One-Stop-Shop

for a Healthy

Future © 2013. Arseus. All rights reserved.

© 2013. Arseus. All rights reserved.

Ger van Jeveren, CEO Arseus and Fagron

Jan Peeters, CFO Arseus and Fagron

Dirk Van Lerberghe, CEO Corilus

Jacob Jackson, CEO Freedom Pharmaceuticals

Capelle aan den IJssel, the Netherlands

25 April 2013

Capital Markets Day

2

Pharmaceutical compounding 1,269 FTE € 290 million

Medical ICT solutions 274 FTE € 38 million

Developer of concepts for dental and medical professionals 304 FTE € 91 million

Solutions for dental and medical professionals 450 FTE € 128 million

3

Activities focused

on dental labs

Dominique Deschietere

Julie Owandy

René Benninger

Duo-Med

Dirk De Cuyper

Hader

René Benninger

Medical distri-bution

activities

Dental distri-bution

activities

Mario Huyghe Dirk Van Lerberghe Ger van Jeveren

Our markets

4

Founded 2007

Headquarters Rotterdam (NL)

Waregem (BE)

CEO Ger van Jeveren

CFO Jan Peeters

Turnover 2012 € 547 million

Countries 30

FTE 2,370

A strong market with high growth potential

5

Arseus benefits from key market drivers …

… that provide significant potential for long term organic growth

Professional healthcare

market

Non-cyclical industry

Growing healthcare expenditure

Technological innovation

Ageing population

Focus on aesthetics

Increasing public healthcare awareness

Compelling growth strategy

6

Arseus House of Success

Operational Excellence

Continuous Strengthening

of Positions

Own Brands/ Innovations

Buy-and-Build Strategy

Added-Value Solutions

Operational Excellence

Focus on Excellence

• One IT system for whole Arseus

• Excellent supply chain

• Centralised robotised warehouses per division

• State-of-the-art production facilities per division

7

Operational Excellence

Focus on savings

• No head hunters

• No interims

• No consultants

• No brokers

• No advisors

• No legal cases

• Excellent training programs, dedicated employees resulting in internal recruitment and promotions

8

Continuous strengthening

of positions

• Always number 1 or 2 in selected markets or market segments

• Fagron: Global market leader in pharmaceutical compounding

• Corilus: Market leader in Belgium and leading positions in several segments in the Netherlands and France in total ICT-solutions for medical professionals

• Leading position in the segment of dental cabinets and dental labs in the Netherlands, Belgium, France and Northern Germany

• Duo-Med: Market leader in surgical segment in Belgium and the Netherlands

9

Buy-and-build strategy

10

• Julie/Owandy (France)

• Tamda (Czech)

• Unikem (Denmark)

2008

• Gallipot (USA) • DEG (Brazil) • Devroe Instruments

(Belgium)

2010

• Duo-Med (Belgium)

2009

• Pharma Nostra (Brazil)

• Pharma-Cosmetic (Poland)

• Pharma Assist (Netherlands)

• CMS (Belgium)

2011

• Freedom Pharmaceuticals (USA)

• HealthConnect (Belgium)

2013

• Florien (Brazil) • Four compounding pharmacies

(Colombia) • Orbus Pharma (Colombia) • Galfarm (Poland) • ApodanNordic

PharmaPackaging (Denmark) • B&B Pharmaceuticals (USA)

