Pharma International Company Corporate Presentation

January 2017 Version 4.27 Contents

• Company Overview

• Profile and Financial Performance

• MENA Operating Environment

• Plan and Focus Areas

• Key People and Contacts

• Execution Credentials

Overview For the past 22 years, we have dedicated ourselves to helping patients, caregivers, regulators and payers across MEA to improve cost of care and health outcomes by providing affordable, quality generic pharmaceuticals in a broad range of therapeutic areas.

Mission

Pharma International Company (PIC) is a biopharmaceuticals company dedicated to serving patients, healthcare professionals and payers across the Middle East and Africa region.

Vision PIC aspires to become the leading Biopharmaceutical partner for key stakeholders keen on improving health outcomes, cost of care and the wellbeing of patients and their care-givers. PIC aims to achieve $300mn in annual revenue by 2020 through organic growth.

PIC Has Been Primed To Become A Regional Industry Leader

1994 2000 2003 2009 2015

Pharma Manufacturing PIC Becomes PIC Becomes Acquisition of International plant is licensed ISO 9001-14001 ISO 18001 Manufacturing Company (“PIC”) by JMOH Compliant Compliant site in KSA is incorporated

2001 2002 2006 2012 2014

The company launches The company PIC obtains the PIC Opens its Investors acquire Tidilor® and introduces its first Irish Medicines Injectable majority share in Pharmaxin ®, its cephalosporin Board’s Cephalosporins PIC first ever Cefodox® certification plant products

• Company Overview

• Profile and Financial Performance

• MENA Operating Environment

• Plan and Focus Areas

• Key People and Contacts

• Execution Credentials

Sales Performance and Forecast Sales Value ($ Mn)

CAGR 19.12% 123.7

105.2 95.6

77.8 71.8 62.8

43.3

2011 Actual 2012 Actual 2013 Actual 2014 Actual 2015 Actual 2016 Actual 2017 Forecast

Our relentless focus on quality and the wellbeing of patients allowed us to emerge as one of the fastest growing companies in Saudi Arabia, Iraq and Jordan, with market presence in over 25 markets across the Levant, the GCC, Africa and parts of Eastern Europe.

Jordan Lebanon KSA Iraq UAE 1 Country Manager 1 Country Manager 1 Country Director 1 Regional Director 1 Regional Director 1 Sales & Collection 1 Sales Admin Officer 9 Supervisors 2 Sales Managers 1 Country Manager Manager 2 Supervisors 76 Medical Reps 7 Supervisors 3 Supervisors 13 Supervisors 1 Marketing 1 Accountant 2 Marketing 1 Marketing 67 Med & Sales Reps 16 Medical Reps 1 Marketing 127 Medical Reps 15 Medical Reps 1 Marketing 1 Regulatory Manager 1 Training and 1 Accountant 7 Sales Admin Officers 1 Regulatory Assistant Effectiveness 1 Regulatory Manager 1 Sales Admin Officer 1 Sales Admin Officer 2 Sales Managers

Kuwait Bahrain Qatar Oman Yemen 1 Senior Medical Rep 2 Medical Reps 1 Sales Manager 1 Senior Medical Rep 1 Country Manager 1 Medical Rep 1 Senior Medical Rep 2 Medical Reps 2 Sales Admin Officers 3 Medical Reps 2 Sales Supervisors 18 Medical Reps

Tunisia Sudan Libya Mauritania Kenya 1 Country Manager 3 Line Managers 1 Country Manager 1 Country Manager 1 Team Leader 6 Medical Reps 1 Team Leader 1 Sales Manager 4 Medical Reps 2 Medical Reps 3 Medical Reps 4 Medical Reps

Uganda Tanzania Ethiopia Ukraine 1 Manager 1 Sales Manager 1 Sales Manager 10 Supervisors 1 Team Leader 1 Supervisor 5 Medical Reps 75 Medical Reps 3 Medical Reps 5 Medical Reps

Since our establishment in Jordan in 1994, we have cultivated a thriving culture of innovation, amply demonstrated by the depth and breadth of our product portfolio of over 200 products spanning across key therapeutic classes, including Anti- infectives, Nervous System, Respiratory System, Cardio Vascular and Lifestyle conditions. Revenue by Therapy Area Top 10 Products 2015

Brand Generic Name Class

Cefixime 3rd generation cephalosporin Others Cefpodoxime 6% 3rd generation cephalosporin proxetil 61% 3% Cefuroxime Axetil 2nd generation cephalosporin

Angiotensin receptor blocker 0.3% Valsartan 2% (ARB)

