Bilcare is an organization made up of motivated people, who believe in going that extra mile to spread excellence and joy. This is a global leader and an innovation-led packaging solutions provider that partners with the pharmaceutical industry to improve patient healthcare outcomes.

1. Speed | Innovation | Happiness
Corporate Presentation
Mar 2014

2. Speed | Innovation | Happiness
2
Vision
Delivering Innovation - Transforming lives
Values
Speed
Proactive and swift action is our mantra
Innovation
Our constant approach at all levels is to
seek better ways of listening, thinking &
doing – making our offerings meaningful
& impactful
Happiness
We are motivated by our customer’s
success & happiness of our stakeholders
Overview

3. Speed | Innovation | Happiness
Overview
3

4. Speed | Innovation | Happiness
Global footprint with world-class production facilities in America, Europe and Asia

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Corporate Structure
Bilcare India
Bilcare
Singapore
100%
Bilcare Inc.
100%
Bilcare Brazil
100%
Bilcare GmbH
100%
Bilcare SA
100%
Bilcare
Technologies
80%
Bilcare
Technologies
Italia
92%
Bilcare
Mauritius
100%
Bilcare
Research AG
100%
Bilcare
Research Srl.
100%
Bilcare Research
Inc.
100%
Bilcare Research
GmbH - 100%
Caprihans
51%

6. Speed | Innovation | Happiness
Business Verticles
6

7. Speed | Innovation | Happiness
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Innovative Packaging Solutions
Integrated R&D consultancy and Solutions for the global pharmaceutical industry
Value based solutions for brand protection technologies and next generation packaging needs
Highly focused and targeted to address the unmet needs of the pharmaceutical industry
Intensive R&D efforts, complemented by excellent product development capabilities
Partnerships with external research institutes and experts of repute for establishing strong R&D capabilities
Continued investments in R&D as a core element for growth
R&D facilities spread across Pune – India, Changi – Singapore; Staufen & Botzingen - Germany
Our R&D Philosophy

8. Speed | Innovation | Happiness
Pioneer packaging division of Bilcare
Innovative packaging solutions to the Global pharmaceutical industry.
Offering a comprehensive range of specialty primary packaging materials
Pharma brand building solutions for sustained growth
Addressing key challenges of pharma clients on Counterfeit,
Compliance, Communication, Convenience and Child resistant packaging
Worldwide leaders with Global footprints in Americas, Europe and Asia
Over 198 Patents filed worldwide
PHARMA PACKAGING Innovations (PPI)
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9. Speed | Innovation | Happiness
• First and only scientific packaging development study developed by
Bilcare for the pharmaceutical solid dosage formulations
• Studies and quantifies degradation pattern of the final formulation
and suggests optimal packaging using software based mathematical
modeling
• Reliable tools to decrease time to market and offers the ability to
select the optimal packaging from the beginning
• Precursor to stability study
Compliance
Counterfeit
Communication
Convenience
Child Resistant
9
Marketing initiatives
to address the
Pharma brand challenges
PHARMA PACKAGING – Core Offering

10. Speed | Innovation | Happiness
Pharma Packaging - Range of products
Bilcare offers a complete range of high-quality packaging films.
Our production standards are the highest in the business, with every film meeting complex and
ever dynamic pharmaceutical specifications
Flexible Packaging Films
•Pharma-grade Barrier films
•Extra (PVC), Duplex(PVC/PVdC),
Triplex (PVC/PE/PVdC), Exel
(PVC/PE).
•Ultra-high Barrier Film
•Aquaba
•Zymax TX.
•Eco-friendly Halogen-free Films
•Optra, Astra, Petra, Topas
Aluminum Foils
•Pharma-grade Cold-forming Foil
•Bilcare Venus (PVC/Alu/OPA)
•Pharma-grade Aluminium Lidding
foils
•Bilcare Zeon, Bilcare Zeon+,
Bilcare Zeon xt
•Eco-friendly Lidding Foils
•Bilcare Nova, Bilcare SilNova,
Bilcare MetNova
•Bilcare CR Lidding Foils
•Bilcare Crispak of various
structures
Innovative Products
•Products to create brand identity
with anti-counterfeiting features
•Bilcare Patina, Bilcare Ultra,
Bilcare Ultra TX, Bilcare Protect,
Bilcare Secure.
•Flexible Laminates
•Aclar
•Bilcare Lamiflex of various
structures of paper, aluminum
and polymer
film combinations

11. Speed | Innovation | Happiness
Global Pharma Packaging Customers
GSK
Novartis
Merck
Sanofi Aventis
International Laboratories, Inc.
Laboratorios Leti S.A.
Reckitt Benckiser Healthcare
Laboratórios Cinfa, S.A.
Zaklady
CILAG
AstraZeneca
Bristol-Myers Squibb
Pfizer
Bluepharma
Bayer
Delpharm
Catalent
Johnson & Johnson
Pharma Packaging Customers - Global
11

