John Dawson – Chief Executive Officer

18 May 2017

Corporate Presentation

Pro-Active Investors

2

Background to Alliance

- a low risk, European specialty pharma co.

Started in 1998 and floated on AIM in 2003

Developed via a Buy & Build strategy

No R&D risk

Acquiring products that are already established (low risk)

In-licensing products for launch and marketing (higher risk, higher growth)

Asset-light model with manufacturing, warehousing and logistics outsourced

Good flexibility

Minimal capex ensures high cash conversion

Sales 75% in Western Europe (50% UK)

Also to 90+ other countries (12% in Far East)

Operational Strengths

Sourcing, closing and integrating acquisitions

Prescription products marketing

Consumer products marketing and trade distribution

Product regulation and supply chain management

3

2015 / 2016 - transformational period

Acquired our three “International Star” growth brands:

Kelo-cote (Dec 2015)

MacuShield (Feb 2015)

Diclectin for Europe (Sept 2016 –awaiting approval for launch)

Consolidated our EU footprint via Sinclair products

acquisition

Doubled the scale of the business

Sales £97.5m

Profit before tax £22.2m

Significant advance in capabilities – people and systems

Well placed for further pan-European opportunities

Profitable ranges of products

Launch opportunities

4

1.10p

1.21p

0.90

0.95

1.00

1.05

1.10

1.15

1.20

1.25

2015 2016

Pen

ce

DPS

+10%

£11.0m*

£22.2m

-

5.0

10.0

15.0

20.0

25.0

2015 2016

£m

PBT

3.52p

3.85p

3.44p

3.82p

3.20

3.30

3.40

3.50

3.60

3.70

3.80

3.90

2015 2016

Pen

ce

Basic & Adjusted Diluted EPS

Basic EPS

Diluted EPS

£48.3m

£97.5m

-

20.0

40.0

60.0

80.0

100.0

120.0

2015 2016

£m

Sales

Performance Comparison

*Before the exceptional and non-underlying

items, being primarily compensation from

Sanofi and Sinclair acquisition costs

2x

2x

+11%

5

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

£8mLypsyl

£1.9m

Syntometrine

(excl. UK)

£7.5m

Irenat

(Germany)Forceval

China

£1.95m

MacuShield

£5.5 - 11.5m

Antimalarials

£4.2m

33 deals in 19 years

Every year since 2006

Sinclair

£127.5m

Diclectin UK

£1.5m

Diclectin

EU

£1.0m

Sinopharm

£1.4m

6

Diversified portfolio

Major Product Franchises

1. Kelo-cote – Global £10.1m

2. Flamma – EU £7.9m

3. Hydromol – UK, Ireland £7.0m

4. Aloclair – Italy & Spain £6.4m

5. MacuShield – UK, Ireland (90%) with

international potential £5.3m

6. Haemopressin – EU £3.8m

7. Forceval – UK & International £3.5m

8. Oxyplastine – France, MEA £2.8m

9. Optiflo – UK £2.8m

10. Ashton & Parsons – UK £2.0m

Green = Growth Brands; Black = Bedrock Brands

Kelo-Cote

10%

Flamma Franchise

8%

Hydromol

7%

Aloclair

7%

Macushield

6%

Haemopressin

4%

Forceval

4%Oxyplastine

3%Optiflo

3%

Ashton & Parsons

2%

Other (c.

80

products)

Revenue for the

year ended 31

December 2016,

including share of

joint ventures

7

Geographic sales spilt

76% Western EuropeUK 51%

France 10%

DACH 5%

Ireland 4%

Italy 3%

Spain 3%

24% Rest of WorldAPAC 9%

CEE & LATAM 7%

MEA 7%

Other 1%

UK51%

France10%

APAC9%

MEA7%

CEE & LATAM7%

DACH5%

Ireland4% Italy

3%

Spain3%

Others 1%

Split of FY 16 Sales

Revenue in the

12 months ended

31 December

2016, including

share of joint

ventures

8

Delivering growth – portfolio management1. Recently acquired brands with true International potential

Kelo-cote

MacuShield

Diclectin – EU

2. Local Heroes – managed at affiliate level: 45% of sales / 50% of promotion

3. Bedrock – 40% of sales - established products, commercial management

Investing selectively – 15% of sales, but

50% of global spend and resource

Globally managed

9

Focus on Three Key

Growth Brands

“International Stars”

