Oriola-KD Corporation 1

ORIOLA-KD

Eero Hautaniemi, President and CEO May 2016

Oriola-KD Corporation 2

It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding expectations for general economic development and the market situation, expectations for customer industry profitability and investment willingness, expectations for company growth, development and profitability and the realization of synergy benefits and cost savings, and statements preceded by ”expects”, ”estimates”, ”forecasts” or similar expressions, are forward-looking statements. Forward-looking statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. They involve factors which may cause the actual results to materially differ from the results currently expected by the company.

Such factors include, but are not limited to:

• (1) general economic conditions, including fluctuations in exchange rates and interest levels which influence the operating environment and profitability of customers and thereby the agreements won by the company and their margins

• (2) the competitive situation

• (3) the company’s own operating conditions, such as the success of operations and their continuous development and improvement

• (4) the success of pending and future acquisitions and restructuring.

We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by applicable law.

Disclaimer

Oriola-KD Corporation 3

Oriola-KD in Brief

Net Sales of continuing operations in 2015

1.6 EUR BILLION

7 Distribution centres

Oriola-KD offers expert advice on health and wellbeing and an extensive and high-quality selection of products in its own pharmacies. To healthcare operators, Oriola-KD provides wide service offering covering pharmaceutical distribution, branded products and other tailored services.

About 78% of our employees works in Sweden

2.350

311 PHARMACIES

Of which 309 are Kronans Apotek Pharmacies in

Sweden and 2 are pharmacies in Latvia

Oriola-KD is listed on NASDAQ OMX Helsinki Ltd.

Oriola-KD operates in Sweden, Finland, Estonia, Latvia and Lithuania.

Oriola-KD Corporation 4

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Total

Invest. 17 32 126 27 197 29 23 176 n/a n/a 627 Me

Divest - - - - - 154 - - n/a n/a 154 Me

Key Milestones in 2006-2015

Demerger of Orion and preparation of Oriola-KD’s stock listing

Stock listing

Dental Trade joint venture with Lifco

Acquisition of Moscow based pharmacy chain and nationwide wholesale company in Russia (75 % share)

Preparation of pharmacy business in Sweden

Sale of Healthcare Trade business to Mediq

Sale of Dental Trade business to Lifco

Group vision, mission and values

Acquisition of 03 pharmacy chain in Russia

Acquistion of remaining 25 % share in Russia

Acquisition of nationwide pharmacy chain in Sweden

Purchasing and logistics service to four pharmacy chains in Sweden

Acquisition of 20 percent minority share in Kronans Droghandel from KF

Acquisition of Medstop, new integrated pharmacy chain Kronans Apotek in Sweden

Sale of the Russian businesses to CJSC “Apteki 36.6”

Rights offering EUR 75,6 million

Oriola-KD Corporation 5

Oriola-KD’s Updated Strategy and New Operating Model

Oriola-KD Corporation 6

Changing Business Environment

PHARMA AND B2B COMPANIES EXPECTATIONS ARE EVOLVING

INCREASED SPENDING ON HEALTH & WELLBEING

• Better income level enables people to prioritize health and wellbeing

DIGITALIZATION

• Consumers are accustomed to a digital 24/7 world

• The retail industry is undergoing a digital transformation

• The availability of e-services must be ensured

SPECIALTY PHARMA-CEUTICALS GROWTH

• The demand for speciality pharmaceuticals is growing

• Expensive biomedicines require special handling, storage and transportation

• Unique handling of the pharmaceuticals and new special services for small customer groups will increase

Oriola-KD Corporation 7

Moderate Market Growth in Oriola-KD’s Main Markets

Estonia Lithuania Latvia

Baltics growth rate

Sales Sales

US

D m

illi

on

US

D m

illi

on

US

D m

illi

on

Source: IMS Health, 1) IMS Health, September 2014

Growth rate Growth rate

SWEDEN 2015 - 2019 CAGR 1-4 %

FINLAND 2015 – 2019 CAGR 2-5 %

BALTIC COUNTRIES 2013 – 2018 CAGR 3-5% (1

Oriola-KD Corporation 8

Solid Position in the Present Market Area

MARKETS COVERED BY THE BIG THREE:

