Bangladeshi Pharmaceutical Industry - Beximxo Pharma

1. Group Members: Md.Mushfiq Iqbal Hossain Shapar Newaz Tasvir A R Chowdhury

12. Sales Growth Rate Growth Rates (%) 2008 2007 2006 2005 2004 STDEV Sales 14.23217 -2.84395 11.28017 38.47012 10.02235 17.3734379 Fixed Asset 11.23766 5.54667 14.83951 20.40813 4.156333 7.737429242 Operating Cost 28.23258 -0.99797 18.03202 78.44515 17.45111 34.62185398 Current Asset 10.95183 -12.9153 -3.96058 41.4457 19.23751 24.43050677 Retained Earning 16.64884 3.786453 16.55193 41.04439 5.212577 17.23738 Share Price 24.30525 9.683426 -7.09343 -37.2421 131.8731 74.29356 Non-current Liability 1.624435 44.54765 -11.5582 -23.4905 -3.00112 29.82361 Current Liability 12.70519 -35.5876 1.023103 47.03386 38.35137 37.88072 EPS 8.428821 -25.0608 -35.3774 35.03185 59.12162 45.89124

13. Pro Forma Statements - Income 2007 2008 2009 2010 2011 2112 1 Net Sales Revenue 3,597,024,812 4,108,881,443 4,693,575,272 5,361,471,033 6,124,408,361 6,995,911,671 2 Cost of Goods Sold (1,967,509,975) (2,247,486,644) (2,567,303,994) (2,932,631,352) (3,349,944,794) (3,826,641,938) 3 Gross Profit (2-1) 1,629,514,837 1,861,394,798 2,126,271,278 2,428,839,681 2,774,463,568 3,169,269,733 4 Administrative Expenses (145,544,701) (166,255,712) (189,913,900) (216,938,648) (247,809,017) (283,072,240) 5 Selling, Marketing and Distribution Expenses (829,191,989) (947,186,009) (1,081,970,578) (1,235,934,991) (1,411,808,541) (1,612,708,896) 6 Operating Expenses (974,736,690) (1,113,441,721) (1,271,884,478) (1,452,873,639) (1,659,617,558) (1,895,781,136) 7 Profit from Operations 654,778,147 747,953,077 854,386,800 975,966,042 1,114,846,010 1,273,488,597 8 Other Income 19,625,795 22,418,546 25,608,705 29,252,823 33,415,500 38,170,526 9 Finance Cost (254,742,392) (290,992,234) (332,400,429) (379,701,010) (433,732,464) (495,452,594) 10 Profit Before Contribution to WPPF 419,661,550 479,379,389 547,595,076 625,517,855 714,529,046 816,206,529 11 Contribution to Workers' Profit Participation/ Welfare Funds (19,983,883) (22,827,590) (26,075,956) (29,786,564) (34,025,192) (38,866,977) 12 Profit Before Tax 399,677,667 456,551,799 521,519,120 595,731,291 680,503,853 777,339,552 13 Current Tax (57,661,278) (65,866,478) (75,239,278) (85,945,827) (98,175,918) (112,146,351) 14 Deferred Tax Income/(Expense) 11,051,489 12,624,116 14,420,528 16,472,569 18,816,615 21,494,220 15 Income Tax Expense (46,609,789) (53,242,362) (60,818,750) (69,473,258) (79,359,303) (90,652,132) 16 Profit After Tax Transferred to Statement of Changes in Equity 353,067,878 403,309,437 460,700,370 526,258,033 601,144,551 686,687,420 17 Earnings Per Share (of TK . 10 /- each) 3.08 3.52 4.02 4.60 5.25 6.00 18 Number of shares used to compute EPS 114,507,043 114,507,043 114,507,043 114,507,043 114,507,043 114,507,043 19 Dividend (156,145,966) (178,365,537) (203,746,953) (232,740,144) (265,859,067) (303,690,812) 20 Provided Tax (47,520,125) (54,282,239) (62,006,601) (70,830,141) (80,909,270) (92,422,659) 21 Retain Earning 149,401,787 170,661,661 194,946,816 222,687,748 254,376,214 290,573,949

14. Pro Forma balance sheet 2007 2008 2009 2010 2011 2012 (Growth Rate = 14.23%) Fixed Assets 9,029,643,482 10,314,561,749 11,782,323,886 13,458,948,575 15,374,156,958 17,561,899,493 Current Assets 2,923,775,458 3,339,828,706 3,815,086,330 4,357,973,115 4,978,112,690 5,686,498,125 Total Assets 11,953,418,940 13,654,390,455 15,597,410,217 17,816,921,691 20,352,269,647 23,248,397,618 Non-Current Liabilities 2,074,506,357 2,369,708,612 2,706,918,147 3,092,112,599 3,532,120,222 4,034,740,930 Current Liabilities 1,627,972,936 1,859,633,485 2,124,259,330 2,426,541,432 2,771,838,278 3,166,270,865 Total Liabilities 3,702,479,293 4,229,342,096 4,831,177,477 5,518,654,032 6,303,958,500 7,201,011,795 Share Premium 1,489,750,000 1,489,750,000 1,489,750,000 1,489,750,000 1,489,750,000 1,489,750,000 Excess of Issue Price over Face Value of GDRs 1,689,636,958 1,689,636,958 1,689,636,958 1,689,636,958 1,689,636,958 1,689,636,958 Capital Reserve on Merger 294,950,950 294,950,950 294,950,950 294,950,950 294,950,950 294,950,950 Tax-Holiday Reserve 442,354,953 505,302,063 577,206,546 659,343,038 753,167,552 860,343,295 Retained Earning 3,189,176,356 3,642,996,151 4,161,394,504 4,753,560,942 5,429,992,664 6,202,680,620 Issued Share Capital 1,145,070,430 1,308,013,952 1,494,144,338 1,706,761,077 1,949,633,178 2,227,065,979 Shareholders' Equity 8,250,939,647 8,930,650,074 9,707,083,296 10,594,002,964 11,607,131,302 12,764,427,802 Shareholders' Equity & Liabilities 11,953,418,940 13,159,992,171 14,538,260,772 16,112,656,996 17,911,089,802 19,965,439,597 Excess(Required) Fund 0 (494,398,284) (1,059,149,444) (1,704,264,695) (2,441,179,845) (3,282,958,021)

15. Market Shares Bangladesh's largest Pharmaceutical Companies (by sales '08) Top 10 Sales in $ Mn Square $138.7 Incepta $ 52.1 Beximco $ 49.0 Acme $ 36.3 Eskayef $ 32.1 ACI $ 31.3 Opsonin $ 29.7 Renata $ 29.1 Aristopharma $ 28.8 Drug International $ 23.4