Investor Presentation Peter Grant (CEO)

Jefferies Conference: 19/20 November 2014

2

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no assurance unrealised return projections will be met. Certain of the past performance information presented herein may not be representative of all transactions of a given type.

Actual events could differ materially from those projected herein and depend on a number of factors, including the success of the Company’s development strategies, the

successful and timely completion of clinical studies, securing satisfactory licensing agreements for products, the ability of the Company to obtain additional financing for its

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The Company reports under IFRS. Where foreign currency equivalents have been provided for convenience in this presentation, the exchange rates applied are those used in

the relevant financial statements from which the figures have been extracted.

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Business summary

• Scientific expertise plus proprietary technologies

• Track record of complex product development Oral & Inhalation drug development experts

• Long-term royalty and supply agreements

• 16 approved products, 8 recent Recurring revenues, positive momentum

• Strong cash flow from portfolio of approved products

• Multiple products recently launched in multiple countries Strong cash flow, earnings visibility

• Strengthening pipeline with new products and technologies

• Innovation through R&D, collaboration, in-licensing, M&A Investing for the next

phase of growth

• Growth in sales from recently approved products

• Improving operational leverage in flutiform® supply chain

• Balance sheet transformed by capital raise - saved £25m in future payments

4

Financial highlights

£m H1 2014 FY 2013

Sales 34.4 62.6

Operating profit 13.2 13.6

EBITDA 14.6 17.9

Net finance costs 5.8 14.6

Operating cash flow 8.8 14.4

As at 30 Jun 2014 As at 31 Dec 2013

Cash 26.3 16.5

Net Debt (IFRS) 2.9 84.2

Proven credibility with multiple partners

5

• Balance sheet transformed

• Rejuvenated product portfolio driving growth in revenues and EBITDA

• flutiform® launched in major markets including Japan and France

• New inhalation therapy platform in development for COPD

• Developing novel concept for a gastro-retentive drug delivery platform

6

Substantial progress over last 12 months

EXPAREL® flutiform®

€m

Share Price*

* 12 months to 13 November 2014

0

20

40

60

80

100

120

2009 2010 2011 2012 2013 H1 2014

EBITDA* Net Debt

• Strong EBITDA over the years – previously servicing debt

• Net debt largely eliminated in 2014:

− All outstanding bonds repaid in April following over-subscribed capital raise

− Final Paul Capital amortisation payment made in June

− €12.7m (£10.6m) CRC Finance repaid in October out of general cash resources

• Substantial reduction in finance charges

• Additional debt retirement opportunities under review

7

Transformed balance sheet

£m

Rejuvenated product portfolio

Sales

Time

Approved Introduction Growth Maturity Decline

Incruse® (Eur, U.S.)

flutiform® (Spain)

flutiform® (France)

Relvar®Ellipta® (Japan)

flutiform® (Japan)

flutiform®

(Italy)

flutiform® (Germany)

flutiform®

(UK)

EXPAREL® (U.S)

RAYOS® (U.S.)

PAXIL CR® (Japan)

Requip® Once-a-Day (Japan)

Solaraze® (Europe)

Solaraze® (U.S.)

Xatral®

Paxil CR® (Ex-Japan)

Requip® Once-a-Day (Ex-Japan)

Breo® Ellipta® (U.S.)

Coruno®

Lodotra® (RoW)

Anoro® Ellipta ® (U.S.)

flutiform®

(South Korea) Relvar®Ellipta® (UK, Germany)

flutiform® (Singapore)

Anoro® Ellipta ® (Europe – first launches)

flutiform® (Austria)

flutiform® 120-puff (Japan)

8

• Revenues from 7 products launched since March 2012 have grown £20.4m

since H1 2012, significantly ahead of growth in total revenues

• These represented 63% of total revenues in H1 2014 (H1 2013: 48%)

