John Dawson – CEO

Capital Conference

The Brewery 14th April 2016

2

Background to Alliance

Started in 1998 as a specialty pharma company, using a Buy and Build model

Strong track record of 31 deals in 17 years building up a portfolio of over 90

products

Balanced portfolio to optimise profitability and growth:

Actively managed - organic growth from prescription and consumer products in:

Passively managed - bedrock of sustainable cash flow from core of well established

niche medicines, typically with limited competition

Sales 75% in Western Europe, but also in 90+ other countries

Direct presence in UK, Germany, France, Italy, Spain and Ireland

Office in Shanghai plus two China joint ventures (Shanghai and Guangzhou)

Office in Singapore

Other countries via distribution partners

History of being profitable, cash generative and dividend paying

3

Performance Highlights of 2015

Sales £48.3m +11% (2014: £43.5m)

Hydromol™ continues to demonstrate good growth, year on year of +10% to £6.6m

MacuShield™ acquisition in February - £3.5m sales

Sinclair acquisition December 17th - £0.8m sales

Underlying EBITDA £12.9m* (27% of sales) (2014: £12.6m / 29% of sales)

Underlying pre-tax profits £11.4m* +6% (2014: £10.8m)

Reported pre-tax profits £15.2m (2014 £10.2m)

Free cash flow £6.3m (2014: £10.3m) after acquisition of £4.7m Sinclair inventory

Net debt : EBITDA at 2.8 times – post Sinclair acquisition

Acquisitions Transformational acquisition from Sinclair IS Pharma in December 2015 - £127.5m

MacuShield Ophthalmology / OTC product in February 2015 - £8.8m

Diclectin™ in-licensed January 2015 - £1.5m

Sinopharm – five child nutrition brands in China in September 2015

Adjusted EPS 3.69p + 8% (2014: 3.36p)

Full year dividend up 10% to 1.1p

*Before the exceptional and non-underlying items, being primarily

compensation from Sanofi and Sinclair acquisition costs

4

Performance Comparison

£43.5m

£48.3m

40.0

42.0

44.0

46.0

48.0

50.0

2014 2015

£m

Sales

3.16p

4.55p

3.34p 3.61p

-

1.00

2.00

3.00

4.00

5.00

2014 2015

Pen

ce

Basic & adjusted diluted EPS

Basic Diluted EPS

Adjusted Diluted EPS

£10.8m

£11.4m

10.4

10.6

10.8

11.0

11.2

11.4

11.6

2014 2015

£m

Underlying PBT

1.00p

1.10p

0.95

1.00

1.05

1.10

1.15

2014 2015

Pen

ce

DPS

5

Strategy

Buy & Build

No R&D – source products by acquisition or in-licensing

Maintain portfolio balance 50/50 of:

actively promoted products for growth and

passively managed bedrock of well established niche products for stability and

profitability

Promoted areas:

Dermatology

Mother & Child

Ophthalmology

Diversity of products for risk reduction

Out-source manufacturing, warehousing and logistics

Offers flexibility to cater for acquisitions

6

Balanced Portfolio

The bedrock: core portfolio of non-promoted products

48%

Dermatology

32%

Kelo-cote

Hydromol

Flammazine/

Flammacerium

Aloclair

Atopiclair

Lypsyl

Mother & Child

16%

Diclectin,

Kelo-stretch

Forceval/Fushifu,

Suprememil

Ashton & Parsons

Anbesol, Alovex Syntometrine, MolluDab,

Timodine, Oxyplastine

Ophthalmology

4%

MacuShield

Percentages refer to pro forma sales in the 12 months to December 2015, including share of joint ventures

7

Longevity of Niche Prescription Brands

Product Annual

Sales* Launched By

Launch

Date

Alliance

Since Description

Kelo-Cote £7.7m Advanced Bio-

Technologies 2006 2015 Prevention of hypertrophic scars

Flamma £6.9m Solvay

Pharmaceuticals 1973 2015 Prevention of infection of burns and wounds

Hydromol £6.6m Ferndale 1987 2006 Range of emollient products used in the management

of eczema and other dry skin conditions

Aloclair £4.2m Sinclair Pharma 2000 2015 Treatment for mouth ulcers

MacuShield £3.9m MacuVision 2007 2015 Eyecare supplement taken by sufferers of dry AMD