12. Speed | Innovation | Happiness
Packaging Films Solutions
(PFS)
Leading suppliers of wide range
of rigid Mono and Multilayer
films for Food & FMCG industry
12
Cards Solutions
(CS)
High quality cores and overlays for
all kind of PVC Laminate Cards viz.
Magnetic swipe cards, Gift &
Loyalty cards, Banking Cards,
Playing cards etc.
Specialty Films Solutions
(SFS)
High quality Films for sectors
such as Printing/ Decoration,
Shrink films, Visual packaging,
Technical applications, Office
materials and Furniture

13. Speed | Innovation | Happiness
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Highly
differentiated,
next-gen
anti-counterfeiting
solution
Large market
opportunity
(approx 5% to 7%
of the entire World
trade is feared to
be counterfeit *)
Globally patented
proprietary
technology having
applications
beyond anti-
counterfeiting
Nationally and
internationally
recognized
(Pioneer status
from Govt. of
Singapore)
Razor sharp focus
on operations
(Production
capacity of over 1
Billion Chips )
Strong
partner/channel
focus to drive scale
quickly
Highly
experienced,
talented and
focused leadership
team
…
* http://www.unc.edu/courses/2010spring/law/357c/001/ACG/stats.html
nCID Technologies – for Brand Safety & Security
13

14. Speed | Innovation | Happiness
The nonClonableID Chip cannot be duplicated ever!
Bilcare’s answer for Counterfeiting
14
Metal materials-
based “Signature” of
micro nano particles
Serial Number
2D Data Matrix
assigned to each
Signature
nonClonable
Tamper -proof Chip
for Identification &
Authentication
Captured by MO-Chip
reader & stored in
Digitized form

15. Speed | Innovation | Happiness
Scanners and Mobile Device
Auto Components
Textile label
Client portal
Wine &
Beverages
Pharma
Currency
Application across Industries
15
Central Server
Tamper evident nCID
Chip
ID / Warranty /
Loyalty cards

16. Speed | Innovation | Happiness
nCID Technology - Business Impact
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17. Speed | Innovation | Happiness
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Global Clinical Supplies (GCS)
Bilcare GCS delivers end-to-end solution that supports a Drug through the
entire Clinical Trial life cycle
From pre-formulation to return & destruction accountability, our integrated
offerings are aimed at establishing our customer’s critical success factor –
speed to market

18. Speed | Innovation | Happiness
TRUST
TRUST
Services
Formulation
development
Analytical &
Research
Services
Clinical
Manufact.,
Packaging &
Labeling
Interactive
Voice & Web
Response
System
Global
Logistics &
Supply Chain
Management
Depot
Management
QP Services
Comparator
Sourcing
In-sourcing
CTM Services
QUALITY FOUNDATION & INNOVATION
Bilcare GCS Service Offerings
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19. Speed | Innovation | Happiness
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Bilcare GCS Facilities
FDA licensed facility to carry out CTMS activities like Manufacturing, Packaging & Labeling, Storage &
Distribution operations of clinical trial supplies
World class SOPs in line with USFDA & MHRA requirements
GCS Facilities - India
Packaging & Labeling facility Storage & Distribution
Bilcare GCS – Global S&D Network
In Aug 2012, United Drugs Plc acquired Bilcare’s
Global Clinical Supplies business in US and UK for USD
61 Mn. while Bilcare retained its GCS Asia business.
Going forward, Bilcare GCS, Asia and United Drugs Plc.
will work together to use their complementary
resources to meet the needs of their global customers
across US, Europe and Asia.

20. Speed | Innovation | Happiness
Financial Overview
20
Share of International Business grown from 20% to 80% in the last 5 years
Transformation to a Global Company
Note: The above years denote Financial Year ending 31st March for that particular year
India
13%
Overseas
87%
Revenue Share 2014
India
63%
Overseas
37%
Revenue Share 2008
India
28%
Overseas
72%
Revenue Share 2011

21. Speed | Innovation | Happiness
Key Financial Parameters – P&L CONSOLIDATED (updated till 31st March 2014)
21
Note: The above years denote Financial Year ending 31st March for that particular year
169.0 208.0
455.0
712.9
653.5
511.8
0
100
200
300
400
500
600
700
800
2009 2010 2011 2012 2013 2014
Revenue (USD Mn)
38
51
74
95
72
43
0
20
40
60
80
100
2009 2010 2011 2012 2013 2014
EBIDTA (USD Mn)
4.9
5.9
4.1
2.9
1.5
0.5
0
5
10
15
2009 2010 2011 2012 2013 2014
Interest Cover (Times)
-20
-10
0
10
20
30
40
50
60
1 2 3 4 5 6
16 23 29
27
7
-19
24
33
46
52
35
4
PAT & Cash Accruals (USD Mn)
PAT Cash Accruals
0.82
0.96
1.24
1.16
0.31
-0.8-1.00
-0.50
0.00
0.50
1.00
1.50
2.00
2009 2010 2011 2012 2013 2014
Earning Per Share (USD/ share)

