find the right financial solutions

• In addition to the UK and US, our network has expanded to included Asia and the Middle East where we partner with all of the above participants to source and share deals

First Columbus Services - Private Fundraising

• Our extensive network of relationships with investors gives us the ability to raise capital for a wide variety of companies

• Investor base encompasses UK, Europe, USA, Middle East and Asia

• We have numerous JV relationships with sector specialist boutique advisory funds raising firms

• We can structure various types of transactions including convertibles, hybrid debt, debt and equity

• Typical client profile:Looking to raise $5 to $100 million for operational companies as well as funds

Early, mid and late stage companies

Ability to IPO or trade sales within 6-18 months for pre-IPO investments

Ability to deliver strong IRRs for investors we introduce

First Columbus Services - IPO Advisory

• Successfully completing an IPO in London is a time consuming and difficult task, especially for international companies; many have failed on their own

• First Columbus leverages its significant experience and relationships to provide unbiased independent advice and guidance through this complicated process

• Substantial preparation – includes initial DD for FSA; market positioning; presentation positioning; research; several road shows; advisor selection advice; contract negotiation; deal management to IPO

• Broker/NOMAD selection

Selecting the right broker and NOMAD is the most critical decision for a successful IPO

We know which firm is right for each transaction based on deal size, sector, geography, funding requirement,

Selection based on industry experience; research and sales strength; track record & ranking; post-IPO care

After IPO we also help manage the advisor relationships; encourage research reports; insight on corporate activity etc

• Lawyer/accountant/Financial PR selection

By actively working with accountants, lawyers and financial PR we able to advise clients on the best possible team to handle an IPO smoothly and cost effectively

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IPO Advisory Case Study: Iofina Plc• Background

Iofina, a natural gas and iodine company, approached First Columbus at the very beginning of its life. At that point they had acquired the land and the technology was being developed.

Iofina appointed First Columbus as their financial advisor in 2007 to raise the company pre-IPO funds and to build the IPO advisory team.

First Columbus advised the company on how to prepare itself for a London road-show and fund raising including competent persons reports, corporate structure and management appointments

• DevelopmentThe company completed it’s CPR and found an industry leading CEO to manage the Iodine and gas production

Post the advisor road shows First Columbus and Iofina selected Mirabaud as the broker, Strand Partners as the NOMAD, Osborne Clarke as legal advisor, Grant Thornton as accountants and Pelham as Financial PR

First Columbus then helped raise $3m of pre-IPO capital at a price of 45p per share in November 2007

• IPOIn May 2008 Iofina IPO’d 5x over-subscribed raising £15m at 55p with a market cap of £52m a c.62% IRR for the pre-IPO investors

• Post IPOFollowing the IPO the price performed well trading as high as 96p before the resource sector pull-back

First Columbus continues to provide strategic advice to Iofina on PR, corporate development, market makers, and research analysts

First Columbus Services - M&A AdvisoryWe have in house M&A expertise and an exclusive JV partner in the US which allows us to offer a wide range of M&A services

• Acquisition search

We have exclusive access to over 400,000 US public and private companies

Strong relationships with brokers and long only funds to facilitate strategic M&A origination and transactions

• Transactions

Private growth companies needing M&A solutions rather than funding

Public companies looking for additional off market deal flow

• Public to Private

Working with brokers, institutional investors and buy side investors we can originate, manage and execute public to private opportunities

First Columbus Services – Debt AdvisoryWe have direct debt providers and work with specialist debt boutiques giving us the ability to provide financing for a wide variety of companies from around the world

• Mezzanine

Our lender network of mezzanine funds gives us the ability to work across a companies capital structure for the optimum capital efficiency

• Lease Finance

Our knowledge of industries where lease finance is applicable and our knowledge of lenders allows us to find the right financing for lease transactions

• Asset Based Lending

Our network of funds and partner firms can place deals with quality assets and cash flows to fund optimise cost of funds

• Examples

Raised $8m of mezzanine finance for a US and African based Telecom

Raising $16m for turbine leasing

First Columbus Services - Strategic AdvisoryOur experience as analysts and in industry give us a solid background to advise companies on how to grow in TMT, Oil & Gas, Industrials and Green Energy

Our services include:

• Commercial Development

Via our own and broker relationships we have access to some of most influential companies and people in the UK