10

Kelo-cote: scar treatment

Highly effective

Prevents excessive collagen

production by reducing water loss

through the healing scar

Most extensive literature base

OTx strategy

Influence “scar makers” who

recommend to eg dermatologists,

maxillo-facial surgeons, plastic

surgeons and obstetricians

Consumer purchases at retail

Global rights, excl US

Sold in 65 countries

Sales £10.1m (+32.1%) in 2016

£25m potential over 5 years

H2O H2OSilicone gel treatment results in normal scar

11

Kelo-cote: widespread global sales baseV

alu

e (

£)

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

China Brazil Saudi Arabia Hong Kong Korea France United

Kingdom

Israel Germany Rest Of

World

12

Diclectin: nausea & vomiting of 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

Doxylamine and pyridoxine (Vit B6)

Special delayed release tablet

The most studied medicine in pregnancy worldwide

Will be the only authorised treatment for nvp

10 year marketing exclusivity from UK Approval

UK approval expected Q3 2017 / European approval H2 2018

Well established in Canada over 40 yrs / 35m women

Approved in US in 2013 – Category A safety status

Now 15% market penetration / $200m pa sales

Long term potential £40m

13

MacuShield: eye supplement for AMDAcquired in Feb 2015 – a significant growth brand: £5.3m sales in 2016 (£3.5m 11 mths 2015)

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

Three carotenoid (macular) pigments found there

Meso-zeaxanthin, Zeaxanthin, Lutein

Macular pigments filter out high energy blue light

Reduce glare (e.g. night-time driving)

Improve contrast sensitivity (e.g. sport)

Anti-oxidant and reduce oxidative stress (damage to

photo-receptors)

Stabilise or reverse age-related macular degeneration (AMD)

Largest cause of blindness in the elderly

500,000 registered cases in UK alone

MacuShield supplements dietary macular pigments

Contains all three macular pigments - lutein, zeaxanthin and meso-zeaxanthin

OTx – promoted scientifically to optometrists / supplied commercially via consumer channels

Territories available – Global, excluding the Americas and the Caribbean

Long term potential £10m+

14

Summary:

- the Rising Star in European Specialty Pharma

Alliance’s scale transformed by the 2015 Sinclair acquisition

Doubled the scale of the business

An enhanced European footprint (75% of sales)

A larger international business (25% of sales)

Good growth platform with three “International Star” brands

Kelo-cote

MacuShield

Diclectin

Effective delivery of sales and profits in 2016

Successful integration of Sinclair products

Sinclair sales and contribution have come through

Original Alliance business continued to perform well

A more capable operation

Stronger teams created

Better systems being implemented

A profitable, cash generative, dividend-paying pharma company with a low-

risk business model.

15

Appendices

15

16

Top 20 investors: 12 April 2017

Holder / Fund Manager No. of Shares % Holding

Director & Related 57,162,812 12.09%

MVM Life Science Partners 55,561,900 11.75%

Fidelity Management & Research 44,330,781 9.38%

Artemis Fund Managers Ltd 39,229,022 8.30%

Slater Investments 35,630,000 7.54%

Aviva Investors Global Services 34,990,826 7.40%

Nigel Wray 33,029,169 6.99%

River & Mercantile Asset Management 22,870,000 4.84%

Brown Shipley Asset Management 13,035,683 2.76%

LGT Capital Management 10,171,071 2.15%

Coutts & Co Inv, Mgt 8,171,877 1.73%

Franklin Templeton Investments 8,000,000 1.69%

Brooks Macdonald Asset Mgmt 7,338,897 1.55%

Smith & Williamson Investment 6,943,514 1.47%

Hargreaves Lansdown Asset Mgmt 6,843,572 1.45%

Cavendish Asset Management 6,380,000 1.35%

Redmayne Bentley Stockbrokers 4,859,818 1.03%

Rathbones 4,681,700 0.99%

Barclays Wealth & Invest Mgmt (UK) 4,455,533 0.94%

Grandeur Peak Global Advisors LLC 4,051,626 0.86%

Total No of Share Owners: 1021 No of Shares in Issue: 472,716,142

17

Board Members

John Dawson – Chief Executive Officer

Andrew Franklin – Chief Financial Officer Peter Butterfield – Deputy Chief Executive 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

Rob Bellhouse – 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.

An experienced company secretary, having held

this office with Greene King, Lonmin and, prior

to Alliance, an interim appointment with

Domino’s Pizza Group. His experience spans a

very broad range of corporate governance,

legal and company secretarial areas.