9

Revenues rejuvenated by new products

£m

Inhalation Products Primary Indication Licensee / Partner

flutiform® – EU & other / Japan Asthma Mundipharma / Kyorin

†Relvar® / Breo® Ellipta® COPD (U.S.) / Asthma (Japan) / COPD & Asthma (Europe) GlaxoSmithKline

†Anoro® Ellipta® COPD (U.S., Europe & Japan) GlaxoSmithKline

†Incruse® COPD (U.S. & Europe) GlaxoSmithKline

10

Revenues from 16 approved products

Oral Products Primary Indication Licensee / Partner

Xatral® OD / Uroxatral® BPH (urinary symptoms) Sanofi

Requip® Once-a-day Parkinson’s disease GlaxoSmithKline

Paxil CR® Depression GlaxoSmithKline

Sular® Hypertension Shionogi

ZYFLO CR® Asthma Cornerstone Therapeutics

Coruno® Angina Therabel

Lodotra® / RAYOS® RA pain & stiffness Horizon Pharma

Triglide® Lipid disorders Shionogi

Madopar DR® Parkinson’s disease Roche

Diclofenac-ratiopharm® uno Pain / inflammation Teva

† Technology licence, product not developed by Skyepharma *A product of Skyepharma’s former Injectable Business now Pacira Pharmaceuticals

Other Products Primary Indication Licensee / Partner

Solaraze® Actinic keratosis Sandoz / Almirall

*EXPAREL® Pain management Pacira Pharmaceuticals

8 recent product approvals driving growth

flutiform®

23 European Countries

RAYOS®

U.S.

EXPAREL®

U.S.

Breo® Ellipta®

U.S.

flutiform®

Australia

flutiform®

RoW - Israel, HK, S Korea, Taiwan

flutiform®

Japan & Singapore

Paxil CR ®

Japan

Requip® Once-a-day

Japan

Relvar® Ellipta®

Japan

Relvar® Ellipta®

Europe

Anoro® Ellipta ®

U.S.

Incruse®

Europe

Incruse®

U.S.

Anoro® Ellipta®

Europe

flutiform®

Argentina

Key

Inhalation

Oral

Other

Relvar® Ellipta®

Japan

Anoro® Ellipta®

Japan

Products launched since March 2012 contributed 63% of H1 2014 Group revenues

Anoro® Ellipta®

Australia

11

12

Continuing wave of product launches

2012 2013 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

flu

tifo

rm®

O

the

rs

UK Germany

Netherlands Cyprus

Sweden Norway

Denmark Italy Finland

Ireland Japan

Belgium Slovakia

Australia Hong Kong

Czech Rep.

S Korea

PAXIL CR® (Japan)

Requip® Once-a-Day (Japan)

EXPAREL® (U.S.)

Breo® Ellipta® (U.S.)

Relvar® Ellipta® (Japan)

RAYOS® (U.S.)

France Iceland Israel

Anoro® Ellipta® (U.S.)

Relvar® Ellipta® (UK, Germany)

Luxembourg Switzerland

Bulgaria

Anoro® Ellipta® (First launches

in Europe)

Anoro® Ellipta® (Japan)

Austria Singapore

• Proven development capabilities to address c.U.S.$30bn* global asthma and COPD

market – covering both pMDI and DPI

• Cover full development cycle from pre-clinical R&D to post approval supply and support

• Product approvals in more than 50 countries including U.S., Europe and Japan

• Supporting Mundipharma in the development of a breath-activated version of flutiform®

• 2014 commenced development of SKP-2075, a potential novel treatment for COPD

Expert developers of inhalation products

13

* Source: Company analysis: i) Datamonitor COPD report, DMKC0047510, Publication Date: 19/08/2013 ii) Datamonitor Asthma report, DMKC0082148, Publication Date: 07/09/2012 iii) Extrapolation of main market sales to global numbers with a factor of 25%

Metered Dose (pMDI) Dry Powder (DPI)

Approvals in more than 50 countries Approvals in 31 countries, incl. U.S.