• Strategic Development

Our years of experience working with growth companies allows us to advise clients on how execute on their goals abroad

• Examples

Consultation for a European TMT company with €500m in revenue

Commercial development for a US based retail marketing company leveraging our knowledge and connections into the UK retail markets

Client ProfileWe review hundreds of propositions annually and have a very clear view of the types of deals that will have the best chance of success for a capital raising event:

• Management

Both entrepreneurial and experienced management with strong track records

• Sustainable and defensible competitive advantage

Solid IP; market leaders; significant USP;

• Commercially proven

Typically with $10m+ revenue

In special circumstances we will consider pre-revenue deals however they must have exceptional growth potential

Visibility on move to cash flow break-even

• Growth industry

• Geography

Although we spend most of our time in North America we have clients from around the world and will consider most geographic locations

A Selection of First Columbus Clients

Conclusion

• First Columbus is an independent advisory and fund raising boutique regulated by the FSA

• Significant experience and track record in helping small & mid cap companies

• Key focus is working with international companies to achieve their financial goals in London cost effectively

• We provide a broad mix of financial services for a wide range of clients of varying sizes across multiple sectors and geographies

• Strong relationships with a wide range of investors globally ranging from early stage private players through to later stage and public market investors

• Client references available on request

Contact Details

First Columbus Investments

New Broad Street House

35 New Broad Street

London

EC2M 1NH

United Kingdom

+44 (0) 3002 2070

info@first-columbus.com

www.first-columbus.com

First Columbus Team

John Nuttall (CEO) – John has over 12 years of corporate finance and equity analysis expertise at Panmure Gordon and Investec, focused on the small and mid cap space. He has executed numerous AIM IPO's in the industrial and intellectual property sectors and has consistently been a top ranked analyst by both the CFO and Fund Management community. John co-founded First Columbus in 2006, which has been specifically set up to advise and invest in small and mid size US and international companies seeking to raise capital in London.

Kingsley Wilson (Investment Director) – Kingsley has been working in the London stock market since AIM’s inception in 1995. He spent five years as a media and communications research analyst at Collins Stewart – the largest small and mid cap stockbroker in the London market. He subsequently spent a further five years at Investec - another leading AIM broker - in the same role. Prior to co-founding First Columbus in 2006 with John Nuttall, Kingsley ran his own advisory firm. Ember Research which was specifically focused on helping North American firms raise pre IPO capital in London.

Chris Crawford (Director) – Chris has over 15 years’ investment banking experience: formerly with Credit Lyonnais Securities and Evolution Securities within the small/mi d cap corporate finance teams. During that time he undertook numerous AIM IPOs as well as private placements, takeovers and acquisitions across a wide range of sectors, but focusing principally on technology and resources. Prior to joining First Columbus Chris co-founded Nucleus Capital Partners which specializes in helping small/mid UK businesses raise capital, where he remains on their advisory board

First Columbus Team cont…Michael Raber (Associate) – Prior to joining First Columbus he worked for Markit Group Limited, as an associate in their global alliance group. He has experience working with technology companies, risk vendors, and solution providers in financial services support industry. In addition he has experience working in Chinese retail banking industry gained while working with China Everbright Bank. He holds an MSc in Global Banking and Finance from the European Business School.

Katrina Perez (Associate) is responsible for operations and customer management for FirstColumbus bringing over 10 years experience to this role. She has held previous management positions in multiple sectors including technology and support services. Katrina has been with First Columbus since its inception with her primary focus being day to day management of customers and establishing and maintaining international contacts. In addition Katrina’s role includes managing customer due diligence and FSA compliance.

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Disclaimer

This communication is issued by First Columbus LLP (registered address 82 St John Street London EC1M4JN), who is authorised and regulated by the Financial Services Authority. This communication is made available to Retail Clients. Professional Clients, Per Se Professional Clients and eligible counterparties as defined by the FSA and to persons falling within the Financial Services and Markets Act 2000. Persons who have received this communication should not rely on it alone and should seek professional advice if necessary. In accordance with COBS 2.4 in the FSA Handbook as of November 1st, 2007 (reliance on others) we at First Columbus LLP are taking a proportionate approach, and have verified this document to the best of our ability. Neither First Columbus not any of its Partners or affiliates shall be liable for this information, if altered, changed of falsified.

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