Addiction Treatment Company …With Enormous Future Potential

A World Leading Addiction Treatment Company …with enormous future potential

Jefferies Healthcare Conference 2014 Disclaimer

. For the purposes of this disclaimer the "Presentation" shall mean and include these slides, the oral presentation of the slides, any document that follows, any oral briefing, the question and answer session that follows the oral briefing, and any material distributed at, or in connection with, the presentation. By attending or reading the Presentation, you will be deemed to have agreed to the obligations and restrictions set out below.

The Presentation is strictly private and confidential and is intended solely for the information of analysts and/or investors in connection with the proposed demerger by Reckitt Benckiser Group plc of its pharmaceutical business (the “Demerger”). It is not an offer or invitation to the public and should not be reproduced or circulated or used for any purpose other than assisting with the assessment of the Demerger. It should not be shared with or disclosed to any third party without the prior written permission of Reckitt Benckiser Group plc or Indivior PLC. Under no circumstances may any person contact the management or employees of Reckitt Benckiser Group plc or Indivior PLC, or its shareholders, or visit any sites used by the Reckitt Benckiser Group plc or Indivior PLC. The Presentation is not a prospectus. It does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in any jurisdiction. The shares of Indivior PLC have not been, and will not be, registered under the US Securities Act of 1933, and may not be offered or sold within the United States, except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act of 1933 and in compliance with any applicable securities laws of any state or other jurisdiction of the US. There will be no public offering of the Indivior PLC shares in the US for the purposes of the US Securities Act of 1933.

No representations or warranties, express or implied are given in, or in respect of, the Presentation or any further information supplied. In no circumstances, to the fullest extent permitted by law, will Reckitt Benckiser Group plc, Indivior PLC, or any of their respective subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents, or any other person be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of the Presentation, its contents (including the management presentations and details on the market), its omissions, reliance on the information contained herein, or on opinions communicated in relation thereto or otherwise arising in connection therewith. The Presentation is supplied as a guide only and does not purport to contain all the information that you may require.

The Presentation is exempt from the general restriction (in section 21 of the Financial Services and Markets Act 2000) on the communication of invitations and inducements to engage in investment activity on the grounds that this presentation is being directed only at (a) persons outside the United Kingdom, (b) persons who have professional experience in matters relating to investments who fall within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (c) high net worth companies and other persons to whom it may be lawfully communicated, falling within Article 49 of the Order or otherwise. The information contained in the Presentation does not, and will not, form any part of a contract or offer for sale. The Presentation may contain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. Although we believe our expectations, beliefs and assumptions are reasonable, reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and our plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Neither Reckitt Benckiser Group plc nor Indivior PLC nor any other person undertakes any obligation to revise or update any forward-looking statement contained within this presentation, regardless of whether those statements are affected as a result of new information, further events or otherwise. Past performance is not an indicator of future performance.

The Presentation, including this disclaimer, shall be governed by and construed in accordance with English law and any claims or disputes, whether contractual or non-contractual, arising out of, or in connection with, the Presentation, including this disclaimer, shall be subject to the exclusive jurisdiction of the English Courts. Indivior PLC is the industry leader in treatment of addiction

Global Leader in Opioid Addiction Treatment Several Levers for Future Growth • Structurally growing market • Pipeline & business development • Unrivalled experience and reputation • Global expansion Sustainable franchise with existing products Strong, experience, stable management team • Multi-layered IP protection to 2030 • Excellent track record

• Specialty pharmaceutical company focused on developing and commercialising products for the addiction and closely related markets • Product portfolio includes Suboxone Film, Suboxone Tablets and Subutex • Key product today is Suboxone Film (buprenorphine + naloxone) for treatment of Opioid Dependency • Pipeline of lifecycle management and new drug candidates in addiction and CNS • Presence in 45 countries globally • $1,216m net revenue and $489m net income in 2013 • Led by experienced management team with decades of experience in addiction …with an exciting pipeline of new opportunities Stages of development and earliest approval dates*

