2015 ANNUAL INFORMATION FORM MARCH 23, 2016 TABLE OF CONTENTS EXPLANATORY NOTES ...................................................................................................................................... 3 Glossary ....................................................................................................................................................................................................... 3 Trademarks .................................................................................................................................................................................................. 3 Currency ....................................................................................................................................................................................................... 3 Market Data................................................................................................................................................................................................. 3 CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION.............................................. 4 CORPORATE STRUCTURE ................................................................................................................................. 6 Name, Address and Incorporation ......................................................................................................................................................... 6 Governance ................................................................................................................................................................................................. 6 Intercorporate Relationships ................................................................................................................................................................... 6 GENERAL DEVELOPMENT OF THE BUSINESS ............................................................................................ 7 DESCRIPTION OF THE BUSINESS .................................................................................................................. 12 COMPETITION .................................................................................................................................................... 13 CONCORDIA INTERNATIONAL ...................................................................................................................... 14 Overview .................................................................................................................................................................................................... 14 Products ..................................................................................................................................................................................................... 14 Product Development and Production ............................................................................................................................................... 16 Sales and Distribution ............................................................................................................................................................................. 17 Key Markets, Growth and Marketing Strategy................................................................................................................................... 17 United Kingdom ...................................................................................................................................................................................... 18 Intellectual Property Matters ................................................................................................................................................................. 19 Regulatory Matters ................................................................................................................................................................................... 19 Launch of New Products ....................................................................................................................................................................... 19 CONCORDIA NORTH AMERICA ..................................................................................................................... 20 Overview .................................................................................................................................................................................................... 20 Products ..................................................................................................................................................................................................... 20 Product Development and Production ............................................................................................................................................... 21 Sales and Distributions............................................................................................................................................................................ 21 Key Markets, Growth and Marketing Strategy................................................................................................................................... 22 Intellectual Property Matters ................................................................................................................................................................. 24 Regulatory Matters ................................................................................................................................................................................... 24 Reorganization .......................................................................................................................................................................................... 25 ORPHAN DRUGS ................................................................................................................................................ 26 Overview .................................................................................................................................................................................................... 26 Market Overview ...................................................................................................................................................................................... 26 PDT with Photofrin® ............................................................................................................................................................................. 27 Existing Indications ................................................................................................................................................................................. 27 New Indications ....................................................................................................................................................................................... 27 Special Protocol Assessment ................................................................................................................................................................. 28 Other Developments ............................................................................................................................................................................... 28 Post-Acquisition Value Added by Orphan Drugs ............................................................................................................................. 28 REPORTABLE SEGMENT SUMMARY TABLE................................................................................................ 29 DIVIDEND POLICY ............................................................................................................................................ 29 DESCRIPTION OF CAPITAL STRUCTURE ..................................................................................................... 30 Common Shares ....................................................................................................................................................................................... 30 Stock Option Plan .................................................................................................................................................................................... 30 Long Term Incentive Plan ..................................................................................................................................................................... 31 RATINGS .............................................................................................................................................................. 34 S&P ............................................................................................................................................................................................................. 35 Moody’s ...................................................................................................................................................................................................... 35 MARKET FOR SECURITIES .............................................................................................................................. 35 Trading Price and Volume ....................................................................................................................................................................