Products developed by SKP have included flutiform® and Pulmicort pMDI

Products developed by SKP have included Foradil® Certihaler®

New developments for RespiVert (Janssen Biotech)

Technologies: SkyeDry™, SkyeStabe™, SkyeFine™, IDD®- P

Technologies: SkyeProtect™ Device: Skyehaler

• Support long-term revenues of established products (e.g. flutiform®)

• Focus on product development areas which play to our strengths and

balance risk with potential revenue

− Identify new product and technology opportunities where careful appraisal of

investment could add significant value – self-generated, by collaboration, and by

acquisition (e.g. SKP-2075)

• Undertake additional contract development work, especially where likely to

generate IP and/or royalties

Inhalation strategy

14

• flutiform® combines most commonly prescribed ICS1 with fast onset LABA2

flutiform - novel asthma treatment

15

Product Developer ICS LABA Inhaler

flutiform® Skyepharma3 fluticasone propionate formoterol pMDI

Seretide/Advair4 GSK fluticasone propionate salmeterol DPI/pMDI

Symbicort4 AZ budesonide formoterol DPI/pMDI

Foster/Fostair Chiesi beclametasone formoterol pMDI/DPI

Dulera (U.S. only) Merck & Co mometasone formoterol pMDI

Breo/Relvar GSK5 fluticasone furoate vilanterol DPI

3 and licensees

1 Inhaled corticosteroid (anti-inflammatory) 2 Long acting beta2 agonist (bronchodilator)

4 plus generics in certain markets 5 includes technology under license from Skyepharma

flutiform® - launched in 25 countries

Launched in 19 European countries, plus Japan, Australia, HK, Israel, South Korea, Singapore Approved in Argentina, Poland, Portugal, Romania, Spain, Taiwan

Latin America (Sanofi) First regional approval in Argentina; NDA under review in Colombia; joint review of impact of currency weakness

United States Renewed efforts to find a partner

Japan (Kyorin) 56-puff version launched 2013 120-puff version launch planned Dec. 2014

Europe & RoW (Mundipharma) 2014: launched in France, S. Korea, Israel, Singapore & 6 other European countries Planned launches: Spain, Italy (as Abriff®)

16

Country-specific marketing

17

fluticasone and formoterol…

18

…together at last

19

flutiform® - H1 sales growth

20

€m

Source: Internal calculations using IMS Health data, Q2 2014, based on sales to pharmacies excluding Cyprus , Iceland and Belgium Hospitals

“We are delighted with the successful launch of flutiform® for the treatment of bronchial asthma. In Europe, sales are growing in line with our expectations and we look forward to the further roll-out of flutiform ® and its continued growth.” Antony Mattessich, Regional Director, Europe, Mundipharma, 20th August 2014

• Mundipharma making substantial investment in the flutiform® franchise

flutiform® - major line extension progress

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European paediatric asthma indication Phase III endpoints met, filing being

prepared

COPD (Europe) >1,500 patients, recruitment

commenced Sept 2013

Novel breath-actuated version flutiform® canister coupled with

Mundipharma’s breath-actuated device

China / Asia Pacific - COPD Clinical trials commenced 2014

China - Asthma Clinical trials being planned

• Dry powder inhalation formulation technology licensed to GSK

• Potential royalties of up to £9m per annum for life of patents (earliest expiry

in U.S., Europe, Japan, Nov 2019) related to Breo® / Relvar® Ellipta®,

Anoro® Ellipta® and Incruse®

• Breo® / Relvar® Ellipta® approved in over 50 markets

− Launched in 30 markets including U.S. (for COPD only), Japan (asthma only),

UK, Germany, Brazil.

