Overview Presentation S EPTEMBER 2020 1 G ROUP O VERVIEW 2 L ABOMAR - PowerPoint PPT Presentation

CONFIDENTIAL 10 OCTOBER 2019 Overview Presentation S EPTEMBER 2020 1

G ROUP O VERVIEW 2

L ABOMAR IS THE NEW FRONTIER R ESEARCH - DRIVEN FULL SERVICE CDMO OPERATING MAINLY IN THE DIETARY SUPPLEMENTS AND MEDICAL DEVICES SEGMENTS L EVERAGING INTERNALLY - DEVELOPED PATENTS AND A FULL RANGE OF PHARMACEUTICAL FORMS P ROVIDING HIGH - GRADE VALUE - ADDED SOLUTIONS TO INTERNATIONAL L IFE S CIENCES PLAYERS T HE CDMO «2.0» Click to edit Sources and Notes 3

20+ Years History of Continuous Development L ABOMAR BUILDS VALUABLE RELATIONSHIPS WITH THE B IG P HARMA AND STARTS DEVELOPING FOREIGN MARKETS 2019 2011 T ODAY L ABOMAR SERVES F OUNDATION OF 1998 CLIENTS LIKE L ABIOTRE S. R . L ., TO F OUNDATION OF B AYER , S ANOFI , N ESTLÉ GUARANTEE THE L ABOMAR FROM HIGHEST POSSIBLE 2018 THE PHARMACY OF D R . B ERTIN QUALITY OF RAW I N J ANUARY , D R . 2004 MATERIALS B ERTIN BUYS L ABOMAR BEGINS ITS BACK MINORITIES TRANSFORMATION 2015 AND OWNS 100% OF FROM R OLL - OFF OF THE L ABOMAR PHARMACEUTICAL LAB BRAND - NEW , P HARMA - N OVEMBER : ACQUISITION OF TO INDUSTRIAL A TTAINMENT OF THE GRADE STANDARD I MPORT F AB , C ANADA - BASED MANUFACTURING GMP AND ISO 9001 L3 PLANT P HARMA CMO COMPANY CERTIFICATIONS Since 2016 S TART OF THE LEAN 2012 E QUITY INVESTMENT (5%) IN TRANSFORMATION F ONDO I TALIANO P ROJECT Z ERO S RL , DEVELOPING PROCESS D ’I NVESTIMENTO VERTICAL FARMING TECHNIQUES 2003 FOR VEGETAL EXTRACTS INVESTS IN L ABOMAR ’ S 2008 F OUNDATION OF L ABOMAR EQUITY L ABOMAR RESEARCH , STARTS BUILDING THE R&D BRANCH OF A COMMITTED , L ABOMAR ; THE C OMPANY QUALIFIED STARTS BUILDING ITS E STABLISHMENT OF H ERBAE (1) , MANAGEMENT RESEARCH - DRIVEN DNA PRODUCING FINISHED VEGETAL RAW TEAM MATERIALS USING Z ERO TECHNOLOGY L ABOMAR IS N OW IN THE S WEET S POT FOR A S UCCESSFUL L ISTING TO S PUR F UTURE G ROWTH , O RGANICALLY AND BY M&A 1. Majority equity investment (51%) with 49% held by Zero, in which Labomar holds a minority equity investment of 5% 4 Source: Management

The Leading One-stop-shop CDMO E XAMPLE OF C LIENTS R EVENUES B REAKDOWN (1) 34% L IQUIDS REVENUES BASED ON 42% PROPRIETARY PATENTS AND FORMULAS T ABLETS 10% 21% OF FTE S IN R&D, C . 4% OF REVENUES E XAMPLE OF P RODUCTS P OWDERS c. 1,500 20% SKU S DELIVERED TO C . 180 CUSTOMERS C APSULES c. 100 (2) 12% % R EV 2019A C ONS . P RO - FORMA (3) €M / L EV ( X ) R EADY - TO -M ARKET SKU S I NTERNATIONALLY R EVENUE 57.4 EBITDA A DJ 12.2 21.2% O THER 33% EBIT A DJ 8.3 14.5% 5% S HARE OF EXPORT BY INVOICE , N ET I NCOME A DJ 5.7 9.9% INCREASING TO 44% ON A N ET D EBT 28.7 2.4 X 2019A C ONS . PF BASIS 1. As of 2019A Labomar stand-alone 2. As of Labomar 2020 catalogue 5 3. 2019 EBITDA and EBIT Cons. PF have been adjusted for total acquisition costs (574€K + 306€K); Net Income 2019 PF has been adjusted for total acquisition costs and theoretical Canadian Tax (233€K) Source: Management, pro-forma financial statements

