Plethico Pharmaceuticals Limited Management … Meet/132739_20101112.pdfPlethico Pharmaceuticals Limited (the “Company”)have been prepared solely for information purposes and do

Management Presentation

August 2010 / Confidential

Jefferies International Limited

Authorised and regulated by the Financial Services Authority

Plethico Pharmaceuticals Limited Management Presentation

September 2010

Important Disclaimer

This presentation and the accompanying slides (the “Presentation”) which have been prepared byPlethico Pharmaceuticals Limited (the “Company”) have been prepared solely for informationpurposes and do not constitute any offer, recommendation or invitation to purchase or subscribe forany securities, and shall not form the basis or be relied on in connection with any contract or bindingcommitment whatsoever.

This Presentation may not be photocopied, reproduced or distributed to any other persons at any timewithout the prior written consent of the Company.

This Presentation has been prepared by the Company based on information and data which theCompany considers reliable, but the Company makes no representation or warranty, express orimplied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness andreasonableness of the contents of this Presentation. This Presentation may not be all inclusive and maynot contain all of the information that you may consider material. Any liability in respect of thecontents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’smarket opportunity and business prospects that are individually and collectively forward lookingstatements. Such forward-looking statements are not guarantees of future performance and are subjectto known and unknown risks, uncertainties and assumptions that are difficult to predict. TheCompany’s actual results, levels of activity, performance or achievements could differ materially andadversely from results expressed in or implied by this Presentation. The Company assumes noobligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third-parties included in this Presentation are not adoptedby the Company and the Company is not responsible for such third-party statements and projections.

1



Overview of the Nutraceuticals Industry

Overview of Plethico’s Businesses

Key Strategic Initiatives

Introduction

Key Financials

3

Introduction to Plethico Pharmaceuticals

Manufacturer and distributor of nutraceutical, herbal and allopathic products

11th largest company globally within the sport nutrition products market in 2009 as per market research firm Euromonitor

Increasing presence in the dietary supplements market

Portfolio of over 200 branded products sold in more than 60 countries, including in the US, CIS, Europe, Africa, GCC, Asia and Latin America

Well established distribution channel which include distribution companies, retail chains, drug stores, grocery stores, fitness clubs etc

Group formed in 1963 and headquartered in Indore, India

Business Unit Nutraceuticals

Portfolio of products comprising of dietary supplements, sports nutrition products, vitamins, minerals and weight loss products

Others Herbals Allopathic

Business Overview

Product Comments

Travisil Range of herbal products including, drops, syrups and lozenges, in the cough and sore throat

category.

Travisil is primarily sold in India and Rest of World (CIS, Southeast Asia, Latin America and Africa),

and the company plans to launch the product in the US in 2011E and further increase sales in

developed markets in Europe.

Competitor products include Dr. Mom, sold by J.B. Chemicals.

Mountain Herbz Range of herbal medicines and supplements targeted at various life-style related disorders and to

promote general well-being and vitality. Products include treatments for high blood pressure,

digestive medicines, and aphrodisiacs.

The Mountain Herbz product range is sold in the African, CIS, Southeast Asian and Latin

American markets.

Competitor products include Himalaya.

Actifresh Range of Medicated lozenges

Actifresh is sold in the Indian, CIS, African, Latin American and Southeast Asian markets.

Competitor products include Halls.

Product Comments

Travisil Range of herbal products including, drops, syrups and lozenges, in the cough and sore throat

category.

Travisil is primarily sold in India and Rest of World (CIS, Southeast Asia, Latin America and Africa),

and the company plans to launch the product in the US in 2011E and further increase sales in

developed markets in Europe.

Competitor products include Dr. Mom, sold by J.B. Chemicals.

Mountain Herbz Range of herbal medicines and supplements targeted at various life-style related disorders and to

promote general well-being and vitality. Products include treatments for high blood pressure,

digestive medicines, and aphrodisiacs.

The Mountain Herbz product range is sold in the African, CIS, Southeast Asian and Latin

American markets.

Competitor products include Himalaya.

Actifresh Range of Medicated lozenges

Actifresh is sold in the Indian, CIS, African, Latin American and Southeast Asian markets.

Competitor products include Halls.

Product Comments

Effertabs Effervescent products to treat pain, fever, cold, indigestion and nutrition.