Stage of Development Estimated Approval Dates Phase I Phase II Phase III NDA 2014 2015 2016 2017 2018 2019 2020 Lifecycle management USA LAUNCHED Can Suboxone film EU China Depot EU Swallowable tablet Other areas of addiction Nasal Naloxone Cocaine Overdose Arbaclofen Placarbil Immediate Adjacencies Risperidone

* Dates are best estimates only and could be subject to change OUR VISION That all patients around the world will have unrestricted access to high quality treatment services for the chronic relapsing conditions and co-morbidities of addiction

In support of this, we will leverage our unique patient focused leadership model The four stages of treatment development

Drug Policy & Regulatory Environment

01 02 03 04 Illegal Harm Reduction Recognised Disease Legitimised Disease

Illegal drug Criminal Stigmatised patient Patient in treatment Patient user client Broad access

Prevented from providing Distribution of by legislation Focus on quality care with Mix of supervised dosing treatment or very tightly pharmaceuticals through psycho-social support. Physician or regulation and take-homes controlled “drug clinics” Take-home standard

Driven by Government funded clinics trying to Funding often limited or Insured patients in Payor reduce crime and needle capped by Governments mainstream medicine sharing

Heroin Heroin & Prescription Opioids

Realizing our vision

01 Attract and retain a highly dedicated team of people who are passionate about helping addicted patients

02 Have addiction recognized as a chronic relapsing disease among public health care officials, managed care and doctors

03 Train physicians, with the help of medical opinion leaders, how to provide high quality care including psychological support services

04 Build patient awareness of treatment availability and make treatment easily accessible to patients

05 Develop products with the aim of improving patient compliance

Source: RBP investor & analyst presentation – July 2011 Outstanding success in developing the market

We grew the market …Supported by a consistent growth in 5mm+ patients have received beyond expectations certified physicians treatment through Suboxone therapy US market size by mg (tablets & film)… 2,500 30,000 5mm 27,536

25,581 2,000 25,000 23,018 4mm 20,695

20,000 18,454 1,500 16,105 3mm 15,000

12,585 Millions 1,000 2mm 10,000 9,359

6,154 Cumulativepatients treated Certifiedphysicians year by 500 1mm 5,000 3,682

0 0mm

2007 2008 2009 2010 2004 2005 2006 2011 2012 2013

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12

May-05 May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13

Source: Source Healthcare Analytics Retail and Non-Retail Sales data; Source: Healthcare Analytics Retail Sales Data; internal modelling; NTIS DEA Certification List Internal modeling October 2014 Rewarded by consistent revenue and profit delivery

1600 Net Revenue ($m) 1000Operating Profit ($m)

900 1400 872 884 800 1339 824 1200 1254 1216 700 1152 695 1000 600 650 934 500 800

400 600 398 628 300

400 426 200 242

200 100

0 0 2007 2008 2009 2010 2011 2012 2013 2007 2008 2009 RBP2010 R&D2011 expenditure:2012 2013 2012 $41m 2013 $76m The future: 5 value drivers

Sustainability versus current Pipeline Inorganic competition opportunities

Sustainability Opportunities versus future to grow the competition market Business update

2 Years Ago Today

• Film share 55% • Film share 59% Tablet share 30% 4 generic + 1 branded tablet approved. No generics Bunavail buccal film approved and • Double digit market growth launched in November • Early stage pipeline • Double digit market growth • Good progress on pipeline and licensing opportunities Competition is intensifying, but Film share has been resilient 80%TRx MG share by week

70%

60%

50%

40% tabletslaunched

30% nal

generic tabletapproved generic

CVS formulary loss CVS formulary

bup United formulary loss and 3rd and loss formulary United

20% approved tablet Branded Generic Generic 10%

0% 29- 27- 24- 21- 19- 16- 14- 11- 08- 08- 05- 03- 31- 28- 26- 23- 20- 18- 15- 13- 10- 07- 07- 04- 02- 30- 27- 25- 22- 19- 17- Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May May Jun Jul Aug Sep Oct

