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Investor Presentation Spring 2013

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Disclaimer

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The contents of this presentation and the information which you are given at the time of these slides and the presentation have not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (the “Act”). Reliance on this presentation and its slides for the purpose of engaging in investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. This presentation does not constitute or form part of any offer for sale or subscription or solicitation of any offer to buy or subscribe for any securities in Sinclair IS Pharma Plc (the “Company”) nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. No reliance may be placed for any purpose whatsoever on the information contained in these slides or presentation and/or opinions therein. These slides and the presentation are exempt from the general restriction (in section 21 of the Act) on the communication of invitations or inducements to engage in investment activity on the grounds that it is made to: (a) persons who have professional experience in matters relating to investments who fall within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (b) high net worth entities and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order (all such persons together being referred to as “relevant persons”). Any person who is not a relevant person should not rely on this presentation or any of its contents and all persons (whether relevant persons or otherwise) are recommended to

seek their own independent financial advice from a person authorised for the purposes of the Act before engaging in any investment activity involving the Company’s securities. This presentation includes certain forward-looking statements with respect to certain development projects, potential collaborative partnerships, results of operations and certain plans and objectives of the Company including, in particular and without limitation, the statements regarding potential sales revenues from products, both currently marketed and under development, possible launch dates for new products and line extensions, and any revenue and profit guidance. By their very nature forward-looking statements involve risk and uncertainty that could cause actual results and developments to differ materially from those expressed or implied. The significant risks related to the Company’s business which could cause the Company’s actual results and developments to differ materially from those forward-looking statements are discussed in the Company’s annual report and other filings. All forward-looking statements in this presentation are based on information known to the Company on the date hereof. The Company will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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Sinclair IS Pharma at a Glance

2

WOUND CARE

TOP PRODUCTS

DERMATOLOGY

Aesthetic Wound Care Skin Care

Sculptra® Flammazine® Atopiclair®

Succeev® Flammacerium® Papulex®

Kelo-cote® Aloclair® Sebclair®

Bio-Taches®

OTHERS

Variquel®/ Haemopressin® Aloxi® Decapinol®

France 22%

UK 16%

Germany 8%

Spain 6%

Italy 8%

International 40%

REVENUE BY GEOGRAPHY

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Sinclair IS Pharma – A Low Risk Growth Strategy

3

Strategy

• Focus on Dermatology

• Drive operating leverage through volume growth using European infrastructure

• Create strong organic sales growth from Emerging Markets

Tactics

• Create global Dermatology brands, organically and by acquisition from a strong base in Europe

• Grow proportion of revenues from non-reimbursed products

• Export Sinclair IS Pharma products and corporate brand image

• Improve distributive capability through fewer larger partners

• Focus portfolio through non-core disposals

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Brand Acquisitions – Adding Value

• Sinclair IS Pharma biggest brands were under promoted and under exploited on acquisition Flammazine® 2010, Kelo-cote® 2011, Sculptra® 2012

• Focused Marketing and Sales investment

• New Partnerships, both in Europe and Emerging Markets

• New products (Flammacerium®)

• Line extensions (Flammaspray®, Kelo-strech®)

• Training and technical support (Sculptra®)

• 2013 Clear focus and scale in Dermatology

4

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Key Brands: Growth and Concentration

5

• 55% of H1 2013 group revenues from non-reimbursed products (45% H1 2012)

• Continuing strength in International Kelo® franchise +34% (+84% in Asia) Papulex® +91% Atopiclair® +27% Bio-Taches® +37%

• Concentrated marketing focus c.80% of spend on leading 5 products c.60% on top 3