Haemopressin £3.7m BioPhausia 2001 2015 For the treatment of bleeding oesophageal varices

Forceval £3.4m Unigreg 1970 2004 Complete supplement of micro-nutrients

Optiflo £3.2m Maelor 1999 2015 Re-use of catheters as a flushing solution

Oxyplastine £2.6m Parke Davis 1936 2015 Treatment for humid eczema and nappy rash

Syntometrine £2.2m Sandoz 1956 2006 /

2013

Childbirth: assist labour/prevent haemorrhage after

delivery

Average age

32 years

*Pro forma sales for the 12 months to December 2015, including share of joint ventures

8

Buy & Build – Acquisitions Over Past 10 Years

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

C A R A D E R M

Syntometrine

£2.0m

Atarax

Deltacortril

Terracortrill

£1m

Permitabs

£0.8m

Dermamist

£0.26m

Hydromol

£3.3m

Pavacol D

£0.6m

Buccastem

Timodine

£7.5m

Cambridge

£16.4m

Quinoderm

Ceanel

£1.5m

Rizuderm +

5 Products

£2.4m

Anbesol

Ashton &

Parsons

£2.26m

Opus

£8m Lypsyl

£1.9m

Syntometrine

(excl. UK)

£7.5m

Irenat

(Germany)

Forceval

China

£1.95m

MacuShield

£5.5 - 11.5m

Antimalarials

£4.2m

31 deals in 17 years

Every year since 2006

Sinopharm

Sinclair

£127.5m

Diclectin

£1.5m

9

Transformative 2015 Deal - Products from Sinclair IS

Largest acquisition to date

£127.5m plus £5m inventory

£39.4m sales to December 2015

£81m (net) equity raised at 41p

£100m new debt facility from Lloyds, RBS and Silicon Valley Bank

£75m drawn down: £56m for acquisition, £19m to close previous facility

Transformational deal

Market cap from £120m* to £237m**; Enterprise Value from £141m to £308m

Approximate doubling of sales, profits, people

Delivers pan-EU5 footprint to facilitate future opportunities

Strengthens China business

Provides a base for SE Asia in Singapore

Provides potential territories for original Alliance brands

*16th December 2015

**6th April 2016

10

Other deals in 2015 also bring growth

MacuShield: important growth opportunity

Consideration £6.0m in 2015; £2.8m in 2016; max of £3.2m in 2017

2015 sales £3.5m +13% (pro-forma 12m sales £3.9m)

90% UK & Ireland – significant international potential

Portfolio of five child nutrition brands from Sinopharm:

Adds to Mother & Child franchise in China

£1.5m sales in 12 months to March 2015

Diclectin in-licensing for UK: £1.0m + £0.5m on grant of MA

In registration – launch expected H1 2017

Will be UK’s only licensed product for nausea and vomiting of pregnancy

Been on Canadian market for over 30 years

US approval by FDA two years ago – sales running at $160m pa

11

Ophthalmology / MacuShield - Sales in 2015 £3.5m (+13% pa)

Macula is the region at the back of the eye (retina) for central vision

Three carotenoid (macular) pigments found there

Meso-zeaxanthine

Zeaxanthine

Lutein

Macular pigments filter out high energy blue light

Reduce glare (eg night-time driving)

Improve contrast sensitivity (eg sport)

Anti-oxidant and reduce oxidative stress (damage to photo-receptors)

Stabilise or reverse age-related macular degeneration (AMD)

Risk factors: poor diet, smoking, genetics

Largest cause of blindness in the elderly

500,000 registered cases in UK alone

MacuShield supplements dietary macular pigments

Only product containing lutein, zeaxanthine and meso-zeaxanthine (patented)

Promoted scientifically to optometrists / supplied commercially via consumer channels

Territories – EU + CH, N, Russia, E Europe, AUS, NZ, SA (currently 75% sales UK)

12

Alliance post - Sinclair

13 13

Shaping the “new” Alliance

Organisation Retain UK as centre for global functions and UK domestic organisation

Provides pan-European infrastructure

Paris office for International management and France domestic organisation

Offices in Milan, Dusseldorf and Madrid

Creation of “Wholly Owned foreign Enterprise” in Shanghai Free-Trade Zone

Sinclair China sales add critical mass

Singapore office provides base for SE Asia.