Ciprofloxacin Fluoroquinolone

Histamine H2-receptor 4% Ranitidine HCl 3% antagonist

Clopidogrel Inhibitor of ADP-induced Bisulfate platelet aggregation 6% 6% Clarithromycin Macrolide antibiotic

Diclofenac NSAID 9% Gamma-aminobutyric acid Pregabalin analogue

Main Plant Cephalosporins Plant The Main Plant covers a total area of about 9,300 The Cephalosporin plant covers a total area of 5,000 m2 that is equipped to produce the following m2 that is equipped to produce the following dosage dosage forms: forms:

• Tablets • Tablets • Capsules • Capsules • Liquids • Dry Suspensions • Creams, Ointments and gels • Injections • Suppositories • Medicated shampoos

Accreditations in 2015

GMP Certificates ISO Certificates • Jordan • Iraq • 9001 • Saudi Arabia • Sudan • 14001 • Ireland • Yemen • GCC • Tanzania • Chad

• Company Overview

• Profile and Financial Performance

• MENA Operating Environment

• Plan and Focus Areas

• Key People and Contacts

• Execution Credentials

Real GDP Growth (%) Market Size - 2015

5.0%

4.0% 433

11.9% 3.0%

7.8%

Bn 7.2% [VALUE] 6.3%

2.0% 3.3% 3.8% 2.0% US US Dollars/ CAGR 2016-20 159 149

1.0%

68 38 20 17 16 0.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 World (Market Exchange Rates) MENA USA APAC EU 5 LATAM MEA CEE CIS India

* Source: The Economist Intelligence Unit, January 2017 * Source: IMS

Source: The Economist Intelligence Unit, IMS Branded Generics Have Grown Faster Than Innovators; Growth Specially Driven By KSA, UAE & Egypt

BGx CAGR ('13-'15) Ox CAGR ('13-'15)

Kuwait 76% 12% 11% -3.1% -1.5%

UAE 58% 21% 20% 24.4% 10.4%

KSA 49% 24% 26% 20.0% 10.9%

Lebanon 48% 24% 27% 6.6% -4.6%

Tunisia 45% 35% 17% 3.8% -1.1%

Algeria 41% 41% 15% 6.7% 6.1%

Egypt 39% 39% 20% 17.8% 15.7%

Jordan 33% 34% 32% -7.6% -7.0%

Morocco 32% 45% 22% 1.1% -3.0%

Total 47% 30% 22% 13.4% 8.1%

Below market average Original Branded Generics Other Unbranded Generics Above market average

Source: IMS MENA Health Indicators are a Proxy For Sustained Growth

MENA Countries Health Expenditure Per Capita (USD)

3,071 Share of healthcare expenditure out of the country’s total expenditure 14.2% 13.7% 2,405 2,466 2,320 11.6% 2,272 10.7% 9.9% 10.5%

8.7% 8.2% USD 1,442 6.0% 5.6% 4.9% 6.5% 5.8% 932 987 5.8% 4.8% 785 798 806 3.9% 667 3.9% 594 447 376 282 202

Source: World Bank - Health Nutrition and Population Statistics Key Therapeutic Area Growth Across Emerging Markets

The patent expiry of several key The reason behind such enormous growth is 20% antipsychotics and anti-depressants the massive number of patent expiries. Almost contribute to the rapid growth of CNS half of the asthma and COPD market drugs are drugs market between 2014 and 2018 set to lose patent protection by 2016

14% Fast Growing

12% Prevalence across the MENA Fast Growing region and India make this 10% segment a very attractive market driven by high prices, Fast Growing new diagnosis and generic CAGR Fast Growing 8% Growing penetration One of the promising segments for generic participants to 6% Growing venture into between 2012 and Stable 2017 is oncology as drugs worth $15bn are set to lose 4% patent protection by 2015

0% Cardiovascular CNS Oncology Rheumatology Respiratory Diabetes Others Bubble size represents market value

Source: Frost & Sullivan analysis

• Company Overview

• Profile and Financial Performance

• MENA Operating Environment

• Plan and Focus Areas

• Key People and Contacts

• Execution Credentials

1 2 3

Achieve Leadership Build And Sustain A Expand Regional Through High Diversified Product Footprint Portfolio Quality Products

Areas of Choice IMS Prognosis 2014-2018

ATC Class (MENA Projections 2014-2018) CAGR (%) Primary Care

• Cardiovasculars Alimentary Tract and Metabolism 14.5% • Diabetes Blood and Blood-Forming Organs 14.6% • Respiratory • Anti-infectives Cardiovascular System 14%

