John Dawson – Chief Executive

20th October 2016

Corporate Presentation

Pro-Active Investors

2

Background to Alliance

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

Floated on AIM in 2003

Profitable, cash generative, dividend paying

Strong track record of 32 deals in 18 years building up a portfolio of over 90 products

Portfolio balanced to deliver growth and profitability

Actively managed - organic growth from prescription and consumer products

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

medicines, typically with limited competition

Sales mainly in Western Europe, but also in 90+ other countries

Infrastructure

Group activities headquartered in UK

Europe - direct presence in UK, Germany, France, Italy, Spain and Ireland

Far East – direct presence in Shanghai for China and Singapore for SE Asia

Other countries via distribution partners

Virtual operating model with manufacturing, warehousing and logistics outsourced

3

Buy & Build - acquisitions over past 10 years

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

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

32 deals in 18 years

Every year since 2006

Sinclair

£127.5m

Diclectin UK

£1.5m

Diclectin

EU

£1.0m

Sinopharm

£1.4m

4

Longevity of niche prescription brands

Product H1

Sales* Launched By

Launch

Date

Alliance

Since Description

Kelo-Cote £4.1m Advanced Bio-

Technologies 2006 2015 Prevention of hypertrophic scars

Flamma Franchise £3.6m Solvay

Pharmaceuticals 1973 2015 Prevention of infection of burns and wounds

Hydromol £3.6m Ferndale 1987 2006 Range of emollient products used in the management of

eczema and other dry skin conditions

Aloclair £2.7m Sinclair Pharma 2000 2015 Treatment for mouth ulcers

Forceval £2.4m Unigreg 1970 2004 Complete supplement of micro-nutrients

MacuShield £2.0m MacuVision 2007 2015 Eyecare supplement taken by sufferers of dry AMD

Haemopressin £1.9m BioPhausia 2001 2015 For the treatment of bleeding oesophageal varices

Optiflo £1.7m Maelor 1999 2015 Re-use of catheters as a flushing solution

Oxyplastine £1.4m Parke Davis 1936 2015 Treatment for humid eczema and nappy rash

Nu-Seals £1.2m Lilly 1978 2002 Low dose aspirin for prevention of heart attacks and

strokes

Green = Growth Brand *Sales for the 6 months to June 2016, including share of joint ventures

5

Kelo-cote 9%

Flamma Franchise

8%

Hydromol 8%

Aloclair 6%

Forceval 5%

Macushield 4%

Haemo -pressin

4% Optiflo 3%

Oxyplastine 3%

Nu-Seals 2%

Other (c. 80 products)

48%

Diversified product portfolio

Managing the Portfolio

Major Product Franchises

Kelo-cote – Global

Flamma – EU

Hydromol – UK, Ireland

Aloclair – Italy & Spain

Forceval – UK & International

MacuShield – UK, Ireland (90%)

with international potential

Haemopressin – EU

Optiflo – UK

Oxyplastine – France, MEA

Nu-Seals – Ireland Green = Growth Brands; Black = Bedrock Brands

Revenue in the 6

months ended 30

June 2016,

including share of

joint ventures

6

Geographic performance

75% Western Europe UK 50%

France 10%

Ireland 5%

DACH 4%

Italy 3%

Spain 3%

25% Rest of World MEA 7%

China (inc. share of JVs) 6%

SE Asia 6%

CEE 4%

Americas 2%

UK, 50%

ROI, 5%

France, 10%

DACH, 4%

Italy, 3%

Spain, 3%

SE Asia, 6%

China (inc. share of JVs), 6%

CEE, 4%

Americas, 2% MEA, 7% Other, 1%

Split of H1 sales

Revenue in the 6

months ended 30

June 2016,

including share of

joint ventures

7

Managing the Portfolio

– where territory meets therapy area

7

GLOBAL** REGIONAL NATIONAL

Dermatology

Mother & Child

Ophthalmology

Other

Kelo-cote**

MacuShield**

Hydromol**

Lypsyl

Ashton & Parsons

Anbesol

Naseptin

Oxyplastine

Oxyplastine

Fazol Tridesonit

Nu-Seals

Optiflo Gelclair

ImmuCyst

Diclectin**

Flamma Range

Haemopressin

Aloclair

Strategic global brands,

driven centrally,

Ex-UK

Regional (Europe) brands

driven centrally / locally Important local brands

driven locally

INTERNATIONAL

DISTRIBUTOR

Forceval

Syntometrine

Atopiclair

Papulex Sebclair

International Distributors

- driven Ex-Paris

**approx 60% of promotional Budget

Kelo-cote**

8

H1 2016 Results

9

H1 2016 Highlights

Buy & Build is our history.

Largest acquisition ever in December 2012

Acquired Sinclair Pharma’s Healthcare Products business for £127.5m

Doubled our sales, profitability and market cap

Greater internationalisation (sales from 20% ex-UK to 50% ex-UK)

Delivered direct presence across EU-5

Intense focus on business integration Registering Alliance companies in several countries

Team building: 39 transferees; ca 30 recruited

Setting up offices

Setting up computer systems

Re-registering products under the Alliance name

Changing pack liveries

No deflection to financial performance - delivered as expected

Sales £46.4m

PBT £11.7m

Major contribution from the ex-Sinclair products

Original Alliance products also performed well.

