Pelion Healthcare Group

Pelion Healthcare Group Innovation and safety IH 2014 Financial results Warsaw, August 28 th 2014

Agenda Key facts Market environment Pelion activities Financial performance Attachements IH 2014 Financial results / Key facts Warsaw, August 28 th 2014 page 2

Key facts in figures MARKET PELION Growth of wholesale to pharmacies market in Poland IH 2014 / IH 2013 +3.0% Increase of sales revenues IH 2014 / IH 2013 2.7% Growth of retail market in Poland IH 2014 / IH 2013 Growth of hospital market in Poland IH 2014 / IH 2013 +1.9% +16.0% Decrease of gross profit IH 2014 / IH 2013 Decrease of costs IH 2014 / IH 2013 Decrease of EBITDA IH 2014 / IH 2013-10.0% -1.9% -39.3% Growth of wholesale to pharmacies market in Lithuania IH 2014 / IH 2013 +1.7% Increase of ratio net debt / EBITDA annualized IH 2014 / IH 2013 1.6 p. Wyniki po I półroczu IH 2014 2014 Financial roku results / Kluczowe / Key dane facts Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 3 3

Agenda Key facts Market environment Pelion activities Financial performance Attachments IH 2014 Financial results / Market environment Warsaw, August 28 th 2014 strona page 4 4

Challenges faced by the healthcare sector Main challenges faced by entities from healthcare sector* Global phenomena (i.e. aging population, lifestyle diseases, consolidation of global market) Navigating healthcare reforms Complying with regulatory changes Innovation * On the basis of Deloitte report Global life sciences outlook. Resilience and reinvention in a changing marketplace Wyniki IH po 2014 I półroczu Financial 2014 results roku / / Market Otoczenie environment rynkowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 5 5

GDP per capita in Poland has grown over the past two decades % 60 The distance between Poland and Western Europe countries has been reduced and this trend will continue 50 40 30 20 10 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 GDP per capita in Poland as the percentage of GDP per capita in Western Europe Source: in-house analysis on the basis of OECD data Wyniki IH po 2014 I półroczu Financial 2014 results roku / / Market Otoczenie environment rynkowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 6 6

Healthcare market in Poland compared to other EU countries Poland Lithuania Czech Republic Germany France Great Britain Netherlands Spain Population (million) 38.5 3.0 10.5 81.8 65.6 63.0 16.7 46.7 GDP per capita (USDk ) 21.1 14.1 26.2 39.7 35.4 36.2 42.7 33.0 Expenditure on health, % GDP 6,9 6.9 6,6 6.6 7,5 7.5 11,3 11.3 11.6 11,6 9,4 9.4 11,9 11.9 9,3 9.3 Pharmaceutical market value (EURbn; at ex-factory prices) 5.0 0.5 2.1 26.1 27.5 13.8 4.7 13.9 Reimbursable drugs Not all prescription drugs are reimbursed; flat charge or 30 50% reimbursement Not all drugs are reimbursed; drugs on reimbursement list are 10%, 20%, 50% or 100% reimbursable Kč 30 for dispensing a prescription drug 10% of the price of unit packaging, but not less than 5 and not more than 10 Life-saving drugs are 100% reimbursable; 65%, 35%, 15% Flat-rate charge of 7.85 on each prescription 100% reimbursement Patient co-payment: 40%; 10% for the chronically ill; nil for old age pensioners, disability pensioners and the disabled Source: in-house analysis on the basis of OECD, KE, IMS Health data, 2011 Public refund shares in the expenditure on drugs in selected countries With healthcare spending representing 6.9% of GDP, Poland has one of the least expensive healthcare systems in Europe the distance the country has to cover to catch up with the European average drives market growth Wyniki IH po 2014 I półroczu Financial 2014 results roku / / Market Otoczenie environment rynkowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 7 7