These products are primarily sold in Southeast Asia, Latin America, Middle East and CIS.

Competitor products include Alka Seltzer.

Therasil Products to treat cough and cold. Key markets include Southeast Asia, Latin America, Middle

East, CIS, Africa and India.

Competitor products include Strepsils.

Overview

Key Brands

Includes a range of clinically proven products developed from scientifically validated herbal extracts

Allopathic formulations include cough and cold, anti-infective, anti-retroviral, anti-tuberculosis, anti-malarial products, anti-spasmodic and gastrointestinal therapeutic products

Raw material trading and contract manufacturing

4

Evolution of Plethico Pharmaceuticals

1963

1971-80

1981-90

1991-00

2003-04

2006

2007

2008

2009

1970

Announced a tie-up with Molekule India Private Limited for distribution and marketing of Natrol’s brands in India

Completes acquisition of Natrol and integration of its business along with Indian operations

Further expands reach in CIS through acquisition of 20% stake in Tricon Holding

Raised US$75m through an FCCB issue

Acquires 100% in Natrol Inc in an all cash deal of USD 82 million

Entered the capital markets through an IPO raising Rs1.1bn

Boosted sales and marketing efforts in the CIS market through acquisition of stake in Rezlov, a marketing and distribution chain in the CIS

Increased international marketing of Travisil, an internally developed herbal Cough & Cold product that has increasingly contributed to our total sales in the CIS market

Kalaria plant commissioned

State -of-the art formulation plant established at Manglia to manufacture a wide range of allopathic formulations;

Establishment of a nationwide marketing & distribution network and introduction of branded formulations in various categories

Establishment of the company’s first formulation plant, at Indore

Group formed

Evolution from a Domestic Company to a Global Organisation

2010UK MHRA approval for Kalaria plant

5

Key Highlights of the Company

Established Presence in Key Markets

We believe we are pioneers of the sports nutraceuticals industry in India

Present in over 60 countries globally ( US, Europe, CIS, Latin America, S.E. Asia, Middle East , India and Africa)

Diversified Product Portfolio

500 plus formulations and a portfolio of over 200 brands

Presence in wide range of segments such as sports nutrition, food supplements , mouth fresheners, cough and cold medications, lifestyle diseases etc

Strong Manufacturing Base

3 manufacturing facilities in India which are CGMP compliant. Kalaria facility UK MHRA accredited . Indian facilities certified by World Health Organization

1 US CGMP complaint manufacturing facility in the US

Manufacturing facility in the UAE enjoying 50 year tax holiday expected to commence operations by the end of 2010

Large Distribution Network and High

Recall Brands

Access to CIS markets via stakes in pharmacy chain of Tricon and distribution company Rezlov

Channel Natrol brand into India markets through JV with Molekule

Portfolio of well recognized brands, such as Prolab, MRI, Travisil LaciLe Beau and Shen Min amongst others

Robust Financials

2007-2009 revenue CAGR (1) of 50.1%

Revenue growth of 29% in H1 2010 vs H1 2009, EBITDA and PAT growth of 92% and 112% respectively in H1 2010 vs H1 2009

Expanding EBITDA and PAT margins

Established Management

Senior management team of COO, CFO and President have been with the Company for over 15 years each

(1) CAGR: 2007 financials for 15 month period. 2009 financials include Natrol financials

6






Introduction

Key Financials

7

Overview of Nutraceuticals

($Billions)

36%

22%

7%

6%

6%

5%

3%

3%

2% 1%

9%

US Japan Rest of Asia Rest of EU

France Germany Italy Swi tzerland

UK India Others

Global Nutraceuticals Market Trend Geographic Distribution of Nutraceuticals Sales

40.057.0

38.0

71.039.0

49.0

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

2007A 2013EFunctional Foods Dietary Supplements Functional Beverages

Liquids that quench thirst along with replenishing minerals, provide energy, prevent ailments, and promote healthy life styles

Key Product Segments

Sports and energy drinks

Fortified juices

Glucose powder

Foods that have specific physiological benefits and/or reduce the risk of chronic diseases

Key Product Segments

Nutrition fortified foods like fortified flour, fortified oil, fortified malted powder

