GR II Crew IV 2018 OrchidPharma

Dimension 1
Dimension 2
Industry Parameters
Asset Turnover Ratio
EBIT Margins
Debt/EBIT
Asset Turnover Ratio Assumed

Long Term Assets
Projected Sales
Projected EBIT
Long Term Borrowing (According To Industry Average+10%)
Dimension Compared to Industry Average
Asset Turnover ratio 10% Above 5% Above 0% Above
Long Term Debt / EBIT 10% Higher 15% Higher 20% Higher
Value
0.71
13.33%
4.74
Scenario 1 Scenario 2 Scenario 3

10% 5% 0%
0.78 0.75 0.71
23782.53 23782.53 23782.53
18574.15 17729.87 16885.59
2476.55 2363.98 2251.41
12912.75 12325.81 11738.86
13499.69 12886.07 12272.45
14086.64 13446.34 12806.03
S.No. Name CMPRs. P/E Mar CapRs.Cr. Div Yld% NP QtrRs.Cr. Qtr Profit Var %
1 Sun Pharma.Inds. 585.85 41.38 140564.43 0.60 1528.99 10.35
2 Cadila Health. 377.30 21.75 38625.81 0.93 590.80 53.26
3 Lupin 886.00 25.33 40060.78 0.56 -777.60 42.48
Industry Average 616.38 29.49 73083.67 0.70 447.40 35.36

Qtr Sales Var % ROCE% EPS 12MRs. ATR EBIT 12MRs.Cr. SalesRs.Cr. EBIT Margin
-2.24 21.01 10.87 0.53 3996.55 26489.46 15.00%
31.77 21.04 17.35 0.88 2403.30 11929.00 20.00%
-5.16 11.24 5.70 0.72 751.16 15830.99 5.00%
8.12 17.76 11.31 0.71 2383.67 18083.15 13.33%

Long Term Borrowing to Total Asset
2.46
2.25
9.51
4.74
Return on Capital Employed
Mar '14 Mar '15 Mar '16 Mar '17 Return on Capital Employed
Orchid Pharma -2.54 1.14 1.73 -1.11 35
Cipla 13.21 10.17 11.9 7.47 30
Novartis 9.95 7.64 16.59 5.93 25
Cadila 19.33 23.81 29.1 8.23 20
15
10
Return on Assets
5
Mar '14 Mar '15 Mar '16 Mar '17
0
Orchid Pharma -11.22 -4.59 -6.92 -13.97 Mar '14 Mar '15 Mar '16
-5
Cipla 13.21 10.17 11.9 7.47
Novartis 8.2 6.37 13.79 4.97 Orchid Pharma Cipla
Cadila 14.47 17.32 22.83 5.99 Novartis Cadila
Debt to Equity
Mar '14 Mar '15 Mar '16 Mar '17
Debt to Equity
Orchid Pharma 4.97 7.15 17.6 -10.45
20
Cipla 0.09 0.12 0.09 0.03
Sun Pharma 0.33 0.24 0.26 0.23 15
Cadila 0.39 0.28 0.16 0.42 10

5
EBIT Margin 0
Mar '14 Mar '15 Mar '16 Mar '17 Mar '14 Mar '15 Mar '16
-5
Orchid Pharma -3.89 2.35 6.28 -3.68
-10
Cipla 20.74 16.54 15.6 11.17
Sun Pharma 3.28 -12.56 -6.13 2.48 -15
Cadila 24.44 28.52 35.98 20.22 Orchid Pharma Cipla

Novartis 10.45 11.42 12.7 14.08 Sun Pharma Cadila
n on Capital Employed Return on Assets
25
20
15
10
5
0
Mar '14 Mar '15 Mar '16 Mar '17
-5
-10
'15 Mar '16 Mar '17 -15
-20
Orchid Pharma Cipla Orchid Pharma Cipla

Novartis Cadila Novartis Cadila
Debt to Equity EBIT Margin

40
30
20
10
r '15 Mar '16 Mar '17 0
Mar '14 Mar '15 Mar '16 Mar '17
-10
-20
Orchid Pharma Cipla Orchid Pharma Cipla Sun Pharma

Sun Pharma Cadila Cadila Novartis
India
FY Revenue (US $ billion)
FY11 20.95
Revenue growth pharma
FY12 22.46 35
FY13 24.52 30
FY14 28.53 28.53
25 24.52
FY15 29.77 22.46
FY16 27.57 20 20.95
FY17 29.61 15
10
5
0
FY11 FY12 FY13 FY14
Revenue (US $ billi
Revenue growth pharma se

Global 1150.00
FY Revenue (US $ billion) 1100.00
FY11 963.20 10
1050.00
FY12 964.40
FY13 993.10 1000.00 993.10
FY14 1062.00 963.20 964.40
950.00
FY15 1067.20
FY16 1105.00 900.00
850.00
FY11 FY12 FY13 FY14
Revenue (US $ billion)

growth pharma sector (India)
28.53 29.77 29.61

27.57
24.52
FY13 FY14 FY15 FY16 FY17
owth pharma sector (Global)
1105.00
1062.00 1067.20
993.10
40
FY13 FY14 FY15 FY16

Orchid Pharma Ltd (ORCP IN) - Earnings
In Millions of INR except Per Share FY 2005 FY 2006 FY 2007 FY 2008
12 Months Ending 03/31/2005 03/31/2006 03/31/2007 03/31/2008
Revenue
Consensus Estimate — 8,937.0 9,836.0 12,262.5
Comparable Actual 7,223.4 9,366.3 9,850.8 13,009.6
Revenue Surprise % — 4.8 0.2 6.1
GAAP Actual 7,223.4 9,366.3 9,354.3 12,593.2
Adjusted Actual 7,223.4 9,366.3 9,354.3 12,593.2
Earnings Per Share

Comparable Actual 4.53 10.27 11.96 26.63
GAAP Actual -8.11 9.43 10.75 17.91
Adjusted Actual -8.11 9.43 10.75 17.91
EBIT
Consensus Estimate — — 9,885.0 —
GAAP Actual 310.1 1,497.8 1,810.4 2,471.1
Adjusted Actual 310.1 1,497.8 1,810.4 2,471.1
EBITDA
Consensus Estimate — 2,328.0 2,840.0 3,534.0
GAAP Actual 947.9 2,355.9 2,661.3 3,477.9
Adjusted Actual 947.9 2,355.9 2,661.3 3,477.9
Gross Margin %
Pretax Income (Loss)

Consensus Estimate — 760.5 1,008.5 2,078.0
GAAP Actual -437.9 650.1 925.6 2,285.7
Adjusted Actual -437.9 650.1 925.6 2,285.7
Net Income
Comparable Actual 220.9 573.0 786.0 1,753.4
GAAP Actual -416.9 573.0 785.5 1,753.4
Adjusted Actual -416.9 573.0 785.5 1,753.4
Source: Bloomberg
FY 2009 FY 2010 FY 2011 FY 2012 FY 2016 FY 2017
03/31/2009 03/31/2010 03/31/2011 03/31/2012 03/31/2016 03/31/2017
13,773.7 14,013.0 16,251.0 20,022.4 — —

12,600.2 12,987.2 17,169.9 18,389.8 8,595.0 7,871.7
-8.5 -7.3 5.7 -8.2 — —
12,968.5 13,434.5 17,101.2 17,923.2 8,595.0 7,965.0
12,968.5 13,434.5 17,101.2 17,923.2 8,595.0 7,965.0
-7.14 48.16 22.17 2.48 -32.07 -64.85

-7.14 38.21 22.17 13.67 -32.07 -55.13
-6.09 -47.61 22.11 5.15 -32.07 -45.44
— 3,274.0 — — — —
1,225.9 7,120.8 2,266.9 2,313.1 255.2 -391.4
1,248.8 -3,014.3 2,260.4 2,369.0 255.2 -391.5
3,642.0 3,884.0 3,709.3 4,605.4 — —

2,565.9 8,669.8 3,601.9 3,850.5 1,707.9 1,018.7
2,588.8 -1,465.3 3,595.5 3,906.4 1,707.9 1,018.7
545.0 404.0 1,937.5 1,538.3 — —

-338.2 4,698.3 1,715.7 -45.6 -2,963.6 -4,522.8
-194.9 -5,522.0 1,709.2 236.5 -2,963.6 -4,522.8
-489.9 3,392.5 1,561.9 174.8 -2,791.1 -5,769.5

-489.9 3,392.5 1,561.9 974.8 -2,791.1 -4,904.9
-395.3 -3,353.9 1,557.5 365.4 -2,791.1 -4,042.4
Orchid Pharma Ltd (ORCP IN) - Per Share
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Basic Shares Outstanding 65.9 70.4 70.4 70.4
Diluted Weighted Avg Shares 97.9 89.7 88.8 82.6
Basic Weighted Avg Shares 65.8 68.6 70.4 70.4
Per Share Data Items

Revenue 191.29 189.10 190.72 242.77
EBITDA 52.83 37.41 123.08 51.13
Operating Income 37.54 17.88 101.09 32.18
Net Income to Common - Basic 26.63 -7.14 48.16 22.17
Net Income before XO - Basic 26.63 -7.14 48.16 22.17
Normalized Net Income - Basic 26.63 -5.76 -47.61 22.11
Net Income to Common - Diluted 17.91 -7.14 38.21 22.17
Net Income before XO - Diluted 17.91 -7.14 38.21 22.17
Normalized Net Income - Diluted 17.91 -6.09 -47.61 22.11
Dividends 3.00 1.00 10.00 3.00
Cash Flow 13.45 -22.74 -45.88 23.35

Free Cash Flow -69.43 -92.92 -77.78 -28.81
Cash & Equivalents 3.72 6.46 32.10 27.23

Book Value 100.98 89.97 133.11 151.79
Tangible Book Value 78.28 68.77 115.63 129.10
Source: Bloomberg
FY 2012 FY 2013 FY 2015 FY 2016 FY 2017 Last 12M
03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017 03/31/2017
70.4 70.5 85.3 89.0 89.0 89.0
71.3 — — 87.0 89.0 89.0
70.4 — — 87.0 89.0 89.0
254.44 — — 98.76 89.53 89.53

54.66 — — 19.62 11.45 11.45
32.84 — — 2.93 -4.40 -4.40
13.84 — — -32.07 -55.13 -55.13
2.48 — — -32.07 -45.44 -45.44
5.19 — — -32.07 -45.44 -45.44
13.67 — — -32.07 -55.13 -55.13
2.48 — — -32.07 -45.44 -45.44
5.15 — — -32.07 -45.44 -45.44
3.00 — — 0.00 0.00 0.00
69.81 — — -6.06 11.02 11.02

28.21 — — -6.23 10.06 10.06
25.10 3.32 45.60 35.33 28.67 28.67

167.59 53.94 38.63 5.51 -43.58 -43.58
142.26 26.16 21.49 -10.80 -59.38 -59.38
Orchid Pharma Ltd (ORCP IN) - Adjusted
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Revenue 9,354.3 12,593.2 12,968.5 13,434.5
+ Sales & Services Revenue — — 12,968.5 13,434.5
+ Other Revenue — — — —
+ Other Operating Income 284.0 416.4 859.8 85.7
- Operating Expenses 7,827.8 10,538.5 12,579.5 16,534.5
+ Selling & Marketing — — 267.1 266.4
+ Research & Development — — 463.0 538.3
+ Depreciation & Amortization — — 1,339.9 1,549.0
+ Prov For Doubtful Accts — — — —
+ Other Operating Expense — — 10,509.5 14,180.8
Operating Income (Loss) 1,810.4 2,471.1 1,248.8 -3,014.3
- Non-Operating (Income) Loss — — 1,443.7 2,507.7
+ Interest Expense, Net 501.5 188.8 — —
+ Interest Expense 501.5 188.8 524.6 1,388.2
- Interest Income — — — —
+ Other Investment (Inc) Loss — — -0.4 -0.2
+ Foreign Exch (Gain) Loss -221.8 -635.6 159.3 604.2
+ Other Non-Op (Income) Loss — — 760.2 515.5
Pretax Income (Loss), Adjusted 925.6 2,285.7 -194.9 -5,522.0
- Abnormal Losses (Gains) 0.0 0.0 143.3 -10,220.3
+ Abnormal Derivatives — — 393.4 —
+ Disposal of Assets — — 21.1 17.4
+ Early Extinguishment of Debt — — -673.1 -85.2
+ Gain/Loss on Sale/Acquisition of Busin — — — -10,153.0
+ Restructuring — — — —
+ Sale of Investments — — — —
+ Other Abnormal Items — — 401.8 0.5
Pretax Income (Loss), GAAP 925.6 2,285.7 -338.2 4,698.3
- Income Tax Expense (Benefit) 140.1 532.3 151.7 1,305.8
+ Current Income Tax — — 0.1 562.5
+ Deferred Income Tax — — 134.9 743.4
+ Tax Allowance/Credit — — 16.7 —
Income (Loss) from Cont Ops 785.5 1,753.4 -489.9 3,392.5
- Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
+ Discontinued Operations — — 0.0 0.0
+ XO & Accounting Changes — — 0.0 0.0
Income (Loss) Incl. MI 785.5 1,753.4 -489.9 3,392.5
- Minority Interest 0.0 0.0 0.0 0.0
Net Income, GAAP 785.5 1,753.4 -489.9 3,392.5
- Preferred Dividends 0.0 0.0 0.0 0.0
- Other Adjustments — — 0.0 0.0
Net Income Avail to Common, GAAP 785.5 1,753.4 -489.9 3,392.5
Net Income Avail to Common, Adj 785.5 1,753.4 -395.3 -3,353.9

Net Abnormal Losses (Gains) — — 94.6 -6,746.4
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0

Basic EPS, GAAP 11.95 26.63 -7.14 48.16
Basic EPS from Cont Ops 11.95 26.63 -7.14 48.16
Basic EPS from Cont Ops, Adjusted 11.95 26.63 -5.76 -47.61

Diluted EPS, GAAP 10.75 17.91 -7.14 38.21
Diluted EPS from Cont Ops 10.75 17.91 -7.14 38.21
Diluted EPS from Cont Ops, Adjusted 10.75 17.91 -6.09 -47.61
Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
EBITDA 2,661.3 3,477.9 2,588.8 -1,465.3
EBITDA Margin (T12M) 28.45 27.62 19.96 -10.91
EBITA 1,880.8 2,546.6 1,293.8 -2,937.7
EBIT 1,810.4 2,471.1 1,248.8 -3,014.3
Operating Margin 19.35 19.62 9.63 -22.44
Profit Margin 8.40 13.92 -3.05 -24.96
Sales per Employee 2,866,770.76 — 3,210,022.03 3,630,955.14
Dividends per Share 3.00 3.00 1.00 10.00
Total Cash Common Dividends 294.1 293.7 70.4 704.4
Personnel Expenses 924.5 1,171.4 1,374.6 1,744.8
Export Sales 7,304.6 10,497.9 — —
Depreciation Expense 780.5 931.3 1,295.0 1,472.4
Rental Expense 11.8 11.3 19.5 13.4
Source: Bloomberg
03/31/2011 03/31/2012 03/31/2015 03/31/2016 03/31/2017 03/31/2017
17,101.2 17,923.2 — 8,595.0 7,965.0 7,965.0
17,101.2 17,923.2 — 8,595.0 7,762.4 7,762.4
— — — — 202.7 202.7
741.4 1,096.7 — 139.4 147.3 147.3
15,582.1 16,650.9 — 8,479.2 8,503.8 8,503.8
328.6 405.9 — 12.4 14.2 14.2
338.8 693.2 — 316.5 376.0 376.0
1,335.0 1,537.4 — 1,452.7 1,410.2 1,410.2
— — — — —
13,579.7 14,014.5 — 6,697.7 6,703.4 6,703.4
2,260.4 2,369.0 — 255.2 -391.5 -391.5
551.2 2,132.5 — 3,218.8 4,131.3 4,131.3
— — — — —
1,485.4 1,759.8 — 2,884.9 3,205.9 3,205.9
— — — — —
-0.3 -0.2 — -0.1 -0.6 -0.6
-1,143.9 57.7 — 368.1 243.9 243.9
210.0 315.2 — -34.1 682.2 682.2
1,709.2 236.5 — -2,963.6 -4,522.8 -4,522.8
-6.4 282.2 — 0.0 0.0 0.0
— — — — —
-6.5 55.6 — — 0.0 0.0
— — — — —
— — — — —
— 226.3 — — —
— 0.2 — — —
0.1 0.1 — — —
1,715.7 -45.6 — -2,963.6 -4,522.8 -4,522.8
153.8 -220.4 — -172.5 -480.4 -480.4
245.8 13.0 — 0.0 0.0 0.0
-92.0 -233.4 — -172.5 -480.4 -480.4
— — — — —
1,561.9 174.8 — -2,791.1 -4,042.3 -4,042.3
0.0 -800.0 — 0.0 862.6 862.6
0.0 0.0 — 0.0 0.0 0.0
0.0 -800.0 — 0.0 862.6 862.6
1,561.9 974.8 — -2,791.1 -4,904.9 -4,904.9
— — — 0.0 0.0 0.0
1,561.9 974.8 — -2,791.1 -4,904.9 -4,904.9
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 — 0.0 0.0 0.0
1,561.9 974.8 — -2,791.1 -4,904.9 -4,904.9
1,557.5 365.4 — -2,791.1 -4,042.4 -4,042.4

-4.4 190.6 — 0.0 0.0 0.0
0.0 -800.0 — 0.0 862.6 862.6
70.4 70.4 — 87.0 89.0 89.0

22.17 13.84 — -32.07 -55.13 -55.13
22.17 2.48 — -32.07 -45.44 -45.44
22.11 5.19 — -32.07 -45.44 -45.44
82.6 71.3 — 87.0 89.0 89.0

22.17 13.67 — -32.07 -55.13 -55.13
22.17 2.48 — -32.07 -45.44 -45.44
22.11 5.15 — -32.07 -45.44 -45.44
IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP

3,595.5 3,906.4 — 1,707.9 1,018.7 1,018.7
21.02 21.80 — 19.87 12.79 12.79
2,343.5 2,457.0 — 288.4 -353.4 -353.4
2,260.4 2,369.0 — 255.2 -391.5 -391.5
13.22 13.22 — 2.97 -4.92 -4.92
9.11 2.04 — -32.47 -50.75 -50.75
3,800,266.22 4,023,172.62 — — —
3.00 3.00 — 0.00 0.00 0.00
211.3 211.3 — 0.0 0.0 0.0
1,647.3 1,764.1 — 868.1 802.5 802.5
— — — — —
1,252.0 1,449.4 — 1,419.5 1,372.1 1,372.1
15.4 20.0 — 119.6 128.8 128.8
Start End Revenue
Date Revenue Non Current Liabilities 2012 March 2013 Sep 18,926
03/31/2007 9354.273 17242.734 2013 Mar 2014 Sep 17,239
03/31/2008 12593.244 16224.635
03/31/2009 12968.489 22141.134
03/31/2010 13434.534 12790.591
03/31/2011 17101.198 8496.604
03/31/2012 17923.234 12982.816
03/31/2013 12617.0886666667 11423.632
03/31/2014 12054.7246666667 15793.8516666667
03/31/2015 11492.3606666667 26093.475
03/31/2016 8594.999 24754.097 NET INCOME
03/31/2017 7965.041 22049.454
4000
3000
Net Income, GAAP 2000
NET_INCOME Zero 1000
03/31/2007 785.488 0 0
03/31/2008 1753.399 0 -1000
03/31/2009 -489.899 0 -2000
03/31/2010 3392.539 0 -3000
03/31/2011 1561.872 0 -4000
03/31/2012 974.783 0 -5000
03/31/2013 -280.520333333333 0 -6000
03/31/2014 -1821.98488888889 0
NET_INCOME
03/31/2015 -2791.127 0
03/31/2016 -4904.914 0
03/31/2017 -4904.914 0
NET INCOME
NET_INCOME Column Q
Orchid Pharma Ltd (ORCP IN) - GAAP
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Revenue 9,354.3 12,593.2 12,968.5 13,434.5
+ Sales & Services Revenue — — 12,968.5 13,434.5
- Operating Expenses 7,827.8 10,538.5 12,602.7 6,399.4
+ Depreciation & Amortization — — 1,339.9 1,549.0
+ Other Operating Expense — — 10,530.9 4,045.1
Operating Income (Loss) 1,810.4 2,471.1 1,225.9 7,120.8
- Non-Operating (Income) Loss 884.8 185.5 1,564.1 2,422.5
+ Interest Expense 501.5 188.8 524.6 1,388.2
+ Other Investment (Inc) Loss — — -0.4 -0.2
+ Other Non-Op (Income) Loss 605.2 632.3 880.6 430.4
Pretax Income 925.6 2,285.7 -338.2 4,698.3
- Income Tax Expense (Benefit) 140.1 532.3 151.7 1,305.8
Income (Loss) from Cont Ops 785.5 1,753.4 -489.9 3,392.5
Income (Loss) Incl. MI 785.5 1,753.4 -489.9 3,392.5
Net Income, GAAP 785.5 1,753.4 -489.9 3,392.5
Net Income Avail to Common, GAAP 785.5 1,753.4 -489.9 3,392.5
Net Income Avail to Common, Adj 785.5 1,753.4 -395.3 -3,353.9

Net Abnormal Losses (Gains) — — 94.6 -6,746.4

Basic EPS, GAAP 11.95 26.63 -7.14 48.16
Basic EPS from Cont Ops, Adjusted 11.95 26.63 -5.76 -47.61