Source: Source HealthcareSuboxone Analytics RetailFilm PHAST WeeklySuboxone Data Tablet Generic Bup Generic Bup-Nal Zubsolv - MG EQ Suboxone film – a sustainable platform

Preferred Unique physician Strong product & payor access protection

Patients Over 25,000 Multi-layered IP in registered physicians place up to 2030 Physicians 91% formulary access Payors Dynamics For 2015/16 Dynamics From 2017

Market continuing to grow volume – low double digits Growth off strong base in the core market in USA Entry of third and fourth generic will lead to a rapid change in the • market growth estimated to be high single digits dynamics of the US business EU market opportunities from pipeline and focus on developing • Likely to lose the majority of share in the part of our business that OPD market is most price sensitive Global Pipeline launches for 2016/17 ─ cash/managed medicaid = 25% - 30% • Nasal Naloxone • Our value to patients, physicians and payors will ensure resilience in other market segments and enable us to continue to pursue • Buprenorphine monthly depot our premium pricing • Risperidone monthly depot • Downward pressure on net revenue due to higher rebates to Global expansion opportunities protect remaining market share Global pipeline launches beyond 2018 Loss of share could be swift before new base is established. May last into 2016, although exact timing is uncertain; • Buprenorphine oral swallowable tablet • 3 generics already on market, 1 more approved • Cocaine overdose European Government’s continuing pressure on pricing and volume • Arbaclofen Placarbil through “generic first” initiatives The future: 5 value drivers

Sustainability versus future competition Suboxone Film IP

Formulation Process Further pending patents patents patents

3 orange book listed patents 3 patents covering 3 process patent applications processes for recently allowed by USPTO Providing protection up manufacturing film to 2030 7 additional process and Providing protection up 3 formulation patent 1 non-orange book listed to 2023 applications in prosecution patent Further protection to 2024 The future: 5 value drivers

Pipeline Existing pipeline – the Indivior approach De-risked product development Search & Leverage Pay for development “the known” progress

Not a discovery house Existing compounds Small cash payment up front 76 compounds in and / or addiction identified Further payments Existing technologies through clinical trials and Action when the commercialisation time is right Buprenorphine 1-month injectable – a major development…

For patients For physicians Payors

From Improved Strong pharmaco- 365 compliance economic value decisions / year… Reduced potential …to for diversion Will attract 12 existing patients decisions / year and new patients Buprenorphine Hemi-Adipate – swallowable tablet

The patients The physician Payors

Normalises treatment Improved compliance Strong pharmaco- - traditional economic value Palatable medication - medication format no issue with taste Opportunities Enhanced abuse in Europe deterrence Potential scheduling challenge in the US Nasal Naloxone – Opioid overdose

Saving lives amidst a Leverage Pay for growing epidemic “the known” progress

45* people per day die Existing compound Small cash payment from opioid overdose – Naloxone up front Easy to use first response Pre-filled, unit dose Further payments product delivery system through clinical trials and commercialisation

* Centers for Disease Control and Prevention. Wide-ranging OnLine Data for Epidemiologic Research (WONDER) [online]. (2012) Available from URL: (http://wonder.cdc.gov/mortsql.html). Cocaine Esterase for Cocaine intoxication

Saving lives amidst a Improving patient Owned & growing epidemic and physician patented

500k people per year Speeds patient flow Patent protected to 2029* admitted to ER for Prevents admissions Owned technology cocaine overdose to hospital Simple injection eliminates cocaine in 5-10 minutes FDA granted “Breakthrough Therapy Designation, October 2014

* Worldwide pending patents. Arbaclofen Placarbil (AP) – Alcohol use disorder

Significant undertreated Leverage Pay for population “the known” progress

122m population Existing compound passed Small cash payment phase 3 safety trials up front No current mainstream treatment available Pro-drug of Baclofen, Further payments found to be effective in through clinical trials and Potential game-changer; observational studies commercialisation does not require detoxification prior to treatment Risperidone 1-Month Depot in Atrigel ®