The growth trend in the Polish pharmaceutical market is strongly correlated with population ageing and the rising share of healthcare spending '000 39,000 38,500 38,000 37,500 37,000 36,500 36,000 Total population and ages 65+ as percentage of total population Poland's population is ageing the percentage of people aged 65 and older has grown by over 2 p.p. in 2013 vs 2000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 % 15 14 13 12 11 Total population (thousands) (as at Dec 31) 65 or more Source: GUS (Polish Central Statistics Office) PLN 1,400 1 1,200 1 1,000 1 800 600 400 200 0 Average monthly income and spending per capita in a household and share of healthcare expenses in total spending by households Rising share of health expenditure in total household spending 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Disposable income Spending share of health expenditure in total household spending % 4,8 4.8 4,6 4.6 4,4 4.4 4,2 4.2 4,0 4.0 3,8 3.8 3,6 3.6 3,4 3.4 Source: GUS (Polish Central Statistics Office) Wyniki IH po 2014 I półroczu Financial 2014 results roku / / Market Otoczenie environment rynkowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 8 8

Growth of pharmaceutical market in Poland and Lithuania Y-o-y growth of wholesale to pharamcies market in Poland IH 2014 vs IH 2013 +3.0% 25% 2013 2014 Sales in PLNm 20% 16.8% 15,000 13.7% 15% 11.9% 12,511 12,142 7.4% 8.1% 10% 6.8% 6.7% 7.3% 6.3% 10,000 2.7% 5.9% 6.0% 5.2% 5% 1.7% 0.3% -0.1% -5.0% 5,000 0% FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN -5% 0-10% IH 2013 IH 2014 Source: IMS Health Y-o-y growth of retail market in Poland IH 2014 vs IH 2013 +1.9% 25% 20% 15% 10.2% 10% 3.9% 5.7% 3.6% 3.1% 2.8% 3.2% 1.3% 2.9% 4.6% 4.5% 5% -3.3% -0.6% 2.0% 1.4% 1.9% -3.3% 0% -5% FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN -10% Source: Barometer PharmaExpert 15,000 10,000 5,000 0 13,712 13,966 IH 2013 IH 2014 Y-o-y growth of hospital market in Poland IH 2014 vs IH 2013 +16.0% Y-o-y growth of wholesale market in Lithuania IH 2014 vs IH 2013 +1.7% 25% 21.8% 20% 15.2% 17.2% 14.7% 11.7% 12.5% 15.5% 13.8% 15.2% 12.6% 15% 10.5% 7.8% 6.7% 7.7% 10% 5% 0.7% -2.9% 3.6% 0% FEB -5% MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN -10% Source: IMS Health (quarterly and monthly reports, 2014) 20% 16.6% 13.7% 13.1% 15% 12.3% 11.4% 9.5% 10% 5.9% 6.9% 2.8% 6.2% 5% 4.0% 1.7% -1.1% -0.8% 4.2% 0.5% 0% FEB -5% MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN -10% -15% -14.2% Source: IMS Health 2,500 2,000 1,500 1,000 500 0 1,000 800 600 400 200 0 1,826 2,118 IH 2013 IH 2014 Sales in LTLm 797 811 IH 2013 IH 2014 Wyniki IH po 2014 I półroczu Financial 2014 results roku / / Market Otoczenie environment rynkowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 9 9

Growth and structure of retail market in Poland Y-o-y growth of reimbursable drugs market IH 2014 vs IH 2013 +2.1% 2013 2014 Sales in PLNm 15% 14.9% 10% 5.2% 3.4% 2.7% 2.7% 4.2% 5.1% 2.1% 5.1% 5% -1.1% -0.2% 0.7% 1.7% 3.4% -0.5% 0% -2.1% FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN -5% 4,964 5,066 5,000 3,000-10% 1,000-10.3% -15% IH 2013 IH 2014 Source: Barometer PharmaExpert Y-o-y growth of fully-paid Rx drugs market IH 2014 vs IH 2013 +0.3% 15% 7.9% 8.7% 10% 6.0% 3.5% 3.6% 4.4% 5% 2.7% 3.9% 1.3% 0.6% 0.9% 3.2% 0.0% -2.6% -3.4% -0.9% 0% -5.5% FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN -5% -10% Source: Barometer PharmaExpert 5,000 3,000 1,000 3,087 3,095 IH 2013 IH 2014 Y-o-y growth of OTC market IH 2014 vs IH 2013 +2.4% 15% 10% 8.2% 6.9% 7.0% 5.9% 4.2% 4.6% 4.7% 2.6% 3.7% 4.6% 5% 2.5% 2.5% 2.4% 2.1% 0.4% -0.3% 0% -4.8% FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN -5% -10% Source: Barometer PharmaExpert 5,000 3,000 1,000 5,564 5,700 IH 2013 IH 2014 2011 2012 2013 IH 2014 Structure of retail market Change of retail market structure after introduction of new Act 36% 45% 41% 37% 41% 37% 41% 37% Rx Reimbursable refundowane Rx Rx Fully-paid pełnopłatne Rx 19% 22% 22% 22% OTC Reimbursement 31% 26% 26% 26% Source: in-house analysis on the basis of Barometer PharmaExpert Wyniki IH po 2014 I półroczu Financial 2014 results roku / / Market Otoczenie environment rynkowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 10 10