Diluted EPS, GAAP 10.75 17.91 -7.14 38.21
Diluted EPS from Cont Ops, Adjusted 10.75 17.91 -6.09 -47.61
Reference Items
EBITDA 2,661.3 3,477.9 2,565.9 8,669.8
EBITDA Margin (T12M) 28.45 27.62 19.79 64.53
EBITA 1,880.8 2,546.6 1,270.9 7,197.4
EBIT 1,810.4 2,471.1 1,225.9 7,120.8
Operating Margin 19.35 19.62 9.45 53.00
Profit Margin 8.40 13.92 -3.78 25.25
Sales per Employee 2,866,770.76 — 3,210,022.03 3,630,955.14
Personnel Expenses 924.5 1,171.4 1,374.6 1,744.8
Export Sales 7,304.6 10,497.9 — —
Depreciation Expense 780.5 931.3 1,295.0 1,472.4
Rental Expense 11.8 11.3 19.5 13.4
Source: Bloomberg
03/31/2011 03/31/2012 03/31/2015 03/31/2016 03/31/2017 03/31/2017
17,101.2 17,923.2 — 8,595.0 7,965.0 7,965.0
17,101.2 17,923.2 — 8,595.0 7,762.4 7,762.4
— — — — 202.7 202.7
754.5 1,097.1 — 139.4 147.3 147.3
15,588.8 16,707.2 — 8,479.2 8,503.8 8,503.8
328.6 405.9 — 12.4 14.2 14.2
338.9 693.3 — 316.5 376.0 376.0
1,335.0 1,537.4 — 1,452.7 1,410.2 1,410.2
— — — — —
13,586.4 14,070.7 — 6,697.7 6,703.4 6,703.4
2,266.9 2,313.1 — 255.2 -391.4 -391.4
551.2 2,358.8 — 3,218.8 4,131.3 4,131.3
— — — — —
1,485.4 1,759.8 — 2,884.9 3,205.9 3,205.9
— — — — —
-0.3 -0.2 — -0.1 -0.6 -0.6
-1,143.9 57.7 — 368.1 243.9 243.9
210.0 541.5 — -34.1 682.2 682.2
1,715.7 -45.6 — -2,963.6 -4,522.8 -4,522.8
153.8 -220.4 — -172.5 -480.4 -480.4
245.8 13.0 — 0.0 0.0 0.0
-92.0 -233.4 — -172.5 -480.4 -480.4
— — — — —
1,561.9 174.8 — -2,791.1 -4,042.3 -4,042.3
0.0 -800.0 — 0.0 862.6 862.6
0.0 0.0 — 0.0 0.0 0.0
0.0 -800.0 — 0.0 862.6 862.6
1,561.9 974.8 — -2,791.1 -4,904.9 -4,904.9
— — — 0.0 0.0 0.0
1,561.9 974.8 — -2,791.1 -4,904.9 -4,904.9
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 — 0.0 0.0 0.0
1,561.9 974.8 — -2,791.1 -4,904.9 -4,904.9
1,557.5 365.4 — -2,791.1 -4,042.4 -4,042.4

-4.4 190.6 — 0.0 0.0 0.0
0.0 -800.0 — 0.0 862.6 862.6
70.4 70.4 — 87.0 89.0 89.0

22.17 13.84 — -32.07 -55.13 -55.13
22.17 2.48 — -32.07 -45.44 -45.44
22.11 5.19 — -32.07 -45.44 -45.44
82.6 71.3 — 87.0 89.0 89.0

22.17 13.67 — -32.07 -55.13 -55.13
22.17 2.48 — -32.07 -45.44 -45.44
22.11 5.15 — -32.07 -45.44 -45.44

3,601.9 3,850.5 — 1,707.9 1,018.7 1,018.7
21.06 21.48 — 19.87 12.79 12.79
2,349.9 2,401.1 — 288.4 -353.4 -353.4
2,266.9 2,313.1 — 255.2 -391.4 -391.4
13.26 12.91 — 2.97 -4.91 -4.91
9.13 5.44 — -32.47 -61.58 -61.58
3,800,266.22 4,023,172.62 — — —
3.00 3.00 — 0.00 0.00 0.00
211.3 211.3 — 0.0 0.0 0.0
1,647.3 1,764.1 — 868.1 802.5 802.5
— — — — —
1,252.0 1,449.4 — 1,419.5 1,372.1 1,372.1
15.4 20.0 — 119.6 128.8 128.8
Orchid Pharma Ltd (ORCP IN) - Standardized
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Total Assets
+ Cash, Cash Equivalents & STI 1,098.1 244.7 455.0 2,261.3
+ Cash & Cash Equivalents 1,098.1 173.4 455.0 2,261.3
+ ST Investments 0.1 71.4 0.0 0.0
+ Accounts & Notes Receiv 3,831.6 5,379.4 6,725.4 7,369.8
+ Accounts Receivable, Net 3,831.6 5,379.4 6,725.4 7,369.8
+ Notes Receivable, Net — — 0.0 0.0
+ Inventories 6,116.1 6,491.5 7,682.5 4,226.4
+ Raw Materials 1,146.6 1,167.0 1,643.6 1,022.7
+ Work In Process 3,716.6 3,674.9 4,372.1 1,836.4
+ Finished Goods 802.4 1,093.1 1,146.5 954.7
+ Other Inventory 450.6 556.6 520.3 412.6
+ Other ST Assets 1,278.9 1,117.8 1,090.7 3,147.6
+ Prepaid Expenses — — 497.2 1,638.3
+ Derivative & Hedging Assets — — — 0.0
+ Misc ST Assets — — 593.4 1,509.3
Total Current Assets 12,324.8 13,233.4 15,953.6 17,005.1
+ Property, Plant & Equip, Net 15,100.1 17,740.0 22,472.4 17,320.5
+ Property, Plant & Equip 19,365.5 22,931.8 28,919.1 24,312.8
- Accumulated Depreciation 4,265.4 5,191.8 6,446.7 6,992.3
+ LT Investments & Receivables 0.8 8.1 8.1 0.0
+ LT Investments — — 8.1 0.0
+ Other LT Assets 1,484.4 3,860.7 3,905.4 3,410.0
+ Total Intangible Assets 1,484.4 1,495.0 1,493.4 1,231.4
+ Goodwill — — 948.2 948.2
+ Other Intangible Assets — — 545.2 283.2
+ Derivative & Hedging Assets — — — —
+ Investments in Affiliates — — 0.0 8.1
+ Misc LT Assets 0.0 2,365.7 2,412.1 2,170.4
Total Noncurrent Assets 16,585.3 21,608.8 26,386.0 20,730.5
Total Assets 28,910.1 34,842.3 42,339.5 37,735.6
Liabilities & Shareholders' Equity

+ Payables & Accruals 1,763.8 2,759.5 4,818.2 6,561.5
+ Accounts Payable 1,763.8 2,759.5 — —
+ Accrued Taxes — — 351.1 1,348.3
+ Interest & Dividends Payable — — 97.1 893.1
+ Other Payables & Accruals — — 4,370.0 4,320.1
+ ST Debt 281.4 4,832.7 5,356.2 6,074.3
+ ST Borrowings — — 54.1 224.2
+ ST Capital Leases — — 0.0 0.0
+ Current Portion of LT Debt — — 5,302.1 5,850.1
+ Other ST Liabilities 4,771.1 4,375.7 3,686.1 2,932.6
+ Deferred Revenue — — 0.0 0.0
+ Derivatives & Hedging — — — 0.0
+ Misc ST Liabilities 4,771.1 4,375.7 3,686.1 2,932.6
Total Current Liabilities 6,816.4 11,967.9 13,860.4 15,568.4
+ LT Debt 16,319.1 15,075.6 11,839.0 4,509.0
+ LT Borrowings — — 11,839.0 4,509.0
+ LT Capital Leases — — 0.0 0.0
+ Other LT Liabilities 923.6 1,149.1 10,302.1 8,281.6
+ Accrued Liabilities — — 0.0 0.0
+ Pension Liabilities — — 0.0 0.0
+ Pensions — — 0.0 0.0
+ Other Post-Ret Benefits — — 0.0 0.0
+ Deferred Compensation — — — —
+ Deferred Tax Liabilities — — 1,284.7 2,028.0
+ Misc LT Liabilities 923.6 1,149.1 9,017.4 6,253.6
Total Noncurrent Liabilities 17,242.7 16,224.6 22,141.1 12,790.6
Total Liabilities 24,059.1 28,192.5 36,001.6 28,359.0
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 2,821.7 3,136.6 4,016.2 4,807.7
+ Common Stock — — 704.4 704.4
+ Additional Paid in Capital — — 3,311.7 4,103.2
- Treasury Stock 0.0 0.0 0.0 0.0
+ Retained Earnings 294.5 633.7 -103.8 79.0
+ Other Equity 1,734.8 2,879.6 2,425.6 4,489.9
Equity Before Minority Interest 4,851.0 6,649.8 6,338.0 9,376.6
+ Minority/Non Controlling Interest 0.0 0.0 0.0 0.0
Total Equity 4,851.0 6,649.8 6,338.0 9,376.6
Total Liabilities & Equity 28,910.1 34,842.3 42,339.5 37,735.6
Reference Items
Shares Outstanding 65.8 65.9 70.4 70.4
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations — — — —
Future Minimum Operating Lease Obligation — — 0.0 0.0
Capital Leases - Total — — 0.0 0.0
Percent Of Foreign Ownership 38.22 23.00 11.81 11.64
Number Of Shareholders 53,060.00 68,542.00 58,243.00 69,229.00
Options Granted During Period — — 0.0 0.0
Options Outstanding at Period End — — 0.0 0.0
Net Debt 15,502.4 19,663.5 16,740.3 8,322.0
Net Debt to Equity 319.57 295.70 264.13 88.75
Tangible Common Equity Ratio 12.28 15.46 11.86 22.31
Current Ratio 1.81 1.11 1.15 1.09
Cash Conversion Cycle — — — —
Number of Employees 3,263.00 — 4,040.00 3,700.00
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2015 FY 2016 FY 2017
03/31/2011 03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017
1,918.3 1,768.0 234.2 3,887.8 3,142.7 2,550.8

1,918.3 1,768.0 234.2 3,887.8 3,142.7 2,550.8
0.0 0.0 0.0 0.0 0.0 0.0
5,134.8 1,132.4 1,790.6 2,565.7 3,100.7 2,030.0
5,134.8 1,132.4 1,790.6 2,565.7 3,100.7 2,030.0
0.0 0.0 — — 0.0 0.0
6,176.3 6,687.3 5,062.4 2,519.3 2,418.5 2,112.5
1,471.5 1,270.6 870.5 680.6 508.3 537.6
2,892.0 3,250.2 2,856.9 885.5 724.8 738.3
1,296.4 1,634.5 841.1 606.4 832.7 553.0
516.3 531.9 493.9 346.8 352.7 283.5
2,033.6 3,815.5 3,926.9 3,808.4 3,850.1 2,098.1
30000
1,598.3 3,351.8 — — 2,524.5 1,776.8
0.0 0.0 — — 0.0 0.0 25000
435.4 463.7 — — 1,325.5 321.3
20000
15,263.0 13,403.1 11,014.2 12,781.2 12,512.0 8,791.4
19,142.2 22,476.9 27,764.9 19,305.2 17,721.1 16,442.4 15000
27,151.7 31,843.8 38,739.9 30,431.9 30,455.4 30,542.1
8,009.4 9,367.0 10,975.1 11,126.8 12,734.3 14,099.7 10000
0.0 0.0 8.1 8.1 0.8 0.8 5000

0.0 0.0 — — 0.8 0.8
4,697.2 3,983.6 7,723.2 8,519.5 8,386.8 8,345.4 0
1,598.3 1,784.5 1,957.1 1,462.0 1,451.2 1,406.1 07 08
/ 20 / 20 2
1 1 1/
986.1 986.1 948.2 948.2 1,006.1 1,006.1 3/3 3/3 3/3
0 0 0
612.1 798.4 1,008.8 513.8 445.1 400.0
0.0 0.0 — — 0.0 0.0
8.1 8.1 1.4 0.0 7.3 8.8
3,090.8 2,191.0 5,764.8 7,057.5 6,928.3 6,930.5
23,839.4 26,460.5 35,496.2 27,832.7 26,108.7 24,788.6
39,102.4 39,863.6 46,510.4 40,614.0 38,620.7 33,580.0
4,950.9 4,547.3 5,974.0 3,111.5 4,687.8 5,620.7

3,351.6 4,006.6 5,974.0 3,111.5 8.3 8.4
41.5 34.7 — — — —
263.4 254.3 — — 502.9 971.2
1,294.4 251.7 — — 4,176.6 4,641.2
14,753.9 9,310.8 15,248.9 7,167.0 8,370.5 9,493.8
4,898.6 6,470.6 — 7,167.0 6,337.9 5,995.2
2.6 0.1 — 0.0 0.0 0.0
9,852.7 2,840.1 — — 2,032.6 3,498.6
189.3 1,189.0 10,837.4 948.1 317.9 292.7
0.0 0.0 — — 0.0 0.0
0.0 0.0 — — 0.0 0.0
189.3 1,189.0 10,837.4 948.1 317.9 292.7
19,894.1 15,047.1 32,060.3 11,226.6 13,376.2 15,407.2
6,040.6 10,741.5 9,017.9 24,939.5 23,775.4 21,567.8
6,040.6 10,741.5 — 24,939.5 23,775.4 21,567.8
0.1 0.0 — 0.0 0.0 0.0
2,456.0 2,241.3 1,626.1 1,153.9 978.7 481.7
0.0 0.0 — — 0.0 0.0
0.0 0.0 — — 0.0 0.0
0.0 0.0 — — 0.0 0.0
0.0 0.0 — — 0.0 0.0
96.4 77.2 — — 37.3 20.7
0.0 0.0 — — — —
1,936.0 1,700.7 — — 941.4 461.0
0.0 0.0 — — 0.0 0.0
423.5 463.4 1,626.1 1,153.9 0.0 0.0
8,496.6 12,982.8 10,644.0 26,093.5 24,754.1 22,049.5
28,390.7 28,029.9 42,704.3 37,320.1 38,130.3 37,456.6
0.0 0.0 0.0 0.0 0.0 0.0
4,836.5 4,611.0 4,612.7 5,350.1 5,534.4 5,534.4
704.4 704.4 — — 889.6 889.6
4,132.1 3,906.6 — — 4,644.8 4,644.8
0.0 0.0 — 0.0 0.0 0.0
-204.2 -485.8 -6,471.0 -7,393.9 -10,185.1 -15,090.0
6,060.1 7,680.3 5,658.2 5,337.7 5,141.1 5,678.9
10,692.4 11,805.5 3,799.9 3,293.9 490.4 -3,876.7
19.2 28.2 6.2 0.0 0.0 0.0
10,711.7 11,833.7 3,806.1 3,293.9 490.4 -3,876.7
39,102.4 39,863.6 46,510.4 40,614.0 38,620.7 33,580.0
IN GAAP IN GAAP N.A. IN GAAP IN GAAP IN GAAP

70.4 70.4 70.5 85.3 89.0 89.0
0.0 0.0 — 0.0 0.0 0.0
0.0 0.0 — 41.8 0.0 0.0
0.0 0.0 — 0.0 0.0 0.0
2.6 0.1 — 0.0 0.0 0.0
18.76 18.52 — 5.93 5.94 5.94
62,435.00 72,176.00 — 82,967.00 86,724.00 89,706.00
0.0 0.0 — — — —
0.0 0.0 — 0.1 0.1 0.0
18,876.2 18,284.3 24,032.7 28,218.7 29,003.2 28,510.8
176.22 154.51 631.43 856.71 5,913.60 —
24.25 26.32 4.14 4.68 -2.58 -16.42
0.77 0.89 0.34 1.14 0.94 0.57
— 179.59 — — 198.73 342.07
4,500.00 4,455.00 — — — —
Date Non Current Liabilities
03/31/2007 17242.734 09/30/2013 10644.04
03/31/2008 16224.635 03/30/2014 260934
03/31/2009 22141.134
03/31/2010 12790.591
03/31/2011 8496.604 Linear interpolation tabEstimates
03/31/2012 12982.816 03/31/2012 12982.82 12982.82
03/31/2013 11423.632 3/9/2012 12982.82 12203.22
03/31/2014 15793.8516666667 03/31/2013 12982.82 11423.63
03/31/2015 26093.475 09/30/2013 10644.04 10644.04
03/31/2016 24754.097 03/30/2014 10644.04 15793.85
03/31/2017 22049.454 09/30/2014 10644.04 20943.66
03/31/2015 26093.48 26093.48
26093.48
30000
Non Current Liabilities 26093.48
25000
20000
15000 10644.04
10000
5000
0
07 08 09 10 11 12 13 14 15 16 17
/ 20 / 20 / 20 / 20 / 20 / 20 / 20 / 20 / 20 / 20 / 20
1 1 1 1 1 1 1 1 1 1 1
/3 /3 /3 /3 /3 /3 /3 /3 /3 /3 /3
03 03 03 03 03 03 03 03 03 03 03
Orchid Pharma Ltd (ORCP IN) - Adj Highlights
In Millions of INR FY 2008 FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Market Capitalization 10,628.3 5,438.1 10,841.0 21,181.9 13,017.7
- Cash & Equivalents 244.7 455.0 2,261.3 1,918.3 1,768.0
+ Preferred & Other 0.0 0.0 0.0 19.2 28.2
+ Total Debt 19,908.3 17,195.2 10,583.3 20,794.5 20,052.3
Enterprise Value 30,291.9 22,178.4 19,163.0 40,077.4 31,330.2
Revenue, Adj 12,593.2 12,968.5 13,434.5 17,101.2 17,923.2

Growth %, YoY 34.6 3.0 3.6 27.3 4.8
Gross Profit, Adj — — — — —
Margin % — — — — —
EBITDA, Adj 3,477.9 2,588.8 -1,465.3 3,595.5 3,906.4
Margin % 27.6 20.0 -10.9 21.0 21.8
Net Income, Adj 1,753.4 -395.3 -3,353.9 1,557.5 365.4
Margin % 13.9 -3.0 -25.0 9.1 2.0
EPS, Adj 17.91 -6.09 -47.61 22.11 5.15
Growth %, YoY 66.6 — -682.4 — -76.7
Cash from Operations 885.2 -1,559.2 -3,231.9 1,645.0 4,917.5

Capital Expenditures -5,456.0 -4,813.2 -2,246.9 -3,674.4 -2,930.6
Free Cash Flow -4,570.9 -6,372.4 -5,478.8 -2,029.4 1,986.9
Source: Bloomberg
FY 2013 FY 2015 FY 2016 FY 2017 Current/LTM
09/30/2013 03/31/2015 03/31/2016 03/31/2017 03/31/2017
3,149.2 4,399.5 3,349.5 2,335.3 711.7
234.2 3,887.8 3,142.7 2,550.8 2,550.8
6.2 0.0 0.0 0.0 0.0
24,266.9 32,106.6 32,145.9 31,061.6 31,061.6
27,188.1 32,618.2 32,352.7 30,846.2 29,222.6
— — 8,595.0 7,965.0 7,965.0

— — — -7.3 -7.3
— — — —
— — — —
— — 1,707.9 1,018.7 1,018.7
— — 19.9 12.8 12.8
— — -2,791.1 -4,042.4 -4,042.4
— — -32.5 -50.8 -50.8
— — -32.07 -45.44 -45.44
— — — -41.7 100.0
— — -527.6 980.3 980.3

— — -14.7 -85.1 -85.1
— — -542.3 895.2 895.2
Orchid Pharma Ltd (ORCP IN) - GAAP Highlights
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Total Revenues 9,354.3 12,593.2 12,968.5 13,434.5
Operating Income 1,810.4 2,471.1 1,225.9 7,120.8
Net Income to Common 785.5 1,753.4 -489.9 3,392.5
Basic EPS, GAAP 11.95 26.63 -7.14 48.16
Diluted EPS, GAAP 10.75 17.91 -7.14 38.21
Cash and Equivalents 1,098.1 244.7 455.0 2,261.3

Total Assets 28,910.1 34,842.3 42,339.5 37,735.6
Total Current Liabilities 6,816.4 11,967.9 13,860.4 15,568.4
Total Equity 4,851.0 6,649.8 6,338.0 9,376.6
Shares Out on Balance Sheet 65.8 65.9 70.4 70.4
Cash From Operations -292.2 885.2 -1,559.2 -3,231.9

Cash From Investing -4,773.6 -5,454.2 -4,770.1 14,127.4
Cash From Financing 6,081.9 3,691.6 6,329.5 -7,879.1
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2015 FY 2016 FY 2017
03/31/2011 03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017
17,101.2 17,923.2 — — 8,595.0 7,965.0
2,266.9 2,313.1 — — 255.2 -391.4
1,561.9 974.8 — — -2,791.1 -4,904.9
22.17 13.84 — — -32.07 -55.13
22.17 13.67 — — -32.07 -55.13
70.4 70.4 — — 87.0 89.0
82.6 71.3 — — 87.0 89.0
1,918.3 1,768.0 234.2 3,887.8 3,142.7 2,550.8

15,263.0 13,403.1 11,014.2 12,781.2 12,512.0 8,791.4
39,102.4 39,863.6 46,510.4 40,614.0 38,620.7 33,580.0
19,894.1 15,047.1 32,060.3 11,226.6 13,376.2 15,407.2
28,390.7 28,029.9 42,704.3 37,320.1 38,130.3 37,456.6
10,711.7 11,833.7 3,806.1 3,293.9 490.4 -3,876.7
70.4 70.4 70.5 85.3 89.0 89.0
1,645.0 4,917.5 — — -527.6 980.3

-3,674.4 -2,930.6 — — -14.7 -85.0
899.0 -2,348.6 — — -213.9 -1,474.1
Orchid Pharma Ltd (ORCP IN) - Enterprise Value
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Market Capitalization 10,628.3 5,438.1 10,841.0 21,181.9
- Cash & Equivalents 244.7 455.0 2,261.3 1,918.3
+ Preferred Equity 0.0 0.0 0.0 0.0
+ Minority Interest 0.0 0.0 0.0 19.2
+ Total Debt 19,908.3 17,195.2 10,583.3 20,794.5
Enterprise Value 30,291.9 22,178.4 19,163.0 40,077.4
Total Capital 26,558.1 23,533.2 19,959.9 31,506.2

Total Debt/Total Capital 74.96 73.07 53.02 66.00
Total Debt/EV 0.66 0.78 0.55 0.52
EV/Sales 2.41 1.71 1.43 2.34

EV/EBITDA 8.71 8.64 2.21 11.13
EV/EBIT 12.26 18.09 2.69 17.68
EV/Cash Flow to Firm 29.41 — — 13.37
Diluted Market Cap 15,798.0 6,926.5 13,665.7 24,823.0

Diluted Enterprise Value 35,461.5 23,666.7 21,987.7 43,718.4
Periodic EV to Shares Outstanding 460.01 314.85 272.04 568.94
Reference Items
Trailing 12 Month Values for Ratios
Sales 12,593.2 12,968.5 13,434.5 17,101.2
EBITDA 3,477.9 2,565.9 8,669.8 3,601.9
EBIT 2,471.1 1,225.9 7,120.8 2,266.9
Cash Flow To Firm 1,030.0 — -2,229.5 2,997.3
Free Cash Flow To Firm -4,426.1 — -4,476.4 -677.1
Source: Bloomberg
FY 2012 FY 2013 FY 2015 FY 2016 FY 2017 Current
03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017 08/03/2018
13,017.7 3,149.2 4,399.5 3,349.5 2,335.3 711.7
1,768.0 234.2 3,887.8 3,142.7 2,550.8 2,550.8
0.0 0.0 0.0 0.0 0.0 0.0
28.2 6.2 0.0 0.0 0.0 0.0
20,052.3 24,266.9 32,106.6 32,145.9 31,061.6 31,061.6
31,330.2 27,188.1 32,618.2 32,352.7 30,846.2 29,222.6
31,885.9 28,072.9 35,400.4 32,636.3 27,185.0 27,185.0