Probiotic foods like yoghurt

Dietary supplements provide nutrients that are missing or are not consumed in sufficient quantity in a person’s diet

Key Product SegmentsVitamin supplementsMineral supplementsMacronutrientsAntioxidantsTonicsHerbal extracts like Chyawanprash, non-

herbal extracts like cod liver oil

(1) Nutraceuticals – Critical Supplement for building a healthy India, Enrst & Young and Federation of Indian Chambers of Commerce & Industry , 2007

Broadly Classified as Functional Foods , Dietary Supplements and Functional Beverages

Functional Foods Functional BeveragesDietary Supplements

Functional Foods

Dietary Supplements

Functional Beverages

6.1%

11.0%

3.9%

Segmental CAGR

8

Indian Nutraceuticals Market

42.4

630.6

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

2007A 2012E

115.5

357.5

0.050.0

100.0150.0200.0250.0300.0350.0400.0

2007A 2012E

722.5

1,605.5

0.0200.0400.0600.0800.0

1,000.01,200.01,400.01,600.01,800.0

2007A 2012E

($Millions) ($Millions)($Millions)

(1) Indian Dietary Supplement Markets – Frost and Sullivan, December 2007.

Indian Nutraceuticals Market Poised for Robust Growth

Overview

Indian functional foods market is segmented into omega fortified foods and probioticfoods

Vitamin and mineral enriched cereals, wheat flour and iodized salt, and a few cholesterol reducing foodstuffs are key constituents of the Indian Functional Foods Market

Functional Foods (1)

Functional Beverages (1)

Dietary Supplements (1)

Overview

Comprises of four main subsegments; Vitamins/mineral supplements, herbal supplements, dietetic supplements, and Chyawanprash supplements

Complex lifestyles, changing food habits, and consumer consciousness to stay healthy driving growth of the Indian Dietary Supplements Market

Overview

Comprises of herb-based fruit drinks, ready-to-drink teas, sports (isotonic) drinks, energy drinks, and single-serve fresh juices

Currently in its infancy, the demand for sports and energy drinks is expected to increase, as they are a socially accepted alternative to alcoholic drinks

9

Demand Drivers for Nutraceuticals

Affluence of working population with changing lifestyles

Reducing affordability of sick care, driving consumers towards wellness

Increasing physician awareness and media penetration

Increased accessibility due to emergence of newer channels

1

2

3

4

Regulatory framework not yet implemented

Inadequate resources for implementation of regulations

High prices of Nutraceuticals

Lack of credibility of Nutraceuticals

1

2

3

4

Critical Impediments to Convert this Latent Opportunity into a MarketGrowth in the Nutraceuticals Market in India is Driven by Several Factors

Growing consumer awareness towards self-medication and preventive healthcare coupled with rising costs

Aging population that needs diet supplements to stay healthy

Improving economic affluence and affordability

Increasingly competitive and busy lifestyles which takes a toll on dietary habits

Favourable Demand Drivers

Scientific and clinical research supporting effectiveness of nutraceuticals

Imperatives for a Successful Nutraceuticals Market

More health conscious consumers

Positive media publicity

Scientific studies and clinical trials supporting safety and efficacy claims

Propagation of information detailing the benefits of consuming dietary supplements

Favourable Structural Factors to Drive Demand for Nutraceuticals

Source : Nutraceuticals – Critical Supplement for building a healthy India, Enrst & Young and Federation of Indian Chambers of Commerce & Industry , 2009

10

Canada

Known As “Natural Health Products”

Governed By Food and Drugs Authority

Implemented In 2004

Key Regulations Governing the Nutraceuticals Industry

Russia

Known As Biologically active food supplements

Governed By Ministry of Health & Social Development

Implemented In 1997

USA

Known As “Dietary supplements”

Governed By Food and Drugs Administration

Implemented In 1994

Australia

Known As Complementary medicines

Governed By Dept. Of Health and Ageing

Implemented In 1991

Japan

Known As “Foods for Specific Health Use”

Governed By Japan Health and Nutrition Food Association

Implemented In 1991

EU

Known As “Food supplements”

Governed By Food Safety Authority

Implemented In 2002

India

Regulation Food Safety and Standards act (FSSA)