Agenda Key facts Market environment Pelion activities Financial performance Attachments Wyniki Wyniki po IH po I 2014 półroczu I Financial 2014 2014 roku results roku / Działalność / Pelion Kluczowe activities Pelion dane Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 11 11

Pelion Healthcare Group operates on the healthcare market in Poland and Lithuania Pelion Healthcare Group is: Among the five largest pharmacy network in Europe The largest company of healthcare sector in Poland in terms of sales The lider on the market of supplies to hospitals The second largest company in the market of wholesale distribution to pharmacies in Poland Ranked 29th in Lista 500 Największych Firm Rzeczpospolitej - a ranking of Poland's 500 largest companies put together by the Rzeczpospolita daily, as the first company from the Łódź region and from the healthcare sector to be included in the list Consolidated revenues of top 3 players in the market of wholesale distribution to pharmacies in 2009-2013 (PLNm) Annual sales revenue Employment The structure of consolidated sales revenue in IH 2014 wholesale hospital supplies retail services for manufacturers other business c.a. PLN 7.5bn over 7 thousand people 0.03% 25.4% 16.8% 0.3% 0.4% 57.1% 9.23% 2009 2010 2011 2012 2013 Pelion Farmacol Neuca Consolidated revenues in IQ 2014 (PLNm) 1,947 1,451 1,497 90.74% Polska Poland Wlk. Great Brytania Britain Litwa Lithuania Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 12 12

Pelion is building its business on the foundation of innovative solutions Pelion promotes innovative solutions to meet growing market expectations. Pelion cares for people's health and good relationships with its partners m-orders Automated distribution processes e-orders Automated handling of drug insurances Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 13 13

Pelion is building its business on the foundation of innovative solutions New distribution centre in Lodz and IT centre investment including in IH 2014 PLN 68m PLN 25m (cumulatively CF from investing activities relevant to acquisition of intangible assets and property, plant and equipment PLN -59m, including in IH 2014 PLN -36m) New warehouse in Kaunas investment including in IH 2014 PLN 23m PLN 15m (cumulatively CF from investing activities relevant to acquisition of intangible assets and property, plant and equipment PLN -23m, including in IH 2014 PLN -17m) Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 14 14

Business is developed in four lines WHOLESALE HOSPITAL SUPPLIES RETAIL SERVICES FOR MANUFACTURERS The broadest product mix on the market with more than 25,000 items (including drugs from all therapeutic groups, dietary supplements, herbs, cosmetics, medical equipment) Cooperation with all major manufacturers of pharmaceuticals Over 1m drugs sold every day 13 centrally managed modernized warehouses which service over 9 thousand pharmacies (PGF S.A.) and over 70 local warehouses (Pharmapoint Sp. z o.o.) The growth higher than market in recent years Leader in drug distribution for hospital treatment in Poland (support for over 80% of Polish hospitals) The largest range of drugs on the market Centralized scoring system for hospitals Transport in controlled temperature including cold chain distribution Safe level of receivables Leader in the number of pharmacies in Central Europe - ca 1 thousand I Care for My Health Pharmacies in Poland (including 0.6 own, 0.3 franchise and 0.1 partnership) and 480 pharmacies Gintarine Vaistine, Norfos Vaistine and BVG in Lithuania Traditional pharmacy sales model backed up by modern tools: website devoted to the health in Poland www.doz.pl (almost 54m visits in 2013, ca 3.5m unique users per month), online pharmacy in Lithuania www.vaistine.lt Specialized logistics operator, providing services of management, storage and distribution of drugs in the pharmaceutical industry Distribution leader in cold chain deliveries Cooperation with over 100 companies, including primarily manufacturers of drugs and pharmaceutical wholesalers Precursor of modern system of temperature tracking in transport Support companies: OTHER BUSINESSES Other companies: DARUMA Sp. z o.o., Bez Recepty Sp. z o.o., Pharmauto Sp. z o.o., Eubioco S.A., Pharmena S.A., other companies Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 15 15

