17 February 2011

Presentation Mediq – 30 June 2011

1

Agenda • Profile and strategy Mediq

• Financials

• Management agenda and outlook

2

Profile

International provider of medical devices, pharmaceuticals and associated care • Revenues 2010 € 2.6 billion

• 8,200 employees in 15 countries

• Largest player in Dutch market

• Attractive international platforms

• Incorporated in 1899

• Listed on Euronext Amsterdam since 1992

3

Three distribution channels

DIRECT

Homecare deliveries of medical devices, biopharmaceuticals and

the associated care

PHARMACIES

Pharmacies and wholesaling

INSTITUTIONAL

Marketing, sales & distribution of medical devices and

pharmaceuticals to hospitals and other care institutions

4

Transformation

In past 5 years, Mediq transformed from • Focus on pharmaceuticals to focus on medical devices

• Dutch to multinational

• OPG to Mediq

5 5

Active in 15 countries

USA • Direct Netherlands

• Pharmacies • Direct

• Institutional

Hungary • Direct

Switzerland • Institutional

Belgium • Institutional

Germany • Direct

Denmark • Direct

• Institutional Estonia/Latvia/ Lithuania • Institutional

Poland • Pharmacies

Norway • Direct

• Institutional Sweden • Institutional

Finland • Institutional

France • Institutional

6

Our mission

THE PATIENT IS AT THE CENTER OF EVERYTHING WE DO

We improve patients’ health with the best and most efficient healthcare delivery We do so by providing pharmaceuticals, medical devices and the associated care

7 7

Market trends

Volume growth with aging population

Price pressure to keep healthcare affordable

Patients are increasingly well informed

8 8

Strategy

Building an international company in healthcare • Growth Direct & Institutional

• Strengthening leading pharmacy position (NL, P)

• Efficiency improvement

9

Enabling patients to cope more effectively with their condition • Discrete home deliveries

• Ostomy/ diabetes/ incontinence/ woundcare supplies, respiratory care, enteral nutrition, biopharmaceuticals

• 24X7 dedicated customer service and nurses

• Brand neutral

• 760,000 active patients

Mediq Direct

10

Mediq Direct

Why we are the provider of choice

• Access to a broad assortment • Brand neutrality • Ease of web-based prescription system • Subcontractor for home treatment • Management information • Innovative care concepts

PRESCRIBERS

• Broad assortment of products & services

• Cost effectiveness • Nationwide delivery • Management information • Innovative care concepts

PAYORS

• Compliance programs for patients • Market intelligence • Supply chain management • Nationwide delivery • Sales and market power

MANUFACTURERS

• Specific centres of expertise • One stop shopping • Reorder reminders • Web services • Ease of reimbursement • 24/7 customer service

PATIENTS

11

Mediq Institutional

Partner for professionals • Marketing, sales and distribution to care institutions

• Broad product range

• Including training for professionals

MEDICAL DEVICES PHARMACEUTICALS

• Medical disposables

• Medical technical equipment

• Service contracts

• Training programmes

• Wholesale for hospitals and nursing homes

• Cooperation with hospital pharmacies and support of their operational business

12

Mediq Institutional

Customer segments

NL BE FR DK GE NO SW FI EE LT LV CH

CARE INSTITUTIONS

✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔

HOSPITALS ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔

GPs & SPECIALISTS

✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔

RETAIL ✔ ✔ ✔ ✔ ✔ ✔ ✔

INDUSTRY / OTHER

✔ ✔ ✔

LABORATORY ✔ ✔ ✔ ✔ ✔

3RD PARTY LOGISTICS

✔ ✔

13

Growth driver: Direct & Institutional

€ 386 mn

€ 1,041 mn

•18 acquisitions in 5 years and solid organic growth

•Consolidator in growing market

CAGR 22%

2005 2010

14

Clear shift in profile Mediq

EBIT ordinary activities

Direct & Institutional Pharmacies NL, Poland

2005 2010

42% 58%

76%

24%

•Pressure on sales and EBIT of Pharmacy business •Compensated by steady growth D&I

