Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
 OMEGA PHARMA N.V. 

€135,043,889 

5.1045 % Guaranteed Senior Notes due July 28, 2023 

 
  

NOTE PURCHASE AGREEMENT 
  

 
 Dated
May 19, 2011 
  
  

 TABLE OF CONTENTS 

 

									
	Section	  		  	 	Page	  
			
	 1.
	 	AUTHORIZATION OF NOTES; SUBSIDIARY GUARANTEES.	  	 	1	  
			
	 2.
	 	SALE AND PURCHASE OF NOTES.	  	 	1	  
			
	 3.
	 	EXECUTION AND CLOSING.	  	 	2	  
			
	 4.
	 	CONDITIONS TO CLOSING.	  	 	2	  
		 	4.1.	  	Representations and Warranties.	  	 	2	  
		 	4.2.	  	Performance; No Default.	  	 	2	  
		 	4.3.	  	Compliance Certificates.	  	 	3	  
		 	4.4.	  	Opinions of Counsel.	  	 	3	  
		 	4.5.	  	Purchase Permitted By Applicable Law, etc.	  	 	4	  
		 	4.6.	  	Sale of Other Notes.	  	 	4	  
		 	4.7.	  	Payment of Fees.	  	 	4	  
		 	4.8.	  	Private Placement Numbers.	  	 	4	  
		 	4.9.	  	Changes in Corporate Structure.	  	 	4	  
		 	4.10.	  	Subsidiary Guarantee Agreements.	  	 	5	  
		 	4.11.	  	Proceedings and Documents.	  	 	5	  
		 	4.12.	  	Appointment of Agent.	  	 	5	  
		 	4.13.	  	Funding Instructions.	  	 	5	  
			
	 5.
	 	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.	  	 	5	  
		 	5.1.	  	Organization; Power and Authority.	  	 	5	  
		 	5.2.	  	Authorization, etc.	  	 	6	  
		 	5.3.	  	Disclosure.	  	 	6	  
		 	5.4.	  	Organization and Ownership of Shares of Subsidiaries.	  	 	6	  
		 	5.5.	  	Financial Statements.	  	 	7	  
		 	5.6.	  	Compliance with Laws, Other Instruments, etc.	  	 	7	  
		 	5.7.	  	Governmental Authorizations, etc.	  	 	8	  
		 	5.8.	  	Litigation; Observance of Agreements, Statutes and Orders.	  	 	8	  
		 	5.9.	  	Taxes.	  	 	8	  
		 	5.10.	  	Title to Property; Leases.	  	 	9	  
		 	5.11.	  	Licenses, Permits, etc.	  	 	9	  
		 	5.12.	  	Compliance with ERISA; Foreign Pension Plans.	  	 	9	  
		 	5.13.	  	Private Offering by the Company.	  	 	10	  
		 	5.14.	  	Use of Proceeds; Margin Regulations.	  	 	10	  
		 	5.15.	  	Existing Indebtedness; Future Liens.	  	 	10	  
		 	5.16.	  	Foreign Assets Control Regulations, etc.	  	 	10	  
		 	5.17.	  	Status under Certain Statutes.	  	 	11	  
		 	5.18.	  	Environmental Matters.	  	 	11	  
		 	5.19.	  	Pari Passu.	  	 	12	  
		 	5.20.	  	Solvency.	  	 	12	  
		 	5.21.	  	Transaction-Related Taxes.	  	 	12	  

  
 i 

									
			
	 6.
		REPRESENTATIONS OF THE PURCHASERS; TAX CERTIFICATE.		 	13	  
			6.1.		Purchase for Investment; Selling Restrictions.		 	13	  
			6.2.		Source of Funds.		 	13	  
			6.3.		Tax Status Certificate.		 	14	  
			
	 7.
		INFORMATION AS TO THE COMPANY.		 	15	  
			7.1.		Financial and Business Information.		 	15	  
			7.2.		Officer’s Certificate.		 	17	  
			7.3.		Inspection.		 	17	  
			7.4.		Limitation on Disclosure Obligation.		 	18	  
			
	 8.
		PREPAYMENT OF THE NOTES.		 	18	  
			8.1.		Required Prepayments.		 	18	  
			8.2.		Optional Prepayments with Make-Whole Amount.		 	18	  
			8.3.		Allocation of Partial Prepayments.		 	19	  
			8.4.		Optional Prepayments for Taxes.		 	19	  
			8.5.		Maturity; Surrender, etc.		 	20	  
			8.6.		Purchase of Notes.		 	20	  
			8.7.		Make-Whole Amount.		 	21	  
			8.8.		Prepayment Upon Sale of Assets.		 	22	  
			8.9.		Change of Control Prepayment.		 	22	  
			8.10.		Failure to Obtain Shareholder Approval.		 	24	  
			
	 9.
		AFFIRMATIVE COVENANTS.		 	24	  
			9.1.		Compliance with Law.		 	24	  
			9.2.		Insurance.		 	25	  
			9.3.		Maintenance of Properties.		 	25	  
			9.4.		Payment of Taxes and Claims.		 	25	  
			9.5.		Corporate Existence, etc.		 	25	  
			9.6.		Pan Passu Ranking.		 	26	  
			9.7.		Subsidiary Guarantors.		 	26	  
			9.8.		Change of Control.		 	27	  
			9.9.		Security Provided to Other Facilities.		 	27	  
			9.10.		Most Favored Lender Covenant.		 	27	  
			
	 10.
		NEGATIVE COVENANTS.		 	28	  
			10.1.		Transactions with Affiliates.		 	28	  
			10.2.		Merger, Consolidations.		 	28	  
			10.3.		Sales of Assets.		 	29	  
			10.4.		Leverage Ratio.		 	30	  
			10.5.		Interest Coverage Ratio.		 	30	  
			10.6.		Limitation on Priority Debt.		 	31	  
			10.7.		Limitation on Liens.		 	32	  
			10.8.		Change of Business.		 	33	  
			
	 11.
		EVENTS OF DEFAULT.		 	33	  
			
	 12.
		REMEDIES ON DEFAULT, ETC.		 	35	  
			12.1.		Acceleration.		 	35	  
			12.2.		Other Remedies.		 	35	  
			12.3.		Rescission.		 	36	  

  
 ii 

									
			12.4.		No Waivers or Election of Remedies, Expenses, etc.		 	36	  
			12.5.		Notice of Acceleration or Rescission.		 	36	  
			
	 13.
		REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES.		 	36	  
			13.1.		Registration of Notes.		 	36	  
			13.2.		Transfer and Exchange of Notes.		 	37	  
			13.3.		Interest Payment Date Transfers.		 	37	  
			13.4.		Replacement of Notes.		 	38	  
			
	 14.
		PAYMENTS ON NOTES.		 	38	  
			14.1.		Place of Payment.		 	38	  
			14.2.		Home Office Payment.		 	39	  
			
	 15.
		EXPENSES, ETC.		 	39	  
			15.1.		Transaction Expenses.		 	39	  
			15.2.		Survival.		 	40	  
			15.3.		Currency Rate Indemnity.		 	40	  
			15.4.		Certain Taxes.		 	40	  
			
	 16.
		SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.		 	41	  
			
	 17.
		AMENDMENT AND WAIVER.		 	41	  
			17.1.		Requirements.		 	41	  
			17.2.		Solicitation of Holders of Notes.		 	42	  
			17.3.		Binding Effect, etc.		 	42	  
			17.4.		Notes held by Company, etc.		 	42	  
			
	 18.
		NOTICES.		 	43	  
			
	 19.
		REPRODUCTION OF DOCUMENTS.		 	43	  
			
	 20.
		CONFIDENTIAL INFORMATION.		 	43	  
			
	 21.
		SUBSTITUTION OF PARTIES.		 	44	  
			21.1.		Substitution of Purchasers.		 	44	  
			21.2.		Substitution of Issuer.		 	45	  
			21.3.		Indemnification in Connection with Substitution of Issuer.		 	46	  
			
	 22.
		PAYMENT FREE AND CLEAR.		 	46	  
			
	 23.
		MISCELLANEOUS.		 	50	  
			23.1.		Successors and Assigns.		 	50	  
			23.2.		Payments Due on Non-Business Days.		 	50	  
			23.3.		Severability.		 	50	  
			23.4.		Construction.		 	50	  
			23.5.		Counterparts.		 	50	  
			23.6.		Governing Law.		 	50	  
			23.7.		Submission to Jurisdiction, Service of Process.		 	51	  
			23.8.		Waiver of Jury Trial.		 	52	  
			23.9.		Language.		 	52	  
			23.10.		Dates and Times.		 	52	  
			23.11.		Accounting Matters.		 	52	  

  
 iii 

					
	SCHEDULE A		—		Information Relating to Purchasers
	SCHEDULE B		—		Defined Terms
	SCHEDULE 5.4		—		Subsidiaries of the Company and Ownership of Subsidiary Shares
	SCHEDULE 5.5		—		Financial Statements
	SCHEDULE 5.14		—		Use of Proceeds
	SCHEDULE 5.15		—		Existing Indebtedness
	SCHEDULE 10.7		—		Existing Liens
	EXHIBIT 1(a)-1		—		Form of 5.1045% Guaranteed Senior Note due July 28, 2023
	EXHIBIT 1(b)		—		Form of Subsidiary Guarantee Agreement
	EXHIBIT 6.3-a, 6.3-b		—		Forms of Tax Status Certificates

  
 iv 

 OMEGA PHARMA N.V. 

IZ De Prijkels Venecoweg 26 

B-9810 Nazareth 
 Belgium 

€135,043,889 
 May 19,
2011 
 5.1045% Guaranteed Senior Notes due July 28, 2023 

TO EACH OF THE PURCHASERS LISTED IN 
 THE ATTACHED SCHEDULE A
(the “Purchasers”): 
 Ladies and Gentlemen: 

OMEGA PHARMA N.V., a company incorporated with limited liability in Belgium (the “Company”), agrees with each
Purchaser as follows: 
  

	1.	AUTHORIZATION OF NOTES; SUBSIDIARY GUARANTEES. 

 (a) The Company will authorize the issue
and sale of €135,043,889 aggregate principal amount of its 5.1045% Guaranteed Senior Notes due July 28, 2023 (as amended, restated or otherwise modified from time to time, and including any such notes issued in substitution therefor
pursuant to Section 13 of this Agreement, the “Notes”). The Notes shall be substantially in the form set out in Exhibit 1(a). 

(b) Payment by the Company of all amounts due with respect to the Notes and performance by the Company of its obligations under this
Agreement shall be guaranteed initially by Omega Pharma Belgium N.V., Chefaro Nederland B.V., Omega Pharma Holding Nederland B.V., Omega Pharma Espaila S.A., Chefaro Pharma Italia Srl, ACO Hud AB, Deutsche Chefaro GmbH, Wartner Europe B.V., Damianus
B.V., Medgenix Benelux N.V., Biover NV, ACO Hud Nordic AB, and Richard Bittner AG (the “Original Subsidiary Guarantors”) and may, from time to time, in accordance with Section 9.7, be guaranteed by Additional Subsidiary
Guarantors and/or Optional Subsidiary Guarantors (each as defined in Section 9.7) (each such Original Subsidiary Guarantor and any such Additional Subsidiary Guarantor or Optional Subsidiary Guarantor being a “Subsidiary
Guarantor”), pursuant to a Subsidiary Guarantee Agreement of such Subsidiary Guarantor (as amended from time to time, a “Subsidiary Guarantee Agreement”), substantially in the form of Exhibit 1(b). 

 

	2.	SALE AND PURCHASE OF NOTES. 

 Subject to the terms and conditions of this Agreement, the
Company will issue and sell to each Purchaser and such Purchaser will purchase from the Company, at the Closing provided for in Section 3, Notes in the principal amount specified opposite such Purchaser’s name in Schedule A at the purchase
price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance by any other Purchaser
hereunder. 

	3.	EXECUTION AND CLOSING. 

 The execution of this Agreement shall occur on
May 19, 2011 (the “Effective Date”) and this Agreement shall be effective from and after such date. The sale and purchase of the Notes to be purchased by each of the Purchasers shall occur at the offices of Bingham McCutchen
LLP, 399 Park Avenue, New York, New York, at 10:00 a.m., New York time, at a closing (the “Closing”) on July 19, 2011. At the Closing, the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in
the form of a single Note (or such greater number of Notes in denominations of at least €300,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name (or in the name of its nominee), against
delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds through BNP Paribas NY (BIC address BNPAUS3N) in favor of Omega Pharma
NV’s IBAN account number BE75 2850 4512 6651 with Fortis Bank/Brussels (BIC address GEBABEBB), clearly referencing the Omega Pharma N.V. Private Placement. If at the Closing the Company shall fail to tender such Notes to any Purchaser as
provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to any Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this
Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment. 
  

	4.	CONDITIONS TO CLOSING. 

 Each Purchaser’s obligation to purchase and pay for the
Notes to be sold to it at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions: 
  

	 	4.1.	Representations and Warranties. 

 The representations and warranties of the Company in
this Agreement shall be correct as of the Effective Date and at the time of the Closing. The representations and warranties of each Subsidiary Guarantor contained in Section 6 of the Subsidiary Guarantee Agreement delivered by it shall be
correct at the time of the execution and delivery thereof and on the date of the Closing. 
  

	 	4.2.	Performance; No Default. 

 The Company shall have performed and complied with all
agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at the Closing and, after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as described in
Section 5.14), no Default or Event of Default shall have occurred and be continuing. Neither the Company nor any Subsidiary shall have entered into any transaction at any time following the date of the most recent financial statements referred
to in Section 5.5 that would have been prohibited by any of Section 10.1 and Section 10.6 had such Sections applied from such date. 

  
 2 

	 	4.3.	Compliance Certificates. 

 (a) Officer’s Certificate. The Company shall have
delivered to such Purchaser an Officer’s Certificate, dated the date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled. 

(b) Certificates. The Company shall have delivered to such Purchaser a certificate of a director of the Company dated the date of
Closing certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Notes and this Agreement. Each Subsidiary Guarantor shall have delivered to such Purchaser a
certificate of the Secretary or a director of such Subsidiary Guarantor dated the date of the Closing, certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery by such
Subsidiary Guarantor of the Subsidiary Guarantee Agreement. 
  

	 	4.4.	Opinions of Counsel. 

 (a) Such Purchaser shall have received opinions in form and
substance satisfactory to it, dated the date of the Closing, from: 
 (i) Allen & Overy LLP, Belgian counsel for the
Company and Omega Pharma Belgium N.V., Medgenix Benelux N.V. and Biover NV, 
 (ii) Allen & Overy LLP, special U.S.
counsel for the Company and the Subsidiary Guarantors, 
 (iii) Allen & Overy LLP, Spanish counsel for Omega Pharma
Espana S.A., 
 (iv) Allen & Overy LLP, Dutch counsel for Chefaro Nederland B.V., Wartner Europe B.V., Damianus
B.V., and Omega Pharma Holding Nederland B.V., 
 (v) Advokatfirman Cederquist KB, Swedish counsel for ACO Hud AB and ACO Hud
Nordic AB, 
 (vi) Allen & Overy LLP, Italian counsel for Chefaro Pharma Italia Srl, 

(vii) Allen & Overy LLP, German counsel for Deutsche Chefaro GmbH, 

(viii) Wolf Theiss, Austrian counsel for Richard Bittner AG, and the Company hereby instructs each of such counsel to deliver
such opinions to each Purchaser; and 
 (b) Bingham McCutchen LLP, the Purchasers’ special United States counsel in connection with
such transactions. 

  
 3 

	 	4.5.	Purchase Permitted By Applicable Law, etc. 

 On the date of the Closing such
Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which it is subject, without recourse to provisions (such as Section 1405(a)(8) of the New York Insurance Law) permitting limited
investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the
United States Federal Reserve System and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If so requested, such
Purchaser shall have received an Officer’s Certificate from the Company certifying as to such matters of fact as it may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 

 

	 	4.6.	Sale of Other Notes. 

 Contemporaneously with the Closing, the Company shall sell to each
Purchaser and each Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in Schedule A. 
  

	 	4.7.	Payment of Fees. 

 Without limiting the provisions of Section 15.1, the Company
shall have paid on or before (a) the Effective Date, the fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4(b) to the extent reflected in a statement of such counsel rendered to the Company
at least one Business Day prior to the Effective Date, and (b) the Closing, (i) the fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4(b) to the extent reflected in a statement of such
counsel rendered to the Company at least one Business Day prior to the Closing, and (ii) the amount of any Commitment Letter Obligations. 
  

	 	4.8.	Private Placement Numbers. 

 A Private Placement number issued by CUSIP Service Bureau of
Standard & Poor’s, a division of The McGraw-Hill Companies (in cooperation with the Securities Valuation Office of the National Association of Insurance Commissioners) shall have been obtained for the Notes. 

 

	 	4.9.	Changes in Corporate Structure. 

 The Company shall not have changed its jurisdiction of
incorporation or been a party to any merger or consolidation and shall not have succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in
Schedule 5.5. 

  
 4 

	 	4.10.	Subsidiary Guarantee Agreements. 

 Such Purchaser shall have received a duly executed
Subsidiary Guarantee Agreement from each Original Subsidiary Guarantor, and each such Subsidiary’ Guarantee Agreement shall be in full force and effect. 
  

	 	4.11.	Proceedings and Documents. 

 All corporate and other proceedings in connection with the
transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be satisfactory to each Purchaser and the Purchasers’ special counsel, and each Purchaser and such special counsel shall have
received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 
  

	 	4.12.	Appointment of Agent. 

 CT Corporation System shall have accepted its appointment by the
Company pursuant to Section 23.7 and by each Original Subsidiary Guarantor pursuant to Section 8 of the Subsidiary Guarantees to act as their agent for service of process in New York City until July 28, 2024. 

 

	 	4.13.	Funding Instructions. 

 At least three Business Days prior to the date of the Closing,
each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in Section 3, including (i) the name and address of the transferee bank,
(ii) such transferee bank’s ABA number and (iii) the account name and number into which the purchase price for the Notes is to be transferred. 
  

	5.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 

 The Company represents and warrants to
each Purchaser as of the Effective Date and as of the date of the Closing that: 
  

	 	5.1.	Organization; Power and Authority. 

 The Company is a corporation duly organized and
validly existing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to
which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the corporate power and authority to own or hold under lease the
properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof (other than the change of control
provisions contained in Section 8.9 prior to shareholder approval). 

  
 5 

	 	5.2.	Authorization, etc. 

 This Agreement and the Notes have been duly authorized by all
necessary corporate action on the part of the Company, and this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in
accordance with its terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and
(b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and subject to the qualifications as to matters of law relating to enforceability expressed in the legal opinions
delivered pursuant to Section 4.4. The foregoing representations exclude the change of control provisions contained in Section 8.9 prior to shareholder approval and also exclude the amendment and waiver provisions in Section 17 to the
extent provisions of the Belgian Company Code provide for different amendment procedures and the waiver of those provisions of Belgian law contained in Section 17.1 is not effective. 

 

	 	5.3.	Disclosure. 

 Except as disclosed in this Agreement, and the documents,
certificates or other writings delivered to the Purchasers by or on behalf of the Company in connection with the transactions contemplated hereby, the financial statements listed in Schedule 5.5 and, for purposes of making this representation
on the date of Closing, any financial statements delivered after the Effective Date but on or before the date of Closing pursuant to Section 7.1 (this Agreement and such documents, certificates or other writings and such financial statements
delivered to each Purchaser being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since December 31, 2010, there has been no change in the business or financial condition of the Company
or any Subsidiary except changes that individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect. There is no fact known to the Company that could reasonably be expected to have a Material Adverse Effect that
has not been set forth herein or in the Disclosure Documents. 
  

	 	5.4.	Organization and Ownership of Shares of Subsidiaries. 

 (a) Schedule 5.4 contains
(except as noted therein) complete and correct lists (i) of the Company’s Subsidiaries, showing, as to each such Subsidiary, the correct name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its
capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary (directly or indirectly) and (ii) of the Company’s directors and senior officers. 

(b) All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned
by the Company and its Subsidiaries have been validly issued, are fully paid and are owned by the Company or another Subsidiary (directly or indirectly) free and clear of any Lien (except as otherwise disclosed in Schedule 5.4). 

  
 6 

 (c) Each Subsidiary identified in Schedule 5.4 is a limited company or other legal entity
duly organized and validly existing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such qualification is required by law,
other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Material Subsidiary has the corporate or other
power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact. 

(d) No Material Subsidiary is a party to, or otherwise subject to any legal restriction or any agreement (other than this Agreement, the
agreements listed in Schedule 5.4 and customary limitations imposed by corporate law statutes) restricting the ability of such Material Subsidiary to pay dividends out of profits or to make any other similar distributions of profits to the
Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary. 
  

	 	5.5.	Financial Statements. 

 The Company has delivered to each Purchaser copies of the
financial statements of the Company and its Subsidiaries listed on Schedule 5.5. All of said financial statements (including in each case the related schedules and notes) and, for purposes of making this representation on the date of Closing,
any financial statements delivered to the Purchasers after the Effective Date but on or before the date of Closing pursuant to Section 7.1, fairly present in all material respects the consolidated financial position of the Company and its
Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the periods so specified and have been prepared in accordance with GAAP consistently applied throughout the period
involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). The Company and its Subsidiaries do not have any Material liabilities that are not disclosed on such
financial statements or otherwise disclosed in the Disclosure Documents. 
  

	 	5.6.	Compliance with Laws, Other Instruments, etc. 

 The execution, delivery and performance
by the Company of this Agreement and the Notes will not (i) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company or any Subsidiary under, any
indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by-laws, or any other agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of
their respective properties may be bound or affected, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable
to the Company or any Subsidiary or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary. The foregoing representation in clause (iii) excludes the
change of control provisions contained in Section 8.9 prior to shareholder approval and also excludes the amendment and waiver provisions in Section 17 to the extent provisions of the Belgian Company Code provide for different amendment
procedures and the waiver of those provisions of Belgian law contained in Section 17.1 is not effective. 

  
 7 

	 	5.7.	Governmental Authorizations, etc. 

 No consent, approval or authorization of, or
registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Company of this Agreement or the Notes, including without limitation any thereof required in connection
with the obtaining of Euros to make payments under this Agreement or the Notes and the payment of such Euros to Persons resident in the United States of America, other than the approval by the shareholders of the Company of the change of control
provisions contained in Section 8.9. It is not necessary to ensure the legality, validity or enforceability or admissibility into evidence in Belgium of this Agreement or the Notes that any thereof or any other document be filed, recorded or
enrolled with any Governmental Authority, or that any such agreement or document be stamped with any stamp, registration or similar transaction tax. 
  

	 	5.8.	Litigation; Observance of Agreements, Statutes and Orders. 

 (a) There are no actions,
suits or proceedings pending or, to the knowledge of the Company, threatened against or affecting the Company or any Subsidiary or any property of the Company or any Subsidiary in any court or before any arbitrator of any kind or before or by any
Governmental Authority that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 (b)
Neither the Company nor any Subsidiary is in default under any term of any agreement or instrument to which it is a party or by which it is bound, or any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in
violation of any applicable law, ordinance, rule or regulation (including, without limitation, Environmental Laws) of any Governmental Authority, which default or violation, individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect. 
  

	 	5.9.	Taxes. 

 The Company and its Subsidiaries have filed all tax returns that are
required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or franchises, to the extent such taxes and
assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (a) the amount of which is not individually or in the aggregate Material or (b) the amount, applicability or validity of
which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP. The Company knows of no basis for any
other tax or assessment that could reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of all applicable taxes for all financial periods are
adequate. 

  
 8 

	 	5.10.	Title to Property; Leases. 

 The Company and its Subsidiaries have good and sufficient
title to their respective properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet of the Company delivered to the Purchasers or purported to have been acquired
by the Company or any Subsidiary after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement. All leases that individually or in the aggregate are
Material are valid and subsisting and are in full force and effect in all material respects. 
  

	 	5.11.	Licenses, Permits, etc. 

 (a) The Company and its Subsidiaries own or possess all
licenses, permits, franchises, authorizations, patents, copyrights, service marks, trademarks and trade names, or rights thereto (collectively, “Permits”), except any such Permits the absence of which, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect, and without known Material conflict with the rights of others. 

(b) To the best knowledge of the Company, no product of the Company or any Subsidiary infringes in any material respect any Permit owned by
any other Person. 
 (c) To the best knowledge of the Company there is no Material violation by any Person of any right of the Company or
any of its Subsidiaries with respect to any Permit owned or used by the Company or any of its Subsidiaries. 
  

	 	5.12.	Compliance with ERISA; Foreign Pension Plans. 

 (a) Neither the Company nor any ERISA
Affiliate maintains, contributes to or is obligated to maintain or contribute to, or has, at any time, maintained, contributed to or been obligated to maintain or contribute to, any employee benefit plan which is subject to Title I or Title
IV of ERISA or Section 4975 of the Code. Neither the Company nor any ERISA Affiliate is, or has ever been, a “party in interest” (as defined in section 3(14) of ERISA) or a “disqualified person” (as defined in section 4975
of the Code) with respect to any such plan. 
 (b) All Foreign Pension Plans have been established, operated, administered and maintained in
compliance with all laws, regulations and orders applicable thereto except for such failures, in the aggregate for all such failures, to comply that could not reasonably be expected to have a Material Adverse Effect. All premiums, contributions and
any other amounts required by applicable Foreign Pension Plan documents or applicable laws have been paid or accrued as required, except for premiums, contributions and amounts that, in the aggregate for all such obligations, could not reasonably be
expected to have a Material Adverse Effect. The present value of the aggregate benefit liabilities under each of the Foreign Pension Plans, determined in accordance with reasonable actuarial assumptions, does not exceed the aggregate current value
of the assets of such Foreign Pension Plan allocable to such benefit liabilities by an amount which could reasonably likely have a Material Adverse Effect. 

  
 9 

	 	5.13.	Private Offering by the Company. 

 Neither the Company nor anyone acting on its behalf
has offered the Notes or the Subsidiary Guarantees or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers, which
have been offered the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes or the Subsidiary Guarantees to the
registration requirements of Section 5 of the Securities Act. 
  

	 	5.14.	Use of Proceeds; Margin Regulations. 

 The Company will apply the proceeds of the sale of
the Notes as described on Schedule 5.14. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board
of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve
any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 5% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present
intention that margin stock will constitute more than 25% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings
assigned to them in said Regulation U. 
  

	 	5.15.	Existing Indebtedness; Future Liens. 

 (a) Schedule 5.15 sets forth a complete and
correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of March 31, 2011, since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the
Indebtedness of the Company or its Subsidiaries. Neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company or such Subsidiary
and no event or condition exists with respect to any Indebtedness of the Company or any Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and
payable before its stated maturity or before its regularly scheduled dates of payment. 
 (b) Neither the Company nor any Material
Subsidiary has agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not otherwise permitted by
Section 10.7. 
  

	 	5.16.	Foreign Assets Control Regulations, etc. 

 Neither the sale of the Notes by the Company
hereunder nor its use of the proceeds thereof will violate the USA Patriot Act, the United States Trading with the Enemy Act, as 

  
 10 

 
amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order
relating thereto. Without limiting the foregoing, neither the Company nor any Subsidiary (i) is or will become a Blocked Person or (ii) knowingly engages or will engage in any dealings or transactions with a Blocked Person using the
proceeds of the Notes, or which dealings or transactions would be reasonably likely to cause any holder of Notes to be in violation of the foregoing regulations. The Company will not use the proceeds from the sale of the Notes for any unlawful
contribution, gift, entertainment or other unlawful expense relating to political activity, to make any direct or indirect unlawful payment to any foreign or domestic government official or employee or make any bribe or other unlawful payment. 

 

	 	5.17.	Status under Certain Statutes. 

 The Company is not subject to regulation under the
United States Investment Company Act of 1940, as amended, the United States Public Utility Holding Company Act of 2005, as amended, the United States ICC Termination Act of 1995, as amended, or the United States Federal Power Act, as amended. 

 

	 	5.18.	Environmental Matters. 

 Neither the Company nor any Subsidiary has knowledge of any
claim or has received any notice of any claim, and no proceeding has been instituted raising any claim against the Company or any of its Subsidiaries or any of their respective real properties now or formerly owned, leased or operated by any of them
or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect. Except as otherwise disclosed to the Purchasers in
writing, 
 (a) neither the Company nor any Subsidiary has knowledge of any facts which would give rise to any claim, public or private, of
violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such
as could not reasonably be expected to result in a Material Adverse Effect; 
 (b) neither the Company nor any of its Subsidiaries has
stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them and has not disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that could
reasonably be expected to result in a Material Adverse Effect; and 
 (c) all buildings on all real properties now owned, leased or operated
by the Company or any of its Subsidiaries are in compliance with applicable Environmental Laws, except where failure to comply could not reasonably be expected to result in a Material Adverse Effect. 

  
 11 

	 	5.19.	Pari Passu. 

 All obligations and liabilities of the Company under this Agreement and
under the Notes rank in right of payment at least pail passu with all of its other unsecured and unsubordinated present and future Indebtedness. 
  

	 	5.20.	Solvency. 

 The Company is, and upon giving effect to the issuance of the Notes will be,
a “solvent institution”, as said term is used in section 1405(c) of the New York State Insurance Law, whose “obligations are not in default as to principal or interest”, as said terms are used in said section 1405(c). 

 

	 	5.21.	Transaction-Related Taxes. 

 Provided that (a) each Purchaser (or any transferee,
assignee or substitute holder) (i) is not a resident of Belgium (i.e., does not have in Belgium its statutory seat, principal establishment or seat of management), (ii) does not use the Notes for a professional activity in Belgium (i.e.,
the Notes are not invested in a Belgian establishment), (iii) remains the beneficiary and legal owner (or usufructuary) of the Notes during the entire period to which the interest pertains, (iv) delivers to the Company a validly executed
Tax Status Certificate as set forth in Section 6.3, (v) transfers, assigns, provides for a substitute holder or otherwise conveys its Notes (if applicable) in accordance with Section 13.3, (b) each Note is registered with the
Company in the name of the beneficiary and legal owner (or usufructuary) of such Note during the entire period to which the interest pertains, and (c) any Transfer (i) is not concluded or performed in Belgium or (ii) is not
accomplished with the intervention of a professional intermediary established in Belgium (it being understood that the mere registration of a Transfer at the Company’s register in Belgium in accordance with Section 13.1 does not cause such
Transfer to be treated as being concluded or performed in Belgium), there are no taxes, levies, imposts, duties, fees, charges, deductions, withholding, restrictions or conditions of any nature whatsoever imposed, levied, collected, assessed or
withheld by or in Belgium, the United States or any political subdivision or authority thereof or therein, on or with respect to the execution and delivery of this Agreement or the issuance or acquisition of the Notes. Other than such taxes, levies,
imposts, duties, fees, charges, deductions, withholding, restrictions or conditions of any nature whatsoever which may be imposed, levied, collected, assessed or withheld because of (x) the existence of any present or former connection between
any Purchaser on the one hand and any such jurisdiction on the other hand (other than the mere holding of a Note, being a party to this Agreement or the Notes or otherwise participating in the transactions contemplated hereby and thereby) or
(y) the failure to satisfy provisions (a), (b) or (c) of the foregoing sentence, there are, as provided under current applicable tax law and treaties, no taxes imposed, levied, collected, assessed or withheld by Belgium, the
United States, or any political subdivision or taxing authority thereof or therein on or with respect to any payment to be made by the Company pursuant to this Agreement or the Notes. 

  
 12 

	6.	REPRESENTATIONS OF THE PURCHASERS; TAX CERTIFICATE. 

  

	 	6.1.	Purchase for Investment; Selling Restrictions. 

 Each Purchaser severally represents as
of Effective Date that it will be, and on the date of the Closing that it is, purchasing the Notes for its own account or for one or more separate accounts maintained by it or for the account of one or more pension or trust funds and not with a view
to the distribution thereof, provided that the disposition of its or their property shall at all times be within its or their control. Each Purchaser understands that the Notes being issued at the Closing will not have been registered under
the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required
by law, and that the Company is not required to register the Notes. 
  

	 	6.2.	Source of Funds. 

 Each Purchaser severally represents that at least one of the following
statements will be, as of the Effective Date, and is, as of the date of the Closing, an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be
purchased by such Purchaser hereunder on the date of the Closing: 
 (a) the Source is an “insurance company general account” (as
the term is defined in the United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance
companies approved by the National Association of Insurance Commissioners (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves
and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account
do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 

(b) the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations under
which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner
by the investment performance of the separate account; or 
 (c) the Source is either (i) an insurance company pooled separate account,
within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of
plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or 

(d) the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM
Exemption”)) managed by a “qualified professional asset 

  
 13 

 
manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined
with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by
such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and 
 (e) of the QPAM
Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the
QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets are in the investment fund which, when combined with the assets of all other employee benefit plans established or maintained by
the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company
in writing pursuant to this paragraph (d); or 
 (f) the Source constitutes assets of a “plan(s)” (within the meaning of Section
IV of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV of the INHAM Exemption), the conditions of Part I(a), (g) and 

(g) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of
“control” in Section IV(h) of the INHAM Exemption) owns a 5% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been
disclosed to the Company in writing pursuant to this clause (e); or 
 (h) the Source is a governmental plan; or the Source is one or more
employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); 

(i) the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. 

As used in this Section 6.2, the terms “employee benefit plan,” “governmental plan,” and “separate
account” shall have the respective meanings assigned to such terms in section 3 of ERISA. 
  

	 	6.3.	Tax Status Certificate. 

 (a) Each Purchaser severally agrees that it will deliver to the
Company the Appropriate Number of validly executed certificates as to tax status in each of form Exhibit 6.3-a and Exhibit 6.3-b dated the date of each Interest Payment Date (a “Tax Status Certificate”) not later than
15 days prior to the first Interest Payment Date. 
 (b) Any Person that becomes a holder after the Closing, by its acceptance of a Note,
agrees that it will deliver to the Company not later than 15 days prior to the first Interest 

  
 14 

 
Payment Date to occur after such Person becomes a holder the Appropriate Number of validly executed Tax Status Certificates in each of form of Exhibit 6.3-a and Exhibit 6.3-b dated
the date of each Interest Payment Date that occurs after such Person became a holder. If the Company does not receive such Tax Status Certificates from such a holder at least 20 days prior to such Interest Payment Date, then no later than 15 days
prior to such Interest Payment Date the Company shall remind such holder in writing of its agreement to deliver the Tax Status Certificates and of the adverse tax consequences if such Tax Status Certificates are not delivered. 

(c) If the Belgian tax authorities inform the Company that additional Tax Status Certificates are required, each Purchaser (and any of its
subsequent transferees, assignees or substitute holders of Notes) severally agrees that it will deliver to the Company, after receipt of notice from the Company at least 25 days prior to the next Interest Payment Date, which notice shall describe
the request of the Belgian tax authorities and request such holder to deliver additional Tax Status Certificates, such additional Tax Status Certificates as may be requested substantially in the form of Exhibit 6.3-a and/or Exhibit 6.3-b (as
appropriate). if the Company requests any holder to deliver such additional Tax Status Certificates and such holder fails to deliver an additional certificate at least 20 days prior to an Interest Payment Date, then no later than 15 days prior to
such Interest Payment Date the Company shall remind such holder in writing of its agreement to deliver the additional Tax Status Certificate and of the adverse tax consequences if such Tax Status Certificates are not delivered. 