One present

Two present

All three

market

Oriola-KD Corporation 9

Fastest Growing Corporations are Focused on Specialty

TOP GLOBALLY TOP SPECIALTY TOP GENERICS

Source: IMS Health, Oriola-KD

Oriola-KD distribution, Finland Oriola-KD distribution, Sweden

Oriola-KD Corporation 10

• Consumer Health represents over 10% of the total Pharmaceutical business globally

• At EUR 81 billion OTC continues to grow while Pharma growth improves

Increasing Spending on Health and Wellbeing

Source: IMS Health

Oriola-KD Corporation 11

Digitalization Drives Changes Across the Entire Value Chain

Sweden and Finland Other Markets

Pharmaceutical wholesale and retail sector

Oriola-KD Corporation 12

The Changes in the Business Environment will Impact Oriola-KD

DISTRIBUTION PATTERNS WILL DIVERSIFY DUE TO ECOMMERCE PRODUCT MIX WILL EVOLVE A B

# of orders

Average value of order

# of delivery points

RX

OTC

Traded Goods

RX specialty

RX generics Other RX

GROWTH

POLARIZATION

Current mix

To-be mix

PRODUCTS AND INFORMATION

SERVICES

PRODUCTS AND SERVICES

SERVICES

Oriola-KD Corporation 13

Sourcing

Logistics operations

New Operating Model - Better services for customers

Services

Healthcare

Consumer Vets Consumers

Pharma Companies Pharmacies Groceries

Public & Private Healthcare Dentists

Vets

Vets

Oriola-KD Corporation 14

Consumer Business Area

Oriola-KD Corporation 15

• Focus on the needs of consumers in health and wellbeing related products and services.

• Offers expert advice on health and wellbeing as well as an extensive and high-quality selection of products in own pharmacies.

• Consistent service experience throughout all service channels, from local pharmacies to online services.

314 PHARMACIES

Of which 312 are Kronans Apotek Pharmacies in Sweden

and 2 are pharmacies in Latvia

Consumer Segment

NET SALES

Sweden

Latvia

Finland

Oriola-KD Corporation 16

Growth Drivers in Consumer Business Area

Oriola-KD Corporation 17

Case: New Care & Beauty Concept

New premium concept, 4-500 sqm, emphasizing skin care and beauty , with warm exclusive look and feel, RX and traditional pharmacy products towards the rear

Dedicated floor/wall space for premium brands

Treatment room for skin care treatments and consultations

New interiors and surfaces for campaigns and impulse

All skin care and beauty brands presented in dedicated brand

spaces

Introducing leading premium beauty brands for the first time in

pharmacy channel such as Biotherm, Clarins, Clinique,

Dermalogica

Oriola-KD Corporation 18

Digital presence will be enhanced and strengthened to • improve brand image • leverage physical and digital • support existing and new business • increase profit and productivity

Digital transformation requires • a change from a product- or feature–focused approach to a consumer- and

shopper-focused approach across channels • establishing integrated processes • organizational structures, goals and incentives around value positions that

cut across all channels

This is done through • understanding customer behavior • designing the customer experience from the outside-in • developing rewarding and social media experience • seamlessly combining the physical and digital experience

Digital Consumer Strategy Strengthens Brand Positioning, Customer Loyalty and Profitability

Oriola-KD Corporation 19

Pharmacy Chains in Sweden Market Share Pharmacies

Apoteket

Apotek Hjärtat & CURA

Apoteksgruppen

LloydsApoteket

Pharmacies 2010 Established net 2010 - 2015

Established net 2016

Source: Apoteksförening and Oriola-KD

Oriola-KD Corporation 20

• On a constant currency basis the net sales increased by 2.8 (6.4) per cent.