15

Price fall in Dutch pharmacies

Dutch spending on pharmaceuticals is lowest in Western Europe

Average annual pharmaceutical spending per capita

SFK – Jan 2011

TEVA 15 capsules Pantoprazol

€ 1

Mars € 1

16

Mediq Pharmacies Netherlands

Adopting to changed market circumstances • Provide innovative full-service pharmaceutical care and healthcare

related products and services

◦ In close cooperation with GPs, other primary healthcare providers

◦ Tailored to patient, paid for by insurers and suppliers

◦ Supported by specialist expertise of our direct companies

• Complemented with broad range of OTC • Further centralisation and standardisation of back-office functions

17

New healthcare modules to increase compliance • Online service for chronic users

(mijnmedicijnkompas)

• Hayfever sms / app

• Blood sugar test on diabetes

• Asthma/COPD check

• Proactive repeat medication • Real Time Medication Monitoring

(SIMpill)

From product margin to fee-for-service

18

Agenda • Profile and strategy Mediq

• Financials

• Management agenda and outlook

19

Strategic highlights 2010

Significant international expansion in Direct & Institutional

Leading in a changing pharmacy market in the Netherlands

Strengthening of Mediq brand and organisation

20

Highlights Q1 2011

• Revenues +7% driven by acquisitions Direct & Institutional

• EBITA from ordinary operations + 14%; increase at all 3 segments

• Net result -14% due to non-operational proceeds in Q1 2010

• Several significant acquisitions D&I in line with growth strategy

• Further process optimisation at Pharmacies Netherlands

• Incipient recovery wholesaling activities in Poland

21

Solid financial performance

PHARMACIES NETHERLANDS

PHARMACIES POLAND*

718 759 869 663 525

469 593 783882

1,0701,0931,1681,1291,142

1,041

2006 2007 2008 2009 2010

2,281 2,477

2,730 2,603 2,634

* Excluding non-operational items **known as Pharmacies International up until 2009, when Mediq still had pharmacy activities in Belgium

68 72

32 19

52 61

68 7586

5 4 3 5 519

2006 2007 2008 2009 2010

125 132

102 97 109

DIRECT & INSTITUTIONAL PHARMACIES NETHERLANDS PHARMACIES POLAND**

Pressure on sales and EBIT Pharmacy business… …compensated by steady growth D&I Sales, in € mn EBIT, in € mn

22

Sound cash flow and capital structure

Financial ratios well within covenants

35% dividend pay out

Q1 10 Q2 10 Q3 10 Q4 10 Q1 11

INTEREST COVER

DEBT COVER

MIN. 5X

MAX. 3.5X

9.5

10.4 11.2 11.8 12.2

1.3 1.9 1.5 1.1 1.1

FREE CASH FLOW

CASH FLOW FROM OPERATING ACTIVITIES

CAPEX

Cash generative business

23

Agenda • Profile and strategy Mediq

• Financials

• Management agenda and outlook

24

Outlook 2011

D&I • Revenue growth • Realisation further purchasing synergies • Operational (EBIT) margin 7% - 8% • EBITA margin 8% - 9%

Pharmacies NL • Slight decline in revenues due to loss 30 Lloyds pharmacies at wholesale

per June 2010 • - € 8 mn total effect of lower dispensing fee, lower claw back and

preference policy; will be largely offset by cost savings and volume growth

Pharmacies Poland • Revenue growth in line with market • Increase in profitability at both retail and wholesale operations

25

Management agenda 2011 Growth Direct & Institutional ◦ Organic growth ◦ International acquisitions ◦ Expand collaboration Mediq Pharmacies NL ◦ Expand combined sourcing ◦ Expansion exclusive distribution agreements

Strengthening leading pharmacy formula ◦ Organic growth; increase sales from additional services and OTC ◦ Further collaboration with other healthcare providers and insurers in NL

Increase efficiency ◦ Centralisation and standardisation ◦ Optimise logistics wholesale operations in Poland

26

Mediq in short Attractive market fundamentals

Leading market positions

Successful execution of strategy

Solid financial performance

Sound cash flow and capital structure