62.89 86.44 90.70 98.50 114.26 114.26
0.64 0.89 0.98 0.99 1.01 1.06
1.75 — — 3.76 3.87 3.67

8.14 — — 18.94 30.28 28.69
13.54 — — 126.77 —
— — — — —
13,175.5 — — 3,276.8 2,335.3 711.7

31,488.0 — — 32,280.0 30,846.2 29,222.6
444.77 385.91 382.57 363.66 346.73 346.73
17,923.2 — — 8,595.0 7,965.0 7,965.0

3,850.5 — — 1,707.9 1,018.7 1,018.7
2,313.1 — — 255.2 -391.4 -391.4
— — — — —
— — — — —
Orchid Pharma Ltd (ORCP IN) - Multiples
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
P/E 6.06 — 3.20 13.56
Average 19.98 6.42 3.20 4.83
High 26.34 12.00 3.20 13.56
Low 6.06 2.13 3.20 2.70
P/Book 1.60 0.86 1.16 1.98

Average 3.24 1.69 1.57 1.74
High 4.27 3.17 2.46 2.56
Low 1.51 0.56 0.84 0.98
P/Tangible Book 2.06 1.12 1.33 2.33

Average 4.67 2.18 2.06 2.00
High 6.15 4.08 3.21 2.94
Low 2.06 0.72 1.10 1.12
P/Sales 0.84 0.41 0.81 1.24

Average 1.68 0.89 0.75 1.21
High 2.30 1.79 1.27 1.81
Low 0.74 0.29 0.39 0.67
P/Cash Flow 12.00 — — 12.88

Average 12.00 12.71 — 12.88
High 12.00 23.78 — 12.88
Low 12.00 4.22 — 12.88
P/Free Cash Flow — — — —

Average — — — —
High — — — —
Low — — — —
EV/Sales 2.41 1.71 1.43 2.34

Average 3.34 2.47 2.06 1.83
High 3.87 3.23 2.49 2.40
Low 2.41 1.71 1.43 1.30
EV/EBITDA 8.71 8.64 2.21 11.13

Average 11.74 8.95 10.38 2.87
High 13.61 11.71 12.59 11.13
Low 8.59 6.80 2.21 2.02
EV/EBIT 12.26 18.09 2.69 17.68
Average 17.25 12.62 21.73 3.51
High 20.01 18.09 26.35 17.68
Low 12.26 9.57 2.69 2.45
Price/Share 161.40 77.20 153.90 300.70

High 328.00 343.35 239.40 344.40
Low 106.25 56.25 74.35 128.00
Enterprise Value 30,291.9 22,178.4 19,163.0 40,077.4

Average 31,263.7 31,094.4 26,699.0 24,649.9
High 36,224.6 40,716.1 32,304.4 40,077.3
Low 22,854.7 22,178.4 19,163.0 17,479.5
Source: Bloomberg
03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017 08/03/2018
74.52 — — — —
9.61 37.20 — — —
74.52 77.36 — — —
5.62 14.33 — — —
1.10 0.83 1.34 6.83 —

1.36 0.55 1.15 1.40 6.27
2.12 1.14 1.55 6.83 8.15
0.82 0.21 0.80 0.85 4.35
1.30 1.71 2.40 — —

1.60 0.65 2.37 2.48 —
2.49 1.71 3.19 3.43 —
0.97 0.25 1.65 1.53 —
0.73 — — 0.38 0.29 0.09

0.85 0.36 — 0.38 0.35
1.34 0.76 — 0.39 0.46
0.46 0.14 — 0.37 0.24
2.65 — — — 2.38 0.73

8.85 1.32 — — 2.38
13.75 2.75 — — 2.38
2.65 0.51 — — 2.38
6.55 — — — 2.61 0.80

6.55 3.27 — — 2.61
6.55 6.80 — — 2.61
6.55 1.26 — — 2.61
1.75 — — 3.76 3.87 3.67

1.96 1.38 — 3.76 3.73
2.43 1.78 — 3.76 3.87
1.62 1.16 — 3.76 3.62
8.14 — — 18.94 30.28 28.69

9.29 6.44 — 18.94 18.83
11.53 8.27 — 18.94 30.28
7.68 5.41 — 18.94 18.23
13.54 — — 126.77 —
14.77 10.72 — 126.77 125.70
18.31 13.76 — 126.77 129.31
12.21 9.00 — 126.77 122.01
184.80 44.70 51.60 37.65 26.25 8.00

324.70 194.00 85.45 75.55 45.90 8.25
112.25 34.80 42.20 32.30 23.70 7.60
31,330.2 27,188.1 32,618.2 32,352.7 30,846.2 29,222.6

33,486.7 24,799.1 28,553.3 32,814.3 32,073.7
41,517.9 31,826.8 32,618.2 34,498.3 33,002.1
27,679.5 20,817.1 27,078.9 31,150.1 30,846.2
Orchid Pharma Ltd (ORCP IN) - Stock Value
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Last Price 161.40 77.20 153.90 300.70
Period-over-Period % Change -38.39 -52.17 99.35 95.39
Open Price 260.70 165.00 77.90 155.00
High Price 328.00 343.35 239.40 344.40
Low Price 106.25 56.25 74.35 128.00

Current Shares Outstanding 65.85 70.44 70.44 70.44
Equity Float 65.85 27.36 17.93 36.37
Source: Bloomberg
03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017 08/03/2018
184.80 44.70 51.60 37.65 26.25 8.00
-38.54 -75.81 15.44 -27.03 -30.28
301.60 184.95 44.70 52.05 37.50 8.20
324.70 194.00 85.45 75.55 45.90 8.25
112.25 34.80 42.20 32.30 23.70 7.60
13,017.7 3,149.2 4,399.5 3,349.5 2,335.3 711.7

70.44 70.45 85.26 88.96 88.96 88.96
19.77 23.79 36.97 40.67 56.31 53.95
Orchid Pharma Ltd (ORCP IN) - As Reported
12 Months Ending 03/31/2005 03/31/2006 03/31/2007 03/31/2008
Income Statement
Revenues
Revenues — 9,366.3 9,638.2 13,009.6
Excise Taxes 116.3 153.1 212.6 112.7
Gross Sales 7,339.7 9,519.4 9,850.8 13,122.3
Sundry/Other Operating Income 8.7 12.2 3.6 713.0
Operating Expenses
Salaries Wages and Employee Benefits — — — —
Depreciation and Amortization 637.8 858.2 850.9 1,006.8
Other Operating Expenses — — — —
Other Operating Income — — — —
(Gain)/Loss On Sale of Business — — — —
Change In Merchandise Inventories — — — —
Raw Materials And Consumables Used — — — —
Purchases Of Merchandise — — — —
Depreciation Expense 637.8 — — —
Preliminary Expenses Written Off 0.0 — — —
Cost Of Materials 3,331.2 4,090.0 3,536.4 4,793.2
Total Operating Expenses 2,327.7 2,901.8 3,336.0 4,817.1
Non-Operating Expenses
Foreign Exchange — — — —
Other Non-Operating Income — — -1.1 —
Income Tax Expense (Benefit) — 18.1 17.1 15.9
Income Before Income Taxes 199.9 650.1 925.6 2,285.7
Current Income Tax Expense (Benefit) 19.5 — — 290.9
Deferred Income Tax Expense (Benefit) -40.5 59.0 123.0 225.5
Total Exceptional (Income)/Charges — — — —
Total Financial Costs — — — —
Other Taxes — — — —
Share Profits From Associated Companies — — — —
Interest Expense - Net 735.5 878.4 992.9 820.0
Earnings
Minority/Non Controlling Interest — — — —
Basic EPS 6.79 10.27 11.95 26.63
Diluted EPS 6.45 9.43 10.75 17.91
Basic & Diluted EPS — — — —
Profit After Taxation Before Minority — — — —
Proposed Final Dividend — 220.9 294.1 293.7
Basic EPS From Continuing Operations — — — —
Diluted EPS From Continuing Operations — — — —
Basic & Diluted EPS From Continuing Opera — — — —
Profit Available for Appropriation 356.3 1,103.9 807.1 1,543.3
Corporate Dividend Tax 19.1 31.0 50.0 49.9
Total Cash Common Dividends 136.5 — — —
Net Income 220.9 573.0 785.5 1,753.4
Others
Extraordinary Items
Other Extraordinary Items - Net of Tax — — — —
Reference Items
R & D Expenditures 396.5 522.1 441.8 709.0
Depreciation Expense — — 780.5 931.3
Interest Expense 735.5 878.4 501.5 188.8
Foreign Exchange 12.6 -87.8 -221.8 77.1
(Gain)/Loss On Sale of Assets 5.3 1.7 4.7 1.4
Other One-Time Charges — — — —
Other Revenue — — — —
Other Tax — — — —
Dividends Per Share 4.00 3.00 3.00 3.00
Basic EPS Before XO Items — — — —
Basic EPS 6.79 10.27 11.95 26.63
Weighted Avg. Shares - Basic 32.5 55.8 65.7 65.8
Diluted EPS 6.45 9.43 10.75 17.91
Weighted Avg. Shares - Diluted 34.3 60.8 73.1 97.9
Weighted Avg. Shares - Basic & Diluted — — — —
Dividend Income — — — —
GL On Early Ext of Debt -Non-Op — — — —
Excise Taxes — — 212.6 112.7
Product Revenue — — — —
Pension/Postretirement Benefits Expense — — — —
(Gain)/Loss On Sale of Business — — — —
Communication Expenses — — — —
Auditors Remuneration For Audit 4.0 8.5 16.0 10.9
Change In Merchandise Inventories — — — —
Raw Materials And Consumables Used — — — —
Other Operating Inc - Div Inc (Non-Oper) -2.0 — -1.5 -0.2
Gain On Foreign Exchange — — — —
Total Financial Costs — — — —
Other Auditors Fees (Tax & Consulting) — — — —
Wages And Salaries — — — —
Directors Remuneration — — — —
Bad Debts Written Off — — — —
Rental Expense 2.2 4.1 11.8 11.3
Other Financial Losses — — 491.5 631.2
Proposed Final Dividend — — 294.1 293.7
Retirement Pension And Other Benefits — — — —
Travel Expenses — — — —
Auditor Expense - Audit — — — —
Insurance Claims And Expenses — — — —
(Gain)/Loss Derivative/Hedging Activities — — — —
Basic EPS From Continuing Operations — — — —
Diluted EPS From Continuing Operations — — — —
Other Operating Income - SAGA — — — —
Gross Sales — — 9,515.6 12,678.3
Corporate Dividend Tax — — 50.0 49.9
Expenditure Incurred On R&D: Capital 270.6 326.3 — 257.1
Expenditure Incurred On R&D: Recurring 125.9 195.8 — 451.9
Cost Of Stores And Spares 139.8 217.4 286.1 390.3
Selling Expenses — — — —
Advertising Expenses — — — —
Other Adjustments - Non-GAAP R&D — — — —
Foreign Exchange Earnings 5,340.3 5,214.5 7,304.6 10,497.9
Sales Of Scrap Materials — — 38.2 —
Other Non-Operating Income — — -1.1 —
Other Operating Inc - Int Inc (Non-Oper) -2.4 -1.1 — —
Investment Income — -1.0 — —
Loss/Gain Disposal LT Invest/Subsid/Assoc 0.0 — — —
Other Non-Operating (Income)/Expense - Ne — 63.2 112.6 —
Loss From Sale Of Investments 1.2 — — —
Provision For Doubtful Accounts 22.1 1.5 — —
Revenues — — 9,354.3 12,593.2
Other Operating Income — — 284.0 416.4
Royalty Revenue — — 32.9 86.1
Net Foreign Exchange Loss (Gain) -Realize — — — -712.7
Non-Operating Profit/Loss Disp Fix Asset -2.2 -5.7 -1.0 -0.2
Cost Of Materials 4,174.7 4,090.0 4,405.2 4,405.6
Salaries Wages and Employee Benefits 554.9 696.4 924.5 1,171.4
Provision For Doubtful Debts And Advances — — 48.2 155.2
Interest Expense - Net — 878.4 992.9 820.0
Source: Bloomberg
FY 2009 FY 2010 FY 2011 FY 2012 FY 2016 FY 2017
03/31/2009 03/31/2010 03/31/2011 03/31/2012 03/31/2016 03/31/2017
12,968.5 13,434.5 — — 8,734.4 7,965.0

117.7 87.1 — — — —
13,086.2 13,521.6 17,817.9 18,736.0 — —
— — — — — —
— — 1,647.3 1,764.1 868.1 802.5

1,339.9 1,549.0 1,335.0 1,537.4 1,452.7 1,410.2
5,406.6 6,608.0 3,917.5 4,642.6 2,148.8 2,356.6
860.5 85.9 447.2 561.9 — 191.7
— -10,153.0 — — — —
— — -1,250.6 -557.5 -65.7 266.2
5,856.2 8,395.5 9,570.7 8,976.8 3,705.2 3,408.2
— — 368.8 343.9 370.1 260.2
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — 525.5 —
— — — — -249.1 —
— — — — -172.5 —
-338.2 4,698.3 1,715.7 -45.6 -2,963.6 -4,522.8
0.1 562.5 245.8 13.0 — 0.0
134.9 743.4 -92.0 -233.4 -172.5 -480.4
— — -206.9 838.8 525.5 864.6
1,564.5 2,422.7 1,167.5 1,797.5 2,942.4 3,311.1
16.7 0.0 — — — —
— — — — 0.0 —
— — — — — —
— — — — 0.0 —
-7.14 48.16 — 13.84 -32.07 -55.13
-7.14 38.21 — — -32.07 -55.13
— — 22.17 — — —
— — — — -2,791.1 -4,904.9
91.6 888.0 — — — —
— — — — -32.07 -45.44
— — — — -32.07 -45.44
— — 18.32 2.48 — —
-377.2 3,004.6 — — — —
15.6 147.5 — — — —
— — — — — —
-489.9 3,392.5 1,561.9 974.8 -2,791.1 -4,904.9
— — 0.0 -800.0 0.0 862.6
546.0 544.6 403.2 838.2 316.5 376.0

1,295.0 1,472.4 1,252.0 1,449.4 1,419.5 1,372.1
524.6 1,388.2 1,485.4 1,759.8 2,884.9 3,205.9
159.3 604.2 -734.8 335.1 368.1 287.5
21.1 17.4 -6.5 55.6 — 0.0
1.8 0.5 0.1 0.1 — —
— — — — — 202.7
17.8 21.0 38.9 23.2 13.1 31.2
1.00 10.00 3.00 3.00 — —
— — 22.17 2.48 — —
-7.14 48.16 22.17 — — -55.13
68.6 70.4 70.4 70.4 — —
-7.14 38.21 18.92 13.67 — -55.13
89.7 88.8 82.6 71.3 — —
— — — — — 89.0
— — — — -0.1 —
-673.1 -85.2 — — — —
117.7 87.1 174.6 142.9 105.5 109.3
— — — — 8,700.5 7,871.7
108.3 103.3 123.2 110.0 47.9 45.2
— -10,153.0 — — — —
16.8 14.8 19.5 15.4 7.0 6.0
9.7 9.2 12.8 12.0 — —
724.6 2,730.4 — — — —
6,199.1 5,222.5 — — — —
-0.4 -0.2 -0.3 -0.2 — -0.6
— — -409.1 -277.4 — -43.7
1,564.5 2,422.7 1,167.5 1,797.5 2,942.4 3,311.1
— — — — 9.3 6.6
1,150.0 1,529.7 1,393.0 1,497.0 751.5 691.7
40.1 36.0 99.3 76.0 3.6 1.7
— 325.6 10.4 — — —
19.5 13.4 15.4 20.0 119.6 128.8
1,039.9 1,034.5 -317.9 37.8 57.5 105.1
91.6 888.0 — — — —
116.3 111.8 131.2 157.2 68.7 65.7
383.1 317.6 389.8 442.3 171.8 164.1
8.6 9.2 12.8 12.0 9.3 6.6
121.6 122.1 133.0 180.1 70.3 73.1
393.4 — — — — —
— — — — — -45.44
— — 22.17 2.48 — -45.44
— — -716.7 -812.8 -139.4 —
13,086.2 13,521.6 17,275.8 18,066.2 8,700.5 7,871.7
15.6 147.5 — — — —
81.2 5.8 64.3 144.9 — —
464.8 538.8 338.9 693.3 — —
280.7 293.0 430.0 323.5 292.6 238.9
263.4 264.5 324.3 404.9 12.0 13.9
3.6 1.9 4.2 0.9 0.4 0.3
1.8 0.5 0.1 0.1 — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
Orchid Pharma Ltd (ORCP IN) - Reconciliation
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
EBITDA Reconciliation
EBIT, GAAP 1,225.9 7,120.8 2,266.9 2,313.1
+ Revenue Adjustments 0.0 0.0 0.0 0.0
+ Cost of Revenue Adjustments 0.0 0.0 0.0 0.0
+ Other Op Inc Adjustments -0.3 0.0 -13.2 -0.5
+ SG&A Adjustments 0.0 0.0 0.0 0.0
+ R&D Expense Adjustments 1.8 0.5 0.1 0.1
+ D&A Adjustments 0.0 0.0 0.0 0.0
+ Prov for Doubtful Acct Adj 0.0 0.0 0.0 0.0
+ Other Op Exp Adjustments 21.4 -10,135.7 6.7 56.2
EBIT, Adjusted 1,248.8 -3,014.3 2,260.4 2,369.0
+ Depreciation & Amortization 1,339.9 1,549.0 1,335.0 1,537.4
EBITDA, Adjusted 2,588.8 -1,465.3 3,595.5 3,906.4
EBIT Reconciliation
EBIT, GAAP 1,225.9 7,120.8 2,266.9 2,313.1
+ Disposal of Assets 21.1 17.4 -6.5 55.6
+ Sale of Business — -10,153.0 — —
+ Sale of Investments — — — 0.2
+ Other Abnormal Items 1.8 0.5 0.1 0.1
EBIT, Adjusted 1,248.8 -3,014.3 2,260.4 2,369.0
Pretax Income Reconciliation

Pretax Income (Loss), GAAP -338.2 4,698.3 1,715.7 -45.6
+ Abnormal Derivatives 393.4 — — —
+ Early Extinguishment of Debt -673.1 -85.2 — —
+ Gain/Loss on Sale/Acquisition of Busine — -10,153.0 — —
+ Restructuring Expense — — — 226.3
Pretax Income (Loss), Adjusted -194.9 -5,522.0 1,709.2 236.5
Net Income Reconciliation

Net Inc Avail to Common Sh, GAAP -489.9 3,392.5 1,561.9 974.8
+ Discontinued Operations 0.0 0.0 0.0 0.0
+ XO & Accounting Changes 0.0 0.0 0.0 -800.0
Net Inc Avail to Common Cont -489.9 3,392.5 1,561.9 174.8
+ Sale of Business — -6,702.0 — —
Net Income Avail to Common, Adj -395.3 -3,353.9 1,557.5 365.4
Earnings Per Share Reconciliation

Diluted EPS, GAAP -7.14 38.21 22.17 13.67
+ Discontinued Operations 0.00 0.00 0.00 0.00
+ XO & Accounting Changes 0.00 0.00 0.00 -11.22
Diluted EPS from Cont Ops -7.14 38.21 22.17 2.48
+ Sale of Business — -75.48 — —
Diluted EPS from Cont Ops, Adjusted -6.09 -47.61 22.11 5.15
Source: Bloomberg
FY 2016 FY 2017 Last 12M
03/31/2016 03/31/2017 03/31/2017
255.2 -391.4 -391.4

0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
255.2 -391.5 -391.5
1,452.7 1,410.2 1,410.2
1,707.9 1,018.7 1,018.7
255.2 -391.4 -391.4

— 0.0 0.0
— —
— —
— —
255.2 -391.5 -391.5
-2,963.6 -4,522.8 -4,522.8

— —
— 0.0 0.0
— —
— —
— —
— —
— —
-2,963.6 -4,522.8 -4,522.8
-2,791.1 -4,904.9 -4,904.9

0.0 0.0 0.0
0.0 862.6 862.6
-2,791.1 -4,042.3 -4,042.3
— —
— 0.0 0.0
— —
— —
— —
— —
— —
-2,791.1 -4,042.4 -4,042.4
-32.07 -55.13 -55.13

0.00 0.00 0.00
0.00 9.70 9.70
-32.07 -45.44 -45.44
— —
— 0.00 0.00
— —
— —
— —
— —
— —
-32.07 -45.44 -45.44
Orchid Pharma Ltd (ORCP IN) - SBC & Amort
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Earnings Per Share Reconciliation
Basic EPS Ex-SBC, Adj -5.76 -47.61 22.11 5.19
Diluted EPS Ex-SBC, Adj -6.09 -47.61 22.11 5.15
Basic EPS Ex-Amortization, Adj -5.33 -46.89 22.91 6.03
Diluted EPS Ex-Amortization, Adj -5.76 -47.04 22.79 5.99
Basic EPS Ex-SBC & Amort, Adj -5.33 -46.89 22.91 6.03
Diluted EPS Ex-SBC & Amort, Adj -5.76 -47.04 22.79 5.99
Stock Based Compensation

Pre-Tax 0.0 0.0 0.0 0.0
After-Tax 0.0 0.0 0.0 0.0
Per Basic Share 0.00 0.00 0.00 0.00
Per Diluted Share 0.00 0.00 0.00 0.00
Amortization of Acquisition Related Intangibles

Pre-Tax 44.9 76.6 83.0 87.9
After-Tax 29.7 50.6 56.1 59.4
Per Basic Share 0.43 0.72 0.80 0.84
Amortization of Total Intangibles

Pre-Tax 44.9 76.6 83.0 87.9
After-Tax 29.7 50.6 56.1 59.4
Per Basic Share 0.43 0.72 0.80 0.84
Source: Bloomberg
FY 2016 FY 2017 Last 12M
03/31/2016 03/31/2017 03/31/2017
-32.07 -45.44 -45.44

-32.07 -45.44 -45.44
-31.82 -45.14 -45.14
-31.82 -45.14 -45.14
-31.82 -45.14 -45.14
-31.82 -45.14 -45.14
0.0 0.0 0.0

