WIXLIB

Jefferies Global Health Care ConferenceNew YorkJune 3, 20151

Safe HarbourThis presentation may include forward-looking statements that are based on ourmanagement’s beliefs and assumptions and on information currently available to ourmanagement.The inclusion of forward-looking statements should not be regarded as arepresentation by Cosmo that any of its plans will be achieved. Actual results maydiffer materially from those set forth in this presentation due to the risks anduncertainties inherent in Cosmo’s ability to develop and expand its business,successfully complete development of its current product candidates and current andfuture collaborations for the development and commercialisation of its productcandidates and reduce costs (including staff costs), the market for drugs to treat IBDdiseases, Cosmo’s anticipated future revenues, capital expenditures and financialresources and other similar statements, may be "forward-looking" and as such involverisks and uncertainties and risks related to the collaboration between Partners andCosmo, including the potential for delays in the development programs for MethyleneBlue MMX , Rifamycin SV MMX , and CB-03-01. No assurance can be given that theresults anticipated in such forward looking statements will occur. Actual events orresults may differ materially from Cosmo’s expectations due to factors which include,but are not limited to, increased competition, Cosmo’s ability to finance expansionplans, the results of Cosmo’s research and development activities, the success ofCosmo’s products, regulatory, legislative and judicial developments or changes inmarket and/or overall economic conditions. Cosmo assumes no responsibility toupdate forward-looking statements or to adapt them to future events ordevelopments.You are cautioned not to place undue reliance on these forward-looking statements,which speak only as of the date hereof, and Cosmo undertakes no obligation to reviseor update this presentation.2

Cosmo’s simple business philosophy Leverage on internal know-how Keep overheads low and small & flexible managerialinfrastructure Develop proprietary R&D Retain manufacture of own products Combine optimal returns while minimizing risk in dealstructuring3

.has created substantial value over timeKey Milestones 2007: IPO in SIX,with a market cap ofCHF195mLast 3 Years Market Cap Performance(1)9-Jul-14Salix tax inversioninto Cosmoannounced(CHFm)3.0003-Oct-14Salix taxinversionterminated 2007: Launch of firstproduct Lialda 2008: Licensing dealswith Santarus andFerring2.500 2012: Winlevi licensing deal withMedicis (now Valeant)2.000 2013: sale of firstpart of SNTS shares1.500 2014: sale of lastpart of SNTS shares1.000 2014: repurchase ofCB-03-01 licensefrom Valeant5000mag-12Last 3years: 558%15-Jan-13LicenseeSantarusreceives FDAapproval forUCERIS 10-May-13First sale ofSantarus stake30-Jan-15Announced Cassiopealisting8-Nov-13Salix / Santarusmergerannouncednov-12mag-13(1) Company website and Capital IQ as of May 7th, 2015.nov-13mag-142-Jan-14Sale ofremaining stakein Santarusnov-14mag-15

The MMX technology has led to two very successfulproducts 5LialdaUcerisLaunch 2007First year sales 50 mSecond year sales 140 m2014 sales 634 mLaunch 2013First year sales 66 mSecond year sales 152 mPatent extended from 2020 to 2031

.and provided the base for a distinct growth strategy1) Expand GI pipeline2) Expand activities to other therapeutic areas3) Consider further “equity for product” deals4) Create as much value as possible in-house and enterinto deals when value risk ratio is best6

expanding the GI Pipeline with a new antibioticRifamycin MMX NCE (in US) antibiotic with lower resistanceCandidate for 10 years exclusivity under GAIN Act Indication currently sought: Travellers’ Diarrhoea (TD)Clinical status: Phase III USA completed; Phase III EU in Lat Amongoing: NDA filing targeted for Q 1 2016 Additional indication under development by Dr. Falk:Uncomplicated DiverticulitisClinical status: Phase II ongoing, multi-centre trial, interimanalysis scheduled end 2015 Subsequent indication: IBSdifferent strength tablet; Clinical status: PK study applicationfiled7

.and a tabletized anti TNFMonoclonal antibody MMX Proven preservation of Infliximab antibody activity in tablets and incolonic environment Currently developing clinical model in mice Bio-similar API (Bio-better since not injected) under development API manufacturing scale up process ongoing Phase I/II trial to begin in 2015 Potential indication: Ulcerative Colitis (maintenance)8

and provided the impetus for expanding intoEndoscopyTwo new powerful tools to support endoscopistsin their battle against colon cancerMethylene BlueMMX 9SIC 8000

Current spray chromoendoscopy procedureMethylene Blue is used in 10% colonoscopiesvia “in situ” spraying onto the colonic mucosaSuspiciousarea accordingto endoscopistsurvey2-3 fold increasedprocedure time*[ 80 cost of single use spray catheter]Localizedand partialstaining**ASGE Volume 66, No 4: 2007 GASTROENINTESINAL ENDOSCOPY.10 Clinical Trial showed increased detection rate with Indigo Carmine.IncreasedDetectionRate in thearea*

MB tablets address an unmet needMB: a revolutionary diagnostic tool for early cancer detectionNormalProcedureTime* According to Phase II Clinical Data, 51% more polyps and47% more adenomas were found with MB11Whole Colonstained,overcomingoperatorsubjectivitySharp increase inDetection Rate,especially forflat/small lesions*

Methylene Blue (MB) tabletsRevolutionary diagnostic for cancer screening during colonoscopy Leverages on MMX technology Delivers the only suitable vital dye to the whole colon Creates previously unavailable contrast Significantly increases adenomas detection rate (*) colon dyed prior to colonoscopy, so significant time saving(*) According to phase II clinical data, 51% more polyps and 47% more adenomaswere found with MB than in ordinary colonoscopy literature data12