Dermatologicals 13%

Specialty Care Genito-urinary System and Sex Hormones 12.4% • CNS Systemic Anti-infectives 10.9% • Oncology Antineoplastic and Immunomodulating 13.3% Agents Musculo-skeletal System 13.6% Game Changers • Hepatitis C Central Nervous System 13.8% • Biosimilars Respiratory System 12.7%

Source: IMS Health and Economist Intelligence Unit Focus Therapeutic Areas

Anti-infectives Diabetes GIT • Leverage on PIC’s strong • Develop a broad diabetes • Building a high-value presence in the anti-infectives portfolio including novel insulin specialized portfolio leveraging segment. delivery systems and oral on the existing GI portfolio • Expand PIC’s regional hypoglycaemic agents. • Selectively target innovative leadership in oral and sterile • Target generic fixed-dose products in Ulcerative Colitis, Grow Cephalosporines combinations in addition to IBS, IBD and Crohn's Disease. • Target licensing opportunities licensed-in novel molecules. focused on novel, newer • Invest in Phase III assets generation Cephalosporines targeting MEA rights. and Penems.

Oncology Respiratory Biosimilars • Develop strategic partnerships • Develop strategic technology • Target EU/US based biosimilar with specialty oncology players. partnerships for mDPI and leaders for partnership across • Target broad-based therapeutic selected pMDI products. Africa and the Middle East. and palliative portfolio. • Target ICS/LABA, • Focus on wave II biosimilars • Short term targets include LABAM/LAMA, (Rituximab, Trastuzumab, Enter Imatinib, Pemetrexed, Nilotinib, LABA/LAMA/ICS combinations, Etanercept, Infliximab, Everolimus, Dasatinib, in addition to single LAMA. Bevacizumab, Cetuximab and Abiraterone • Pursue both fully developed Adalimumab). and under-development candidates. • Ideally target Diskus™-like and Turbohaler™-like devices.

Target TAs

Current Pipeline Spread 19% 17% 16% 16% 16% 6% 6% 4%

Target TAs

Current Portfolio Spread 24% 17% 20% 27% 8% 4%

Anti-Infectives CNS & Pain Management CVS & Diabetes Others Respiratory Oncology Biosimilars GIT

Africa * • Algeria • Morocco • Tunisia • Libya * • Egypt • Sudan • Uganda • Tanzania • Kenya • Chad • Mauritania • Ethiopia Middle East West Asia • Jordan * • Iran • Lebanon • Turkey * • KSA • UAE CIS • Kuwait • Qatar • Ukraine * 4 out of 21 identified emerging markets • Kurdistan are located in MEA (IMS) • Oman Uzbekistan PIC Targeted Strategic Investment • Bahrain • PIC Current Coverage • Yemen • Iraq

• Company Overview

• Profile and Financial Performance

• MENA Operating Environment

• Plan and Focus Areas

• Key People and Contacts

• Execution Credentials

Mohammad Abu

Hocine Sidi-Said Rula Al Qasem Hassan

• Founder of Bio-nAbler LLC, an • As the CCO of Pharma International, • A highly accomplished, results-driven investment and advisory firm that and with 25 years of experience, Rula is and well-versed CFO with 17 years of partners with Sovereign Wealth Funds, leading the organization to achieve experience and widely recognized Private Equity Firms and Life Sciences strong growth and execution in support professional qualifications with global companies across the MENA region of its business expansion goals. Prior to organizations. and Asia. He is a shareholder at her role with PIC, Rula served in moksha8 Inc, a portfolio company of several leadership roles with Astra • Prior to joining PIC, Mohammed worked TPG and served between 2009 and Zeneca including heading the Market in various senior leadership positions at 2014 on the board of Glenmark Access and Government Affairs for the Hikma Pharmaceuticals PL between Pharmaceuticals as a non-executive MEA region. During her time with Astra 2003 and 2012, including MENA director and chairman of the audit Zeneca she established the marketing Finance Director and Hikma Group committee. unit operations and launches in the Treasurer. In his role, Mohammed led region focusing on Respiratory, the finance function for the MENA • Led the Emerging Markets Region at Gastroenterology, Cardiovascular, CNS region and was responsible to UCB as their Executive Vice President. and Oncology therapeutic areas. streamline business operations that His business comprised of Latin drove growth and increased efficiency America, Africa, the Middle East and • Rula also held an executive and bottom-line profit. Asia Pacific. management role with Elli Lilly & Co.

where she focused her time on leading ChiefFinancial Officer ChiefExecutive Officer • Prior to joining UCB, Hocine spent close • Mohammed also served as a Vice the launch of Diabetic products, Central President at Abraaj Capital in the to 17 years with Pfizer in senior Nervous System Antibiotics and management roles in the Middle East, ChiefCommercial Officer Assets Performance Acceleration Oncology therapeutic areas in the Group and a CFO for IKEA Saudi Central and Eastern Europe and Asia. region. He has in particular held Managing Arabia.