0.0 0.0 0.0
0.00 0.00 0.00
0.00 0.00 0.00
33.1 38.1 38.1

21.7 26.6 26.6
0.25 0.30 0.30
0.25 0.30 0.30
33.1 38.1 38.1

21.7 26.6 26.6
0.25 0.30 0.30
0.25 0.30 0.30
Orchid Pharma Ltd (ORCP IN) - Adj %
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Revenue 9,354.3 12,593.2 12,968.5 13,434.5
+ Sales & Services Revenue — — 100.0 100.0
- Operating Expenses 83.7 83.7 97.0 123.1
+ Depreciation & Amortization — — 10.3 11.5
+ Other Operating Expense — — 81.0 105.6
Operating Income (Loss) 19.4 19.6 9.6 -22.4
- Non-Operating (Income) Loss — — 11.1 18.7
+ Interest Expense 5.4 1.5 4.0 10.3
+ Other Investment (Inc) Loss — — 0.0 0.0
+ Other Non-Op (Income) Loss — — 5.9 3.8
Pretax Income (Loss), Adjusted 9.9 18.1 -1.5 -41.1
- Abnormal Losses (Gains) 0.0 0.0 1.1 -76.1
+ Abnormal Derivatives — — 3.0 —
+ Disposal of Assets — — 0.2 0.1
+ Early Extinguishment of Debt — — -5.2 -0.6
+ Gain/Loss on Sale/Acquisition of Busin — — — -75.6
+ Restructuring — — — —
+ Sale of Investments — — — —
+ Other Abnormal Items — — 3.1 0.0
Pretax Income (Loss), GAAP 9.9 18.1 -2.6 35.0
- Income Tax Expense (Benefit) 1.5 4.2 1.2 9.7
Income (Loss) from Cont Ops 8.4 13.9 -3.8 25.3
Income (Loss) Incl. MI 8.4 13.9 -3.8 25.3
Net Income, GAAP 8.4 13.9 -3.8 25.3
Net Income Avail to Common, GAAP 8.4 13.9 -3.8 25.3
Net Abnormal Losses (Gains) — — 0.7 -50.2


Basic EPS, GAAP 0.1 0.2 -0.1 0.4
Basic EPS from Cont Ops, Adjusted 0.1 0.2 0.0 -0.4

Diluted EPS, GAAP 0.1 0.1 -0.1 0.3
Diluted EPS from Cont Ops, Adjusted 0.1 0.1 0.0 -0.4
Reference Items
EBITDA 28.5 27.6 20.0 -10.9
EBITDA Margin (T12M) 0.3 0.2 0.2 -0.1
EBITA 20.1 20.2 10.0 -21.9
EBIT 19.4 19.6 9.6 -22.4
Operating Margin 0.2 0.2 0.1 -0.2
Profit Margin 0.1 0.1 0.0 -0.2
Sales per Employee 30,646.6 — 24,752.5 27,027.0
Personnel Expenses 9.9 9.3 10.6 13.0
Export Sales 78.1 83.4 — —
Depreciation Expense 8.3 7.4 10.0 11.0
Source: Bloomberg
03/31/2011 03/31/2012 03/31/2015 03/31/2016 03/31/2017 03/31/2017
17,101.2 17,923.2 — 8,595.0 7,965.0 7,965.0
100.0 100.0 — 100.0 97.5 97.5
— — — — 2.5 2.5
4.3 6.1 — 1.6 1.8 1.8
91.1 92.9 — 98.7 106.8 106.8
1.9 2.3 — 0.1 0.2 0.2
2.0 3.9 — 3.7 4.7 4.7
7.8 8.6 — 16.9 17.7 17.7
— — — — —
79.4 78.2 — 77.9 84.2 84.2
13.2 13.2 — 3.0 -4.9 -4.9
3.2 11.9 — 37.5 51.9 51.9
— — — — —
8.7 9.8 — 33.6 40.3 40.3
— — — — —
0.0 0.0 — 0.0 0.0 0.0
-6.7 0.3 — 4.3 3.1 3.1
1.2 1.8 — -0.4 8.6 8.6
10.0 1.3 — -34.5 -56.8 -56.8
0.0 1.6 — 0.0 0.0 0.0
— — — — —
0.0 0.3 — — 0.0 0.0
— — — — —
— — — — —
— 1.3 — — —
— 0.0 — — —
0.0 0.0 — — —
10.0 -0.3 — -34.5 -56.8 -56.8
0.9 -1.2 — -2.0 -6.0 -6.0
1.4 0.1 — 0.0 0.0 0.0
-0.5 -1.3 — -2.0 -6.0 -6.0
— — — — —
9.1 1.0 — -32.5 -50.8 -50.8
0.0 -4.5 — 0.0 10.8 10.8
0.0 0.0 — 0.0 0.0 0.0
0.0 -4.5 — 0.0 10.8 10.8
9.1 5.4 — -32.5 -61.6 -61.6
— — — 0.0 0.0 0.0
9.1 5.4 — -32.5 -61.6 -61.6
0.0 0.0 — 0.0 0.0 0.0
0.0 0.0 — 0.0 0.0 0.0
9.1 5.4 — -32.5 -61.6 -61.6
0.0 1.1 — 0.0 0.0 0.0

0.0 -4.5 — 0.0 10.8 10.8
0.4 0.4 — 1.0 1.1 1.1

0.1 0.1 — -0.4 -0.7 -0.7
0.1 0.0 — -0.4 -0.6 -0.6
0.1 0.0 — -0.4 -0.6 -0.6
0.5 0.4 — 1.0 1.1 1.1

0.1 0.1 — -0.4 -0.7 -0.7
0.1 0.0 — -0.4 -0.6 -0.6
0.1 0.0 — -0.4 -0.6 -0.6

21.0 21.8 — 19.9 12.8 12.8
0.1 0.1 — 0.2 0.2 0.2
13.7 13.7 — 3.4 -4.4 -4.4
13.2 13.2 — 3.0 -4.9 -4.9
0.1 0.1 — 0.0 -0.1 -0.1
0.1 0.0 — -0.4 -0.6 -0.6
22,222.2 22,446.7 — — —
0.0 0.0 — 0.0 0.0 0.0
1.2 1.2 — 0.0 0.0 0.0
9.6 9.8 — 10.1 10.1 10.1
— — — — —
7.3 8.1 — 16.5 17.2 17.2
0.1 0.1 — 1.4 1.6 1.6
Orchid Pharma Ltd (ORCP IN) - GAAP %
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Revenue 9,354.3 12,593.2 12,968.5 13,434.5
+ Sales & Services Revenue — — 100.0 100.0
- Operating Expenses 83.7 83.7 97.2 47.6
+ Depreciation & Amortization — — 10.3 11.5
+ Other Operating Expense — — 81.2 30.1
Operating Income (Loss) 19.4 19.6 9.5 53.0
- Non-Operating (Income) Loss 9.5 1.5 12.1 18.0
+ Interest Expense 5.4 1.5 4.0 10.3
+ Other Investment (Inc) Loss — — 0.0 0.0
+ Other Non-Op (Income) Loss 6.5 5.0 6.8 3.2
Pretax Income 9.9 18.1 -2.6 35.0
- Income Tax Expense (Benefit) 1.5 4.2 1.2 9.7
Income (Loss) from Cont Ops 8.4 13.9 -3.8 25.3
Income (Loss) Incl. MI 8.4 13.9 -3.8 25.3
Net Income, GAAP 8.4 13.9 -3.8 25.3
Net Income Avail to Common, GAAP 8.4 13.9 -3.8 25.3
Net Abnormal Losses (Gains) — — 0.7 -50.2


Basic EPS, GAAP 0.1 0.2 -0.1 0.4
Basic EPS from Cont Ops, Adjusted 0.1 0.2 0.0 -0.4

Diluted EPS, GAAP 0.1 0.1 -0.1 0.3
Diluted EPS from Cont Ops, Adjusted 0.1 0.1 0.0 -0.4
Reference Items
EBITDA 28.5 27.6 19.8 64.5
EBITDA Margin (T12M) 0.3 0.2 0.2 0.5
EBITA 20.1 20.2 9.8 53.6
EBIT 19.4 19.6 9.5 53.0
Profit Margin 0.1 0.1 0.0 0.2
Sales per Employee 30,646.6 — 24,752.5 27,027.0
Personnel Expenses 9.9 9.3 10.6 13.0
Export Sales 78.1 83.4 — —
Depreciation Expense 8.3 7.4 10.0 11.0
Source: Bloomberg
03/31/2011 03/31/2012 03/31/2015 03/31/2016 03/31/2017 03/31/2017
17,101.2 17,923.2 — 8,595.0 7,965.0 7,965.0
100.0 100.0 — 100.0 97.5 97.5
— — — — 2.5 2.5
4.4 6.1 — 1.6 1.8 1.8
91.2 93.2 — 98.7 106.8 106.8
1.9 2.3 — 0.1 0.2 0.2
2.0 3.9 — 3.7 4.7 4.7
7.8 8.6 — 16.9 17.7 17.7
— — — — —
79.4 78.5 — 77.9 84.2 84.2
13.3 12.9 — 3.0 -4.9 -4.9
3.2 13.2 — 37.5 51.9 51.9
— — — — —
8.7 9.8 — 33.6 40.3 40.3
— — — — —
0.0 0.0 — 0.0 0.0 0.0
-6.7 0.3 — 4.3 3.1 3.1
1.2 3.0 — -0.4 8.6 8.6
10.0 -0.3 — -34.5 -56.8 -56.8
0.9 -1.2 — -2.0 -6.0 -6.0
1.4 0.1 — 0.0 0.0 0.0
-0.5 -1.3 — -2.0 -6.0 -6.0
— — — — —
9.1 1.0 — -32.5 -50.8 -50.8
0.0 -4.5 — 0.0 10.8 10.8
0.0 0.0 — 0.0 0.0 0.0
0.0 -4.5 — 0.0 10.8 10.8
9.1 5.4 — -32.5 -61.6 -61.6
— — — 0.0 0.0 0.0
9.1 5.4 — -32.5 -61.6 -61.6
0.0 0.0 — 0.0 0.0 0.0
0.0 0.0 — 0.0 0.0 0.0
9.1 5.4 — -32.5 -61.6 -61.6
0.0 1.1 — 0.0 0.0 0.0

0.0 -4.5 — 0.0 10.8 10.8
0.4 0.4 — 1.0 1.1 1.1

0.1 0.1 — -0.4 -0.7 -0.7
0.1 0.0 — -0.4 -0.6 -0.6
0.1 0.0 — -0.4 -0.6 -0.6
0.5 0.4 — 1.0 1.1 1.1

0.1 0.1 — -0.4 -0.7 -0.7
0.1 0.0 — -0.4 -0.6 -0.6
0.1 0.0 — -0.4 -0.6 -0.6

21.1 21.5 — 19.9 12.8 12.8
0.1 0.1 — 0.2 0.2 0.2
13.7 13.4 — 3.4 -4.4 -4.4
13.3 12.9 — 3.0 -4.9 -4.9
0.1 0.1 — 0.0 -0.1 -0.1
0.1 0.0 — -0.4 -0.8 -0.8
22,222.2 22,446.7 — — —
0.0 0.0 — 0.0 0.0 0.0
1.2 1.2 — 0.0 0.0 0.0
9.6 9.8 — 10.1 10.1 10.1
— — — — —
7.3 8.1 — 16.5 17.2 17.2
0.1 0.1 — 1.4 1.6 1.6
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Balance Sheet
Stockholder Equity
Minority/Non Controlling Int (Stckhldrs Eqty) — — — —
Total Reserve 4,192.8 5,991.3 5,633.6 8,672.2
Total Share Capital 658.2 658.5 704.4 704.4
Total Shareholders Equity Excluding Minorit — — — —
Shareholder Equity And Long Term Liabilitie 22,262.7 27,504.3 33,781.2 28,017.3
Deposits On Subscription Of Common Stoc 0.1 — — —
Non Current Liabilities
Total Noncurrent Liabilities — — — —
Long Term Debt 7,065.6 9,795.6 17,141.1 10,359.1
Deferred Income Taxes (Liabilities) 923.6 1,149.1 — —
Other Noncurrent Liabilities — — 9,017.4 6,253.6
Deferred Tax Liabilities (Long-Term) — — 1,284.7 2,028.0
Total Current Liabilities 6,647.5 7,338.0 — —
Net Current Assets 5,677.4 5,895.4 7,395.3 7,286.8
Other Provisions For Liabilities And Charges — — — —
Provisions For Liabilities And Charges & Ot — — — —
Total Assets Less Current Liabilities 22,262.7 27,504.3 33,781.2 28,017.3
Other Liabilities That Are LT Borrowings — — — —
Interest Bearing Liabilities (Noncurrent) 9,422.5 9,909.8 — —
Noncurrent Assets
Long Term Investments 0.8 8.1 8.1 8.1
Construction In Progress 5,530.4 3,835.5 — —
Accumulated Depreciation 4,579.8 5,581.7 6,881.6 7,413.2
Property Plant & Equipment - Net 11,054.0 15,399.5 20,075.1 16,033.1
Total Intangible Assets - Net — — — —
Other Intangible Assets — — — —
Long-Term Loans And Other Debtors — — — —
Construction In Progress-Net — — 3,890.7 2,518.8
Total Fixed Assets & Materials 15,633.8 20,981.2 26,956.6 23,446.3
Current Assets
Cash and Equivalents 1,189.2 310.4 525.1 3,351.6
Accounts Receivable - Trade 3,831.6 5,379.4 6,725.4 7,369.8
Inventories 6,116.1 6,491.5 7,682.5 4,226.4
Prepaid Expenses and Other 1.5 1.3 — —
Other Current Assets — — 1,020.6 2,057.3
Short-Term Loans 1,186.3 1,050.8 — —
Prepayment/Advance — — — —
Current Liabilities
Other Noncurrent Assets — 2,365.7 2,412.1 2,170.4
Accounts Payable - Trade 1,763.8 2,759.5 — —
Short-Term Borrowings — — — —
Other Current Liabilities — — 8,558.3 6,119.9
Total Assets — — — —
Total Liabilities and Shareholders Equity — — — —
Total Non-Current Assets — — — —
Short-Term Provisions — — — 3,598.4
Trade Payable And Other Payables — — — —
Reference Items
Accounts Receivable - Trade — — — —
Prepaid Expenses (ST) — — — —
Restricted Cash (ST) 5.2 5.3 70.1 1,090.3
Other Current Assets — — 410.1 321.3
Long Term Investments — — — —
Land — — — —
Buildings 1,678.8 2,416.6 4,032.9 3,082.8
Furniture/Machinery/Equipment — — 198.5 164.6
Property Plant & Equipment - Gross 11,850.3 16,028.5 — —
Accumulated Depreciation 4,265.4 5,191.8 6,446.7 6,992.3
Other Intangible Assets 1,394.8 502.5 472.4 226.4
Goodwill — 948.2 948.2 948.2
Patents/Trademarks/Copyrights 89.5 44.3 72.8 56.8
Other Noncurrent Assets — — — —
Accounts Payable - Trade 1,763.8 2,759.5 — —
Current Portion of Long-Term Debt — — 5,302.1 5,850.1
Short-Term Capital Lease Obligations — — — —
Accrued Compensation/Postretirement Obli — — 523.1 1,362.2
Interest Accrued/Payable — — — —
Dividends Accrued/Payable — — 97.1 893.1
Other Current Liabilities — — 3,686.1 2,932.6
Notes Payable (LT) — — 191.0 —
Long Term Capital Lease Obligations — — — —
Other Noncurrent Liabilities — — — —
Common Stock — — — —
Additional Paid In Capital 2,163.5 2,478.0 3,311.7 4,103.2
Retained Earnings (Accumulated Deficit) 294.5 633.7 -103.8 79.0
Other Equity -12.9 -7.0 65.0 129.2
Par Value 10.00 10.00 10.00 10.00
Raw Materials 1,146.6 1,167.0 1,643.6 1,022.7
Work In Progress 3,716.6 3,674.9 4,372.1 1,836.4
Finished Goods 802.4 1,093.1 1,146.5 954.7
Income Taxes Accrued/Payable — — 335.5 1,200.8
Shares Issued — — — —
Other Inventory 117.7 111.6 112.9 105.5
Deferred Tax Liabilities (LT) — — — —
Allowance For Doubtful Accounts 166.2 166.6 161.5 0.0
Capitalized Software - Net — — — —
Total Shareholders Equity — — — —
Other Short-Term Borrowings — — 5,302.1 5,850.1
Unsecured Debt — — 54.1 224.2
Cash and Due From Banks — — 453.9 2,260.4
Short-Term Investments — — — —
Customer Deposits/Advances (ST) — — — —
ST Borrowings And Current Portion -LT Deb 168.9 4,629.9 — —
Other Receivables (ST) — — 113.3 97.7
Other Reserves — — — —
Cumulative Translation Adjustment — — — —
% Of Foreign Shareholders 38.22 23.00 11.81 11.64
Authorized Capital 1,000.0 1,000.0 — —
Bank Loans - Noncurrent — — 11,632.6 4,358.6
Capital Redemption Reserve — — — —
Capital Reserve 80.6 80.6 89.5 89.5
Total Contingent Payable 3,136.0 3,847.8 3,650.2 2,846.2
Margin Deposits 86.0 60.4 — —
Investment - Cost Method — — — 0.0
Options Outstanding End Period — — — —
Other Creditors (ST) — — 3,846.8 2,957.9
Other Long-Term Loans/Borrowings — — 15.4 150.4
Other Provisions For Liabilities & Charges — — — —
Other Reserve — — — —
Other Short-Term Loans/Borrowings — — — —
Trade Receivables-Gross — — 6,886.9 7,369.8
Total Number Of Shareholders 53,060.00 68,542.00 58,243.00 69,229.00
Shares Authorized 100.0 100.0 100.0 100.0
Prepayment/Advance — — 497.2 569.3
Cash on Hand — — 1.0 0.8
Spares And Consumables 207.3 289.8 255.8 236.0
Employee Entitlements - Noncurrent — — — —
General Reserves 1,667.1 2,806.0 — —
Equity Investments Associates/Affiliates — — — 8.1
Land - Net 159.2 318.0 — —
Leasehold Rights 82.4 258.2 — —
Packaging Material — 155.2 151.6 71.1
Subscribed Capital — — — —
Other Tax Payable — — 15.6 147.5
Plant Machinery And Equipment - Gross — — 20,153.7 17,957.1
Due To Banks (ST) — — — —
Other Provisions - Current — — — 0.0
Outstanding Acceptance 112.5 202.8 54.1 224.2
Secured Interest Bearing Liabilities — — 17,141.1 10,359.1
Borrow & Deposits - From Finl Institutions 21.1 189.6 — —
Pension/Postretirement Provisions ST — — — —
Pension/Postretirement Provisions LT — — — —
Common Stock & Subscribed Stock 658.2 658.5 704.4 704.4
Freehold Land - Gross — — 318.0 318.0
Leasehold Land - Gross — — 259.3 210.0
Foreign Loans (Other Loans) — — — —
Tech Know-How/Intellectual Property Right — — — —
Hedging Reserve — — 2,271.2 4,271.2
Cash Equivalents — — — —
Tools Furniture And Fixtures — — — —
Motor Vehicles - Gross — — 66.0 61.6
Short Term Loan (Secured) — — — —
Short Term Loan (Unsecured) — — — —
Long Term Loan (Secured) — — — —
Other Gross Fixed Assets 64.3 75.0 — —
Fixed Deposits 0.1 71.4 — —
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2015 FY 2016 FY 2017
03/31/2011 03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017
19.2 28.2 6.2 0.0 — —

9,988.0 11,101.0 3,095.3 2,441.2 -399.2 -4,766.3
704.4 704.4 704.5 852.6 889.6 889.6
— — 3,799.9 3,293.9 — —
— — — — — —
— — — — — —
— — 10,644.0 26,093.5 24,754.1 22,049.5

6,040.6 10,741.5 — — 23,775.4 21,567.8
— — 1,573.7 1,112.1 — —
423.5 463.4 — — — —
1,936.0 1,700.7 — — 941.4 461.0
— — 32,060.3 11,226.6 13,376.2 15,407.2
— — — — — —
— — 52.4 41.8 — —
96.4 77.2 311.7 522.3 37.3 20.7
— — — — — —
— — 9,017.9 24,939.5 — —
— — — — — —
8.1 8.1 9.5 8.1 8.1 9.6

— — 3,322.1 2,665.0 — —
— — — — — —
16,911.7 20,173.9 24,442.8 16,640.1 15,125.1 13,760.3
— — 1,392.9 1,311.9 — —
612.1 798.4 282.1 150.1 1,393.3 1,348.3
— — 5,115.8 5,801.4 5,658.2 5,595.6
3,216.6 3,289.1 — — 2,653.9 2,740.0
— — — — — —
2,010.8 1,786.0 234.2 3,905.7 3,149.4 2,570.6