− Filed in U.S. for asthma June 2014 (PDUFA anticipated Q2 2015)

• Anoro® Ellipta® approved in 42 markets

− Launched in 9 including U.S., Canada, UK, Germany & Japan

• Incruse® approved in U.S. and Europe

− Launch anticipated by end of 2014

GSK products - up to £9m per annum royalties

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Source: Theravance Q3 Financial Results, 30 October 2014

• Product of Skyepharma’s former Injectable Business, now Pacira Pharmaceuticals,

Inc.†

− Indicated for single-dose infiltration into the surgical site to produce postsurgical analgesia

− Skyepharma eligible for 3% of net sales* in U.S., Japan and major EU countries until

patents expire (September 2018) plus sales-related* milestones (see table)

• SNDA under review for nerve block indication (PDUFA action date: 5 March 2015)

• Pacira in “active discussions” and “look forward to resolving [FDA] concerns” raised in

a warning letter, received in September 2014, related to certain promotional material

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EXPAREL® - growing revenues

† NASDAQ:PCRX market cap $3.21bn at 13 November 2014

* On a cash-received basis

Q3 sales $50.2m, up 12% on Q2; up 151% on Q2 2013 EXPAREL® annual worldwide net sales*

Skyepharma milestone

$100m $8m rec’d 2014

$250m $8m

$500m $32m

First major EU country sale

$4m

• Oral products incorporating Skyepharma technology achieved in-market

sales of approx. U.S.$3bn in past 5 years

• Proven expertise and technologies for oral drug delivery

• Excellent industry reputation and connections built up over many years

• Oral drug delivery solutions and technologies used in 10 marketed products

Oral drug delivery experts

24

Technology Delivery solution Product examples

Geomatrix™ Family of 8 controlled

release mechanisms

Paxil CR®, Requip® Once-a-day, ZYFLO CR,

Coruno, Sular®,

Diclofenac-ratiopharm-uno, Madopar DR

Geoclock™ Customised release

delay for chronotherapy LODOTRA® / RAYOS®, SKP-1041, SKP-1052

“Parachute” technology Gastroretention Xatral® OD / Uroxatral®

Particle engineering Improved bioavailability Triglide®

• Focus on classic drug delivery model – early licensing, with partner funding

development

• Refresh portfolio of oral drug delivery technologies, targeting unmet delivery

needs

− 3 novel oral drug delivery platform technologies in development, including

Soctec™ a gastro-retentive platform

− Seek out potential infill acquisitions/in-licensing of other oral drug delivery

technologies

• SKP-1052 (nocturnal hypoglycaemia) – seek funding partner(s) for further

development

Oral strategy

25

• Owned by Skyepharma, leased to Aenova* from July 2011 to June 2016

− 2014 rental €2.0m (£1.6m at current rates) per annum

− Facility has current good manufacturing practice (cGMP) status, approved by the

EMA (Europe), FDA (U.S.), Anvisa (Brazil) and KFDA (South Korea)

− Capabilities include multi-layer tablets and DPI filling

• Aenova currently responsible for management and financial performance

− Negotiations in progress with works council on site restructuring plan

− If implemented, some of the costs of restructuring may be borne by Skyepharma

• In anticipation of return to Skyepharma in July 2016

− Seeking opportunities to add additional work into the facility

− Investing to improve operating efficiency and capabilities

Lyon manufacturing facility update

26

*Aenova is a contract manufacturing organisation

• Planned mix of self-funded and customer-funded development

− Reduces risk whilst driving next phase of growth

− Leverages Skyepharma capabilities

• Main focus for development

− Inhalation product development to proof of concept before out-licensing

(e.g. SKP-2075)

− Development of novel oral drug delivery platform technologies

− Collaborative developments – oral and inhalation

27

Investing in R&D to drive future growth

£m FY 2013

(Restated) H1 2014

Guidance

2014 (F)

Guidance

2015 onwards

Contract R&D revenue 10.3 3.5

R&D costs (10.8) (5.3)

Net investment (0.5) (1.8) £3 to £6m Consider increase in future

years as net income rises

28

Pipeline product candidates (disclosed)