Effective From Passed in 2006, yet to be implemented

Well Defined Set of Regulations Govern the Global Nutraceuticals Industry

We Believe a Well Defined Regulatory Will Aid in Greater Acceptability of Nutraceuticals Globally

Source : Nutraceuticals – Critical Supplement for building a healthy India, Enrst & Young and Federation of Indian Chambers of Commerce & Industry , 2009

11






Introduction

Key Financials

12

Overview of Plethico’s Business’s

Nutraceuticals

Herbals (Finished

Formulations)

Allopathic

Dietary Supplements

Functional Foods

Herbals (Finished

Formulations)

Finished Formulations

API Trading

Vitamins, Minerals

Green Tea, Garlic, Soy Protein

Non Herbals

Sports Nutrition

Meal Supplement

Joint Care

Weight Loss

Probiotics

Omega 3 – Fatty Acids

CoQ 10

Chondroitin / Glucosamine

Cough & Cold

Mouth Fresheners / Throat Irritation

Confectionary

Branded Generics

Contract Manufacturing

Broad Range of Products Aimed at Various Customer Segments

48.1%(1)

37.4%(1)

7.2%(1)

(1) Contribution to total sales in 2009

6.8%(1)

13

14.0%(1)

Overview of Nutraceuticals Business

Overview Geographic Distribution Revenue Split

Predominantly encompasses dietary supplements , sports nutrition products and weight loss products

Also offers herbal tea and beauty products

Nutraceutical products accounted for 48.1% of consolidated revenues in FY 2009

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

2008A 2009A

RoW

India

US86%

11%

63%

34%

3%3%

104.3

128.9

41%

28%

9%

8%

14%

2008A

2008A

Natrol MRI Prolab Coaches Formula Others

44%

21%

13%

7%

15%

2009A

24%

Key Brands

Overview Revenue(2009) US$ mn

Trend (1)

Natrol Largest brand of dietary supplements of the group

Focuses on vitamins, minerals, herbal products and specialty combination formulations

56.5

MRI Sports nutrition branded products targeted at premium consumers

Products include HSP, a protein supplement for enhanced training, Pro NOS (Whey Protein), Black Powder ( pre workout energy boosting formula)

26.9

Prolab Sports nutrition line of products targeted at mid-market consumers

Sold primarily in the United States through sports nutrition retail stores, fitness centres, websites and health-food stores

16.8

Coach’s Formula

Range of sports nutrition products focusing on the mass market segment of sports supplements

Products primarily sold in India, the CIS, Latin America, Southeast Asia, the Middle East and the African markets

9.7

Laci Le Beau

Flavoured herbal teas under the Laci Le Beau brand which is one of the leading diet tea brands in the United States

NuHair and Shen Min, hair products containing a serum and vitamins targeted at combating hair loss

19.0

30%

86%

22%

31%

9%

Portfolio of Strong Award Winning Brands Across Consumer Segments

($Millions)

(1) Trend of 2008 vs 2009

(2) USD/INR Exchange Rate of Rs 46.41

14

Overview of Herbals Business

Overview Geographic Distribution Revenue Split

Offer a safe and natural alternative in treating health problems such as diabetes, cholesterol, sleep disorders, digestive disorders and pain management

Herbal products accounted for 37.4% of consolidated revenues in FY 2009

0.0

20.0

40.0

60.0

80.0

100.0

120.0

2008A 2009A

RoW

India

24%

76%

18%

82%

71.5

100.2

33%

18%12%

20%

6% 11%

2008A

28%

15%

12%

17%

8%

20%

2009A

28%

15%12%

17%

8%

20%2009A

Travisil Actifresh Confectionery Mountain Herbz Thravapasit Others

40%

Key Brands Overview Revenue(2009) US$ mn

Trend (1)

Travisil Range of herbal products including, drops, syrups, and lozenges, in the cough and sore throat category

Enjoys strong brand equity in the CIS markets

28.0

Mountain Herbz

Range of herbal medicines and supplements targeted various lifestyle related disorders and general well being and vitality

Products include treatment for high blood pressure, digestive medicines and aphrodisiacs

17.0

Actifresh Range of medicated lozenges are sold under the Actifresh brand

Actifresh primarily sold in the CIS, African and Indian markets

14.9

Travopassit Travopassit range is an anti-stress product made from well evaluated and researched herbal ingredients

