1

Weifa ASA – Fourth quarter 2016– Third quarter 2015

Kathrine Gamborg Andreassen (CEO) and Simen Nyberg-Hansen (CFO)

16 February 2017

2

Presentation outline

Highlights I

Operational performance II

Financial performance III

Appendix V

Outlook IV

3

98

114

333

400

Q4 15 Q4 16 2015 2016

Highlights

Revenues Record quarterly and full-year revenues

- Asan, Pain and Cough & Cold were the main

drivers for growth

- Organic growth exceeded 5% in the fourth

quarter and for the full year

Fourth-quarter adjusted EBITDA of NOK

28.8 million (NOK 24.4 million)

- Adj. EBITDA margin of 25.2% (25.1%)

Full-year adj. EBITDA margin of 22.3%

(21.9%)

Proposed dividend of NOK 1.50 per share

New distribution and licensing pacts

strengthen platform for Nordic expansion

NOK million

+17%

Organic

growth

>5%

+20%

4

Building our Nordic growth platform

Three-year distribution agreement with

Midsona for Asan in Finland

- Launch of first product expected towards the

second half of 2017

Nordic license agreement for new unique

pain product

- Based a fixed ratio of ibuprofen and

paracetamol based on a patented solution from

AFT Pharmaceuticals in New Zealand

- To be marketed under Weifa's own brand name

with expected launch in the second half of 2017

Both agreements are in line with Weifa’s

expressed strategy of building a Nordic

platform for its strong consumer brands

Our goal:

Significant Nordic

consumer health

company

We are:

Norway’s leading

consumer health

company

5

Delivering on our strategic priorities

Strengthen leadership within pain

relief

Be the fastest growing cough &

cold player

Expand geographically

Enhance domestic position

Nordic rights for new

pain product line and

Asan launch in Finland

Innovative new products

and strong existing brands

Pharmacy market share

70% 84%

2010 2016

A unique product in a new

category – launched 2016

6

Four attractive key categories

Pain Rx and OTC Cough & cold OTC Nutra Dermatology

Number 1 in disinfection

and intimate wash

Number 1 and 2 in niche

segments

Number 1, 2 and 3 in

certain segmentsNumber 1 player

7

Presentation outline

Highlights I

Operational performance II

Financial performance III

Appendix V

Outlook IV

8

Rx Pain

Continued growth in prescription drugs

Market share development Rx pain – a growing segment

- Market size NOK 314 million (LTM)

- Growing 7.5% in 2016

Weifa revenue from prescription drugs

rose 2.7% in the fourth quarter

46%

72%

23%

45%

75%

24%

Paralgin forte +Trampalgin

Paracet Rx Ibux Rx

2015 2016

Market share LTM*

*) Market share by volume, 12 months rolling Source: LMI/Farmastat, Nielsen and Weifa

9

OTC Pain

– A champion in the non-prescription pain category

Market share development Strong development for the OTC Pain

segment

- Market size NOK 263 million** (LTM)

- Increasing 5% in 2016

Fourth-quarter Weifa revenue for Rx and

OTC pain combined increased 4.5%

- Full-year revenue growth was 4.7%

- Stable high market shares for both Paracet

and Ibux

88%

74%

89%

74%

Paracet + Paracetduo (paracetamol) Ibux + Proxan (NSAID)

2015 2016

Market share LTM*

*) Market share by volume, 12 months rolling Source: LMI/Farmastat, Nielsen and Weifa.

**) The calculation of OTC market sizes in this presentation have been adjusted and are therefore not directly comparable to the figures presented a year-ago.

10

19%

14%

21%

Solvivo Bronkyl

2015 2016

OTC Cough & Cold

Product development drives category growth

Market share development OTC cough segment with continued

expansion

- Market size for cough NOK 59 million (LTM)

- Growing 19% in 2016

Fourth-quarter Weifa revenue increased

21% to NOK 10 million

- Full-year revenue growth of 12%

- Positive impact from Solvivo launched in the

third quarter

- Increased sales of Bronkyl

Market share LTM*

*) Market share by volume, 12 months rolling Source: LMI/Farmastat, Nielsen and Weifa

11

Complete multi drives nutraceuticals growth

Market share multivitamin The market for minerals, vitamins and

supplements (OTX) is growing

- Market size NOK 381 million in pharmacy

channel (LTM)

- Growing 11% in 2016

Weifa sales of nutraceuticals increased

20% in the fourth quarter

- Full-year revenue growth of 9.7%

- Complete multi was the fastest-growing brand

in the multivitamin segment

- Market share increased to 20%

Market share LTM*

*) Amounts are based on LTM June 2016. All figures are measured in pharmacy purchasing prices. Source:

LMI/Farmastat, Nielsen and Weifa*) Market share by volume, 12 months rolling. Source: Farmastat

15%

20%

2015 2016

12

First full year with Asan included in Weifa derma

Market share Norway* Market for shower and intimate wash

products declined by 0.9% (LTM)

- Market size NOK 419 million (LTM)

Fourth-quarter dermatology revenue of

NOK 13.5 million (2.0 million)

- Asan not included in the 2015 numbers

Full-year revenue NOK 59.8 million (9.0

million)

20%

73%

Shower Intimate care

Market share LTM*

Market share by value, 12 months rolling Source: AC Nielsen

*) Category shower including intimate wash measured by value

13

Presentation outline

Highlights I

Operational performance II

Financial performance III

Appendix V

Outlook IV

14

Revenue development

Quarterly Annual

8398

Q4 15 Q1 16 Q2 16 Q3 16 Q4 16

Weifa

Asan

194

220 220239

248

282274

292299

310 316

333

400

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Weifa

Asan

NOK million

Note: Historical figures represent reported revenue for the consumer health business in Weifa AS.

NOK million

96 95

114

15

Revenue EBITDA and margin

Q4 2016 revenue increased 17% YoY

- Asan operations included from January 2016

- Organic growth 5.4% (excluding Asan) driven

by rising demand for all main categories

Stable Q4 2016 EBITDA margin

Full-year 2016 EBITDA margin increased

to 22.3% (21.9%)

NOK million

Improved underlying margin

NOK million

98

114

Q4 2015 Q4 2016

24,428,8

25% 25%

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

0,0

5,0

10,0

15,0

20,0

25,0

Q4 2015 Q4 2016

16

Consolidated income statement

* Adjusted for employee options of NOK 1.1 million in Q4 2016 (Q4 2015: NOK 1.6 million in option cost and NOK 0.8 million of

acquisition cost)

(NOK 1 000) Q4 2016 Q4 2015 2016 2015

Total revenue and income 114 475 97 568 399 738 332 547

EBITDA 27 717 22 067 80 352 65 583

EBITDA adjusted* 28 826 24 446 89 275 72 909

Depreciation, amortisation and impairment (3 187) (2 832) (12 744) (12 531)

Net finance income/(expense) (3 428) (10 446) (33 452) (27 109)

Profit/(loss) before tax from continuing operations 21 102 8 789 34 156 25 943

Profit/(loss) from continuing operations 8 158 (2 314) 17 951 10 208

Profit/(loss) for the period from discontinued operations - - - (4 492)

Profit/(loss) for the period 8 158 (2 314) 17 951 5 716

17

Strong operational cash flow

4Q 2016

Cash flow from operations impacted by build-up in working capital (strong YE sales)

Investing activities reflect low capex

Net cash flow from financing reflects interest paid in the quarter

(NOK 1 000) Q4 2016 Q4 2015 2016 2015

Cash flow from operating activities 13 738 57 687 58 192 49 472

Cash flow from investing activities 124 (1 278) (120 241) 106 970

Cash flow from financing activities (3 140) (32 458) (72 182) (98 776)

Net change in cash and cash equivalents 10 722 23 951 (134 231) 57 666

Cash and cash equivalents beginning period 56 987 177 989 201 940 144 274

Cash and cash equivalents end period 67 709 201 940 67 709 201 940

18

Robust balance sheet

Cash and cash equivalents amounted to NOK 67.7 million at the end of 2016

Total borrowings NOK 352 million

Net interest bearing debt of NOK 284 million

Equity ratio of 72%

Proposed dividend of NOK 1.50 per share

(NOK 1 000) 31.12.2016 31.12.2015

Intangible assets 1 253 949 1 150 848

Deferred tax assets 86 736 110 549

Cash and cash equivalents 67 709 201 940

Other assets 103 187 81 026

Total assets 1 511 581 1 544 363

Total equity 1 094 767 1 117 991

Interest-bearing loans 352 051 354 484

Other liabilities 64 763 71 888

Total equity and liabilities 1 511 581 1 544 363

Net interest bearing debt 284 342 152 544

19

Presentation outline

Highlights I

Operational performance II

Financial performance III

Appendix V

Outlook IV

20

Building the platform for future growth

Delivered on ambition of organic growth and improved

EBITDA margin for 2016

New products within pain and cough & cold planned for

early 2017 launch

Increased Nordic focus

- Upcoming Asan introduction in Finland

- Preparing pan-Nordic launch of unique pain product in 2017-

2018

Weifa expects organic revenue growth for 2017. The

EBITDA margin is expected to improve gradually in a

long-term perspective. Where 2017 is concerned,

Weifa expects an adjusted EBITDA margin on a par

with the 2016 level owing to geographical market

expansion

Weifa - well positioned for continued growth

21

Q&A

22

Thank you for your attention !