2012

Focus on own brands and

innovations

11

2007

45% 55%

Distributions

Arseus brands

75%

25%

Distributions

Arseus brands

2012

Goal for 2013: 90% Arseus brands

Added value

12

Pentravan®

• Innovative vehicle for transdermal drug delivery

• Developed and trademarked by Fagron

Greenock®

• State-of-the-art software for pharmacies

• Developed and trademarked by Corilus

Hader® Lucky

• High-precision surgical torque wrench

• Developed and trademarked by Hader

Opteo®

• Innovative intra-oral sensor

• Developed and trademarked by Owandy

Financial highlights

Sales

14

304

355 391

424

492

547

0

100

200

300

400

500

600

2007 2008 2009 2010 2011 2012

80%

Gross Margin

15

143 166

186 202

241 272

0

50

100

150

200

250

300

350

400

450

2007 2008 2009 2010 2011 2012

90%

47.0% 46.7% 47.5% 47.6% 49.2% 49.6%

REBITDA

16

41.4 47.6

52.7 60.4

72.9

87.4

0

10

20

30

40

50

60

70

80

90

100

110

2007 2008 2009 2010 2011 2012

111%

EBIT

17

26.4 30.0 30.5

36.0

46.3

58.1

0

10

20

30

40

50

60

70

2007 2008 2009 2010 2011 2012

120%

18

Fagron

Corilus

Healthcare Solutions

Healthcare Specialties

42%

7%

30%

21%

Turnover 2010

60% 15%

2%

23%

REBITDA 2010

45%

11%

26%

18%

FTE 2010

53%

7%

23%

17%

Turnover 2012

74%

13%

2% 11%

REBITDA 2012

55%

12%

20%

13%

FTE 2012

Net Financial Debt

19

51

104 114

166 189

233

51

98 106

152

178

223

0

50

100

150

200

250

2007 2008 2009 2010 2011 2012

Net financial debt

Adj. net financial debt

Financial Covenant

20

1.33

2.25 2.19

2.49 2.48 2.64

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2007 2008 2009 2010 2011 2012

3.25

Historical Net Debt Bridge

21

50.6

235.4

91.4

50.2

40.3 37.0

10.8 5.5 21.5

266.6

233.1

0

100

200

300

400

500

600

235.4

266.6

0

100

200

300

400

500

600

Acquisition Split - Period 2009 - 2012

22

Fagron 80%

Specialties 6%

Solutions 7%

Corilus 7%

100% = € 179.8 million

Share Price Performance since IPO on 5 October 2007

Relative performance since IPO

24

25

50

75

100

125

150

175

200

225

250

10/'07 03/'08 08/'08 01/'09 06/'09 11/'09 04/'10 09/'10 02/'11 07/'11 12/'11 05/'12 10/'12 03/'13

AEX AMX Bel 20 Bel Mid Arseus Average Indices AScX

IPO – 2013 YTD

Arseus +82.9%

BEL MID -14.6%

AMX -28.2%

AEX -36.1%

BEL 20 -40.8%

AScX -43.0%

Average indices -32.6%

Share price performance Arseus and indices

25

© 2013. Arseus. All rights reserved.

Fagron Corilus Healthcare Solutions Healthcare Specialties

Innovating and

optimising compounding

for tailor-made

pharmaceutical care

Fagron

• Founded in 1990 by Ger van Jeveren

• Started in 1 country with 1 employee and 1 product

• Currently global market leader and active in 30

countries worldwide

• 1,300 employees, including more than 150

pharmacists

• Turnover of € 290 million in 2012

Ger van Jeveren

Founder & CEO

Fagron Organisation

Executive Committee

Fagron Group

René Clavaux (45) Information Management

Constantijn van Rietschoten (43) Marketing and Innovation

Michaël Hillaert (35) Area Manager GE, PL, Nordic, FR

Rafael Padilla (34) Area Manager South America

Jake Jackson* (32) President North America

Ger van Jeveren (52) Chairman

Jan Peeters (46) Finance

Frank Verbakel (52) Controlling

Erik Hoppenbrouwer (48) Operations

Fagron

Iberica

Fagron

Italy

Fagron

Czech

Republic

Fagron

Germany

Fagron

UK

Fagron

Colombia

Fagron

France

Fagron

Nordic

Fagron

Nether-

lands

Fagron

Poland

Fagron

Argentina

Fagron

USA

Fagron

Belgium

Fagron

Brazil

Fagron

China

Fagron

Australia

* As from 1 January 2014

What is pharmaceutical compounding?