Directors’ positions in Indonesia, Denmark and India. • Earlier in her career, Rula worked in the • Holds a BA in Accounting and an Jordan Food and Drug Administration MBA/Accounting from The University of • Hocine has a Bachelor of Business as a GMP inspector, after which she Jordan. He is also CFA, CMA and FRM Administration from the Schiller lectured in the Arab Community certified. International University and a College. Leadership Management Degree from Harvard Business School. • Rula holds a BSc in Pharmacy from the University of Jordan. She also holds an MBA in Marketing and Leadership from the University of Columbia in New York.

• Company Overview

• Profile and Financial Performance

• MENA Operating Environment

• Plan and Focus Areas

• Key People and Contacts

• Execution Credentials

Top 30 Growing Companies in KSA KSA Market Performance CAGR USD Sales Evol Index Sales Value ($ Mn) 2011-2015 % CAGR 38.9 30.9%CAGR AVALON PHARMA 95.4 115.4 30.9% 31.6 PIC 30.9 113.7

26.4 ALLERGAN 20.7 110.1 JAMJOOM PHARMA 19.8 120.7 21.5 JULPHAR 19.5 120.8 13.3 ABBOTT NUTRITIONAL 19.0 148.6 GLAXOSMITHKLINE CX 18.1 120.2 RIYADH PHARMA 16.3 102.3 BOEHRINGER I 15.5 88.9 ELI LILLY 14.0 111.1 SANDOZ 13.8 142.6 TABUK 13.4 87.9 SPIMACO 12.9 101.1 2011 2012 2013 2014 2015 SAJA PHARM. 12.7 96.3 AVENTIS 12.4 109.1 PIC Brand Rank Competitive Landscape JAZEERA PHARM.IND. 11.4 106.6 NOVARTIS PHARMA 10.5 96.6 Cefix® 2nd 7 Cefixime brands ASTRAZENECA 9.7 95.1 NOVO NORDISK 9.2 106.7 Cefutil® 3rd 10 Cefuroxime Axetil brands MERCK AG 8.0 103.5 MERCK SHARP DOHME 7.7 89.2 Cipropharm® 3rd 16 Ciprofloxacin brands PFIZER 5.8 103.0 GLAXO SAUDI ARABIA 4.9 43.3 24 H2 Blockers brands Nadine® 5th JANSSEN 4.7 95.5 HIKMA 4.5 106.4 Source: IMS KSA Dataveiw SANOFI-SYNTHELABO. 4.4 90.7 ACINO 4.1 95.7 SERVIER 1.4 79.1 BAYER SCHERING PH -3.4 102.6 ROCHE -9.1 69.5

Q1 2016 - Revenue in $ Mn / Rank MAT April 2015, 2016 - Revenue in $ Mn / Rank

4MAT MAT April 2015 2015 MAT4 MAT April 2016 2016

13.46 69.9 66.21

10.49 10.21 55.19 9.91 9.78 9.51 49.43 47.09 44.69 43.34 40.12 38.65

35.7

- 5.3% + 11.7% + 17.4% - 3.0 % +8.3% Q1 2015Q1

SANOFI ASTRA ZENECA PIC 35.1MSD SAMERAA IRAQ PIC Sanofi Mepha-Switz Astra Zeneca Sameraa Iraq PIC

1 2 3 4 5 7 1 2 3 4 5

Source: AMS Iraq Dataview

Sustained Growth Significant Rank (CAGR% on USD sales 2011-2015) Progress Driven By New Product Launches - Rank

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 UPM 18.7 4 4 3 3 JOSWE 4.6 7 7 7 9 9 8 AZ 4.4 10 10 PIC 4.0 14 15 NOVARTIS 1.8

-0.3 APM

-0.8 HIKMA

-1.2 DAD 30 -2.0 PFIZER

-4.1 SANOFI

First-to-market PIC Brand Rank Competitive Landscape

. 1st generic of Pregabalin . Simvatin® 1st 8 Simvastatin brands . 1st generic of Etoricoxib st . 1st generic of Esomeprazole . Axone® 1 9 Ceftriaxone brands . 1st generic of Desloratadine . Cefix® 2nd 7 Cefixime brands . 1st generic of Vildagliptin nd . 1st generic of Indapamide . Cefutil® 2 10 Cefuroxime Axetil brands

Source: IMS Jordan Dataveiw

Eyad Hylooz Tamer Haddad Director | Business Development Manager | Business Development +962 77 505 6905 +962 77 992 1161 [email protected] [email protected]