Next event:

1st Quarter Presentation

27 April 2017

23

Presentation outline

Highlights I

Operational performance II

Financial performance III

Appendix V

Outlook IV

24

Dermatology Nutraceuticals

NOK million

Category revenue development

NOK million

Pain relief

NOK Million NOK Million

Cough and cold

7773

6063

82

69 7166

86

Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16

7,5 7,1

3,6

7,0

8,2

6,7

4,7

7,5

10,0

Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16

3,0

4,6

3,12,7

3,2

4,8

2,93,4

3,9

Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16

1,8 1,9 2,9 2,3 1,9 2,0 2,9 2,5 1,9

12,412,8 13,6

11,6

Q4 15 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16

Wound treatment and skin care

Asan

25

Management Team

Kathrine Gamborg Andreassen

Chief Executive Officer

Ms Gamborg Andreassen joined the Weifa team in August

2012 as head of Consumer Health Business, and replaced

Kjell-Erik Nordby as CEO on 1 June 2015. She is an

experienced marketing professional and has held several top

management positions within the FMCG, food and health

business. Gamborg Andreassen holds an MSc in Business

Strategy & Marketing from the University of Wisconsin.

Simen Nyberg-Hansen

Chief Financial Officer

Mr Nyberg-Hansen joined Weifa as CFO in August 2015 from

the position as a consultant and chair in Dolphitech AS.

Previously he served as CFO at Norman ASA and Viking

Redningstjeneste International AS and served several years

with EY. Nyberg-Hansen is a state authorized public

accountant (CPA) and holds a master degree in Professional

Accountancy from BI Norwegian Business School.

Ole Henrik Eriksen

Chief Operating Officer

Mr Eriksen joined Weifa in September 2014 as VP Business

Development when Aqualis ASA acquired Weifa AS. He has

spent 30 years in the pharma, biotech and medtech industry

and has wide experience from various management and

executive positions, including Nycomed Imaging (now GE

Healtcare), Medinnova (now Inven2). He was the first CEO of

Clavis Pharma ASA, and has worked with the company

through Aqualis ASA and later Weifa AS. Eriksen holds a

MSc. in Organic Chemistry from the Norwegian Institute of

Technology in Trondheim.

Astrid T. Bratvedt

Vice President R&D

Ms Bratvedt has been head of R&D in Weifa since 2009. She

previously headed Weifa's Regulatory and Medical

Department. Bratvedt holds a Master degree in Pharmacy in

addition to post graduate studies in management and project

management.

Morten Hovland Sand

Vice President of Sales

Mr Sand joined Weifa in 2007, and has been Head of Sales

since 2008.He has broad professional experience within

general management, strategy, sales and brand building

related to fast moving consumer goods and retail from

companies such as Coca Cola, Mills and Esso. Sand holds an

BBA from BI Norwegian Business School.

Monica Børter Bekkhus

Head of Marketing

Ms Børter Bekkhus joined Weifa from L’Oréal in 2011, where

she held a position as Marketing Manager Garnier and Franck

Provost. She has broad experience from marketing, PR and

brand building, and became Head of Marketing in October

2016. Børter Bekkhus has a Bachelor of International

Marketing from BI Norwegian Business School and a Master

of Business Administration from Birmingham Business School.

26

Top 20 shareholders as of 15 February 2017

NAME SHAREHOLDING % SHARE

WATRIUM AS 4 716 282 12.9%

EUROCLEAR BANK2 596 746 7.1%

MP PENSJON PK 1 867 087 5.1%

HOLTA LIFE SCIENCES 1 824 392 5.0%

STOREBRAND VEKST 1 769 402 4.9%

KLP AKSJENORGE 1 233 205 3.4%

HOLBERG NORGE 1 100 000 3.0%

STOREBRAND NORGE 926 000 2.5%

ARCTIC FUNDS 882 964 2.4%

KLP AKSJENORGE 810 059 2.2%

SOLAN CAPITAL AS 626 650 1.7%

VERDIPAPIRFONDET ALF 612 751 1.7%

VERDIPAPIRFONDET DNB 528 730 1.4%

MUSTAD INDUSTRIER AS 500 000 1.4%

NORDEA NORGE 483 721 1.3%

NORDEA AVKASTNIN 459 924 1.3%

TIGERSTADEN AS 427 760 1.2%

BORGEN INVESTMENT 373 647 1.0%

NORDEA KAPITAL 349 717 1.0%

GOLDMAN SACHS & CO 342 021 0.9%

Total 20 largest shareholders 22 431 058 61.5%

Other shareholders 14 041 011 38.5%

Total number of shares 36 472 069 100.0%