Sinclair IS Pharma plcInvestor Presentation

April 2012

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The contents of this presentation and the information which you are given at the time of these slides and the presentation have not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (the “Act”). Reliance on this presentation and its slides for the purpose of engaging in investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. This presentation does not constitute or form part of any offer for sale or subscription or solicitation of any offer to buy or subscribe for any securities in Sinclair IS Pharma Plc (the “Company”) nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. No reliance may be placed for any purpose whatsoever on the information contained in these slides or presentation and/or opinions therein. These slides and the presentation are exempt from the general restriction (in section 21 of the Act) on the communication of invitations or inducements to engage in investment activity on the grounds that it is made to: (a) persons who have professional experience in matters relating to investments who fall within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (b) high net worth entities and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order (all such persons together being referred to as “relevant persons”). Any person who is not a relevant person should not rely on this presentation or any of its contents and all persons (whether relevant persons or otherwise) are recommended to seek their own independent financial advice from a person authorised for the purposes of the Act before engaging in any investment activity involving the Company’s securities. This presentation includes certain forward-looking statements with respect to certain development projects, potential collaborative partnerships, results of operations and certain plans and objectives of the Company including, in particular and without limitation, the statements regarding potential sales revenues from products, both currently marketed and under development, possible launch dates for new products and line extensions, and any revenue and profit guidance. By their very nature forward-looking statements involve risk and uncertainty that could cause actual results and developments to differ materially from those expressed or implied. The significant risks related to the Company’s business which could cause the Company’s actual results and developments to differ materially from those forward-looking statements are discussed in the Company’s annual report and other filings. All forward-looking statements in this presentation are based on information known to the Company on the date hereof. The Company will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Disclaimer

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Group at a glance

DERMATOLOGYEurope

Emerging Markets

Atopiclair®Sebclair®Papulex®

WOUND CAREEurope

Emerging Markets

Flammazine®Kelo-cote®

CRITICAL AND SUPPORTIVE CARE

Europe

Flammacerium®Aloxi®

Variquel®

Key Markets

Top Products

2011 Revenue 2014 Revenue Target*

*Target not guidance

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Brand Development: Recognisable Sinclair IS graphic

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Fully integrated platform drives operating leverage

Fully integrated Sales and marketing Logistics, supply and manufacturing Regulatory and compliance Quality and Pharmacovigilance Product and brand development Finance function

Resources focused on developing and extending growth brands

Sales and marketing budget doubled from £7.8M 2009 to £15M 2012

Complementary in-licensing opportunities and brand acquisitions

Create multi-product/ country partnerships outside the EU

Divest non-core brands, reduce SKUs and number of distributors

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Well balanced portfolio focused on three key specialty areas:

• Dermatology• Wound care• Critical and supportive care

Diversified product offering

Sales driven by own specialist sales force

No large near term patent cliffs

Atopiclair®Papulex®

Fadiamone®

Flamma franchiseKelo-cote®

Distribution: Congruent channels

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Key Brands: Growth and concentration

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Geographic reach

20 year partnershipwith Invida for

multiple markets

Exploring additional partnerships for other major emerging markets

Direct sales in top EU markets

Distributors - recent

Distributors - Invida Direct Sales and Marketing Operations

Distributors - existingFast growth target markets

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Products launched already Atopiclair® and Papulex ®already launched in eight marketsFlammazine re-launched in The PhilippinesMultiple launches scheduled for 2012, including Xclair, Sebclair and othersFirst Chinese launch expected in 2013

Improved economics post 2013Focus on brand creation, but requires resourcesDeal structure guarantees minimum launch spend. Budgeted spend is considerably in excessWe expect partnership to drive Sinclair IS earnings growth over medium term

Local Asian office structure provides filing and launch infrastructureDedicated regulatory affairs resources for both companiesSinclair IS employee based full-time in Invida’s Singapore head-officeProduction in India (Encube PTE) already started, initially for local marketMenarini acquisition of Invida has increased sales and marketing spend

Asia: Invida delivering

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Strategic Partners: Fewer, stronger relationships

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Executing Strategy: Recent progress

Product launchesPartnershipsDeals

Acquisition of ABT and Ex-US rights of Kelo-cote® (Dec’ 11 )

