Cohance Lifesciences Limited

rs,

ination will have end-to-end capabilities to service the entire lifecycle of a molecule for innovators, adds fast growing ADC segment ✓ Multiple global examples of peers exist with similar end-to-end c

50.1%

imited Public Shareholding Berhyanda Limited & Jusmiral Holdings Limited Public Shareholding 50.1% 49.9% ~66.7% ~33.3% Suven Suven+ • Upon the merger of Cohance with Suven., the shareholders o

49.9%

Public Shareholding Berhyanda Limited & Jusmiral Holdings Limited Public Shareholding 50.1% 49.9% ~66.7% ~33.3% Suven Suven+ • Upon the merger of Cohance with Suven., the shareholders of Cohan

66.7%

Shareholding Berhyanda Limited & Jusmiral Holdings Limited Public Shareholding 50.1% 49.9% ~66.7% ~33.3% Suven Suven+ • Upon the merger of Cohance with Suven., the shareholders of Cohance will

33.3%

ding Berhyanda Limited & Jusmiral Holdings Limited Public Shareholding 50.1% 49.9% ~66.7% ~33.3% Suven Suven+ • Upon the merger of Cohance with Suven., the shareholders of Cohance will be issue

INR 13,375

Platform Overview • One of the leading1, diversified CDMO + merchant API platforms in India with ~INR 13,375 Mn revenue and ~INR 4,213 Mn Adjusted EBITDA in FY232; serving pharmaceuticals and specialty chemi

INR 4,213

f the leading1, diversified CDMO + merchant API platforms in India with ~INR 13,375 Mn revenue and ~INR 4,213 Mn Adjusted EBITDA in FY232; serving pharmaceuticals and specialty chemicals customers across the

33%

integration Delivered 125+ innovator projects from gram to multi- kilo scale CDMO biz. growth at ~33% 3Y CAGR (faster than other segments) Industry leading financial metrics - growth (~16%), Adj. EB

16%

growth at ~33% 3Y CAGR (faster than other segments) Industry leading financial metrics - growth (~16%), Adj. EBITDA margins (~31%), and return on capital employed (~34%) Invested in capex enough to

31%

r than other segments) Industry leading financial metrics - growth (~16%), Adj. EBITDA margins (~31%), and return on capital employed (~34%) Invested in capex enough to support >1.5x current scale

34%

financial metrics - growth (~16%), Adj. EBITDA margins (~31%), and return on capital employed (~34%) Invested in capex enough to support >1.5x current scale; ~INR 3500 Mn invested since acquisiti

1.5x

ITDA margins (~31%), and return on capital employed (~34%) Invested in capex enough to support >1.5x current scale; ~INR 3500 Mn invested since acquisition Top tier management team with 250+ years

“growth at ~33% 3Y CAGR (faster than other segments) Industry leading financial metrics - growth (~16%), Adj.”

“EBITDA2 and 34% RoCE2 9 Expanding pipeline of molecules, growing lifecycle management for innovators and fine chemicals Note: 1) FY23 metrics; Till FY23, proforma and adjusted financials of Cohance entities (RAC, ZCL and Avra) have been extracted from report issued by Deloitte Touche Tohmatsu India LLP.; 9mFY24 numbers as per audited financials of the merged entity (Cohance); Adjusted numbers are adjusted for one-time expenses and income 2) FY23 metrics 3) FY20-23 revenue CAGR Pg.”

“11 CDMO Segment - Business Philosophy ~44% gross profit contribution through CDMO arm across Pharma and Specialty Chemical Innovators; historically, grown at ~33% CAGR (FY20-23) Deep Innovator Relationships Complex Chemistry Capabilities • Relationships with ~25 pharma and spec chem innovators • Delivered 125+ innovator projects from gram to multi kilo scale1 • Handle complex, multi-step chemistries: intermediates for ADC warheads, cross coupling, cryogenic reactions etc.”

“9M FY24 is largely drive by ESOP charge (INR 324M) and one-time business consulting expenses 5) Adjusted PAT across years doesn’t factor CCD interest of INR 383Mn for FY23, INR 219Mn for 9mFY23 and INR 256Mn for 9mFY24 respectively– which will not be incurred going forward Pg.”