Integration

Data and systems integration for sales statistics, financials and supply planning

Contracts renewal for contract manufacturers and distributors

Name changes to regulatory approvals

Livery changes to Alliance on packs and labels

14

Hydromol – Range of emollients for remission of eczema

2015 sales £6.6m; largest territory UK

Kelo-cote™ – Scar reduction

2015 sales £7.7m; largest territory China

Flammazine™ / Flammacerium™ – Anti-infective for burns

2015 sales £6.9m; largest territory France

Aloclair™ – Oral lesions

2015 sales £4.2m; largest territory Italy

Atopiclair™ – Atopic eczema

2015 sales £1.7m; largest territory SE Asia

Papulex™ – Acne

2015 sales £1.5m; largest territory SE Asia

Dermatology – £28m / 32% of Sales

15

Mother & Child centres around UK and China

£15 - £23m / 16 to 24% of Sales

Diclectin – nausea and vomiting of pregnancy (Rx) In registration (expected approval H1 2017) / UK

Ashton & Parsons Infants’ Powders™ – calming relief from teething 2015 sales £1.5m / UK

Anbesol™ – pain relief for teething 2015 sales £1.5m / UK

Timodine™ – infected nappy rash (Rx) 2015 sales £1.6m / UK

Syntometrine™ – prevention of post-partum haemorrhage (Rx) 2015 sales £2.2m / largest territory UK , also Australia, SA and SE Asia

Fushifu™ (Forceval™) – micronutrient support in pregnancy 2015 sales £0.9m (60% share) / China

Kelo-cote™ – Scar reduction

2015 sales £7.7m; largest territory China

Suprememil™ – infant formula milk 2015 sales £0.4m (20% share) / China

Child nutrition portfolio ex-Sinopharm Sales to 3/2015 £1.5m / China

16

Risk Reduction Through Diversity

Kelo-cote 9%

Flamma 8%

Hydromol 7%

Aloclair 5%

MacuShield 4%

Haemopresin 4%

Forceval 4%

Optiflo 4%

Oxyplastine 3%

Syntometrine 2%

Other 50%

Revenue over 90 products

Pro forma

revenue in the

12 months

ended 31

December 2015,

including share

of joint

ventures

UK 51%

France 10%

APAC 8%

MEA 7%

CEE & LATAM

7%

DACH 5%

ROI 4% Italy

3%

Spain 2%

JV 2%

Others 1%

Geographical split over

100 countries

Pro forma

revenue in the

12 months

ended 31

December 2015,

including share

of joint ventures

17

Summary

18

Summary

2015 was a good year for the original Alliance business:

Sales £48.3m (+11.0%)

New growth area with MacuShield in AMD

In-licensing of Diclectin for nausea and vomiting of pregnancy

Underlying PBT £11.4m (+5.5%)

Underlying EPS 3.61p (+8.1%)

Dividend raised by 10% to 1.1p for the full year

The transformational Sinclair acquisition facilitates the buy and build strategy

Approximate doubling of sales, profits, people

Strengthens Alliance’s Dermatology offering

Strengthens Alliance’s Mother and Child offering

A 50/50 portfolio balance between growth and bedrock products is maintained

Delivers pan-EU5 footprint to facilitate future opportunities (75% of sales)

Strengthens China business and provides a base in SE Asia

Provides new potential territories for original Alliance brands

Greater financial scale opens up potentially larger M&A opportunities in the future