• Tailor-made medication

• Based on APIs that are out of patent

• Compounded in community and hospital pharmacies, based on a

pharmaceutical formulation

• Alternative dosage forms

• Alternative dosage strength

Key drivers of pharmaceutical compounding

High-quality and

cheaper alternative

Internet

Tailor-made

Discontinued drugs

Lesser side effects

Drug shortages

Unique selling point of

the pharmacist

New and unavailable

therapeutic needs

More individualized

approach

Pharmacist

Strategy

Optimize

and Innovate

Compounding

• We want to optimize and innovate compounding in

order to widen the therapeutic scope of the

prescriber, to enable tailor-made pharmaceutical

care

• By doing so, we are supporting the unique selling

point of the pharmacist and improve

the quality of life of the patient

Mission

Compounding

Values

Customer is

number 1 Speed of execution Innovative

Entrepreneurial Result driven

Behave as a global

market leader

Win-Win-Win Strategy

(Hospital)

Pharmacists

Patients

Prescribers

Business Model

FCS

Concepts

Equipment & Supplies

Pharmaceutical Raw Materials

Business Model

Pharmaceutical Raw Materials

• Amino acids

• Antibiotics

• Cortico steroids

• Excipients

• Extracts

• Food additives

• Hormones

• Minerals

• Nutraceuticals

• Oils and fats

• Opiates

• Vitamins

• Alcohol and flammable products

• Herbs

Pharmaceutical Raw Materials

Business Model

Equipment & Supplies

• Ointment mills

• Printed Matters

• Packaging

• Capsule fillers

Equipment & Supplies

Business Model

Concepts

• Fagron Derma Concept

• Fagron Trademark

• Fagron PharmaWhite

• KID concept

• Semi-finished products

• Formulations for compounding

• Selective digestive decontamination

• Bio-identical hormone replacement

therapy

Concepts

Business Model

Fagron Compounding Services

• Parenteralia

• Sterile

• Oncology

• Intravitreal injections

• CADD medication cassettes

• Orals with hazardous drugs

• Prefilled syringes

• Irrigations with medication

• Easypumps

• Methotrexate formulations

FCS

Business Model

Fagron Academy

• Training

• Education

Geographical Split Sales

67.1% 3.9%

29.0%

Top priority for 2013 is

expanding our business in

North America and Canada!

Europe

North America

South America

Fagron

FREEDOM PHARMACEUTICALS

Freedom Pharmaceuticals: Overview

• Current Founder & CEO, Freedom Pharmaceuticals

• Effective January 1, 2014: President of Fagron

North America

• Formerly General Counsel for large independent

compounding pharmacy group

• Formerly Assistant State Attorney General

• Education: University of Missouri, Juris Doctor (Law);

University of Missouri, BS, Political Science

Jacob G. Jackson, J.D.

President & CEO

Freedom Pharmaceuticals: Mission

Freedom Pharmaceuticals specializes in the custom

wholesale distribution of premium compounding chemicals

(APIs and excipients) to independent compounding

pharmacies throughout the United States

“Empower, Execute, and Enjoy”

Sales*

3

17

25

2011 2012 2013E

* In US Dollars

The Freedom “Advantage”…

Product Assurance Screening System

Product Assurance Screening System

• FDA registered

• cGMP

• US pharmacopeia / National formulary

• SOPs

• CoA

• MSDS

Compounding Pharmacy Consulting Services, Inc. (CPCSI)

• An active network of lawyers, pharmacists and

former PBM Auditors that perform training courses,

mock on-site audits and real time practical guidance

and support, specific to compounded preparations

• Classes held every month

SOURCE: WWW.IBISWORLD.COM

Diversified Pharmaceutical Ingredients (DPI)

• Addresses the large and growing specialty

veterinary compounding market

• Robust projected growth in numbers of

cats and dogs will boost demand for

compounded products

• Growing opportunity to serve equine

industry in the U.S. – Currently 10 million

horses

• Leverages existing Freedom brand

recognition and regulatory expertise

Freedom Pharmacy Support Services (FPSS)

• Compounding support

• Formulation assistance

• Reimbursement advice

• Online resources

Freedom Chemical Supply (FCS)