Inhalation Product Primary

Indication Feasibility

Phase

I

Phase

II

Phase

III Filed Licensee / Partner

flutiform (ROW) Asthma o o Mundipharma

flutiform (LATAM) Asthma o Sanofi

flutiform (Europe) COPD Mundipharma

flutiform (U.S.) Asthma † Available

flutiform (Canada) Asthma Available

SKP-2075 COPD Available

Various Asthma/COPD o o

Janssen Biotech (RespiVert)

Mundipharma has filed marketing authorisation applications in some Rest of World markets

† Complete response letter received January 2010 and additional studies are required

o Partial

Oral Product Primary

Indication Feasibility

Phase

I

Phase

II

Phase

III Filed Licensee / Partner

SKP-1041 Sleep

maintenance Somnus

SKP-1052 Nocturnal

hypoglycaemia Available

• COPD

− Affects an estimated 210m people worldwide; a major cause of death

− Market size: $8.3bn in U.S., Japan and top 5 EU countries

− Unmet medical need – inflammation not sufficiently treated with LABA/ICS, LABA,

LAMA or LABA/LAMA

• Pulmagen discovered that inhaling an ultra-low dose of theophylline together

with an inhaled corticosteroid (ICS) reactivates ICS as anti-inflammatory agent

for COPD

• Skyepharma acquired all global rights and IP including granted patents in

Europe, Japan and U.S.

• Skyepharma commenced development of lead product candidate, SKP-2075:

− Plan to conduct a phase II study sized to produce statistically significant data, then

partner for further development

− Investment estimated at c. £14m between 2014 and 2017

− Funded out of Skyepharma’s ongoing cash generation

− Uses known molecules in a novel way – lower risk than new chemical entities (NCE’s)

SKP-2075: novel therapy

29

SKP-2075 potential therapy platform

30

Anti-inflammatory

(e.g. SKP-2075)

LABA, LAMA, LAMA/LABA

Long acting bronchodilators

LABA, LAMA, LAMA/LABA

ICS/LABA

combinations

possibly + LAMA

+

Current and currently emerging

Potential future

LABA, LAMA, LAMA/LABA

combinations with

anti-inflammatory

(e.g. SKP-2075)

• Nocturnal hypoglycaemia is a side-effect of insulin treatment for patients with

diabetes mellitus

− Frequently unrecognised and often leads to poor metabolic control

− Up to 15% of diabetics with nocturnal hypoglycaemia require intensive assistance

− There are no drugs that address this condition

• SKP-1052 uses side effect of a known drug, with delayed release Geoclock™

technology

− Initial clinical study supportive of concept

− Patented concept

− Regulatory advice supportive

• Seeking partnering/funding for further development

SKP-1052: targeting nocturnal hypoglycaemia

31

• Need for gastro-retention oral drug delivery platform

− Estimated that c.40% of compounds have poor absorption in the lower gastro-

intestinal (GI) tract - covers all therapeutic areas

− Absorption window for many drugs is limited to the upper GI tract

− The challenge is to retain the drug for as long as possible in the upper GI tract

• Skyepharma’s new concept – Soctec™ is designed to meet this challenge

− Initial technical feasibility completed, patent application filed

− Preliminary study in healthy volunteers carried out, initial data is supportive of the

concept

• Plan to carry out further work to optimise the technology and produce

additional data

• Seeking partners to work on potential applications with active ingredients

New oral technology: Soctec™

32

• Easy to swallow capsule

• Floats immediately when it enters the

stomach

• Active ingredient released for:

− Delivery to an absorption window, or

− Local action in the stomach

• Potential release characteristics:

− Sustained release

− Multiple pulsed release

• Potential for both poorly and highly

soluble drugs

Soctec - Self Orienting Capsule Technology

33

Theoretical scheme

Group strategy and summary

34

Existing projects and royalty streams • Continue to maximise value of existing agreements

• Funded R&D, milestones and long-term royalties

Product supply • Run supply chain for strategic royalty-generating products

• Long-term source of recurring profitable revenues

Inhalation • Strengthen pipeline by developing products to value inflection points for outlicensing