 

	7.	INFORMATION AS TO THE COMPANY. 

  

	 	7.1.	Financial and Business Information. 

 The Company shall deliver to each Purchaser and
each holder of Notes that is an Institutional Investor: 
 (a) Semi-Annual Statements – promptly, and in any event within 90
days, after the end of the first semi-annual period in each financial year of the Company, duplicate copies of 
 (i) an
unaudited consolidated balance sheet of the Company and its Subsidiaries as at the end of such period, and 
 (ii) unaudited
consolidated statements of profit and loss and cash flows of the Company and its Subsidiaries for such period, setting forth in each case in comparative form the figures for the corresponding periods in the previous financial year, all in reasonable
detail, prepared in accordance with GAAP applicable to semi-annual financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on
and their results of operations and cash flows, subject to changes resulting from year-end adjustments; 
 (b) Annual Statements
— promptly, and in any event within 120 days after the end of each financial year of the Company, duplicate copies of, 

(i) an audited consolidated balance sheet of the Company and its Subsidiaries, as at the end of such year, and 

  
 15 

 (ii) audited consolidated statements of profit and loss account and cash flows
of the Company and its Subsidiaries, for such year, setting forth in each case in comparative form the figures for the previous financial year, all in reasonable detail, prepared in accordance with GAAP and accompanied by an opinion thereon of
independent accountants of recognized international standing, which opinion shall state that such financial statements present fairly in all material respects the financial position of the companies being reported upon and their results of
operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with Belgian generally accepted professional standards,
and that such audit provides a reasonable basis for such opinion; 
 (c) Euronext Stock Exchange and Other Reports – promptly
upon their becoming available, one copy of (i) each financial statement, report, notice or proxy statement sent by the Company or any Subsidiary to its principal lending banks as a whole (excluding information sent to such banks in the ordinary
course of administration of a bank facility, such as information relating to pricing and borrowing availability) or to its public securities holders generally, (ii) each regular or periodic report, each circular or registration statement
(without exhibits except as expressly requested by such holder), and each final prospectus publicly filed by the Company or any Subsidiary with the Euronext Stock Exchange or any similar securities exchange and (iii) all press releases and
other statements made available generally by the Company or any Subsidiary to the public concerning developments that are Material; 
 (d)
Notice of Default or Event of Default – promptly, and in any event within five Business Days, after a Responsible Officer of the Company becoming aware of the existence of any Default or Event of Default, a written notice specifying the
nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto; 
 (e) The Company
shall permit the representatives of each holder of Notes that is an Institutional Investor: 
 (f) Litigation, etc. – promptly,
and in any event within 30 days, after a Responsible Officer of the Company becoming aware of any litigation, arbitration or administrative proceedings that could reasonably be expected to have a Material Adverse Effect, written notice thereof; and

 (g) Notices from Governmental Authority – promptly, and in any event within 30 days, after receipt thereof, copies of any
notice to the Company or any Subsidiary from any Governmental Authority relating to any order, ruling, statute or other law or regulation that could reasonably be expected to have a Material Adverse Effect; and 

(h) Requested Information – subject to Section 7.4, with reasonable promptness, such other data and information relating to
the business, operations, financial condition, assets or properties of the Company or any of its Subsidiaries or relating to the ability 

  
 16 

 
of the Company to perform its obligations hereunder or under the Notes, all as from time to time may be reasonably requested by any such holder; and, in furtherance of the foregoing, if
reasonably requested by any holder, the Company shall provide information regarding the Company’s business and financial statements if such information has been requested in writing by the Securities Valuation Office of the National Association
of Insurance Commissioners (or any successor to the duties thereof) in order to assign or maintain a designation of the Notes. 
  

	 	7.2.	Officer’s Certificate. 

 Each set of financial statements delivered to a Purchaser
or holder pursuant to Section 7.1(a) or Section 7.1(b) hereof shall be accompanied by a certificate of a Senior Financial Officer setting forth: 

(a) Covenant Compliance – the information (including detailed calculations) required in order to establish whether the Company was
in compliance with the requirements of Sections 10.3 through 10.7 hereof, inclusive, and any Incorporated Covenants, during the semi-annual or annual period covered by the statements then being furnished (including with respect to each such Section,
where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence); and 

(b) Event of Default – a statement that such officer has reviewed the relevant terms hereof and has made, or caused to be made,
under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning of the semiannual or annual period covered by the statements then being furnished to the date of the certificate and
that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including, without limitation, any such
event or condition resulting from the failure of the Company or any Subsidiary to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect
thereto. 
  

	 	7.3.	Inspection. 

 (a) The Notes shall not be subject to any required prepayments prior to the
final maturity thereof except in connection with an acceleration of the Notes pursuant to Section 12.1. 
 No Default – if
no Default or Event of Default then exists, at the expense of such holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company and its
Subsidiaries with the Company’s officers, and (with the consent of the Company, which consent will not be unreasonably withheld) its independent public accountants, and (with the consent of the Company, which consent will not be unreasonably
withheld) to visit the other offices and properties of the Company, all at such reasonable times and as often as may be reasonably requested in writing; and 

  
 17 

 (b) Default – if a Default or Event of Default then exists, at the expense of the
Company to visit and inspect any of the offices or properties of the Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their
respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts of the Company and its
Subsidiaries), all at such times and as often as may be requested. 
  

	 	7.4.	Limitation on Disclosure Obligation. 

 The Company shall not be required to disclose the
following information pursuant to Section 7.1(h) or Section 7.3: 
 (a) information that, notwithstanding the obligation of the
holders to keep such information confidential in accordance with Section 20, the Company, after consultation with counsel, reasonably determines would be prohibited from being disclosed by law or regulation provided the Company delivers written
notice to the holders of Notes stating they have so consulted counsel and describing, in reasonable detail, the legal or regulatory prohibition; 

(b) information that, notwithstanding the obligation of the holders to keep such information confidential in accordance with Section 20,
the Company is prohibited from disclosing by the terms of an obligation of confidentiality contained in any agreement binding upon the Company or a Subsidiary and not entered into in contemplation of this clause (b); provided that the Company shall
make a good faith attempt to obtain consent from the party in whose favor the obligation of confidentiality was made to permit the disclosure of the relevant information; or 

(c) information that, notwithstanding the obligation of the holders to keep such information confidential in accordance with Section 20,
would require the Company to make public disclosure of such information to comply with any of its continuing obligations under the rules of the Euronext Stock Exchange or any other securities exchange. 

 

	8.	PREPAYMENT OF THE NOTES. 

  

	 	8.1.	Required Prepayments. 

 The outstanding principal amount due on the Notes, together with
any accrued but unpaid interest thereon, shall become due on July 28, 2023. 
  

	 	8.2.	Optional Prepayments with Make-Whole Amount. 

 The Company may, at its option, upon
notice as provided below, prepay at any time all, or from time to time any part of, the Notes, in an aggregate principal amount not less than 5% of the aggregate principal amount of the Notes then outstanding in the case of a partial prepayment, at
100% of the principal amount so prepaid, plus the Make-Whole Amount (if any) determined for the prepayment date with respect to such principal amount. The Company will give each holder of Notes written notice of each optional prepayment under this
Section 8.2 not less than 

  
 18 

 
30 days and not more than 60 days prior to the date fixed for such prepayment. Each such notice shall specify such date, the aggregate principal amount of the Notes to be prepaid on such date,
the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by
a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount (if any) due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such
computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount (if any) as of the specified prepayment date.

  

	 	8.3.	Allocation of Partial Prepayments. 

 In the case of each partial prepayment of the Notes
pursuant to Section 8.2, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding, so that an equal percentage of the outstanding principal amount of each such Note is prepaid. 

 

	 	8.4.	Optional Prepayments for Taxes. 

 (a) In the event that the Company determines that
payments with respect to the Notes, or any portion thereof, will require the payment of a Tax Indemnity Amount by the Company pursuant to the provisions of Section 22 (other than to the extent such requirement has resulted from the substitution
of the Substitute Issuer as the issuer of the Notes under Section 21.2) such that the aggregate amount of the Tax Indemnity Amount to be paid is equal to 5% or more of the aggregate amount of interest payments in respect of the Notes due at
such time, the Company shall have the option of prepaying all, but not less than all, of the outstanding Notes requiring the payment of such Tax Indemnity Amount (the “Affected Notes”) by payment of the principal amount of such
Notes and accrued and unpaid interest thereon to the date of such prepayment, but without payment of any Make-Whole Amount with respect thereto, provided that the Company may not so elect to prepay Notes pursuant to this Section 8.4 if
(a) a Default or an Event of Default then exists or (b) the Company shall have failed to take such reasonable actions as are provided by law so as to avoid the imposition of the Covered Tax giving rise to the obligation to pay such Tax
Indemnity Amount, or the Company or any Subsidiary shall have taken any action (other than actions required to be taken by applicable law) the direct result of which is the imposition of such Covered Tax. 

(b) The Company will give each holder of the Affected Notes written notice of each optional prepayment under this Section 8.4 not less
than 30 days and not more than 60 days prior to the date fixed for such prepayment (which date shall be a Business Day). Each such notice shall specify such date, the principal amount of each Affected Note held by such holder to be prepaid, and the
interest to be paid on the prepayment date with respect to such principal amount being prepaid, shall contain a description in reasonable detail of the Tax Indemnity Amounts that are the cause of the Company’s delivering such prepayment notice,
and shall be accompanied by (i) a written opinion of independent tax counsel licensed to practice law in the Applicable Jurisdiction levying the Covered Tax in respect of such Tax Indemnity Amount and

  
 19 

 
reasonably acceptable to each holder of Affected Notes confirming (A) that such Covered Tax is required, under the laws of such Applicable Jurisdiction, to be withheld or deducted from the
payment due to the holders of the Affected Notes and that such payment is the first payment in respect of which such particular Covered Tax must be withheld, (B) that the amount of such Covered Tax is 5% or more of the interest payment due on
such payment date, and (C) that, as of the date of such opinion, such Covered Fax would be required to be withheld from similar future payments to the holders of the Affected Notes. Such notice shall also state that, unless the holder receiving
such notice shall have delivered a notice to the Company, not less than seven days prior to the date fixed for prepayment, stating that such holder elects to waive such prepayment, each of the Affected Notes of such holder shall be prepaid on the
date fixed for such prepayment. 
 (c) In the event that the holder of any Affected Notes shall have delivered to the Company the notice
specified in the foregoing paragraph waiving such holder’s right to receive a prepayment of such Notes pursuant to this Section 8.4, such notice shall (i) terminate the Company’s right to pay such Affected Notes pursuant to this
Section 8.4 with respect to the circumstances specified in the notice delivered to such holder by the Company, but not with respect to any other circumstances, and (ii) operate as a permanent waiver of such holder’s right to receive
any Tax Indemnity Amount in respect of such Notes, to the extent (and only to the extent) that such Tax Indemnity Amount is in excess of 5% of the amount of interest payments in respect of such Notes due at such time, arising as a result of the
specific circumstances, and with the effects, described in such notice delivered by the Company (but not of such holder’s right to receive any Tax Indemnity Amounts that arise out of circumstances, or have any effect, not described in such
notice). 
 (d) For purposes of this Section 8.4, any holder of more than one Affected Note may act separately with respect to each
Affected Note so held (with the effect that a holder of more than one Affected Note may accept such offer with respect to one or more Affected Notes so held and reject such offer with respect to one or more other Affected Notes so held). 

 

	 	8.5.	Maturity; Surrender, etc. 

 In the case of each prepayment of Notes pursuant to this
Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and
the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such
principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note. 

 

	 	8.6.	Purchase of Notes. 

 The Company will not and will not permit any. Affiliate to purchase,
redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes. However, the Company may purchase, redeem, prepay or acquire any of the outstanding Notes (a) upon the payment or prepayment of the Notes in accordance
with the terms of this Agreement and the Notes or (b)

  
 20 

 
pursuant to an offer to purchase made by the Company pro rata to the holders of all Notes at the time outstanding upon the same terms and conditions. Any such offer shall provide each holder with
sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at least 20 Business Days. If the holders of more than 15% of the principal amount of the Notes then outstanding accept such
offer, the Company shall promptly notify the remaining holders of such fact and the expiration date for the acceptance by holders of Notes of such offer shall be extended by the number of days necessary to give each such remaining holder at least 15
Business Days from its receipt of such notice to accept such offer. The Company will promptly cancel all Notes acquired by it pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be
issued in substitution or exchange for any such Notes. 
  

	 	8.7.	Make-Whole Amount. 

 The term “Make-Whole Amount” means, with
respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that
the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount (if any), the following terms have the following meanings: 

“Called Principal” means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to
Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

“Discounted Value” means, with respect to the Called Principal of any Note, the amount obtained by discounting all
Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor
(applied on the same periodic basis as that on which interest on such Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 

“Reinvestment Yield” means, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied
by (i) the yields reported, as of 10:00 A.M. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PXGB” on Bloomberg Financial Markets
(or such other display as may replace Page PXGB on Bloomberg Financial Markets) for the benchmark German federal government bonds (i.e. “Bunds”, “Bobls” or “Scheitze”, as
applicable) having a maturity equal to the Remaining Life of such Called Principal as of such Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by
way of interpolation), the average of the yields for such securities as determined by three market makers selected by the Company with the consent of the holders of a majority in aggregate principal amount of the Notes. In the case of each
determination under clause (i) or (ii), as the case may be, of the preceding sentence, such implied yield will be determined, if necessary, by (a) converting German federal government bond quotations to bond equivalent yields in accordance
with accepted financial practice and (b) interpolating linearly between (1) the benchmark German federal government bond with the maturity closest to and greater than such Remaining Life and (2) the benchmark German federal government
bond with the maturity closest to and less than such Remaining Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

  
 21 

 “Remaining Life” means, with respect to any Called Principal of any Note, the
number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the maturity date of such Note. 

“Remaining Scheduled Payments” means, with respect to the Called Principal of any Note, all payments of such Called Principal
and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on
which interest payments are due to be made under the terms of the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such
Settlement Date pursuant to Section 8.2 or 12.1. 
 “Settlement Date” means, with respect to the Called Principal of
any Note the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

 

	 	8.8.	Prepayment Upon Sale of Assets. 

 (a) If the Company is required to make an offer of
prepayment of the Notes pursuant to Section 10.3(d)(ii), the Company shall give written notice thereof (a “Sale of Assets Notice”) to each holder of the Notes, which shall (i) refer to this Section 8.8(a) and the
rights of such holders hereunder, (ii) contain an offer by the Company to prepay such holder’s Pro Rata Share of the aggregate principal amount of the Notes offered to be prepaid pursuant to Section 10.3(d)(ii), plus accrued and
unpaid interest thereon to the prepayment date selected by the Company (as provided below) but without payment of any Make-Whole Amount with respect thereto, which prepayment shall be on a date specified in the Sale of Assets Notice, which date (the
“Sale of Assets Prepayment Date”) shall be a Business Day not more than 60 days after the date of such Sale of Assets Notice (and which date shall be, if no date is selected by the Company, the 60th day after the date of delivery of
the Sale of Assets Notice), and (iii) request each such holder to notify the Company in writing by a stated date, which date is not less than 30 days after such holder’s receipt of the Sale of Assets Notice, of its acceptance or rejection
of such offer. A holder’s failure to respond shall be deemed a rejection of such offer. 
 (b) On the Sale of Assets Prepayment Date,
the applicable unpaid principal amount of Notes held by each holder of Notes who has accepted the Company’s prepayment offer (in accordance with Section 8.8(a)(iii)), together with any accrued and unpaid interest thereon to the Sale of
Assets Prepayment Date, shall become due and payable. 
  

	 	8.9.	Change of Control Prepayment. 

 (a) Promptly and in any event within ten Business Days
after a Responsible Officer having actual knowledge of the occurrence of a Change of Control, the Company will give written notice thereof (a “Change of Control Notice”) to the holders of all outstanding Notes, which Change of
Control Notice shall (i) refer specifically to this Section 8.9, (ii) describe 

  
 22 

 
the Change of Control in reasonable detail and specify the Change of Control Prepayment Date and the Response Date (as respectively defined below) in respect thereof and (iii) offer to
prepay all Notes at the price specified below on the date therein specified (the “Change of Control Prepayment Date”), which shall be a Business Day not less than 25 days nor more than 35 days after the date of such Change of
Control Notice. Each holder of a Note will notify the Company of such holder’s acceptance or rejection of such offer by giving written notice of such acceptance or rejection to the Company on or before the date for such notice specified in such
Change of Control Notice (the “Response Date”), which specified date shall be not less than 10 days nor more than 20 days after the date of such Change of Control Notice. The Company shall prepay on the Change of Control
Prepayment Date all of the Notes held by the holders as to which such offer has been so accepted (it being understood that failure of any holder to accept such offer on or before the Response Date shall be deemed to constitute rejection by such
holder), at the principal amount of each such Note, together with interest accrued thereon to the Change of Control Prepayment Date, without premium. If any holder shall reject such offer, such holder shall be deemed to have waived its rights under
this Section 8.9 to require prepayment of all Notes held by such holder in respect of such Change of Control but not in respect of any subsequent Change of Control. 

(b) For purposes of this Section 8.9, any holder of more than one Note may act separately with respect to each Note so held (with the
effect that a holder of more than one Note may accept such offer with respect to one or more Notes so held and reject such offer with respect to one or more other Notes so held). 

(c) (i) Subject to paragraph (ii) hereof, a “Change of Control” shall be deemed to have occurred if any person or group
of persons acting in concert gains control of the Company. For these purposes “control” means the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to: 

(A) cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting
of the Company; or 
 (B) appoint or remove all, or the majority, of the directors or other equivalent officers of the
Company; or 
 (C) the holding of more than one-half of the issued share capital of the Company (excluding any part of that
issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital). 
 The Company
covenants that from and after the Effective Date and thereafter so long as any of the Notes are outstanding: 
 For these purposes
“acting in concert” means a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition by any of them, either directly or indirectly, of shares in the
Company, to gain control of the Company. 

  
 23 

 (ii) Notwithstanding anything herein to the contrary, for so long as each
Principal Credit Facility also contains the exclusion set forth in this paragraph (ii), a “Change of Control” shall not be deemed to have occurred as a result of a transaction whereby after such transaction: 

(D) Marc Coucke holds, directly or indirectly, at least 25% of the issued share capital of the Company; and 

(E) Marc Coucke remains Chief Executive Officer of the Company pursuant to a written agreement with a term of at least three
years from the date of such transaction. 
  

	 	8.10.	Failure to Obtain Shareholder Approval. 

 (a) If the Company fails to obtain approval
from its shareholders in respect of Section 8.9 in accordance with Section 9.8 (a “Shareholder Failure”), then promptly and in any event within ten Business Days after the occurrence of a Shareholder Failure, the
Company will give written notice thereof (a “Shareholder Failure Notice”) to the holders of all outstanding Notes, which Shareholder Failure Notice shall (i) refer specifically to this Section 8.10, (ii) explain that
the shareholders of the Company did not approve the change in control provisions of Section 8.9 and (iii) offer to prepay all Notes at the price specified below on the date therein specified (the “Shareholder Failure Prepayment
Date”), which shall be a Business Day not less than 25 days nor more than 35 days after the date of such Shareholder Failure Notice. Each holder of a Note will notify the Company of such holder’s acceptance or rejection of such
offer by giving written notice of such acceptance or rejection to the Company on or before the date for such notice specified in such Shareholder Failure Notice (the “Shareholder Failure Response Date”), which specified date
shall be not less than 10 days nor more than 20 days after the date of such Shareholder Failure Notice. The Company shall prepay on the Shareholder Failure Prepayment Date all of the Notes held by the holders as to which such offer has been so
accepted (it being understood that failure of any holder to accept such offer on or before the Shareholder Failure Response Date shall be deemed to constitute rejection by such holder), at the principal amount of each such Note, together with
interest accrued thereon to the Shareholder Failure Prepayment Date, without premium. 
 (b) For purposes of this Section 8.10, any
holder of more than one Note may act separately with respect to each Note so held (with the effect that a holder of more than one Note may accept such offer with respect to one or more Notes so held and reject such offer with respect to one or more
other Notes so held). 
  

	9.	AFFIRMATIVE COVENANTS. 

  

	 	9.1.	Compliance with Law. 

 The Company will and will cause each of its Subsidiaries to comply
with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, Environmental Laws, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other
governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each 

  
 24 

 
case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates,
permits, franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  

	 	9.2.	Insurance. 

 The Company will and will cause each of its Subsidiaries to maintain with
financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and
self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated. 

 

	 	9.3.	Maintenance of Properties. 

 The Company will and will cause each of its Subsidiaries to
maintain and keep or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at
all times, provided that this Section shall not prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and the
Company has concluded that such discontinuance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  

	 	9.4.	Payment of Taxes and Claims. 

 The Company will and will cause each of its Subsidiaries
to file all tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on them or any of their
properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on
properties or assets of the Company or any Subsidiary, provided that neither the Company nor any Subsidiary need pay any such tax or assessment or claims if (a) the amount, applicability or validity thereof is contested by the Company or
such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or (b) the
nonpayment of all such taxes and assessments in the aggregate could not reasonably be expected to have a Material Adverse Effect. 
  

	 	9.5.	Corporate Existence, etc. 

 The Company will at all times preserve and keep in full force
and effect its corporate existence. Subject to Sections 10.2 and 10.3, the Company will at all times preserve and keep in full force and effect the corporate existence of each of its Subsidiaries (unless merged into the Company or a Subsidiary) and
all rights and franchises of the Company and its Subsidiaries unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect such corporate existence, right or franchise could not,
individually or in the aggregate, have a Material Adverse Effect. 

  
 25 

	 	9.6.	Pan Passu Ranking. 

 The Company will ensure that the Company’s obligations and
liabilities under the Notes and this Agreement will at all times rank at least pari passu with all of its other unsecured and unsubordinated present and future Indebtedness. 

 

	 	9.7.	Subsidiary Guarantors. 

 (a) The Company shall cause each of the Original Subsidiary
Guarantors to execute and deliver, on or before the Closing, and thereafter shall cause each Additional Subsidiary Guarantor to execute and deliver, or otherwise accede to (promptly upon becoming an Additional Subsidiary Guarantor), a Subsidiary
Guarantee pursuant to which such Subsidiary Guarantor shall guarantee the payment of all amounts payable by the Company under this Agreement and the Notes and the performance of all obligations of the Company under this Agreement and the Notes and
to deliver an opinion of outside legal counsel with respect to such Subsidiary Guarantee in form and substance satisfactory to the Majority Holders. 

(b) In the event that an Original Subsidiary Guarantor or an Additional Subsidiary Guarantor at any time (A) ceases to guarantee each of
the Principal Credit Facilities and (B) is not an obligor under any Principal Credit Facility, the Company may upon written notice to the holders of the Notes referring to this Section 9.7(b) terminate the Subsidiary Guarantee issued by
such Subsidiary Guarantor with effect from the date of such notice so long as no Default or Event of Default shall have occurred and then be continuing or shall result therefrom. 

(c) The Company may, from time to time at its discretion and upon written notice to the holders of Notes, cause any of its Subsidiaries to
enter into or accede to a Subsidiary Guarantee (with such modifications as may be required to reflect the legal requirements of the jurisdiction of incorporation of the relevant Subsidiary, including any modifications necessary to make the
obligations of such Subsidiary Guarantee pari passu with the other unsecured and unsubordinated obligations of such Subsidiary) or otherwise in form and substance reasonably satisfactory to the Majority Holders (an “Optional
Subsidiary Guarantee”). A Subsidiary that enters into an Optional Subsidiary Guaranty shall be referred to as an “Optional Subsidiary Guarantor”. An original executed counterpart of each such Optional
Subsidiary Guaranty (together with an opinion of outside legal counsel with respect to such Subsidiary Guarantee in form and substance satisfactory to the Majority Holders) shall be delivered to each holder of Notes promptly after the execution
thereof. The Company may further, from time to time at its discretion and upon written notice to the holders of the Notes referring to this Section 9.7(c), release and discharge such Optional Subsidiary Guarantor from its obligations under its
Optional Subsidiary Guaranty with effect from the date of such notice so long as no Default or Event of Default shall have occurred and then be continuing or shall result therefrom. 

  
 26 

	 	9.8.	Change of Control. 

 The Company shall at the annual shareholders meeting (scheduled to
take place in April 2012) present Section 8.9 of this Agreement for approval. If such approval is forthcoming, the Company shall immediately ensure that such resolution is filed with the clerk of the commercial court of Ghent in accordance with
Article 556 of the Belgian Company Code. If such approval is not forthcoming, the Borrower shall promptly notify the holders and the provisions of Section 8.10 shall apply. 

 

	 	9.9.	Security Provided to Other Facilities. 

 If the Company provides any security for
Indebtedness owed under any Principal Credit Facility (other than as allowed pursuant to Section 10.7(b)), it shall secure the Notes equally and ratably in form and substance reasonably satisfactory to the Majority Holders. 

 

	 	9.10.	Most Favored Lender Covenant. 

 (a) If at any time after the date hereof the Company or
any Subsidiary shall be party to any Principal Credit Facility, which Principal Credit Facility includes any Financial Covenants that are not otherwise included in this Agreement (herein referred to as “New Covenants”) or that would
be more beneficial to the holders than relevant similar covenants or like provisions contained in this Agreement (herein referred to as “Improved Covenants”, and, together with New Covenants, collectively, “Additional
Covenants”), then the Company shall provide written notice within ten (10) Business Days of the effectiveness thereof to each holder (which notice shall include a description of the Additional Covenants, any defined terms used
therein and related explanatory calculations, as applicable). Thereupon, unless waived in writing by the Majority Holders within ten (10) Business Days of such holders’ receipt of such notice, such Additional Covenants shall be deemed
incorporated by reference into this Agreement, mutatis mutandi, as if set forth fully in this Agreement, effective as of the date when such Additional Covenants became effective under the applicable Principal Credit Facility (such Additional
Covenants, as so incorporated, herein referred to as “Incorporated Covenants”). Upon the request of the Majority Holders, the Company and the Majority Holders shall enter into an additional agreement or an amendment to this
Agreement (as the Majority Holders may request), evidencing the incorporation of such Additional Covenants substantially as provided for in the applicable Principal Credit Facility. 

(b) Provided that no Default or Event of Default is then in existence (including as a result of a breach of an Incorporated Covenant),
(i) if any Additional Covenant that has been incorporated herein pursuant to Section 9.10(a) is subsequently amended or modified in each relevant Principal Credit Facility with the effect that such Additional Covenant is made less
restrictive, such Additional Covenant, as amended or modified shall be deemed incorporated by reference into this Agreement, mutatis mutandis, as if set forth fully in this Agreement, effective as of the date when such amendment or
modification became effective under the applicable Principal Credit Facility, and (ii) if any Additional Covenant that has been incorporated herein pursuant to Section 9.10(a) is subsequently removed or terminated from each relevant
Principal Credit Facility or the Company or any Subsidiary, as the case may be, is otherwise no longer required to comply therewith under any Principal Credit Facility, then the 

  
 27 

 
Company and any such Subsidiaries shall, effective as of the date when (x) the removal or termination of such Additional Covenant became effective under the applicable Principal Credit
Facility, or (y) the requirement to comply therewith ceases to exist, in each case, no longer be or remain obligated to comply with the corresponding Incorporated Covenant hereunder; provided, however, that, if in connection with any such
amendment or modification making an Additional Covenant less restrictive in any Principal Credit Facility or any such removal or termination of the effectiveness of an Additional Covenant in a Principal Credit Facility (in either such case, a
“Facility Covenant Loosening”) any consideration is provided to any lender or lenders or agent in respect of such Principal Credit Facility in consideration of such Facility Covenant Loosening, then the holders of Notes shall be
(concurrently with the provision of such consideration to such lender, lenders or agent) provided with equivalent consideration to such consideration on a pro rata basis for the loosening, removal or termination of the effectiveness of the
corresponding Incorporated Covenant in this Agreement and no such loosening, removal or termination of the effectiveness of such Incorporated Covenant in this Agreement shall be effective unless and until such equivalent consideration is paid to the
holders of Notes. It being understood however that, other than as provided in Section 17, this Agreement shall not be amended or otherwise modified to delete any Improved Covenant or to make any such Improved Covenant less restrictive on the
Group than the relevant similar Financial Covenant it replaced (in the form that such Financial Covenant took in this Agreement immediately prior to the initial application of Section 9.10(a) thereto). 

 

	10.	NEGATIVE COVENANTS. 

 The Company covenants that from and after the Effective Date and
thereafter so long as any of the Notes are outstanding: 
  

	 	10.1.	Transactions with Affiliates. 

 The Company will not, and will not permit any Subsidiary
to, enter into directly or indirectly any transaction or Material group of related transactions (including, without limitation, the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate
(other than the Company and/or any Subsidiary), except in the ordinary course and pursuant to the reasonable requirements of the Company’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the Company or
such Subsidiary than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate. 
  

	 	10.2.	Merger, Consolidations. 

 The Company will not, and will not permit any Material
Subsidiary to consolidate or merge with or into any other entity or convey, transfer or lease all or substantially all of its assets in a single transaction or a series of related transactions, provided, however, that: 

(a) the Company may consolidate or merge with, or sell, lease or otherwise dispose of all or substantially all of its assets to, any other
Person if (i) (A) the Company shall be the surviving or continuing Person, or (B) the surviving or continuing Person or the Person that purchases, leases or otherwise acquires all or substantially all of the assets of the Company
(1) is a solvent entity organized under the laws of any Approved Jurisdiction, and (2) expressly 

  
 28 

 
assumes the obligations of the Company hereunder and under the Notes in a writing which is in form and substance reasonably satisfactory to the Majority Holders, and (ii) at the time of such
transaction and after giving effect thereto no Default or Event of Default shall have occurred and be continuing; 
 (b) any Material
Subsidiary may merge or consolidate with or into, or sell, lease or otherwise dispose of all or substantially all of its assets to the Company or any other Subsidiary so long as (i) in any merger or consolidation involving the Company or a
Subsidiary Guarantor, the Company or the Subsidiary Guarantor shall be the surviving or continuing Person, (ii) if any such Material Subsidiary is a Subsidiary Guarantor, its successor (if not already a Subsidiary Guarantor) expressly assumes
the obligations of such Subsidiary Guarantor under its respective Subsidiary Guarantee Agreement in a writing which is in form and substance reasonably satisfactory to the Majority Holders, and (iii) at the time of such transaction and after
giving effect thereto no Default or Event of Default shall have occurred and be continuing, and provided, further, that in the event of a merger, consolidation or sale described in sub-clause (i)(B) of paragraph (a) or sub-clause
(ii) of paragraph (b) above, the holders of Notes shall have received (1) an affirmation from each remaining Subsidiary Guarantor that its Subsidiary Guarantee continues in full force and effect and (2) an opinion of
internationally recognized independent legal counsel to the surviving or acquiring Person as to (X) the due organization, valid existence and good standing of the surviving or acquiring Person, (Y) the due authorization, execution and
delivery of any required assumption agreement by the surviving or acquiring Person, and (Z) the valid, binding and enforceable nature of the obligations of the surviving or acquiring Person under such assumption agreement subject to
reasonable and customary exceptions, assumptions and/or qualifications under the circumstances. 
  

	 	10.3.	Sales of Assets. 

 The Company will not, and will not permit any Subsidiary to,
sell, lease or otherwise dispose of (each a “Disposal”) any of its assets (including capital stock) (whether by a single transaction or a number of related transactions or whether at the same time or over a period of time), except
that there shall be no prohibition on any sale, lease or other disposal: 
 (a) made in the ordinary course of business of the
Company or any Subsidiary; 
 (b) made by the Company to a Wholly-Owned Subsidiary or by a Subsidiary to the Company or another Subsidiary
with respect to which the Company shall directly or indirectly have at least the same degree of control as it had with respect to the Subsidiary selling, leasing or disposing of such assets; 

(c) made pursuant to a Capital Lease or other sale and leaseback transaction provided that such assets are leased back to the Company or a
Subsidiary within 365 days of the sale of such assets; 
 (d) for fair market value to the extent that the Net Proceeds Amount (or an
equivalent amount) of such transaction has been or is applied within 365 days of such sale, lease or disposal to: 
 (i) the
purchase, acquisition or construction of assets to be used in the business of the Group; and/or 

  
 29 

 (ii) the repayment or prepayment of unsubordinated Indebtedness of the Company
or a Subsidiary; provided that the Company has, on or prior to the application of any such proceeds to the repayment or prepayment of any other unsubordinated Indebtedness pursuant to this sub-clause (ii), offered to prepay the Notes with all other
unsubordinated Indebtedness then being repaid or prepaid in accordance with the terms of Section 8.8 hereof; and 
 (e) other Disposals
(or portion thereof not otherwise excepted under sub-clauses (a), (b), (c) and (d) above), provided that: 

(i) such Disposal is to a Person other than an Affiliate or, if to an Affiliate, the requirements of Section 10.1 have
been satisfied; 
 (ii) immediately after giving effect thereto, no Default or Event of Default shall have occurred and be
continuing; and 
 (iii) immediately after giving effect thereto, the aggregate net book value of property or assets sold,
leased or disposed of pursuant to this Section 10.3(e) during the 365-day period ending on the date on which such sale, lease or disposition occurs, does not exceed 10% of Consolidated Total Assets as measured as of the end of the immediately
preceding financial year of the Company. 
  

	 	10.4.	Leverage Ratio. 

 (a) Subject to Sections 10.4(b), the Company will not permit the ratio
of Consolidated Net Debt to Consolidated EBITDA to exceed 3.25 to 1.00, as determined on a Rolling Twelve Month basis as of each Year-End Date and Half Year-End Date. 

(b) If at any time (and for so long as) the leverage covenant in the Bank Facility and the 2004 Note Facility each has a maximum leverage
ratio exceeding 3.25 to 1.00, then the maximum leverage ratio required under Section 10.4(a) shall be changed to the lower of such ratios applicable to either the Bank Facility or the 2004 Note Facility (up to a maximum of 3.50 to 1.00). For
the avoidance of doubt, once all of the 2004 Notes are paid in full, then the maximum leverage ratio required under Section 10.4(a) shall be changed to the ratio applicable to the Bank Facility, if higher (up to a maximum of 3.50 to 1.00). 

 

	 	10.5.	Interest Coverage Ratio. 

 The Company will not permit the ratio of Consolidated EBITDA
to Consolidated Net Interest Expense to be less than 4.00 to 1.00, as determined on a Rolling Twelve Month basis as of each Year-End Date and Half Year-End Date. 