10 10

2016 Half Year Results – Summary

Revenue £46.4m (H1 2015: £22.8m)

Ex-Sinclair products have made an immediate contribution to our results, in line with

our expectations and enabling revenues to more than double

Gross margin rate of 56.0% (H1 2015: 60.5%)

Operating profit £12.9m (H1 2015: £6.1m)

Pre-tax profit £11.7m (H1 2015: £5.5m)

Diluted EPS 2.02p (H1 2015: 1.64p)

Free Cash flow £2.1m (H1 2015: £2.0m)

Includes the build up in working capital following the Sinclair acquisition

Net bank debt £79.0m (31 Dec 2015: £71.5m), with gearing at 2.8 times

EBITDA

Interim dividend up 10% to 0.403p (H1 2015: 0.366p)

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2 Year Performance

£22.8m

£46.4m

-

10.0

20.0

30.0

40.0

50.0

H1 2015 H1 2016

£m

Sales

1.65p

2.04p

1.64p

2.02p

-

0.50

1.00

1.50

2.00

2.50

H1 2015 H1 2016

Pen

ce

Basic & Adjusted Diluted EPS

Basic EPS

Diluted EPS

£5.5m

£11.7m

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

H1 2015 H1 2016

£m

PBT

0.366p

0.403p

0.34

0.35

0.36

0.37

0.38

0.39

0.40

0.41

H1 2015 H1 2016

Pen

ce

DPS

12

H1 2016 Sales Movements

H1 2016

£m

H1 2015

£m

Change

£m

Sinclair Products December 2015 acquisition 20.6 - +20.6

- Kelo-cote 4.1

- Flamma range 3.6

- Aloclair 2.7

Hydromol Growth of 10% 3.5 3.2 +0.3

MacuShield February 2015 acquisition 2.0 1.4 +0.6

Forceval UK Recover from stock-out 1.3 1.0 +0.3

Ashton & Parsons Increased distribution 1.1 0.7 +0.4

Sinopharm products September 2015 acquisition 0.4 - +0.4

ImmuCyst Return to supply 0.3 - +0.3

Other 17.2 16.5 +0.7

Group Revenue 46.4 22.8 +23.6

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Income Statement

£’m H1 2016 H1 2015

Revenue 46.4 22.8

Gross Profit 26.0 13.8

Gross margin % 56.0% 60.5%

Operating costs (13.1) (7.5)

Share of joint venture profits 0.3 -

EBITDA 13.2 6.3

Depreciation & Amortisation (0.3) (0.2)

Operating Profit 12.9 6.1

Financing costs (1.6) (0.7)

Foreign exchange gain 0.4 0.1

Profit before Tax 11.7 5.5

Tax (2.1) (1.2)

Profit after Tax 9.6 4.4

Basic EPS (p) 2.04 1.65

Diluted EPS (p) 2.02 1.64

14

Focus on Three Key

Growth Brands

15

Kelo-cote: scar treatment

Available as: Kelo-cote gel

Kelo-cote UV gel (for exposed

skin)

Kelo-cote spray (for large or

difficult to reach areas)

Works on hypertrophic

and keloid scars

Prevents excessive

collagen production by

reducing water loss

through the healing scar

Extensive literature base

H2O H2O Silicone gel treatment results in normal scar

16

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

China Brazil Korea France Saudi Arabia Israel Germany Algeria Hong Kong Rest of theWorld

Kelo-cote - widespread global sales base

Internal data

Un

its

17

Diclectin: nausea & vomiting in pregnancy (nvp)

First pan-European opportunity following

recent expansion

3.4m pregnancies across Europe

70% of pregnant women suffer nvp

35% need time off work

Will be the only authorised treatment for nvp

Special delayed release tablet

Doxylamine and pyridoxine (Vit B6)

UK approval expected mid 2017

European approval mid 2018

Well established in Canada over 30 yrs

Approved in US in 2013

Now 10% market penetration / $160m pa sales

18

MacuShield: eye supplement for AMD

Acquired in Feb 2015 - a significant growth brand: £2.0m sales in H1 2016

Macula is region at back of 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

Promoted scientifically to optometrists / supplied commercially via consumer channels

Territories available – Europe, Russia, NZ, Australia, SA (currently 80% sales UK & Ireland)

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Summary

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Summary

Alliance transformed by the Sinclair acquisition

An enhanced European footprint (75% of sales)

A larger international business (25% of sales)

The strategic imperative endorsed by European

Diclectin deal

Good delivery of sales and profits

Sinclair sales and contribution have come through

Original Alliance business continued to perform well

Integration proceeding to plan

Stronger teams created

Better systems being implemented

21

Appendices

21

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Top 20 investors: 10 October 2016

Holder / Fund Manager No. of Shares % Holding

Director & Related 57,134,436 12.12%

MVM Life Science Partners 55,561,900 11.79%

Aviva Investors Global Services 44,223,443 9.39%

Fidelity Management & Research 41,923,622 8.90%

Nigel Wray 36,385,905 7.72%

Artemis Fund Managers Ltd 36,298,719 7.70%

Slater Investments 35,176,578 7.47%

River & Mercantile Asset Management 24,837,500 5.29%

Brown Shipley Asset Management 11,999,486 2.55%

Franklin Templeton Investments 10,750,000 2.28%

LGT Capital Management 10,171,071 2.16%

BlackRock Investment Management (UK) 8,086,201 1.72%

Cavendish Asset Management 6,369,000 1.35%

Coutts & Co Inv, Mgt 5,826,531 1.24%

Smith & Williamson Investment 5,609,698 1.19%

Hargreaves Lansdown Asset Mgmt 5,494,887 1.17%

Grandeur Peak Global Advisors 5,012,326 1.06%

Redmayne Bentley Stockbrokers 4,672,144 0.99%

Brooks Macdonald Asset Mgmt 4,204,982 0.89%

Total No of Share Owners: 1041 No of Shares in Issue: 471,113,833

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Board Members

John Dawson – Chief Executive Officer

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

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

Most recently 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.

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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