Most commonly Leverage Looking at best prescribed drug for “the known” commercial model Schizophrenia Existing 4-week depot is for Existing compound Extensive co-morbidity different compound – Risperidone with addiction 2 week only depot for Utilising existing Atrigel® However not looking to enter Risperidone platform which is already mainstream marketplace on the market (for prostate cancer) Pipeline Product Summary (2015 to 2020)

Market Size Potential Peak NR Product Current Status Launch Year Factors to consider * **

500k emergency room visits and 15k Opioid deaths a year. Potential to be required Phase 3 2016 $500m $50m - $100m Overdose protocol in every public facility and Nasal Naloxone ambulance.

Buprenorphine Potential to increase compliance Phase 3 2017 Additional cost savings to health care $2,000m + $400m - $700m Monthly Depot system

Risperidone $1.8bn global depot market – with growth Phase 3 2017 $2,000m $100m -$200m Monthly Depot driven by improved dosing frequency

Buprenorphine Oral swallowable tablet helps shift Phase 2 2018 $2,000m + $400m - $700m Oral tablet mindset in disease treatment

Cocaine 500k admissions a year Overdose Phase 2 2018 5k - 10k deaths a year $500m $50m -$100m Cocaine esterase 122m potential treatable population Alcohol Phase 2 2020 3m deaths a year from alcohol abuse $2,000m + $500m - $900m Arbaclofen Placarbil Does not require detoxification * = Estimated Market Size on Gross Sales basis (Indivior Estimates based on current market size for Buprenorphine and estimated market size for other indications) ** = Estimated Indivior peak net revenue potential based on a sensible market share assumption 26 The future: 5 value drivers

Opportunities for growth Significant untapped market in the US…

Non Medical Use of Opioids 11.7m Opioids dependance prevalence Untreated 2.4m 1,124,000

Other 542,000 Methadone 280,000

Buprenorphine 450,000

Source: Trinity Market Research, October 2012, IMS data, Company data Opioid Dependence is a Global Epidemic

Implied size of opioid dependent populations US vs. ROW

Millions of people

Source: RBP Global Dependency Treatment Trends Study 2011-12 & RBP Estimates But market development is at a much earlier stage

Drug Policy & Regulatory Environment 02 03 04 01 Harm Recognised Legitimised Illegal Reduction Disease Disease USA & Australia

RoW

Source: RBP investor & analyst presentation – July 2011 The future: 5 value drivers

Inorganic opportunities Long term pipeline areas of interest

Lifecycle management of buprenorphine franchise

Licensing and clinical development of medical compounds which have demonstrated potential as a treatment in the addiction fields of:

Alcohol Cannabis Cocaine Methamphetamine Inorganic Growth - Business Development and M&A

Focus first on developing our business organically

Leverage our market development model for long term growth Management • Addiction : alcohol, cannabis, cocaine, methamphetamines Team is already • Closely related co-morbidities experienced in M&A • Closely related treatment areas where our model also applies execution and integration Licensing / compound acquisition / technology acquisition for a de-risked approach to expanding our opportunities M&A where it makes sense to acquire companies (or part of companies) Strong, experienced, long-serving management team

Shaun Thaxter Chief Executive Officer Many years of industry experience Cary Claiborne Richard Simkin Chief Financial Officer Chief Commercial Officer And over

Tony Goodman Jon Fogle Chief Business Chief Human Resources Development Officer Officer 60 years experience Christian Heidbreder Javier Rodriguez Chief Scientific Officer Chief Legal Officer at Indivior PLC

Frank Stier Tim Baxter Chief Supply Officer Chief Medical Officer And backed by a powerful Board

Mark Crossley Debby Betz Chief Strategic Planning Chief Corporate Affairs & Officer Communications Officer We have created a long term sustainable business

Highly Global Sustainable Pursuing committed & addiction franchise future experienced treatment in opioid growth management business addiction platforms team Thank You