  
 30 

	 	10.6.	Limitation on Priority Debt. 

 The Company will not permit any Subsidiary to create,
assume, incur, guarantee or otherwise become liable in respect of any Indebtedness except: 
 (a) Indebtedness of Omega Pharma S.A. (France)
and Omega Pharma Holding (Nederland) B.V. not to exceed (i) €72,000,000 in the aggregate (or its equivalent in other currencies) prior to the 2004 Facility Trigger Date, and (ii) at any time on or after the 2004 Facility Trigger Date,
such amount as when added to the principal amount of Indebtedness permitted under Section 10.6(i) below, shall not in the aggregate exceed 20% of Consolidated Net Worth; provided that Indebtedness allowed under this clause (a) shall be in
addition to any Indebtedness either such Subsidiary shall be allowed under Section 10.6(d); 
 (b) Indebtedness owed by a Subsidiary to
the Company or any other Subsidiary; 
 (c) Indebtedness of any Approved Subsidiary Guarantor; 

(d) Indebtedness of any Subsidiary Guarantor arising under any guarantee of Indebtedness of the Company; 

(e) Indebtedness outstanding at the time such Person became a Subsidiary provided that such Indebtedness shall not have been incurred in
contemplation of such person becoming a Subsidiary and further provided that this clause (e) shall cease to be applicable to any Indebtedness that remains outstanding more than 365 days after such Person becomes a Subsidiary; 

(f) any Indebtedness for or in respect of receivables sold or discounted (otherwise than on a non-recourse basis) provided that the aggregate
amount of such Indebtedness does not at any time exceed €15,000,000 (or its equivalent in other currencies); 
 (g) Indebtedness of
Subsidiaries secured by a Lien permitted by Sections 10.7(a) through (f); 
 (h) Indebtedness owing under cash management pooling
arrangements among the Company and its Subsidiaries entered into by the Company and any of its Subsidiaries in the ordinary course of its banking arrangements; and 

(i) Indebtedness of Subsidiaries not otherwise permitted by foregoing clauses (a) through (h), provided that (A) prior to the 2004
Facility Trigger Date, the aggregate principal amount of all Indebtedness of Subsidiaries permitted under this clause (i) shall not at any time exceed €40,000,000 (or its equivalent in other currencies), and (B) at any time on or
after the 2004 Facility Trigger Date, the principal amount of all Indebtedness of Subsidiaries permitted under this clause (i), when added to the principal amount of Indebtedness permitted under Section 10.6(a) above, shall not in the aggregate
exceed 20% of Consolidated Net Worth. 

  
 31 

	 	10.7.	Limitation on Liens. 

 The Company will not, and will not permit any of its Subsidiaries
to directly or indirectly, create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any property or asset (including, without limitation, any document or instrument in respect of
goods or accounts receivable) of the Company or such Subsidiary, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive income or profits therefrom except: 

(a) any Lien listed in Schedule 10.7 except to the extent the principal amount secured by that Lien exceeds the amount existing at the date
hereof as set forth in Schedule 10.7; 
 (b) any netting or set-off arrangement entered into by any member of the Group in the ordinary
course of its banking arrangements for the purpose of netting debit and credit balances; 
 (c) any Lien arising by operation of law and in
the ordinary course of business; 
 (d) any Lien over or affecting any asset acquired by the Company or a Material Subsidiary after the date
of this Agreement if the Lien was not created in contemplation of the acquisition of that asset by the Company or such Material Subsidiary and the principal amount secured has not been increased in contemplation of, or since, the acquisition of that
asset by the Company or such Material Subsidiary, provided that this clause (d) shall cease to be applicable to any Lien that remains outstanding more than 365 days after the acquisition of such asset; 

(e) any Lien over or affecting any asset of any company which becomes a member of the Group after the date of this Agreement, where the Lien
is created prior to the date on which that company becomes a member of the Group, if the Lien was not created in contemplation of the acquisition of that company, and the principal amount secured has not been increased in contemplation of, or since,
the acquisition of that company, provided that this clause (e) shall cease to be applicable to any Lien that remains outstanding more than 365 days after such company becomes a member of the Group; 

(0 any title transfer or retention of title arrangement entered into in the normal course of business; 

(f) any Lien arising with respect to the Principal Credit Facilities to the extent the Company complies with Section 9.9; and 

(g) Liens not otherwise permitted by foregoing clauses (a) through (g), provided that the aggregate principal amount of all
Indebtedness secured by Liens permitted under this clause (h) shall not at any time exceed €60,000,000 (or its equivalent in other currencies). 

  
 32 

	 	10.8.	Change of Business. 

 The Company will not permit any substantial change to be made to
the general nature of the business of the Group from that carried on at the date of this Agreement. 
  

	11.	EVENTS OF DEFAULT. 

 An “Event of Default” shall exist if any of
the following conditions or events shall occur and be continuing: 
 (a) the Company defaults in the payment of any principal or
Make-Whole Amount, if any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise, unless such failure is caused by administrative or technical error and payment is
made within 3 Business Days of its original due date; or 
 (b) the Company defaults in the payment of any interest or Tax Indemnity Amount,
if any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise, unless such failure is caused by administrative or technical error and payment is made within 5 Business
Days of its original due date; or 
 (c) the Company defaults in the performance of or compliance with any Incorporated Covenant or term
contained in Section 9.10 or Section 10; or 
 (d) the Company defaults in the performance of or compliance with any term
contained herein (other than those referred to in clause (a), (h) or (c) of this Section 11) and such default is not remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such
default and (ii) the Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this paragraph (d) of
Section 11); or 
 (e) any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company
in this Agreement or in any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the date as of which made; or 

(i) the Company or any Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal
of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least €15,000,000 (or the equivalent thereof in other currencies) beyond any period of grace provided with respect
thereto, or (ii) the Company or any Subsidiary is in default in the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least €15,000,000 (or the equivalent
thereof in another currency) or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been declared (or one or more
Persons are entitled to declare such Indebtedness to be), due and payable before its stated maturity 

  
 33 

 
or before its regularly scheduled dates of payment, or (iii) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the
holder of Indebtedness to convert such Indebtedness into equity interests), (x) the Company or any Subsidiary has become obligated to purchase or repay Indebtedness before its regular maturity or before its regularly scheduled dates of payment
in an aggregate outstanding principal amount of at least €15,000,000 (or the equivalent thereof in other currencies), or (y) one or more Persons have acquired the right (whether or not exercised) to require the Company or any Subsidiary to
purchase or repay such Indebtedness; or 
 (f) the Company or any Material Subsidiary (i) is generally not paying, or admits in writing
its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in insolvency or bankruptcy, for
liquidation or winding up or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment
of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated or wound up, or (vi) takes corporate
action for the purpose of any of the foregoing; or 
 (g) a court or governmental authority of competent jurisdiction enters an order
appointing, without consent by the Company or any Material Subsidiary, a custodian, receiver, administrator, administrative receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its
property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in insolvency or bankruptcy or for liquidation or winding up, or to take advantage of any bankruptcy or insolvency law of any
jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company or any Material Subsidiaries, or any such petition shall be filed against the Company or any Material Subsidiaries and such petition shall not be dismissed within 60
days; or 
 (h) a final judgment or judgments for the payment of money aggregating in excess of €1 0,000,000 (or the equivalent thereof
in other currencies) are rendered against one or more of the Company and its Subsidiaries and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the
expiration of such stay; or any Subsidiary Guarantee Agreement shall cease to be in full force and effect as an enforceable agreement or a Subsidiary Guarantor (or any Person at its authorized direction or authorized on its behalf) shall assert in
writing that the Subsidiary Guarantee Agreement is unenforceable in any material respect; or 
 (i) any representation or warranty made in
writing by or on behalf of any Subsidiary Guarantor or by any officer of any Subsidiary Guarantor in the Subsidiary Guarantee Agreement or in any writing furnished in connection with the transactions contemplated hereby or thereby proves to have
been false or incorrect in any material respect on the date as of which made. 

  
 34 

	12.	REMEDIES ON DEFAULT, ETC. 

  

	 	12.1.	Acceleration. 

 (a) If an Event of Default described in paragraph (g) or (h) of
Section 11 (other than an Event of Default described in clause (i) of paragraph (g) or described in clause (vi) of paragraph (g) by virtue of the fact that such clause encompasses clause (i) of paragraph (g)) has
occurred, all the Notes then outstanding shall automatically become immediately due and payable. 
 (b) If any other Event of Default has
occurred and is continuing, the Majority Holders may at any time at its or their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 

(c) If any Event of Default described in paragraph (a) or (b) of Section 11 has occurred and is continuing, any holder or
holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable. 

Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith
mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon and (y) the Make-Whole Amount determined in respect of such principal amount (to the full extent permitted by applicable law),
shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right
to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are
accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances. Notwithstanding anything herein to the contrary, if an event or condition described in clause
(ii) or clause (iii) of Section 11(f) is a Change of Control, no Make-Whole Amount shall be due and payable as a result of any acceleration of the Notes based solely on the occurrence of such Change of Control. 

 

	 	12.2.	Other Remedies. 

 If any Default or Event of Default has occurred and is continuing, and
irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law,
suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any
power granted hereby or thereby or by law or otherwise. 

  
 35 

	 	12.3.	Rescission. 

 At any time after any Notes have been declared due and payable pursuant to
clause (b) or (c) of Section 12.1, the Majority Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all
principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by
applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been
waived pursuant to Section 17, and (c) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any
subsequent Event of Default or Default or impair any right consequent thereon. 
  

	 	12.4.	No Waivers or Election of Remedies, Expenses, etc. 

 No course of dealing and no delay on
the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by this Agreement or by any Note
upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the Company under
Section 15, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including,
without limitation, reasonable attorneys’ fees, expenses and disbursements. 
  

	 	12.5.	Notice of Acceleration or Rescission 

 Whenever any Note shall be declared immediately
due and payable pursuant to Section 12.1 hereof or any such declaration shall be rescinded or annulled pursuant to Section 12.3 hereof, the Company shall forthwith give written notice thereof to the holders of each Note at the time
outstanding. 
  

	13.	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES. 

  

	 	13.1.	Registration of Notes. 

 The Company shall keep at its principal executive office
a register for the registration and registration of Transfers of Notes. The name and address of each holder of one or more Notes, each Transfer thereof and the name and address of each transferee, assignee and substitute holder of one or more Notes
shall he registered in such register. Prior to due presentment for registration of Transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company
shall not be affected by any notice or knowledge to the contrary, provided, however, that in the event of a Transfer completed in accordance with Section 13.3, the transferor of such Note will be treated as the holder of the relevant
Note for purposes of payment on the Interest Payment Date on which such Transfer took place. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names
and addresses of all registered holders of Notes. 

  
 36 

	 	13.2.	Transfer and Exchange of Notes. 

 Subject to Section 6.3, upon surrender of any Note
at the principal executive office of the Company for registration of Transfer or exchange (and in the case of a surrender for registration of Transfer, accompanied by (i) a written instrument of transfer duly executed by the registered holder
of such Note or his attorney duly authorized in writing and (ii) the address for notices of each transferee of such Note or part thereof), the Company shall execute and deliver, at the Company’s expense (except as provided below), one or
more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request
and shall be substantially in the form of Exhibit 1(a). Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or be dated and bear interest from the date of Closing if no
interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such Transfer of Notes. Notes shall not be transferred, assigned or given over to a
substitute holder in denominations of less than €300,000. Any transferee, assignee or substitute holder, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth
in Section 6.2. 
  

	 	13.3.	Interest Payment Date Transfers. 

 Notwithstanding anything contained in
Section 13.2 or Section 21, any Transfer of a Note shall, at the option of the parties involved in such Transfer, occur (and the Company will recognize and register (in accordance with Section 13.1) that such Transfer has occurred) at
Midnight on any Interest Payment Date, so long as the Company shall receive all of the following at least five Business Days prior to the Interest Payment Date immediately preceding such Transfer: 

(a) a copy of the agreement or other transfer documentation entered into between the transferor and the transferee to effect the Transfer of
such Note, executed by both such parties and setting forth that the Transfer shall take place at Midnight on the Interest Payment Date next following the date of such agreement and that the transferor shall remain the holder and legal owner of such
Note, and shall otherwise be entitled to interest and other payments due on such Note, until such time (provided, however, that in lieu of a copy of such agreement the transferor and transferee of such Note may provide to the Company written
correspondence specifically referencing such agreement, so long as such correspondence is signed by both the transferor and the transferee of such Note); 

(b) the Note subject to such Transfer; 

(c) the address for notices of the transferee of such Note, together with payment instructions for payments on such Note. 

  
 37 

 In the event the foregoing shall occur, the Company shall execute and deliver, at the
Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note
shall be payable to such Person as such holder may request and shall be substantially in the form of Exhibit 1(a). Each such new Note shall be dated and bear interest from the Interest Payment Date on which the relevant Transfer took place. The
Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such Transfer of Notes. Notes shall not be transferred, assigned or given over to a substitute holder in denominations of less
than €300,000. Any transferee, assignee or substitute holder, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.2. 

 

	 	13.4.	Replacement of Notes. 

 Upon receipt by the Company of evidence reasonably satisfactory
to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or
mutilation), and 
 (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that
if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least in excess of the principal amount of such Note, such Person’s own unsecured agreement of indemnity shall
be deemed to be satisfactory), or 
 (b) in the case of mutilation, upon surrender and cancellation thereof, 

the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to which interest shall have
been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 
  

	14.	PAYMENTS ON NOTES. 

  

	 	14.1.	Place of Payment. 

 Subject to Section 14.2, payments of principal, Make-Whole
Amount, if any, and interest becoming due and payable on the Notes shall be made in New York City at the principal office of Citibank N.A. in such jurisdiction. The Company may at any time, by notice to each holder of a Note, change the place of
payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction. 

  
 38 

	 	14.2.	Home Office Payment. 

 So long as any Purchaser or its nominee shall be the holder of any
Note, and notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, and interest by the method and at the address
specified for such purpose below such Purchaser’s name in Schedule A, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation
or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note
for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1. Prior to any sale or other disposition
of any Note held by any Purchaser or its nominee such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in
exchange for a new Note or Notes pursuant to Section 13.2. The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee, assignee or substitute holder of any Note
purchased by such Purchaser under this Agreement and that has made the same agreement relating to such Note as such Purchaser has made in this Section 14.2. 
  

	15.	EXPENSES, ETC. 

  

	 	15.1.	Transaction Expenses. 

 Whether or not the transactions contemplated hereby are
consummated, the Company will pay all reasonable costs and expenses (including reasonable attorneys’ fees of one special counsel and, if reasonably required, local or other counsel acting for all holders) incurred by each Purchaser or holder of
a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, the Notes or a Subsidiary Guarantee Agreement (whether or not such amendment, waiver or consent becomes
effective), including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, the Notes or a Subsidiary Guarantee Agreement or in
responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, the Notes, or any Subsidiary Guarantee Agreement or by reason of being a holder of any Note, and (b) the costs and
expenses, including one financial advisors’ fees acting for all holders of Notes, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work-out or restructuring of the transactions
contemplated hereby and by the Notes. The Company will indemnify, and will save each Purchaser and each other holder of a Note harmless from, all claims in respect of any fees, costs or expenses if any, of brokers and finders (other than those
retained by such Purchaser). 
 In furtherance of the foregoing, on the date of the Closing, the Company will pay or cause to be paid the
reasonable fees and disbursements of your special counsel which are reflected in the statements of such special counsel submitted to the Company in accordance with Section 4.7. The Company will also pay, promptly upon receipt of supplemental
statements therefor, reasonable additional fees, if any, and disbursements of such special counsel in connection with the transactions hereby contemplated (including disbursements unposted as of the date of a statement to the extent such
disbursements exceed estimated disbursements covered by prior statements). 

  
 39 

	 	15.2.	Survival. 

 The obligations of the Company under this Section 15 will survive the
payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement or the Notes, and the termination of this Agreement. 
  

	 	15.3.	Currency Rate Indemnity. 

 (a) Each payment under this Agreement or the Notes shall be
made in Euros. Any obligation to make payments under this Agreement or the Notes in Euros will not be discharged or satisfied by any tender in any currency other than Euros, except to the extent such tender results in the actual receipt (after
deduction of all fees and expenses relating to any conversion) by the party to which payment is owed of the full amount in Euros of all amounts due in respect of this Agreement or the Notes. If for any reason the amount in Euros, so received falls
short of the amount in Euros, due in respect of this Agreement or the Notes, the Company, will, to the fullest extent permitted by law, immediately pay such additional amount in Euros, as may be necessary to compensate for the shortfall. 

(b) To the extent permitted by applicable law, if any judgment or order expressed in a currency other than Euros is rendered for the
payment of any amount owing in respect of this Agreement or the Notes, or in respect of a judgment or order of another court for the payment of any such amount, the party seeking recovery, after recovery in full of the aggregate amount to which such
party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of Euros received by such party as a consequence of sums paid in such other currency if such shortfall
arises or results from any variation between the rate of exchange at which Euros are converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, on the
earliest practicable date after receipt of such currency, to purchase Euros with the amount of the currency of the judgment or order actually received by such party. The term “rate of exchange” includes, without limitation, any
premiums and costs of exchange payable in connection with the purchase of, or conversion into, Euros. 
 The indemnity set forth in
this Section 15.3 shall constitute an obligation separate and independent from the other obligations contained in this Agreement and the Notes, shall give rise to a separate and independent cause of action, shall apply irrespective of any
indulgence granted by such holder from time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due under any of the Agreements and the Notes or under any judgment or
order. 
  

	 	15.4.	Certain Taxes. 

 The Company agrees to pay all stamp, documentary or similar taxes or
fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the United States or Belgium or of any amendment
of, or waiver or consent under or with respect to, this 

  
 40 

 
Agreement or of any of the Notes, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Company pursuant to this Section 15 and will save
each holder of a Note to the extent permitted by applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax required to be paid by the Company hereunder. 

 

	16.	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. 

 All
representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or Transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and
may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or
on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement. Subject to the preceding sentence, this Agreement and the Notes embody the entire agreement and understanding
between each Purchaser and the Company and supersede all prior agreements and understandings relating to the subject matter hereof; provided, however that the letter agreement, dated as of April 27, 2011, by and between Pricoa Investment
Management, Inc. and the Company setting forth the principal terms of the financing contemplated by this Agreement shall survive the execution and delivery hereof and shall remain in full force and effect until either (a) the date the Notes are
issued and sold, if no payment obligations arise under such letter agreement in connection with such issuance (such obligations, “Commitment Letter Obligations”), or (b) the date such Commitment Letter Obligations are
satisfied in full in cash, if such payment obligations do so arise. 
  

	17.	AMENDMENT AND WAIVER. 

  

	 	17.1.	Requirements. 

 This Agreement and the Notes may be amended, and the observance of any
term hereof or of the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Majority Holders, except that (a) no amendment or waiver of any of the provisions of
Section 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein), will be effective as to any holder unless consented to by such holder in writing, and (b) no such amendment or waiver may, without the written consent of
the holder of each Note at the time outstanding affected thereby, (i) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the
rate or change the time of payment or method of computation of interest or of the Make-Whole Amount, if any, on, the Notes, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such
amendment or waiver, or (iii) amend any of Sections 8, 11(a), 11(b), 12, 15.3, 17, 20 or 22. To the extent permissible under Belgian law, the parties hereto expressly waive the provisions of Articles 568-580 of the Belgian Company Code and
agree that those provisions shall not be applicable to the Notes. 

  
 41 

	 	17.2.	Solicitation of Holders of Notes. 

 (a) Solicitation. The Company will provide
each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with
respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or of any Subsidiary Guarantee. The Company will deliver executed or true and correct copies of each amendment, waiver or consent
effected pursuant to the provisions of this Section 17 to each holder of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. 

(b) Payment. The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or
additional interest, fee or otherwise, or grant any security or issue any guaranty, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of Notes or any waiver or amendment of any of the terms and
provisions hereof unless such remuneration is concurrently paid, or security or guaranty is concurrently granted. on the same terms, ratably to each holder of Notes then outstanding even if such holder did not consent to such waiver or amendment.

  

	 	17.3.	Binding Effect, etc. 

 Any amendment or waiver consented to as provided in this
Section 17 applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment
or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company and the holder of any Note nor any
delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of any holder of such Note. As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from
time to time be amended or supplemented. 
  

	 	17.4.	Notes held by Company, etc. 

 Solely for the purpose of determining whether the holders
of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement or the Notes or any Subsidiary Guarantee, or have directed the taking
of any action provided herein or in the Notes or any Subsidiary Guarantee to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes, directly or indirectly, owned by
the Company shall be deemed not to be outstanding. 

  
 42 

	18.	NOTICES. 

 All notices and communications provided for hereunder shall be in writing and
sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by a recognized overnight delivery service (with charges prepaid). Any such
notice must be sent: 
 (i) if to any holder of Notes, at their respective addresses specified for such communications in
Schedule A, or at such other address as such holder shall have specified to the Company in writing, or 
 (ii) if to the
Company, to the Company at Venecoweg 26, B-9810 Nazareth, Belgium, Attention: Chief Financial Officer, fax: +32 9 381 02 68, or at such other address as the Company shall have specified to the holders of Notes in writing. 

Notices under this Section 18 will be deemed given only when actually received. 

 

	19.	REPRODUCTION OF DOCUMENTS. 

 This Agreement and all documents relating thereto,
including, without limitation, (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by the Purchasers at the Closing (except the Notes themselves), and (c) financial statements, certificates
and other information previously or hereafter furnished to the Purchasers, may be reproduced by each Purchaser by any photographic, photostatic, microfilm, microcard, miniature photographic or other similar process and such Purchaser may destroy any
original document so reproduced. The Company agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or
not the original is in existence and whether or not such reproduction was made by any such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise he admissible in
evidence. This Section 19 shall not prohibit the Company or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any
such reproduction. 
  

	20.	CONFIDENTIAL INFORMATION. 

 For the purposes of this Section 20,
“Confidential Information” means information delivered to any holder of Notes by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is
proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such holder as being confidential information of the Company or such Subsidiary, provided that such term does not
include information that (a) was publicly known or otherwise known to such holder prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such holder or any person acting on such
holder’s behalf. (c) otherwise becomes known to such holder other than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements delivered to such holder under Section 7.1 that are otherwise
publicly available. Each holder of Notes will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such holder in good faith to protect confidential information of third parties delivered to such
holder, provided that such holder may deliver or disclose Confidential Information to (i) such holder’s directors, officers, employees, agents, attorneys and affiliates (to the extent such disclosure reasonably relates
to the administration of the investment represented by the Notes), (ii) such holder’s financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms
of this Section 20, (iii) any other holder of  

  
 43 

 
any Note, (iv) any Institutional Investor to which such holder sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior
to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (v) any Person from which such holder offers to purchase any security of the Company (if such Person has agreed in writing prior to its
receipt of such Confidential Information to be bound by the provisions of this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such holder, (vii) the National Association of Insurance Commissioners
or any similar organization, or any nationally recognized rating agency that requires access to information about such holder’s investment portfolio or (viii) any other Person to which such delivery or disclosure may be necessary or
appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such holder, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such holder is a party or
(z) if an Event of Default has occurred and is continuing, to the extent such holder may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under
the Notes and this Agreement. 
 Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be
entitled to the benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder under
this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying the provisions of this Section 20. 

 

	21.	SUBSTITUTION OF PARTIES. 

  

	 	21.1.	Substitution of Purchasers. 

 Each Purchaser shall have the right to substitute any one
of its Affiliates as the purchaser of the Notes that it has agreed to purchase hereunder, by delivery of (a) written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such
Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in Section 6 and (b) a Tax Status Certificate duly executed and
delivered on the date of such substitution, in form and substance reasonably satisfactory to the Company. Upon receipt of such notice and Tax Status Certificate, wherever the word “Purchaser” is used in this Agreement (other than in this
Section 21), such word shall be deemed to refer to such Affiliate in lieu of such original Purchaser. In the event that such Affiliate is so substituted as a purchaser hereunder and such Affiliate thereafter transfers or assigns to such
Purchaser all of the Notes (or causes the Purchaser to be the substitute holder of such Notes) then held by such Affiliate, upon receipt by the Company of written notice of such Transfer and a Tax Status Certificate of such Purchaser (as
contemplated in the preceding sentence of this Section 21), wherever the word “Purchaser” is used in this Agreement (other than in this Section 21), such word shall no longer be deemed to refer to such Affiliate, but shall refer
to the original Purchaser, and such original Purchaser shall have all the rights of an original holder of the Notes under this Agreement. 

  
 44 

	 	21.2.	Substitution of Issuer. 

 Notwithstanding the provisions of Section 23.1, the
Company may, at any time after the Series B Guaranteed Senior Notes due July 28, 2011 issued under the 2004 Note Purchase Agreement are paid in full, cause Omega Pharma Capital N.V., a company incorporated with limited liability in
Belgium, to be substituted and become directly liable as an issuer of the obligations evidenced by the Notes, and to cause such Subsidiary to assume the obligations of the Company to pay the principal, interest and Make-Whole Amount, if any, on the
Notes (such Subsidiary being referred to herein as the “Substitute Issuer”), so long as each of the following requirements are satisfied as of the Substitute Issuer Date (as defined below): 

(a) the Substitute Issuer is a company incorporated with limited liability in Belgium and is a Wholly-Owned Subsidiary of Omega Pharma N.V.;

 (b) (i) each of the Company and the Substitute Issuer shall have entered into an assumption and amendment agreement (as amended
from time to time, the “Assumption and Amendment Agreement”) in form and substance satisfactory to the holders of Notes (the date of the effectiveness of such assumption and amendment, to occur on an Interest Payment Date, referred
to herein as the “Substitute Issuer Date”) pursuant to which the Substitute Issuer shall have assumed all of the Company’s obligations under this Agreement and the Notes, and this Agreement and the Notes shall have been amended
as necessary or appropriate in connection with such assumption in order to preserve the intent of this Agreement and the protection afforded the holders of Notes (including the addition of a covenant that the Substitute Issuer will at all times
remain a Wholly-Owned Subsidiary of Omega Pharma N.V.), (ii) the Company shall have unconditionally guarantied the payment and performance by the Substitute Issuer of its obligations in respect of the Notes and this Agreement pursuant to a
guaranty agreement (containing an indemnity substantially similar to that referred to in Section 21.3 below) in form and substance satisfactory to the holders of Notes (as amended from time to time, the “Parent Guarantee”) and
(iii) the Subsidiary Guarantors shall have reaffirmed their obligations under their respective Subsidiary Guarantees pursuant to an agreement in form and substance satisfactory to the holders of Notes and, after giving effect to such assumption
and guaranty on the Substitute Issuer Date, the obligations of each Subsidiary Guarantor shall continue to be legal, valid and binding obligations of such Subsidiary Guarantor enforceable in accordance with their terms, and such obligations shall
not be impaired by such assumption by the Substitute Issuer or guaranty by the Company; 
 (c) no Default or Event of Default shall
be in existence and continuing immediately prior to, or immediately after giving effect to, such assumption and guaranty; 
 (d)
except to the extent modified in the Assumption and Amendment Agreement and the Parent Guarantee, the representations and warranties contained in Section 5 hereof shall be deemed to have been made by the Substitute Issuer and the Company
mutatis mutandis on the Substitute Issuer Date and all of such representations and warranties shall be true and correct on the Substitute Issuer Date (and relevant Schedules to this Agreement shall be updated to the extent necessary);

  
 45 

 (e) the Substitute Issuer shall have delivered to the holders of the Notes documents relating to
the Substitute Issuer of substantially the same character and scope as the documents relating to the Company and delivered pursuant to Section 4.3 and Section 4.12 of this Agreement; 

(f) the Substitute Issuer shall have obtained or caused to be obtained a private placement number for the Notes issued by Standard &
Poor’s CUSIP Service Bureau (in cooperation with the SVO) and the holders of the Notes, at such Substitute Issuer Date, shall have been informed of such private placement numbers; 

(g) each of the Substitute Issuer and the Company shall have caused to be delivered to each holder of Notes opinions of internationally
recognized independent New York and Belgium counsel selected by the Substitute Issuer and the Company, in form and substance satisfactory to the Majority Holders; 

(h) after giving effect to such assumption, the Notes shall not be classified as a non-admitted asset or required to be included in any
“basket” investment provision of any insurance law applicable to any of the holders of Notes; 
 (i) the Substitute Issuer shall
have delivered to each holder Tax Status Certificates (if required under applicable law) and any other Forms or documents (if any) necessary so that income on the Notes is subject to the same tax treatment after giving effect to the Assumption
Agreement and Parent Guarantee as was in effect immediately prior thereto, and shall have provided such information as any holder shall request to enable it to properly file or submit such Tax Status Certificates, Forms and/or documents to the
appropriate Governmental Authorities; and 
 (j) the Substitute Issuer shall have delivered to each holder of Notes new Notes reflecting
such Substitute Issuer as the maker thereof of the same tenor and with the same terms as the Notes held by such holder at the time of such assumption, against delivery by such holder of its then-existing Notes or a lost note affidavit in lieu
thereof. 
  

	 	21.3.	Indemnification in Connection with Substitution of Issuer. 

 The Substitute Issuer hereby
indemnifies and holds harmless (on a joint and several basis with Omega Pharma N.V. pursuant to the Parent Guarantee), on an after-tax basis, each holder of Notes for any tax or other liability, damage, loss, cost or expense that would not have
arisen but for the assumption by the Substitute Issuer of the obligations of the Company under this Agreement and the Notes or the guaranty of such obligations by the Company. 

 

	22.	PAYMENT FREE AND CLEAR. 

 All payments by the Company in respect of the Notes or
this Agreement shall be made under all circumstances without setoff, counterclaim or reduction for, and free from and clear of, and without deduction for or because of, any and all present or future taxes, levies, imposts. duties, fees, charges,
deductions, assessments, withholding, restrictions or conditions of any nature whatsoever (the “Covered Taxes”) imposed, levied, collected, assessed or withheld by or within the jurisdiction of incorporation of (or if different, the
jurisdiction in which the Company  

  
 46 

 
is treated as resident for tax purposes), or the jurisdiction from or through which payment is made by (the “Applicable Jurisdiction”), the Company. If the Company
does not pay, cause to be paid or remit payments due hereunder free from and clear of Covered Taxes, then the Company shall forthwith pay each holder of the Notes such additional amounts (the “Tax Indemnity Amounts”) as may be
necessary in order that the net amount of every payment made to each holder of Notes, after provision for payment of such Covered Taxes (and any interest and penalties relating thereto and any United States federal income taxes payable by the holder
with respect to such Tax Indemnity Amounts), shall be equal to the amount which such holder would have received had there been no deduction, withholding or other restriction or condition, provided that, in no event shall the
Company be obligated to make payment of any Tax Indemnity Amount to any holder not resident in the United States in excess of the amount which the Company would have been obligated to pay if (a) authorization could have been obtained under the
double tax treaty between the United States and the Applicable Jurisdiction of the Company in force at the relevant time (the “U.S. Treaty”) for the Company to make the payment from which such Covered Taxes were deducted or withheld
either without deduction or withholding of such Covered Taxes or with deduction or withholding of a lesser amount in respect of such Covered Taxes had the Notes held by such holder been beneficially owned at all relevant times by Persons who were
resident in the United States for the purposes of the U.S. Treaty, and (b) the Company had made the minimum deduction or withholding which it would have been lawfully entitled to do pursuant to such authorization. Notwithstanding the provisions
of this Section 22, no such Tax Indemnity Amounts shall be payable for or on account of: 
 (i) any tax,
assessment or other governmental charge which would not have been imposed but for the existence of any present or former connection (other than the mere holding of the relevant Note or the receipt of any payments in respect thereof or activities
incidental thereto (including without limitation, enforcement thereof)) between such holder (or a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over, such holder, if such holder is an estate, trust, partnership
or corporation, or any Person other than the holder to whom the relevant Note or any amount payable thereon are attributable for the purposes of such tax, assessment or charge) and the Applicable Jurisdiction or any political subdivision or
territory or possession thereof or therein or area subject to its jurisdiction, including, without limitation, such holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor or Person other than such holder) being or having
been a citizen or resident thereof, being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein, provided that this exclusion shall not apply with respect to a Tax that would
not have been imposed but for the Company, after the Effective Date, opening an office in, moving an office to, reincorporating in, or changing the Applicable Jurisdiction from or through which payments on account of this Agreement or the Notes are
made to, the Applicable Jurisdiction imposing the relevant Tax; 
 (ii) estate, inheritance, gift, sale, transfer,
personal property of similar tax, assessment or other governmental charge; 
 (iii) any tax, assessment or other
governmental charge that is imposed or withheld by reason of either (A) the failure to use reasonable efforts to comply by such holder or any other Person mentioned in clause (i) above with the written request of the

  
 47 

 
Company addressed to the holder to provide information concerning the nationality, residence or identity of such holder or such other Person or, information as to if, and where, any declaration
of residence or other claim or reporting requirement described in clause (B) hereof has been made by such holder or other Person or (B) the failure, notwithstanding its practical ability, by such holder or any other Person mentioned in
clause (A) above to: 
 (1) in the case where the Applicable Jurisdiction is Belgium, execute and deliver Tax Status
Certificates as set forth in Section 6.3, provided that this clause shall only be applicable in situations where a holder has failed to deliver Tax Status Certificates following delivery by the Company of the notice of reminder required by
Section 6.3(b) or (c), as applicable; or 
 (2) in any other case, make such declaration of residence or other claim or
comply with such reporting requirement as is notified by the Company as being required by a statute, treaty or regulation of the Applicable Jurisdiction, (so long as (i) such request does not impose an unreasonable burden in time, resources or
otherwise on such holder and (ii) such failure could have been lawfully avoided by such holder), provided that such holder shall be deemed to have satisfied the requirements of this subparagraph (2) upon the good faith completion
and submission of the appropriate forms, certificates, documents, applications or other reasonably required evidence (collectively, “Forms”) that correctly set forth the information so required by the Applicable Jurisdiction and it
being understood that (x) no such request or notification has been made by the Company on or prior to the date of Closing and (y) each holder or other Person that receives a written request or notification from the Company (which written
request shall be accompanied by a copy of such Forms and all applicable instructions and, if any such Forms or instructions shall not be in the English language, an English translation thereof) pursuant to this clause (iii) shall have at least
45 days to respond to such request or notification; 
 (iv) any tax, assessment or other governmental charge that is imposed
or withheld by reason or as a result of the Transfer of any Note other than in accordance with Section 13; or 
 (v)
any combination of clauses (i), (ii), (iii) and/or (iv) above. 
 If the Company makes payment of Tax Indemnity Amounts and
a recipient thereof subsequently receives a refund in respect thereof in whatever jurisdiction (a “Tax Refund”), and such recipient is able to readily identify the Tax Refund as being attributable to the Covered Taxes with
respect to which the Tax Indemnity Amounts are paid, then such recipient shall, to the extent it can do so without prejudicing the retention of such Tax Refund, reimburse the Company such amount as it shall determine, in its sole discretion
exercised in good faith, to be the proportion of the Tax Refund as will leave such recipient, after the reimbursement, in no better or worse position than it would have been in if payment of the Tax Indemnity Amounts had not been required,
provided that (x) no Default or Event of Default exists and is continuing at the time of such request and (y) the Company, upon the request of such recipient, agrees to return to such recipient the portion of the Tax
Refund paid over to the Company in the event such recipient is legally required to repay such Tax Refund to such Applicable Jurisdiction. 

  
 48 

 If the Company makes payment of a Covered Tax for the account of any holder and such holder is
entitled to a Tax Refund with respect to such tax upon the filing of one or more forms, then such holder shall, as soon as reasonably possible after receiving written request from the Company (which shall specify in reasonable detail and supply the
forms to be filed, which forms shall be accompanied by a translation into English if not in English) duly complete and deliver such forms to or as directed by the Company. 

The Company will promptly furnish each holder of Notes receiving payments of Tax Indemnity Amounts under this Section 22 copies of the
official receipt (or a duly certified copy of the original receipt) issued by the relevant taxation or other authorities involved for all amounts deducted or withheld (and paid over to such authorities) in respect of Covered Taxes (or, if such a
receipt is not available from such authorities, such other evidence with respect to such amounts deducted or withheld as any holder of Notes may reasonably request). 