Wholesale Consolidating shares in the pharmacy distribution market Sales revenue in the first half of 2014: Y-o-y growth: +7% PLN 2.2bn Activities in IH 2014 PGF shares in distribution to pharmacies market in Poland Jan 2011 Jun 2014 Development of services for manufacturers 24% Implementation of solutions supporting independent pharmacies and small pharmacy chains 22% 21.6% 2011 Development of e-commerce Project under way to raise financing for further growth 20% 18% 16% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012 2013 2014 Source: IMS Health Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 16 16

PGF s strategic objectives Reliable partner in pharmaceutical distribution Partner for pharmaceutical manufacturers PGF is not a competitor to manufacturers it has no proprietary brands of pharmaceuticals and it actively supports sales of manufacturers' products. Partner for pharmacies PGF is not a competitor to pharmacies it creates tools supporting the development of independent pharmacies and small pharmacy chains. Continued development of non-core services, e.g. product range management, promotional support, business analysis, sales optimisation. Equal partners in the drug delivery system close cooperation between PGF and pharmaceutical manufacturers, independent pharmacies and small pharmacy chains. Zdrowy Wybór (Healthy Choice) a set of marketing tools which support independent pharmacies and small pharmacy chains by leveraging the scale of PGF's cooperation with manufacturers. Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 17 17

Hospital supplies The lider on the market of supplies to hospitals Sales revenue in the first half of 2014: Y-o-y growth: PLN 0.6bn -3% Activities in IH 2014 Maintaining high volumes of deliveries, with payments closely monitored and receivables kept at a safe level Implementation of a profitability improvement plan PLNm % 200 Total receivables and share of due receivables in total receivables 25 Percentage of sales to different customer groups (June 2014) 8% 4% 150 20 100 50 CZE GRU CZE 2013 GRU 2013 CZE 2014 June 2012 Dec 2012 June 2013 Dec 2013 June 2014 15 10 5 Total Należności receivables całkowite Udział % of należności due przeterminowanych receivables w total należnościach receivables ogółem 88% lecznictwo inpatient zamknięte facilities ZOZ ZOZ pozostali others Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 18 18

Retail Focus on patient Sales revenue In the first half of 2014: Y-o-y growth: -4% PLN 1.0bn 1,492 Pharmacies Poland Lithuania Own pharmacies 597 314 Franchise pharmacies 316 9 Partnership pharmacies 101 155 Total 1,014 478 Activities in IH 2014 as of June 30th, 2014 Broad range of products Products and services tailored to needs Convenient location DOZ direct new distribution centre for DOZ pharmacies a platform for safe and fullycontrolled drugs distribution Competitive prices focus on patient Professional expertise and support Attractive interior design New warehouse in Kaunas area of 9.6 thousand m 2 CEDP N.V. signed a conditional agreement for the purchase of the Natura chemist chain Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 19 19

DOZ direct platform for safe and fully-controlled distribution Manufacturer Patient DOZ direct: Closed, tightly-controlled distribution system for guaranteed sale of pharmaceuticals to patients in Poland Online management of the product range, stock, prices and pharmacy sales Guaranteed product availability and continuity Effective management of shortages (continuous monitoring of stock) Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 20 20

Natura chemist chain 258 stores located all over the country both on streets and in shopping malls One of the most recognizable chemist chains in Poland The company employs almost 1,500 people Over PLN 420m revenues in 2013 Positive EBITDA and long-term loan financing secured by Alior Bank and Erste Group Bank Central warehouse located near Warsaw and 14 local warehouses The main objectives of the transaction*: Diversification of CEPD Group operations Strengthening CEPD Group position in Poland and securing further revenues growth Widening products and services offer in health and beauty segment and strengthening of relations with customers Ensuring further rapid development of Natura network * The transaction closing is subject to Competition Council (UOKiK) clearance. Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 21 21

Agenda Key facts Market environment Pelion activities Financial performance Attachments IH Wyniki 2014 po Financial I półroczu results 2014 / Financial roku / Kluczowe performance dane Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 22 22