22. Speed | Innovation | Happiness
Profit & Loss Account CONSOLIDATED
22
USD Mn.
Particulars
31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14
Audited
Revenue (incl. other income) 455.20 713.34 653.50 511.76
Contribution 200.15 304.98 271.44 234.34
% of Revenue 44% 43% 42% 46%
Fixed Expenses 126.47 210.37 199.34 191.59
EBITA 73.67 94.61 72.10 42.75
% of Revenue 16% 13% 11% 8%
Interest 17.93 32.15 30.80 36.15
Depreciation 16.79 25.62 27.31 23.46
PBT 39.08 36.84 13.99 (16.86)
Tax 9.73 9.46 3.46 3.82
PAT 29.21 27.38 5.71 (18.86)

23. Speed | Innovation | Happiness
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Note: The above years denote Financial Year ending 31st March for that particular year
Key Financial Parameters – Balance Sheet CONSOLIDATED (updated till 31st March 2014)
99
170
218
290 281
243
0
50
100
150
200
250
300
350
2009 2010 2011 2012 2013 2014
Net Worth (USD Mn)
1.92
0.69
1.01 1.03
1.61 1.65
0.00
0.50
1.00
1.50
2.00
2.50
2009 2010 2011 2012 2013 2014
Debt/ Equity Ratio
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
2009 2010 2011 2012 2013 2014
15.8%
11.5% 10.9% 11.2%
6.7%
3.2%
Return on Capital Employed
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
2009 2010 2011 2012 2013 2014
0.46
1.17
0.60
0.96
1.39
1.50
Total Outside Liab/ Total Net Worth

24. Speed | Innovation | Happiness
Balance Sheet CONSOLIDATED
24
USD Mn.
Particulars
31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14
Audited
Equity Capital 4.60 4.60 4.33 3.92
Networth (incl. deferred tax) 244.00 301.67 277.01 238.82
Debt 238.42 267.90 391.99 364.53
TOTAL 487.02 574.17 673.33 607.27
Net Fixed Assets 282.24 320.01 430.34 397.47
Investments 0.04 0.02 0.02 0.02
Net Current Assets 204.74 254.14 242.98 209.78
TOTAL 487.02 574.17 673.33 607.27

25. Speed | Innovation | Happiness
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Note: The above years denote Financial Year ending 31st March for that particular year
Key Financial Parameters – P&L STANDALONE INDIA (updated till 31st March 2014)
93
110
130
148
134
66
0
25
50
75
100
125
150
2009 2010 2011 2012 2013 2014
Revenue (USD Mn)
26
32
39
45
34
10
0
10
20
30
40
50
2009 2010 2011 2012 2013 2014
EBIDTA (USD Mn)
27%
29% 30% 30%
25%
31%
20%
25%
30%
35%
2009 2010 2011 2012 2013 2014
% Margin
12
15 17
15
1
-20
-15
-10
-5
0
5
10
15
20
2009 2010 2011 2012 2013 2014
PAT (USD Mn)
16
20 23 22
9
-9
-20
-10
0
10
20
30
2009 2010 2011 2012 2013 2014
Cash Accruals (USD Mn)

26. Speed | Innovation | Happiness
26
Profit & Loss Account Standalone India
USD Mn.
Particulars
31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14
Audited
Revenue (incl. other income) 129.57 148.33 133.70 65.64
Contribution 52.05 57.19 46.38 20.34
% of Revenue 40% 39% 35% 31%
Fixed Expenses 12.95 12.45 12.85 10.77
EBIDTA 39.17 44.74 33.53 9.57
% of Revenue 30% 30% 25% 25%
Interest 8.77 15.58 18.86 24.47
Depreciation 5.80 7.04 7.73 11.28
PBT 24.60 22.12 6.94 (26.18)
Tax 7.58 7.51 0.91 0.22
PAT 17.01 14.61 1.21 (20.21)

27. Speed | Innovation | Happiness
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Note: The above years denote Financial Year ending 31st March for that particular year
Key Financial Parameters – Balance Sheet INDIA STANDALONE (updated till 31st March 2014)
84
153
176
187
200
159
0
50
100
150
200
250
2009 2010 2011 2012 2013 2014
Net Worth (USD Mn)
1.10
0.56
0.60
0.68
1.41 1.44
0
0
0
1
1
1
1
1
2
2009 2010 2011 2012 2013 2014
Debt /Equity Ratio

28. Speed | Innovation | Happiness
Balance Sheet Standalone India
28
USD Mn.
Particulars
31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14
Audited
Equity Capital 4.60 4.60 4.33 3.92
Reserves & Surplus (inccl. deferred tax) 191.28 204.03 195.40 155.37
Debt 106.08 126.86 251.48 204.32
TOTAL 301.97 335.49 451.21 363.61
Net Fixed Assets 99.90 118.88 261.61 239.00
Investments 128.44 132.79 127.76 113.67
Net Current Assets 73.62 83.82 61.83 10.94
TOTAL 301.97 335.49 451.21 363.61

29. Speed | Innovation | Happiness
Bilcare Limited
Worlds largest
Pharmaceutical
Packaging
Company
Business in over
100 countries
worldwide, and
growing
Patented nCID
Technology under
commercialization
Focus on Research
& technology
Strong Assets base
and Profitability
numbers
29Bilcare Limited, 601, ICC Trade Tower, Pune, India (Corporate office)
www.bilcare.com