Nothing in this Section 22 shall (i) require, or be deemed to require, the disclosure by any holder of Notes of any confidential or
proprietary information, either directly or indirectly, to any Person, or any holder to account for any indirect taxation benefits arising from the deduction or withholding of any Covered Tax, (ii) interfere with the right of any holder to
arrange its tax affairs in whatever manner it chooses or (iii) require any holder of Notes to give precedence to an application for tax credits or Tax Refunds related to this Agreement or the Notes, where to give such precedence would preclude
any such holder’s ability to apply for any other tax credit or similar tax refund. The Company shall (a) reimburse each holder of Notes for such holder’s reasonable out-of-pocket expenses, if any, incurred in complying with any
request under this Section 22 and (b) provide to any holder of Notes upon written request sufficient numbers of forms for filing with the appropriate Applicable Jurisdiction, any instructions relating thereto, and such other information
relating to the Company as is required in connection with such written request (which forms and instructions shall be accompanied by translations into English if not in English). 

Notwithstanding any other provision in this Section 22, if any Note is transferred or assigned or a new holder is substituted (such that
a new owner and/or holder is established hereunder) other than in accordance with Section 13.3, then the holder of such Note shall not be entitled to receive any Tax Indemnity Amounts under this Section 22 with respect to Covered Taxes
relating to interest scheduled to be paid on the Interest Payment Date immediately following such Transfer to the extent that such Covered Taxes would not have been imposed in the absence of such Transfer. 

Without prejudice to the survival of any other agreement of the Company hereunder, the agreements contained in this Section 22 shall
survive the payment in full of the Notes and all of the Company’s other obligations and the termination of all of its other commitments hereunder. 

  
 49 

	23.	MISCELLANEOUS. 

  

	 	23.1.	Successors and Assigns. 

 All covenants and other agreements contained in this Agreement
by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not. 

 

	 	23.2.	Payments Due on Non-Business Days. 

 Anything in this Agreement or the Notes to the
contrary notwithstanding, any payment of principal of or Make-Whole Amount or interest on any Note that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the
computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding
Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. 
  

	 	23.3.	Severability. 

 Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to
the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 
  

	 	23.4.	Construction. 

 Each covenant contained herein shall be construed (absent express
provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any
provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

 

	 	23.5.	Counterparts. 

 This Agreement may be executed in any number of counterparts, each of
which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

 

	 	23.6.	Governing Law. 

 THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK EXCLUDING 

  
 50 

 
CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 

 

	 	23.7.	Submission to Jurisdiction, Service of Process. 

 THE COMPANY HEREBY IRREVOCABLY AND
UNCONDITIONALLY AGREES THAT ANY SUIT, ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY NOTE, OR ANY ACTION OR PROCEEDING TO EXECUTE OR OTHERWISE ENFORCE ANY JUDGMENT IN RESPECT OF ANY BREACH THEREOF, BROUGHT BY ANY HOLDER OF A NOTE AGAINST
THE COMPANY OR ANY OF ITS PROPERTY, MAY BE BROUGHT BY SUCH HOLDER OF A NOTE IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK OR ANY NEW YORK STATE COURT SITTING IN THE COUNTY OF NEW YORK AS SUCH HOLDER OF A NOTE MAY IN ITS
SOLE DISCRETION ELECT, AND, BY THE EXECUTION AND DELIVERY OF THIS AGREEMENT, FOR THE LIMITED PURPOSES SET FORTH ABOVE, THE COMPANY IRREVOCABLY SUBMITS TO THE JURISDICTION OF EACH SUCH COURT, AND AGREES THAT PROCESS SERVED EITHER PERSONALLY OR BY
REGISTERED MAIL SHALL, TO THE EXTENT PERMITTED BY LAW, CONSTITUTE ADEQUATE SERVICE OF PROCESS IN ANY SUCH SUIT. WITHOUT LIMITING THE FOREGOING, THE COMPANY HEREBY APPOINTS, IN THE CASE OF ANY SUCH ACTION OR PROCEEDING BROUGHT IN UNITED STATES
DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK OR ANY NEW YORK STATE COURT SITTING IN THE COUNTY OF NEW YORK, CT CORPORATION SYSTEM, WITH OFFICES ON THE DATE HEREOF AT 111 EIGHTH AVENUE, NEW YORK, NEW YORK 10011, SUBJECT TO THE. LIMITATIONS
SET FORTH IN THIS SECTION 23.7, AS ITS AGENT TO RECEIVE, FOR IT AND ON ITS BEHALF, SERVICE OF PROCESS IN THE STATE OF NEW YORK WITH RESPECT THERETO, PROVIDED THE COMPANY MAY APPOINT ANY OTHER PERSON, REASONABLY ACCEPTABLE TO THE MAJORITY HOLDERS,
WITH OFFICES IN THE STATE OF NEW YORK TO REPLACE SUCH AGENT FOR SERVICE OF PROCESS UPON DELIVERY TO EACH HOLDER OF AN AGREEMENT REASONABLY ACCEPTABLE TO THE MAJORITY HOLDERS OF SUCH NEW AGENT AGREEING SO TO ACT. IN ADDITION, THE COMPANY HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY NOTE BROUGHT IN SAID COURTS,
AND HEREBY IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. PURSUANT TO SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, AND WITHOUT IN
ANY WAY LIMITING THE PRECEDING CONSENTS TO JURISDICTION AND VENUE, THE PARTIES HERETO INTEND (AMONG OTHER THINGS) TO AVAIL THEMSELVES OF THE BENEFIT OF SECTION 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK AND RULE 327(B) OF THE
CIVIL PRACTICE LAW AND RULES OF 

  
 51 

 
THE STATE OF NEW YORK. NOTHING HEREIN SHALL IN ANY WAY BE DEEMED TO LIMIT THE ABILITY OF ANY HOLDER OF A NOTE TO SERVE ANY WRITS, PROCESS OR SUMMONSES, IN ANY MANNER PERMITTED BY APPLICABLE LAW
OR TO OBTAIN JURISDICTION OVER THE COMPANY, IN SUCH OTHER JURISDICTION, AND IN SUCH MANNER, AS MAY BE PERMITTED BY APPLICABLE LAW. 
  

	 	23.8.	Waiver of Jury Trial. 

 EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY ACTION
BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH. 
  

	 	23.9.	Language. 

 Each instrument, certificate, statement, legal opinion, undertaking,
financial statement, report or other document referred to herein or to be delivered hereunder shall be in the English language, or, if not in the English language, accompanied by an English translation certified by a Responsible Officer of the
Company as correct in a manner reasonably satisfactory to the Majority Holders. 
 This Agreement and the Notes have been prepared and
signed in English and the Company agrees that the English version of this Agreement and the Notes shall be the only version valid for the purpose of the interpretation and construction hereof or thereof notwithstanding the preparation of any
translation into another language of this Agreement or the Notes, whether official or otherwise or whether prepared in relation to any proceedings which may be brought in Belgium, or elsewhere in respect of this Agreement or the Notes. 

 

	 	23.10.	Dates and Times. 

 All dates and times referred to in this Agreement, the Notes and all
other documents related hereto shall, unless the context requires otherwise, be references to dates and times as they have occurred, or will occur, in New York, New York. 
  

	 	23.11.	Accounting Matters. 

 All accounting terms used herein which are not expressly defined in
this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, all computations made pursuant to this Agreement shall be made in accordance with GAAP, and all financial
statements shall be prepared in accordance with GAAP. Notwithstanding anything to the contrary herein, for purposes of determining compliance with the covenants in this Agreement, any election by the Company or any Subsidiary to measure any portion
of a non-derivative financial liability at fair value (as permitted by IAS 39 or any similar accounting standard), other than to reflect any hedging of such non-derivative financial liability (including both interest rate and foreign currency
hedges), shall be disregarded and such determination shall be made as if such election had not been made. 
 * * * * * 

  
 52 

 Each Purchaser that it in agreement with the foregoing shall sign the form of agreement on the
accompanying counterpart of this Agreement and return it to the Company, whereupon the foregoing shall become a binding agreement between such Purchaser and the Company. 

 

			
	Very truly yours,
	
	OMEGA PHARMA N.V.
		
	By:		 /s/ Barbara De Saedeleer

			Name: Barbara De Saedeleer
			Title: Special attorney-in-fact

  
 [Signature page to
Note Purchase Agreement – Omega Pharma N.V.] 

 The foregoing is hereby 

agreed to as of the 
 date thereof. 

 

					
	THE PRUDENTIAL INSURANCE COMPANY
	OF AMERICA
		
	By:		 /s/ Josh Shipley

			Name:		Josh Shipley
			Title:		Vice President

  
 [Signature page to
Note Purchase Agreement – Omega Pharma N.V.] 

 SCHEDULE A 

INFORMATION RELATING TO PURCHASERS 
  

					
	 Purchaser Name
	  	 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

	Name in Which Note is Registered	  	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	Note Registration Number; Series: Principal Amount	  	R-1; €135,043,889
		
	Payment on Account of Note	  	
		
	Method	  	Swift Funds Transfer
		
	Account Information	  	 JP Morgan AG, Frankfurt
 Account
Name: JP Morgan Chase Bank N.A., London CHASGB2L
 Account Number: 6231400604

Swift Code: CHASDEFX
 IBAN Number: GB24CHAS60924225491221

FFC Beneficiary Account Name: PGF-INC-EUR
 FFC Beneficiary Account
Number: 25491221
 Ref: See “Accompanying Information” below

			
	Accompanying Information	  	Name of Issuer:	  	OMEGA PHARMA NV
			
		  	Description of Security:	  	5.1045% Guaranteed Senior Notes due July 28, 2023
			
		  	PPN:	  	
			
		  	Security No.:	  	INV10566
		
		  	Due date and application (as among principal, interest and Make-Whole Amount) of the payment being made.
		
	Address/Fax for Notices Related to Payments	  	 The Prudential Insurance Company of America

c/o Investment Operations Group
 Gateway Center Two. 10th Floor
 100 Mulberry Street

Newark, NJ 07102-4077
 Attn: Manager, Billings and
Collections

		
		  	 Recipient of telephonic prepayment Notices:

Manager, Trade Management Group

Telephone:        (973) 367-3141

Facsimile:         (888) 889-3832

  
 Schedule A-1 

							
	 Purchaser Name
	  	 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

	Address for All Other Notices	  	 The Prudential Insurance Company of America

c/o Prudential Capital Group
 Two Prudential Plaza, Suite 5600

180 N. Stetson Avenue
 Chicago, IL 60601

Attn: Managing Director, PR1COA

		
	Instructions re: Delivery of Notes	  	 Prudential Capital Group
 Two
Prudential Plaza, Suite 5600
 180 N. Stetson Avenue
 Chicago,
IL 60601
 Attn: Armando M. Gamboa, Esq.

(312-540-4203)

		
	Signature Block	  	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
				
		  	By:	  	  
	  	
		  		  	Name:	  	
		  		  	Title:   Vice President	  	
		
	Tax Identification Number	  	22-1211670

  
 Schedule A-2 

 SCHEDULE B 

DEFINED TERMS 
 As used
herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“Acceptable Bank” means a commercial bank or trust company which has a rating of A or higher by Standard &
Poor’s Finance Services or A-2 or higher by Moody’s Investors Service, Inc. for its long term senior unsecured debt obligations. 

“Additional Covenants” is defined in Section 9.10(a). 

“Additional Subsidiary Guarantor” means each Subsidiary of the Company which after the Closing either guarantees the
obligations of the Company under any Principal Credit Facility or is an obligor under any such Principal Credit Facility. 

“Affiliate” means, at any time, and with respect to any Person, (a) any other Person that at such time directly
or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and (b) any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of voting or
equity interests of the Company or any Subsidiary or any corporation of which the Company and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting or equity interests. As used in
this definition, “Control” for purposes of this definition means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of
voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Company. 

“Applicable Jurisdiction” is defined in Section 22. 

“Appropriate Number” means with respect to any holder as of the date on which a Tax Status Certificate is delivered by
such holder pursuant to Section 6.3(a) or (b), the number of Interest Payment Dates (without double counting) that will occur after such date with respect to the Notes held by such holder, assuming that such Notes are not prepaid prior to their
scheduled maturity dates. 
 “Approved Jurisdiction” means the United States and any Member State of the
European Union as at January 1, 2004 (except Greece). 
 “Approved Subsidiary Guarantor” means any
Subsidiary Guarantor incorporated in England or Scotland and any other Subsidiary Guarantor for which both of the following conditions have been satisfied: (i) the liability of such Subsidiary Guarantor under the Subsidiary Guarantee is not
subject to any statutory limits on liability that are not equally applicable to all other indebtedness for borrowed money of such Subsidiary Guarantor and (ii) the holders have received a legal opinion, in form and substance satisfactory to
Majority Holders, opining that in the event of an insolvency or bankruptcy proceeding involving such Subsidiary Guarantor under the laws of the jurisdiction of its incorporation, the obligations of the Subsidiary Guarantor under the Subsidiary
Guarantee Agreement would rank at least pari passu with the other unsecured and unsubordinated indebtedness for borrowed money of such Subsidiary Guarantor. 

  
 Schedule B-1 

 “Assumption and Amendment Agreement” is defined in Section 21.2(b).

 “Bank Facility” means the €600 million Facility Agreement dated 1 December 2006, among the
Company, the Original Guarantors, ING Bank NV, as agent, and the lenders party thereto, as amended, restated or otherwise modified from time to time, and any bank facility or facilities entered into, from time to time, to refinance any such
facilities. 
 “Blocked Person” means (a) a Person whose name appears on the list of Specially
Designated Nationals and Blocked Persons published by the Office of Foreign Assets Control, U.S. Department of Treasury (“OFAC”) or (b) a department, agency or instrumentality of, or a Person otherwise controlled
by or acting on behalf of, directly or indirectly, (i) any Person described in clause (a) of this definition or (ii) the government of a country subject to comprehensive U.S. economic sanctions administered by OFAC (currently Iran,
Sudan, Cuba, Burma, Syria and North Korea). 
 “Business Day” means (a) for the purposes of
Section 8.7 only, any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required or authorized to be closed, or a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer
Payment System (or any successor thereto) is not open for the settlement of payments in Euros, and (b) for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in New
York City or Brussels, Belgium are required or authorized to be closed, or a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer Payment System (or any successor thereto) is not open for the settlement of payments
in Euros. 
 “Capital Lease” means, at any time, a lease with respect to which the lessee is required
concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. 

“Cash and Cash Equivalents” means at any time: 

(a) cash in hand or on deposit with a bank with a maturity of one year or less; 

(b) certificates of deposit maturing within one year after the relevant date of calculation and issued by an Acceptable Bank; 

(c) any investment in marketable debt obligations issued or guaranteed by the government of the United States of America, Switzerland or a
member state of the European Union (excluding Greece and any country that became a member state thereof after January 2004) or by an instrumentality or agency of any of them having a credit rating equivalent to the rating of the member state of
which it is an instrumentality or agency, maturing within one year after the relevant date of calculation and not convertible or exchangeable to any other security; 

(d) commercial paper not convertible or exchangeable to any other security: 

(i) for which a recognised trading market exists; 

  
 Schedule B-2 

 (ii) issued by an issuer incorporated in the United States of America,
Switzerland or a member state of the European Union (excluding Greece and any country that became a member state thereof after January 2004); 

(iii) which matures within one year after the relevant date of calculation; and 

(iv) which, at the time of acquisition, has a credit rating of either A-1 or higher by Standard & Poor’s Finance
Services or P-1 or higher by Moody’s Investors Service, Inc, or, if no rating is available in respect of the commercial paper, the issuer of which has, in respect of its long-term unsecured and non-credit enhanced debt obligations, an
equivalent rating; 
 (e) sterling bills of exchange eligible for rediscount at the Bank of England and accepted by an Acceptable Bank (or
their dematerialised equivalent); or 
 (f) shares of the Company which have been repurchased by a member of the Group and held by a member
of the Group, provided that (i) such shares shall be valued at the lower of acquisition cost and market value and (ii) the aggregate value of such shares allowed to be included pursuant to this clause (f) shall not exceed the lower of
(x) €15,000,000 (or its equivalent in other currencies) and (y) the maximum value of such shares that is expressly allowed to be used under the Bank Facility to determine net indebtedness for purposes of the financial covenants in the
Bank Facility; 
 in each case, to which any member of the Group is beneficially entitled at that time, which is unencumbered and which is capable of being
applied against liabilities under this Agreement (including without limitation, due to the absence or non-applicability of any legal or monetary restrictions on the movement thereof). 

“Change of Control” is defined in Section 8.9(c). 

“Change of Control Notice” is defined in Section 8.9(a). 

“Change of Control Prepayment Date” is defined in Section 8.9(a). 

“Closing” is defined in Section 3. 

“Code” means the United States Internal Revenue Code of 1986, as amended from time to time, and the rules and
regulations promulgated thereunder from time to time. 
 “Commitment Letter Obligations” is defined in
Section 16. 
 “Company” means Omega Pharma N.V., a company incorporated with limited liability in
Belgium. 
 “Confidential Information” is defined in Section 20. 

  
 Schedule B-3 

 “Default” means an event or condition the occurrence or existence of
which would, with the lapse of time or the giving of notice or both, become an Event of Default. 
 “Consolidated
EBITDA” for the Company and its Subsidiaries shall mean, for any period, the sum without duplication of (i) Consolidated Net Income, (ii) to the extent deducted in determining Consolidated Net Income, Consolidated Net Interest
Expense, (iii) to the extent deducted in determining Consolidated Net Income, income taxes, (iv) to the extent deducted in determining Consolidated Net Income, depreciation and amortization (including consolidation differences and
goodwill), and (v) to the extent deducted in determining Consolidated Net Income, other non-cash charges, all determined on a consolidated basis in accordance with GAAP, in each case before taking into account any items treated as exceptional
or extraordinary items; provided that if, during any period for which Consolidated EBITDA is being determined, the Company or a Subsidiary has completed an acquisition or divestiture then Consolidated EBITDA shall include the pro forma effect of
such acquisition or divestiture as if such transaction had occurred at the beginning of the relevant period. 

“Consolidated Net Debt” means the total of all Indebtedness, minus all Cash and Cash Equivalents, of the Company and
its Subsidiaries determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Net Income”
means for any period the consolidated net income (or loss) of the Company and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP. 

“Consolidated Net Interest Expense” means, for any period, the aggregate amount of the accrued interest, commission,
fees, discounts, prepayment penalties or premiums and other finance payments in respect of Indebtedness whether paid, payable or capitalised by the Company or any of its Subsidiaries in respect of that period: 

(a) excluding any such obligations owed to the Company or any Subsidiary; 

(b) including the interest element of leasing and hire purchase payments; 

(c) including any accrued commission, fees, discounts and other finance payments payable by the Company or any Subsidiary under any interest
rate hedging arrangement; 
 (d) deducting any accrued interest, commission, fees, discounts, prepayment penalties, premiums or other
finance payments received or receivable by the Company or any Subsidiary from any bank or financial institution. 

“Consolidated Net Worth” means, at any time, the amount which would be shown as stockholders’ equity on a
consolidated balance sheet of the Company and its Subsidiaries as at such time, prepared in accordance with GAAP and adjusted as necessary to exclude any amounts reflected as minority interests. 

“Consolidated Total Assets” means the total assets of the Company and its Subsidiaries determined on a consolidated
basis in accordance with GAAP. 

  
 Schedule B-4 

 “Covered Taxes” is defined in Section 22. 

“Default Rate” means that rate of interest for the Notes that is the greater of (a) 2.00% per annum above
the rate of interest for the Notes stated in clause (a) of the first paragraph of such Notes or (b) 2.00% over the rate of interest publicly announced by Citibank N.A. in New York, New York as its “base” or “prime”
rate. 
 “Effective Date” is defined in Section 3. 

“Environmental Laws” means any and all United States Federal, state, local, and any and all non-United States
(including, without limitation, Belgium) statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection
of the environment or the release of any materials into the environment, including, but not limited, to those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 

“ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended from time to time, and the
rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA Affiliate” means any
trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414 of the Code. 

“EUR” and “Euro” and “€” mean the lawful currency of the European
Monetary Union. 
 “Event of Default” is defined in Section 11. 

“Facility Covenant Loosening” is defined in Section 9.10(b). 

“Financial Covenant” means any covenant (whether set forth as a covenant, undertaking, event of default, restriction
or other such provision) that requires any one or more of the Company and its Subsidiaries to achieve or maintain a stated level of financial condition or performance and includes, without limitation: 

(a) any requirement that any such Person maintain a specified level of net worth, shareholders’ equity, total assets, cash flow or net
income; 
 (b) any requirement that any such Person maintain any relationship of any component of its capital structure to any other
component thereof (including without limitation, the relationship of indebtedness, senior indebtedness or subordinated indebtedness to total capitalization or to net worth); or 

(c) any requirement that any such Person maintain any measure of its ability to service its indebtedness (including, without limitation,
exceeding any specified ratio of revenues, cash flow or net income to indebtedness, interest expense, rental expense, capital expenditures and/or scheduled payments of indebtedness). 

  
 Schedule B-5 

 For the avoidance of doubt, any covenant similar to the covenants set forth in Section 10.4
and 10.5 shall be deemed to be a Financial Covenant. 
 “Foreign Pension Plan” means any plan, fund (including
without limitation, any superannuation fund) or other similar program established or maintained outside the United States of America by the Company or any one or more of its Subsidiaries primarily for the benefit of employees of the Company or such
Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of
employment, and which plan is not subject to ERISA or the Code. 
 “GAAP” means (a) with respect to the
Company, the Group and any Subsidiary located and incorporated in Belgium, accounting principles and practices generally accepted in Belgium and applicable to them from time to time (and for accounting matters not covered and following adoption
thereof by the Company, International Accounting Standards shall apply) and (b) with respect to any other company, generally accepted accounting principles, standards and practices applicable to such company in its jurisdiction of
incorporation. 
 “Governmental Authority” means 

(a) the government of 

(i) Belgium or other political subdivision thereof, or 

(ii) the United States of America or any State or other political subdivision thereof, or 

(iii) any jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts
jurisdiction over any properties of the Company or any Subsidiary, or 
 (b) any entity exercising executive, legislative, judicial,
regulatory or administrative functions of, or pertaining to, any such government. 
 “Group” means the Company and
its Subsidiaries, from time to time. 
 “guaranty” means, with respect to any Person, any obligation (except
the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in any manner, whether
directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person: 

(a) to purchase such indebtedness or obligation or any property constituting security therefor; 

(b) to advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or (ii) to maintain any working
capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such indebtedness or obligation; 

  
 Schedule B-6 

 (c) to lease properties or to purchase properties or services primarily for the purpose of
assuring the owner of such indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or 

(d) otherwise to assure the owner of such indebtedness or obligation against loss in respect thereof. 

In any computation of the indebtedness or other liabilities of the obligor under any guaranty, the indebtedness or other obligations that are the subject of
such guaranty shall be assumed to be direct obligations of such obligor. 
 “Half Year-End Date” means, for so long
as the Company’s financial year ends on December 31, June 30 of any year, and in the event that the Company changes its financial year, the day which is six months from the last day of the Company’s financial year and

 “Half-Year Period” means the six-month period during each financial year ending on a Half Year-End Date or a
Year-End Date. 
 “Hazardous Material” means any and all pollutants, toxic or hazardous wastes or any other
substances that might pose a hazard to health or safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release,
discharge, spillage, seepage, or filtration of which is or shall be restricted, prohibited or penalized by any applicable Environmental Law (including, without limitation, asbestos, urea formaldehyde foam insulation and polychlorinated
biphenyls). 
 “holder” means, with respect to any Note, the Person in whose name such Note is registered in
the register maintained by the Company pursuant to Section 13.1. 
 “Improved Covenants” is defined in
Section 9.10(a). 
 “Incorporated Covenants” is defined in Section 9.10(a). 

“Indebtedness” with respect to any Person means, at any time, without duplication, 

(a) its liabilities for borrowed money and its redemption obligations in respect of mandatorily redeemable Preference Shares; 

(b) its liabilities for the deferred purchase price of property acquired by such Person where such deferral is for a period in excess of 90
days (excluding accounts payable arising in the ordinary course of business but including all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property); 

(c) all liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Leases; 

  
 Schedule B-7 

 (d) all liabilities for borrowed money secured by any Lien with respect to any property owned by
such Person (whether or not it has assumed or otherwise become liable for such liabilities); 
 (e) all obligations for reimbursement in
respect of letters of credit or instruments serving a similar function issued or accepted for its account by banks and other financial institutions (other than obligations with respect to letters of credit securing obligations (other than
obligations set out in (a) - (c) above) entered into in the ordinary course of business to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the 30th day following
payment of the letter of credit); and 
 (f) any guaranty of such Person with respect to liabilities of a type described in any of clauses
(a) through (e) hereof. 
 Indebtedness of any Person shall include all obligations of such Person of the character described in clauses
(a) through (f) to the extent such Person remains legally liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished under GAAP. 

“INHAM Exemption” is defined in Section 6.2(e). 

“Institutional Investor” means (i) any original purchaser of Notes, (ii) any holder of more than 10% of the aggregate
principal amount of the Notes then outstanding, and (iii) any bank, trust company, other financial institution, pension plan, investment company, insurance company, or similar financial institution or entity, regardless of legal form. 

“Interest Payment Date” with respect to any Note, means the 28th day of January and July in each year until the final scheduled
maturity date for such Note, commencing with January 28, 2012. 
 “Lien” means, with respect to any Person, any mortgage,
lien, pledge, charge, security interest, or other encumbrance, or any interest or title of any vendor, lessor, lender or secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease with respect
to any property or asset of such Person (including in the case of stock, any purchase option, call or similar right of a third party with respect to such securities). 

“Majority Holders” means, at any time, the holders of greater than 50% in aggregate principal amount of the Notes at the time
outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). 
 “Make-Whole Amount” is defined in
Section 8.7. 
 “Material” means material in relation to the business, operations, affairs, financial condition, assets or
properties of the Company and its Subsidiaries taken as a whole. 
 “Material Adverse Effect” means a material adverse effect on
(a) the business or financial condition of the Company and its Subsidiaries taken as a whole, or (b) the ability of the Company to perform its obligations under this Agreement and the Notes or (c) the validity or enforceability of
this Agreement, the Notes or any Subsidiary Guarantee. 

  
 Schedule B-8 

 “Pro Rata Share” means an amount equal to the total amount of proceeds
being applied to the prepayment of Indebtedness under clause (ii) of Section 10.3(d) multiplied by a fraction, 

“Material Subsidiary” means any Subsidiary which accounts for more than (i) 5% of the consolidated assets of the
Company and its Subsidiaries or (ii) 5% of consolidated revenue of the Company and its Subsidiaries. 

“Memorandum” is defined in Section 5.3. 

“Midnight” means as of any date, 12:00 midnight, or 00:00 Universal Time, in New York, New York. 

“NAIC Annual Statement” is defined in Section 6.2(a). 

“Net Proceeds Amount” means, with respect to any sale, lease or disposition of property by any Person, an amount equal
to the result of (a) the aggregate amount of the consideration (valued at the fair market value of such consideration at the time of the consummation of such sale, lease or disposition) received by such Person in respect of such sale, lease or
disposition, minus (b) all out-of-pocket costs and expenses incurred by such Person in connection with, and out-of-pocket taxes in respect of, such sale, lease or disposition. 

“New Covenants” is defined in Section 9.10(a). “Notes” is defined in Section 1(a). 

“Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Company
whose responsibilities extend to the subject matter of such certificate. 
 “Optional Subsidiary Guarantor”
is defined in Section 9.7(c). “Original Subsidiary Guarantor” is defined in Section 1(b). “Parent Guarantee” is defined in Section 21.2(b). 

“PBGC” means the United States Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor
thereto. 
 “Person” means an individual, partnership, corporation, limited liability company, association,
trust, unincorporated organization, or a government or agency or political subdivision thereof. 
 “Preference
Shares” means any class of share capital of a corporation that is preferred over any other class of share capital of such corporation as to the payment of dividends or the payment of any amount upon liquidation or dissolution of such
corporation. 
 “Principal Credit Facility” means each of the Bank Facility, the 2004 Note Facility, and any
other credit, bond or note facility with an amount borrowed, or availability thereunder for borrowing, of €75,000,000 (or its equivalent in other currencies) or more. 

“Pro Rata Share” means an amount equal to the total amount of proceeds being applied to the prepayment of Indebtedness
under clause (ii) of Section 10.3(d) multiplied by a fraction, the numerator of which is the aggregate outstanding principal amount of the Notes then outstanding and the denominator of which is the aggregate outstanding principal amount of
Indebtedness of the Group (including, without duplication, the Notes) that is being prepaid. 

  
 Schedule B-9 

 “property” or “properties” means, unless otherwise
specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate. 

“PTE” is defined in Section 6.2(a). 

“QPAM Exemption” is defined in Section 6.2(d). “Response Date” is defined in Section 8.9(a).

 “Responsible Officer” means any Senior Financial Officer and any other officer of the Company with
responsibility for the administration of the relevant portion of this Agreement. 
 “Rolling Twelve Months”
means, as of any date, a period of two consecutive Half-Year Periods then most recently ended treated as a single accounting period. 

“Sale of Assets Notice” is defined in Section 8.8. 

“Sale of Assets Prepayment Date” is defined in Section 8.8. 

“Securities Act” means the United States Securities Act of 1933, as amended from time to time. 

“Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of
the Company. 
 “Shareholder Failure” is defined in Section 8.10(a). 

“Shareholder Failure Notice” is defined in Section 8.10(a). 

“Shareholder Failure Prepayment Date” is defined in Section 8.10(a). “Shareholder Failure Response
Date” is defined in Section 8.10(a). “Source” is defined in Section 6.2. 
 “Subsidiary”
means, as to any Person, any corporation, association or other business entity in which such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them
(as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such entity, and any partnership or joint venture if more than a 50% interest in the profits or capital
thereof is owned by such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries (unless such partnership can and does ordinarily take major business actions without the prior approval of such Person or one or
more of its Subsidiaries). Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company. 

“Subsidiary Guarantees” means the guarantees issued pursuant to the Subsidiary Guarantee Agreements. 

  
 Schedule B-10 

 “Subsidiary Guarantee Agreements” is defined in Section 1(b). 

“Subsidiary Guarantor” is defined in Section 1(b). 

“Substitute Issuer” is defined in Section 21.2. 

“Substitute Issuer Date” is defined in Section 21.2(b). 

“Tax Indemnity Amount” is defined in Section 22. 

“Tax Refund” is defined in Section 22. 

“Tax Status Certificate” is defined in Section 6.3. 

“Transfer” means the transfer, assignment or beneficial conveyance of any Note by the registered holder thereof.

 “Treaty” is defined in Section 22. 

“2004 Facility Trigger Date” means the date that is the earlier of (A) the date on which the 2004 Notes are paid
in full and (B) the date that section 10.6(a) and section 10.6(i) of the 2004 Note Purchase Agreement are amended to conform in form and substance to the terms of Section 10.6(a)(ii) and 10.6(i)(B) of this Agreement. 

“2004 Note Facility” means the senior note facility under 2004 Note Purchase Agreement 

“2004 Note Purchase Agreement” means the Note Purchase Agreement, dated as of July 27, 2004, by and among the
Company and the holders from time to time of the 2004 Notes, as amended, restated or otherwise modified from time to time, and any senior note facility or facilities entered into, from time to time, to refinance such facility. 

“2004 Notes” means the senior notes issued under the 2004 Note Facility. “U.S. Treaty” is defined in
Section 22. 
 “USA Patriot Act” means United States Public Law 107-56, Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 

“Wholly-Owned Subsidiary” means, at any time, any Subsidiary 100% of all of the equity interests (except directors
qualifying shares) and voting interests of which are owned by any one or more of the Company and the Company’s other Wholly-Owned Subsidiaries at such time. 

“Year-End Date” means, for so long as the Company’s financial year ends on
December 31, December 31 of any year, and in the event that the Company changes its financial year, the last day of the Company’s financial year. 