Cash flows from operating activities CF form operating activities PLNm 2008 2009 2010 2011 2012 2013 IH 2013 IH 2014 Profit before tax 54.8 90.5 84.4 65.5 76.7 110.1 81.1 41.7 Income tax expense (31.0) (11.5) (12.9) (32.3) (13.9) (11.1) (8.7) (27.3) Depreciation and amortisation 26.1 31.6 30.2 32.3 38.8 36.1 18.3 17.5 Change in working capital 87.2 148.2 (66.0) 156.9 87.8 (0.9) (141.9) (113.4) Gain/loss on disposal of non-current assets (22.6) (32.0) 2.5 (1.6) 10.7 6.4 0.6 3.4 Others 25.3 8.2 18.6 35.9 23.6 17.3 9.5 7.8 Cash flows from operating activities 139.8 235.0 56.8 256.7 223.7 157.9 (41.2) (70.3) Cash flows from operating activities (PLNm) 1,200 1200 1,000 1000 912.0 1,069.9 999.2 800 600 400 200 0-200 688.3 374.8 431.6 139.8 235.0 256.7 223.7 157.9 56.8 139.8-70.3 2008 2009 2010 2011 2012 2013 IH 2014 Przeplywy Cash flows pieniężne from operating z dzialalności activities operacyjnej Przeplywy Cumulative pieniężne cash flows z dzialalności from operating operacyjnej skumulowane activities 2008 2008-IH IH 2014 2014 Wyniki IH 2014 po Financial I półroczu results 2014 roku / Financial / Wyniki performance finansowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 23 23

Key consdolidated figures and financial ratios IH 2013 IH 2014 Change 2014/ 2013* IIQ 2013 IIQ 2014 Change 2014/ 2013* Sales revenue PLNm 1 3,699.5 3,797.4 +2.7% 1,773.6 1,851.9 +4.4% Gross profit PLNm 2 448.0 403.3-10.0% 215.6 192.5-10.7% Operating expenses PLNm 3 353.3 346.7-1.9% 176.6 172.8-2.1% EBITDA PLNm 4 107.7 65.3-39.3% 43.5 20.0-54.1% Net profit PLNm 56.6 26.5-53.2% 20.7 2.0-90.2% 3 Operating expenses down by around PLN 7m in H1 2014 on H1 2013, with SG&A ratio down by 0.5 pp. In H1 2014, operating expenses included the cost of launching a new distribution and logistics centre in Łódź (in June), of ca. PLN 1.9m 4 One-off items: unfavourable ruling in a court case in Lithuania decreased the H1 2014 EBITDA by PLN 5.8m; goodwill write-off related to sale of pharmacies outside the Group drove down the result by PLN 1.1m 1 2 Sales revenue increase in IH 2014 vs IH 2013 by 2.7%, while rise in wholesale by 4.8%, decrease in retail by 3.8% Gross margin down on a lower margin ratio as a consequence of reduced regulatory mark-up on reimbursable drugs and growing competition in other product groups, both in the wholesale and retail segments IH 2013 IH 2014 Change 2014/ 2013* IIQ 2013 IIQ 2014 Change 2014/ 2013* Gross profit margin 12.1% 10.6% -1.5 p.p. Operating expenses ratio 9.6% 9.1% -0.5 p.p. EBITDA margin 2.9% 1.7% -1.2 p.p. Net margin 1.5% 0.7% -0.8 p.p. 12.2% 10.4% -1.8 p.p. 10.0% 9.3% -0.7 p.p. 2.5% 1.1% -1.4 p.p. 1.2% 0.1% -1.1 p.p. * Changes calculated according to data expressed in PLN thousand Wyniki IH 2014 po Financial I półroczu results 2014 roku / Financial / Wyniki performance finansowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 24 24

Working capital and cash flows Working capital ratios Cash flows (PLNm) Ratio (in days) IH 2013 IH 2014 change at the end of 2013 Inventory cycle 41 39-2 43-4 Collection period (trade and other receivables relating to operating activities change 34 36 2 33 +3 300 200 100 IH 2013 IH 2014 248.3 134.0 Payment period (trade and other payables) 74 77 3 83-6 0 Working capital cycle 1-2 -3-7 +5-100 -41.2-44.0-70.3-71.9 Inventory cycle = inventories as of the end of the period / total revenue * no. of days Collection cycle = trade and other receivables relating to operating activities as of the end of the period / total revenue * no. of days Payment cycle = trade and other payables as of the end of the period / total revenue * no. of days CF Operating Operacyjny CF CF Investing Inwestycyjny CF CF Financial Finansowy CF The increase of working capital in comparison to the end of 2013 (PLN -42.7m as of the end of June 2014 vs PLN -150m as of the end of 2013) was the reason of negative cash flows from operating activities Wyniki IH 2014 po Financial I półroczu results 2014 roku / Financial / Wyniki performance finansowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 25 25