• Positive development of Sales mix supported margin and Operating profit • Share of OTC and traded goods of net sales

increased to 27.0 (25.7) per cent

• Three new pharmacies established in Sweden in the first quarter • Establishment costs impacted Operating profit

• Parallel imports’ share of the Swedish pharmaceutical market was approximately 10.5 (10.9) per cent (source: IMS Health)

Consumer January – March 2016

Adjusted Operating profit

Oriola-KD Corporation 21

Services Business Area

Oriola-KD Corporation 22

• Focuses on long-term customer relationships and a wide service offering

• Provides logistics services and wide range of value adding services for Pharmaceutical companies and pharmacies

• Purchase and distribution services of OTC and traded goods in Sweden

• Sales and marketing services of large assortment of traded goods in Finland and in the Baltic countries

Services Segment

INVOICING

Sweden

Finland

Baltics

Services for healthcare actors who want to succeed in the Nordic and Baltic countries. We provide high quality and ensure that products are delivered unchanged from Oriola’s warehouses to the pharmacies, hospitals and veterinaries.

Purchase and distribution services

Logistic services Value adding services

Sales and marketing services

Oriola-KD Corporation 23

• On a constant currency basis the invoicing increased by 5.2 (12.8) per cent.

• Strong growth in invoicing was driven by Swedish operations • Solid market growth and good portfolio

of pharmaceutical company customers • Logistic services to pharmacy chains

grew

• Improved efficiency and cost savings supported profitability

• Negative cash flow from operations due to contractual changes

Services January – March 2016

Adjusted Operating profit

Oriola-KD Corporation 24

Healthcare Business Area

Oriola-KD Corporation 25

• Built on Oriola-KD’s knowledge of market and customers

• Providing new services for healthcare organizations like clinics and hospitals

• The Healthcare segment offers services to hospitals, healthcare centres and other healthcare operators in Sweden.

• Many growing business opportunities, such as hospital pharmaceutical care, dose dispensing and home distribution of pharmaceuticals.

• Finnish healthcare sector in transformation.

HEALTHCARE BUSINESS GOALS

105,000 Unique dose dispensing bags a day

Svensk Dos Net Sales in 2014

EUR 25 MILLION

25,000 PATIENTS

~60 EMPLOYEES

Svensk Dos is Oriola-KD’s subsidiary specialized in dose dispensing services. Svensk Dos is based in Uppsala, Sweden. Svensk Dos provides dose dispensed medicines to patients, hospitals and nursing homes in the region of Skåne and direct to the Swedish Prison and Probation Service all over Sweden.

Healthcare Segment

Oriola-KD Corporation 26

Dose dispensing • ~185 000 patients, annual medicine costs over 2 x average patient • County councils pay 0,1 - 0,5 EUR per patient/day for packaging • Secondary care dose dispensing growing

Vet market: pets & agricultural • Veterinarians, pet-owners and farmers demand online, digital and home

deliveries • Market consolidation through M&A’s by PE-companies • Vet clinic chain “tenders” worth ~7,2 MEUR coming up for competition in 2016

B2B Hospital services • Distribution, production (extempore) and pharma specific services for public &

private customers

B2B Specialty / Medical device market • County councils procure products & distribution of medical devices (e.g.

Dialysis) and nutrition • Growing segment

Relevant Market Segments For Healthcare Business Area in Sweden

~230 M€

~95 M€

~60 M€

N/A

Source: IMS Health, Public procurement material, Press releases, Oriola-KD

Market size estimate

Oriola-KD Corporation 27

• Acquisition of Svensk Dos completed on 8 Feb 2016

• Contract for Skåne prolonged • Sjuklövern tender process was ruled as

non-compliant, the decision has been appealed by the Sjuklövern county councils.

• Hospital service contract for Dalarna county council won, but under appeal

• New digital platform for veterinarians launched in Sweden

• Amortisation EUR 0.3 million in Q1, estimated EUR 1.5 million in 2016.

