Questionnaire

1. Is it possible to have access to the following:

a. Shareholding structure
b. Business structure i.e. how is the business currently structured? Is it structured under a holding
company that owns the human and animal lines of business; separate lines of business independent
of each other; or for example, is the animal health business owned by the human health business?
c. Audited financials for the last 5 years
d. The purpose is to understand how a transaction can be structured and what a valuation may look
like.

2. Where is Star Labs standing in the animal health segment among other players in terms of market
share and IMS rankings i.e. if IMS rankings for animal health are indeed available?

3. What is the breakup of animal health sales in terms of domestic and international sales and how
have they evolved over the last 7-10 years? The idea is to understand business cycles. Same for the
human health division.

4. Of the 250 registered products in the animal health segment, which products generate the most
sales by value and volume both locally and internationally? Which products have faced decline in
the last 5 years? The purpose is to understand whether Star Labs needs to produce all 250 products
if say, only 30% of all products are indeed profitable and/or growing. Put another way, it would be
helpful to see the type of P&L each product or a sub-segment produces in terms of operating profit,
if at all Star Labs goes into such granular detail. Even if an investment does not materialize, I’m a big
believer in helping businesses uncover their true sources of value and such an analysis may go a long
way in helping them create value.

5. How is demand forecasted for the animal health segment? Is there a specific type of animal health
medicine that is required annually and production is based on this requirement? Or is production a
function of toll and/or contract manufacturing?

6. Which sub-segment within the animal health segment shows the most promise for growth? For
example, is the livestock segment positioned to witness more growth or is it the pet segment i.e.
cats, dogs, and birds? Is there an equine segment, considering sales to the GCC?

7. Who are the largest customers locally and international by volume?

8. Export sales are heavily skewed towards countries in Africa. What is the breakup in terms of human
health and animal health sales in Africa? In terms of animal health, what sub-segment are firms /
governments in Africa purchasing?