Net debt and debt ratios EBITDA, equity, net debt IH 2013 2013 IH 2014 Debt ratios 4 3.6 EBITDA PLNm 107.7 164.4 65.3 EBITDA annualized PLNm 189.7 164.4 122.0 Equity PLNm 572.1 598.6 586.4 3 2 2.0 Net debt PLNm 387.3 246.7 444.0 1 0.7 0.8 0 IH 2013 IH 2014 Dług Net netto/kapitał debt / equity własny Dług Net netto/ebitda debt / zannualizowana annualized The increase of debt as a result of the rise of working capital and investments. Net debt / EBITDA annualized ratio was 3.6 and rose by 1.6 in comparison to IH 2013 as the result of increase of debt and lower annualized EBITDA. Debt net / equity ratio grew by 0.1 compared to the end of IH 2013 Wyniki IH 2014 po Financial I półroczu results 2014 roku / Financial / Wyniki performance finansowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 26 26

Agenda Key facts Market environment Pelion activities Financial performance Attachments IH 2014 Financial results / Attachements Warsaw, August 28 th 2014 strona page 27 27

Consolidated statement of financial position (in PLN thousand) ASSETS 30.06.2013 (unaudited, restated) 31.12.2013 (restated) 30.06.2014 (unaudited) I. NON-CURRENT ASSTES 923,809 993,461 1,045,763 1. Goodwill 569,195 574,860 582,129 2. Intangible asstes 48,069 45,493 42,389 3. Property, plant and equipment 203,711 243,352 280,137 4. Investment property 11,084 9,100 9,098 5. Investments accounted for with equity method 828 5,780 4,596 6. Other non-current financial assets 30,717 19,820 24,729 7. Non-current receivables 25,348 25,656 27,612 8. Deferred tax assets 32,685 67,262 73,001 9. Other non-current assets 2,172 2,138 2,072 II. CURRENT ASSETS 1,885,896 1,746,297 1,806,301 1. Inventories 834,874 855,862 821,183 2. Other current financial assets 67,926 64,119 64,490 3. Current receivables 698,948 657,591 756,310 Trade and other receivables 692,846 654,497 755,081 Non-current tax assets 6,102 3,094 1,229 4. Cash and cash equivalents 277,821 162,405 154,197 5. Other current assets 6,327 6,320 10,121 TOTAL ASSETS 2,809,705 2,739,758 2,852,064 Wyniki IH 2014 po Financial I półroczu results 2014 roku / Attachements / Załączniki Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 28 28

Consolidated statement of financial position (in PLN thousand) EQUITY AND LIABILITIES 30.06.2013 (unaudited, restated) 31.12.2013 (restated) 30.06.2014 (unaudited) I. TOTAL EQUITY 572,077 598,598 586,411 1. Equity attributable to owners of the parent 565,755 590,299 579,960 1.1 Share capital 24,139 23,145 22,709 1.2 Statutory reserve funds 423,986 425,696 420,122 1.3 Treasury shares (26,635) (16,085) (1,497) 1.4 Other capital reserves 152,131 132,720 145,158 1.5 Exchange differences on translation of subordinates 28,672 17,462 18,376 1.6. Reserves from actuarial gains and losses on post-employment benefits - 651 651 1.7 Retained earnings (36,538) 6,710 (25,559) - profit (loss) brought forward (93,157) (93,455) (52,077) - net profit 56,619 100,165 26,518 2. Non-controlling interests 6,322 8,299 6,451 II. NON-CURRENT LIABILITIES 412,945 389,303 468,494 1. Non-current liabilities and provisions 402,399 380,370 461,592 1.1 Other financial liabilities 396,000 371,571 452,008 1.2 Deferred tax liabilities 4,155 6,806 7,594 1.3 Long-term provisions 2,244 1,993 1,990 2. Deferred income 10,546 8,933 6,902 III. CURRENT LIABILITIES 1,824,683 1,751,857 1,797,159 1. Current liabilities and provisions 1,795,499 1,717,627 1,773,203 1.1 Other financial liabilities 269,095 37,534 146,178 1.2 Short-term provisions 4,508 4,802 3,575 1.3 Trade and other payables 1,519,853 1,660,384 1,618,996 1.4 Current tax payable 2,043 14,907 4,454 2. Accruals and deferred income 29,184 34,230 23,956 TOTAL EQUITY AND LIABILITIES 2,809,705 2,739,758 2,852,064 Wyniki IH 2014 po Financial I półroczu results 2014 roku / Attachements / Załączniki Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 29 29