Sold primarily in the CIS markets

8.0

Confectionery and others

Includes products primarily catering to younger generation impulse purchase markets

Sold primarily in India and CIS

32.3

20%

13%

100%

18%

76%

Strong Brand Equity in Existing Markets … Well Poised to Expand Geographic Reach

($Millions)

(1) Trend of 2008 vs 2009


15

Overview of Allopathic Business

Overview

Allopathic formulations include pain, cough and cold, anti-infective, anti-retroviral, anti-tuberculosis, anti-malarial products, anti-spasmodic and gastrointestinal therapeutic products

In fiscal year 2009, allopathic products accounted for 14.0% of consolidated revenues

Key Brands Overview Revenue(2009) US$ mn

Trend (1)

Effertabs Effervescent products to treat pain, fever, cold, indigestion and nutrition categories

Products sold primarily in the areas of South East Asia, Latin America, the Middle East and the CIS

5.8

Therasil Non-effervescent allopathic products for the cough and cold categories are sold under this brand

These products are mainly sold in the markets of South East Asia, Latin America, the Middle East, the CIS, Africa and India

10.1

Others Predominantly raw material trading in the rest of world segment, and contract manufacturing in India

Non-effervescent range of products in the pain relief category are sold under the brand Relievo

Tablets and ointments catering to pain, inflammation and muscle sprains

21.5

17%

12%

Range of Products Across Therapeutic Segments

(1) Trend of 2008 vs 2009


16

Geographic Distribution Revenue Split

0.0

10.0

20.0

30.0

40.0

2008A 2009A

RoW

India

1%

99%

4%

96%

22.8

37.5

22%

39%

39%

2008A

16%

27%57%

2009A

30%

52%

18%

2009A

Therasil Effertabs Others

64%

($Millions)

3

144%

Diversified Product Portfolio with Extensive Geographic Reach

Products US India CIS Africa 3rd Front¹

Nutraceuticals

Natrol

MRI

Prolab

Lacie Le Beau

Coaches Formula

Herbal

Travisil

Actifresh

Mountain Herbz

Travopassit

Allopathic

Effertabs

Therasil

Relievo

Products Sold in Over 60 Countries

(1) 3rd Front : Latin America + Middle East+ Europe + South East Asia.

17

Strong Distribution Platform

Natrol Inc., USA

Natrol

Drug Store Club / MM Health Food Stores Gyms eCommerce

MRI

—

3rd Party Distributors Retail Pharmacy Internal Distributors & Sales Force

CIS

Africa

SE Asia

Latin America

Middle East

India

Plethico

Products sold at various major retailers and pharmacy chains including Walgreen, Walmart, CVS, COSTCO, GNC and Rite-Aid

More than 200 sales personnel in India and more than 50 marketing and sales personnel in the United States

Marketing and sales team consists of more than 400 employees globally

Equity interests in Rezlov Group and Tricon Holdings strengthens distribution capabilities in the CIS, tie up with Molekule for India

Extensive Distribution Network Consisting of Retail Pharmacy Chains and Speciality Health Food Stores

18

Overview of Manufacturing Facilities

India

Location Manglia, Indore

Operating Area (‘000 m²) 10.01

Main Products All Allopathic other than Effertabs, Therasil and Relievo

Approvals WHO-GMP Certified

India

Location Kalaria, Indore


Main Products Various, including allopathic and herbal

Approvals WHO, UK -MHRA for allopathic

India

Location Kandla, Gujarat


Main Products Herbal formulations for export

Approvals WHO, SEZ status. Also approvals for Africa, CIS and South East Asia (fiscal tax benefits until March 31, 2011)

USA

Location Natrol, Chatsworth, CA

Operating Area (000 sq ft ) 94.0

Main Products Natrol branded products

Approvals FDA compliant

UAE

Location Dubai


Main Products Travisil, Therasil, Effertabs

Approvals Tax benefits

USA

Europe

CIS

Africa

UAE India

South East Asia

Manufacturing Facilities

Destination Market

Strategically Located Manufacturing Facilities

19

Distributors






Introduction

Key Financials

20

Core Business Strategy

Nutraceuticals Nutraceuticals Nutraceuticals

Sports Nutrition

Vitamins & Dietary Supplements

Natrol

MRI

Prolab

Continue to gain market share

Building out product range in all target markets

Herbals Herbals Herbals

Cough and Sore Throat

Lifestyle Related Disorders

Medicated Lozenges

Travisil

Mountain Herbz

Actifresh

Consolidate position in the CIS market

Build out product range in the US

Allopathic Allopathic Allopathic

Cough and Cold

Anti –infective, Anti –inflammatory

Tuberculosis

Therasil

Effertabs

Build out Effertabs in Europe

Roll out Therasil in all target markets

Introduce OTC products in India

Develop a network of strong brands and agile businesses in Nutraceutical,herbal and Allopathic segments in identified geographies