• Mix of in-house innovation, collaborations, in-licensing, acquisitions

• Broaden technologies to support long-term royalty generation

Oral • Strengthen technology base via in-house innovation and in-licensing/small acquisitions

• Target unmet needs and hard to copy / genericise concepts

• SKP-1052 (nocturnal hypoglycaemia) – seek funding partner(s) for further development

35

Group strategy

• flutiform®

− Launch of Abriff ® in Italy

− Launch in Spain (€2m milestone receivable)

− Launch of 120-puff version in Japan

− Submission of paediatric MAA in Europe

− Partnering effort renewed for U.S. market

− Progress with COPD indication and breath-actuated version

− EXPAREL® – progress on sales and $8m milestone payable on $250m sales

• Inhalation – progress with SKP-2075

• Oral - progress with Soctec™; SKP-1052; oral drug delivery projects

• Additional licensing/development opportunities

• Further reduction of debt

36

Potential news flow 2014/15

• Growing momentum from rejuvenated product portfolio

• Robust financial platform underpins capacity to invest in product and

technology development and corporate opportunities

• Delivering strategy to invest in next phase of growth

− Acquisition of innovative inhaled therapy platform

− New oral technology platforms in development

• Committed to continue building shareholder value

37

Summary

London Stock Exchange, as at market close 13 November 2014

Peter Grant

Chief Executive Officer

Andrew Derodra

Chief Financial Officer

Jonathan Birt

Investor Relations

Contact information

Head Office:

Skyepharma PLC

46-48 Grosvenor Gardens, London, SW1W 0EB, United Kingdom

Tel: (+44) 20 7881 0524

ir@skyepharma.com

LSE:SKP

www.skyepharma.com

38

Appendices

39

40

Locations

R&D Muttenz, Switzerland

Leased to Aenova: Manufacturing

Lyon, France

Corporate Headquarters London, UK

FTEs: 78* (Aenova FTEs: approx. 100) FTEs: 11*

* as at 30 June 2014

The Board

Frank Condella Non-Executive Chairman

• Joined 2006

• CEO 2006 - 2008

• President/CEO Columbia Labs

• Previous Exec: IVAX; Faulding; Roche;

Lederle

Jean-Charles Tschudin Non-Executive Director

Senior Independent Director

Chairman Nomination Committee

• Joined 2007

• Non-Exec Director Sinclair IS Pharma

• Previous Exec: Astellas; Cardinal

Health; J&J; Schering-Plough

Thomas Werner Non-Executive Director

Chairman Remuneration Committee

• Joined 2009

• NED: Chairman 4SC; Board member:

Basilea; Blackfield; BSN; SuppreMol

• Previous Exec: GSK; BMS

Peter Grant Chief Executive Officer

• Joined 2006 as CFO

• Appointed CEO 2012

• Previous Exec: Voice Commerce;

Eurodis Electron; WorldPay;

Molins; General Electric; KPMG

John Murphy General Counsel,

Company Secretary

• Joined 2006

• Previous Exec: Medeva;

Celltech; Pharmagene

Andrew Derodra Chief Financial Officer

• Joined November 2013

• Previous Exec: Tate & Lyle;

SABMiller; Diageo; British Airways;

Reed Elsevier

No

n-E

xecu

tive

Ex

ecu

tive

C

o. S

ec

John Biles Non-Executive Director

Chairman Audit Committee

• Joined March 2014

• NED: Bodycote; HellermannTyton;

Sutton & E Surrey Water

• Previous Exec: FKI; Chubb Security;

Racal Electronics; PwC

41

Fund Manager % Holding*

HBM Healthcare Investments 24.39%

Aviva Investors 7.51%

Legal & General Investment Management 5.96%

Standard Life 5.18%

BlackRock 5.01%

D E Shaw (held via contracts for difference) 4.90%

River & Mercantile Asset Management 4.51%

42

Major Investors (disclosed)

* As publicly disclosed at 11 November 2014