  
 Schedule B-11 

 SCHEDULE 5.4 

Subsidiaries of the Company and Ownership of Subsidiary Shares 
  

					
	 ACO Hud AB
		 	100	% 
	 Box 622 - 194 26 Upplands Vasby (Sweden)
				
	 ACO Hud Nordic AB
		 	100	% 
	 Box 622 - 194 26 Upplands Vasby (Sweden)
				
	 ACO Hud Norge AS
		 	100	% 
	 Okern Bus 95 - NO-0509 Oslo (Norway)
				
	 ACO Pharma OY
		 	100	% 
	 Gardsbrinken lA - FI02240 Esbo (Finland)
				
	 AdriaMedic SA
		 	100	% 
	 Zare Ouest - 4384 Ehlerange (Luxembourg)
				
	 Adriatic BST d.o.o.
		 	100	% 
	 Verovgkova ulica 55 - 1000 Ljubljana (Slovenia)
				
	 Adriatic Distribution d.o.o.
		 	100	% 
	 Ljubostinjska 2/C5 - 1100 Belgrado (Serbia)
				
	 Aktif Kisisel Bakim ye Saklik Oranleri Dagitim Ticaret Ltd. Sirketi
		 	100	% 
	 Serif Ali Mah. Emin Sok 15. Y. Dudullu Umraniye - 34000 Istanbul (Turkey)
				
	 Auragen Pty Ltd
		 	100	% 
	 Units # 48, 49, 50 and 51, N°7, Narabang Way, Belrose NSW 2085 (Australia)
				
	 Aurios Pty Ltd
		 	100	% 
	 Units # 48, 49, 50 and 51, N°7, Narabang Way, Belrose NSW 2085 (Australia)
				
	 Aurora Pharmaceuticals Ltd
		 	100	% 
	 Units # 48, 49, 50 and 51, N°7, Narabang Way, Belrose NSW 2085 (Australia)
				
	 Belgian Cycling Company NV
		 	100	% 
	 Venecoweg 26 - 9810 Nazareth (Belgium)
				
	 Bional France SARL
		 	100	% 
	 Avenue de Lossburg 470 - 69480 Anse (France)
				
	 Bional international BV
		 	100	% 
	 Tolhusleane 11-15 - 8401 GA Gorredijk (the Netherlands)
				
	 Bional Nederland BV
		 	100	% 
	 Tolhusleane 11-15 - 8401 GA Gorredijk (the Netherlands)
				
	 Biover NV
		 	100	% 
	 Monnikenwerve 109 - 8000 Brugge (Belgium)
				
	 Bittner Pharma LLC
		 	100	% 
	 Novinskiy Boulevard 31 - 12342 Moskou (Russia)
				
	 Carecom International SA
		 	100	% 
	 Akara Building - 24 De Castro Street Wickhams Cay I
				
	 Road Town Tortola (British Virgin Islands)
				
	 Chefaro Ireland Ltd
		 	100	% 
	 Farnham Drive - Finglas Road - Dublin 11 (Ireland)
				
	 Chefaro Nederland BV
		 	100	% 
	 Keileweg 8 - 3029 BS Rotterdam (the Netherlands)
				
	 Chefaro Pharma Italia SRL
		 	100	% 
	 Kennedy Avenue - 1st floor - Office 108 12-14 - 1087 Lefkosia (Nicosia) (Cyprus)
				
	 Viale Castello della Magliana 18 — 00148 Roma (Italy)
				

  
 Schedule 5.4-1 

					
	 Chefaro Portuguesa Lda
		 	100	% 
	 Edificio Neopark - Av. Tomas Ribeiro 43 - PT-2795-574 Carnaxide (Portugal)
				
	 Chefaro UK Ltd
		 	100	% 
	 Hamilton House 4th floor - Mabledon Place,

Bloomsburg WC1H 9 BB London (United Kingdom)
				
	 Cinetic Laboratories Argentina SA
		 	100	% 
	 Av. Triunvirato 2736 - City of Buenos Aires (Argentinia)
				
	 Cosmea ACO AS
		 	100	% 
	 Slotsmarken 18 - DK-2980 Elorsholm (Denmark)
				
	 Cosmediet - Biotechnie SAS
		 	100	% 
	 Avenue de Lossburg 470 - 69480 Anse (France)
				
	 Damianus BV
		 	100	% 
	 Keileweg 8 - 3029 BS Rotterdam (the Netherlands)
				
	 Deutsche Chefaro GmbH
		 	100	% 
	 Im Wirrigen 25 - 45731 Waltrop (Germany)
				
	 EMA SARL
		 	100	% 
	 Rue Andre Gide 20, BP 80 - 92321 Chatillon (France)
				
	 Herbs Trading GmbH
		 	100	% 
	 Hauptplatz 9 - 9300 St. Veit an der Glan (Austria)
				
	 Hidra IC VE Dis Ticaret Ltd. STI
		 	100	% 
	 Serif Ali Mah. Emin Sok 15, Y. Dudullu Umraniye - 34000 Istanbul (Turkey)
				
	 Hipocrate 2000 SRL SC
		 	100	% 
	 6A Prahova Street, sector I - Bucharest (Romania)
				
	 Hud SA
		 	100	% 
	 Zare Ouest - 4384 Ehlerange (Luxembourg)
				
	 Interdelta SA
		 	81,2	% 
	 Route Andre Piller 21 - 1762 Givisiez (Switzerland)
				
	 Jalco RDP NV
		 	100	% 
	 Nijverheidslaan 1545 - 3660 Opglabbeek (Belgium)
				
	 JLR Pharma SA
		 	100	% 
	 Au Village 107 - 1745 Lentigny (Switzerland)
				
	 JR0 Pharma NV
		 	100	% 
	 Monnikenwerve 109 - 8000 Brugge (Belgium)
				
	 La Beaute International SARL
		 	100	% 
	 Rue Andre Gide 20, BP 80 - 92320 Chatillon (France)
				
	 Laboratoire de la Mer SAS
		 	100	% 
	 ZAC de la Madeleine - Avenue du General Patton - 35400 Saint Malo (France)
				
	 Laboratoires Omega Pharma France SAS
		 	100	% 
	 Rue Andre Gide 20, BP 80 - 92320 Chatillon (France)
				
	 Medgenix Benelux NV
		 	100	% 
	 Vliegveld 21 - 8560 Wevelgem (Belgium)
				
	 Modi Omega Pharma (India) Private Limited
		 	100	% 
	 1400 Modi Tower - 98 Nehru Place - New Delhi - 110019 (India)
				
	 Omega Alpharm Cyprus Ltd
		 	100	% 
	 Units # 48, 49, 50 and 51, N°7, Narabang Way, Belrose NSW 2085 (Australia)
				
	 Omega Altermed a.s.
		 	100	% 
	 Dralni 253/7 - 627 00 Brno (Czech Republic)
				

  
 Schedule 5.4-2 

					
	 Omega Altermed s.r.o. (Slovakia)
		 	100	% 
	 Tomasikova 26 - 821 01 Bratislava (Slovakia)
				
	 Omega Pharma GmbH
		 	100	% 
	 Reisnerstrasse 55-57 - 1030 Vienna (Austria)
				
	 Omega Pharma SAS
		 	100	% 
	 Rue Andre Gide 20, BP 80 - 92321 Chatillon (France)
				
	 Omega Pharma Australia Pty Ltd
		 	100	% 
	 Units # 48, 49, 50 and 51, N°7, Narabang Way, Belrose NSW 2085 (Australia)
				
	 Omega Pharma Baltics SIA
		 	100	% 
	 Karla Ulmana gatve 119 - Marupe - Marupes district - LV-2167 (Latvia)
				
	 Omega Pharma Belgium NV
		 	100	% 
	 Venecoweg 26 - 9810 Nazareth (Belgium)
				
	 Omega Pharma Capital NV
		 	100	% 
	 Venecoweg 26 - 9810 Nazareth (Belgium)
				
	 Omega Pharma Espana SA
		 	100	% 
	 Plaza Javier Cugat, 2 - Edificio D - Planta primera -

08174 Sant Cugat del Valles (Spain)
				
	 Omega Pharma Hellas SA
		 	100	% 
	 19 km of Athens — Lamia Nat. Road — 14671 Nea Erythraia (Greece)
				
	 Omega Pharma Holding Nederland BV
		 	100	% 
	 Keileweg 8 - 3029 BS Rotterdam (the Netherlands)
				
	 Omega Pharma Hungary Kft.
		 	100	% 
	 Ady Endre utca 19.111/312 - 1024 Budapest (Hungary)
				
	 Omega Pharma International NV
		 	100	% 
	 Venecoweg 26 - 9810 Nazareth (Belgium)
				
	 Omega Pharma Bakim TJriinleri Sanayi ve Ticaret Ltd. Sirketi
		 	100	% 
	 Serif Ali Mah. Emin Sok 15, Y. Dudullu Umraniye 34000 Istanbul (Turkey)
				
	 Omega Pharma Luxembourg SARL
		 	100	% 
	 Zare Ouest - 4384 Ehlerange (Luxembourg)
				
	 Omega Pharma New Zealand Ltd
		 	100	% 
	 183 Grenada Street - Arataki Tauranga 3116 (Nieuw-Zeeland)
				
	 Omega Pharma Poland Sp.z.o.o.
		 	100	% 
	 Dabrowskiego 247-249 — 93 232 Lodz (Poland)
				
	 Omega Pharma Singapore Pte Ltd
		 	100	% 
	 100 Jalan Sultan - # 09-06 Sultan Plaza - Singapore 199001 (Singapore)
				
	 Omega Pharma Ukraine LLC
		 	100	% 
	 9 Borispolskoya str., Kiev City 02099 (Ukraine)
				
	 Omega Teknika Ltd
		 	100	% 
	 Farnham Drive - Finglas Road - Dublin 11 (Ireland)
				
	 Paracelsia Pharma GmbH
		 	100	% 
	 Im Wirrigen 25 - 45731 Waltrop (Germany)
				
	 Pharmasales Pty Ltd
		 	100	% 
	 Prisfar Produtos Farmaceuticos SA
		 	100	% 
	 Rua Antero de Quental 629 - 4200-068 Porto (Portugal)
				
	 Promedent SA
		 	100	% 
	 Zare Ouest - 4384 Ehlerange (Luxembourg)
				

  
 Schedule 5.4-3 

					
	 Richard Bittner AG
		 	100	% 
	 Reisnerstrasse 55-57 - 1030 Wenen (Austria)
				
	 Rubicon Healthcare Holdings Pty Ltd
		 	100	% 
	 Units # 48, 49, 50 and 51, N°7, Narabang Way, Belrose NSW 2085 (Australia)
				
	 Samenwerkende Apothekers Nederland BV
		 	100	% 
	 Tinbergenlaan 1 - 3401 MT Usselstein (the Netherlands)
				
	 ViaNatura NV
		 	100	% 
	 Monnikenwerve 109 - 8000 Brugge (Belgium)
				
	 Wartner Europe BV
		 	100	% 
	 Keileweg 8 - 3029 BS Rotterdam (the Netherlands)
				

  
 Schedule 5.4-4 

 SCHEDULE 5.5 

Financial Statements 

Audited financial statements of the Company and its Subsidiaries for fiscal years 2008, 2009 and 2010. 

  
 Schedule 5.5 

 SCHEDULE 5.14 

Use of Proceeds 
 The
proceeds of the Notes will be used (a) to repay the 5.44% Series B Guaranteed Senior Notes due July 28, 2011 issued by the Company under the 2004 Note Facility and (b) for general corporate purposes. 

  
 Schedule 5.14 

 SCHEDULE 5.15 

Existing Indebtedness 
  

							
	 Omega Pharma NV
	   

		
	 Syndicated loan
		€	259,000,000	  
	 US Private Placement
		€	186,839,969	  
		
	 Omega Pharma Belgium NV
				
		
	 Capital lease agreement
		€	1,131,089	  
		
	 Laboratoires Omega Pharma France SAS
				
		
	 Capital lease agreements
		€	2,533,661	  
		
	 Omega Pharma SAS
				
			
	 Short term lines:
		Societe Generale		€	5,696,000	  
	 BNP Paribas
				€	10,783,000	  
	 TOTAL
				€	16,479,000	  
	 Long term lines:
		Societe Generale		€	14,000,000	  

  
 Schedule 5.15 

 SCHEDULE 10.7 

Existing Liens 
 None. 

  
 Schedule 10.17 

 EXHIBIT 1(a) 

[FORM OF NOTE] 
 Certain benefits may
be lost (as provided in the Note Purchase Agreement referred to in this Note) if a Transfer (as defined in the Note Purchase Agreement) occurs other than in accordance with Section 13.3 of the Note Purchase Agreement. 

OMEGA PHARMA N.V. 
 % GUARANTEED
SENIOR NOTE DUE JULY 28, 2023 
  

			
	No. R-[            ]		[Date]
		
	€[            ]		PPN: [            ]

 FOR VALUE RECEIVED, the undersigned, OMEGA PHARMA N.V. (herein called the “Company”), a company
incorporated in Belgium with limited liability, hereby promises to pay to [            ], or registered assigns, the principal sum of
[            ] Euros (or such lesser amount as may then be outstanding) on July 28, 2023, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on
the unpaid balance thereof at the rate of 5.1045% per annum from the date hereof, payable semiannually, on the 28th day of January and July in each year, commencing with the July 28 (other than July 28, 2011) or January 28 next
succeeding the date hereof, until the principal hereof shall have become due and payable, and on the maturity date hereof, and (b) to the extent permitted by law on any overdue payment (including any overdue prepayment) of principal, any
overdue payment of interest and any overdue payment of any Make-Whole Amount (as defined in the Note Purchase Agreement referred to below), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate
per annum from time to time equal to the greater of (i) 7.1045% or (ii) 2.00% over the rate of interest publicly announced by Citibank, N.A., New York from time to time in New York, New York as its “base” or “prime”
rate. 
 Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in the single currency of
the European Monetary Union at Citibank, N.A. at its principal offices in New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

 This Note is one of the 5.1045% Guaranteed Senior Notes due July 28, 2023 issued pursuant to that certain Note Purchase Agreement
dated as of May 19, 2011 (as from time to time amended, the “Note Purchase Agreement”), among the Company and the Purchasers named in Schedule A there and is entitled to the benefits thereof. Each holder of this Note will be deemed,
by its acceptance hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) to have made the representation set forth in Section 6.2 of the Note Purchase
Agreement. 
 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration
of Transfer (as defined in the Note Purchase Agreement), 

  
 Exhibit 1(a)-1 

 
duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like
principal amount will be issued to, and registered in the name of, the transferee, assignee or substitute holder. Except as provided in the Note Purchase Agreement, prior to due presentment for registration of Transfer, the Company may treat the
person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 

This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note
Purchase Agreement, but not otherwise. 
 If an Event of Default, as defined in the Note Purchase Agreement, occurs and is continuing, the
principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 

This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New
York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State. 
  

					
	OMEGA PHARMA N.V.
		
	By:		  

			Name:		
			Title:		

  
 Exhibit 1(a)-2 

 EXHIBIT 1(b) 

FORM OF SUBSIDIARY GUARANTY AGREEMENT 

[INSERT FOR AUSTRIAN GUARANTOR AGREEMENT: THE TAKING OF THIS DOCUMENT OR ANY CERTIFIED COPY OR ANY DOCUMENT CONSTITUTING SUBSTITUTE
DOCUMENTATION THEREOF, INCLUDING WRITTEN CONFIRMATIONS THEREOF OR REFERENCES THERETO, INTO AUSTRIA AS WELL AS PRINTING OUT ANY E-MAIL COMMUNICATION WHICH REFERS TO THIS DOCUMENT IN AUSTRIA OR SENDING ANY EMAIL
COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO THIS DOCUMENT TO OR FROM ANY AUSTRIAN ADDRESSEE MAY CAUSE THE IMPOSITION OF AUSTRIAN STAMP DUTY. ACCORDINGLY, KEEP THE ORIGINAL DOCUMENT AS WELL AS ALL CERTIFIED COPIES
THEREOF AND WRITTEN AND SIGNED REFERENCES THERETO OUTSIDE OF AUSTRIA AND AVOID PRINTING OUT ANY E-MAIL COMMUNICATION WHICH REFERS TO THIS DOCUMENT IN AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH
REFERS TO THIS DOCUMENT TO OR FROM AN AUSTRIAN ADDRESSEE.] 
  
  

SUBSIDIARY GUARANTY AGREEMENT 

Dated as of 
 By 

[NAME OF SUBSIDIARY GUARANTOR] 

Re: 
 €135,043,889 

5.1045% Guaranteed Senior Notes due July 28, 2023 

SUBSIDIARY GUARANTEE AGREEMENT 

Re: 
 5.1045% Guaranteed Senior
Notes due July 28, 2023 
 of 

OMEGA PHARMA N.V. 
 This
Subsidiary Guarantee Agreement (as may be amended, restated or otherwise modified from time to time, this “Subsidiary Guarantee Agreement”) is dated as of
                     by                     , a
                     organized under the laws of
                     (the “Subsidiary Guarantor”). 

  
 Exhibit 1(b)-1 

 RECITALS: 

A. The Subsidiary Guarantor is a direct or indirect Subsidiary of Omega Pharma N.V., a company incorporated with limited liability in Belgium
(the “Company”). 
 B. In order to repay certain outstanding debt and for other general corporate purposes, the Company has
entered into that certain Note Purchase Agreement dated as of May 19, 2011 (the “Agreement”) with the institutions named on Schedule A to such Agreement (the “Purchasers”), providing for, among other
things, the issue and sale to the Purchasers of €135,043,889 in aggregate principal amount of its 5.1045% Guaranteed Senior Notes due July 28, 2023 (as may be amended, restated or otherwise modified from time to time, the
“Notes”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned thereto in the Agreement. 

C. The Subsidiary Guarantor, by reason of its interest in the financing by the Company of certain outstanding debt and in order to induce the
Purchasers to provide the Company with necessary funds for the purposes described in the Agreement, has agreed to execute this Subsidiary Guarantee Agreement. 

NOW, THEREFORE, in consideration of the premises and the receipt whereof is hereby acknowledged, the Subsidiary Guarantor does hereby covenant
and agree as follows: 
 SECTION I. GUARANTY. 

The Subsidiary Guarantor hereby irrevocably, absolutely and unconditionally guarantees to the holders from time to time of the Notes:
(a) the full and prompt payment of the principal of all of the Notes and of the interest thereon at the rate therein stipulated (including, without limitation, to the extent legally enforceable, interest on any overdue principal, Make-Whole
Amount and interest at the rates specified in the Notes and interest accruing or becoming owing both prior to and subsequent to the commencement of any bankruptcy, reorganization or similar proceeding involving the Company) and the Make-Whole
Amount, if any, Tax Indemnity Amounts and all other amounts owing to the holders from time to time under the Notes and the Agreement when and as the same shall become due and payable, whether by lapse of time, upon redemption or prepayment, by
extension or by acceleration or declaration, or otherwise, (b) to the greatest extent permissible under applicable law, the full and prompt performance and observance by the Company of each and all of the covenants and agreements required to be
performed or observed by such Persons under the terms of the Agreement, and (c) payment, upon demand by any holder of the Notes, of all costs and expenses, legal or otherwise (including reasonable attorneys fees) and such expenses, if any, as
shall have been expended or incurred in the protection or enforcement of any right or privilege under the Agreement or this Subsidiary Guarantee Agreement or in any consultation or action in connection therewith, and in each and every case
irrespective of the validity, regularity, or enforcement of any of the Notes or the Agreement or any of the terms thereof or of any other like circumstance or circumstances (all of the obligations described in the foregoing clause (a), clause
(b) and clause (c) being referred to herein as the “Guaranteed Obligations”). The guaranty of the Guaranteed Obligations herein provided for is a guaranty of the immediate and timely payment of the principal, interest and
Make-Whole Amount or Tax Indemnity Amounts, if any, on the Notes as and when the same are 

  
 Exhibit 1(b)-2 

 
due and payable and shall not be deemed to be a guaranty only of the collectibility of such payments and that in consequence thereof each holder of the Notes may sue the Subsidiary Guarantor
directly upon such Guaranteed Obligations. 
 [SUBJECT TO LIMITATION LANGUAGE TO BE AGREED TO COMPLY WITH LOCAL LAW REQUIREMENTS IN THE
JURISDICTION OF INCORPORATION OF THE GUARANTOR.] 
 [FOR CHEFARO PHARMA ITALIA SRL: 

(b) The obligations of the Subsidiary Guarantor under this Subsidiary Guarantee Agreement shall not exceed the higher of: 

(i) the aggregate of the amounts received by such Subsidiary Guarantor or any of its subsidiaries directly under the Agreement,
as well as by way of any intercompany loan, documentary credit or any other item constituting financial indebtedness, made available at any time to such Subsidiary Guarantor or any of its Subsidiaries by any other party in each case by using,
directly or indirectly, the proceeds arising from the sale of the Notes; and 
 (ii) an amount equal to 100% of the value of
the Net Worth of such Subsidiary Guarantor from time to time, as resulting in its latest approved financial statements available at the date of the relevant payment, 

provided, that the guarantee granted by the Subsidiary Guarantor under this Subsidiary Guarantee Agreement shall not include and shall
in no case extend to (A) any amount utilized to fund or to refinance the acquisition or the subscription of shares in the Subsidiary Guarantor and/or the acquisition or subscription of shares in its direct or indirect holding companies which
would result in such guarantee constituting unlawful financial assistance under article 2474 of the Italian civil code; (B) any compound interest on overdue amounts to the extent not permitted under article 1283 of the Italian civil code (as
amended and supplemented from time to time); and (C) any interest payable in respect of any amounts outstanding under the Agreement exceeding the maximum rate of interest permitted by Italian law n. 108 of 7 March 1996, as amended and
supplemented from time to time (the Italian Usury Legislation). For the purposes of this paragraph (b), “Net Worth” means the total value of the “Patrimonio Netto” of the Subsidiary Guarantor pursuant to the definition of
Article 2424 of the Italian civil code.] 
 [FOR ACO HUD AB and ACO HUD NORDIC AB: 

(b) Notwithstanding the above and/or any other provision of this Subsidiary Guarantee Agreement, the obligations and liabilities of a
Subsidiary Guarantor incorporated in Sweden incurred under this Subsidiary Guarantee Agreement shall be limited if (and only if) required by an application of the provisions of the Swedish Companies Act (Sw: Aktiebolagslagen
(2005:551)) regulating distribution of assets (Sw: VardeoverfOring) and prohibited loans and guarantees, and it is understood that the obligations and liabilities of a Subsidiary Guarantor incorporated in Sweden only applies to the extent
permitted by the above mentioned provisions of the Swedish Companies Act.] 

  
 Exhibit 1(b)-3 

 [FOR OMEGA PHARMA ESPANA S.A.: 

(b) Notwithstanding any other provision of this Subsidiary Guarantee Agreement, the guarantee, indemnity or other obligations of the
Subsidiary Guarantor expressed to be assumed in this Subsidiary Guarantee Agreement, the Agreement or the terms of the Notes shall be deemed not to be assumed by the Subsidiary Guarantor to the extent that the same would constitute unlawful
financial assistance within the meaning of article 150.1 or 143.2 of the Spanish Companies Law (Ley de Sociedades de Capital) or any other applicable financial assistance rules under any relevant jurisdiction and so the provisions of this
Subsidiary Guarantee Agreement, the Agreement and the terms of the Notes shall be construed accordingly.] 
 [FOR DEUTSCHE CHEFARO GMBH:

 (b) Maintenance of Liable Capital 

(i) To the extent the Subsidiary Guarantor is securing debt other than its own debt or debt of its subsidiaries, the holders
from time to time of the Notes shall not demand payment of any amounts otherwise due under the guarantee contained in Section 1 hereof (the “Guarantee”) if and only to the extent the Subsidiary Guarantor demonstrates that the
payment of an amount due under this Guarantee would have the effect of (i) reducing its net assets (Nettovermogen) to an amount less than its stated share capital (Stammkapital) or (ii) (if its net assets are already an
amount less than its stated share capital) causing such amount to be further reduced, and thereby affects its assets required for the obligatory preservation of its share capital according to sections 30 and 31 of the German Act for Limited
Liability Companies (GmbH-Gesetz). 
 (ii) No reduction of the amount to be claimed under the Guarantee by the
Subsidiary Guarantor will prejudice the rights of the holders from time to time of the Notes to claim again under this Guarantee (subject always to the operation of the limitation set forth above at the time of asserting any such claim). 

(iii) For the purposes of the calculation of the amount to be paid under paragraph (a) above the following balance sheet
items shall be adjusted as follows: 
 (A) the amount of any increase of capital (Stanunkapital) effected without the
prior written consent of the holders from time to time of the Notes shall be deducted from the capital (Stammkapital); 

(B) loans and other contractual liabilities incurred in violation of the provisions of the Agreement or the Notes shall be
disregarded; 
 (C) any asset that is shown in the balance sheet with a book value (Buchwert) that is significantly
lower than the market value of such asset and that can be realised, to the extent legally permitted and commercially justifiable with regard to costs and efforts involved, shall be taken into account with its market value; 

  
 Exhibit 1(b)-4 

 (D) claims arising under loans provided by the Subsidiary Guarantor (or by any
subsidiary of the Subsidiary Guarantor) to any member of the group (other than a subsidiary of the Subsidiary Guarantor) shall not be taken into account (aktiviert) for the purpose of calculating the Subsidiary Guarantor’s net assets;
and 
 (E) any amount of mandatory reserves (Riicklagen) resulting from decrease of registered share capital
(Kapitalherabsetzung) shall be added to the registered share capital (as long as such amount is subject to the limitations set out in paragraph 3 of Section 58(b) of the German Act for Limited Liability Companies (GmbH-Gesetz)).

 (iv) To the extent the Subsidiary Guarantor provides a guaranty for debt other than of its subsidiaries, the Subsidiary
Guarantor shall be entitled to (fully or partially) terminate this Subsidiary Guarantee Agreement by written notice (the “Termination Notice”) to the holders from time to time of the Notes if and to the extent that the
continuation of this Subsidiary Guarantee Agreement would be in violation of the prohibition of an intervention threatening the existence of the Subsidiary Guarantor (Verstofi gegen das Verbot des existenvernichtenden Eingriffs) and would
therefore result in a personal criminal or civil law liability of the managing directors (or any of them) of the Subsidiary Guarantor. The Termination Notice shall set out the amount at which the guaranty provided hereunder shall be limited and the
date as of which such limitation shall become effective, which date shall be at least 30 days after receipt of the Termination Notice by the holders from time to time of the Notes (the “Effective Date”). With effect from the
Effective Date, the guaranty provided hereunder from the Subsidiary Guarantor shall be limited to such amount. 
 (v)
Notwithstanding the above provisions of this Section 2 the provisions of paragraphs (i) to (iv) (inclusive) of this Section 2 shall not apply to the extent any amounts due and payable under this Subsidiary Guarantee Agreement
would relate to funds which have been on lent or otherwise passed on to the Subsidiary Guarantor to the extent that any amounts so on lent or otherwise passed on are still outstanding at the time the relevant demand is made against the Subsidiary
Guarantor.] 
 [FOR RICHARD BITTNER AG: 

(b) Notwithstanding any other provision of the Agreement or this Subsidiary Guarantee Agreement, 

(i) any guarantee or indemnity given by or other obligation assumed by the Subsidiary Guarantor under Section 1(a) of this
Agreement is meant to be and shall be interpreted as an abstract guarantee agreement (abstrakter Garantievertrag) and not as surety (Burgschaft) or joint obligation as a borrower (Mitschuldnerschaft), and the Subsidiary
Guarantor undertakes to pay the amounts due under or pursuant to this guarantee unconditionally, irrevocably, upon first demand and without raising any defenses (unbedingt, unwiderruflich, uber erste Anforderung and Verzicht auf alle
Einwendungen); 

  
 Exhibit 1(b)-5 

 (ii) the Guaranteed Obligations for which the Subsidiary Guarantor is liable
under the Agreement or this Subsidiary Guarantee Agreement or any other document shall at all times be limited so that no assumption of liability shall occur to the extent such assumption would violate mandatory Austrian capital maintenance rules
(Kapitalerhaltungsvorschrifien) under Austrian company law, including Section 52 of the Austrian Stock Corporation Act (Aktiengesetz); and 

(iii) should any of the Guaranteed Obligations under the Agreement or any Subsidiary Guarantee Agreement or any other document
violate or contradict Austrian capital maintenance rules and should therefore be held invalid or unenforceable, such liability and/or obligation shall be deemed to be replaced by a liability and/or obligation of a similar nature that is in
compliance with Austrian capital maintenance rules and that provides the best possible security interest in favour of the Company. By way of example, should it be held that the guaranty created under the Subsidiary Guarantee Agreement is
contradicting Austrian capital maintenance rules in relation to any amount of the Guaranteed Obligations, the guaranty created shall be reduced to such an amount of the Guaranteed Obligations which is the maximum permitted pursuant to Austrian
capital maintenance rules.] 
 SECTION 2. OBLIGATION ABSOLUTE AND UNCONDITIONAL; TERMINATION. 

(a) This Subsidiary Guarantee Agreement shall be absolute and unconditional and shall remain in full force and effect until the entire
principal, interest and Make-Whole Amount (if any) on the Notes and all other sums due pursuant to the Agreement and the Notes shall have been fully, finally and indefeasibly paid and, to the greatest extent permissible under applicable law, such
Guaranteed Obligations shall not be affected, modified or impaired upon the happening from time to time of any event or condition, including without limitation any of the following, whether or not with notice to or the consent of the Subsidiary
Guarantor: 
 (i) the power or authority or the lack of power or authority of the Company to issue the Notes or of the
Company to execute and deliver the Agreement, and irrespective of the validity of the Notes, or the Agreement or of any defense whatsoever that the Company may or might have to the payment of the Notes (including, without limitation, principal,
interest, Make-Whole Amount, if any, and Tax Indemnity Amounts, if any) or to the performance or observance of any of the provisions or conditions of the Agreement, or the existence or continuance of the Company as a legal entity; 

(ii) any failure to present the Notes for payment or to demand payment thereof, or to give the Subsidiary Guarantor or the
Company notice of dishonor for nonpayment of the Notes, when and as the same may become due and payable, or notice of any failure on the part of the Company to do any act or thing or to perform or to keep any covenant or agreement by either of them
to be done, kept or performed under the terms of the Notes or the Agreement; 
 (iii) the acceptance of any security or any
guaranty, the advance of additional money to the Company, any extension of the obligation of the Notes, either indefinitely 

  
 Exhibit 1(b)-6 

 
or for any period of time, or any other modification in the obligation of the Notes or of the Agreement or the Company thereon, or in connection therewith, or any sale, release, substitution or
exchange of any security; 
 (iv) any act or failure to act with regard to the Notes or the Agreement or anything which might
vary the risk of the Subsidiary Guarantor (including, without limitation, any release or substitution of any one or more of the endorsers or guarantors of the Guaranteed Obligations); 

(v) any action taken under the Agreement in the exercise of any right or power thereby conferred or any failure or omission on
the part of any holder of any Note to first enforce any right or security given under the Agreement or any failure or omission on the part of any holder of any of the Notes to first enforce any right against the Company or any other Subsidiary that
is a “Subsidiary Guarantor” as defined in the Agreement (an “Other Subsidiary Guarantor”); 
 (vi)
the waiver, compromise, settlement, release or termination of any or all of the obligations, covenants or agreements of the Company contained in the Agreement, or of any Other Subsidiary Guarantor contained in any other Subsidiary Guarantee, or of
the payment, performance or observance thereof; 
 (vii) the failure to give notice to the Company, the Subsidiary Guarantor
or any Other Subsidiary Guarantor of the occurrence of any Default or Event of Default under the terms and provisions of the Agreement; 

(viii) the extension of the time for payment of any principal of, or interest (or Make-Whole Amount or any other amount, if
any), on any Note owing or payable on such Note or of the time of or for performance of any obligations, covenants or agreements under or arising out of the Agreement or the extension or the renewal of any thereof; 

(ix) the modification or amendment (whether material or otherwise) of any obligation, covenant or agreement set forth in the
Agreement, the Notes and each Subsidiary Guarantee; 
 (x) any failure, omission, delay or lack on the part of the holders of
the Notes to enforce, assert or exercise any right, power or remedy conferred on the holders of the Notes in the Agreement, the Notes or any other Subsidiary Guarantee or any other act or acts on the part of the holders from time to time of the
Notes; 
 (xi) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all
the assets, marshaling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement under bankruptcy or similar laws, composition with creditors or readjustment of, or other
similar procedures affecting the Subsidiary Guarantor, or any Other Subsidiary Guarantor, or the Company or any of the assets of any of them, or any allegation or contest of the validity of the Agreement, any Notes or any other Subsidiary Guarantee
or the disaffirmance of the Agreement, any Notes or any 

  
 Exhibit 1(b)-7 

 
other Subsidiary Guarantee in any such proceeding (it being understood that the obligations of the Subsidiary Guarantor under this Subsidiary Guarantee Agreement shall continue to be effective or
be reinstated, as the case may be, if at any time any payment made with respect to the Notes is rescinded or must otherwise be restored or returned by any holder of the Notes upon the insolvency, bankruptcy or reorganization of the Company, the
Subsidiary Guarantor or any Other Subsidiary Guarantor, all as though such payment had not been made); 
 (xii) any event or
action that would, in the absence of this clause, result in the release or discharge by operation of law of the Subsidiary Guarantor from the performance or observance of any obligation, covenant or agreement contained in this Subsidiary Guarantee
Agreement; 
 (xiii) the invalidity or unenforceability of the Agreement, the Notes and any other Subsidiary Guarantee; 

(xiv) the invalidity or unenforceability of the obligations of the Subsidiary Guarantor under this Subsidiary Guarantee
Agreement, the absence of any action to enforce such obligations of the Subsidiary Guarantor, any waiver or consent by the Subsidiary Guarantor with respect to any of the provisions hereof or any other circumstances which might otherwise constitute
a discharge or defense by the Subsidiary Guarantor, including, without limitation, any failure or delay in the enforcement of the obligations of the Subsidiary Guarantor with respect to this Subsidiary Guarantee Agreement or of notice thereof; or
any suit or other action brought by any shareholder or creditor of, or by, the Subsidiary Guarantor or any other Person, for any reason, including, without limitation, any suit or action in any way attacking or involving any issue, matter or thing
in respect of this Subsidiary Guarantee Agreement, the Agreement or the Notes or any other agreement; 
 (xv) the default or
failure of any Other Subsidiary Guarantor fully to perform any of its covenants or obligations set forth in its respective Subsidiary Guarantee; 

(xvi) the impossibility or illegality of performance on the part of the Company or any other Person of its obligations under
the Agreement, the Notes and each Subsidiary Guarantee or any other instruments; 
 (xvii) in respect of the Company or any
other Person, any change of circumstances, whether or not foreseen or foreseeable, whether or not imputable to the Company or any other Person, or other impossibility of performance through fire, explosion, accident, labor disturbance, floods
droughts, embargoes, wars (whether or not declared), civil commotions, acts of God or the public enemy, delays or failure of suppliers or carriers, inability to obtain materials, action of any regulatory body or agency, change of law or any other
causes affecting performance, or other force majeure, whether or not beyond the control of the Company or any other Person and whether or not of the kind hereinbefore specified; 

  
 Exhibit 1(b)-8 

 (xviii) any attachment, claim, demand, charge, lien, order, process, encumbrance
or any other happening or event or reason, similar or dissimilar to the foregoing, or any withholding or diminution at the source, by reason of any taxes, assessments; expenses, indebtedness, obligations or liabilities of any character, foreseen or
unforeseen, and whether or not valid, incurred by or against any Person, or any claims, demands, charges or liens of any nature, foreseen or unforeseen, incurred by any Person, or against any sums payable under this Subsidiary Guarantee Agreement,
so that such sums would be rendered inadequate or would be unavailable to make the payments herein provided; 
 (xix) the
failure of the Subsidiary Guarantor to receive any benefit or consideration from or as a result of its execution, delivery and performance of this Subsidiary Guarantee Agreement; 

(xx) any sale, exchange, release or surrender of any property at any time pledged or granted as security in respect of the
Guaranteed Obligations, whether so pledged or granted by the Subsidiary Guarantor or another guarantor of the obligations of the Company under the Agreement, the Notes and each Subsidiary Guarantee; or 

(xxi) any other circumstance which might otherwise constitute a defense available to, or a discharge of, the Subsidiary
Guarantor in respect of the obligations of the Subsidiary Guarantor under this Subsidiary Guarantee Agreement; 
 provided that the
specific enumeration of the above-mentioned acts, failures or omissions shall not be deemed to exclude any other acts, failures or omissions, though not specifically mentioned above, it being the purpose and intent of this paragraph that the
obligations of the Subsidiary Guarantor hereunder shall be absolute and unconditional to the extent herein specified and shall not be discharged, impaired or varied except by the full, final and indefeasible payment to the holders thereof of the
principal of, interest on and Make-Whole Amount, if any, and any other amounts due in respect of the Notes, and then only to the extent of such payments. Without limiting any of the other terms or provisions hereof, it is understood and agreed that
in order to hold the Subsidiary Guarantor liable hereunder, there shall be no obligation on the part of any holder of any Note to resort, in any manner or form, for payment, to the Company, to any other Person or to the properties or estates of any
of the foregoing. All rights of the holder of any Note pursuant thereto or to this Subsidiary Guarantee Agreement may be transferred or assigned at any time or from time to time and shall be considered to be transferred or assigned upon the Transfer
of such Note whether with or without the consent of or notice to the Subsidiary Guarantor or the Company. Without limiting the foregoing, it is understood that repeated and successive demands may be made and recoveries may be had hereunder as and
when, from time to time, the Company shall default under the terms of the Notes or the Agreement and that notwithstanding recovery hereunder for or in respect of any given default or defaults by the Company under the Notes or the Agreement, this
Subsidiary Guarantee Agreement shall remain in full force and effect and shall apply to each and every subsequent default. 
 (b) To the
fullest extent permitted by law, the Subsidiary Guarantor does hereby expressly waive: 
 (i) all of the matters specified in
clause (a) of this Section 2 and any notices in respect thereof; 

  
 Exhibit 1(b)-9 

 (ii) notice of acceptance of this Subsidiary Guarantee Agreement; 

(iii) notice of any purchase or acceptance of the Notes under the Agreement, or the creation, existence or acquisition of any
of the Guaranteed Obligations, subject to the Subsidiary Guarantor’s right to make inquiry of each holder to ascertain the amount of the Guaranteed Obligations at any reasonable time; 

(iv) notice of the amount of the Guaranteed Obligations, subject to the Subsidiary Guarantor’s right to make inquiry of
each holder to ascertain the amount of the Guaranteed Obligations at any reasonable time; and 
 (v) any stay (except in
connection with a pending appeal), valuation, appraisal, redemption or extension law now or at any time hereafter in force that, but for this waiver, might be applicable to any sale of property of the Subsidiary Guarantor made under any judgment,
order or decree based on this Subsidiary Guarantee Agreement, and the Subsidiary Guarantor covenants that it will not at any time insist upon or plead, or in any manner claim or take the benefit or advantage of any such law. 