5,134.8 1,132.4 1,790.6 2,565.7 3,100.7 2,030.0
6,176.3 6,687.3 5,062.4 2,519.3 2,418.5 2,112.5
— — — 1,050.0 — —
1,941.1 3,797.5 — — 1,050.0 0.0
— — 3,926.9 2,740.6 — —
— — — — 2,793.3 2,078.2
— — 11,014.2 12,781.2 12,512.0 8,791.4
3,090.8 2,191.0 931.0 1,256.1 1,270.1 1,334.9
3,351.6 4,006.6 5,974.0 3,111.5 3,742.7 —
10,052.3 6,470.6 15,248.9 6,466.4 6,337.9 5,995.2
4,898.6 4,069.6 10,525.7 1,126.4 2,853.4 4,762.4
— — 46,510.4 40,614.0 38,620.7 33,580.0
— — 46,510.4 40,614.0 38,620.7 33,580.0
— — 35,496.2 27,832.7 26,108.7 24,788.6
1,591.6 500.3 — — 442.2 404.4
— — 5,974.0 3,111.5 3,742.7 4,245.2
— — 1,790.6 2,565.7 — —
92.6 160.8 — — 117.2 94.6
92.5 18.0 0.0 6.8 6.7 19.9
336.5 438.6 — — 1,318.8 301.4
— — 9.5 8.1 0.8 0.8
— — — — 260.9 260.9
3,217.7 3,680.8 3,888.0 2,245.9 2,265.0 2,265.0
175.8 199.9 — — — —
— — 30,947.8 25,069.8 — —
8,009.4 9,367.0 10,975.1 11,126.8 12,734.3 14,099.7
406.1 624.4 282.1 461.2 422.5 397.5
986.1 986.1 948.2 948.2 1,006.1 1,006.1
111.2 92.9 58.2 — 16.2 —
— — — — 1,263.4 1,315.0
— — 5,974.0 3,111.5 8.3 8.4
9,852.7 2,840.1 — — 2,032.6 3,498.6
2.6 0.1 — — — —
1,294.4 251.7 — — 442.2 404.4
0.0 32.5 — 204.4 497.1 965.8
263.4 221.8 — 6.8 5.8 5.4
43.6 43.9 — — 67.5 53.4
— — — — — —
0.1 0.0 — — — —
423.5 463.4 — — — —
— — — 852.6 889.6 889.6
4,132.1 3,906.6 3,908.2 4,497.5 4,644.8 4,644.8
-204.2 -485.8 -6,471.0 -7,393.9 -10,185.1 -15,090.0
199.4 319.2 — — -1,036.5 -549.9
70.4 70.4 70.5 85.3 89.0 89.0
10.00 10.00 10.00 10.00 10.00 10.00
1,471.5 1,270.6 870.5 680.6 508.3 537.6
2,892.0 3,250.2 2,856.9 885.5 724.8 738.3
1,296.4 1,634.5 841.1 606.4 832.7 553.0
— — — — — —
— — 70.5 — — —
129.8 136.0 105.0 98.2 102.1 15.2
— — — — 941.4 461.0
— — — — — —
94.8 81.1 67.8 52.6 6.4 2.5
— — — — 490.4 -3,876.7
14,751.3 9,310.7 — — 7,720.5 9,093.8
— — — — 3,423.0 4,477.8
1,917.0 1,766.6 — — — —
— — 3,926.9 — — —
145.7 1,145.1 — — 250.4 239.3
— — 9,873.8 — — —
— — — — — —
— — — — 38,620.7 33,580.0
— — — -943.0 — —
— — -1,702.9 -1,080.4 -1,015.3 —
18.76 18.52 — 5.93 5.94 5.94
— — 1,500.0 1,500.0 — —
-1,434.7 10,741.5 — — 23,775.4 21,567.8
— — — 900.4 900.4 900.4
89.5 989.9 989.9 89.5 89.5 89.5
3,224.5 5,308.2 — — — —
— — — 11.0 — —
0.0 0.0 — — — —
— — — 0.1 0.1 0.0
— — — — 3,734.4 4,236.8
7,475.2 0.0 — — — —
0.0 0.0 — — 0.0 0.0
— — — — — -964.2
— — — 700.6 — —
5,134.8 1,132.4 1,790.6 2,565.7 3,100.7 2,030.0
62,435.00 72,176.00 — 82,967.00 86,724.00 89,706.00
100.0 150.0 150.0 150.0 150.0 150.0
1,505.7 3,191.0 — — 2,407.4 1,682.2
1.3 1.3 4.4 2.1 1.0 0.5
295.7 298.4 297.9 183.5 184.7 188.6
96.4 77.2 — — 37.3 20.7
5,771.2 6,371.2 6,371.2 6,371.2 6,203.0 6,203.0
8.1 8.1 1.4 0.0 7.3 8.8
— — 311.1 260.9 — —
— — 33.2 6.1 — —
90.9 97.5 90.9 65.2 65.8 79.8
— — 704.5 — — —
41.5 34.7 — — — —
20,123.9 24,261.2 — — 25,085.3 25,085.8
— — — — 650.0 400.0
0.0 0.0 — — 0.0 0.0
— — — — — —
20,794.5 20,052.3 — — 28,722.9 26,583.9
— — — 657.2 — —
— — — 121.8 41.6 51.8
— — — 41.8 — —
704.4 704.4 704.5 — — —
325.9 326.8 — — — —
33.2 33.2 — — 6.1 6.1
— — — 7,803.9 — —
— — 318.7 — — —
— — — — — —
— — 229.8 3,885.8 3,141.7 2,550.3
— — 195.3 161.7 161.8 161.8
58.6 52.7 42.5 22.6 22.6 22.6
— — — 4,909.2 — —
— — — 1,557.2 — —
— — — 24,939.5 — —
— — — — — —
— — — — — —
Orchid Pharma Ltd (ORCP IN) - Common Size
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Total Assets 28,910.1 34,842.3 42,339.5 37,735.6
Total Assets
+ Cash, Cash Equivalents & STI 3.8 0.7 1.1 6.0
+ Cash & Cash Equivalents 3.8 0.5 1.1 6.0
+ ST Investments 0.0 0.2 0.0 0.0
+ Accounts & Notes Receiv 13.3 15.4 15.9 19.5
+ Accounts Receivable, Net 13.3 15.4 15.9 19.5
+ Notes Receivable, Net — — 0.0 0.0
+ Inventories 21.2 18.6 18.1 11.2
+ Raw Materials 4.0 3.3 3.9 2.7
+ Work In Process 12.9 10.5 10.3 4.9
+ Finished Goods 2.8 3.1 2.7 2.5
+ Other Inventory 1.6 1.6 1.2 1.1
+ Other ST Assets 4.4 3.2 2.6 8.3
+ Prepaid Expenses — — 1.2 4.3
+ Derivative & Hedging Assets — — — 0.0
+ Misc ST Assets — — 1.4 4.0
Total Current Assets 42.6 38.0 37.7 45.1
+ Property, Plant & Equip, Net 52.2 50.9 53.1 45.9
+ Property, Plant & Equip 67.0 65.8 68.3 64.4
- Accumulated Depreciation 14.8 14.9 15.2 18.5
+ LT Investments & Receivables 0.0 0.0 0.0 0.0
+ LT Investments — — 0.0 0.0
+ Other LT Assets 5.1 11.1 9.2 9.0
+ Total Intangible Assets 5.1 4.3 3.5 3.3
+ Goodwill — — 2.2 2.5
+ Other Intangible Assets — — 1.3 0.8
+ Derivative & Hedging Assets — — — —
+ Investments in Affiliates — — 0.0 0.0
+ Misc LT Assets 0.0 6.8 5.7 5.8
Total Noncurrent Assets 57.4 62.0 62.3 54.9
Total Assets 100.0 100.0 100.0 100.0
Liabilities & Shareholders' Equity

+ Payables & Accruals 6.1 7.9 11.4 17.4
+ Accounts Payable 6.1 7.9 — —
+ Accrued Taxes — — 0.8 3.6
+ Interest & Dividends Payable — — 0.2 2.4
+ Other Payables & Accruals — — 10.3 11.4
+ ST Debt 1.0 13.9 12.7 16.1
+ ST Borrowings — — 0.1 0.6
+ ST Capital Leases — — 0.0 0.0
+ Current Portion of LT Debt — — 12.5 15.5
+ Other ST Liabilities 16.5 12.6 8.7 7.8
+ Misc ST Liabilities 16.5 12.6 8.7 7.8
Total Current Liabilities 23.6 34.3 32.7 41.3
+ LT Debt 56.4 43.3 28.0 11.9
+ LT Borrowings — — 28.0 11.9
+ LT Capital Leases — — 0.0 0.0
+ Other LT Liabilities 3.2 3.3 24.3 21.9
+ Accrued Liabilities — — 0.0 0.0
+ Pension Liabilities — — 0.0 0.0
+ Pensions — — 0.0 0.0
+ Other Post-Ret Benefits — — 0.0 0.0
+ Deferred Compensation — — — —
+ Deferred Tax Liabilities — — 3.0 5.4
+ Misc LT Liabilities 3.2 3.3 21.3 16.6
Total Noncurrent Liabilities 59.6 46.6 52.3 33.9
Total Liabilities 83.2 80.9 85.0 75.2
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 9.8 9.0 9.5 12.7
+ Common Stock — — 1.7 1.9
+ Additional Paid in Capital — — 7.8 10.9
- Treasury Stock 0.0 0.0 0.0 0.0
+ Retained Earnings 1.0 1.8 -0.2 0.2
+ Other Equity 6.0 8.3 5.7 11.9
Equity Before Minority Interest 16.8 19.1 15.0 24.8
+ Minority/Non Controlling Interest 0.0 0.0 0.0 0.0
Total Equity 16.8 19.1 15.0 24.8
Total Liabilities & Equity 100.0 100.0 100.0 100.0
Reference Items
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations — — — —
Future Minimum Operating Lease Obligation — — 0.0 0.0
Capital Leases - Total — — 0.0 0.0
Percent Of Foreign Ownership 0.1 0.1 0.0 0.0
Number Of Shareholders 53,060.0 68,542.0 58,243.0 69,229.0
Options Granted During Period — — 0.0 0.0
Options Outstanding at Period End — — 0.0 0.0
Net Debt 53.6 56.4 39.5 22.1
Net Debt to Equity 1.1 0.8 0.6 0.2
Tangible Common Equity Ratio 0.0 0.0 0.0 0.1
Current Ratio 0.0 0.0 0.0 0.0
Number of Employees 3,263.0 — 4,040.0 3,700.0
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2015 FY 2016 FY 2017
03/31/2011 03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017
39,102.4 39,863.6 46,510.4 40,614.0 38,620.7 33,580.0
4.9 4.4 0.5 9.6 8.1 7.6

4.9 4.4 0.5 9.6 8.1 7.6
0.0 0.0 0.0 0.0 0.0 0.0
13.1 2.8 3.8 6.3 8.0 6.0
13.1 2.8 3.8 6.3 8.0 6.0
0.0 0.0 — — 0.0 0.0
15.8 16.8 10.9 6.2 6.3 6.3
3.8 3.2 1.9 1.7 1.3 1.6
7.4 8.2 6.1 2.2 1.9 2.2
3.3 4.1 1.8 1.5 2.2 1.6
1.3 1.3 1.1 0.9 0.9 0.8
5.2 9.6 8.4 9.4 10.0 6.2
4.1 8.4 — — 6.5 5.3
0.0 0.0 — — 0.0 0.0
1.1 1.2 — — 3.4 1.0
39.0 33.6 23.7 31.5 32.4 26.2
49.0 56.4 59.7 47.5 45.9 49.0
69.4 79.9 83.3 74.9 78.9 91.0
20.5 23.5 23.6 27.4 33.0 42.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 — — 0.0 0.0
12.0 10.0 16.6 21.0 21.7 24.9
4.1 4.5 4.2 3.6 3.8 4.2
2.5 2.5 2.0 2.3 2.6 3.0
1.6 2.0 2.2 1.3 1.2 1.2
0.0 0.0 — — 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
7.9 5.5 12.4 17.4 17.9 20.6
61.0 66.4 76.3 68.5 67.6 73.8
100.0 100.0 100.0 100.0 100.0 100.0
12.7 11.4 12.8 7.7 12.1 16.7

8.6 10.1 12.8 7.7 0.0 0.0
0.1 0.1 — — — —
0.7 0.6 — — 1.3 2.9
3.3 0.6 — — 10.8 13.8
37.7 23.4 32.8 17.6 21.7 28.3
12.5 16.2 — 17.6 16.4 17.9
0.0 0.0 — 0.0 0.0 0.0
25.2 7.1 — — 5.3 10.4
0.5 3.0 23.3 2.3 0.8 0.9
0.0 0.0 — — 0.0 0.0
0.0 0.0 — — 0.0 0.0
0.5 3.0 23.3 2.3 0.8 0.9
50.9 37.7 68.9 27.6 34.6 45.9
15.4 26.9 19.4 61.4 61.6 64.2
15.4 26.9 — 61.4 61.6 64.2
0.0 0.0 — 0.0 0.0 0.0
6.3 5.6 3.5 2.8 2.5 1.4
0.0 0.0 — — 0.0 0.0
0.0 0.0 — — 0.0 0.0
0.0 0.0 — — 0.0 0.0
0.0 0.0 — — 0.0 0.0
0.2 0.2 — — 0.1 0.1
0.0 0.0 — — — —
5.0 4.3 — — 2.4 1.4
0.0 0.0 — — 0.0 0.0
1.1 1.2 3.5 2.8 0.0 0.0
21.7 32.6 22.9 64.2 64.1 65.7
72.6 70.3 91.8 91.9 98.7 111.5
0.0 0.0 0.0 0.0 0.0 0.0
12.4 11.6 9.9 13.2 14.3 16.5
1.8 1.8 — — 2.3 2.6
10.6 9.8 — — 12.0 13.8
0.0 0.0 — 0.0 0.0 0.0
-0.5 -1.2 -13.9 -18.2 -26.4 -44.9
15.5 19.3 12.2 13.1 13.3 16.9
27.3 29.6 8.2 8.1 1.3 -11.5
0.0 0.1 0.0 0.0 0.0 0.0
27.4 29.7 8.2 8.1 1.3 -11.5
100.0 100.0 100.0 100.0 100.0 100.0
IN GAAP IN GAAP N.A. IN GAAP IN GAAP IN GAAP

0.2 0.2 0.2 0.2 0.2 0.3
0.0 0.0 — 0.0 0.0 0.0
0.0 0.0 — 0.1 0.0 0.0
0.0 0.0 — 0.0 0.0 0.0
0.0 0.0 — 0.0 0.0 0.0
0.0 0.0 — 0.0 0.0 0.0
62,435.0 72,176.0 — 82,967.0 86,724.0 89,706.0
0.0 0.0 — — — —
0.0 0.0 — 0.0 0.0 0.0
48.3 45.9 51.7 69.5 75.1 84.9
0.5 0.4 1.4 2.1 15.3 —
0.1 0.1 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
— 0.5 — — 0.5 1.0
4,500.0 4,455.0 — — — —
Orchid Pharma Ltd (ORCP IN) - Standardized
12 Months Ending 03/31/2006 03/31/2007 03/31/2008 03/31/2009
Cash from Operating Activities
+ Net Income 573.0 785.5 1,753.4 -489.9
+ Depreciation & Amortization 858.2 850.9 1,006.8 1,339.9
+ Non-Cash Items -89.9 -60.6 -690.8 -1,236.7
+ Other Non-Cash Adj -89.9 -60.6 -690.8 -1,236.7
+ Chg in Non-Cash Work Cap -2,395.2 -1,867.9 -1,184.2 -1,172.6
+ (Inc) Dec in Inventories -475.9 -1,634.6 -375.4 -1,191.0
+ Inc (Dec) in Accts Payable -369.8 — — 409.0
+ Inc (Dec) in Other -1,549.6 -233.3 -808.8 -390.6
+ Net Cash From Disc Ops — — — —
Cash from Operating Activities -1,053.9 -292.2 885.2 -1,559.2
Cash from Investing Activities

+ Change in Fixed & Intang -1,829.7 -4,773.6 -5,446.9 -4,770.1
+ Disp in Fixed & Intang 11.4 6.0 9.1 43.1
+ Disp of Fixed Prod Assets — — — 43.1
+ Disp of Intangible Assets — — — 0.0
+ Acq of Fixed & Intang -1,841.2 -4,779.5 -5,456.0 -4,813.2
+ Acq of Fixed Prod Assets — — — -4,813.2
+ Acq of Intangible Assets — — — 0.0
+ Net Change in LT Investment 0.2 0.0 -7.3 0.0
+ Dec in LT Investment 0.2 0.0 0.0 0.0
+ Inc in LT Investment 0.0 0.0 -7.3 0.0
+ Net Cash From Acq & Div — — — 0.0
+ Cash from Divestitures — — — 0.0
+ Cash for Acq of Subs — — — 0.0
+ Cash for JVs — — — 0.0
+ Other Investing Activities 0.0 0.0 0.0 0.0
+ Net Cash From Disc Ops — — — 0.0
Cash from Investing Activities -1,829.6 -4,773.6 -5,454.2 -4,770.1
Cash from Financing Activities

+ Dividends Paid -155.7 -225.1 -231.0 -230.6
+ Cash From (Repayment) Debt -767.9 -1,328.8 3,915.8 6,028.2
+ Cash From (Repay) ST Debt — — — -327.4
+ Cash From LT Debt — — — 9,300.7
+ Repayments of LT Debt — — — -2,945.2
+ Cash (Repurchase) of Equity 799.7 10.0 6.8 1,095.2
+ Increase in Capital Stock 799.7 10.0 6.8 1,095.2
+ Decrease in Capital Stock 0.0 0.0 0.0 0.0
+ Other Financing Activities — — — -563.2
+ Net Cash From Disc Ops — — — 0.0
Cash from Financing Activities -123.9 -1,543.9 3,691.6 6,329.5
Effect of Foreign Exchange Rates — — — 0.0
Net Changes in Cash -26.5 1,016.2 -877.5 0.2
Cash Paid for Taxes 29.6 11.6 322.8 28.1

Cash Paid for Interest 1,037.6 1,229.8 1,217.9 2,018.6
Reference Items
EBITDA 2,355.9 2,661.3 3,477.9 2,565.9
Trailing 12M EBITDA Margin 25.15 28.45 27.62 19.79
Free Cash Flow -2,895.1 -5,071.7 -4,570.9 -6,372.4
Free Cash Flow to Firm -2,120.8 -4,646.1 -4,426.1 —
Free Cash Flow to Equity -3,651.6 -6,394.5 -646.0 -301.1
Free Cash Flow per Basic Share -51.87 -77.16 -69.43 -92.92
Price to Free Cash Flow — — — —
Cash Flow to Net Income -1.84 -0.37 0.50 —
Source: Bloomberg
03/31/2010 03/31/2011 03/31/2012 03/31/2016 03/31/2017 03/31/2017
3,392.5 1,561.9 974.8 -2,791.1 -4,904.9 -4,904.9

1,549.0 1,335.0 1,537.4 1,452.7 1,410.2 1,410.2
-9,364.1 -1,324.2 -1,162.9 628.9 2,603.4 2,603.4
-9,364.1 -1,324.2 -1,162.9 628.9 2,603.4 2,603.4
1,190.7 72.4 3,568.2 181.9 1,871.7 1,871.7
3,456.1 -1,949.9 -511.0 100.8 306.0 306.0
-634.1 756.7 847.4 595.3 99.3 99.3
-1,631.3 1,265.5 3,231.8 -514.3 1,466.5 1,466.5
0.0 0.0 0.0 — 0.0 0.0
-3,231.9 1,645.0 4,917.5 -527.6 980.3 980.3
-2,246.9 -3,674.4 -2,930.6 -14.7 -85.0 -85.0

0.0 0.0 0.0 0.0 0.1 0.1
0.0 0.0 0.0 0.0 0.1 0.1
0.0 0.0 0.0 0.0 0.0 0.0
-2,246.9 -3,674.4 -2,930.6 -14.7 -85.1 -85.1
-2,246.9 -3,674.4 -2,930.6 -14.7 -85.1 -85.1
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
16,374.3 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
14,127.4 -3,674.4 -2,930.6 -14.7 -85.0 -85.0
-82.4 -818.0 -249.0 0.0 0.0 0.0

-6,869.5 2,858.0 6,141.2 -398.3 -1,474.1 -1,474.1
-552.4 -951.5 1,572.0 -128.5 -191.8 -191.8
4,613.5 4,948.5 7,080.7 127.0 0.0 0.0
-10,930.5 -1,139.0 -2,511.5 -396.8 -1,282.2 -1,282.2
0.0 0.0 0.0 184.3 0.0 0.0
0.0 0.0 0.0 184.3 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
-927.2 -1,141.0 -8,240.8 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
-7,879.1 899.0 -2,348.6 -213.9 -1,474.1 -1,474.1
0.0 0.0 0.0 0.0 0.0 0.0
3,016.4 -1,130.3 -361.7 -756.2 -578.8 -578.8
658.9 611.8 287.8 0.0 0.0 0.0

2,888.9 1,676.6 2,452.8 2,649.7 2,188.9 2,188.9
8,669.8 3,601.9 3,850.5 1,707.9 1,018.7 1,018.7

64.53 21.06 21.48 19.87 12.79 12.79
-5,478.8 -2,029.4 1,986.9 -542.3 895.2 895.2
-4,476.4 -677.1 — — —
-12,348.2 828.6 8,128.1 -940.6 -578.8 -578.8
-77.78 -28.81 28.21 -6.23 10.06 10.06
— — 6.55 — 2.61 0.80
-0.95 1.05 5.04 — —
12 Months Ending 03/31/2006 03/31/2007 03/31/2008 03/31/2009
Cash Flow
Cash From Operating Activities
Depreciation 858.2 850.9 1,006.8 —
Depreciation And Amortization - CF — — — 1,339.9
Provision For Doubtful Accounts - CF 1.5 48.2 155.2 -183.4
Other Non-Cash Items — — — -673.1
Change in Inventories -475.9 -1,634.6 -375.4 -1,191.0
Change in Accounts Payable -369.8 549.5 591.0 409.0
Cash Paid For Taxes -29.6 -11.6 -322.8 -28.1
Total Cash Flows From Operations -17.4 936.1 2,102.9 459.0
Gain (Loss) On Sale of Investments and Mk — — — —
Foreign Exchange Gains/Losses 24.3 -4.2 -659.1 -472.7
Total Cashflow From Ops Before Working Ca 2,407.4 2,815.6 3,609.9 1,659.7
Change In Other Provisions — — — 400.0
Gain (Loss) From The Sale Of Fixed Assets -4.0 3.7 1.5 22.9
Dvds Received (Non Joint Ventures / Associ -1.0 -1.5 -0.2 —
Unusual Items — — — —
Interest Expense 878.4 992.9 820.0 —
Dividends Income — — — -0.4
Increase/Decrease In Trade & Other Receiv -1,549.6 -782.8 -1,399.9 -390.6
Profit Before Taxation And Minority Interest 650.1 925.6 2,285.7 -338.2
Net Cash From Operating Activities 12.2 947.7 2,425.7 487.1
Finance Costs — — — 1,564.5
Profit Before Extraordinary/Exceptional Item — 936.1 — —
Cash From Investing Activities
Disposal of Fixed Assets 11.4 6.0 9.1 43.1
Capital Expenditures -1,841.2 -4,779.5 -5,456.0 -4,813.2
Other Investing Activities — — — —
Investment Income Received — — — —
Purchase Of Associates/Joint Ventures — — — —
Dividend Received From Investing Activities — — — 0.4
Dvds Received (Non Joint Vent/Associate) 1.0 1.5 0.2 —
Proceeds From Investments 0.2 — — —
Sales (Purchases) of LT Investments -Net — — — —
Purchases of Investments — — -7.3 —
Total Cash Flows From Investing -1,828.6 -4,772.1 -5,454.0 -4,769.7
Dividends Paid -155.7 — — -230.6
Increase In Short-Term Borrowings 616.4 50.0 2,843.3 —
Decrease In St Borrowings -853.0 -72.3 — —
Increase (Decrease) Short-Term Borrowings — — — -327.4
Increase In Long-Term Borrowings 2,923.0 9,364.4 4,388.9 9,300.7
Decrease In Long-Term Borrowings -3,454.4 -10,670.9 -3,314.3 -2,942.3
Issuance of Common Stock 799.7 10.0 6.8 1,095.2
Other Financing Activities 2,981.0 7,625.8 — -563.2
Cash Paid For Interest -1,037.6 -1,229.8 -1,217.9 —
Net Change In Cash -26.5 1,016.2 -877.5 0.2
Cash and Cash Equivalents (End of Period) 82.0 1,098.1 244.7 244.9
Cash and Cash Equivalents (Beg of Period) 108.5 82.0 1,122.2 244.7
Repayment Of Finance Leases — — -2.1 -2.9
Interest Paid From Financing Activities — — — -2,018.6
Dividend Paid Including Dividend Tax — -225.1 -231.0 —
Total Cash Flows From Financing 1,819.5 4,852.1 2,473.6 4,310.8
Reference Items
Cash and Cash Equivalents (End of Period) 82.0 1,098.1 244.7 —
Cash and Cash Equivalents (Beg of Period) 108.5 82.0 1,122.2 —
Source: Bloomberg
FY 2010 FY 2011 FY 2012 FY 2015 FY 2016 FY 2017
03/31/2010 03/31/2011 03/31/2012 03/31/2015 03/31/2016 03/31/2017
— — — 3,245.8 1,452.7 1,410.2

