Investor presentation June 2015

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Founded in 1990 by CEO Ger van Jeveren

Fagron at a glance

Global market leader active in 32 countries on 6 continents, 2,200 FTE, >300 pharmacists

Share price increased from € 10.25 in 2007 to € 41.50 in 2015

Listed on Euronext Brussels/ Amsterdam

Market cap. of € 1.3 billion

2014: € 447 million of turnover, with REBITDA margin of 26.5%

Proven buy and build strategy, generating margin expansive growth

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Global presence

Tampa Trikala Tulsa Uitgeest Waregem Wichita IJsselstein Zeist Kraków Las Vegas Marseille Maryland Heights Medellin Miami Minneapolis Modlniczka Newcastle Oldenzaal Anápolis Arlington Heights Aurora Barcelona Bogotá Bologna Bornem Boom Broken Arrow Cali Cape Town

Capelle a/d IJssel Charleroi Copenhagen George Goes Hamburg Helmond Hoogeveen Johannesburg Oud Beijerland Paris Piracicaba Rotterdam Saint-Denis São Paulo Shanghai Somerset West St. Louis Sydney

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What is pharmaceutical compounding?

Patient

Tailor-made medication

Compounded in community and hospital pharmacies or by Fagron Compounding Services, always based on a pharmaceutical formulation Formulations developed by Fagron

and/or compounding pharmacists

based on APIs which are out of patent _{Alternative dosage} forms

Alternative dosage strengths

Combination therapy

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Key drivers of pharmaceutical

compounding

Unique selling points

Prescriber/Pharmacist

“Yes, compounding pharmacists enhance medication compliance and save lives… every single day!”

Drug shortages Discontinued drugs

High-quality and cost effective alternative Less side effects

More individualised approach Tailor-made

Enhance patient compliance New and unavailable therapeutic needs Increased awareness through internet

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Business model

FCS

Fagron Trademarks

Fagron Compounding Essentials

Raw materials Excipients Equipment Supplies

Nuclear, Sterile, Aseptic and Non-Sterile compounding

Fagron Advanced Derma SyrSpend® _SF

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Fagron compouding advisors

(EU: 300, NA: 100, SA: 100)

Discuss patient case with prescribers Tailor-made medication prepared in a compounding pharmacy or by Fagron Compounding Services Formulary based on Fagron APIs and Fagron

Trademarks

Encapsulating the compounding

market

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Win-win-win strategy

Prescriber Pharmacist Patient Patient organisations Government Insurance companies

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Our unique position in global

compounding

Global market leadership

Optimising and innovating compounding Extensive R&D pipeline

Unique business model Strong brand names Global footprint

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Our unique position in global

compounding

Group strengths

In-depth compounding knowledge Use best practices

Speed of execution

Extensive global network Local market expertise

Acquiring and integrating expertise Solid financial position

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Our unique position in global

compounding

Operational strengths

Global scale benefits

Compliant with highest quality standards Product portfolio optimisation

Centralised purchasing Production efficiency

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Proven buy-and-build strategy,

generating sustainable value

Tamda (Czech Republic) Unikem (Denmark)

Gallipot (USA) DEG (Brazil)

Florien (Brazil)

Three compounding pharmacies (Colombia) Orbus Pharma (Colombia)

Galfarm (Poland)

Apodan Nordic Pharma Packaging (Denmark) B&B Pharmaceuticals (USA)

Freedom Pharmaceuticals (USA) Alternate Technologies (Brazil)

2012 2013

2008 2009 2010 2011 2014 2015

JCB Laboratories (USA) Pharmacy Services (USA) Kertus (Greece)

Fagron Australia

Dynaceuticals and Rausa-Kem (SA) Pharma Nostra (Brazil)

Pharma-Cosmetic (Poland) Pharma Assist (NL)

AnazaoHealth (USA)

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Accelerate buy-and-build strategy

with focus on FCS and Trademarks

FCS

Fagron Trademarks

Fagron Compounding Essentials

In % of total turnover

Q1 2015 Target 2016

37% 50%

10% 25%

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Business model: FCS

Tablets, capsules, liquids, crèmes/ointments

IV-Bags, ampoules, vials

TPN, cytostatics, syringes, cassettes, easypumps Radioactive capsules, radioactive injections, radioactive seeds Aseptic Sterile Non-sterile Nuclear

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Fagron Compounding Services

facilities worldwide

Belgium

Bornem (non-sterile and aseptic)

France

Paris (non-sterile)

Marseille (non-sterile)

South Africa

Johannesburg (non-sterile)

Cape Town (non-sterile and sterile)

George (non-sterile and sterile)

Greece Trikala (non-sterile) Colombia Bogotá (non-sterile) Bogotá (non-sterile) Cali (non-sterile) Medellin (non-sterile) Netherlands

Oud Beijerland (non-sterile and aseptic)

Helmond (non-sterile and sterile)

Hoogeveen (non-sterile and aseptic)

Oldenzaal (non-sterile and aseptic)

Goes (non-sterile, sterile and aseptic)

North America

Wichita, Kansas (sterile and aseptic)

St. Louis, Missouri (non-sterile)

Arlington Heights, Illinois (non-sterile)

Tamarac, Florida (non-sterile)

Tampa, Florida (non-sterile)

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Fagron Compounding Services

Warehouse incoming goods Clean utilities Transfer into clean room

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Prepare for compounding Compounding _{Visual analyses}

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Growth driven by increasing demand for sterile compounding