34%

50% 56%

0%

20%

40%

60%

FY09 FY12 H1 13

Leading five products % of total sales

Core brand performance H1 2013 LFL growth H1 2013 revenues

+30% -2%

+56%

-35%

+36% +34% +16% +15%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

£m

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Sinclair IS Pharma Brands

6

Aesthetic

Wound Care

Skin Care

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

Strategic Partners: Fewer stronger relationships

7

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

Global Partners Enable Multiple Product Launches

8

Distribution Partners

European Direct Sales and Marketing Operations

Target Markets

Biocodex Russia Turkey Benelux

Multiple Products Launches 2013

Menarini Italy Spain Central America

Kelocote® Atopiclair® Launches 2013/15 Hikma MENA

Flammacerium® Launches 2014/15

Quintiles Mexico Multiple Products

Launches 2013

Menarini Asia Multiple Products Launches 2013/16

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

Summary Income Statement

• Revenue reduced due to prior year asset sales and weak euro

• Significant improvement in gross margin due to improved sales mix

• Continued investment in sales and marketing, targeted at key brands

9

H1 FY13 FY12 H1 FY12

£’m % Rev £’m % Rev £’m % Rev

Revenue 23.0 51.4 23.4

Gross profit 14.2 62% 30.5 59% 13.6 58%

Selling, marketing and distribution (7.8) 34% (14.5) 28% (7.8) 33%

Development & Reg affairs (1.4) 6% (3.6) 7% (1.5) 6%

Manufacturing support (1.0) 4% (1.5) 3% (0.8) 3%

G&A/FX (3.0) 13% (6.1) 12% (2.8) 12%

EBITDA 1.0 4% 4.8 9% 0.7 3%

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

Operating Margin

• H1 LFL reduced by non-core Variquel® and Cryogesic®, without these LFL was 12.5%

• H1 EBITDA increased by 47% over H1 12 despite lower headline revenue

• Significant H2 sales bias and operating leverage imply strong H2 EBITDA

10

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

European Operations

11

• Difficult economic background underscores drive to non-reimbursed products

• Ongoing new product launch schedule and line extensions

• Successful launch of Sculptra® added to growing Kelo-cote® franchise provides significant opportunity in Aesthetics

• New partnership with Menarini for Atopiclair® and Kelo-cote®

• Variquel® sales stabilising - European solution launches later in 2013

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

Sculptra® builds on Kelo-cote® in Aesthetic Dermatology

12

• Sculptra® rebuilds natural collagen. It is not a physical filler implant

• Sculptra® restores large facial volumes not just wrinkles

• Sculptra® is shown to last up to two years in clinical trials

• Sculptra® has proved to be safe and effective for over 4000 patients in extensive clinical trials

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

Sculptra® builds on Kelo-cote® in Aesthetic Dermatology

13

• 100 year distribution agreement with Valeant in Western Europe for an upfront payment of €9m (£7.2m)

• Products generated €9.1m (£7.3m) revenues in year to Dec 2011 and likely annualised EBITDA contribution to exceed £2m

• Sinclair IS Pharma actively promoting Sculptra® through enlarged fully trained European sales forces to stabilise and then grow product sales. Early signs very encouraging

• Major presence at key international Aesthetics congresses (IMCAS, AMWC) and significant media exposure in Europe

• Extensive physician sales and training programme across Europe as year progresses

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

International Operations

14

• Asia

• Continuing Kelo-cote® growth (H1 +84%) leads excellent overall performance (H1 +72%)

• Significant further marketing spend by Menarini on Atopiclair®, Papulex® and Glyderm®

• MEPTA (Middle East Africa Turkey)

• Strong regional Flamma presence reinforced by Hikma partnership to market Flammacerium® across MENA

• New product launches and the continued success of Bio-Taches® and Kelo-cote® driving 20% regional growth

• ARNEE (Americas Russia North and Eastern Europe)

• First launches in Mexico by Quintiles in 2013

• Menarini partnership in Central America adds to recent deal with Biocodex in Russia

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

Conclusion

15

• Clear focus on Dermatology. Significant opportunity in Aesthetics

• Successful Sculptra® launch adds material European revenues, further improving operating leverage

• Building reputation for improving performance of acquired products

• Continue to target step change in P&L profile through product and distribution deals

• Operating leverage expected to deliver further EBITDA margin improvement for the year

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Appendix

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Cash Flow

17

• Small cash outflow from operations, mainly due to increased inventory in the period

• Strong improvement in cash flow anticipated in H2 with weighting of sales and addition of Sculptra

• Tax payable in US on Kelo-cote international business

• Disposal proceeds on non-core assets with more expected in H2

• Net debt of £8.7m at Dec 12 (1.7x EBITDA) reduced from £9.1m at June

• New debt facility signed in December provides £9.0m of additional capital for future business development