Labomar Catalogue: Unique, Wide “Ready-to-Market” Selection N EUROLOGY D ERMATOLOGY G INAECOLOGY C OUGH & C OLD G ASTROENTEROLOGY 3 4 9 17 17 O / W 1 WITH PATENT O / W 2 WITH PATENT O / W 2 WITH PATENT O / W 4 WITH PATENT V ITAMINS , MINERALS , B EAUTY FROM INSIDE ANTIOXIDANTS 3 10 O / W 1 WITH PATENT O / W 4 WITH PATENT D ETOX P ROCTOLOGY 3 3 O RAL AND O RAL W EIGHT M ANAGEMENT C ARDIOLOGY O RTHOPEDICS S PORT E LDERLY 5 9 2 3 W OUND C ARE 2 5 O / W 1 WITH PATENT O / W 3 WITH PATENT O / W 2 WITH PATENT O / W 2 WITH PATENT O / W 1 WITH PATENT Source: Management – Catalogue 2020 6

I NVESTMENT H IGHLIGHTS 7

Distilling the Equity Story 1 3 2 B UOYANT M ARKET WITH S OUND G ROWTH I NNOVATION DNA AS A C LEAR U NDERLYING T RENDS T RACK - RECORD S TRONG C OMPETITIVE & A TTRACTIVE D IFFERENTIATOR P ROFITABILITY P ROFILE 7 4 5 6 T IGHT C ONTROL U NIQUE S ALESFORCE FOR H IGH - QUALITY AND I MPORT F AB O VER THE U NPARALLELED C LIENT W ELL B ALANCED A CQUISITION : S UPPLY C HAIN C OVERAGE C LIENT P ORTFOLIO A “H IGHWAY ” TO G ROWTH 8

Buoyant Market with Clear Underlying Trends Global Vitamins & Dietary Supplements, €B (1) 24.8 CAGR: 4.4% T HE N UTRACEUTICAL END - MARKET KEEPS 13.5 (2018A – 2023E) REGISTERING ATTRACTIVE GROWTH CAGR: 6.3% 2.7 (2) RATES ON THE TAIL - WIND OF TANGIBLE 113 (2014A - 2018A) MEGA - TRENDS 91 71 I TALY IS THE LARGEST N UTRACEUTICAL MARKET IN THE E UROPEAN U NION AND THE PIONEERING MARKET WORLDWIDE FOR PRODUCT INNOVATION 2014A 2018A 2023E M EGA -T RENDS A GING VEGANISM AND F OCUS ON I NCREASED HEALTHY VEGETARIANISM POPULATION HEALTHCARE COST PREVENTION LIFESTYLE 1. Source: Consumer Health: Euromonitor from trade sources/national statistics 2019; Technavio 2018 9 2. According to Federsalus, which tracks also sales on the Parapharmacy and Large Scale Retail Trade channels, the Italian market has reached a size of 3.3 €B in 2018

Buoyant Market with Attractive Underlying Trends B IG P HARMA OUTSOURCING MEGA - TREND , H ISTORICAL AND P ROJECTED G LOBAL O UTSOURCING L EVELS , $B (1) TO REDUCE ( I ) T IME - TO - MARKET , ( II ) COSTS , CAGR: 7.3% AND ( III ) OPERATIONAL COMPLEXITY , AS WELL CAGR: 6.7% (2018E – 2021E) AS TO REALLOCATE INTERNAL RESOURCES (2015A – 2018E) ON DISTRIBUTION 105 100 95 85 80 75 70 P REFERENCE FOR A LIMITED NUMBER OF ONE - STOP - SHOP SUPPLIERS , IN ORDER TO ( I ) LIMIT THE COSTS AND RISKS INVOLVED IN TECHNOLOGY TRANSFERS , AND ( II ) TO SAVE TIME 2015A 2016A 2017A 2018E 2019E 2020E 2021E P REFERENCE FOR C ONTINUED O UTSOURCING T REND FROM B IG P HARMA TO CDMO S (2) LONG - TERM RELATIONSHIPS T YPICAL CDMO S S HORTER PRODUCT LIFE - CYCLE OF N UTRACEUTICALS BOASTS OUTSOURCING A CTIVE C ONCEPT D OSSIER PRINCIPLES & & E ARLY M ARKETING P RODUCTION D ISTRIBUTION DEVELOPMENT RAW MATERIAL STAGE L ABOMAR EXTRA - SERVICE , ANTICIPATING DISCOVERY DEVELOPMENT THE NEXT OUTSOURCING TREND TOWARDS ONE - STOP - SHOP CDMO : ACTIVE PRINCIPLES & RAW MATERIALS RESEARCH AND CONCEPT DEVELOPMENT 1. Note: value of CDMO outsourcing for both pharmaceutical and nutraceutical end-markets; source: Results Healthcare, 2017 10 2. Contract Development and Manufacturing Organizations; source: Management

