1. Hale & Tempest Distribution, OTC & CRAMS Chesapeake Dr. Brian W Tempest www.briantempest.com brian.tempest@clara.co.uk UK March 2014

2. Hale & Tempest 9. Pharma Distribution

3. Hale & Tempest Global US Distributors of Pharma Source: FT March 19 2013 Walgreens has 45% of Alliance Boots with the option to buy the rest in 2 years Walgreens and Boots jointly buy 23% of Amerisource Bergen Boots Alliance owns 12% of Nanjing which is the 5 th largest wholesaler in China & 50% of Guangzhou Pharmaceuticals which is ranked 6 th wholesaler McKesson buys 50.1% of Celesio (including Lloyds) What will Cardinal/Kinray and Phoenix do?

4. Hale & Tempest China Leading Distributor FosunPharma/Sinopharm

5. Hale & Tempest Shanghai Pharma focussed on Expanding Distribution Across China source: Jefferies March 17 2014

6. Hale & Tempest Russia - Complex Distribution source IMS

7. Hale & Tempest Russia - Distributors source: IMS

8. Hale & Tempest Russia - Protek already has 158 products source: CPhI Russia 17 April 2014

9. Hale & Tempest Boots Alliance Number of Almus Suppliers

10. Hale & Tempest 10. Over the Counter Consumer Medicines (OTC)

11. Hale & Tempest USA - OTC Switches from POM source: FDA 102 switches from September 1976 to October 2013

12. Hale & Tempest Europe - OTC Switches from POM source: IMS 2013 8 out of top 20 EU Brands

13. Hale & Tempest EE Pharmacy Turnover OTC vs Rx source: james Dudley Management

14. Hale & Tempest 11. Contract Research & Manufacturing (CRAMS)

15. Hale & Tempest Contract Manufacturing & Contract Research Organisations Source: CPA Italy CMO & CROs $72b (2012) to $136b (2017) growing at 13% CGR CMO $47b (2012) to $93b(2017) - APIs & DFs, 2/3 toll manufacture & 1/3 custom synthesis CRO $25b (2012) to $43b (2017) growing at 11% CGR 2012 % market share to 2017 % market share USA 34% to 25% EU 25% to 17% India 8% to 21% China 12% to 19% ROW 21% to 18%

16. Hale & Tempest Indian CRAMs Source: Religare

17. Hale & Tempest India Contract Manufacturers

18. Hale & Tempest Indian Pharma in CRAMS Source: Citi Research August 2013

19. Hale & Tempest CPhI 2014

20. Hale & Tempest CPhI Russia 137 Companies Source: 17 April 2014 China 67 Russia 21 India 12 Italy 7 Czech Republic 5 Poland, Germany, South Korea 4 Indonesia, Pakistan, Romania, Latvia, Slovakia, Morocco, Jordan, Malaysia,, Spain, Greece, Ukraine, France Switzerland 1

21. Hale & Tempest Thank You brian.tempest@clara.co.uk www.briantempest.com