(c) Each of the rights and remedies granted under this Subsidiary Guarantee Agreement to each holder in respect of the Notes held by such
holder may be exercised by such holder without notice to, or the consent of or any other action by, any other holder. Each holder may proceed to protect and enforce this Subsidiary Guarantee Agreement by suit or suits or proceedings in equity, at
law or in bankruptcy, and whether for the specific performance of any covenant or agreement contained herein or in execution or aid of any power herein granted; or for the recovery of judgment for the obligations hereby guarantied or for the
enforcement of any other proper, legal or equitable remedy available under applicable law. 
 (d) If any holder shall have instituted any
proceeding to enforce any right or remedy under this Subsidiary Guarantee Agreement or under any Note held by such holder and such proceeding shall have been discontinued or abandoned for any reason, or shall have been determined adversely to such
holder, then and in every such case each such holder and the Company shall, except as may be limited or affected by any determination in such proceeding, be restored severally and respectively to its respective former position hereunder and
thereunder, and thereafter the rights and remedies of such holders shall continue as though no such proceeding had been instituted. 
 (e)
Notwithstanding anything to the contrary above but subject to the applicable provisions of Section 9.7 of the Agreement, the Subsidiary Guarantor, by written notice to each holder of a Note, may terminate this Subsidiary Guarantee Agreement at
any time and all obligations hereunder arising after the date of said termination, provided, that, at the time of and after giving effect to such termination, no Default or Event of Default shall have occurred and be continuing under the Agreement.

  
 Exhibit 1(b)-10 

 SECTION 3. SUBROGATION PAYMENTS HELD IN TRUST. 

(a) To the extent of any payments made under this Subsidiary Guarantee Agreement, the Subsidiary Guarantor shall be subrogated to the rights
of the holder of the Notes receiving such payments, but the Subsidiary Guarantor covenants and agrees that such right of subrogation shall be subordinate in right of payment to the rights of any holders of the Notes for which full and final payment
has not been made or provided for and, to that end, the Subsidiary Guarantor agrees not to claim or enforce any such right of subrogation or any right of setoff or any other right which may arise on account of any payment made by the Subsidiary
Guarantor in accordance with the provisions of this Subsidiary Guarantee Agreement unless and until all of the Guaranteed Obligations (other than those arising by subrogation as aforesaid) owned by Persons other than the Subsidiary Guarantor and all
other sums due or payable under this Subsidiary Guarantee Agreement have been fully and finally paid and discharged or payment therefor has been provided. 

(b) If any payment shall be made to the Subsidiary Guarantor by the Company of any amounts owing to the Subsidiary Guarantor by the Company
during any time when the obligations of the Subsidiary Guarantor hereunder shall have become due and payable, the Subsidiary Guarantor shall hold in trust all such payments for the benefit of the holders of the Notes. 

SECTION 4. PREFERENCE. 

The Subsidiary Guarantor agrees that to the extent the Company or any other Person makes any payment on the Guaranteed Obligations, which
payment or any part thereof is subsequently invalidated, voided, declared to be fraudulent or preferential, set aside, or is required to be repaid to a trustee or otherwise, receiver or any other Person under any bankruptcy code, common law, or
equitable cause, then and to the extent of such payment, the obligation or the part thereof intended to be satisfied shall he revived and continued in full force and effect with respect to the Subsidiary Guarantor’s obligations hereunder, as if
said payment had not been made. The liability of the Subsidiary Guarantor hereunder shall not be reduced or discharged, in whole or in part, by any payment to any holder of the Notes from any source that is thereafter paid, returned or refunded in
whole or in part by reason of the assertion of a claim of any kind relating thereto, including, but not limited to, any claim for breach of contract, breach of warranty, preference, illegality, invalidity or fraud asserted by any account debtor or
by any other Person. 
 SECTION 5. MARSHALING. 

None of the holders of the Notes shall be under any obligation (a) to marshal any assets in favor of the Subsidiary Guarantor or in
payment of any or all of the liabilities of the Company under or in respect of the Notes or the obligation of the Subsidiary Guarantor hereunder or (b) to pursue any other remedy that the Subsidiary Guarantor may or may not be able to pursue
itself and that may lighten the Subsidiary Guarantor’s burden, any right to which the Subsidiary Guarantor hereby expressly waives. 

  
 Exhibit 1(b)-11 

 SECTION 6. REPRESENTATIONS AND WARRANTIES OF THE SUBSIDIARY GUARANTOR. 

The Subsidiary Guarantor represents and warrants to each holder of Notes as follows: 

(a) Organization and Authority. The Subsidiary Guarantor is a
[                    ] duly organized, validly existing and, to the extent such concept is recognized, in good standing under the laws of its
jurisdiction of incorporation; the Subsidiary Guarantor has the corporate (or other appropriate) power and authority to own its properties and to conduct its business and is duly qualified as a foreign entity and, to the extent such concept is
recognized, is, where applicable, in good standing in each other jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or, where applicable, in good standing could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (b) Transaction Is Legal and
Authorized. The issuance of this Subsidiary Guarantee Agreement and compliance with all of the provisions of this Subsidiary Guarantee Agreement; 

(1) are within the corporate (or other) powers of the Subsidiary Guarantor; 

(2) will not violate any provisions of any applicable law or any order of any court or governmental authority or agency and
will not conflict with or result in any breach of any of the terms, conditions or provisions of, or constitute a default under the articles of association, charter or By-laws or other constitutive documents of the Subsidiary Guarantor or any
indenture or other agreement or instrument to which the Subsidiary Guarantor is a party or by which it may be bound or result in the imposition of any Lien on any property of the Subsidiary Guarantor; and 

(3) have been duly authorized by proper action on the part of the Subsidiary Guarantor and any required action by the
quotaholders, stockholders or other equity holders of the Subsidiary Guarantor required by law or by the articles of association, charter or By-laws or other constitutive documents of the Subsidiary Guarantor or otherwise, executed and delivered by
the Subsidiary Guarantor and this Subsidiary Guarantee Agreement constitutes the legal, valid and binding obligation, contract and agreement of the Subsidiary Guarantor enforceable in accordance with its terms, except as such terms may be limited by
(i) bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and (ii) equitable principles of general applicability (regardless of whether such enforceability is considered
in a proceeding in equity or at law) and subject to the qualifications as to matters of law relating to enforceability expressed in the legal opinions delivered in connection with the delivery of this Subsidiary Guarantee Agreement. 

(c) Governmental Consent. No approval, consent or withholding of objection on the part of any regulatory body is necessary in
connection with the execution and delivery by the Subsidiary Guarantor of this Subsidiary Guarantee Agreement or compliance by the Subsidiary Guarantor with any of the provisions of this Subsidiary Guarantee Agreement, including without limitation
any thereof required in connection with the obtaining of Euros to make payments under this Subsidiary Guarantee Agreement and the payment of such Euros to Persons resident in the United States of America. It is not necessary to ensure the legality,
validity or enforceability or admissibility into evidence in [jurisdiction of Subsidiary Guarantor] of this Subsidiary 

  
 Exhibit 1(b)-12 

 
Guarantee Agreement that such agreement or any other document be filed, recorded or enrolled with any Governmental Authority, or that any such agreement or document be stamped with any stamp,
registration or similar transaction tax. 
 (d) Commercial Benefit. The Subsidiary Guarantor will derive a commercial benefit
from the execution and delivery of this Subsidiary Guarantee Agreement. 
 [FOR RICHARD BITTNER AG - CLAUSE (D) IS TO BE
REPLACED WITH THE FOLLOWING: 
 (d) Corporate Benefit. The Subsidiary Guarantor derives and will continue to derive a
corporate benefit from the execution and delivery of this Subsidiary Guarantee Agreement and has received and will continue to receive adequate consideration for assuming the obligations under this Subsidiary Guarantee Agreement]. 

(e) Solvency. After giving effect to the execution and delivery of this Subsidiary Guarantee Agreement and taking into account
(i) the likelihood of being required to perform this Subsidiary Guarantee Agreement and (ii) the fact that the Subsidiary Guarantor does not have any intention to defraud any of its creditors, the Subsidiary Guarantor is solvent and able
to pay its debts as and when they become due and payable. 
 (f) Status under Certain Statutes. The Subsidiary
Guarantor is not subject to regulation under the United States Investment Company Act of 1940, as amended, the United States Public Utility Holding Company Act of 1935, as amended, or the United States Federal Power Act, as amended. 

Without in any way limiting the generality of the warranties and representations contained in Section 5 of the Agreement, each of such
warranties and representations is, insofar as it refers to any Subsidiary, true and correct with respect to the Subsidiary Guarantor. 

SECTION 7. PAYMENTS FREE AND CLEAR OF TAXES. 

Each payment by the Subsidiary Guarantor under this Subsidiary Guarantee Agreement shall be made, under all circumstances, but only in so far
as lawful, without setoff, counterclaim or reduction for, and free from and clear of, and without deduction for or because of, any and all present or future taxes, levies, imposts, duties, fees, charges, deductions, assessments, withholding,
restrictions or conditions of any nature whatsoever (the “Covered Taxes”) imposed, levied, collected, assessed or withheld by or within the jurisdiction of incorporation of (or if different, the jurisdiction in which the
Subsidiary Guarantor is treated as resident for tax purposes), or the jurisdiction from or through which payment is made by the Subsidiary Guarantor (the “Applicable Jurisdiction”). If the Subsidiary Guarantor does not pay,
cause to be paid or remit payments due hereunder free from and clear of Covered Taxes then the Subsidiary Guarantor shall forthwith pay each holder of the Notes such additional amounts (the “Tax Indemnity Amounts”) as may be
necessary in order that the net amount of every payment made to each holder of Notes, after provision for payment of such Covered Taxes (and any interest and penalties relating thereto and any United States federal income taxes payable by the holder
with respect to such Tax Indemnity Amounts), shall be equal to the amount which such holder would have received had there been no deduction, withholding or other restriction or condition; 

  
 Exhibit 1(b)-13 

 
provided that, with respect to the Notes, in no event shall the Subsidiary Guarantor be obligated to make payment of any Tax Indemnity Amount to any holder not resident in the United
States in excess of the amount which the Subsidiary Guarantor would have been obligated to pay if (a) authorization could have been obtained under the double tax treaty between the United States and the Applicable Jurisdiction of the Subsidiary
Guarantor, in force at the relevant time (the “US Treaty”) for the Subsidiary Guarantor to make the payment from which such Covered Taxes were deducted or withheld either without deduction or withholding of such Covered Taxes or
with deduction or withholding of a lesser amount in respect of such Covered Taxes had the Notes held by such holder been beneficially owned at all relevant times by Persons who were resident in the United States for the purposes of the US Treaty,
and (b) the Subsidiary Guarantor had made the minimum deduction or withholding which it would have been lawfully entitled to do pursuant to such authorization. Notwithstanding the provisions of this Section 7, no such Tax Indemnity Amounts
shall be payable for or on account of: 
 (i) any tax, assessment or other governmental charge which would not have been
imposed but for the existence of any present or former connection (other than the mere holding of the relevant Note or the receipt of any payments in respect thereof or activities incidental thereto (including without limitation, enforcement
thereof)) between such holder (or a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over, such holder, if such holder is an estate, trust, partnership or corporation, or any Person other than the holder to whom
the relevant Note or any amount payable thereon are attributable for the purposes of such tax, assessment or charge) and the Applicable Jurisdiction or any political subdivision or territory or possession thereof or therein or area subject to its
jurisdiction, including, without limitation, such holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor or Person other than the holder) being or having been a citizen or resident thereof, being or having been present or
engaged in trade or business therein or having or having had a permanent establishment therein, provided that this exclusion shall not apply with respect to a Tax that would not have been imposed but for the Subsidiary Guarantor, after the
date of the Closing, opening an office in, moving an office to, reincorporating in, or changing the Applicable Jurisdiction from or through which payments on account of this Subsidiary Guarantee Agreement are made to, the Applicable Jurisdiction
imposing the relevant Tax; 
 (ii) any estate, inheritance, gift, sale, transfer, personal property or similar tax,
assessment or other governmental charge; 
 (iii) any tax, assessment or other governmental charge that is imposed or
withheld by reason of either (A) the failure to use reasonable efforts to comply by the holder or any other Person mentioned in clause (i) above with the written request of the Subsidiary Guarantor addressed to the holder to provide
information concerning the nationality, residence or identity of the holder or such other Person or, information as to, and where, any declaration of residence or other claim or reporting requirement described in clause (B) hereof has been made
by such holder or other Person (so long as such request does not, in such holder’s reasonable opinion, impose an unreasonable burden in time, resources or otherwise, on such holder) or (B) the failure, notwithstanding its practical
ability, by the holder or any other Person mentioned in clause (A) above to: 
 (1) in the case where the Applicable
Jurisdiction is Belgium, execute and deliver Tax Status Certificates as set forth in Section 6.3 of the Agreement, provided that this clause shall only be applicable in situations where a holder has failed to deliver Tax Status Certificates
following delivery by the Company of the notice of reminder required by Section 6.3(b) or (c) of the Agreement, as applicable; or 

  
 Exhibit 1(b)-14 

 (2) in any other case, make such declaration of residence or other claim or
reporting requirement as is notified by the Subsidiary Guarantor as being required by a statute, treaty or regulation of the Applicable Jurisdiction (so long as (i) such request does not impose an unreasonable burden in time, resources or
otherwise on such holder and (ii) such failure could have been lawfully avoided by such holder); provided that such holder shall be deemed to have satisfied the requirements of this subparagraph (2) upon the good faith completion
and submission of the appropriate forms, certificates, documents, applications or other reasonably required evidence (collectively, “Forms”) that correctly set forth the information so required by the Applicable Jurisdiction and it
being understood that (x) no such notification has been made by the Subsidiary Guarantor on or prior to the date of closing and (y) each holder or other Person that receives a written request or notification from the Subsidiary Guarantor
(which written request shall be accompanied by a copy of such Forms and all applicable instructions and, if any such Forms or instructions shall not be in the English language, an English translation thereof) pursuant to this clause (ii) shall
have at least 45 days to respond to such request or notification; or 
 (iv) any tax, assessment or other governmental charge
that is imposed or withheld by reason or as a result of the Transfer of any Note other than in accordance with Section 13 of the Agreement; or 

(v) any combination of clauses (i), (ii) and/or (iii) above. 

If the Subsidiary Guarantor makes payment of Tax Indemnity Amounts and a recipient thereof subsequently receives a credit or refund in respect
thereof in whatever jurisdiction (a “Tax Refund”), and such recipient is able to readily identify the Tax Refund as being attributable to the Covered Taxes with respect to
which the Tax Indemnity Amounts are paid, then such recipient shall, to the extent it can do so without prejudicing the retention of such Tax Refund, reimburse the Subsidiary Guarantor such amount as it shall determine, in its sole discretion
exercised in good faith, to be the proportion of the Tax Refund as will leave such recipient, after the reimbursement, in no better or worse position than it would have been in if payment of the Tax Indemnity Amounts had not been required,
provided that (x) no Default or Event of Default exists and is continuing at the time of such request and (y) the Subsidiary Guarantor, upon the request of such holder, agrees to return to such holder the portion of the Tax Refund
paid over to the Subsidiary Guarantor in the event such holder is legally required to repay such Tax Refund to such Applicable Jurisdiction. If the Subsidiary Guarantor makes payment of a Covered Tax for the account of any holder and such holder is
entitled to a Tax Refund with respect to such tax upon the filing of one or more forms, then such holder shall, as soon as reasonably possible after receiving written request from the Subsidiary Guarantor (which shall specify in reasonable detail

  
 Exhibit 1(b)-15 

 
and supply the forms to be filed, which forms shall be accompanied by a translation into English if not in English) file such forms. The Subsidiary Guarantor will promptly furnish each holder of
Notes receiving payments of Tax Indemnity Amounts under this Section 7 copies of the official receipt (or a duly certified copy of the original receipt) issued by the relevant taxation or other authorities involved for all amounts deducted or
withheld (and paid over to such authorities) in respect of Covered Taxes (or, if such a receipt is not available from such authorities, such other evidence with respect to such amounts deducted or withheld as any holder of Notes may reasonably
request). 
 Nothing in this Section 7 shall (i) require, or be deemed to require, the disclosure by any holder of Notes of any
confidential or proprietary information, either directly or indirectly, to any Person, or any holder to account for any indirect taxation benefits arising from the deduction or withholding of any Covered Tax, (ii) interfere with the right of
any holder to arrange its tax affairs in whatever manner it chooses or (iii) require any holder of Notes to give precedence to an application for tax credits or Tax Refunds, where to give such precedence would preclude any such holder’s
ability to apply for any other tax credit or similar tax refund. The Subsidiary Guarantor shall (a) reimburse each holder of Notes for such holder’s reasonable out-of-pocket expenses, if any, incurred in complying with any request under
this Section 7 and (b) provide to any holder of Notes upon written request sufficient numbers of forms for filing with the appropriate Applicable Jurisdiction, any instructions relating thereto, and such other information relating to the
Subsidiary Guarantor as is required in connection with such written request (which forms and instructions shall be accompanied by translations into English if not in English). 

Notwithstanding any other provision in this Section 7, if any Note is transferred or assigned or a new holder is substituted (such that a
new owner and/or holder is established under the Agreement) other than in accordance with Section 13.3 of the Agreement, then the holder of such Note shall not be entitled to receive any Tax Indemnity Amounts under this Section 7 with
respect to Covered Taxes relating to interest scheduled to be paid on the Interest Payment Date immediately following such Transfer to the extent that such Covered Taxes would not have been imposed in the absence of such Transfer. 

Without prejudice to the survival of any other agreement of the Subsidiary Guarantor hereunder, the agreements contained in this
Section 7 shall survive the payment in full of the Notes and all of the Subsidiary Guarantor’s other obligations and the termination of all of its other commitments hereunder. 

SECTION 8. SUBMISSION TO JURISDICTION. 

The Subsidiary Guarantor hereby expressly waives all right to object to jurisdiction or execution in any legal action or proceeding relating
to this Subsidiary Guarantee Agreement which it may now or hereafter have by reason of its domicile or by reason of any subsequent or other domicile. The Subsidiary Guarantor agrees irrevocably that any legal action or proceeding with respect to
this Subsidiary Guarantee Agreement or to enforce any judgment obtained against the Subsidiary Guarantor in any such legal action or proceeding against it or any of its properties or revenues may be brought by the holder of any Note in the courts of
the State of New York or of the United States of America located in New York, New York, as the holder of any Note may elect, and by execution and delivery of this Agreement, the Subsidiary
Guarantor irrevocably submits to each such jurisdiction for such purpose only. 

  
 Exhibit 1(b)-16 

 In addition, the Subsidiary Guarantor hereby irrevocably and unconditionally waives any objection
which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Subsidiary Guarantee Agreement brought in any of the aforesaid courts, and hereby further
irrevocably and unconditionally waives and agrees not to plead or claim that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

The Subsidiary Guarantor hereby irrevocably designates, appoints and empowers CT Corporation System with offices at 111 Eighth Avenue,
New York, New York and successors as the designee, appointee and agent of the Subsidiary Guarantor to receive, accept and acknowledge, for and on behalf of the Subsidiary Guarantor and its properties, service of any and all legal process, summons,
notices and documents which may be served in such action, suit or proceeding in the case of the courts of the State of New York or of the United States of America located in New York, New York, which service may be made on any such designee,
appointee and agent in accordance with legal procedures prescribed for such courts. The Subsidiary Guarantor agrees to take any and all action necessary to continue such designation in full force and effect and should such designee, appointee and
agent become unavailable for this purpose for any reason, the Subsidiary Guarantor will forthwith irrevocably designate a new designee, appointee and agent, reasonably acceptable to the Majority Holders, with offices in New York which shall
irrevocably agree to act as such, with the powers and for purposes specified in this Section 8. The Subsidiary Guarantor shall deliver a copy of an agreement reasonably acceptable to the Majority Holders of such new agent agreeing so to act.
The Subsidiary Guarantor further irrevocably consents and agrees to service of any and all legal process, summons, notices and documents out of any of the aforesaid courts in any such action, suit or proceeding by the mailing by registered mail of
copies of such process, summons, notice or document to the Subsidiary Guarantor, as applicable, at its respective address specified in this Subsidiary Guarantee Agreement or to its then designee, appointee or agent for service. If service is made
upon such designee, appointee and agent, a copy of such process, summons, notice or document shall also be provided to the Subsidiary Guarantor by registered or certified mail, or overnight express air courier; provided that failure of such
holder to provide such copy to the Subsidiary Guarantor shall not impair or affect in any way the validity of such service or any judgment rendered in such action or proceedings. The Subsidiary Guarantor agrees that service upon any such designee,
appointee and agent as provided for herein shall constitute valid and effective personal service upon the Subsidiary Guarantor, and that the failure of any such designee, appointee and agent to give any notice of such service to the Subsidiary
Guarantor shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. Nothing herein shall, or shall be construed so as to, limit the right of the holders of the Notes to
bring actions, suits or proceedings with respect to the obligations and liabilities of the Subsidiary Guarantor under, or any other matter arising out of or in connection with, this Subsidiary Guarantee Agreement or the Notes, or for recognition or
enforcement of any judgment rendered in any such action, suit or proceeding, in the courts of whatever jurisdiction in which the respective offices of the holders of the Notes may be located or assets of the Subsidiary Guarantor may be found or as
otherwise shall to the holders of the Notes seem appropriate, or to affect the right to service of process in any jurisdiction in any other manner permitted by law. 

  
 Exhibit 1(b)-17 

 SECTION 9. CURRENCY RATE INDEMNITY. 

(a) Each payment under this Subsidiary Guarantee Agreement shall be made in Euros. Any obligation to make payments under this Subsidiary
Guarantee Agreement in Euros will not be discharged or satisfied by any tender of any currency other than Euros, except to the extent such tender results in the actual receipt (after deduction of all fees and expenses relating to any conversion) by
the party to which payment is owed of the full amount in Euros of all amounts due in respect of this Subsidiary Guarantee Agreement. If for any reason the amount in Euros so received falls short of the amount in Euros due in respect of this
Subsidiary Guarantee Agreement, the Subsidiary Guarantor, as appropriate, will, to the fullest extent permitted by law, immediately pay such additional amount in Euros as may be necessary to compensate for the shortfall. 

(b) To the extent permitted by applicable law, if any judgment or order expressed in a currency other than Euros is rendered for the payment
of any amount owing in respect of this Subsidiary Guarantee Agreement, or in respect of a judgment or order of another court for the payment of any such amount, the party seeking recovery, after recovery in full of the aggregate amount to which such
party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of Euros received by such party as a consequence of sums paid in such other currency if such shortfall
arises or results from any variation between the rate of exchange at which Euros are converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, on the
earliest practicable date after receipt of such currency, to purchase Euros with the amount of the currency of the judgment or order actually received by such party. 

The term “rate of exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the
purchase of, or conversion into, Euros. 
 The indemnity set forth in this Section 9 shall constitute an obligation separate and
independent from the other obligations contained in this Subsidiary Guarantee Agreement, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by such holder from time to time and shall
continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due under this Subsidiary Guarantee Agreement or under any judgment or order. 

SECTION 10. NOTICES. 

All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a
confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by a recognized overnight delivery service (with charges prepaid). Any such notice must be sent: 

(i) if to a holder or any nominee of a holder, to such Person at the address specified for such communications in Schedule A to
the Agreements, or at such other address as the holder or such nominee shall have specified to the Company in writing, or 

(ii) if to the Subsidiary Guarantor, to the Subsidiary Guarantor at
[                    ], to the attention of [    ], or at such other addresses as the Subsidiary Guarantor shall have specified
to the holder of each Note in writing. 

  
 Exhibit 1(b)-18 

 Notices under this Section 10 will be deemed given only when actually received. 

SECTION 11. AMENDMENTS AND MODIFICATIONS; SOLICITATION OF NOTEHOLDERS. 

(a) This Subsidiary Guarantee Agreement may only be amended and compliance therewith waived (either generally or in a particular instance and
either retroactively or prospectively) by an instrument in writing signed by the Subsidiary Guarantor and by the Majority Holders, provided, that without the written consent of the holders of all of the Notes then outstanding, no such
amendment or waiver shall be effective which will reduce the scope of the guaranty set forth in this Subsidiary Guarantee Agreement or amend the requirements of §§1, 2, 3, 4, 5, 7 or 9 hereof or amend this §11. No such amendment or
modification shall extend to or affect any obligation not expressly amended or modified or impair any right consequent thereon. 
 (b) The
Subsidiary Guarantor will not solicit, request or negotiate for or with respect to any proposed waiver or amendment of any of the provisions of this Subsidiary Guarantee Agreement unless each holder of the Notes (irrespective of the amount of Notes
then owned by it) shall be informed thereof by’ the Subsidiary Guarantor and shall be afforded the opportunity of considering the same and shall be supplied by the Subsidiary Guarantor with a sufficient information to enable it to make an
informed decision with respect thereto. The Subsidiary Guarantor will not, directly or indirectly, pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or issue any
guaranty, to any holder of the Notes as consideration for or as an inducement to the entering into by any holder of the Notes of any waiver or amendment of any of the terms and provisions of this Subsidiary Guarantee Agreement, the Agreement or the
Notes, unless such remuneration is concurrently paid, or such security is granted or guaranty is issued, on the same terms, ratably to the holders of all of the Notes then outstanding, even if such holder did not consent to such waiver or amendment.
Promptly and in any event within 30 days of the date of execution and delivery of any such waiver or amendment, the Subsidiary Guarantor shall provide a true, correct and complete copy thereof to each of the holders of the Notes. 

(c) Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then
outstanding approved or consented to any amendment, waiver or consent to be given under this Subsidiary Guarantee Agreement, or have directed the taking of any action provided herein to be taken upon the direction of the holders of a specified
percentage of the aggregate principal amount of Notes then outstanding, Notes, directly or indirectly, owned by the Company or any of its Affiliates shall be deemed not to be outstanding. 

SECTION 12. PARI PASSU. 

The obligations of the Subsidiary Guarantor under this Subsidiary Guarantee Agreement rank at least pan passu in right of payment with
all other outstanding unsecured and 

  
 Exhibit 1(b)-19 

 
unsubordinated Indebtedness of the Subsidiary Guarantor, except for those obligations that are preferred solely by any bankruptcy, insolvency, liquidation or similar laws of general application.

 SECTION 13. MISCELLANEOUS. 

(a) No remedy herein conferred upon or reserved to any holder of any Note is intended to be exclusive of any other available remedy or
remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Subsidiary Guarantee Agreement now or hereafter existing at law or in equity. No delay or omission to exercise any right or
power accruing upon any default, omission or failure of performance hereunder shall impair any such right or power or shall be construed to be a waiver thereof but any such right or power may be exercised from time to time and as often as may be
deemed expedient. In order to entitle any holder of any Note to exercise any remedy reserved to it under this Subsidiary Guarantee Agreement, it shall not be necessary for such holder to physically produce its Note in any proceedings instituted by
it or to give any notice, other than such notice as may be herein expressly required. 
 (b) In case any one or more of the provisions
contained in this Subsidiary Guarantee Agreement shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or
impaired thereby. 
 (c) This Subsidiary Guarantee Agreement shall be binding upon the undersigned Subsidiary Guarantor and its successors
and assigns and shall inure to the benefit of the Purchasers and their respective successors and assigns so long as any of their respective Notes remain outstanding and unpaid. 

(d) The Subsidiary Guarantor will maintain an office at the address of the Subsidiary Guarantor referred to in Section 10, where notices,
presentations and demands in respect hereof or of the Guaranteed Obligations may be made upon the Subsidiary Guarantor until such time as the Subsidiary Guarantor shall notify each holder of any change of location of such office. 

(e) This Subsidiary Guarantee Agreement shall be governed by and construed in accordance with the laws of the State of New York. 

[THE FOLLOWING IS FOR PURPOSES OF THE RICHARD BITTNER AG GUARANTEE ONLY: 

SECTION 14. AUSTRIAN STAMP DUTY. 

(a) By receipt of this Subsidiary Guarantee Agreement, each beneficiary hereof severally agrees not to: 

(i) bring into Austria or keep, execute or produce in Austria, an original, a notarized copy or a certified copy of this
Subsidiary Guarantee Agreement, any Note, the Agreement or any written instrument of transfer (these documents hereinafter referred to as “Stamp-Duty Sensitive Documents” or individually as “Stamp-Duty Sensitive

  
 Exhibit 1(b)-20 

 
Document”) or any other document referring to a Stamp-Duty Sensitive Document and constituting a substitute documentation (Ersatzbeurkundung undiader rechtsbezeugende
Beurkundung) within the meaning of the Austrian Stamp Duty Act (Gebiihrengesetz) of a Stamp-Duty Sensitive Document (i.e., any document that refers to a Stamp Duty Sensitive Document in a way that both the legal nature of as well as the
parties to the transaction referred to may be deducted from such reference); or 
 (ii) send or bring into Austria or keep,
execute or produce in Austria any written communication (including facsimiles) which refers to a Stamp-Duty Sensitive Document; or 

(iii) send or bring into Austria or keep, execute or produce in Austria a copy of a Stamp-Duty Sensitive Document or of any
other document which refers to a Stamp-Duty Sensitive Document signed or endorsed by one or more parties thereto; or 
 (iv)
print out any e-mail communication which refers to a Stamp-Duty Sensitive Document in Austria or send any e-mail communication carrying an electronic or digital signature which refers to a Stamp-Duty Sensitive Document to or from an Austrian
addressee. 
 Further, by receipt of this Subsidiary Guarantee Agreement, each beneficiary hereof severally agrees that any written
communication (including facsimiles and e-mails) to be made under or in connection with the Stamp-Duty Sensitive Documents shall be addressed to an address outside of Austria. For the avoidance of doubt, no beneficiary of this Subsidiary Guarantee
Agreement shall be responsible for actions taken by any governmental authority, regulatory authority or any other Person (other than an affiliate) over whom such beneficiary does not exercise control. 

(b) It is understood and agreed that any beneficiary of this Subsidiary Guarantee Agreement may bring or send into or within Austria a simple
copy (a copy which is not an original, a notarized copy or a certified copy) of a Stamp-Duty Sensitive Document or of another document which refers to a Stamp-Duty Sensitive Document and constitutes substitute documentation thereof for the purposes
of enforcement if a beneficiary hereof wishes to exercise or enforce any of its rights under or in connection with a Stamp-Duty Sensitive Document before an Austrian court or authority. 

The Subsidiary Guarantor or any beneficiary of this Subsidiary Guarantee Agreement agrees: 

(i) not to object to the introduction into evidence of an uncertified copy of a Stamp-Duty Sensitive Document or of any other
document which refers to a Stamp-Duty Sensitive Document and constitutes substitute documentation thereof or raise a defense to any action or to the exercise of any right or remedy on the basis of an original, a notarized copy or a certified copy of
a Stamp-Duty Sensitive Document or any other document which refers to a Stamp-Duty Sensitive Document and constitutes substitute documentation thereof not having been introduced into evidence, unless such uncertified copy actually introduced into
evidence does not accurately reflect the content of the original document; and 

  
 Exhibit 1(b)-21 

 (ii) if the Subsidiary Guarantor or any beneficiary hereof is a party to the
proceedings before such Austrian court or authority, to stipulate as to the accuracy and correctness (Echtheit and Richtigkeit) of an uncertified copy of a Stamp-Duty Sensitive Document or any other document which refers to a Stamp-Duty
Sensitive Document and constitutes substitute documentation thereof, unless such uncertified copy actually introduced into evidence does not accurately reflect the content of the original document. 

(c) In the event that the Subsidiary Guarantor or any beneficiary of this Subsidiary Guarantee Agreement fails to comply with any of the
provision of this Section 14 and such failure results in the imposition of Austrian stamp duty, such party responsible for the breach of an obligation hereunder shall be liable to indemnify the other parties hereto for such Austrian stamp duty
(including any related interest and penalties) upon evidence reasonably satisfactory to the indemnifying party being proved that Austrian stamp duty has been paid by the indemnified party. In the event that any party hereto is required by a
governmental body, court, authority or agency pursuant to any law or legal requirement (whether for the purposes of initiating, prosecuting or executing any claim or remedy or enforcing any judgment or otherwise), to bring an original, a notarized
copy or a certified copy of a Stamp-Duty Sensitive Document or of any other document which refers to a Stamp-Duty Sensitive Document and constitutes substitute documentation thereof (including, without limitation, the filing of any Forms (as such
term is defined in section 7) at the request of the Company or the Parent with applicable tax authorities pursuant to section 7) into Austria, the indemnity shall not apply. 

Further, if an original, a notarized copy or a certified copy of a Stamp-Duty Sensitive Document or of any other document which refers to a
Stamp-Duty Sensitive Document and constitutes substitute documentation thereof is brought into Austria for the purposes of any court proceedings (including, without limitation, any arbitration or expert proceedings) involving the Subsidiary
Guarantor or any beneficiary hereof. the party against whom the relevant judgment or decision is given in those court proceedings shall be required to pay the Austrian stamp duty (including any related interest and penalties) other than where such
stamp duty has been assessed as a result of the introduction into evidence of an original, a notarized copy or a certified copy of a Stamp-Duty Sensitive Document or of any other document which refers to a Stamp-Duty Sensitive Document and
constitutes substitute documentation thereof 
 (i) pursuant to a court order or Austrian law or regulations; or 

(ii) as required to establish that an uncertified copy of the original, a notarized copy or a certified copy of a Stamp-Duty Sensitive
Document or of any other document which refers to a Stamp-Duty Sensitive Document and constitutes substitute documentation thereof previously introduced into evidence accurately reflects the content of the original document and where a court,
arbitrator or expert, as applicable, finds that the uncertified copy in question accurately reflects the content of the original document. 

No beneficiary of this Subsidiary Guarantee Agreement shall be liable for the payment of any Austrian stamp duty that either arises because of
an action taken by the Subsidiary Guarantor or arises for any other reason for which the beneficiary hereof is not made expressly liable under the terms of this Subsidiary Guarantee Agreement.] 

  
 Exhibit 1(b)-22 

 IN WITNESS WHEREOF, the Subsidiary Guarantor has caused its corporate name to be hereunto
subscribed on the date first above written. 
  

					
	[Name of Subsidiary Guarantor]
		
	By:		  

			Name:		
			Title:		

[                          
  ], a public investment company 
 Done at
[                    ] on [                    ]
[    ], 20[    ] 
  

					
	By:		  

			Name:		
			Title:		Vice PresidentEX-4.2

 Exhibit 4.2 
  

 
 Omega Pharma Invest NV 

public limited liability company (naamloze vennootschap/societe anonyme) under Belgian law 

Public offer in Belgium and the Grand Duchy of Luxembourg 

5.125 per cent. fixed rate bonds due 12 December 2017 

Issue Price: 101.875 per cent. 