1,549.0 1,335.0 1,537.4 — — —
— 10.4 -1,070.0 1,000.0 0.0 533.3
-85.2 0.0 493.4 -4,158.7 — —
3,456.1 -1,949.9 -511.0 2,543.1 100.8 306.0
-634.1 756.7 847.4 -3,137.8 595.3 99.3
-658.9 -611.8 -287.8 -470.3 0.0 0.0
-343.2 3,321.3 7,370.2 -3,690.7 2,122.0 3,170.1
— — — 0.0 — —
-124.5 -361.0 521.6 594.6 506.9 371.8
-875.0 3,860.7 4,089.8 7,631.0 1,940.1 1,298.4
800.0 — — 270.5 0.0 195.4
17.9 -6.5 55.7 1.6 0.0 0.0
— — — -0.1 — —
-10,153.0 — — — — —
— — — 4,951.5 — —
-0.2 -0.3 -0.2 — -0.1 -0.6
-1,631.3 1,265.5 3,231.8 -6,098.0 -514.3 1,466.5
4,698.3 1,715.7 754.4 -2,432.9 -2,961.8 -4,522.8
315.7 3,933.1 7,658.0 938.4 2,122.0 3,170.1
2,422.7 1,167.5 1,797.5 — 2,942.4 3,311.1
— — — — — —
— — — 12.2 0.0 0.1

-2,246.9 -3,674.4 -2,930.6 -836.8 -14.7 -85.1
16,374.3 — — 14,161.0 — —
— — — — — -1.5
— — — 0.0 — —
0.2 0.3 0.2 — 0.1 0.6
— — — 0.1 — —
— — — — — —
— — — — — —
— — — — — —
14,127.6 -3,674.1 -2,930.5 13,336.6 -14.6 -85.9
-82.4 -818.0 -249.0 — — —

— — — 1,713.8 -128.5 -191.8
— — — -2,077.8 0.0 —
-552.4 -951.5 1,572.0 — — —
4,613.5 4,948.5 7,080.7 0.0 127.0 0.0
-10,925.0 -1,133.5 -2,509.1 -4,842.1 -396.8 -1,282.2
— — — 737.4 184.3 0.0
-927.2 -1,141.0 -8,240.8 — 0.0 —
— — — -1,505.8 — —
3,016.4 -1,130.3 -361.7 3,671.4 -756.2 -578.8
3,261.3 2,130.9 1,769.2 3,905.7 3,149.4 2,570.6
244.9 3,261.3 2,130.9 234.2 3,905.7 3,149.4
-5.6 -5.5 -2.4 — — —
-2,888.9 -1,676.6 -2,452.8 — -2,649.7 -2,188.9
— — — — — —
-10,768.1 -777.5 -4,801.5 -5,974.4 -2,863.6 -3,663.0
— — — 3,905.7 — —
— — — 234.2 — —
Orchid Pharma Ltd (ORCP IN) - Profitability
12 Months Ending 03/31/2005 03/31/2006 03/31/2007 03/31/2008
Returns
Return on Common Equity -9.57 9.27 12.46 30.49
Return on Assets -2.57 2.88 3.10 5.50
Return on Capital — 8.17 6.09 7.91
Return on Invested Capital — 7.58 7.34 7.52
Margins
EBITDA Margin 13.12 25.15 28.45 27.62
Incremental Operating Margin — 55.42 — 20.40
Pretax Margin -6.06 6.94 9.89 18.15
Income before XO Margin -5.77 6.12 8.40 13.92
Net Income Margin -5.77 6.12 8.40 13.92
Net Income to Common Margin -5.77 6.12 8.40 13.92
Additional
Effective Tax Rate — 11.86 15.13 23.29
Dvd Payout Ratio — 38.56 37.44 16.75
Sustainable Growth Rate — 5.69 7.80 25.38
Source: Bloomberg
FY 2009 FY 2010 FY 2011 FY 2012 FY 2016 FY 2017
03/31/2009 03/31/2010 03/31/2011 03/31/2012 03/31/2016 03/31/2017
-7.54 43.18 15.56 8.67 -147.51 —

-1.27 8.47 4.07 2.47 -7.05 -13.59
-0.57 20.21 11.32 6.83 -2.66 -8.90
2.04 21.20 7.29 5.28 -1.96 -3.76
19.79 64.53 21.06 21.48 19.87 12.79

9.45 53.00 13.26 12.91 2.97 -4.91
— 1,264.87 — 5.63 — -102.65
-2.61 34.97 10.03 -0.25 -34.48 -56.78
-3.78 25.25 9.13 0.98 -32.47 -50.75
-3.78 25.25 9.13 5.44 -32.47 -61.58
-3.78 25.25 9.13 5.44 -32.47 -61.58
— 27.79 8.96 — — —
— 20.76 13.53 120.91 — —
— 34.21 13.46 -1.81 — —
Orchid Pharma Ltd (ORCP IN) - Growth
12 Months Ending 03/31/2006 03/31/2007 03/31/2008 03/31/2009
1 Year Growth
Revenue 29.67 -0.13 34.63 2.98
EBITDA 148.55 12.96 30.68 -26.22
Operating Income 383.05 20.87 36.49 -50.39
Net Income to Common — 37.08 123.22 —
EPS Diluted — 14.05 66.62 —
EPS Diluted before XO — 14.05 66.62 —
EPS Diluted before Abnormal — 14.05 66.62 —
Dividend per Share 12.50 0.00 0.00 -66.67
Accounts Receivable 68.42 9.92 40.39 25.02

Inventory 11.88 36.48 6.14 18.35
Fixed Assets 12.38 31.60 17.48 26.68
Total Assets 19.64 33.32 20.52 21.52
Modified Working Capital 4.26 36.97 11.33 58.13
Working Capital 186.37 -13.55 -77.02 65.39
Employees -3.32 14.49 — —
Accounts Payable 478.36 -11.47 56.45 —
Short-Term Debt -92.25 76.80 1,617.18 10.83
Total Debt 5.26 56.89 19.93 -13.63
Total Equity 68.32 -37.45 37.08 -4.69
Capital 25.08 16.99 23.80 -11.39
Book Value per Share 33.36 -38.59 37.01 -10.90
Cash From Operations — 72.28 — —

Capital Expenditures -31.54 159.59 14.15 -11.78
Net Change In Cash -71.88 — — —
Free Cash Flow -8.63 -75.18 9.87 -39.41
Cash Flow to Firm — — 672.10 —
Free Cash Flow to Firm — -119.07 4.74 —
5 Year Growth
Revenue — 17.14 18.64 14.12
EBITDA — 27.16 27.02 10.87
Operating Income — 32.56 30.68 5.07
Net Income to Common — 66.29 57.19 —
EPS Diluted — 52.70 34.18 —
EPS Diluted before XO — — — —
Dividend per Share — 2.38 2.38 -17.81
Accounts Receivable — 24.36 44.70 34.07
Inventory — 30.31 19.95 21.72
Fixed Assets — 23.78 19.57 21.91
Total Assets — 24.84 23.53 24.30
Modified Working Capital — 28.23 31.35 36.29
Working Capital — 18.15 -7.08 -4.61
Accounts Payable — 25.98 19.51 —
Short-Term Debt — -9.66 36.71 42.34
Total Debt — 34.43 27.18 17.40
Total Equity — 8.13 10.70 9.08
Total Capital 5 Year Growth — 24.88 21.61 14.78
Book Value per Share — -1.16 4.16 1.27
Sequential Growth
Revenue 29.67 -0.13 34.63 2.98
EBITDA 148.55 12.96 30.68 -26.22
Operating Income 383.05 20.87 36.49 -50.39
Net Income to Common — 37.08 123.22 -127.94
EPS Diluted — 14.05 66.62 -139.86
EPS Diluted before XO — 14.05 66.62 -139.86
EPS Diluted before Abnormal — 14.05 66.62 -133.97
Dividend per Share 12.50 0.00 0.00 -66.67
Accounts Receivable 68.42 9.92 40.39 25.02

Inventory 11.88 36.48 6.14 18.35
Fixed Assets 12.38 31.60 17.48 26.68
Total Assets 19.64 33.32 20.52 21.52
Modified Working Capital 4.26 36.97 11.33 58.13
Working Capital 186.37 -13.55 -77.02 65.39
Employees -3.32 14.49 — —
Accounts Payable 478.36 -11.47 56.45 —
Short-Term Debt -92.25 76.80 1,617.18 10.83
Total Debt 5.26 56.89 19.93 -13.63
Total Equity 68.32 -37.45 37.08 -4.69
Capital 25.08 16.99 23.80 -11.39
Book Value per Share 33.36 -38.59 37.01 -10.90
Cash From Operations -4,443.41 — — -276.15

Capital Expenditures -31.54 159.59 14.15 -11.78
Net Change In Cash — — -186.36 —
Cash Flow to Firm — — 672.10 —
Source: Bloomberg
FY 2010 FY 2011 FY 2012 FY 2013 FY 2016 FY 2017
03/31/2010 03/31/2011 03/31/2012 09/30/2013 03/31/2016 03/31/2017
3.59 27.29 4.81 — — -7.33

237.89 -58.45 6.90 — — -40.35
480.85 -68.17 2.04 — — —
— -53.96 -37.59 — — -75.73
— -41.98 -38.34 — — -71.91
— -41.98 -88.81 — — -41.69
-682.36 — -76.69 — — -41.68
900.00 -70.00 0.00 — — —
9.58 -30.33 -77.95 58.13 20.86 -34.53

-44.99 46.14 8.27 -24.30 -4.00 -12.65
-22.93 10.52 17.42 23.53 -8.21 -7.22
-10.87 3.62 1.95 16.67 -4.91 -13.05
-19.52 -31.36 -52.09 -76.95 179.26 -24.98
-31.36 — 64.50 -1,180.18 — -665.55
-8.42 21.62 -1.00 — — —
— — 19.54 49.10 -99.73 1.09
13.41 142.89 -36.89 63.78 16.79 13.42
-38.45 96.49 -3.57 21.02 0.12 -3.37
47.94 14.24 10.47 -67.84 -85.11 —
-15.18 57.85 1.21 -11.96 -7.81 -16.70
47.94 14.03 10.41 -67.82 -85.73 —
-107.28 — 198.93 — — —
-53.32 63.53 -20.24 — — 480.41
1,885,135.63 — 68.00 — — 23.47
14.02 62.96 — — — —
— — — — — —
— 84.87 — — — —
13.21 12.80 13.89 — — —

55.69 8.86 7.67 — — —
87.16 8.64 5.02 — — —
— 22.21 4.41 — — —
— 18.65 4.92 — — —
— 18.65 -25.42 — — —
30.26 0.00 0.00 — — —
28.92 8.06 -21.64 -19.75 — —
1.08 6.63 1.80 -4.85 — —
11.15 10.78 8.28 9.37 — —
15.80 12.51 6.64 5.95 — —
15.14 5.90 -14.17 -37.35 — —
-8.38 — — — — —
— — — — — —
24.22 147.40 101.34 25.84 — —
1.04 14.47 3.85 4.04 — —
15.27 6.67 19.52 -10.56 — —
6.37 11.43 8.25 1.12 — —
8.14 4.81 17.86 -11.79 — —
3.59 27.29 4.81 — — -7.33

237.89 -58.45 6.90 — — -40.35
480.85 -68.17 2.04 — — -253.38
— -53.96 -37.59 — — —
— -41.98 -38.34 — — —
— -41.98 -88.81 — — —
— — -76.69 — — —
900.00 -70.00 0.00 — — —
9.58 -30.33 -77.95 58.13 20.86 -34.53

-44.99 46.14 8.27 -24.30 -4.00 -12.65
-22.93 10.52 17.42 23.53 -8.21 -7.22
-10.87 3.62 1.95 16.67 -4.91 -13.05
-19.52 -31.36 -52.09 -76.95 179.26 -24.98
-31.36 -422.35 — — -155.59 —
-8.42 21.62 -1.00 — — —
— — 19.54 49.10 -99.73 1.09
13.41 142.89 -36.89 63.78 16.79 13.42
-38.45 96.49 -3.57 21.02 0.12 -3.37
47.94 14.24 10.47 -67.84 -85.11 -890.43
-15.18 57.85 1.21 -11.96 -7.81 -16.70
47.94 14.03 10.41 -67.82 -85.73 -890.43
— — 198.93 — — —
-53.32 63.53 -20.24 — — 480.41
1,885,135.63 -137.47 — — — —
— — — — — —
Orchid Pharma Ltd (ORCP IN) - Credit
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Short and Long Term Debt 16,600.6 19,908.3 17,195.2 10,583.3
Short-Term Debt 281.4 4,832.7 5,356.2 6,074.3
Long Term Debt 16,319.1 15,075.6 11,839.0 4,509.0
Total Debt/T12M EBITDA 6.24 5.72 6.70 1.22

Net Debt/EBITDA 5.83 5.65 6.52 0.96
Total Debt/EBIT 9.17 8.06 14.03 1.49

Net Debt/EBIT 8.56 7.96 13.66 1.17
EBITDA to Interest Expense 5.31 18.43 4.89 6.25

EBITDA-CapEx/Interest Expense -4.22 -10.48 -4.28 4.63
EBIT to Interest Expense 3.61 13.09 2.34 5.13
EBITDA/Cash Interest Paid 2.16 2.86 1.27 3.00

EBITDA-CapEx/Cash Interest Paid -1.72 -1.62 -1.11 2.22
EBIT/Cash Interest Paid 1.47 2.03 0.61 2.46
Cash Interest Paid 1,229.8 1,217.9 2,018.6 2,888.9

Interest Expense 501.5 188.8 524.6 1,388.2
Common Equity/Total Assets 16.78 19.09 14.97 24.85

Long-Term Debt/Equity 336.41 226.71 186.79 48.09
Long-Term Debt/Capital 76.07 56.76 50.31 22.59
Long-Term Debt/Total Assets 56.45 43.27 27.96 11.95
Total Debt/Equity 342.21 299.38 271.30 112.87

Total Debt/Capital 77.39 74.96 73.07 53.02
Total Debt/Total Assets 57.42 57.14 40.61 28.05
Net Debt/Equity 319.57 295.70 264.13 88.75

Net Debt/Capital 72.27 74.04 72.54 47.02
EBITDA 2,661.3 3,477.9 2,565.9 8,669.8

EBITDA-CapEx -2,118.2 -1,978.2 -2,247.3 6,422.9
EBIT 1,810.4 2,471.1 1,225.9 7,120.8
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2015 FY 2016 FY 2017 Date
03/31/2011 03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017 03/31/2007
20,794.5 20,052.3 24,266.9 32,106.6 32,145.9 31,061.6 03/31/2008
14,753.9 9,310.8 15,248.9 7,167.0 8,370.5 9,493.8 03/31/2009
6,040.6 10,741.5 9,017.9 24,939.5 23,775.4 21,567.8 03/31/2010
03/31/2011
5.77 5.21 — — 18.82 30.49 03/31/2012
5.24 4.75 — — 16.98 27.99 09/30/2013
03/31/2013
9.17 8.67 — — 125.96 — 03/31/2014
8.33 7.90 — — 113.64 — 03/31/2016
03/31/2017
2.42 2.19 — — 0.59 0.32
-0.05 0.52 — — 0.59 0.29
1.53 1.31 — — 0.09 -0.12
20
18
2.15 1.57 — — 0.64 0.47
16
-0.04 0.38 — — 0.64 0.43
14
1.35 0.94 — — 0.10 -0.18 12
10
1,676.6 2,452.8 — — 2,649.7 2,188.9 8
1,485.4 1,759.8 — — 2,884.9 3,205.9 6
4
27.34 29.61 8.17 8.11 1.27 -11.54 2
56.39 90.77 236.94 757.15 4,847.67 — 0
19.17 33.69 32.12 70.45 72.85 79.34
15.45 26.95 19.39 61.41 61.56 64.23
194.13 169.45 637.59 974.74 6,554.38 —

66.00 62.89 86.44 90.70 98.50 114.26
53.18 50.30 52.18 79.05 83.23 92.50
176.22 154.51 631.43 856.71 5,913.60 —

63.80 60.71 86.33 89.55 98.34 115.74
3,601.9 3,850.5 — — 1,707.9 1,018.7

-72.5 919.8 — — 1,693.2 933.6
2,266.9 2,313.1 — — 255.2 -391.4
EBITDA to Interest Expense
5.307067
18.425245
4.891174
6.245511
2.424835
2.188086
1.78906375
1.3900415
0.99101925
0.591997
0.317758
EBITDA to Interest Expense

20
18
16
14
12
10
8
6
4
2
0
Orchid Pharma Ltd (ORCP IN) - Liquidity
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Cash Ratio 0.16 0.02 0.03 0.15
Current Ratio 1.81 1.11 1.15 1.09
Quick Ratio 0.72 0.47 0.52 0.62
CFO/Avg Current Liab -0.06 0.09 -0.12 -0.22
Common Equity/Total Assets 16.78 19.09 14.97 24.85
Long-Term Debt/Equity 336.41 226.71 186.79 48.09

Long-Term Debt/Capital 76.07 56.76 50.31 22.59
Long-Term Debt/Total Assets 56.45 43.27 27.96 11.95
Total Debt/Equity 342.21 299.38 271.30 112.87

Total Debt/Capital 77.39 74.96 73.07 53.02
Total Debt/Total Assets 57.42 57.14 40.61 28.05
CFO/Total Liabilities -1.21 3.14 -4.33 -11.40

CFO/CapEx -0.06 0.16 -0.32 -1.44
Altman's Z-Score 1.24 0.92 0.57 1.29
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2015 FY 2016 FY 2017
03/31/2011 03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017
0.10 0.12 0.01 0.35 0.23 0.17
0.77 0.89 0.34 1.14 0.94 0.57
0.35 0.19 0.06 0.57 0.47 0.30
0.09 0.28 — — -0.04 0.07
27.34 29.61 8.17 8.11 1.27 -11.54
56.39 90.77 236.94 757.15 4,847.67 —

19.17 33.69 32.12 70.45 72.85 79.34
15.45 26.95 19.39 61.41 61.56 64.23
194.13 169.45 637.59 974.74 6,554.38 —

66.00 62.89 86.44 90.70 98.50 114.26
53.18 50.30 52.18 79.05 83.23 92.50
5.79 17.54 — — -1.38 2.62

0.45 1.68 — — -35.98 11.52
0.95 0.88 — — -0.10 -0.66
Orchid Pharma Ltd (ORCP IN) - Working Capital
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Accounts Receivable Turnover 2.56 2.73 2.14 1.91
Days Sales Outstanding 142.76 133.85 170.35 191.48
Inventory Turnover — — 0.87 0.88
Days Inventory Outstanding — — 417.28 416.16
Accounts Payable Turnover 2.91 2.46 — —
Accounts Payable Turnover Days 125.62 148.91 — —

Inventory to Cash Days — — 587.62 607.64
Total Inventory 6,116.1 6,491.5 7,682.5 4,226.4

Inventory Raw Materials 1,146.6 1,167.0 1,643.6 1,022.7
Inventory In Progress 3,716.6 3,674.9 4,372.1 1,836.4
Inventory Finished Goods 802.4 1,093.1 1,146.5 954.7
Other Inventory 450.6 556.6 520.3 412.6
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2015 FY 2016 FY 2017
03/31/2011 03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017
2.74 5.72 — — 3.03 3.10
133.45 63.99 — — 120.65 117.56
1.91 1.45 — — 1.65 1.62
191.00 252.56 — — 221.73 225.41
— 2.67 — — 2.55 404.82
— 136.96 — — 143.64 0.90
— 179.59 — — 198.73 342.07

324.45 316.55 — — 342.37 342.97
6,176.3 6,687.3 5,062.4 2,519.3 2,418.5 2,112.5

1,471.5 1,270.6 870.5 680.6 508.3 537.6
2,892.0 3,250.2 2,856.9 885.5 724.8 738.3
1,296.4 1,634.5 841.1 606.4 832.7 553.0
516.3 531.9 493.9 346.8 352.7 283.5
Orchid Pharma Ltd (ORCP IN) - Yield Analysis
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
T12 Cash Flows to Equity
+ Cash From Operations -292.2 885.2 -1,559.2 -3,231.9
+ Capital Expenditures -4,779.5 -5,456.0 -4,813.2 -2,246.9
Free Cash Flow -5,071.7 -4,570.9 -6,372.4 -5,478.8
Free Cash Flow Yield -29.45 -43.02 -120.36 -50.54
Dividends Paid -225.1 -231.0 -230.6 -82.4

Net Share Repurchases 10.0 6.8 1,095.2 0.0
Net ST Debt Repayments -22.3 2,843.3 -327.4 -552.4
Net LT Debt Repayments -1,306.5 1,072.5 6,355.5 -6,317.1
Other Financing Activities 7,625.8 0.0 -563.2 -927.2
T12 Cash to Suppliers of Capital 6,081.9 3,691.6 6,329.5 -7,879.1
T12 Shareholder Yield -35.28 -34.73 -116.39 72.68
- Dividends Paid -225.1 -231.0 -230.6 -82.4

- Net Share Repurchases 10.0 6.8 1,095.2 0.0
T12 Cash to Shareholders 215.1 224.3 -864.5 82.4
T12 Shareholder Yield, Ex Debt 1.25 2.11 -15.90 0.76
T12 Cash Flows to the Firm

+ Cash From Operations -292.2 885.2 -1,559.2 -3,231.9
+ Capital Expenditures -4,779.5 -5,456.0 -4,813.2 -2,246.9
+ After-Tax Interest Expense 425.6 144.8 — 1,002.4
Trailing 12M Free Cash Flow To Firm -4,646.1 -4,426.1 — -4,476.4
Periodic Enterprise Value 32,743.0 30,291.9 22,178.4 19,163.0
T12 FCFF Yield -14.19 -14.61 — -23.36
- Dividends Paid -225.1 -231.0 -230.6 -82.4