Focus on brands with high relative market share and strong consumerfranchise

Continue to focus on marketing efforts in India for herbal and allopathic products significantly increase brand awareness campaigns for nutraceutical products

Cross sell products and optimise product portfolio

Integrate multi-location production facilities to capture cost efficiencies and optimize distribution processes

Category Focus Brand Focus Leadership Focus

Future Objective

Established Presence

Focus on Key Brands and Leverage on Cross Selling Opportunities

21

Successfully Leverage Acquisitions and Alliances

Overview Rationale / Impact

NatrolAcquired Natrol a Nasdaq listed

US nutraceuticals Company in Oct 2007 for US$ 82 mm

Entry into the US Nutraceuticals market, largest market globally

Access to a portfolio of strong award winning brands in over 70 product categories

Geographical expansion into the regulated markets of US, UK, Europe

Introduction of Natrol products into existing geographies of Plethico

Rezlov

Acquired majority stake in six marketing and distribution companies in the CIS between 2004-2006 for US$ 31 mm

Sold of a portion of its shareholdings in the Rezlov group of companies to Azyder Global Establishment in March 2007

Strong distribution network in Russia, Kazakhstan, Ukraine, Moldova, Kyrgystan and Azerbaijan - markets with strong entry barriers

Efficient receivables management and through product registration and filings in the CIS

Rezlov Group expected to benefit from Azyder's European expertise

Tricon Holdings FZE

Acquired 20% stake in Tricon Holdings UAE based pharmacy chain

Leverage Tricon’s 400 strong retail pharmacy outlets in CIS

MolekuleExclusive distribution agreement

with Molekule India Private Ltd. ("Molekule")

Exclusive distribution contract to market Natrol Inc’s products in India for a period of three years

Expand into New Markets via the Inorganic Route

22

Strategic Roadmap

11th largest sports nutrition company globally

77th largest dietary supplements company globally

Well established presence in the CIS markets for Herbals and Allopathic segments

Well established presence in the Nutraceuticals segment in the US markets

Become one of the leading sports nutrition and dietary supplements company globally

Obtain leadership positions in identified geographies

Established presence of Nutraceutical products in existing markets of Plethico

Established presence of Herbal and Allopathy products in regulated markets

Become a well integrated, leading global nutraceutical company

2015

2010

Expand distribution capabilities in the CIS, Europe and South East Asia

Leverage strong distribution network to introduce herbal products in the US

Streamline product portfolio, integrate production facilities and decrease outsourced production

Strengthen balance sheet and improve credit cycle terms

Leading Global Nutraceutical Company

23

Management Profile

Shashikant Patel Chairman & Managing Director

Pharmaceutical industry experience of over 40 years

Played a lead role in formulating the Company's strategy and has been actively involved in marketing and sales and overall management of the Company since its inception

Chirag PatelWhole Time Director and Chief Executive Officer

Over 15 years of experience working in the global pharmaceutical industry

Responsible for the Company's brand building and its entry into the consumer healthcare business

He is also responsible for the Company's foray into international operations, including CIS and Africa

Gauravi ParikhExecutive Director

Joined the Company in 2000

Responsible for the technical and regulatory affairs, new product development and the human resource management

Rajiv BediPresident Plethico Pharmaceuticals

Holds over 23 years of experience, including 14 years in the Company

Promoted to head the Company’s operations in the year 2006 as President

Hemant ModiChief Operating Officer

25 years of experience including 19 years in the company

Specializes in debt fund raising also oversees accounting function

Sanjay PaiChief Financial Officer

15 years of experience, joined Plethico in November 1998

Responsible for funding, strategy, investor relations, management reporting, costing and budgeting