Consolidated income statement (in PLN thousand) CONTINUING OPERATIONS 3 months ended June 30 2013 (unaudited, restated) 3 months ended June 30 2014 (unaudited) 6 months endedy June 30 2013 (unaudited, restated) 6 months ended 30 June 2014 (unaudited) Revenue 1,773,625 1,851,927 3,699,511 3,798,766 Cost of sales (1,557,991) (1,659,386) (3,251,483) (3,395,477) Gross profit 215,634 192,541 448,028 403,289 Distribution costs (149,820) (150,875) (299,635) (299,481) Administrative costs (26,779) (21,934) (53,647) (47,254) Other income 1,222 1,734 3,697 6,020 Other expenses (5,705) (9,793) (8,433) (13,553) Share in net profit/(loss) of associates and joint ventures accounted for withequity method (473) (501) (614) (1,246) Operating profit 34,079 11,172 89,396 47,775 Profit/(loss) of investments 2 12 2 12 Finance income 5722 5,045 9,551 12,666 Finance cost (9,686) (10,462) (17,899) (18,758) Profit before tax 30,117 5,767 81,050 41,695 Income tax expense (8,699) (3,102) (22,717) (13,733) Net profit from continuing operations 21,418 2,665 58,333 27,962 Total net profit 21,418 2,665 58,333 27,962 Attributable to: Owners of the parent 20,723 2,033 56,619 26,518 Non-controlling interests 695 632 1,714 1,444 Profit of the reporting period 20,723 2,033 56,619 26,518 Weighted average number of ordinary shares 11,270,072 11,165,280 11,350,461 11,184,921 Diluted weighted average number of ordinary shares 11,648 272 11,450,180 11,691,461 11,469,821 Earnings per ordinary share (PLN) - basic 1.84 0.18 4.99 2.37 - diluted 1.78 0.18 4.84 2.31 Wyniki IH 2014 po Financial I półroczu results 2014 roku / Attachements / Załączniki Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 30 30

Consolidated statement of cash flows (in PLN thousand) A. Cash flows from operating activities 6 months ended 30.06.2013 (unaudited, restated) 6 months ended 30.06.2014 (unaudited) I. Profit/(loss) before tax 81,050 41,695 II. Total adjustments (122,267) (111,970) 1. Share in net profit/(loss) of subordinates accounted for with equity method 614 1,246 2. Depreciation and amortisation 18,285 17,543 3. Foreign exhange (gains)/losses 1,726 302 4. Interest and profit distributions (dividends) 7,175 6,170 5. (Gain)/loss on disposal of non-current assets 597 3,371 6. Change in inventories (45,646) 37,226 7. Change in receivables (81,401) (106,918) 8. Change in current liabilities (net of borrowings) (14,900) (43,741) 9. Income tax paid (8,702) (27,273) 10. Other adjustmnets, net (15) 104 III. Net cash from operating activities (I +/- II) (41,217) (70,275) B. Cash flows from investing activities I. Cash provided by investing activities 86,123 107,879 1. Disposal of intangible assets and property, plant and equipment 4,656 2,679 2. Disposal of subsidiaries, net of cash acquired - 26 3. Repayment of loans advanced 75,541 101,097 4. Interest 5,482 3,643 5. Other cash provided by investing activities, net 444 434 II. Cash used in investing activities (130,116) (179,790) 1. Acquisition of intangible assets and property, plant and equipment (21,330) (62,636) 2. Advanced payment for shares in associate (8,140) - 3. Acquisition of subsidiaries, net of cash acquired (2,825) (7,632) 4. Cost of acquisition (78) (79) 5. Loans advanced (97,611) (105,164) 6. Other cash used in investing activities, net (132) (4,279) III. Net cash from investing activities (I - II) (43,993) (71,911) Wyniki IH 2014 po Financial I półroczu results 2014 roku / Attachements / Załączniki Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 31 31