Yield: 4.696 per cent. 
 ISIN
Code: BE6245875453 
 Common Code: 086010054 (the Bonds) 

for an expected minimum amount of EUR 200,000,000 and a maximum amount of EUR 300,000,000 

Issue Date: 12 December 2012 

Subscription Period: from 30 November 2012 until 5 December 2012 included (subject to early closing) 

Application has been made for the Bonds to be listed on the official list of the Luxembourg Stock 

Exchange and admitted to trading on the regulated market of the Luxembourg Stock Exchange 

Global Coordinator 
 KBC
Bank NV 
 Joint Lead Managers 
  

			
	KBC Bank NV	 	Belfius Bank NV/SA
	
	 Co-lead Managers

	Petercam SA	 	Bank Degroof NV

 The date of this Prospectus is 27 November 2012 

  
 1 

 Omega Pharma Invest NV, a public limited liability company (naamloze vennootschap / societe anonyme)
incorporated under Belgian law, having its registered office at Venecoweg 26, 9810 Nazareth, Belgium, registered with the Crossroads Bank for Enterprises under number 0439.658.834, commercial court of Ghent (the Issuer or the Company) intends to
issue the Bonds for an expected minimum amount of EUR 200,000,000 and a maximum amount of EUR 300,000,000. The Bonds will bear interest at the rate of 5.125 per cent. per annum, subject to Condition 5.1 (Interest Rate and Interest Payment
Dates). Interest on the Bonds is payable annually in arrear on the Interest Payment Dates (as defined below) falling on, or nearest to 12 December in each year. The first payment on the Bonds will occur on 12 December 2013, and the
last payment oil 12 December 2017. The Bonds will mature on 12 December 2017. 
 KBC Bank NV (having its registered office at Havenlaan 2, B-1080
Brussels) (KBC Bank) and Belfius Bank NV/SA (having its registered office at Pachecolaan 44, B-1000 Brussels) (Belfius Bank) are acting as joint lead managers (the Joint Lead Managers and each a Joint Lead Manager) and
Bank Degroof NV (having its registered office at Nijverheidstraat 44, B-1040 Brussels) (Bank Degroof) and Petercam SA (having its registered office at Place Sainte-Gudule 19, B-1000 Brussels) (Petercam) are acting as co-lead managers
(the Co-lead Managers and each a Co-lead Manager) (the Joint Lead Managers and the Co-lead Managers are together referred to as the Managers and each a Manager) for the purpose of the offer of the Bonds to the public in
Belgium and the Grand Duchy of Luxembourg (the Public Offer). KBC Bank NV has been appointed as sole global coordinator (the Global Coordinator) and domiciliary, calculation, paying and listing agent for the purposes of the Public
Offer, both in Belgium as in the Grand Duchy of Luxembourg. 
 The denomination of the Bonds shall be EUR 1,000. 

This listing and offering prospectus dated 27 November 2012 (the Prospectus) was approved on 27 November 2012 by the Commission de
Surveillance du Secteur Financier (the CSSF) in its capacity as competent authority under the Luxembourg law dated 10 July 2005 relating to prospectus for securities, as amended (the Luxembourg Prospectus Law). This approval cannot
be considered as a judgment as to the opportunity or the quality of the transaction, nor on the situation of the Issuer and the CSSF gives no undertaking as to the economic and financial soundness of the transaction and the quality or solvency of
the Issuer, in line with the provisions of article 7 (7) of the Luxembourg Prospectus Law. The CSSF will notify the Prospectus to the Belgian Financial Services and Markets Authority (Autoriteit voor Financiele Markten en Diensten/Autorite
des services et marches financiers) (FSMA) together with a certificate of approval from the CSSF in relation to the Prospectus and a translation of the summary in Dutch and French. Application has also been made to the Luxembourg Stock
Exchange for the Bonds to be listed on the official list of the Luxembourg Stock Exchange. References in this Prospectus to the Bonds being listed (and all related references) shall mean that the Bonds have been listed on the official list of
the Luxembourg Stock Exchange and admitted to trading on the Luxembourg Stock Exchange’s regulated market. The Luxembourg Stock Exchange’s regulated market is a regulated market for the purposes of Directive 2004/39/EC of the European
Parliament and of the Council of 21 April 2004 on markets in financial instruments, as amended. Prior to the offering of the Bonds referred to in this Prospectus, there has been no public market for the Bonds. This Prospectus will be published
on the website of the Luxembourg Stock Exchange (www.bourse.lu). 
 The Prospectus is a prospectus for the purposes of Article 5 (3) of
Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC, as amended (the
Prospectus Directive) and the Luxembourg Prospectus Law. This Prospectus has been prepared in accordance with the Luxembourg Prospectus Law and Commission Regulation (EC) 809/2004 of 29 April 2004 implementing the Prospectus Directive,
as amended (the Prospectus Regulation). It intends to give the information with regard to the Issuer and the Bonds, which according to the particular nature of the Issuer and the Bonds, is necessary to enable investors to make an informed
assessment of the rights attaching to the Bonds and of the assets and liabilities, financial position, profit and losses and prospects of the Issuer. 

  
 2 

 The Bonds will be issued in dematerialised form (gedematerialiseerd / dematerialise) under the Belgian
Company Code (Wetboek van Vennootschappen/Code des Societes) (the Belgian Company Code) and cannot be physically delivered. The Bonds will be represented exclusively by book entries in the records of the X/N securities and cash
clearing system operated by the National Bank of Belgium (the NBB) or any successor thereto (the Clearing System). Access to the Clearing System is available through those of its Clearing System participants whose membership extends to
securities such as the Bonds. Clearing System participants include certain banks, stockbrokers (beursvennootschappen/societes de bourse), Euroclear Bank SA/NV (Euroclear) and Clearstream Banking, societe anonyme, Luxembourg
(Clearstream, Luxembourg). Accordingly, the Bonds will be eligible to clear through, and therefore accepted by, Euroclear and Clearstream, Luxembourg and investors can hold their Bonds within securities accounts in Euroclear and Clearstream,
Luxembourg. 
 Unless otherwise stated, capitalised terms used in this Prospectus have the meanings set forth in this Prospectus. Where reference is made to
the Conditions of the Bonds or to the Conditions, reference is made to the Terms and Conditions of the Bonds. 
 In this Prospectus,
references to we, Omega Pharma Invest or the Group shall be construed as reference to the Issuer and its Subsidiaries (as defined below). 

An investment in the Bonds involves certain risks. Prospective investors should refer to the section entitled “Risk Factors” on page 23 for an
explanation of certain risks of investing in the Bonds. 
 RESPONSIBLE PERSON 

The Issuer (the Responsible Person), having its registered office at Venecoweg 26, 9810 Nazareth, Belgium accepts responsibility for the information
contained in this Prospectus. To the best of the knowledge of the Issuer (having taken all reasonable care to ensure that such is the case), the information contained in this Prospectus is in accordance with the facts and does not omit anything
likely to affect the import of such information. 
 This Prospectus has been prepared in English. The summary of the Prospectus has also been translated
into Dutch and French. The Issuer is responsible for the consistency between the English, Dutch and French version of the summary of the Prospectus. In connection with the offering of the Bonds, in case of inconsistencies between the language
versions, the English version shall prevail. 
 PUBLIC OFFER IN BELGIUM AND THE GRAND DUCHY OF LUXEMBOURG 

This Prospectus has been prepared in connection with the Public Offer (as defined above) and with the listing on the official list of the Luxembourg Stock
Exchange and the admission to trading of the Bonds on the regulated market of the Luxembourg Stock Exchange. The Issuer has requested the CSSF to provide the competent authority in Belgium with a certificate of approval attesting that the Prospectus
has been drawn up in accordance with the Luxembourg Prospectus Law. This Prospectus has been prepared on the basis that any offer of Bonds in any Member State of the European Economic Area which has implemented the Prospectus Directive (each, a
Relevant Member State) other than offers in Belgium and the Grand Duchy of Luxembourg (the Permitted Public Offer), will be made pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant Member State,
from the requirement to publish a prospectus for offers of Bonds. Accordingly any person making or intending to 

  
 3 

 
make an offer in that Relevant Member State of Bonds which are the subject of the offering contemplated in this Prospectus, other than the Permitted Public Offer, may only do so in circumstances
in which no obligation arises for the Issuer or the Managers to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such
offer. Neither the Issuer nor the Managers have authorised, nor do they authorise, the making of any offer (other than the Permitted Public Offer) of Bonds in circumstances in which an obligation arises for the Issuer or the Managers to publish or
supplement a prospectus for such offer. 
 This Prospectus is to be read in conjunction with all the documents which are incorporated herein by reference
(see “Documents Incorporated by Reference”). 
 This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy the
Bonds in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The distribution of this Prospectus and the offer or sale of Bonds may be restricted by law in certain jurisdictions. The Issuer
and the Managers do not represent that this Prospectus may be lawfully distributed, or that the Bonds may be lawfully offered, in compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an exemption
available thereunder, or assume any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by the Issuer or the Managers which is intended to permit a public offering of the Bonds or the
distribution of this Prospectus in any jurisdiction where action for that purpose is required. Accordingly, no Bonds may be offered or sold, directly or indirectly, and neither this Prospectus nor any advertisement or other offering material may be
distributed or published in any jurisdiction, except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession this Prospectus or any Bonds may come must inform themselves about, and
observe, any such restrictions on the distribution of this Prospectus and the offering and sale of Bonds. 
 The Issuer authorises that this Prospectus may
be used for the purposes of a public offer during the Subscription Period (regardless of a possible early termination as specified in Part XII: Subscription and Sale below) in Belgium and the Grand Duchy of Luxembourg, by any credit institution
authorised pursuant to Directive 2006/48/EC or any investment firm authorised pursuant to Directive 2004/39/EC to conduct such offers (a Financial Intermediary). 

Any Financial Intermediary envisaging to use this Prospectus in connection with a Permitted Public Offer is obliged to state on its website, during the
relevant subscription period, that this Prospectus is used for a Permitted Public Offer with the authorisation of the Issuer and in accordance with the relevant applicable conditions. 

If, during the period for which the Issuer authorised the use of this Prospectus, a public offer was made in Belgium or the Grand Duchy of Luxembourg, the
Issuer accepts responsibility for the content of this Prospectus as set out below. Neither the Issuer, nor any Manager can be held responsible or liable for any act or omission from any Financial Intermediary, including compliance with any rules of
conduct or other legal or regulatory requirements under or in connection with such public offer. 
 Neither the Issuer nor any Manager has authorised any
public offer of the Bonds by any person in any circumstance and such person is under no circumstance authorised to use this Prospectus in connection with a public offer of the Bonds, unless (i) the public offer is made by a Financial
Intermediary, or (ii) the public offer is made within an exemption from the requirement to publish a prospectus under the Prospectus Directive. Any such unauthorised public offer is not made by or on behalf of the Issuer or any Manager and the
Issuer nor any Manager can be held responsible or liable for the actions of any such person engaging in such unauthorised public offers. 

  
 4 

 Each offer and each sale of the Bonds by a Financial Intermediary will be made in accordance with the terms
and conditions agreed between a Financial Intermediary and the investor, including in relation to the price, the allocation and the costs and/or taxes to be borne by an investor. The Issuer is not a party to any arrangements or terms and conditions
in connection with the offer and sale of the Bonds between the Financial Intermediary and an investor. This Prospectus does not contain the terms and conditions of any Financial Intermediary. The terms and conditions of the Managers are however
included in this Prospectus (see Part XII: Subscription and Sale). The terms and conditions in connection with the offer and sale of the Bonds will be provided to any investor by a Financial Intermediary during the Subscription Period. The Issuer
nor any Manager can be held responsible or liable for any such information. 
 For a description of further restrictions on offers and sales of Bonds
and distribution of this Prospectus see Part XII: Subscription and Sale below. 
 No person is or has been authorised to give any information or to make any
representation not contained in or not consistent with this Prospectus and any information or representation not so contained or inconsistent with this Prospectus or any other information supplied in connection with the Bonds and, if given or made,
such information must not be relied upon as having been authorised by or on behalf of the Issuer or the Managers. Neither the delivery of this Prospectus nor any sale made in connection herewith shall, under any circumstances, create any implication
that the information contained in this Prospectus is true subsequent to the date hereof or otherwise that there has been no change in the affairs of the Issuer since the date hereof or the date upon which this Prospectus has been most recently
amended or supplemented or that there has been no adverse change, or any event likely to involve any adverse change, in the condition (financial or otherwise) of the Issuer since the date hereof or, if later, the date upon which this Prospectus has
been most recently amended or supplemented or that the information contained in it or any other information supplied in connection with the Bonds is correct at any time subsequent to the date on which it is supplied or, if different, the date
indicated in the document containing the same. The Managers and the Issuer expressly do not undertake to review the financial condition or affairs of the Issuer during the life of the Bonds. 

Neither this Prospectus nor any other information supplied in connection with the offering of the Bonds (a) is intended to provide the basis of any
credit or other evaluation or (b) should be considered as a recommendation by the Issuer or the Managers that any recipient of this Prospectus or any other information supplied in connection with the offering of the Bonds should purchase any
Bonds. Each investor contemplating a purchase of the Bonds should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer. Neither this Prospectus nor any other
information supplied in connection with the offering of the Bonds constitutes an offer or invitation by or on behalf of the Issuer or the Managers to any person to subscribe for or to purchase any Bonds. 

Save for the Issuer, no other party has independently verified the information contained herein. Accordingly, no representation, warranty or undertaking,
express or implied, is made and no responsibility or liability is accepted by the Managers as to the accuracy or completeness of the information contained or incorporated in this Prospectus or any other information in connection with the Issuer or
the offering of the Bonds. The Managers do not accept any liability, whether arising in tort or in contract or in any other event, in relation to the information contained or incorporated by reference in this Prospectus or any other information in
connection with the Issuer, the offering of the Bonds or the distribution of the Bonds. 
 The Bonds have not been and will not be registered under the
United States Securities Act of 1933, as amended (the Securities Act), or the securities laws of any state or other jurisdiction of the United States. 

  
 5 

 
The Bonds are being offered and sold solely outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act (Regulation S). The Bonds may not be offered,
sold or delivered within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S) unless they have been so registered or pursuant to an available exemption from the registration requirements of the
Securities Act. For a further description of certain restrictions on the offering and sale of the Bonds and on the distribution of this document, see Part XII: Subscription and Sale below. 

All references in this document to euro, EUR and € refer to the currency introduced at the start of the third stage of European economic and
monetary union pursuant to the Treaty establishing the European Community, as amended. 

  
 6 

 WARNING 

The Prospectus has been prepared to provide information on the Public Offer. When potential investors make a decision to invest in the Bonds, they should base
this decision on their own research of the Issuer and the conditions of the Bonds, including, but not limited to, the associated benefits and risks, as well as the conditions of the Public Offer itself. The investors must themselves assess, with
their own advisors if necessary, whether the Bonds are suitable for them, considering their personal income and financial situation. In case of any doubt about the risk involved in purchasing the Bonds, investors should abstain from investing in the
Bonds. 
 The summaries and descriptions of legal provisions, taxation, accounting principles or comparisons of such principles, legal company forms or
contractual relationships reported in the Prospectus may in no circumstances be interpreted as investment, legal or tax advice for potential investors. Potential investors are urged to consult their own advisor, bookkeeper, accountant or other
advisors concerning the legal, tax, economic, financial and other aspects associated with the subscription to the Bonds. 
 In the event of important new
developments, material errors or inaccuracies that could affect the assessment of the securities, and which occur or are identified between the time of the approval of the Prospectus and the final closure of the Public Offer, or, if applicable, the
time at which trading on a regulated market of the Luxembourg Stock Exchange commences, the Issuer will have a supplement to the Prospectus published containing this information. This supplement will (i) need to be approved by the CSSF and
(ii) be published in compliance with at least the same regulations as the Prospectus and applicable law, and will be published on the websites of the Issuer (within the section “Omega Pharma Invest Prospectus”)
www.omegapharmainvest.com, KBC Bank (www.kbc.be), Belfius Bank (www.belfius.be), Bank Degroof (www.degroof be), Petercam (www.petercam.be) and on the website of the Luxembourg Stock Exchange (www.bourse.lu).
The Issuer must ensure that any such supplement is published as soon as possible after the occurrence of such new significant factor. 
 Investors who have
already agreed to purchase or subscribe to securities before the publication of the supplement to the Prospectus, have the right to withdraw their agreement during a period of two working days commencing on the day after the publication of the
supplement. 
 FURTHER INFORMATION 
 For
more information about the Issuer, please contact: 
 Omega Pharma Invest NV 

Venecoweg 26 
 B-9810 Nazareth 

Tel.: 0032 9 381 02 15 
 www.omegapharmainvest.com 

  
 7 

 CONTENTS 
  

					
	 	  	Page	 
		
	 PART I: Summary
	  	 	9	  
		
	 PART II: Risk Factors
	  	 	26	  
		
	 PART III: Documents Incorporated by Reference
	  	 	43	  
		
	 PART IV: Terms and Conditions of the Bonds
	  	 	44	  
		
	 PART V: Clearing
	  	 	66	  
		
	 PART VI: Description of the Issuer
	  	 	67	  
		
	 PART VII: Management and Corporate Governance
	  	 	86	  
		
	 PART VIII: Major Shareholders and Related Par Transactions Shareholders
	  	 	88	  
		
	 PART IX: Financial Information Concerning the Issuer’s Assets and Liabilities, Financial Position and Profit and
Losses
	  	 	92	  
		
	 PART X: Use of Proceeds
	  	 	94	  
		
	 PART XI: Taxation
	  	 	95	  
		
	 PART XII: Subscription and Sale
	  	 	103	  
		
	 PART XIII: General Information
	  	 	111	  
		
	 Form of Change of Control Put Exercise Notice
	  	 	113	  

  
 8 

 PART I: SUMMARY 

The summary has been prepared in accordance with the content and format requirements of the Prospectus Regulation, as recently amended. 

Summaries are made up of disclosure requirements known as ‘Elements.’ These elements are numbered in Section A-E (A.1-E.7). 

This summary contains all the Elements required to be included in a summary for this type of securities and Issuer. Because some Elements are not required
to be addressed, there may be gaps in the numbering sequence of the Elements. 
 Event though an Element may be required to be inserted in the
summary because of the type of securities and Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element is included in the summary with the mention of ‘not
applicable.’ 
 Section A — Introduction and warnings 

A. This summary should be read as an introduction to the Prospectus and any decision to invest in the Bonds should be based on consideration of the Prospectus
as a whole by the investor. Where a claim relating to the information contained in the Prospectus is brought before a court in any Member State of the European Economic Area, the plaintiff investor might, under the national legislation of the Member
State of the European Economic Area, have to bear the costs of translating the Prospectus before the legal proceedings are initiated. Civil liability attaches only to those persons who have tabled the summary including any translation thereof, but
only if the summary is misleading, inaccurate or inconsistent, when read together with the other parts of the Prospectus or it does not provide, when read together with the other parts of the Prospectus, key information in order to aid investors
when considering whether to invest in such Bonds. 
 A.2 The Issuer authorises that this Prospectus may be used for the purposes of a public offer during
the period starting from 30 November 2012 and ending on 5 December 2012 (regardless of a possible early termination as specified in Part XII: Subscription and Sale below) in Belgium and the Grand Duchy of Luxembourg, by any credit
institution authorised pursuant to Directive 2006/48/EC or any investment firm authorised pursuant to Directive 2004/39/EC to conduct such offers (a Financial Intermediary). 

Each offer and each sale of the Bonds by a Financial Intermediary will be made in accordance with the terms and conditions agreed between a Financial
Intermediary and the investor, including in relation to the price, the allocation and the costs and/or taxes to be borne by an investor. The Issuer is not a party to any arrangements or terms and conditions in connection with the offer and sale of
the Bonds between the Financial Intermediary and an investor. This Prospectus does not contain the terms and conditions of any Financial Intermediary. The terms and conditions of the Managers are however included in this Prospectus (see Part XII:
Subscription and Sale). The terms and conditions in connection with the offer and sale of the Bonds will be provided to any investor by a Financial Intermediary during the period starting from 30 November 2012 and ending on 5 December
2012. 

  
 9 

													
	Section B — Issuer	  	  			
			
	B.1	  	Legal and commercial name of the Issuer	  	Omega Pharma Invest N V	  
			
	B.2	  	Domicile/Legal/Form/Legislation/Country of incorporation	  	The Issuer is a public limited liability company (naamloze vennootschap / societe anonyme) incorporated under Belgian law, having its registered office at Venecoweg 26, 9810 Nazareth, Belgium.	    
			
	B.4b	  	Trends	  	The Issuer is a holding company with as sole activity the holding and managing of its only asset, a 100% (less treasury shares and one share which shall be held by an affiliate) participation in the share capital of
Omega Pharma NV. Omega Pharma NV and its subsidiaries (the OP Operating Group, and together with the Issuer, the Group) are operating in the Over-The-Counter (OTC) health market, which covers medicines, health and personal care products to which the
end-consumer has direct access without a medical prescription. Industry analysts expect the global OTC market to grow at mid-single digit percentages over the coming years. As OTC products do not require the long and more risky investments required
for research-based medicines, the OTC sector is characterised by steady cash flows. The OP Operating Group has been posting gross margins of around 50 per cent. of net sales over the past years, and has recently acquired a number of European OTC
brands with significant higher gross margins. The recently acquired brands from GSK generated over EUR 200 million of revenue in 2011, while the OP Operating Group’s 2011 revenue amounted up to EUR 900 million. Consequently, the Group is
reasonably expected to generate growing cash flows in the future. Therefore, stable dividends from Omega Pharma NV are anticipated for the Issuer.	                
			
	B.5	  	Group	  	The Issuer is the parent holding company of Omega Pharma NV and its subsidiaries whose main activity is the marketing of pharmaceuticals — including generics — as well as personal care and health products. All
Subsidiaries, except for (i) the 81.5 per cent. Shareholdings in Interdelta SA, (ii) the 50 per cent. Shareholdings in Modi Omega Pharma (India) Private Limited and (iii) the 51 per cent. shareholdings in OmegaLabs Ltd., are 100 per cent. Owned,
directly or indirectly, by the Issuer.	       
			
	B.9	  	Profit forecast/estimate	  	Not Applicable; no profit forecasts or estimates have been made by the Issuer.	  
			
	B.10	  	Qualifications audit report	  	Not applicable; there are no qualifications in any auditor report on the historical financial information included in the Prospectus.	   
	B.12	  	Key Financial
Information/
material adverse
changes	  	 Consolidated Balance sheet

(in thousand euro) (IFRS)
	  	31 December 2010	 	  	31 December 2011	 
		  		  	Total Assets	  	 	1,511,435	  	  	 	1,495,714	  
		  		  	Non-current assets	  	 	1,152,641	  	  	 	1,137,140	  
		  		  	Current assets	  	 	356,845	  	  	 	356,999	  
		  		  	Equity	  	 	763,572	  	  	 	633,206	  
		  		  	Total Liabilities	  	 	747,863	  	  	 	862,507	  
		  		  	Non-current liabilities	  	 	172,317	  	  	 	549,417	  
		  		  	Current Liabilities	  	 	575,546	  	  	 	313,090	  

  
 10 

													
	 	  	 	  	 Consolidated income Statement (in thousand euro)
	  	Annual Accounts 2010	 	  	Annual Accounts 2011	 
	  	  	Net Sales	  	 	856,610	  	  	 	900,551	  
	  	  	Gross Margin	  	 	437,200	  	  	 	454,397	  
	  	  	Operating profit (EBIT)	  	 	107,527	  	  	 	80,761	  
	  	  	Financial Income	  	 	970	  	  	 	2,524	  
	  	  	Financial cost	  	 	-24,141	  	  	 	-31,559	  
	  	  	Result from continuing activities before income tax	  	 	84,356	  	  	 	51,726	  
	  	  	Result from continuing operations after income tax	  	 	69,105	  	  	 	35,691	  
	  	  	Result after income tax	  	 	72,323	  	  	 	41,762	  
	  	  	EBITDA	  	 	128,888	  	  	 	109,803	  
					
	 	  	 	  	 Consolidated Balance sheet (in thousand euro) (IFRS)
	  	30 June 2011	 	  	30 June 2012	 
	  	  	Total Assets	  	 	1,564,501	  	  	 	1,968,912	  
	  	  	Non-current assets	  	 	1,122,129	  	  	 	1,532,330	  
	  	  	Current assets	  	 	368,306	  	  	 	435,007	  
	  	  	Equity	  	 	768,237	  	  	 	590,001	  
	  	  	Total Liabilities	  	 	775,804	  	  	 	1,378,912	  
	  	  	Non-current liabilities	  	 	172,899	  	  	 	973,507	  
	  	  	Current Liabilities	  	 	602,905	  	  	 	405,405	  
					
	 	  	 	  	 Consolidated income statement (in thousand euro)
	  	January-June 2011	 	  	January-June 2012	 
	  	  	Net Sales	  	 	454,454	  	  	 	471,189	  
	  	  	Gross Margin	  	 	231,275	  	  	 	244,735	  
	  	  	Operating profit	  	 	37,804	  	  	 	48,499	  
	  	  	Finance Income	  	 	586	  	  	 	652	  
	  	  	Financial cost	  	 	-11,507	  	  	 	-24,687	  
	  	  	Result from continuing activities before income tax	  	 	26,883	  	  	 	24,464	  
	  	  	Result from continuing operations after income tax	  	 	21,992	  	  	 	17,734	  
	  	  	Result after income tax	  	 	22,747	  	  	 	17,734	  
	  	  	  
 There has been no material adverse change in the prospects
of the Issuer since the date of its last audited financial statements, i.e. 31 December 2011.
	 
    

			
		  		  	There has been no significant change in the financial or trading position of the OP Operating Group since 30 June 2012 (being the end of the latest financial period of Omega Pharma for which interim financial information
has been published).	    
			
		  		  	There has been no significant change in the financial or trading position of the Issuer since 30 June 2012 (being the end of the latest financial period of the Issuer for which interim financial information has been
published).	    
			
	B.13	  	Recent Events	  	Not Applicable; there are no recent events particular to the Issuer which are to a material extent relevant to the evaluation of the Issuer’s solvency.	   

  
 11 

					
	B.14		Dependence on other entities within the Group		At the date of the Prospectus, the Issuer is a holding company with as sole activity the holding and managing of its only asset, a 100% participation in the share capital of Omega Pharma NV (less treasury shares and one share which
shall be held by an affiliate). Apart from capital increases and loans granted to it. The Issuers sole source of cash comes from distributions by Omega Pharma NV to the Issuer, essentially in the form of dividends.
			
	B.15		Principal Activities of the Issuer		The Issuer is the parent holding company of Omega Pharma NV and its subsidiaries whose main activity is the marketing of pharmaceuticals — including generics — as well as personal care and health products.
			
	B.16		Control		Except for treasury shares, the shares of the Issuer are held by Alychlo NV, Holdco I BE NV and the management of the Group.
			
					Marc Coucke is the principal shareholder, the chairman of the board of directors and managing director of Alychlo NV.
			
					Holdco I BE By, a private company under Dutch law holds 61.58 per cent. of the shares of Holdco 1 BE NV. Waterland Private Equity Fund V CV, partnership with limited liability under Dutch law, holds all shares of Holdco I BE BV. Hao
Investments Sàrl, a limited company under Luxembourg law, holds 38.42 per cent. of the shares of Holdco I BE NV.
			
					The shareholders of Hao Investments Sid consist of a number of investment funds advised or administrated by Hamilton Lane Advisors LLC, HarbourVest Partners LLC and StepStone Group LLC.
			
	B.17		Credit ratings		Not applicable; the Issuer is not rated. The Bonds are not rated and the Issuer does not intend to request a rating for the Bonds.
	
	Section C — Securities
			
	C.1		Description of the Bonds and security identification numbers		5.125 per cent. fixed rate Bonds due 12 December 2017 denominated in euro.
			
					ISIN BE6245875453 - Common Code 086010054
			
	C.2		Settlement Currency		EUR
			
	C.5		Transferability		Subject to the restrictions in all jurisdictions in relation to offers, sales or transfers, the Bonds are freely transferrable in accordance with the Belgian Company Code.

  
 12 

					
	C.8		Description of rights attached to the Bonds		
			
			Status		The Bonds constitute direct, unconditional, unsubordinated and (subject to the Negative Pledge) unsecured obligations of the Issuer and rank and will at all times rank pari passu, without any preference among themselves, and equally
with all other existing and future unsecured obligations of the Issuer that are unsubordinated to the Bonds, save for such obligations that may be preferred by provisions of law that are mandatory and of general application.
			
			Issue Date		12 December 2012
			
			Issue Price		EUR 1,018.75 per Bond
			
			Specified Denomination		EUR 1,000 per Bond
			
			Events of Default		Events of Default under the Bonds include (i) non-payment of principal or interest in respect of the Bonds, (ii) breach of other obligations relating to the Bonds, the Agency Agreement or the Clearing Agreement, (iii) cross-default,
(iv) cross-acceleration, (v) insolvency, (vi) reorganisation, (vii) unlawfulness and (viii) delisting of the Bonds.
			
			Cross-Default and Negative Pledge		Cross-Default of the Issuer or a subsidiary:
			
					(i) any present or future indebtedness of the Issuer or any of its subsidiaries is not paid on its due date or, as the case may be, within any originally applicable grace period; or (ii) any such present or future indebtedness
becomes due and payable prior to its stated due date by reason of an event of default (however described), provided that any applicable stand-still period has expired and there has been no waiver or discharge of the event of default; or (iii) the
Issuer or any of its subsidiaries fails to pay when due, or as the case may be, within any originally applicable grace period, any amount payable by it under any present or future guarantee for, or indemnity in respect of, any present or future
indebtedness, provided that the aggregate amount of the relevant present or future indebtedness, guarantees and indemnity in respect of which one or more of the events mentioned above in this paragraph have occurred equals or exceeds EUR 15,000,000
or its equivalent in any other currency or currencies;

  
 13 

					
					Negative Pledge
			
					So long as any Bond remains outstanding, the Issuer: (a) will not create or permit to subsist any mortgage, charge, pledge, lien or other form of encumbrance or security interest, including, without limitation, anything analogous to
any of the foregoing under the laws of any jurisdiction (Security) upon the whole or any part of its undertaking, assets or revenues present or future to secure any present or future indebtedness in whatever form of the Issuer or a subsidiary or to
secure any guarantee of or indemnity in respect of any present or future indebtedness in whatever form (Relevant Debt) of the Issuer or a subsidiary; (b) will procure that no subsidiary creates or permits to subsist any Security upon the whole or
any part of its undertaking, assets or revenues present or future to secure any Relevant Debt of the Issuer or any present or future indebtedness in the form of, or represented by, bonds, notes, debentures or other securities (Relevant Bond Debt) of
a subsidiary or to secure any guarantee of or indemnity in respect of a Relevant Debt of the Issuer or a Relevant Bond Debt of a subsidiary; and (c) will not give, and will procure that no subsidiary (determined at the time of incurrence) gives
any guarantee of, or indemnity in respect of any of the Relevant Debt of the Issuer or the Relevant Bond Debt of a subsidiary; unless, at the same time or prior thereto, the Issuer’s obligations under the Bonds are secured equally and rateably
therewith or benefit from a guarantee or indemnity in substantially the same terms thereto (including, for the avoidance of doubt, any terms providing for the automatic addition and release of any such security, guarantees or indemnities), as the
case may be, or have the benefit of such other Security, guarantee, indemnity or other arrangement as shall be approved by a general meeting of the Bondholders; provided that this will not apply to any Security or guarantee existing at the time of
an acquisition or coming into existence by operation of law, or in respect of any US private placement of Omega Pharma NV or any of its subsidiaries up to an aggregate principal amount of EUR 325,000,000.
			
			Meeting of Bondholders		The Conditions of the Bonds contain provisions for calling meetings of Bondholders to consider matters affecting their interest generally. The provisions permit defined majorities to bind all Bondholders including Bondholders who
did not attend and vote at the relevant meeting and Bondholders who voted in a manner contrary to the majority.
			
	C.9		Further description of rights attached to the Bonds (see also Element C.8)		Please also see Element C.8 above for additional information.

  
 14 

					
			Interest		Each Bond bears interest from (and including) the Issue Date at the rate of 5.125 per cent. per annum per Specified Denomination (the Standard Rate of Interest) plus any applicable changes in the rate of interest as a result of a
Financial Condition Step-Up Change or a Financial Condition Step-Down Change (Financial Condition Step-Up Change and Financial Condition Step-Down Change), (the Standard Rate of Interest together with any such changes, the Applicable Rate of
Interest).
			
			Interest Payment Date		12 December of each year, starting from 12 December 2013 up to 12 December 2017.
			
			Financial Condition Step-Up Change and Financial Condition Step-Down Change		A Financial Condition Step-Up Change shall occur if the Consolidated Leverage for the Relevant Period exceeds 5.10:1 or the Stand-Alone Leverage for the Relevant Period exceeds 3.00:1. A Relevant Period is each period of 12 Months
ending on the last day of a financial year of the Issuer and each period of 12 Months ending on the last day of a financial half year of the Issuer.
			
					A Financial Condition Step-Up Change shall result in an increase of the Applicable Rate of Interest by 1 per cent. per annum with effect from and including the Interest Period commencing on the first Interest Payment Date following
the date on which the Financial Condition Step-Up Change occurred. A Financial Condition Step-Down Change, following a Financial Condition Step-Up Change, shall result in a decrease of the Applicable Rate of Interest by 1 per cent. per annum with
effect from and including the Interest Period commencing on the first Interest Payment Date following the date on which the Financial Condition Step-Down Change occurred. If a Financial Condition Step-Up Change and, subsequently, a Financial
Condition Step-Down Change occur, before the same next Interest Payment Date, the Applicable Rate of Interest shall neither be increased nor decreased as a result of either such event. If a Financial Condition Step-Down Change and, subsequently, a
Financial Condition Step-Up Change occur, before the same next Interest Payment Date, the Applicable Rate of Interest shall neither be decreased nor increased as a result of either such event. No Financial Condition Step-Up Change will occur and the
Applicable Rate of Interest will not be increased if the Applicable Rate of Interest has already been increased pursuant to the Step-Up Change and has not been decreased pursuant lo the Step-Down Change.
			
			Yield		1.1 per cent.
			
			Maturity Date		12 December 2017
			
			Redemption Amount at Maturity Date		The Bonds will be redeemed at 100 per cent. of the nominal amount.

  
 15 

					
			Early Redemption		
			
					 •  The Bonds may be redeemed early following an Event of Default (see above) (at 100 per cent. of the nominal
amount).

			
					 •  Bonds will be redeemable at the option of the Bondholders prior to maturity in the case of an Early Redemption Event.
If Bondholders submit Put Redemption Notices in respect of at least 85 per cent. of the aggregate principal amount of the outstanding Bonds, all (but not some only) of the Bonds may be redeemed at the option of the Issuer prior to maturity (at the
Put Redemption Amount). An Early Redemption Event shall occur if a Change of Control occurs.

			
			Put Redemption Amount		The Put Redemption Amount which is applicable in the case of an Early Redemption Event will be the lesser of (i) 101 per cent. or (ii) 100 per cent. multiplied with the exponential function of T times 0.74720148386 per cent., that
would result in the gross actuarial yield of an investor between the Issue Date and the redemption date not exceeding the interest rate plus 0.75 points.
			
			Name of the representative of the security holders		Not applicable; there will be no representative of the security holders.
			
	C.10		Derivative component in the interest payment		Not applicable; there is no derivative component in the interest payment.
			
	C.11		Listing and admission to trading		An application has been made with the Luxembourg Stock Exchange to list the Bonds on the official list of the Luxembourg Stock Exchange and to admit the Bonds to trading on the regulated market of the Luxembourg Stock
Exchange.
	