• Prepackaged, high quality monographed,

USP grade material

• Customized package size options related to

specific batch requirements

• Currently 500 products; together with Fagron

more than 5,000 products

Pharmaceutical Compounding in the U.S.: unlimited future

• Total U.S. pharmacy industry over

$200Bn

• 3.6Bn prescriptions written

annually

• Compounding represents

approximately 1-3% of total

pharmacy industry:

~$4Bn U.S. pharmacy

compounding industry size

• Annual growth of ~5% through

2017

• Large, addressable industry with

multiple positive drivers of rapid

growth

35%

20%

20%

15%

10%

Products and services segmentation (2012)

Pharmaceutical

ingredient

alteration

Currently unavailable

pharmaceutical

manufacturing

Pharmaceutical

application

alteration

Pharmaceutical

dosage

alteration

Specialized

pharmaceutical

manufacturing

Pharmacy Compounding in the U.S.: External drivers

Per capita

disposable income

Number of pets

Education of doctors

Drug shortages

Number of physician

visits

Compounding

External drivers

Pharmacy Compounding in the U.S.: Specific drivers

Upper/lower

respiratory

Topical Pain

Wound care

BHRT

(Baby Boomers) Compounding

Specific drivers

Obamacare 315 m

illio

n i

nh

ab

itan

ts

Medicare

65+, retired

Medicaid

´Poor´ people

Employed people

with HC insurance

Not poor enough

Not old enough

Employers don’t provide

Obamacare

(Patient Protection and

Affordable Care Act)

30 million new people

with insurance

Number 2 in the U.S. Market

Note: Reflects relative market share of industry participants, based on Company’s estimation

Pre-transaction Post-transaction

1

2

3

4

5

1

2

3

4

Fagronisation: Proven integration processes

• Acquired and successfully integrated 14 acquisitions since 2009

• Objectives:

• Maintain business continuity throughout the integration process

• Minimise disruption to the employees

• Switch acquisitions quickly and smoothly to Fagron Corporate

standards

• Gain financial control, tight OWC management and benefit from

economies of scale

• Strict processes on Finance, IM, Marketing and Operations

Fagronising by IM

+12 months +11.5 months +11 months +10 months +3 months Closing

• Purchase

savings

• Forecasting

• Collaboration

• Video

Conferencing

• Office

productivity

• Best practices

• Standard

operating

procedures

• Controls

• ERP

• CRM

• Business

Intelligence

• Reporting

• Website

• Webshop

• Electronic

newsletter

• Management

reporting

• Consolidation

OKAPI OPS ADC Fagron

Dynamics Reporting

E-

Business

Fagronising by Operations

+11.5 months +11 months +9 months +6 months +3 months +3 months

Product portfolio

included in

Fagron product

portfolio

Establishment

position of site

within

conditioning

network

Fagron Quality

guidelines

implementation

Forecasting and

planning

(combined with

Navision

Dynamics)

Fagron product

labelling and

shipment

documentation

Purchase

savings and OPs

KPIs reporting

Fagronising by Marketing

+12 months +9 months +7 months +6 months +4 months +3 months

• Involvement in

International

projects

• Introduction of

the Fagron

Brand Manual

• Setting up all

brand carriers

based on the

Fagron brand

directives

• Implementing

all Fagron

brand carriers

• Full Fagron

branded

company

• According to

GMI-standards

• Introduction of

Co-Branding

Manual

• Implementing

on all digital

brand carriers

Mental

Identity

Verbal

Identity

Visual

Identity Activation

Imple-

mentation

Fully

Fagro-

nised

Fagronising by Finance

First (half)

year closing

After one month

and more (continued actions)

+1 month Closing Due diligence

• Execute S&P

agreement

• (Weekly) sales

• Install Okapi

• Training

• Support

• Report figures

• Adapt local

procedures

• Execute due

diligence

recommendations

• General Directives

• Assist local staff with

first official closing

• Figures

• Financial staff

internal control

• Necessary

measures after

closing

Fagron

RESULTS 2012

Sales Fagron

110

137 151

179

243

290

2007 2008 2009 2010 2011 2012

164%

Organic and total turnover growth at constant exchange rates

9.4%

5.9% 7.2% 6.5%

10.9%

24.2%

10.5%

18.3%

35.8%

21.8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2008 2009 2010 2011 2012