Disposal of Mysoline (Nov’11)Merger with IS Pharma (May’11)Acquisition of Kelo-cote®

(UK & Germany) (Dec’10)Acquisition of Terbinafine Spray

(Worldwide rights) (Nov ‘10)

Fannin Limited (Ireland) (Oct’11)AMS (Delm opinal option and licence)

(Aug’11) Invida India (March’11) Invida (multi-product,

Asia –Pacific ) (Dec’10)Sunstar (Decapinol® for US) (Dec’10)

Invida Atopiclair® & Papulex® in 11 Asian markets (March’12)

FlammaSpray™ Spain (March’11) Germany (March’ 12)

Bio-Taches Serum, in 5 MENA Countries (Q1 12)

Kelo-cote® France, Italy, Spain (Feb’11)

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Interim Results 2012 Like-for-like revenues increased by 9% International operations +41%H1 margin increased to 58.1% from 55.8%EBITDA of £0.7 million, first sustainably profitable periodNet debt /Shareholders funds 6%

Improving financial performance

FY'09 FY'10 FY'11 1H FY12 FY'12e*LfL sales growth -5% -2% +11% +9% >9%EBITDA -£3.8m -£2.6m -£1.3m n/a +£4m-£5m

*'Analysts' estimates

LfL excludes product acquistions and disposals, licence fees and currency fluctuations

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Brand Development: Flamma

Sterile topical creams for:― the prevention and treatment of infection in burn

wounds― Short-term treatment of infection in leg ulcers and

pressure sores― The prevention of infection in skin graft donor sites

and extensive abrasions

Small dedicated sales force

Growth strategy ― Launch of FlammaSpray™ (sunburn, 3/11)― FlammaGel (household burns, FY13)― Flammacerium in MENA, UK and other territories

(severe burns, FY14)― Flammacerium (diabetic foot ulcer, FY15)

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Brand Development: Kelo-cote®

Patented topical silicone gel range for the prevention and management of abnormal scars

― Available both in prescribed and over the counter formats

Launched in FY11 in Spain, France, Italy. Re-launched in UK

Large and rapidly growing market

Silicone recommended as the first line treatment for scar ‐management

Grow the brand through― entry into new territories (LATAM, Russia, Eastern Europe,

Turkey, Asia)― developing line-extensions (Kelo-cote Stretchmarks™ FY12)

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Conclusion

Strong revenue growth, particularly International

Fully integrated platform drives operating leverage

Emerging markets via key partnerships drives premium growth

― Invida delivering

― Multiple additional opportunities, including expected LATAM partnership

Licensing opportunities and brand acquisitions

Low risk pipeline focused on developing and extending existing brands

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Appendix

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Key brands

TOP FIVE PRODUCTSProduct 2011

SalesH1’12Sales

Type Indication LFL Growth H1’12

Flammazine® £8.2m £4.0m Drug Wound care +5%*

Kelo-cote® £0.9m £0.7m Medical device Scar reduction +51%

Variquel®/Haemopressin

£3.8m £2.5m Drug Bleeding oesophageal varices +19%

Aloclair® £3.8m £1.4m Medical device Oral Pain relief -8%

Fazol® £2.7m £1.3m Drug Topical anti-fungal -4%

Focus BrandsProduct 2011

SalesH1’12Sales

Type Indication LFL Growth H1’12

Papulex® £1.4m £0.7m Cosmetic Acne +7%

Atopiclair® £0.9m £0.5m Medical device Eczema +119%Sebclair® £0.7m £0.6m Medical device Seborrheic Dermatitis +122%Aloxi® £1.2m £0.5m Drug CINV -4%

*+17% excluding Algeria

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Pipeline summary

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Product Indication Timing Comment

DERMATOLOGY

BIOTACHES Serum & UV50 Hyperpigmentation H2 2012 Adds strength to the range and brand for MENA distribution

PAPUDUO Acne 2013/14 First anti-biofilm acne treatment

KELO-COTE Stretchmarks Stretchmarks Q1 2012 Ready for launch. Good scientific rationale and evidence

KELO-COTE line extension Scar reduction 2014 Spray and gel with new actives for enhance wound healing and scar control

TERBINAFINE SPRAY Athlete's Foot 2014/15 Proprietary slow release patch applied to brand leader's API

DELMOPINOL

DECAPINOL Plaque blocking Launched Q3 2011 OTC "GUM" brand by Sunstar Butler. Line extension programme

DELMOPINOL Dog chew Q4 2012 Royalty deal, l icensee has worldwide rights. High risk.