Compliant with the highest, most stringent quality standards

New antibiotic facility in NL will open in June 2015

New sterile facility in USA will open in November 2015

More hospitals are ready to outsource compounding

Actively looking into potential acquisition targets

Estimated market share <5% in the US and Europe

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In 2014, Fagron prepared over

2 million prescriptions

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Acquisition of AnazaoHealth

Leading nuclear, pain and

intrathecal compounding facility in the United States

2015E Sales of US$ 30 million with an EBITDA margin equal to Fagron

Acquisition multiple 6x EBITDA Headquartered in Florida and a FDA 503B facility in Nevada

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Nuclear compounding

Nuclear compounding is a specialty area of pharmacy practice dedicated to radioactive materials for use in nuclear medicine procedures, which includes cancer treatments and diagnostics

Radiopharmaceuticals are radioactive. Radiation protection during compounding and administration forms an integral part of the job

Anazao’s radiopharmaceuticals are tailor-made compounded as capsules, seeds or injections

Radiopharmaceuticals administered as injections are compounded under aseptic conditions

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Investment rationale

Specialty pharmacy compounding presents huge growth

opportunities

Growth drivers for Fagron:

•

Ongoing trend to outsource compounding

•

Increasing demand for compounded medication

•

Decreasing number of competitors due to new regulatory

requirements

Acquisition candidates in South America, North America and

Europe

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Fagron Trademarks

Growth driven by the global launch of Fagron Advanced Derma and

SyrSpend® SF

Global Fagron R&D network of >300 pharmacists and 45 researchers

Global presence boosts cross selling and innovation

Increasing interest for Fagron

Trademarks by pharmaceutical industry Strong and extensive R&D pipeline R&D pipeline includes concepts on psoriasis, alopecia, transdermal pain

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Prescribers worldwide: compounding

prescriptions based on Fagron vehicles

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Global R&D

Total spending R&D: 8-10% of turnover

Development Realisation Launch of solution Patient, pharmacist & prescriber

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Global R&D pipeline

Launch Global Concepts

FAD phase 2 Pain, phase 1 SDD FAD phase 3 Obesity Alopecia

May Jun Jul

Jan Feb Mar Apr Aug

2015

Sep Oct Nov Dec Feb 2016

Aug

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Fagron Compounding Essentials

Central purchasing and audit office in Shanghai, China

Complete offering of 5,000 raw materials of pharmaceutical quality Full overview of supply chain

resulting in 100% traceability

Unique selling points are product availability and quality

Potential add-on acquisitions in existing markets identified

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+39% +165%

Financial highlights 2014

Turnover (in € million) 447 OWC (in % of turnover) 9.1 Capex (in % of turnover) 2.8% Gross margin (in € million) 288 REBITDA (in € million) 118

Free cash flow

(in € million) 57 Dividend p/s (in €) 1.00 EBIT (in € million) 94 +30.4% +48.1% +49.8% +42.2%

Organic turnover growth of 11.5%

Gross margin increases to 64.5% of turnover

REBITDA growth driven by focus on FCS and Fagron Trademarks and continuous focus on OPEX Net financial debt/REBITDA ratio of 3.18, compliant with covenant under the credit facility

Free cash flow increases 165% due to increasing EBITDA, good working capital management and decreasing taxes paid

Outlook 2015: Turnover of at least € 500 million with a REBITDA margin of 26%

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Organic and total turnover growth

Fagron

9,4% 5,9% 7,2% 6,5% 10,9% 13,7% 11,5% 24,2% 10,5% 18,3% 35,8% 21,8% 20,3% 33,0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 2008 2009 2010 2011 2012 2013 2014

Total growth at constant rates Organic growth at constant rates

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Q1 2015: Turnover per segment

In € 1,000 % of total Q1 2015 Q1 2014 Total growth Total growth CER Organic growth Organic growth CER FCS 37% 42,815 19,778 116.5% 101.8% 41.7% 32.1% Trademarks 10% 11,594 10,658 8.8% 4.6% 8.8% 4.6% Compounding Essentials 53% 60,543 57,838 4.7% -0.4% 5.3% 0.2% Total Turnover 100% 114,952 88,274 30.2% 23.1% 16.8% 10.5%

Excellent start of the year

Total growth of 30.2% and organic growth of 16.8%

Very strong growth at FCS, the segment with the highest margin

Continued focus in 2015 on robust organic growth, an active buy-and-build strategy and the construction of GMP-compliant compounding facilities

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2014: Turnover per segment

In € 1,000 % of total 2014 2013 Total growth Total growth CER Organic growth Organic growth CER FCS 34% 147,780 58,210 153.9% 153.2% 20.1% 19.8% Trademarks 10% 45,652 33,630 35.7% 39.8% 24.6% 28.4% Compounding Essentials 56% 245,047 243,145 0.8% 3.3% 2.1% 4.7% Total Turnover 100% 438,479 334,985 30.9% 33.0% 9.7% 11.5%

Without the disposal of € 10.9 million of Industry

Sales, organic growth of Fagron Compounding

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Outlook 2015

Fagron expects to realise a turnover from

continuing operations of at least € 500 million

1

with a REBITDA-margin

2

from continuing

operations of 26%

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Shareholder structure

Number of shares % of effective voting rights

Carmignac Gestion 2,463,267 7.84%

TIAA-CREF Asset Management LLC 1,635,681 5.20% BNP Paribas Investment Partners SA 1,609,182 5.12% Fidelity Management and Research 1,573,158 5.00%