Organic growth Total growth

FTE Development

492 574

621

865

1,164

1,269

2007 2008 2009 2010 2011 2012

Sales per FTE Fagron

224

239 243

207 209

229

2007 2008 2009 2010 2011 2012

Gross Margin Fagron

56.4 66.7

76.4

92.0

124.8

150.6

2007 2008 2009 2010 2011 2012

51.3% 48.7%

50.7%

51.3%

51.4%

51.9%

Opex as % of Sales

-33.4%

-32.6%

-33.1%

-31.8% -31.6%

-29.8%

2007 2008 2009 2010 2011 2012

EBITDA Fagron

20.2 23.2

27.1

35.6

48.3

62.4

2007 2008 2009 2010 2011 2012

18.4% 16.9%

18.0%

19.9%

19.9%

21.5%

Fagron Innovations

Espumil®

Pentravan®

Lollibase®

Omeprazole & Syrspend® SF Alka Kit

Piramide FCS

Business Model FCS

Fagron Compounding Services – the Netherlands

Fagron Compounding Services –Belgium

Fagron Compounding Services – Colombia

Medellín

Bogotá

Cali

Fagron Academy

Fagron Academy

Fagron offers

more than 2,000

courses annually

to pharmacists

and prescribers

Fagron Foundation

Fagron Global Management Program

Fagron Global Management Program

Internal and

external

candidates

Talented

young

professionals

Leadership

potential

International

ambition

Master

(preferably in

Pharmacy)

Fagron Partner Program

Fagron Partner Program

Fagron Brazil

Fagron Germany

Fagron Iberica

Fagron the Netherlands

Building one brand for compounding

Fagron, the global number 1 in pharmaceutical compounding

Focus on total ICT-solutions for medical professionals

93

GP’s

Care teams Family care

Tele-

monitoring

Hospitals Specialists Dentists

GP guard

centers

Pharmacies

Patients

customers

Elderly homes

GPs and pharmacies

Ambulant care providers

25,000 customers

Good interaction with medical care providers

& government

110 developers

Quick response & deployment

Corilus

Company

• CEO: Dirk Van Lerberghe

• FTE: 274 (incl. 90 software developers, excl. 20 off-shore developers)

• Own brands (as % of sales): 65%

• Seven locations in Belgium, the Netherlands and France

Products

• Total ICT-Solutions, developed in-house, for a wide range of medical and paramedical

professionals

Strategy

• Further expanding Corilus’ leading market positions through organic growth and acquisitions

• Introducing innovative ICT solutions to other European countries

94

Sales

26.7 26.2 28.8

31.1

34.3

38.0

2007 2008 2009 2010 2011 2012

42.3%

REBITDA

margin

29.6% 29.4% 29.5% 28.1% 27.5% 25.1%

95

Customer growth

96

12,000 12,000 12,000 12,000 14,000

14,900 460 420

7,582 8,723

10,117

11,503

2007 2008 2009 2010 2011 2012

International

Corilus BE

Mission

Supporting the health care community with

innovative ICT solutions that improve practice

management resulting in better healthcare and

optimized care and healing processes in a multi-

disciplinary environment.

