NattoPharma

NattoPharma, as a Norwegian public limited liability company, is subject to the regulation of the Public Limited Liability Companies Act of 1997, as amended (the “Act”). The Company partly complies with the Act.

The Board of NattoPharma has resolved as a main principle to follow the recommendations of the Norwegian Corporate Governance Code, if not fully implemented NattoPharma will provide explanations of non - compliance to the market.

NattoPharma includes a Corporate Governance review in its annual report, starting with the annual report for 2006. The Company was listed on Oslo Stock Exchange list Oslo Axess January 30^th 2008.

With the exception set out below, the Company complies with the Norwegian corporate governance regime, as detailed in the Norwegian Code of Practice for Corporate Governance published October 21^st 2010 by the Norwegian Corporate Governance Board (the “Corporate Governance Code”). The Company will, as part of its annual procedures, adopt this Corporate Governance Code from 2011 and apply to the annual general meeting if necessary.

Deviations from the Corporate Governance Code:

Equity and Dividends – None complying due to negative equity

Risk Management and Internal control – None complying due to no ethical guidelines

Information and Communications – None complying due to guidelines for the Company’s contact with its shareholders outside the annual general meeting is not implemented.