Consolidated statement of cash flows (in PLN thousand) C. Cash flows from financing activities 6 months ended 30.06.2013 (unaudited, restated) 6 months ended 30.06.2014 (unaudited) I. Cash provided by financing activities 317,457 210,372 1. Increase in borrowings and issue of debt securities 317,457 210,372 II. Cash used in financing activities (69,110) (76,394) 1. Repurchase of shares (15,729) (4,252) 2. Purchase of non-controlling interests - (531) 3. Dividends and other distributions to shareholders (22,620) (33,557) 4. Dividends and other distributions to non-controlling interests (3,037) (3,330) 5. Repayment of borrowings and redemption of debt securities (15,209) (23,931) 6. Other financial liabilities (702) (902) 7. Interest (11,813) (9,881) 8. Other cash used in financing activities, net - (10) III. Net cash from financing activities (I - II) 248,347 133,978 D. Total net cash flow (A.III +/-B.III +/- C.III) 163,137 (8,208) E. Increase/decrease in cash, including: 163,137 (8,208) - Change in cash resulting from exchange differences 1,124 249 F. Cash at beginning of the period 114,684 162,405 G. Cash at the end of the period (F+/- D) 277,821 154,197 Wyniki IH 2014 po Financial I półroczu results 2014 roku / Attachements / Załączniki Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 32 32

The data and information contained in this presentation do not provide a comprehensive or consistent evaluation of the Company s financial performance, neither do they present the Company s product portfolio, and have been compiled for information purposes only. All the data and information have been obtained from sources which the Company considers reliable and accurate, and may be changed at any time without notice. This presentation has not been audited. Thank you

Contact details PELION S.A. ul. Zbąszyńska 3 91-342 Łódź, Poland www.pelion.eu Executive Board Office T: (+48 42) 200 75 10, F: (+48 42) 200 73 33 e-mail: biuro_zarzadu@pelion.eu Investor Relations T: (+48 42) 200 70 00, F: (+48 42) 200 74 32 e-mail: investor_relations@pelion.eu Press Office T: (+48 42) 200 74 74, F: (+48 42) 200 75 35 e-mail: biuro_prasowe@pelion.eu WHOLESALE Polska Grupa Farmaceutyczna S.A. ul. Zbąszyńska 3 91-342 Łódź, Poland T: (+48 42) 200 74 44, F: (+48 42) 200 75 35 e-mail: pion_handlowy@pgf.com.pl www.pgf.com.pl Pharmapoint Sp. z o.o. ul. Zbąszyńska 3 91-342 Łódź, Poland T: (+48 42) 200 80 16, F: (+48 42) 200 80 05 e-mail: info@pharmapoint.pl www.pharmapoint.pl HOSPITAL SUPPLIES PGF Urtica Sp. z o.o. ul. Krzemieniecka 120,54-613 Wrocław, Poland T: (+48 71) 782 66 01, F: (+48 71) 782 66 09 e-mail: sekretariat@urtica.pgf.com.pl www.urtica.com.pl RETAIL CEPD N.V. WTC Amsterdam, Tower A-7 Strawinskylaan 709, 1077 XX Amsterdam, The Netherlands T: (+31 20) 670 13 16, F: (+31 20) 670 44 28 e-mail: office@cepd.nl www.cepd.nl Executive Board Office T: (+48 22) 329 64 16, F: (+48 22) 329 64 01 E-mail: pr@cepd.nl DOZ S.A. ul. 17 Stycznia 45B, 02-146 Warszawa, Poland T: (+48 22) 329 65 00, F: (+48 22) 329 64 01 e-mail: bzarzad@doz.pl www.doz.pl UAB NFG Gedimino st 13, LT-44318 Kaunas, Lithuania T: +370 37 321199, F: +370 37 320220 SERVICES FOR MANUFACTURERS Pharmalink Sp. z o.o. ul. Zbąszyńska 3, 91-342 Łódź, Poland T: (+48 42) 200 80 12, F: (+48 42) 200 80 13 e-mail: logistyka@pharmalink.pl www.pharmalink.pl