Strategy - Customer Intimacy

• Innovative software

• Satisfied customers

• In-depth sector knowledge

• Growth and career opportunities

Healthcare landscape until the 60’s

99

Hospitals Pharmacies

GP’s

Ambulant care providers

Patients

‘60 until begin 21 century

100

GP’s

Ambulant care providers

Patients

Pharmacies

Elderly homes

Hospitals Specialists Medical devices

Organisational shift in healthcare

• Aging population

• Growing number of chronicle diseases

• Exponential growth medical solutions/possibilities

• Patient is becoming a customer, patient involvement

• Economic pressure

101

Future landscape: collaboration & sharing

102

GP’s

Care teams Family care

Tele-

monitoring

Hospitals Specialists Dentists

Ambulant care providers

GP guard

centers

Pharmacies

Patients

customers

Elderly homes

Patient Centric

Recip-e

eHealthBox

Ambulant care providers

1

5600

Ambulant

nurses

Number 1 or 2 in each segment

103

GP’s

Care teams Family care

Tele-

monitoring

Hospitals Specialists Dentists

GP guard

centers

Pharmacies

Patients

customers

Elderly homes

2

2600

Physio’s

1

+ 3000

GP’s

1

+ 60

Hospitals

1

+ 500

Specialists

1

+ 2300

Pharmacies

1

16 GP

guards

1

1200

Elderly

homes

1

+ 2500

Connections with Ebox

1

+ 2000

Dentists

Ambulant care providers

Elderly homes

GP’s

Creating value by data integration

104

Care teams Family care

Tele-

monitoring

Hospitals Specialists Dentists

Patients

customers

Pharmacies

GPs and pharmacies

GP guard

centers

Distribution

activities focused

on Dental and

Medical

professionals

Healthcare Solutions

106

Company

• CEO: Mario Huyghe

• FTE: 450

• Headquartered: Waregem (Belgium), offices and depots in Belgium, the Netherlands, France and Germany

Activities focused on dental practices

• Innovative and integrated total solutions, products and services for dental practices across Europe

• Market leader in Belgium, the Netherlands, France and Northern Germany

Activities focused on medical professionals

• Innovative, integrated tailor made solutions for medical professionals in the Benelux

Sales

107

125.3 122.4 127.7

0

20

40

60

80

100

120

140

160

2010 2011 2012

1.0% 0.9% 1.8% REBITDA margin

Healthcare Solutions Mission

108

Our solutions increase efficiency and quality of outcome, reduce complexity and cost for dental and medical professionals

We help our customers to increase their professionalism and enable them to focus on their patients This way, we drive superior care for our customers

Proven

Value creation

Complexity Cost

Quality Efficiency

“Driving superior care”

Healthcare Solutions strategy endorses the

mission

109

• Archimed concept for group practices • Workflow optimization

Increase efficiency

Reduce complexity

Reduce cost

Improve results

• Digital integration • Patient flow optimization

• Automation supply/e-shop • Implant planning …

• Hygiene software (traceability & management)

• Arseus Academy for permanent training

Foto’s dental

110

Schiller Fred Easy

Healthcare Solutions offers since

2012 in addition to stand-alone

devices also AED AED integrated

solutions for urgent and emergency

services

111

The Schiller Fred Easy and 'Rescue Viewer

AMMS Concept

AMMS is the integrated total solution for the optimisation of the supply and administration of medicines to the residents of nursing homes through the pharmacy

Quick wins:

• Time saving

• Enormous reduction in the number of errors in delivery, set-up and administration

112

Arseus Lab Julie-Owandy Hader Duo-Med

Healthcare Specialties

Company

• CEOs: René Benninger Hader / Julie-Owandy Dirk De Cuyper Duo-Med Dominique Deschietere Arseus Lab

• FTE: 304 FTE

Activities

Strategy

• Healthcare Specialties develops solutions that create value, reduce complexity, provide convenience and help customers to increase their professionalism and to focus on their clients

114

Sales

115

88.3 92.7 91.2

0

20

40

60

80

100

120

2010 2011 2012

15.9% 13.2% 10.3% REBITDA margin

116

Develops and provides practice management software to

dental practitioners in France (market leader)

117

Leading developer and supplier of imaging equipment for

dentists, incl. 2D and 3D units and intra-oral digital sensors

118

Develops and produces a wide variety of precision tools and

components with a focus on micro mechanics

119

Provides innovative solutions, products and services to dental

labs in Europe (market leader)

120

Supplies surgeons and hospitals in the Benelux with innovative

solutions and products (market leader)

Outlook 2013

Outlook 2013

Management expects healthy organic turnover growth

and profitability that is expected to grow faster than

turnover growth

122

Thank You