H1 FY13 H1 FY12£’m £’m

Operating loss (5.8) (5.6)Non-cash items 6.0 3.7Working capital (0.7) 1.9Cash flow from operations (0.5) 0.0

Interest paid (0.4) (0.5)Tax (paid)/received (0.5) 0.4 Operating cash flow (1.9) (0.1)

Disposal proceeds 0.4 11.1 Acquisition of Sculptra (7.6) - Acquisition of ABT - (16.7)Payment of deferred consideration - (1.3)Other investing activities - (0.8)Cash flow pre financing (9.1) (7.8)

Net (decrease)/increase in borrowings (1.4) 5.3Proceeds from share issue 8.8 - Released from restricted deposits - 2.0Net cash flow (1.7) (0.5)

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Balance Sheet

18

• Goodwill/intangibles increased from Sculptra deal (£7.6m), offset by Cryogesic impairment (£2.5m), amortisation (£2.3m) and FX variance (£0.3m)

• Inventory increased slightly from June but is expected to end the year at similar level to last year as factory closure reduces inventory

• Net working capital at £6.5m is lowest level since ISP acquisition

• Provisions now all due within 1 year as factory closure to be completed in 2013

• Deferred tax liabilities are linked to IFRS3 valuations on acquired intangibles (ISP/ABT) these are non cash liabilities

Dec-12 Jun-12£'m £'m

Goodwill/Intangibles 131.9 129.7 Property, plant & equipment 0.7 0.8 Deferred tax assets 4.8 4.8 Other non current assets 0.1 0.1 Assets held for sale 0.2 0.4 Non-current assets 137.7 135.8

Inventories 6.5 5.8 Trade and other receivables 14.6 16.8 Cash and cash equivalents 2.9 4.0 Current assets 24.0 26.6

Borrowings (3.4) (3.1)Trade and other payables (14.6) (15.7)Current tax liabilities (0.5) (0.7)Deferred consideration (0.5) (0.5)Provisions (1.6) (0.4)Current liabilities (20.6) (20.4)

Borrowings (8.1) (10.0)Deferred consideration (1.8) (1.7)Deferred tax liabilities (12.4) (13.3)Other non-current liabilities (0.9) (0.7)Provisions (0.1) (2.0)Non-current liabilities (23.3) (27.7)

Net assets 117.8 114.3

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Key brands

19

Product H1 2013 Sales

2012 Sales Type Indication Ownership Rights Patent Protected

Flamma®

Franchise £3.9m £8.9m Drug Wound care Owned

Substantially Worldwide*

No

Sculptra® n/a n/a Medical device

Fibroblast stimulator Licensee Europe No

Kelo-cote® £4.0m £5.1m Medical device

Scar reduction Owned Worldwide ex US Yes

Variquel®/ Haemopressin®

£1.5m £5.0m Drug Bleeding oesophageal varices

Owned Worldwide No

Aloclair® £1.9m £4.2m Medical device

Oral pain relief Owned Worldwide Yes

Papulex® £0.8m £1.6m Cosmetic Acne Owned Worldwide Yes

Bio-Taches® £0.9m £1.4m Cosmetic Hyper pigmentation Owned Worldwide No

Atopiclair® £0.7m £1.3m Medical device

Eczema Owned Worldwide ex US Yes

Sebclair® £0.7m £1.2m Medical device

Seborrheic dermatitis Owned Worldwide Yes

* Excludes UK and Italy in particular

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Pipeline Summary

20

Product Indication Timing Comment

Dermatology – Aesthetics

KELO-COTE line extension Scar reduction 2014 Spray and gel with new actives for enhance wound healing and scar control

Dermatology – Wound Care

FLAMMACLAIR Household burns Q4 2013 Trademark leverage

ALOCLAIR PLUS PATCH Mouth Ulcers 2013 Targeted patch application of proprietary Sinclair formulation

Dermatology – Skin Care

BIOTACHES Serum Hyperpigmentation H2 2012 Adds strength to the range and brand for MENA distribution

PAPADUO Inflammatory Acne 2013/14 First anti-biofilm acne treatment

TERBINAFINE SPRAY Athlete's Foot 2014/15 Proprietary slow release patch applied to brand leader's API

Others

DELMOPINOL Dog chew 2013 Royalty deal, licensee has worldwide rights.

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