19

Appendices

19

20

Top 20 Investors: 1 March 2016

Holder / Fund Manager No. of Shares % Holding

Director & Related 62,182,788 13.28%

MVM Life Science Partners 55,561,900 11.87%

Aviva Investors Global Services 44,982,748 9.61%

Artemis Fund Managers Ltd 37,583,219 8.03%

Nigel Wray 37,376,510 7.98%

Slater Investments 33,947,038 7.25%

Fidelity Management & Research 33,513,321 7.16%

River & Mercantile Asset Management 24,000,000 5.13%

Hargreave Hale 11,994,159 2.56%

Franklin Templeton Investments 11,750,000 2.51%

Brown Shipley Asset Management 11,599,706 2.48%

LGT Capital Management 9,890,832 2.11%

Brown Brothers Harriman & Co 8,120,455 1.73%

BlackRock Investment Management (UK) 7,930,847 1.69%

Henderson Global Investors 6,796,204 1.45%

Cavendish Asset Management 5,994,000 1.28%

Smith & Williamson Investment 4,740,694 1.01%

Threadneedle Asset Management 4,214,732 0.90%

Redmayne Bentley Stockbrokers 3,774,849 0.81%

Barclays Wealth Management (UK) 3,199,286 0.68%

Total No of Share Owners: 934 No of Shares in Issue: 468,304,266

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Board Members

John Dawson – Chief Executive Officer

Tony Booley – Executive Director

Andrew Franklin – Chief Financial Officer Peter Butterfield – Chief Commercial Officer

Andrew Smith – Chairman

Thomas Casdagli – Non-Executive Director

Pharmacist, MSc Finance; > 40yrs’ sector

experience, founder of Alliance

Director – International

BSc Physiology, MBA, Chartered Marketer;

30yrs’ sector experience, with Alliance since 1998

Former UK Commercial Director of Cambridge

Laboratories Ltd, graduated in Pharmacology from

University of Edinburgh

Senior positions held at SmithKline Beecham

Pharmaceuticals, Diversified Health Systems Europe,

Cerebrus plc and Parexel International

Partner in MVM Life Science Partners, Chartered

Accountant, graduated from Oxford in Molecular and

Cellular Biochemistry, joined March 2009

David Cook – Non-Executive Director

CFO and Chief Business Officer at Biotie Therapies

Inc. Chartered Accountant, graduated in

Chemistry from Oxford. Joined Alliance April 2014

Nigel Clifford – Non-Executive Director

CEO of Ordnance Survey. Previously held senior

positions at Procserve Holdings, Micro Focus Int plc,

Nokia, Symbian Software. Graduated in Geography from

the University of Cambridge

Former General Manager – European Tax and Accounting

at Panasonic. Prior to that, Finance Director of Genzyme

Therapeutics Ltd and 12 years pharmaceutical experience

in senior financial positions at Wyeth.

22

Senior Team Members

Janice Timberlake – Chief Human

Resources Officer

Fellow of CIPD with over 20 years of experience

in HR roles. Previous senior roles in My Travel

plc and National Environment Research Council.

NED and Trustee of Plymouth Marine

Laboratory Ltd, BSc Hons in Geography from

Hull University. Joined in 2011.

Dan Thomas – Chief Corporate

Development Officer

Since joining in 2006, has led Alliance’s M&A

and licensing activity, completing over 14 deals.

Has worked in Canada, Germany and France.

He holds a first class honours degree in Applied

Biochemistry from Brunel University. In 2011

Dan won the PLG/Astra Zeneca BD Executive of

the Year award.

Stephen Kidner – Chief Scientific &

Operations Officer

Sarah Robinson – Company Secretary

Over 23 years’ experience in pharma

development, manufacturing and supply chain

management gained with Wyeth and

Mundipharma International. BSc in Chemistry

from University of Wales, Swansea, MSc in

Pharmaceutics from Manchester and an MBA

from The Open University. Joined in 2013.

Over 20 years’ experience in the health and

financial services sectors, including Company

Secretary at the Financial Times and Investors

Chronicle jointly for 7 years. Has worked in

Asia, the UK and the USA. A Chartered

Secretary with an MBA from Southampton

University. Joined in 2010.

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Product Portfolio

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Product Portfolio

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Product Portfolio

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Product Portfolio

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Product Portfolio

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Product Portfolio

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Product Portfolio

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Product Portfolio

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Product Portfolio