Note

3

Customer Diversification

1

Cross-sell between the two companies

1

Note

(1) As of 29th Feb 2024 (2) On a pre-ESOP dilution basis Pg. 7 Cohance Overview Cohance Platform Overview • One of the leading1, diversified CDMO + merchant API platforms in India with ~INR 13,375 Mn revenue and ~INR 4,213 Mn Adjusted EBITDA in FY232; serving pharmaceuticals and specialty chemicals customers across the globe • Well-invested asset with complex chemistry capabilities (e.g. ADCs, camptothecin derivatives, acetylene compounds) Global Leadership Innovator CDMO4 Leading Metrics2 Capex Invested Top Management Leadership (top 3 position)3 in key molecules driven by deep cost position due to backward integration Delivered 125+ innovator projects from gram to multi- kilo scale CDMO biz. growth at ~33% 3Y CAGR (faster than other segments) Industry leading financial metrics - growth (~16%), Adj. EBITDA margins (~31%), and return on capital employed (~34%) Invested in capex enough to support >1.5x current scale; ~INR 3500 Mn invested since acquisition Top tier management team with

Customer Diversification

⚫ 3 diverse engines of growth which provide the ability to drive steady growth profile ⚫ Both platforms have very limited customer overlap ⚫ Reduces customer concentration for Suven (vs. standalone) Product Diversification ⚫ Limited to no product overlap ⚫ Helps reduce product concentration which is typical of a standalone CDMO business ⚫ Pharma CDMO o Development: 100+ active project pipeline and increasing RFQs o Advanced Stage Pipeline: Phase 3 projects across both platforms o Commercial: On-Patent Products across both platforms; focus on life cycle product management for off-patent innovator products o Adding fast-growing niche capabilities like Antibody Drug Conjugates (ADCs) ⚫ Spec Chem CDMO: o Ag Chem & Electronic Chem: Broader Spec chem play vs. just Ag Chem ⚫ API++ (including formulations): o Focused product portfolio & pipeline of low-mid volume molecules, with global leadership position backed by high degree of backward integration Pg. 22 D Scale of Combined Business Combine

Cross-sell between the two companies

• ADC capability to Suven customers • Suven sells Pharma CDMO intermediates to Cohance innovator customers Cohance supplies new APIs to Suven’s Formulation customers Suven Operational Optimization, leveraging Cohance capabilities (1-2 years) People and G&A People and G&A cost cost avoidance avoidance Cost optimization across the platform leveraging capabilities and best practices from both companies Potentially lower investments in G&A as we build up management capability and team by leveraging resources across the platform (vs standalone) Potential to drive ~10% of incremental EBITDA from various revenue and cost synergy initiatives Note: Estimates by leading global management consulting firm Pg. 25 Business Mix & Financial Metrics for Combined Entity Combined business to have healthy business mix with strong financial metrics Sales Mix (9mFY24) Formulations & Others 17.1% CDMO 82.9% CDMO 32.4% API++ 67.6% API++ 43.8% CDMO 56.2% Merged Company Manufacturing Facilities (Regulatory appr

Note

1) 2) Till FY23, proforma and adjusted financials of Cohance entities (RAC, ZCL and Avra) have been extracted from report issued by Deloitte Touche Tohmatsu India LLP. Adjusted P&L numbers are reported numbers adjusted out for one-time expenses and income; 9mFY24 numbers as per audited financials of the merged entity (Cohance). RoU and Intangible assets Includes RoU under development and intangibles under development respectively Pg. 34 INR millionProforma Balance Sheet Snapshot Mar20Mar21Mar22Mar23Dec22Dec23Property, plant and equipment (PPE)3,824 4,128 4,090 4,217 3,920 4,557 Right of use asset (RoU) 213 89 179 202 189 328 Capital work-in-progress99 155 458 1,167 967 1,728 Intangible Assets 247 51 123 118 112 109 Fixed Assets3,982 4,422 4,850 5,704 5,187 6,722 Inventories1,894 2,551 3,266 3,641 3,622 3,711 Trade receivables3,154 3,218 3,654 4,202 3,652 3,973 Trade payables(1,305) (1,716) (1,670) (2,141) (1,732) (1,666) Core Net Working Capital (Core NWC)3,743 4,052 5,250 5,703 5,542

Note

1) 2) 3) Till FY23, proforma and adjusted financials of Cohance entities (RAC, ZCL and Avra) have been extracted from report issued by Deloitte Touche Tohmatsu India LLP. Adjusted P&L numbers are reported numbers adjusted out for one-time expenses and income; 9mFY24 numbers as per audited financials of the merged entity (Cohance). RoU and Intangible assets Includes RoU under development and intangibles under development respectively Return ratios (ROCE / ROE) and Net Debt/EBITDA for 9mFY23 and 9mFY24 calculated on an LTM basis ROCE for 9mFY24 is impacted by Group’s higher growth capex yet to be optimally utilized Pg. 35 Key RatiosFY20FY21FY22FY239mFY239mFY24Net Working Capital (as days of sales)158 147 150 156 162 185 PPE (as % of sales)44.3%41.1%31.9%31.5%31.5%38.3%Capex spend during the year (INR M)498 810 911 1,346 939 1,328 Capex spend (as % of sales)5.8%8.1%7.1%10.1%10.0%14.9%(Net Debt)/ Net Cash to adjusted EBITDA (x times)0.8x0.9x0.6x-0.4x0.4x-0.8xAdjusted EBIT (INR M)1,771 2,46