MB MMX MainTargetDiminutive Polyps 5 mmin right section of thecolon

MB MMX MainTargetPolyps not otherwisevisible

MB development timeline Phase III ongoing, expanded from 13 sites between US and EUto 20 Primary endpoint: proportion of subjects with at least onehistologically proven adenoma or carcinoma vs. white lightendoscopy 1,270 patients to be treated; data available end 2015 Centralized Registration Application granted in EU under EMA Special Protocol Assessment (SPA) granted by FDA15

High cost of colonoscopies in the US; high cost foradenoma detection16

MB market potential estimateMB Market potential1720172018201920202021non SSRI colonoscopiesin US in m12.612.812.913.113.2market penetration5%10%15%20%20%minimum price120120120120120colonoscopies in EU17.417.617.818.018.3market penetration5%10%15%20%20%minimum price5050505050colonoscopies in RoW24.826.829.031.534.2market penetration0%2,5%5,0%7,5%10,0%minimum price3030303030total revenues in EURm119.1261.2409.6564.8602.4

Identified lesions must be removed The mucosa is between 1-3 mm thick; key perforation risk various techniques have been developed to take out lesionsEndoscopic Mucosal Resection (EMR) EMR for the removal of mucosal lesions that are smaller than 2 cm, orpiecemeal removal of larger lesions ( 2 cm) A cushion is needed to lift the lesion and facilitate its removal, reducingperforation-risk and damage to the deep layers of the GI wallInjection in thesubmucosa18Capture with thesnareRemoval

larger lesions ( 2 cm) require refined techniques:Endoscopic Submucosal Dissection (ESD) Predicted to replace conventional surgery Intention to mitigate risks of higher rate of perforation and bleedingcomplications Submucosal injection is essential in ESD, and a high and long lastingsubmucosal cushion is needed for a safe cuttingCircumferential injections19Mucosal elevationSubmucosal dissection

Current mechanism to create safety cushion normal saline solution is easy to inject but dissipates quickly expensive Hyaluronic Acid solutions or self made cocktails, both nonapproved in USRequirements of the ideal submucosal injectable low viscosity to facilitate injection long lasting cushion ( 30 min) Include a dye to enhance borders definition be safe and bio-compatible Affordable in terms of pricing20

Submucosal injectable composition SIC 8000 SIC 8000 (SIC) is a Submucosal Injectable Composition, easy tobe injected, developed to be used in all endoscopic polyp removalprocedures in the GI tract SIC creates a long lasting cushion which is essential for a successfulEndoscopic Mucosal Resection (EMR) or Endoscopic SubmucosalDissection (ESD) SIC is dyed with methylene blue, so it helps in visualizing the lesionand performing the resection procedure, minimizing risk of perforation SIC is covered by two international and one US patentapplications filed in 2014 (priority 2013)21

SIC Development TimelineSIC is a medical device classified as a class II medical device in US andas either a class IIa or IIb medical device in EUApproval timeline: 510(k) filing in US made on March 31, 2015 FDA approval scheduled for June/July European CE mark filing scheduled by Q2 2015 European approval scheduled by Q4 201522

SICmarket potential estimate (colonoscopies only)SIC market estimatespolyps/adenomas percolonoscopy in phase II% of polyps/ adenomasremoval requiring SICMinimum vials 751,7520%20%20%20%20%1,51,51,51,51,5estimated price in US100100100100100market penetration in US10%20%30%40%50%estimated price in EU4040404040market penetration in EU7%15%25%30%30%estimated price in RoW3030303030market penetration3,5%7,5%12,5%15,0% 15,0%Revenue (millions)68,5143,1227,8298,6353,6

market potential from additional indications Esophagus, stomach and duodenum have similar tissues as the colon Inspection by Esophagogastroduodenoscopy (ECG) SIC can be used in all these tractsAs many ECGs are performed as colonoscopies, both in the US andEurope. During ECG, removal of tissues/polyps is frequently necessary and willrequire SIC as per below examples:Barrett Esophagus Caused by GERD, 1,6% of population affected Requires an ECG every 3 years Tissue removal required in 10% all casesStomach & duodenal polyps polyps requiring extraction are found in around 0,7% of all procedures24

Cosmo is currently pursuing a Swiss IPO of itsdermatology division25

Cosmo’s strategic aimsfor a Cassiopea IPO Best equity-for-product strategy is an in-house transaction Ability to recruit specific derma talents with dedicated Company Ability to remunerate specific performance with a dedicated ESOP Ability to purchase companies & business with Cassiopea shares Set-up of dedicated US commercial infrastructure when appropriateto retain maximum value in the most important derma market26Confidential

Expected main features in Cassiopea’s IPO ListingSIX TimingTargeted in 2015 StructureCosmo will fund thecompany prior to listingall secondarytarget retaining lessthan 50% Investors27expected support fromcore Cosmo investors

Key Investment HighlightsCassiopea is a clinical-stage specialty pharmaceutical company focusing on developing andcommercializing innovative and differentiated medical dermatology products1Exclusive focus on dermatology: a large specialty-driven market with littleinnovation and with unmet medical needs in Acne and Alopecia Winlevi – Lead NCE for Acne(1)Four unencumbered products Breezula – NCE for Alopecia(1)with novel mechanisms of CB-06-01 – NCE Antibiotic for Acneaction2 CB-06-02 – NCE for HPV345Winlevi in Phase III(2) with statistical significance shown in Phase IIStrong barriers to entryMultiple catalysts and anticipated value inflection milestones on the horizon(1) Winlevi and Breezula are different formulations of the same NCE, fordifferent indications.(2) Special Protocol Assessment submitted to the FDA in April 2015.28