Sound Growth Track-Record & Outstanding Profitability 2014A 2019A Cons. PF (1) 57.4 €m O RGANIC G ROWTH 25.1 €m DOUBLE-DIGIT R EVENUE CAGR +14% Revenue Revenue M AINLY DRIVEN BY CONTINUOUS PRODUCT INNOVATION AND CONSEQUENT INCREASING SHARE OF WALLET WITH DEEP - POCKETED “B IG P HARMA ” COMPANIES 12.2 €m REINFORCED BY 2.9 €m M&A EBITDA EBITDA Adj DOUBLE-DIGIT R EVENUE CAGR +18% (1) W IDENING OF A CCESS TO NEW PRODUCT F IRST - CLASS GEOGRAPHIES 21.2% PORTFOLIO MARGINS IN THE SECTOR 11.6% EBITDA % EBITDA % Adj % 1. Pro-forma figures, thus consolidating ImportFab for 12 months in the period Jan 1 st -Dec 31 st ; ImportFab was acquired on October 21 st , 2019, thus consolidated for 2 months 11 Note: 2014A as of ITA-GAAP and 2019A Cons. PF as of IFRS accounting principles

Innovation DNA as a Strong Competitive Differentiator 148 17 S CIENTIFIC M ARKETING P ROPRIETARY O NGOING PROJECTS (1) R&D P ATENT FAMILIES (2) S TRATEGICALLY S USTAINABLE P ROPOSALS P ROPOSALS FOR STRATEGIC BRAND / LINE EXTENSION E CONOMICALLY S USTAINABLE P ROPOSALS N EW F ORMULAS P UBLICATIONS P ER ANNUM N EW DELIVERY FORMS 15 800 M ORE EFFECTIVE PRODUCTS I MPLEMENTING AND PATENTING NEW TECHNOLOGIES A CTIVES I NNOVATIVE RAW MATERIALS AND FORMULATIONS All past R&D N EW Ad hoc is expensed service F ORMULAE G O - TO - P RODUCTION R&D T ECHNOLOGIES MARKET R IGOROUS SCIENTIFIC DOCUMENTATION N EW P ATENTS D ELIVERY SYSTEMS I NCREASINGLY FUNDAMENTAL AND HARD TO REPLACE O WNERSHIP OF C ERTIFICATIONS OF M EDICAL D EVICES 1. # of Projects ongoing as of June 30, 2020 2. 12 Including both registered patents and patent applications Source: Management

Tight Control Over the Value Chain S ALES & I NGREDIENTS D ELIVERIES R ESEARCH D EVELOPMENT P ACKAGING C USTOMER P RODUCTION P RODUCTION S ERVICE I NSOURCING LEVEL (1) HERBAE (1) A BILITY TO COMBINE NEW RAW MATERIALS WITH A HIGH NUMBER OF PATENTS P ROACTIVE GO - TO - MARKET WITH AN ALL - AROUND , PLUG - AND - PLAY SERVICE PACKAGE KSF A LL PHARMACEUTICAL FORMS AND PROPRIETARY PATENTED TECHNOLOGIES S ALESFORCE AND APPROACH TO THE CLIENT AS UNIQUE ASSET IN THE CDMO LANDSCAPE I NSOURCING AND D IRECT C ONTROL OF A LL P HASES FOR S EEMLESS E XECUTION & Q UALITY A CROSS THE F ULL V ALUE C HAIN 1. Labiotre and Printinpack are not consolidated, as they are minority equity investments with a stake of 31% and 20% respectively 13 Source: Management

Unique Salesforce for Unparalleled Client Coverage R EDUCING TIME - TO - MARKET WITH “R EADY - TO -M ARKET ” S HARE OF S UPERIOR UNDERSTANDING OF B IG P HARMA NEEDS W ALLET WITH K EY C LIENTS E NABLING PROACTIVE MARKETING VS PASSIVE RELATIONSHIPS For every Team Leader T EAM R EGULATION BDM (1) C LIENT P OOL 1 L EADER R&D T EAM MIS BDM (1) C LIENT P OOL 2 L EADER O PERATION P ACK T EAM L OGISTIC & BDM (1) C LIENT P OOL 3 L EADER P RODUCTION O NE - IN - A - KIND C OMMERCIAL S TRUCTURE IN THE CDMO L ANDSCAPE 1. BDMs (Business Development Managers) are professional figures with high seniority in the field and good relationship network, mainly divided by geographic area of development. Their job 14 is about targeting the most relevant opportunities with key clients. 9 BDMs out of 12 operate with consultancy or collaboration agreements, thus they are not direct employees of Labomar Source: Management