Pat McCulloughPresident - Natrol

Over 20 years of experience in the industry

Responsible for sales growth as well as profitability of the US business

Established Team with Deep Industry Expertise has Been the Force Behind Plethico

24

Dr. Manmohan A Patel Chairman and CEO, Natrol Inc

Over 35 years of experience in practicing geriatric, pulmonology, internal and emergency medicine

Previous roles include Founder and President of Pavonia Medical Associates, PA and Chairman of Jersey Integrated Health Practice

Instrumental in setting up preventative care and diagnostic testing centers in the state of New Jersey






Introduction

Key Financials

25

Consolidated Financials

Sales EBITDA PAT

119

208

268

116149

0

50

100

150

200

250

300

2007A¹ 2008A 2009A H1 2009 H1 2010

Revenue By Geography

43%

10%10%

14%

23%

2008A

30%

9%

8%15%

38%

2009A

34 46 52

18 34

-

25

50

75

100

2007A¹ 2008A 2009A H1 2009H1 2010

(1) 15 month ended.; % of Revenue and % of Geography charts indicate %of total income(2) USD/INR exchange rate of 46.41

34 27

47

15 29

-

30

60

90

2007A¹ 2008A 2009A H1 2009 H1 2010

75%

29%

29% 89%35%

13%

76% 93%

43%

10%10%

14%

23%

2008A

US India Africa CIS Third Front

21%

($Millions)($Millions)($Millions)

26

Revenue By Segment

50%

35%

11%

4% 2008A

48%

38%

7%7%

2009A

48%

38%7%

7% 2009A

Nutraceuticals Herbals Allopathic Contract Manufacturing/RM Trading

Quarterly Financials

Sales EBITDA PAT

52

72

63

76

0

10

20

30

40

50

60

70

80

Q1 2009 Q1 2010 Q2 2009 Q2 2010

($Millions)

9

16

8

19

18%

22%

13%

25%

0%

5%

10%

15%

20%

25%

30%

0

5

10

15

20

25

30

35

40

Q1 2009 Q1 2010 Q2 2009 Q2 2010

EBITDA EBITDA Margin

($Millions)

7

13

7

16

13%

18%

11%

21%

0%

5%

10%

15%

20%

25%

0

5

10

15

20

25

30

35

40

Q1 2009 Q1 2010 Q2 2009 Q2 2010

PAT PAT Margin

($Millions)

38%

20%

(1) USD/INR exchange rate of 46.41

27

Consolidated Balance Sheet

(1) USD/INR exchange rate of 46.41

As of As of As of As of

31-Dec-07 31-Dec-08 31-Dec-09 30-Jun-10

(In US$Million) (In US$Million) (In US$Million) (In US$Million)

SOURCES OF FUNDS

SHAREHOLDERS' FUNDS

Share Capital7.3 7.3 7.3 7.3

Reserves & Surplus120.4 151.3 184.4 209.7

127.8 158.6 191.7 217.0

Deferred Tax Liability (Net) 2.6 (5.2) (6.4) (5.6)

LOAN FUNDS

Secured Loans 16.5 60.1 42.7 49.7

Unsecured Loans 66.0 86.7 89.2 92.4

82.4 146.9 132.0 142.1

Total Sources 212.8 300.3 317.3 353.5

APPLICATION OF FUNDS

Fixed Assets 24.4 132.8 132.4 132.3

Investments 88.1 42.9 42.9 42.9

Net Current Assets 98.7 123.4 141.0 177.3

Miscellaneous Expenditure (To the extent

not written off or adjusted) 1.6 1.2 1.0 1.1

Total Uses 212.8 300.3 317.3 353.5

(US$ millions)

28

Corporate Structure Tax Efficient Corporate Structure

Plethico Pharmaceuticals

Other InvestmentsPlethico Global Holdings

B.V. NetherlandsPlethico International

Limited, UAE

Rezlov45%

Tricon20%

Plethico US Holdings Kft,

Hungary

Natrol Global FzLLC, UAE

Natrol Inc., USA

100%

100%

25%

75%

29

Documents

Plethico Pharmaceuticals Limited Management … Meet/132739_20101112.pdfPlethico Pharmaceuticals Limited (the “Company”)have been prepared solely for information purposes and do