Healthcare January – March 2016

Adjusted Operating profit

Oriola-KD Corporation 28

Key Figures January – March 2016

Oriola-KD Corporation 29

Oriola-KD Key Figures

Adjusted Operating profit Net Sales Invoicing

All figures for Continuing operations

Q1 net sales at comparable EUR/SEK rate EUR 400 million

Q1 adjusted operating profit at comparable EUR/SEK rate EUR 13.9 million

Oriola-KD Corporation 30

Operating Profit January – March 2016

Adjusted Operating profit Adjusted Operating profit, waterfall

Oriola-KD Corporation 31

EUR million 1-3/2016 1-3/2015

Change in working capital -46.0 -0.5 Net cash flow from operating activities -26.8 13.3

Net cash flow from investing activities -16.2 -3.9

Net cash flow from financing activities 16.6 36.2

Net change in cash -26.3 45.6

Cash and cash equivalents at the end of period 95.6 137.1

Cash flow

Quarterly net cash flow from operating activities

Oriola-KD Corporation 32

EUR million 31 March 2016

31 March 2015

Syndicated bank loans 75.9 83.1 Commercial papers 40.0 32.8 Advance payment from pharmacies 26.0 23.0

Finance lease 4.1 4.2 Other

0.7 15.3 Hybrid bond - 41.5 Cash and cash equivalents 95.6 137.1

Net interest-bearing debt 50.9 62.7 Sold trade receivables 115.5 106.4 Gearing, % 28.2 41.7

Net interest-Bearing Debt

Net Interest-Bearing Debt

Oriola-KD Corporation 33

Outlook for 2016

• Oriola-KD estimates its full-year Net Sales to remain at the 2015 level on a constant currency basis. Adjusted Operating Profit is estimated to remain at 2015 level or to increase, on a constant currency basis. Full-year Net Sales in 2015 were EUR 1,626.3 million and Adjusted Operating Profit was EUR 60.8 million.

• Adjusted Operating Profit excludes gains and losses from the sale or discontinuation of business operations or assets,

gains and losses from restructuring business operations, and impairment losses of goodwill and other non-current assets, or other income or expenses arising form rare events.

Oriola-KD Corporation 34

EUR million 1-3/2016 1-3/2015 Change %

1-12/2015

Net sales 401.3 411.3 -2.4 1,626.3

Adjusted EBITDA 20.1 18.7 7.6 83.4

EBITDA 20.1 17.3 16.2 85.1

Adjusted Operating profit 13.9 13.1 6.2 60.8

Operating profit 13.9 11.7 18.8 62.6

Profit for the period 10.1 7.4 35.4 44.5

Key Figures

Oriola-KD Corporation 35

Milj. eur 31 March 2016

31 March 20151)

31 Dec 20151)

Goodwill 269.9 253.7 256.5 Equity 180.9 150.6 194.6 Interest-bearing debt 146.6 199.9 128.6 Interest-bearing net debt 50.9 62.7 6.6 Balance sheet total 950.5 961.6 946.9

Equity ratio, % 19.6 16.0 21.1 Return on equity (ROE), % 23.2 24.7 29.1 Return on capital employed (ROCE), % 18.3 15.1 19.9 Gearing, % 28.2 41.7 3.4

Equity per share, EUR 1.00 0.83 1.07 Earnings per share (EPS), continuing operations EUR 0.06 0.05 0.25 Earnings per share (EPS), inc. discontinued operations EUR 0.06 0.04 0.25 Average number of shares, 1000 pcs 181,362 158,504 177,502

Balance Sheet and Key Ratios

1) Equity-related key figures restated as a result of correction of an error relating to previous financial periods. The correction was made in 2015 Financial Statements

Oriola-KD Corporation 36

• Business growth at the rate of the market

• Annual EPS growth over 5 per cent without non-recurring items

• Return on capital employed of over 20 per cent

• Adjusted gearing ratio of 30-60 per cent*

• Dividend policy • Oriola-KD's aim is to pay out an increasing annual dividend of at least 50 per cent of its

earnings per share *Non-recourse trade receivables are added to the net debt

Long-Term Financial Targets

Oriola-KD Corporation 37