ADVANZ PHARMA CORP. LIMITED 2019 ANNUAL INFORMATION FORM March 25, 2020 TABLE OF CONTENTS EXPLANATORY NOTES ............................................................................................................................................ 5 Glossary ..................................................................................................................................................................... 5 Trademarks ................................................................................................................................................................ 5 Currency .................................................................................................................................................................... 5 Market Data ............................................................................................................................................................... 5 CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION .................................................... 6 CORPORATE STRUCTURE ..................................................................................................................................... 11 Name, Address and Incorporation ........................................................................................................................... 11 Internal Reorganizations .......................................................................................................................................... 11 Governance .............................................................................................................................................................. 12 RESTRUCTURING AND CAPITAL REALIGNMENT ........................................................................................... 13 GENERAL DEVELOPMENT OF THE BUSINESS .................................................................................................. 16 Corporate Events ..................................................................................................................................................... 16 Acquisitions ............................................................................................................................................................. 17 Three Year History .................................................................................................................................................. 17 DESCRIPTION OF THE BUSINESS ......................................................................................................................... 18 Intercorporate Relationships .................................................................................................................................... 19 Reportable Operating Segment Summary Table ..................................................................................................... 19 Specialized Skill and Knowledge ............................................................................................................................ 19 Competition ............................................................................................................................................................. 20 Long-Term Growth Strategy ................................................................................................................................... 20 ADVANZ PHARMA INTERNATIONAL ................................................................................................................. 21 Overview ................................................................................................................................................................. 21 Products ................................................................................................................................................................... 21 Asset Impairments ................................................................................................................................................... 22 Product Development and Production ..................................................................................................................... 22 Sales and Distribution .............................................................................................................................................. 23 Key Markets, Growth and Marketing Strategy ........................................................................................................ 23 United Kingdom ...................................................................................................................................................... 24 Intellectual Property Matters ................................................................................................................................... 25 Regulatory Matters .................................................................................................................................................. 25 Research and Development - Product Pipeline ........................................................................................................ 26 ADVANZ PHARMA NORTH AMERICA ................................................................................................................ 26 Overview ................................................................................................................................................................. 26 Products ................................................................................................................................................................... 26 Asset Impairments ................................................................................................................................................... 27 Product Development and Production ..................................................................................................................... 28 - 3 - Sales and Distributions ............................................................................................................................................ 28 Key Markets, Growth and Marketing Strategy ........................................................................................................ 28 Intellectual Property Matters ................................................................................................................................... 29 Regulatory Matters .................................................................................................................................................. 30 Research and Development - PDT with Photofrin®................................................................................................ 30 DESCRIPTION OF EQUITY CAPITAL STRUCTURE ........................................................................................... 30 Share Capital............................................................................................................................................................ 30 Management Incentive Plan .................................................................................................................................... 33 DIVIDEND POLICY .................................................................................................................................................. 34 RATINGS .................................................................................................................................................................... 34 Moody’s - Credit Rating History ............................................................................................................................. 34 Moody’s - Credit Rating Methodology ................................................................................................................... 35 S&P - Credit Rating History .................................................................................................................................... 36 S&P - Credit Rating Methodology .......................................................................................................................... 36 MARKET FOR SECURITIES .................................................................................................................................... 37 Trading Price and Volume ....................................................................................................................................... 37 Prior Sales ................................................................................................................................................................ 38 DIRECTORS AND EXECUTIVE OFFICERS OF THE COMPANY ....................................................................... 38 Shareholdings of Directors and Executive Officers ................................................................................................. 38 Non-Executive Directors ......................................................................................................................................... 38 Biographies .............................................................................................................................................................. 39 Executive Officers ..................................................................................................................................................