- Net Share Repurchases 10.0 6.8 1,095.2 0.0
- Net ST Debt Repayments -22.3 2,843.3 -327.4 -552.4
- Net LT Debt Repayments -1,306.5 1,072.5 6,355.5 -6,317.1
- Other Financing Activities 7,625.8 0.0 -563.2 -927.2
T12 Cash to Suppliers of Capital 6,081.9 3,691.6 6,329.5 -7,879.1
Periodic Enterprise Value 32,743.0 30,291.9 22,178.4 19,163.0
T12 Capital Yield -18.57 -12.19 -28.54 41.12
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2015 FY 2016 FY 2017
03/31/2011 03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017
1,645.0 4,917.5 — — -527.6 980.3

-3,674.4 -2,930.6 — — -14.7 -85.1
-2,029.4 1,986.9 — — -542.3 895.2
21,181.9 13,017.7 3,149.2 4,399.5 3,349.5 2,335.3
-9.58 15.26 — — -16.55 38.33
-818.0 -249.0 — — 0.0 0.0

0.0 0.0 — — 184.3 0.0
-951.5 1,572.0 — — -128.5 -191.8
3,809.5 4,569.2 — — -269.8 -1,282.2
-1,141.0 -8,240.8 — — 0.0 0.0
899.0 -2,348.6 — — -213.9 -1,474.1
21,181.9 13,017.7 3,149.2 4,399.5 3,349.5 2,335.3
-4.24 18.04 — — 6.39 63.12
-818.0 -249.0 — — 0.0 0.0

0.0 0.0 — — 184.3 0.0
818.0 249.0 — — -184.3 —
21,181.9 13,017.7 3,149.2 4,399.5 3,349.5 2,335.3
3.86 1.91 — — -5.50 —
1,645.0 4,917.5 — — -527.6 980.3

-3,674.4 -2,930.6 — — -14.7 -85.1
1,352.3 — — — — —
-677.1 — — — — —
40,077.4 31,330.2 27,188.1 32,618.2 32,352.7 30,846.2
-1.69 — — — — —
-818.0 -249.0 — — 0.0 0.0

0.0 0.0 — — 184.3 0.0
-951.5 1,572.0 — — -128.5 -191.8
3,809.5 4,569.2 — — -269.8 -1,282.2
-1,141.0 -8,240.8 — — 0.0 0.0
899.0 -2,348.6 — — -213.9 -1,474.1
40,077.4 31,330.2 27,188.1 32,618.2 32,352.7 30,846.2
-2.24 7.50 — — 0.66 4.78
Orchid Pharma Ltd (ORCP IN) - DuPont Analysis
12 Months Ending 03/31/2006 03/31/2007 03/31/2008 03/31/2009
Tax Burden
Net Inc to Comn/Pre-Tax Profit % 88.14 84.87 76.71 144.87
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn 1.00 1.00 1.00 —
Interest Burden
Pre-Tax Profit/EBIT % 42.53 64.86 92.37 -181.39
Operating Margin
EBIT/Revenue % 16.32 15.26 19.65 1.44
Asset Turnover
Revenue/Avg Assets 0.47 0.37 0.40 0.34
Leverage Ratio
Avg Assets/Avg Equity 3.22 4.01 5.54 5.94
Adjusted Return on Equity 9.27 12.46 30.49 -6.09
5 Year Average Adj ROE — 4.67 9.77 7.31

Payout Ratio 38.56 37.44 16.75 —
Sustainable Growth Rate 5.69 7.80 25.38 —
Source: Bloomberg
FY 2010 FY 2011 FY 2012 FY 2013 FY 2016 FY 2017
03/31/2010 03/31/2011 03/31/2012 09/30/2013 03/31/2016 03/31/2017
72.21 91.04 -2,135.90 — 94.18 108.45
-0.99 1.00 0.37 — — —
77.19 53.60 -2.66 — 3,765.93 343.46
45.30 18.72 9.56 — -0.92 -16.53
0.34 0.45 0.45 — 0.22 0.22
5.10 3.83 3.51 5.53 20.94 —
-42.68 15.52 3.25 — -147.51 —
0.69 1.94 0.10 — — —

20.76 13.53 120.91 — — —
34.21 13.46 -1.81 — — —
Orchid Pharma Ltd (ORCP IN) - By Measure
In Millions of INR except Per Share FY 2005 FY 2006 FY 2007
12 Months Ending 03/31/2005 03/31/2006 03/31/2007
Revenue 7,223.4 100.0% 9,366.3 100.0% 9,264.8 100.0%
Pharmaceutical & Medicine Manufacturing — — —
Pharmaceutical & Medicine Manufacturing 7,223.4 100.0% 9,366.3 100.0% 9,264.8 100.0%
EBITDA 1,585.7 100.0% 2,355.9 100.0% 2,661.3 100.0%
Operating Income 947.9 100.0% 1,497.8 100.0% 1,810.4 100.0%
Pharmaceutical & Medicine Manufacturing 947.9 100.0% 1,497.8 100.0% 1,810.4 100.0%
Interest Expense — — —
Pretax Income 199.9 100.0% 650.1 100.0% 925.6 100.0%
Pharmaceutical & Medicine Manufacturing 199.9 100.0% 650.1 100.0% 925.6 100.0%
Income Taxes — — —
Net Income 220.9 100.0% 573.0 100.0% 785.5 100.0%
Property/Plant/Equipment 10,210.0 100.0% 11,474.4 100.0% 15,100.1 100.0%
Assets 18,124.8 100.0% 21,685.3 100.0% 28,910.1 100.0%
Long-Term Assets 10,211.0 100.0% 11,475.3 100.0% 15,100.9 100.0%
Liabilities 13,517.0 100.0% 13,929.4 100.0% 24,059.1 100.0%
Depreciation and Amortization 637.8 100.0% 858.2 100.0% 850.9 100.0%
Depreciation — — 780.5 100.0%
Pharmaceutical & Medicine Manufacturing — — 780.5 100.0%
R&D Expenses — — 441.8 100.0%
Pharmaceutical & Medicine Manufacturing — — 441.8 100.0%
Capital Expenditures -2,689.3 -1,841.2 -4,779.5
Pharmaceutical & Medicine Manufacturing -2,689.3 100.0% -1,841.2 100.0% -4,779.5 100.0%
Number of Employees — — 3,263.00 ###
Pharmaceutical & Medicine Manufacturing — — 3,263.00 ###
Source: Bloomberg
FY 2009 FY 2010 FY 2011 FY 2012
03/31/2009 03/31/2010 03/31/2011 03/31/2012
12,600.2 100.0% 13,021.1 100.0% 16,843.1 100.0% 17,490.2 100.0%
12,600.2 100.0% 13,021.1 100.0% 16,843.1 100.0% 17,490.2 100.0%
— — — —
2,970.2 100.0% -947.4 3,570.8 100.0% 3,622.4 100.0%
2,970.2 100.0% -947.4 100.0% 3,570.8 100.0% 3,622.4 100.0%
— — — —
1,630.2 100.0% -2,496.4 2,235.7 100.0% 2,085.0 100.0%
1,630.2 100.0% -2,496.4 100.0% 2,235.7 100.0% 2,085.0 100.0%
— — — —
1,564.5 100.0% 1,388.2 100.0% 1,485.4 100.0% 1,759.8 100.0%
1,564.5 100.0% 1,388.2 100.0% 1,485.4 100.0% 1,759.8 100.0%
-338.2 -5,454.7 1,715.7 100.0% -45.6
-338.2 100.0% -5,454.7 100.0% 1,715.7 100.0% -45.6 100.0%
— — — —
151.7 100.0% 1,305.8 100.0% 153.8 100.0% -220.4
151.7 100.0% 1,305.8 100.0% 153.8 100.0% -220.4 100.0%
-489.9 3,392.5 100.0% 1,561.9 100.0% 974.8 100.0%
-489.9 100.0% 3,392.5 100.0% 1,561.9 100.0% 974.8 100.0%
— — — —
— 17,320.5 100.0% 20,128.3 100.0% 23,463.0 100.0%
— 17,320.5 100.0% 20,128.3 100.0% 23,463.0 100.0%
— — — —
— 37,735.6 100.0% 39,102.4 100.0% 39,863.6 100.0%
— 37,735.6 100.0% 39,102.4 100.0% 39,863.6 100.0%
— — — —
— 17,328.6 100.0% 20,136.5 100.0% 23,471.1 100.0%
— 17,328.6 100.0% 20,136.5 100.0% 23,471.1 100.0%
— — — —
— 28,359.0 100.0% 28,390.7 100.0% 28,029.9 100.0%
— 28,359.0 100.0% 28,390.7 100.0% 28,029.9 100.0%
— — — —
1,339.9 100.0% 1,549.0 100.0% 1,335.0 100.0% 1,537.4 100.0%
1,339.9 100.0% 1,549.0 100.0% 1,335.0 100.0% 1,537.4 100.0%
— — — —
1,339.9 100.0% 1,549.0 100.0% 1,335.0 100.0% 1,537.4 100.0%
1,339.9 100.0% 1,549.0 100.0% 1,335.0 100.0% 1,537.4 100.0%
— — — —
— 544.6 100.0% 403.2 100.0% 838.2 100.0%
— 544.6 100.0% 403.2 100.0% 838.2 100.0%
— — — —
— -2,246.9 -3,867.1 -2,940.4
— -2,246.9 100.0% -3,867.1 100.0% -2,940.4 100.0%
— — — —
— 3,700.00 ### 4,500.00 ### 4,455.00 ###
— 3,700.00 ### 4,500.00 ### 4,455.00 ###
— — — —
Orchid Pharma Ltd (ORCP IN) - By Geography
In Millions of INR except Per Share FY 2005 FY 2006 FY 2007
12 Months Ending 03/31/2005 03/31/2006 03/31/2007
Revenue 7,223.4 100.0% 9,366.3 100.0% 9,264.8 100.0%
India 7,223.4 100.0% 9,366.3 100.0% 9,264.8 100.0%
EBITDA 1,585.7 100.0% 2,355.9 100.0% 2,661.3 100.0%
India 1,585.7 100.0% 2,355.9 100.0% 2,661.3 100.0%
Operating Income 947.9 100.0% 1,497.8 100.0% 1,810.4 100.0%
India 947.9 100.0% 1,497.8 100.0% 1,810.4 100.0%
Interest Expense — — —
India — — —
Pretax Income 199.9 100.0% 650.1 100.0% 925.6 100.0%
India 199.9 100.0% 650.1 100.0% 925.6 100.0%
Income Taxes — — —
India — — —
Net Income 220.9 100.0% 573.0 100.0% 785.5 100.0%
India 220.9 100.0% 573.0 100.0% 785.5 100.0%
Property/Plant/Equipment 10,210.0 100.0% 11,474.4 100.0% 15,100.1 100.0%
India 10,210.0 100.0% 11,474.4 100.0% 15,100.1 100.0%
Assets 18,124.8 100.0% 21,685.3 100.0% 28,910.1 100.0%
India 18,124.8 100.0% 21,685.3 100.0% 28,910.1 100.0%
Long-Term Assets 10,211.0 100.0% 11,475.3 100.0% 15,100.9 100.0%
India 10,211.0 100.0% 11,475.3 100.0% 15,100.9 100.0%
Liabilities 13,517.0 100.0% 13,929.4 100.0% 24,059.1 100.0%
India 13,517.0 100.0% 13,929.4 100.0% 24,059.1 100.0%
Depreciation and Amortization 637.8 100.0% 858.2 100.0% 850.9 100.0%
India 637.8 100.0% 858.2 100.0% 850.9 100.0%
Depreciation — — 780.5 100.0%
India — — 780.5 100.0%
R&D Expenses — — 441.8 100.0%
India — — 441.8 100.0%
Capital Expenditures -2,689.3 -1,841.2 -4,779.5
India -2,689.3 100.0% -1,841.2 100.0% -4,779.5 100.0%
Number of Employees — — 3,263.00 ###
India — — 3,263.00 ###
Source: Bloomberg
FY 2009 FY 2010 FY 2011 FY 2012
03/31/2009 03/31/2010 03/31/2011 03/31/2012
12,600.2 100.0% 13,021.1 100.0% 16,843.1 100.0% 17,490.2 100.0%
12,600.2 100.0% 13,021.1 100.0% 16,843.1 100.0% 17,490.2 100.0%
2,970.2 100.0% -947.4 3,570.8 100.0% 3,622.4 100.0%
2,970.2 100.0% -947.4 100.0% 3,570.8 100.0% 3,622.4 100.0%
1,630.2 100.0% -2,496.4 2,235.7 100.0% 2,085.0 100.0%
1,630.2 100.0% -2,496.4 100.0% 2,235.7 100.0% 2,085.0 100.0%
1,564.5 100.0% 1,388.2 100.0% 1,485.4 100.0% 1,759.8 100.0%
1,564.5 100.0% 1,388.2 100.0% 1,485.4 100.0% 1,759.8 100.0%
-338.2 -5,454.7 1,715.7 100.0% -45.6
-338.2 100.0% -5,454.7 100.0% 1,715.7 100.0% -45.6 100.0%
151.7 100.0% 1,305.8 100.0% 153.8 100.0% -220.4
151.7 100.0% 1,305.8 100.0% 153.8 100.0% -220.4 100.0%
-489.9 3,392.5 100.0% 1,561.9 100.0% 974.8 100.0%
-489.9 100.0% 3,392.5 100.0% 1,561.9 100.0% 974.8 100.0%
— 17,320.5 100.0% 20,128.3 100.0% 23,463.0 100.0%
— 17,320.5 100.0% 20,128.3 100.0% 23,463.0 100.0%
— 37,735.6 100.0% 39,102.4 100.0% 39,863.6 100.0%
— 37,735.6 100.0% 39,102.4 100.0% 39,863.6 100.0%
— 17,328.6 100.0% 20,136.5 100.0% 23,471.1 100.0%
— 17,328.6 100.0% 20,136.5 100.0% 23,471.1 100.0%
— 28,359.0 100.0% 28,390.7 100.0% 28,029.9 100.0%
— 28,359.0 100.0% 28,390.7 100.0% 28,029.9 100.0%
1,339.9 100.0% 1,549.0 100.0% 1,335.0 100.0% 1,537.4 100.0%
1,339.9 100.0% 1,549.0 100.0% 1,335.0 100.0% 1,537.4 100.0%
1,339.9 100.0% 1,549.0 100.0% 1,335.0 100.0% 1,537.4 100.0%
1,339.9 100.0% 1,549.0 100.0% 1,335.0 100.0% 1,537.4 100.0%
— 544.6 100.0% 403.2 100.0% 838.2 100.0%
— 544.6 100.0% 403.2 100.0% 838.2 100.0%
— -2,246.9 -3,867.1 -2,940.4
— -2,246.9 100.0% -3,867.1 100.0% -2,940.4 100.0%
— 3,700.00 ### 4,500.00 ### 4,455.00 ###
— 3,700.00 ### 4,500.00 ### 4,455.00 ###
Orchid Pharma Ltd (ORCP IN) - By Segment
12 Months Ending 03/31/2005 03/31/2006 03/31/2007 03/31/2009
Pharmaceutical & Medicine Manufacturing
Revenue — — — 12,600.2
Operating Income — — — 1,630.2
Assets — — — —
Depreciation and Amortization — — — 1,339.9
Capital Expenditures — — — —
Property/Plant/Equipment — — — —
Liabilities — — — —
Long-Term Assets — — — —
Net Income — — — -489.9
Depreciation — — — 1,339.9
Number of Employees — — — —
Pretax Income — — — -338.2
EBITDA — — — 2,970.2
R&D Expenses — — — —
Interest Expense — — — 1,564.5
Income Taxes — — — 151.7
Pharmaceutical & Medicine Manufacturing
Revenue 7,223.4 9,366.3 9,264.8 —
Operating Income 947.9 1,497.8 1,810.4 —
Assets 18,124.8 21,685.3 28,910.1 —
Depreciation and Amortization 637.8 858.2 850.9 —
Capital Expenditures -2,689.3 -1,841.2 -4,779.5 —
Property/Plant/Equipment 10,210.0 11,474.4 15,100.1 —
Liabilities 13,517.0 13,929.4 24,059.1 —
Long-Term Assets 10,211.0 11,475.3 15,100.9 —
Net Income 220.9 573.0 785.5 —
Depreciation — — 780.5 —
Number of Employees — — 3,263.00 —
Pretax Income 199.9 650.1 925.6 —
EBITDA 1,585.7 2,355.9 2,661.3 —
R&D Expenses — — 441.8 —
Source: Bloomberg
FY 2010 FY 2011 FY 2012
03/31/2010 03/31/2011 03/31/2012
13,021.1 16,843.1 17,490.2

-2,496.4 2,235.7 2,085.0
37,735.6 39,102.4 39,863.6
1,549.0 1,335.0 1,537.4
-2,246.9 -3,867.1 -2,940.4
17,320.5 20,128.3 23,463.0
28,359.0 28,390.7 28,029.9
17,328.6 20,136.5 23,471.1
3,392.5 1,561.9 974.8
1,549.0 1,335.0 1,537.4
3,700.00 4,500.00 4,455.00
-5,454.7 1,715.7 -45.6
-947.4 3,570.8 3,622.4
544.6 403.2 838.2
1,388.2 1,485.4 1,759.8
1,305.8 153.8 -220.4
— — —
— — —
— — —
— — —
— — —
— — —
— — —
— — —
— — —
— — —
— — —
— — —
— — —
— — —
Orchid Pharma Ltd (ORCP IN) - Benchmark
In Millions of INR except Per Share CY 2008 CY 2009 CY 2010 CY 2011
12 Months Ending 12/31/2008 12/31/2009 12/31/2010 12/31/2011
Return on Common Equity -7.54 43.18 15.56 8.67
S&P BSE SENSEX Index 22.30 17.04 18.17 18.60
Return on Capital -0.57 20.21 11.32 6.83
Price/EPS 3.53 3.82 13.71 51.07
Price/Book 1.02 1.38 2.00 0.76
Periodic EV to Trailing 12M EBITDA 8.64 2.21 11.13 8.14
Net Debt/EBITDA 6.52 0.96 5.24 4.75
Source: Bloomberg
CY 2012 CY 2013 CY 2014 CY 2015 CY 2016 CY 2017
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017
— — — -147.51 — —
17.32 17.00 16.21 15.37 13.58 13.44
— — — -2.66 -8.90 —
8.70 9.42 7.94 7.70 7.74 6.52
— — — 2.97 -4.91 —
13.28 13.75 13.75 13.84 13.86 17.40
40.63 26.81 — — — —
16.74 16.69 19.39 19.28 19.89 23.19
0.60 1.22 1.68 11.84 4.87 —
2.70 2.60 2.93 2.81 2.61 3.14
— — — 18.94 30.28 —
11.04 10.75 11.52 12.83 11.69 12.80
— — — 16.98 27.99 —
2.50 2.45 2.19 2.67 2.60 2.52
Orchid Pharma Ltd (ORCP IN) - Contractual Obligations
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Debt Schedule
Net Debt 15,502.4 19,663.5 16,740.3 8,322.0
Capital Leases Schedule

Total Future Value of Capital Leases — — 0.0 0.0
Present Value of ST Capital Leases — — 0.0 0.0
Present Value of LT Capital Leases — — 0.0 0.0
Total Present Value of Capital Leases — — 0.0 0.0
Operating Leases (Rental Expense) Schedule

Future Min Oper Lease Obligations — — 0.0 0.0
Contractual Obligations Schedule
Purchase Obligations — — 0.0 0.0
Lines of Credit
Commercial Paper
Contingent Liabilities 3,136.0 3,847.8 3,650.2 2,846.2

Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2015 FY 2016 FY 2017
03/31/2011 03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017
18,876.2 18,284.3 24,032.7 28,218.7 29,003.2 28,510.8
— — — 0.0 0.0 0.0

2.6 0.1 — 0.0 0.0 0.0
0.1 0.0 — 0.0 0.0 0.0
2.6 0.1 — 0.0 0.0 0.0
0.0 0.0 — 0.0 0.0 0.0
0.0 0.0 — — 0.0 0.0
3,224.5 5,308.2 — — — —
Orchid Pharma Ltd (ORCP IN) - Options
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Options Activity
Options Granted During Period 0.0 0.0 0.0 0.0
Options Outstanding End Of Period 0.0 0.0 0.0 0.0
Options Exercisable End of Period 0.0 0.0 0.0 0.0
Price
Stock Option Valuation Model — — — —
Assumptions
Stock Expense
Expense For Stock-Based Compensation 0.0 0.0 0.0 0.0
Stock Option Expense (After Tax) 0.0 0.0 0.0 0.0
Source: Bloomberg
FY 2015 FY 2016 FY 2017
03/31/2015 03/31/2016 03/31/2017
— — —
0.1 0.1 0.0
— — —
— 1.00 1.00
— 0.0 0.0
— 0.0 0.0
Orchid Pharma Ltd (ORCP IN) - Employee Data
12 Months Ending 03/31/2005 03/31/2006 03/31/2007 03/31/2009
Number of Employees 2,948.00 2,850.00 3,263.00 4,040.00
Employees - 1 Yr Growth 4.02 -3.32 14.49 —
Sales per Employee 2,450,265.87 3,286,423.16 2,866,770.76 3,210,022.03
Actual Net Income per Employee -141,415.20 201,052.63 240,725.71 -121,262.13
Actual Assets per Employee 6,148,177.79 7,608,882.81 8,859,985.29 10,480,086.14
Actual Cash Flow per Employee 8,231.00 -369,799.30 -89,541.53 -385,942.82
Source: Bloomberg
FY 2010 FY 2011 FY 2012
03/31/2010 03/31/2011 03/31/2012
3,700.00 4,500.00 4,455.00
-8.42 21.62 -1.00
3,630,955.14 3,800,266.22 4,023,172.62
916,902.43 347,082.67 218,806.51
10,198,817.30 8,689,426.89 8,948,061.28
-873,475.68 365,562.00 1,103,818.86
Orchid Pharma Ltd (ORCP IN) - Fixed Charge
12 Months Ending 03/31/2005 03/31/2006 03/31/2007 03/31/2008
EBIT/Interest Expense 0.42 1.71 3.61 13.09
EBIT/Total Interest Expense 0.42 1.71 3.61 13.09
Degree of Financial Leverage -0.73 2.42 1.38 1.08
EBITDA less CAPEX /Interest Exp -2.37 0.59 -4.22 -10.48
EBITDA/Total Interest Expense 1.29 2.68 5.31 18.43
T12M CFO/Total Debt 0.00 -0.10 -0.02 0.04

