Aqua Pharmaceuticals, LLC

Company Overview

Specialty dermatology pharmaceutical company currently focusing on acquiring, developing and marketing prescription medical dermatology products

Privately held; Founded in 2004

Focus on under or non-promoted, branded dermatology drugs in US Market

Stable and growing base business with high margins and strong cash flows

Commercial infrastructure with track record of success Sales coverage in all major, high-value targets in US (80% of +13,000 writers)

Comprehensive Management Team with two sales forces

+RoundTable made a controlling investment in June 2010

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RoundTable Overview Operating-oriented investment approach

200+ years of expertise in medical product/devices, pharmaceuticals, and distribution

Equity partnerships with management teams

Particular focus on private, family companies and owner/founders

$1.9 billion in private equity buyout funds Fund I - $400 million private equity buyout fund raised in March 2002

Fund II - $500 million private equity buyout fund raised in March 2005

Capital Fund - $200 million subordinated debt investment fund raised in July 2006

Fund III - $600 million private equity buyout fund raised in July 2010

Capital Fund II - $200 million subordinated debt investment fund raised in July 2010

AMI Holdings, Inc.

Ascent Sabex AMIH MedAssist Argon Excelsior Clinical

Investment Date Sep-01 Apr-02 Apr-03 May-03 / Nov-04 Dec-03 Jun-04 Apr-05

Business reprocessor of injectable medical devices eligibility and vascular devices drug delivery OB/GYN devices

medical devices generic pharma and products A/R services products

Private or Public Owner Private Private Private Private Private Private Private

Founder/CEO Founder/CEO Family Founder/CEO Founders Founder/CEO Founders

RoundTable Initial Ownership 70%(a)

80% 65% 70% 87% 80% 87%

Rollover Retained Ownership 30% 20% 35% 30% 13% 20% 13%

Exit Return 8.3x 8.2x 7.2x 4.8x -- -- --

Avalign CorePharma Bioniche Aspen Vesta Aqua BVI

Investment Date Oct-05 / Jan-07 / Aug-05 Jan-06 / May-06 / Sep-06 / Jul-10 Aug-07 / Mar-09 Jun-10 Jul-10

Aug-07 / Apr-09 Dec-06 / May-07

Business surg. instruments solid dose injectable surgical medical specialty ophthalmic medical

and implants, generic pharma generic pharma products devices dermatology devices

case / tray systems

Private or Public Owner Private Private Public Sub. Private Private Private Public Sub.

Founder/Family Founders Public Co. & VC Founder/CEO Founder/CEO Founder/CEO Public Co.

RoundTable Initial Ownership 65% 80% 72%(b)

80% 80% 83% 91%

Rollover Retained Ownership 35% 20% 28% 20% 20% 17% 9%

Exit Return -- -- -- -- -- -- --

(a) RoundTable's current ownership is approximately 31% due to the merger with Alliance Medical Corp

(b) RoundTable's current ownership is approximately 83% due to the purchase of BLSI's 10% ownership stake

Incision & Healing Technologies

MEDASSIST

RoundTable Portfolio Companies

Strength in Aqua Management

Jay Gooding, Co-Founder, Chief Executive Officer

Nearly 30 years in Dermatology

Stiefel Laboratories – Sales, Training & Management

Healthpoint – Manager of Marketing & Product Development

Bioglan – Vice President of Marketing & Managed Care, Officer

Craig Ballaron, Co-Founder, President, Treasurer and Secretary

Nearly 30 years in Senior Management

Ultra Precision – President

Bioglan - Senior Vice President, Sales & Finance / CFO

David H. Crean, Ph.D., Vice-President, Corporate Development

+20 Years in Specialty Pharmaceuticals

Allergan, Inc. – Business Development for Dermatology, Neurology and

Ophthalmology

Allergan, Inc. – Project and Portfolio Management, Research & Development

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Ted W. White, Vice-President, Sales