DELMOPINOL Wound care 2013 Internal/external (AMS option commenced 2011)

FLAMMA FRANCHISE

FLAMMASPRAY Sunburn Launched Q1 2011 Trademark leverage

FLAMMAGEL Household burns Q3 2012 Trademark leverage

FLAMMACERIUM Diabetic foot ulcer 2014/15 Off-label Flammazine experience indicates l ikely effi cacy

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Income Statement: Strong revenue increase

Revenue increase of 67% over H1 11

H1 margin increased to 58.1% from 55.8%

Significant investment in sales & marketing, in particular in the UK

Continued investment in R&D/RA

G&A increase following IS Pharma merger

EBITDA of £0.7m, first sustainably profitable period

Amortisation increased from IS Pharma intangibles

Share based payment expense from VCP established in May 11

£'m H1 FY12 H1 FY11

Revenue 23.4 14.1Cost of sales (9.8) (6.3)Gross profit 13.6 7.8

Sales & marketing (7.8) (5.3)R&D/RA (1.4) (1.1)G&A (3.7) (2.7)Amortisation & depreciation (2.5) (1.7)Share based payments (0.5) - Pre-exceptional operating loss (2.3) (3.0)

Finance costs (0.6) (0.5)Loss before tax (2.9) (3.5)

Pre-exceptional EBITDA 0.7 (1.3)

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Balance sheet

ABT adds £20m to intangibles as well as inventory of £0.7m and receivables £1.1m

Inventory reduced from June due to Fannin, Mysoline sale and FX variance but partially offset by ABT impact

Receivables reduced by underlying £3.3m due to seasonality of sales

Borrowings increased by £6.5m Clydesdale draw for ABT

Deferred consideration reduced by £1.3m Helsinn (HBT) payment in December and positive FX impact on Variquel royalty liability

£'m Dec-11 Jun-11

Goodwill 58.9 61.9 Intangible assets 67.8 61.7 Property, plant and equipment 2.3 2.1 Non-current tax assets 4.8 4.4 Other non-current assets 1.6 2.0Non-current Assets 135.4 132.1

Inventories 8.7 9.6 Trade and other receivables 13.0 15.3 Cash in blocked account 1.8 3.4 Cash and cash equivalents 4.4 5.1Current Assets 27.9 33.4TOTAL ASSETS 163.3 165.5

Borrowings (3.8) (2.8) Trade and other payables (15.0) (16.2)

Deferred consideration (2.4) (4.3) Provisions (0.5) (0.4) Current tax liabilities (0.3) - Current Liabilities (22.0) (23.7)

Borrowings (11.1) (7.1) Deferred tax liabilities (7.2) (7.4) Deferred consideration (2.5) (2.6) Other non-current liabilities (0.4) (0.5) Provisions (0.7) (0.3)Non-current liabilities (21.9) (17.9)TOTAL LIABILITIES (43.9) (41.6)

NET ASSETS 119.4 123.9

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Cash flow: Efficient recycling of capital

Benefit of IS merger seen in H1 operating cash flow

Mysoline proceeds recycled into acquisition of ABT

Investing activities include settlement of deferred consideration for HBT - £1.3m and limited capex

Additional draw on Clydesdale facility to complete ABT acquisition

Net debt of £7.3m at December 2011

£'m H1 FY12 H1 FY11

Cash flow from operations (0.1) (2.5)

Sale of Mysoline 11.1 - Acquisition of ABT (16.7) - Other investing (2.0) (2.3)Investing activities (7.6) (2.3)

Loan draw down 6.5 1.1Equity issues - 17.8Debt repayments (1.2) (13.0)Other - 0.4Release of blocked funds 1.9 - Financing 7.2 6.3

Net cash flow (0.5) 1.5

Cash b/f 4.8 1.9Cash c/f 4.3 3.4

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www.sinclairispharma.com

1st Floor Whitfield Court 30-32 Whitfield Street

London W1T 2RQ United Kingdom

Tel: +44 20 7467 6920Fax: +44 20 7467 6930