T12M FCF/Total Debt -0.27 -0.27 -0.31 -0.23
Operating Income/Total Debt 0.03 0.14 0.11 0.12
Total Debt/T12M EBITDA 10.60 4.49 6.24 5.72
Net Debt to T12M EBITDA 10.49 4.46 5.83 5.65
Source: Bloomberg
FY 2009 FY 2010 FY 2011 FY 2012 FY 2016 FY 2017
03/31/2009 03/31/2010 03/31/2011 03/31/2012 03/31/2016 03/31/2017
2.34 5.13 1.53 1.31 0.09 -0.12
2.34 5.13 1.53 1.31 0.09 -0.12
1.75 1.24 2.90 4.18 -0.10 —
-4.28 4.63 -0.05 0.52 0.59 0.29
4.89 6.25 2.42 2.19 0.59 0.32
-0.09 -0.31 0.08 0.25 -0.02 0.03

-0.37 -0.52 -0.10 0.10 -0.02 0.03
0.07 0.67 0.11 0.12 0.01 -0.01
6.70 1.22 5.77 5.21 18.82 30.49
6.52 0.96 5.24 4.75 16.98 27.99
Orchid Pharma Ltd (ORCP IN) - CAPEX & Depreciation
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Depreciation Expenses 780.5 931.3 1,295.0 1,472.4
Depr Exp / Net Sales 8.34 7.39 9.99 10.96
Depr Exp / Net Fixed Assets 0.06 0.06 0.06 0.07
Accum Depr / Total Assets 14.75 14.90 15.23 18.53
Accum Depr / Gross Fixed Assets 22.03 22.64 22.29 28.76
Capital Expenditures -4,779.5 -5,456.0 -4,813.2 -2,246.9
CAPEX/Sales 51.09 43.33 37.11 16.72
CAPEX/Total Assets 18.89 17.12 12.47 5.61
Capital Expend / Depr Exp 6.12 5.86 3.72 1.53
CAPEX to Depreciation Expense 5 Year Av — — — —
Total Capital Expenditures - 1 Yr Growth 159.59 14.15 -11.78 -53.32
Average Age of Assets in Years 5.47 5.58 4.98 4.75
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2015 FY 2016 FY 2017
03/31/2011 03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017
1,252.0 1,449.4 — — 1,419.5 1,372.1
7.32 8.09 — — 16.52 17.23
0.07 0.07 — — 0.08 0.08
20.48 23.50 23.60 27.40 32.97 41.99
29.50 29.42 28.33 36.56 41.81 46.16
-3,674.4 -2,930.6 — — -14.7 -85.1
21.49 16.35 — — 0.17 1.07
9.56 7.42 — — 0.04 0.24
2.93 2.02 — — 0.01 0.06
4.03 3.21 — — — —
63.53 -20.24 — — — 480.41
6.40 6.46 — — 8.97 10.28
Orchid Pharma Ltd (ORCP IN) - Overview
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Number of Employees — 4,040.00 3,700.00 4,500.00
Last Price 161.40 77.20 153.90 300.70

Revenue 12,593.2 12,968.5 13,434.5 17,101.2

EBITDA 3,477.9 2,565.9 8,669.8 3,601.9
Trailing 12M EBITDA Margin 27.62 19.79 64.53 21.06
Net Income (Losses) 1,753.4 -489.9 3,392.5 1,561.9
Trailing 12M Earnings per Share 26.63 -7.14 48.16 22.17
Price/T12M Earnings per Share 6.06 — 3.20 13.56

Dividend Payout Ratio 16.75 — 20.76 13.53
Dividend Yield 1.86 3.89 0.65 3.33
Net Fixed Assets 17,740.0 22,472.4 17,320.5 19,142.2

Total Assets 34,842.3 42,339.5 37,735.6 39,102.4
Total Equity 6,649.8 6,338.0 9,376.6 10,711.7
Book Value per Share 100.98 89.97 133.11 151.79
Price/Book Value per Share 1.60 0.86 1.16 1.98
Net Tangible Assets per Share 78.28 68.77 115.63 129.10
Altman's Z-Score 0.92 0.57 1.29 0.95
Cash From Operations 885.2 -1,559.2 -3,231.9 1,645.0

Cash Flow per Share 13.45 -22.74 -45.88 23.35
Free Cash Flow -4,570.9 -6,372.4 -5,478.8 -2,029.4
Free Cash Flow per Basic Share -69.43 -92.92 -77.78 -28.81
Net Changes in Cash -877.5 0.2 3,016.4 -1,130.3
Source: Bloomberg
03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017 03/31/2017
IN GAAP N.A. IN GAAP IN GAAP IN GAAP
4,455.00 — — — —
184.80 44.70 51.60 37.65 26.25 8.00

70.4 70.5 85.3 89.0 89.0 89.0
13,017.7 3,149.2 4,399.5 3,349.5 2,335.3 711.7
17,923.2 — — 8,595.0 7,965.0 7,965.0

3,850.5 — — 1,707.9 1,018.7 1,018.7
21.48 — — 19.87 12.79 12.79
974.8 — — -2,791.1 -4,904.9 -4,904.9
2.48 — — -32.07 -45.44 -45.44
74.52 — — — —
3.00 — — 0.00 0.00 0.00

120.91 — — — —
1.62 6.71 6.13 — —
22,476.9 27,764.9 19,305.2 17,721.1 16,442.4 16,442.4

39,863.6 46,510.4 40,614.0 38,620.7 33,580.0 33,580.0
28,029.9 42,704.3 37,320.1 38,130.3 37,456.6 37,456.6
11,833.7 3,806.1 3,293.9 490.4 -3,876.7 -3,876.7
167.59 53.94 38.63 5.51 -43.58 -43.58
1.10 0.83 1.34 6.83 —
142.26 26.16 21.49 -10.80 -59.38 -59.38
0.88 — — -0.10 -0.66 -0.66
4,917.5 — — -527.6 980.3 980.3

69.81 — — -6.06 11.02 11.02
1,986.9 — — -542.3 895.2 895.2
28.21 — — -6.23 10.06 10.06
-361.7 — — -756.2 -578.8 -578.8
Orchid Pharma Ltd (ORCP IN) - As Reported Summary
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Income Statement
Revenues
Revenues 9,638.2 13,009.6 12,968.5 13,434.5
Expenses
Total Operating Expenses 3,336.0 4,817.1 — —
Earnings
Net Income 785.5 1,753.4 -489.9 3,392.5
Balance Sheet
Assets
Total Assets — — — —
Liabilities
Total Current Liabilities 6,647.5 7,338.0 — —
Stockholder Equity
Total Shareholders Equity — — — —
Cash Flows
Cash From Operating Activities
Total Cash Flows From Operations 936.1 2,102.9 459.0 -343.2
Cash From Investing Activities
Total Cash Flows From Investing -4,772.1 -5,454.0 -4,769.7 14,127.6
Total Cash Flows From Financing 4,852.1 2,473.6 4,310.8 -10,768.1
Net Change In Cash 1,016.2 -877.5 0.2 3,016.4
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2015 FY 2016 FY 2017
03/31/2011 03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017
— — — — 8,734.4 7,965.0
— — — — — —
1,561.9 974.8 — — -2,791.1 -4,904.9
— — 11,014.2 12,781.2 12,512.0 8,791.4

— — 46,510.4 40,614.0 38,620.7 33,580.0
— — 32,060.3 11,226.6 13,376.2 15,407.2
— — — — 490.4 -3,876.7
— — 46,510.4 40,614.0 38,620.7 33,580.0
3,321.3 7,370.2 — -3,690.7 2,122.0 3,170.1
-3,674.1 -2,930.5 — 13,336.6 -14.6 -85.9
-777.5 -4,801.5 — -5,974.4 -2,863.6 -3,663.0

-1,130.3 -361.7 — 3,671.4 -756.2 -578.8
Orchid Pharma Ltd (ORCP IN) - Dividend Summary
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Dividends per Share - 5 Yr Geo Growth 2.38 2.38 -17.81 30.26
Dividend Yield 1.15 1.86 3.89 0.65
Dividend Payout Ratio 37.44 16.75 — 20.76
Cash Dividend Coverage 2.67 5.97 — 4.82
Dividends Paid -225.1 -231.0 -230.6 -82.4
Total Cash Preferred Dividends 0.0 0.0 0.0 0.0
Trailing 12M Preferred Dividends 0.0 0.0 0.0 0.0
Trailing 12M Common Dividends 294.1 293.7 70.4 704.4
Trailing 12M Dividends Per Share 3.00 3.00 1.00 10.00
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2015 FY 2016 FY 2017
03/31/2011 03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017
3.00 3.00 — — 0.00 0.00
0.00 0.00 — — — —
3.33 1.62 6.71 6.13 — —
13.53 120.91 — — — —
7.39 0.83 — — — —
-818.0 -249.0 — — 0.0 0.0
0.0 0.0 — 0.0 0.0 0.0
211.3 211.3 — — 0.0 0.0
0.0 0.0 — 0.0 0.0 0.0
211.3 211.3 — — 0.0 0.0
3.00 3.00 — — 0.00 0.00
Orchid Pharma Ltd (ORCP IN) - Sources of Capital
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Net Change Short Term Debt 122.3 4,551.2 523.6 718.1
Net Change Long Term Debt 5,897.4 -1,243.6 -3,236.6 -7,330.0
Net Change in Other Liabilities 4,110.0 825.7 — —
Net Change in Liabilities 10,129.7 4,133.4 7,809.1 -7,642.5
Net Change in Liabilities % of Total 140.21 69.68 104.16 166.00
Reinvested Earnings 491.4 1,459.7 -560.3 2,688.1

External Equity Financing -3,396.3 339.1 248.5 350.5
Net Change in Total Equity -2,904.8 1,798.8 -311.8 3,038.6
Increase In Equity % of Total -40.21 30.32 -4.16 -66.00
Capital Employed 20,608.6 19,005.6 24,565.5 18,757.2

Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2015 FY 2016 FY 2017
03/31/2011 03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017
8,679.6 -5,443.1 5,938.2 — 1,203.5 1,123.3
1,531.7 4,700.9 -1,723.5 — -1,164.2 -2,207.6
— 390.4 10,437.7 — 770.9 410.6
31.7 -360.8 14,674.4 — 810.2 -673.6
2.32 -47.40 220.77 — -40.65 13.36
1,350.5 763.5 — — -2,791.1 -4,904.9

-34.7 349.6 — — -12.3 537.8
1,335.1 1,122.0 -8,027.6 — -2,803.4 -4,367.1
97.68 147.40 -120.77 — 140.65 86.64
14,511.1 20,832.9 6,718.8 20,859.7 16,856.9 9,826.6

Orchid Pharma Ltd (ORCP IN) - Overview
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
ESG Disclosure Score 9.09 9.09 9.09 9.09
Environmental
Social
Governance
Governance Disclosure Score 39.29 39.29 39.29 39.29
Size of the Board 9.00 8.00 7.00 8.00
Indep Directors 4.00 4.00 4.00 6.00
% Indep Directors 44.44 50.00 57.14 75.00
# Board Meetings 5.00 5.00 6.00 5.00
Board Mtg Attendance 74.00 79.00 87.50 94.87
Source: Bloomberg
FY 2012 FY 2013 FY 2015
03/31/2012 09/30/2013 03/31/2015
9.09 7.85 9.09
39.29 33.93 39.29

6.00 7.00 6.00
4.00 5.00 3.00
66.67 71.43 50.00
5.00 12.00 11.00
81.57 — 83.92
Orchid Pharma Ltd (ORCP IN) - Governance
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Governance Disclosure Score 39.29 39.29 39.29 39.29
Board Structure
Size of the Board 9.00 8.00 7.00 8.00
Unitary or Two Tier Board System 1.00 1.00 1.00 1.00
# Employee Representatives on Board 0.00 0.00 0.00 0.00
Classified Board System Yes Yes Yes Yes
Board Independence
# Non Exec Dir on Board 7.00 6.00 6.00 6.00
% Non Exec Dir on Board 77.78 75.00 85.71 75.00
# Independent Directors 4.00 4.00 4.00 6.00
% Independent Directors 44.44 50.00 57.14 75.00
CEO Duality No No No Yes
Independent Chairperson Yes Yes Yes No
Independent Lead Director No No No No
Presiding Director No No No No
Former CEO or its Equivalent on Board No No No No
Board & Exec Diversity

# Women on Board 0.00 0.00 0.00 0.00
% Women on Board 0.00 0.00 0.00 0.00
Female Chief Executive Officer or Equivalen No No No No
Female Chairperson or Equivalent No No No No
# Executives / Company Mgrs 25.00 24.00 23.00 22.00
CEO or Equivalent Appointed from Within n/a n/a n/a n/a
# Female Executives 1.00 1.00 1.00 1.00
% Female Executives 4.00 4.17 4.35 4.55
Board Committees
# Board Meetings 5.00 5.00 6.00 5.00
Board Meeting Attendance % 74.00 79.00 87.50 94.87
Independent Directors Board Meeting Atte 85.00 80.00 91.00 90.47
# Dir Attending Less than 75% of Mtgs 5.00 2.00 3.00 0.00
Audit Committee
Size of Audit Committee 5.00 6.00 5.00 5.00
# Independent Dir on Audit Cmte 4.00 4.00 4.00 5.00
% Independent Dir on Audit Cmte 80.00 66.67 80.00 100.00
Independent Audit Committee Chairperson Yes Yes Yes Yes
# Non Exec Dir on Audit Cmte 5.00 6.00 5.00 5.00
Audit Committee Meetings 4.00 4.00 4.00 4.00
Audit Committee Meeting Attendance Perce 85.00 85.00 80.00 89.47
Compensation Committee
Size of Compensation Committee 5.00 5.00 5.00 5.00
# Independent Dir on Comp Cmte 4.00 4.00 4.00 5.00
% Independent Dir on Comp Cmte 80.00 80.00 80.00 100.00
Independent Compensation Committee Chai Yes Yes Yes Yes
# Non Exec Dir on Comp Cmte 5.00 5.00 5.00 5.00
# Comp Committee Meetings 1.00 1.00 2.00 2.00
Compensation Committee Meeting Attenda 100.00 100.00 100.00 70.00
Outside Compensation Advisors Appointed No No No No
Nomination Committee
Size of Nomination Committee — — — —
# Independent Dir on Nom Cmte — — — —
% of Ind Directors on Nomination Committe — — — —
Independent Nomination Committee Chairp n/a n/a n/a n/a
# Non Exec Dir on Nom Cmte — — — —
# Nom Cmte Meetings — — — —
Nomination Committee Meeting Attendance — — — —
CSR/Sustainability Committee No No No No
Board & Exec Activities

Non-Executive Director with Responsibility No No No No
Executive Director with Responsibility for C No No No No
Executive Compensation Linked to ESG No No No No
ESG Linked Compensation for Board No No No No
Clawback Provision for Executive Compensa No No No No
Chg of Ctrl Benefits/Golden Parachute Agr No No No No
Shareholder Rights
Dual Class Unequal Voting Rights - Commo No No No No
AGM Voting Results
Director Compensation
Source: Bloomberg
FY 2012 FY 2013 FY 2015
03/31/2012 09/30/2013 03/31/2015
39.29 33.93 39.29
6.00 7.00 6.00

1.00 1.00 1.00
0.00 0.00 0.00
Yes Yes Yes
4.00 6.00 5.00

66.67 85.71 83.33
4.00 5.00 3.00
66.67 71.43 50.00
Yes Yes No
No No Yes
No No No
No No No
No No No
0.00 0.00 1.00

0.00 0.00 16.67
No No No
No No No
23.00 14.00 11.00
No No No
1.00 1.00 1.00
4.35 7.14 9.09
5.00 12.00 11.00

81.57 — 83.92
75.00 — 52.63
1.00 — 1.00
4.00 5.00 4.00

4.00 4.00 3.00
100.00 80.00 75.00
Yes Yes Yes
4.00 5.00 4.00
4.00 4.00 6.00
80.00 75.00 81.81
4.00 2.00 4.00

4.00 0.00 2.00
100.00 0.00 50.00
Yes Yes No
4.00 1.00 4.00
1.00 1.00 2.00
100.00 75.00 75.00
n/a n/a n/a
— — 4.00
— — 2.00
— — 50.00
n/a n/a No
— — 4.00
— — 2.00
— — 75.00
No No Yes
No No No
No No No
No No No
No No No
No No No
No No No
No No No
Orchid Pharma Ltd (ORCP IN) - Exec & Dir Comp
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Executive Compensation
Total Compensation Paid — — — —
Total Salaries and Bonuses Paid — 70.8 34.3 —
Total Salaries Paid 8.3 30.8 34.3 —
Total Bonuses Paid — 40.0 0.0 —
All Other Compensation Paid 0.0 — — —
# of Exec Changes in Fiscal Year 0.00 1.00 0.00 —
Date of Last Executive Change n/a 07/01/2007 n/a n/a
# Execs Included in Compensation 2.00 2.00 2.00 —
CEO
CEO Duality n/a No No No
Other C-Suite
Total Comp Paid to CFO and Equiv — — — —
Board Compensation
Total Compensation Paid — — — —
Fees Paid in Cash — — — —
# of Board Changes in Fiscal Year — — — —
Date of Last Board Change n/a n/a n/a n/a
# Directors Included in Comp — — — —
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2015
03/31/2011 03/31/2012 09/30/2013 03/31/2015
— 65.8 86.1 —
— 65.8 86.0 —
— 65.8 86.0 —
— 0.0 0.0 —
— 0.0 0.1 —
— 0.00 1.00 —
n/a n/a 04/17/2013 n/a
— 2.00 2.00 —
Yes Yes Yes No
— 13.0 11.9 —
— 0.4 0.8 —
— 0.4 0.9 —
— 1.00 4.00 —
n/a 05/01/2011 08/14/2013 n/a
— 3.00 5.00 —
Orchid Pharma Ltd (ORCP IN) - ESG Ratios
12 Months Ending 03/31/2007 03/31/2008 03/31/2009 03/31/2010
Greenhouse Gases
Carbon Dioxide
Energy
Water
Waste
Other Environmental
Social
R&D Expenditures per Cash Flow -1.51 0.80 -0.35 -0.17
Actual Net Income per Employee 240,725.71 — -121,262.13 916,902.43
Actual Cash Flow per Employee -89,541.53 — -385,942.82 -873,475.68
Actual Personnel Expenses per Employee 283,317.19 — 340,249.01 471,570.00
Governance
Percentage of Non-Executive Directors on — 77.78 75.00 85.71
% Independent Directors — 44.44 50.00 57.14
% Women on Board — 0.00 0.00 0.00
Percentage of Female Executives — 4.00 4.17 4.35
Board Meeting Attendance % — 74.00 79.00 87.50
Independent Directors Board Meeting Atte — 85.00 80.00 91.00
Pct of Independent Directors on Audit Comm — 80.00 66.67 80.00
Audit Committee Meeting Attendance Perce — 85.00 85.00 80.00
% of Ind Directors on Compensation Commit — 80.00 80.00 80.00
Compensation Committee Meeting Attenda — 100.00 100.00 100.00
% of Ind Directors on Nomination Committe — — — —
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2015 FY 2016 FY 2017
03/31/2011 03/31/2012 09/30/2013 03/31/2015 03/31/2016 03/31/2017
0.25 0.17 — — -0.60 0.38

347,082.67 218,806.51 — — — —
365,562.00 1,103,818.86 — — — —
366,072.00 395,989.90 — — — —
75.00 66.67 85.71 83.33 — —

75.00 66.67 71.43 50.00 — —
0.00 0.00 0.00 16.67 — —
4.55 4.35 7.14 9.09 — —
94.87 81.57 — 83.92 — —
90.47 75.00 — 52.63 — —
100.00 100.00 80.00 75.00 — —
89.47 80.00 75.00 81.81 — —
100.00 100.00 0.00 50.00 — —
70.00 100.00 75.00 75.00 — —
— — — 50.00 — —

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Dimension 1

Asset Turnover Ratio Assumed

Scenario 1 Scenario 2 Scenario 3

Industry Average 616.38 29.49 73083.67 0.70 447.40 35.36

8.12 17.76 11.31 0.71 2383.67 18083.15 13.33%

Cadila 0.39 0.28 0.16 0.42 10

Cadila 24.44 28.52 35.98 20.22 Orchid Pharma Cipla

Orchid Pharma Cipla Orchid Pharma Cipla

Debt to Equity EBIT Margin

Orchid Pharma Cipla Orchid Pharma Cipla Sun Pharma

Revenue (US $ billi

Revenue growth pharma se

Revenue (US $ billion)

28.53 29.77 29.61

FY13 FY14 FY15 FY16 FY17

Revenue (US $ billion)

owth pharma sector (Global)

FY13 FY14 FY15 FY16

Revenue (US $ billion)

Earnings Per Share

Pretax Income (Loss)

13,773.7 14,013.0 16,251.0 20,022.4 — —

-7.14 48.16 22.17 2.48 -32.07 -64.85

3,642.0 3,884.0 3,709.3 4,605.4 — —

545.0 404.0 1,937.5 1,538.3 — —

-489.9 3,392.5 1,561.9 174.8 -2,791.1 -5,769.5

Per Share Data Items

Cash Flow 13.45 -22.74 -45.88 23.35

Cash & Equivalents 3.72 6.46 32.10 27.23

254.44 — — 98.76 89.53 89.53

69.81 — — -6.06 11.02 11.02

25.10 3.32 45.60 35.33 28.67 28.67

Net Income Avail to Common, Adj 785.5 1,753.4 -395.3 -3,353.9

Basic Weighted Avg Shares 65.7 65.8 68.6 70.4

Diluted Weighted Avg Shares 73.1 97.9 89.7 88.8

1,557.5 365.4 — -2,791.1 -4,042.4 -4,042.4

70.4 70.4 — 87.0 89.0 89.0

82.6 71.3 — 87.0 89.0 89.0

IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP

Net Income, GAAP 2000

NET_INCOME Zero 1000

Net Income Avail to Common, Adj 785.5 1,753.4 -395.3 -3,353.9

Basic Weighted Avg Shares 65.7 65.8 68.6 70.4

Diluted Weighted Avg Shares 73.1 97.9 89.7 88.8

1,557.5 365.4 — -2,791.1 -4,042.4 -4,042.4

70.4 70.4 — 87.0 89.0 89.0

82.6 71.3 — 87.0 89.0 89.0

IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP

Liabilities & Shareholders' Equity

1,918.3 1,768.0 234.2 3,887.8 3,142.7 2,550.8

0.0 0.0 8.1 8.1 0.8 0.8 5000

4,950.9 4,547.3 5,974.0 3,111.5 4,687.8 5,620.7

IN GAAP IN GAAP N.A. IN GAAP IN GAAP IN GAAP

Revenue, Adj 12,593.2 12,968.5 13,434.5 17,101.2 17,923.2

Cash from Operations 885.2 -1,559.2 -3,231.9 1,645.0 4,917.5

— — 8,595.0 7,965.0 7,965.0

— — -527.6 980.3 980.3

Cash and Equivalents 1,098.1 244.7 455.0 2,261.3

Cash From Operations -292.2 885.2 -1,559.2 -3,231.9