+20 Years in Sales & Marketing Leadership

Novartis – Managing Director – Primary Care, US Group Practice,

Cardiovascular

Skip Williams, Vice-President, Product Development

+20 Years in Specialty Pharmaceuticals

Watson Pharmaceuticals – Business Development – Nephrology, Dermatology,

Biologics

Accenture, System Software Associates, and Lexis-Nexis

Kimberley Forbes-McKean, Ph.D., Vice-President, Research & Development

+20 Years in Specialty Pharmaceuticals

Dermik / Sanofi-Aventis- Global Development

Cutanea Life Sciences and Isolagen, Inc.- CSO/ CTO, Development

Fragmented U.S. market with increased consolidation in 2011

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2011 IMS Health All Topical, Tetracycline Antibiotics , Isotretinoins

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$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

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IMS 2011 Net Sales by Manufacturer >$50MM

Current Commercial Markets

Aqua has leading branded prescription drugs in four therapeutic categories including

acne, steroid-responsive dermatoses, seborrheic dermatitis and actinic keratosis

Acne market represents largest segment of overall dermatology market

• Sales of prescription and over-the-counter acne medications generate approximately $5 billion annually

• 15-20% of all consultations in dermatology related to acne

Topical corticosteroid market is estimated at $500+ million

• Indications include atopic dermatitis, contact dermatitis and psoriasis

Seborrheic dermatitis market

• Affects 1-3% of the immunocompetent adults

• 1.3MM uses in 2010 (OTC, Rx)

AK market (actinic keratoses) pre-cancer skin condition: estimated 10 million people affected in

the U.S.

• Estimated that 10% of AK advances to a cancerous state

• Favorable market dynamics with aging population

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Recent New Product Addition

January 9, 2012

West Chester-based Aqua Pharmaceuticals,

LLC today announced the acquisition of

FLUOROPLEX® (fluorouracil) 1% Topical

Cream from Allergan, Inc.

FLUOROPLEX® is a topical cream indicated for the treatment of multiple actinic (solar) keratoses (small red or skin

color growths) that appear as a result of overexposure to the sun. Aqua will assume control of all manufacturing and

distribution, as well as promotion of the product through its own national dermatology focused sales force.

“Since early 2009, we have co-promoted the product with our partner, Allergan. We% are even more excited to have

full rights to FLUOROPLEX® in our product line”, said Jay Gooding, CEO for Aqua. The prescription product

complements the existing line of CORDRAN® (flurandrenolide) topical steroids, MONODOX® (doxycycline

Monohydrate capsules) oral antibiotics, and XOLOGEL® (ketoconazole USP) Gel, 2%.

AQUA PHARMACEUTICALS, LLC 8

Revenue Generating Products

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Acne

Steroid-responsive

Dermatoses

Actinic

Keratoses

Market Product

Seborrheic

dermatitis

Monodox

Active

Doxycycline,

Oral

Cordran Flurandrenolide,

topical

Ketoconazole,

topical

Xolegel

5-Fluorouracil,

topical

Fluoroplex

Corporate Growth Strategy

Value creation is fueled through Four-Part approach

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Maximize Current Product Growth and Profit

Facilitate long term growth through R&D Pipeline and Product Development

Strategic Collaborations

Acquire Companies and new products to expand product mix and core competencies

Existing

Brands New

Products

Partnerships Acquisitions

Business Development Initiatives

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Dermatology assets for North America (US & Canada)

Therapeutic, Aesthetic, Physician Dispensed, OTC

No DESI products, No Novel NCE’s

Brands, not generics (unless unique opportunity exists)

Revenue-producing marketed assets

Open to Corporate M&A to add greater capabilities

drug 505(b)(2) higher probability projects

Assets with patents or market/ regulatory exclusivity

Aqua is looking for assets to add to its existing portfolio

Avoid capital equipment or “box plug-in” technology

Late stage (Phase II and beyond) development stage assets for longer term growth

Dermatological Areas of Interest

Acne Oral

Topical

Rosacea

Steroid Responsive Dermatoses

Psoriasis

Fungal Infections / seborrheic dermatitis

Actinic Keratoses / Precancerous conditions

AQUA PHARMACEUTICALS 12

Positioned for Future Growth

• Experienced team

• Growing capabilities

• Discipline and focus

• Well known, stable brands

• Sales and Marketing footprint

• Relationships with physicians and partners

• Financial investments

Aqua Pharmaceuticals, LLC