	Section D — Risks
			
	D.2		Risks specific to the Issuer and the Group		 •  The Issuer is a holding company with its participation in Omega Pharma as its sole asset, and therefore, its
ability to meet its financial obligations under the Bonds will largely depend on the cash flows from the OP Operating Group and the dividends from Omega Pharma.

			
					 •  If the Group would become unable to access funds required for refinancing its debt under the Bonds or only at
unfavourable conditions, the ability of the Issuer to meet its financial obligations under the Bonds could be adversely impacted.

  
 16 

					
					 •  Omega Pharma NV and its subsidiaries have a substantial outstanding financial debt. The OP Operating
Group also has to pay principal and interests on its existing debt financing, which is subject to a number of covenants and restrictions. In the case of a default or breach which is not remedied or cured, Omega Pharma NV’s ability to upstream
cash to the Issuer, Omega Pharma Invest, could be restricted.

			
					 •  Global economic environment — Although the Group seeks to protect itself against
economic and cyclical risks by being active in different regions and by adopting a specific product mix in each of these regions, a continued economic weakness may have a material adverse effect on the Group’s sales, results of operations and
financial condition.

			
					 •  Product risks — Production errors and regulatory issues can bring about severe problems (e.g.
product withdrawal, claims,...), which can render the commercialisation of one or more of the Group’s products difficult or impossible. This can have an important impact on the OP Operating Group’s financial situation, and therefore also
on the Issuer’s financial position.

			
					 •  Authorisation to sell — For the vast majority of the types of products the OP
Operating Group markets, an authorisation is required prior to introducing these products on the market.

			
					 •  Dependency on the Belgian government policy related to generic medicines — Omega
Pharma NV is the Belgian distributor of the generic medicines of Eurogenerics (EG), a subsidiary of Stada. The EG products require a doctor’s prescription for retail supply. The turnover of these products depends to a large degree on the policy
that the Belgian government is applying for generic medicines.

			
					 •  Dependency on distribution and licensing agreements — Distribution and licensing
agreements, when terminated or altered, may have a significant impact on the evolution of the OP Operating Group’s turnover and profitability.

			
					 •  Risks inherent to acquisitions — With any acquisition, there is a risk that
corporate cultures do not match, expected synergies do not fully materialise, restructurings prove to be more costly than initially anticipated or acquired companies prove to be more difficult to integrate than foreseen.

			
					 •  Goodwill is an important part of the Group’s balance sheet — The OP Operating
Group’s acquisitions in recent years generated substantial goodwill. Additional goodwill may arise as a result of further acquisitions. Downturns on sales and profitability can trigger impairment testing and lead to impairment
charges.

  
 17 

					
					 •  Integration of the GSK Acquisition—In June 2012, Omega Pharma NV acquired an important portfolio
of European OTC brands from GSK. The combination of both businesses or integration of the GSK assets may meet unexpected difficulties and the acquired business may not develop as expected.

			
					 •  Projections contained in the business plan—The Group makes use of all internally available
information for developing forecasts for the sector generally and its own operations in particular. No guarantee can, however, be given that the projections included in these plans will occur as anticipated. In such case, this may have a materially
adverse effect on the Group’s business operations, financial position, prospects and/or operational results, and therefore also on the Issuer’s financial position.

			
					 •  Market price fluctuations—It cannot be excluded that the raw materials for OTC products become
considerably more expensive which may significantly impact the Group’s profitability in a negative way.

			
					 •  Inventory related risks—The emergence of a disruptive technology or a sudden change in customer
preferences or a changing consumer confidence in a market environment that is characterised by high innovation, may lead to the need to write down part of the inventory of the OP Operating Group.

			
					 •  Innovation risks—In the event that the OP Operating Group is unable to maintain a high pace of
innovation and thereby fails to create the innovative solutions required to meet the needs of the market, its business operations, financial position, prospects and/or operational results, and therefore also the Issuer’s financial position,
could be materially adversely affected.

			
					 •  Risk of inadequate protection of brand and other intellectual property rights—The OP Operating
Group relies on a combination of trade marks, trade names, confidentiality and non-disclosure clauses and agreements and copyrights to define and protect its rights to the intellectual property related to its products.

			
					 •  Risk of reduced brand recognition or negative brand image—If (i) brand recognition would
considerably decrease, (ii) the OP Operating Group’s leading brands suffer substantial impediment to their reputation due to real or perceived quality issues or if (iii) any other factor would negatively affect the reputation or the
image of the companies and/or brands of the OP Operating Group, its business operations, financial position, prospects and/or operational results, and therefore also the Issuer’s financial position, could be materially adversely
affected.

  
 18 

					
					 •  Risks of dependency on products, geographical markets and customers — Unfavourable economic
conditions, increased competition or any other reason may cause a decrease of the sales volume of specific products.

			
					 •  Competition — It cannot be excluded that existing competitors challenge the position of the Group
or that new competitors emerge. This can significantly affect the market position and turnover of the Group and therefore also have an indirect negative impact on the Issuer’s financial position.

			
					 •  Risk of changes in relevant regulations and of an altered distribution landscape — A
significant alteration of the distribution landscape cannot be excluded, with possible impact on the market position, the turnover and the profitability of the Group, and therefore also the Issuer’s financial position.

			
					 •  Seasonality risk — The OP Operating Group’s turnover in a specific quarter may fluctuate
significantly in comparison with previous or comparable quarters of previous accounting periods, which complicates the predictability of the annual results.

			
					 •  Product liability risks — The OP Operating Group’s products are subject to potential product
liability risks — both risks of a general nature, as well as risks inherent to pharmaceutical products, medical devices and nutrients.

			
					 •  Dependency on key staff — The inability to attract staff with specific technical and leadership
skills, retain key employees or ensure effective succession planning for critical positions may materially and adversely affect financial results.

			
					 •  IT risks — Major disruptions or failure of the OP Operating Group’s information systems could
severely impair several aspects of operations.

			
					 •  Environmental and safety risks — The Group’s operations are subject to environmental and
safety laws and regulations, which can continuously evolve. The cost of compliance with these and similar future regulations could be substantial.

			
					 •  Privately-owned group — At the date of this Prospectus, the shares of the Issuer are not listed.
Omega Pharma NV is no longer listed either. As a result, Omega Pharma NV is no longer subject to regulations and transparency obligations applicable to companies with listed shares. It will nevertheless still be required to meet certain disclosure
obligations (including the obligation to publish its annual consolidated financial statements and half-yearly financial reports) following the listing of the Bonds on the regulated market of the Luxembourg Stock
Exchange.

  
 19 

					
					 •  Hedging risk — The OP Operating Group is exposed to currency risks arising from fluctuations in
the value of the U.S. dollar and some European currencies against the euro and interest rate fluctuations. No guarantee can be given that the risk management system covers all risks completely or in a sufficient way, and that adverse currency or
interest rate movements can be excluded.

			
	D.3		Risks specific to the Bonds		 •  The Bonds may not be a suitable investment for all investors as each potential investor should have
sufficient relevant knowledge, experience, analytical capabilities and financial resources to bear the applicable risk related to investing in the Bonds.

			
					 •  Each prospective investor in the Bonds must determine — based on its own independent review and
potentially also on professional advice — whether its acquisition of the Bonds is fully consistent with its financial needs and whether the Bonds are a suitable investment.

			
					 •  The Issuer may not be able to repay the Bonds at their maturity or may be required to repay all or part
of the Bonds upon the occurrence of an Event of Default. In the latter event, the Issuer cannot be certain that it will be able to pay the required amount in full.

			
					 •  The right of the Bondholders to receive payment on the Bonds is not secured or guaranteed and will effectively be
subordinated to any indebtedness of the OP Operating Group which the Group is allowed to incur.

			
					 •  In the future, the Issuer, Omega Pharma or any other member of the Group could decide to incur additional
indebtedness or further increase their indebtedness. This could have an impact on its ability to meet its obligations under the Bonds or could cause the value of the Bonds to decrease.

			
					 •  The Issuer, the Group and the Bonds do not have a credit rating — This may render the price
setting of the Bonds more difficult and there is no guarantee that the Issuer would be assigned an investment grade rating.

			
					 •  There is no guarantee to an active trading market for the Bonds — The Bonds are new securities
which may not be widely distributed and for which there is currently no active trading market. Illiquidity may have a severely adverse effect on the market value of Bonds.

  
 20 

					
					 •  The market value of the Bonds may be affected by the creditworthiness of the Issuer, the Group and a number of
additional factors—The value of the Bonds may be affected by the creditworthiness of the Issuer and the Group and a number of additional factors, such as market interest and yield rates, and more generally all economic, financial and political
events in any country, including factors affecting capital markets generally and the stock exchanges on which the Bonds are traded.

			
					 •  The Bonds may be redeemed prior to maturity — The Bonds may be redeemed prior to maturity in the
event of the occurrence of an Event of Default (as defined in the Conditions), in the case of certain changes in tax legislation (redemption for tax reasons) and upon the occurrence of certain events related to a change of control (subject to
certain additional conditions).

			
					 •  Modifications to the Conditions of the Bonds can be imposed on all Bondholders upon approval by defined majorities of
Bondholders.

			
					 •  The Bonds may be exposed to exchange rate risks and exchange controls, as the Issuer will pay principal and interest
on the Bonds in euro.

			
					 •  Payments in respect of the Bonds may be subject to Belgian or Luxembourg withholding tax — If the
Issuer is required to make any withholding or deduction for any present or future taxes, in respect of any payment in respect of the Bonds, the Issuer shall make such payment after such withholding or deduction has been made and will account to the
relevant authorities for The amount required to be withheld or deducted.

			
					 •  Potential purchasers and sellers of the Bonds may be required to pa) taxes or other documentary charges or
duties.

			
					 •  The Agent is not required to segregate amounts received hi’ it in respect of Bonds
cleared through the Clearing System — In the event that the Agent were subject to insolvency proceeding; at any time when it held any such amounts. Bondholders would not have any further claims against the issuer in respect of such
amounts.

			
					 •  The Issuer, the Agent and the Joint Lead Managers may engage in transactions adversely affecting the interests
of the Bondholders — Certain Managers are party to a number of financing arrangements with the Group, which contain stricter or more extensive terms and conditions than the terms and conditions of the proposed Bonds.

			
					 •  Risk of withdrawal or cancellation of the Public Offer — The Public Offer may be wholly or
partially retracted or cancelled in accordance with the provisions of the Placement Agreement.

  
 21 

					
	
	Section E — Offer
			
	E.2b		Reasons of the offer: repayment in full of existing facilities — future acquisitions or investments		Reasons of the offer: the net proceeds from the issue and sale of the 13onds will in priority be applied towards the repayment in full of the facilities agreement dated 1 September 2011 with Fortis Bank NV/SA (trading as BNP Paribas
Fortis) and ING Belgium N V as mandated lead arrangers, and Fortis Bank NV/SA (trading as BNP Paribas Fortis) as facility agent and security agent. EUR 200,000,000 remains outstanding under such facilities agreement at the date of this Prospectus,
of which EUR 50,000,000 to Belfius Bank NV, one of the Joint Lead Managers.
			
					Any remaining proceeds will be used for the financing of, amongst other, potential future acquisitions or investments in the operating companies of the Group. The Issuer’s management will have significant flexibility in
applying the balance of the net proceeds (after repayment of the facilities) and the Issuer cannot predict with certainty the amounts that it will actually spend or allocate to specific uses.
			
	E.3		Terms and conditions of the Offer		
			
			Offer period		From 30 November 2012 to 5 December 2012 (subject to early closing).
			
			Global Coordinator		KBC Bank NV
			
			Joint Bookrunners and Joint Lead Managers		KBC Bank NV and Belfius Bank NV/SA
			
			Co-lead Managers		Petercam SA and Bank Degroof NV
			
			Paying Agent and KBC Bank NV Domiciliary Agent		KBC Bank NV
			
			Listing Agent		KBC Bank NV
			
			Public Offer Jurisdictions		Belgium and Grand Duchy of Luxembourg

  
 22 

					
			Conditions to which the Offer is subject		The Public Offer and the issue of the Bonds is subject to a limited number of conditions set out in the Placement Agreement, and which include, amongst others: (i) the correctness of the representations and warranties made by the
Issuer in the Placement Agreement, (ii) the Placement Agreement, the Clearing Agreement and the Agency Agreement have been executed by all parties thereto prior to the Issue Date, (iii) the admission to trading of the Bonds on the regulated market
of the Luxembourg Stock Exchange has been granted on or prior to the Issue Date, (iv) there having been, as at the Issue Date, no material adverse change (as defined in the Placement Agreement) affecting the Issuer and Omega Pharma NV and no event
making any of the representations and warranties contained in the Placement Agreement untrue or incorrect on the Issue Date as if they had been given and made on such date and the Issuer having performed all the obligations to be performed by it
under the Placement Agreement on or before the Issue Date, and (v) at the latest on the Issue Date, the Managers having received customary confirmations as to certain legal and financial matters pertaining to the Issuer. These conditions can be
waived (in whole or in part) by the Managers.
			
			Allocation		
			
					Early termination of the Subscription Period will intervene at the earliest on 30 November 2012 at 5.30 pm (Brussels time) (the minimum Subscription Period is referred to as the Minimum Sales Period) (this is the third
Business Day in Belgium following the day on which the Prospectus has been made available on the websites of the Issuer and the Managers (including the day on which the Prospectus was made available). This means that the Subscription Period will
remain open at least one business day until 5.30 pm.
			
					All subscriptions that have been validly introduced by the Retail Investors with the Managers before the end of the Minimum Sales Period (as defined above) will be taken into account when the Bonds are allotted, it being understood
that in case of oversubscription, a reduction may apply, i.e. the subscriptions will be scaled back proportionally, with an allocation of a multiple of EUR 1,000, and to the extent possible, a minimum nominal amount of EUR 1,000, which corresponds
to the denomination of the Bonds.
			
					On the basis of an aggregate nominal amount of EUR 300,000,000, the Joint Lead Managers have the right to place an amount of EUR 80,000,000 of the Bonds to be issued with third party distributors and other Qualified Investors (or
8/30 of the nominal amount of the Bonds to be issued) (the JLM Bonds) and each of the Joint Lead Managers has the right to place an amount of EUR 80,000,000 (or 8/30 of the nominal amount of the Bonds to be issued) exclusively with its own
retail and private banking clients. Each Co-lead Manager has the right to place an amount of EUR 30,000,000 (or 3/30 of the nominal amount of the Bonds to be issued) (i) to their own retail

  
 23 

					
					In case of early termination of the Subscription Period, the investors will be informed regarding the number of Bonds that have been allotted to them as and private banking clients or to their proprietary funds and (ii) towards
third party distributors and other Qualified Investors located outside Belgium and Luxembourg. This allocation structure can only be amended if agreed between the Issuer and the Joint Lead Managers.
			
					At the end of the Minimum Sales Period, each of the Managers may publish a notice on its website to inform its clients that it will stop collecting subscriptions and will then send the same notice to the Issuer that will publish it
on its website as soon as practicable. Such process will enable all the potential investors to know where the subscriptions are still open.
			
					(i) In case the Bonds (other than the JLM Bonds) assigned to one of the Joint Lead Managers are not fully placed by such Joint Lead Manager as observed at 4.00 pm (Brussels time) on the date being the first Business Day of the
Subscription Period, then, upon notification to the Issuer and subject to its consent, the other Joint Lead Manager shall have the right (but not the obligation) to purchase the unplaced Bonds (other than the JLM Bonds) allotted to such Joint Lead
Manager and to place such Bonds with its own retail and private banking clients who are not Qualified Investors.
			
					(ii) In case the Bonds assigned to the Co-lead Managers are not fully placed by such Co-lead Manager as observed at 4.00 pm (Brussels time) on the date being the first Business Day of the Subscription Period, then, upon
notification to the Issuer and subject to its consent, the Joint Lead Managers shall have the right (but not the obligation) to purchase the unplaced Bonds allotted to such Co-lead Manager and to place such Bonds with their own retail and private
banking clients who are not Qualified Investors, pro rata the Bonds placed with their own retail and private banking clients by such Joint Lead Manager on an equal basis.
			
					(iii) At the end of each day of the Subscription Period the Joint Lead Managers and the Issuer shall consult together and may jointly decide to authorise the Co-lead Managers to place Bonds with their third party distributors
and other Qualified Investors located outside of Belgium and the Grand Duchy of Luxembourg.
			
					(iv) In case some of the Bonds (as the case may be, re-assigned pursuant to (i) up to and including (iii) above) remain unplaced at the end of the second Business Day of the Subscription Period, the Joint Lead
Managers shall further reallocate such unplaced Bonds in full consultation with the Issuer with a view to placing such unplaced Bonds. The re-allocation mechanism shall be applied on a daily basis until the earlier of the following events
(i) the moment on which all Bonds have been placed and (ii) the end of the Subscription Period.

  
 24 

					
					The Subscription Period will only be early terminated in case all the Managers have placed their allotment of Bonds (as increased or after redistribution of the allotment as set out herein). Subscribers may have different reduction
percentages applied to them depending on the Manager through which they have subscribed. The Managers shall in no manner whatsoever be responsible for the allotment criteria that will be applied by other financial intermediaries.
			
					In case of early termination of the Subscription Period, the investors will be informed regarding the number of Bonds that have been allotted to them as soon as possible after the date of the early termination of the Subscription
Period.
			
					Any payment made by a subscriber to the Bonds in connection with the subscription of Bonds which are not allotted will be refunded within 7 Business Days (as defined in the terms and conditions of the Bonds) after the date of
payment in accordance with the arrangements in place between such relevant subscriber and the relevant financial intermediary, and the relevant subscriber shall not be entitled to any interest in respect of such payments. For further details, see
Part XII: Subscription and Sale.
			
	E.4		Interest material to the issue		The Agent and the Joint Lead Managers might have conflicts of interests which could have an adverse effect on the interests of the Bondholders. Potential investors should be aware that the Issuer is involved in a general business
relationship or/and in specific transactions with the Agent, the Calculation Agent or/and each of the Joint Lead Managers and that they might have conflicts of interests which could have an adverse effect to the interests of the Bondholders.
Potential investors should also be aware that the Agent, the Calculation Agent and each of the Joint Lead Managers may hold from time to time debt securities or/and other financial instruments of the Issuer.
			
	E.7		Expenses		Retail Investors will bear a selling and distribution commission of 1.875 per cent., included in the Issue Price. Qualified Investors will bear a distribution commission of 1.875 per cent. Subject to the discount based amongst
others on (i) the evolution of the credit quality of the Issuer (credit spread), (ii) the evolution of the interest rates, (iii) the success (or lack of success) of the placement of the Bonds, and (iv) the amount of Bonds purchased by an
investor, each as determined by each Manager in its sole discretion. The distribution commission paid by the Qualified Investors will range between 0 and 1.875 per cent.

  
 25 

 PART II: RISK FACTORS 

Omega Pharma Invest NV (the Issuer) believes that the following factors may affect its ability to fulfill its obligations under the
Bonds. Most of these factors are contingencies which may or may not occur and the Issuer is not in a position to express a view on the likelihood of any such contingency occurring. 

In addition, factors which are material for the purpose of assessing the market risks associated with the Bonds are described below. 

The Issuer believes that the factors described below represent the principal risks inherent in investing in the Bonds, but the inability of the Issuer to
pay interest, principal or other amounts on or in connection with the Bonds may occur for other reasons which may not be considered significant risks by the Issuer based on information currently available to it or which it may not currently be able
to anticipate. The sequence in which the risk factors are listed is not an indication of their likelihood to occur or of the extent of their commercial consequences. Prospective investors should also read the detailed information set out elsewhere
in this Prospectus or incorporated by reference in this Prospectus and reach their own views prior to making any investment decision and consult with their own professional advisors if they consider it necessary. Terms defined in Part IV: Terms and
Conditions of the Bonds (the Conditions) below shall have the same meaning where used below. 
  

	1.	RISK FACTORS RELATING TO THE ISSUER 

  

	1.1	Risk related to the fact that the Issuer is a holding company with no operating income and is hence solely dependent on distributions made by Omega Pharma NV 

The Issuer is a holding company with as sole activity the holding and managing of its only asset, i.e. a 100 per cent. participation in the share capital
of Omega Pharma NV (Omega Pharma). Apart from capital increases and loans granted to it, the Issuer’s sole source of cash inflow comes from the operating activities of Omega Pharma and its subsidiaries (the OP Operating Group).
Accordingly, the Issuer’s ability to meet its financial obligations under the Bonds will largely depend on the cash flows from the OP Operating Group and the ensuring distribution paid by Omega Pharma. 

 

	1.2	Funding risk 

 Funding risk is the risk that the Group will be unable to access the funds that it needs
when it comes to refinance its debt under the Bonds or only at conditions which could adversely impact the ability of the Issuer to meet its financial obligations under the Bonds (such as restrictions on dividend payments at the level of the OP
Operating Group). The financings at the level of the OP Operating Group do not currently contain any restrictions on the payments of dividends to the Issuer. The Issuer undertakes to use its voting rights and best efforts in order not to accept any
such restrictions. Moreover, the Group has no access to equity capital markets, so long as the Group remains private, at Group level other than from its shareholders. 
  

	1.3	Substantial outstanding financial debt which could negatively impact the Issuer and its ability to make payments under the Bonds 

Omega Pharma NV and its subsidiaries have substantial debt outstanding (See Part VI: Description of the Issuer, Section 7 Funding sources). As at
30 June 2012, total outstanding consolidated debt amounted to EUR 919,472,000 of which 261,223,000 at the level of the Issuer (note: EUR 61,223,000 was reimbursed in August 2012 — i.e. EUR 200,000,000 remaining) and 658,249,000 at the
level of the OP Operating Group, composed of Omega Pharma and its subsidiaries. Furthermore, Alychlo NV, one of the majority shareholders of the Issuer, entered into a bilateral loan agreement with Belfius Bank NV/SA for a total amount of EUR
15,000,000 with a maturity date on 15 November 2013. 

  
 26 

 The proceeds of the Bonds will be used by the Issuer to repay its bank debt in the amount of EUR 200,000,000 (see
Part X: Use of Proceeds). 
 The Issuer’s ability to pay principal and interest on the Bonds largely depends on the future operating performance of the
Group and Omega Pharma NV’s ability to upstream cash to the Issuer, Omega Pharma Invest NV. The OP Operating Group also has to pay principal and interests on its existing debt financings, including the OP Syndicated Facility, the Existing OP US
Private Placements and the retail bonds issued by Omega Pharma — see Part VI: Description of the Issuer, Section 7 Funding sources (the OP Operating Group Financings). Moreover, the OP Operating Group Financings are subject to a
number of covenants and restrictions which, in the case of a default or breach which is not remedied or cured, could restrict Omega Pharma’s ability to upstream cash to Omega Pharma Invest. The bank facilities of Omega Pharma as well as the
notes issued by Omega Pharma under the Existing OP US Private Placements benefit from senior guarantees and require the OP Operating Group to maintain specified financial ratios and meet specific financial tests. The ineffectiveness of such senior
guarantees or its failure to comply with these covenants could result in an event of default that, if not cured or waived, could result in the OP Operating Group being required to repay these note issues or these borrowings before their due date. If
the OP Operating Group would be unable to make this repayment or otherwise refinance these note issues or these borrowings, its lenders could foreclose on its assets. If the Group was unable to refinance these note issues or these borrowings on
favourable terms, its business could be adversely impacted. These events would have a severe negative impact on the Issuer’s financial position and its capability to pay all amounts due to its Bondholders. 

Furthermore, future operating performance of the OP Operating Group is subject to market conditions and business factors that often are beyond the control of
the Issuer. If cash flows and capital resources of the Issuer and the Group are insufficient to allow them to make scheduled payments on their debt, they may have to reduce or delay capital expenditures, sell assets, seek additional capital or
restructure or refinance their debt. If the Issuer and the OP Operating Group cannot make scheduled payments on its debt, it will be in default and, as a result, its debt holders could declare all outstanding principal and interest to be due and
payable, terminate their commitments and force the concerned entities of the Group into bankruptcy or liquidation. This would also have a direct negative impact on the Issuer’s financial position. In such case, Bondholders may not receive all
amounts due by the Issuer. Hence, they may lose all or part of the capital invested in the Bonds. 
  

	1.4	Global economic environment 

 The results of the Group’s (as defined in the Conditions) operations
are exposed to changes in the overall economic conditions in the areas where it operates. Strategically, the Group seeks to protect itself against economic and cyclical risks by being active in different regions and by adopting a specific product
mix (ranging from value-for-money products to premium-priced luxury products) in each of these regions. Although the Group aims to achieve as much as possible a geographical spread of the Group’s operations and in spite of a diversified product
mix, continued economic weakness may have a material adverse effect on the Groups sales, results of operations and financial condition. 
  

	1.5	Product risks 

 Some of the OP Operating Group’s products are produced in own production entities
while others are produced by subcontractors. Production errors can bring about severe problems, like the withdrawal of a product or a brand, loss of market share, temporary unavailability of products, claims or product responsibility. Moreover, this
can have an impact on the purchase behavior of the customers for other products. Any interruption of supply or the incurring of responsibility could materially and adversely affect the OP Operating Group’s results. 

  
 27 

 In addition, it cannot be excluded that evolutions in the legislative framework as it applies to the various
aspects of the OP Operating Group’s business (cosmetics, food supplements, medical devices, medicines) can render the commercialisation of one or more of its products difficult or impossible or can impose restrictions on the marketing
communication materials of certain of its products. This can lead to a loss of market share. 
 These product risks can have an important impact on the OP
Operating Group’s financial situation, as well on its sales, gross margin, (impairment) amortisations, profitability and solvability and therefore also on the Issuer’s financial position. 

 

	1.6	Authorisation to sell 

 For the vast majority of the types of products the OP Operating Group markets, an
authorisation is required prior to introducing these products on the market. In these procedures, it is verified whether the new product meets all valid requirements related to quality, safety and/or efficacy. Because not all new products are
subject to such procedures, and because such procedures cannot capture all risks, it cannot be excluded that specific, previously unknown problems associated with innovative products occur which may lead to market withdrawal. This may have
consequences for the operations, the financial situation, the prognoses and/or the results of the Group, and therefore also on the Issuer’s financial position. 
  

	1.7	Dependency on the Belgian government policy related to generic medicines 

 Omega Pharma is the Belgian
distributor of the generic medicines of Eurogenerics (EG), a subsidiary of Stada. As opposed to the Group’s proprietary products and brands, the EG products require a doctor’s prescription for retail supply. The turnover of these
products depends to a large degree on the policy that the Belgian government is applying for generic medicines. On the one hand, the sale of these products may strongly fluctuate in function of the measures taken by the Belgian government to promote
generic subscription with physicians. On the other hand, the Belgian government may determine the consumer price level, the trade compensation level and the allowance of the health insurance system in the price of these products — all which may
significantly impact the turnover and profitability of these products, and therefore also the Issuer’s financial position. 
  

	1.8	Dependency on distribution and licensing agreements 

 Over 65 per cent. of the OP Operating
Group’s turnover is derived from proprietary products and brands. Nevertheless, distribution and licensing agreements, when terminated or altered, may have a significant impact on the evolution of the OP Operating Group’s turnover and
profitability, and therefore also on the Issuer’s financial position. The exclusivity agreement with Eurogenerics related to the sales and distribution of generic medicines ends in the course of 2014 and will be automatically extended unless a
notice of termination is received in accordance with the relevant provisions of the agreement. The agreement with Eurogenerics represents approximately 20 per cent. of Omega Pharma’s first half 2012 consolidated turnover. 

  
 28 

	1.9	Risks inherent to acquisitions 

 Since 1998, the Group has acquired multiple companies. Acquisitions have
been and remain an important part of the Group’s current growth strategy, as most recently (in the first half of 2012) with the acquisition of 54 European OTC brands of GlaxoSmithKline (GSK). As with any acquisition, there is always a
risk that corporate cultures do not match, expected synergies do not fully materialise, restructurings prove to be more costly than initially anticipated or acquired companies prove to be more difficult to integrate than foreseen. 

Furthermore, as the Group grows further through acquisitions, it may have to recruit additional personnel and improve its managerial, operational and
financial systems. If the Group fails to address these challenges, this could adversely impact the Group’s business operations, financial position and/or operational results, and therefore also the Issuer’s financial position. 

 

	1.10	Goodwill is an important part of the Group’s balance sheet 

 An acquisition generates goodwill to
the extent that the price paid by the Group exceeds the fair value of the net assets acquired. The OP Operating Group’s acquisitions in recent years generated substantial goodwill. Additional goodwill may arise as a result of further
acquisitions. Under IFRS, goodwill and indefinite-lived intangible assets are not amortized but are subject to impairment tests annually or more frequently if warranted. 

A goodwill impairment does not affect cash flow. Downturns on sales and profitability can trigger impairment testing and lead to impairment charges. In 2011,
the results of impairment tests indicated no need for impairment charges. Neither were there any indications for impairment charges as at 30 June 2012. 
  

	1.11	Integration of the GSK Acquisition 

 In June 2012, Omega Pharma acquired an important portfolio of
European OTC brands from GSK (the GSK Acquisition). In June 2012, the brands acquired from GSK contributed EUR 14.2 million in sales and EUR 8.9 million in EBITDA ( as determined in accordance with its applicable bank covenants,
after extraordinary items). Although only referring to one month, these figures illustrate the immediate integration of the GSK brands into the Group’s operations. 

Even though the Group has been successful in integrating newly-acquired businesses and it believes that there are significant synergies to be derived from it,
the GSK Acquisition represents a significant acquisition (see Part VI: Description of the Issuer, Section 8.3 — Acquisition by Omega Pharma of certain OTC brands form GlaxoSmithKline for more details). Accordingly, the combination of both
businesses or integration of the GSK assets may meet unexpected difficulties and the acquired business may not develop as expected. No assurances can therefore be given that the expected advantages or synergies from the GSK Acquisition would
materialise. 
  

	1.12	Projections contained in the business plan 

 The Group makes use of all internally available information
for developing forecasts for the sector generally and its own operations in particular. Based on this information, an estimate is made, which serves as the basis for developing the business plans for the Group. All local managers are involved in
this process. 

  
 29 

 No guarantee can, however, be given that the projections included in these plans will occur as anticipated. In
such case, this may have a materially adverse effect on the Group’s business operations, financial position, prospects and/or operational results, and therefore also on the Issuer’s financial position. 

 

	1.13	Market price fluctuations 

 The future success of the OP Operating Group is determined in part by the
purchase prices for raw materials and components, and by operating expenses such as transportation costs. Although there are many providers for these products and services on the market, the Group continues to closely monitor the situation in order
to be capable of developing the required preventive measures should these markets become more volatile. In case of a strong inflation, it cannot be excluded that the raw materials for OTC products become considerably more expensive which may
significantly impact the OP Operating Group’s profitability in a negative way, and therefore also the Issuer’s financial position. 
  

	1.14	Inventory related risks 

 The OP Operating Group stores and markets a large assortment of products having
a specific storage life and a trend-sensitive nature. The emergence of a disruptive technology or a sudden change in customer preferences or a changing consumer confidence in a market environment that is characterised by high innovation, may lead to
the need to write down part of the inventory. Such inventory related risk could have an adverse effect on the OP Operating Group’s business operations, financial position and/or operational results, and therefore also on the Issuer’s
financial position. 
  

	1.15	Innovation risks 

 Although the OP Operating Group is far less dependent upon the result of research and
development than traditional pharmaceutical companies, a regular inflow of innovative products and services remains a requirement for the continued favourable development of its turnover. The OP Operating Group has installed a specific function for
in-licensing. Its task is to track innovations and establish third party contacts to provide support in the event of a significant innovation. The OP Operating Group also performs specific product and service development activities in-house. 

In the event that the OP Operating Group is unable to maintain a high pace of innovation and thereby fail to create the innovative solutions required to meet
the needs of the market, its business operations, financial position, prospects and/or operational results, and therefore also the Issuer’s financial position could be, materially adversely affected. 

 

	1.16	Risk of inadequate protection of brand and other intellectual property rights 

 The OP Operating Group
relies on a combination of trade marks, trade names, confidentiality and nondisclosure clauses and agreements and copyrights to define and protect its rights to the intellectual property related to its products. 

In the event that the above devices fail to fully protect the OP Operating Group’s intellectual property rights in any of its key markets, third parties
(including competitors) may be able to commercialise its innovations or products or use its know-how, which could materially adversely impact the business operations, financial position, prospects and/or operational results of the Group, and
therefore also the Group’s financial position. 

  
 30 

 The Group may spend significant time and effort and may incur significant litigation costs if it is required to
defend itself against intellectual property rights suits brought against it or its licensors, regardless of whether the claims have any merit. If the Group is found to infringe on the patents or other intellectual property rights of others, it may
be subject to substantial claims for damages, which could materially impact the Group’s cash flow, business operations, financial position, prospects and/or operational results and therefore also the Issuer’s financial position. The Group
may also be required to cease development, use or sale of the relevant products or processes or it may be required to obtain a license on the disputed rights, which may not be available on commercially reasonable terms, if at all. 

 

	1.17	Risk of reduced brand recognition or negative brand image 

 The OP Operating Group’s financial
success is to an important degree based on the recognition and the positive image of the companies in the OP Operating Group, as well as the brands and products of the companies in the OP Operating Group. If brand recognition would considerably
decrease, the OP Operating Group’s leading brands suffer substantial impediment to its reputation due to real or perceived quality issues or if any other factor would negatively affect the reputation or the image of the companies and/or brands
of the OP Operating Group, its business operations, financial position, prospects and/or operational results, and therefore also the Issuer’s financial position could be materially adversely affected. 

 

	1.18	Risks of dependency on products, geographical markets and customers 

 Unfavourable economic conditions,
increased competition or any other reason may cause a decrease of the sales volume of specific products of the OP Operating Group. This may cause a cost increase for these products (when sourced externally) or a negative profitability of the OP
Operating Group’s manufacturing sites (when sourced internally). 
 Unfavourable economic conditions, cost reduction programs or any other reason may
cause a decrease of the sales volume in specific countries, which may negatively affect the leverage effect on profitability in such a way that the fixed costs of the organisation in the related country is insufficiently covered. France is the
country where the Group generates the highest turnover from own OTC brands. Negative macroeconomic developments or weaknesses of its local organisation in this country may have a significant impact on the results of the Group. 

Although the Group generates its consolidated turnover by maintaining a large number of individual customers, the Group does generate an important part of the
local turnover in countries with a more limited number of customers, including in the Netherlands and in the United Kingdom. Moreover, the market situation may evolve and lead to an altered situation in other countries. This is something the Group
closely monitors in order to develop an appropriate action plan in such an event. 
  

	1.19	Competition 

 The future market share and turnover of the Group is subject to competition. The Group
tries to limit this risk by focusing on those market segments where it has a considerable market share and/or where it can further expand its position and where no or little transnational competitors are operating. Nevertheless, it cannot be
excluded that existing competitors challenge the position of the Group or that new competitors emerge. This can significantly affect the market position and turnover of the Group, and therefore also have an indirect negative impact on the
Issuer’s financial position. 

  
 31 

	1.20	Risk of changes in relevant regulations and of an altered distribution landscape 

 The OP Operating Group
markets its products to consumers mainly through pharmacies, although the OP Operating Group is also operating in large retail distribution and drug store chains in countries such as the United Kingdom and the Netherlands. 

In some countries, the trend to liberalise the market for OTC medicines has already led to measures authorizing the retail sale of these products beyond the
pharmacy under certain conditions. Although the OP Operating Group not only markets OTC medicines, but mainly food supplements, personal care products and medical devices, this trend may still impact the results of the Group. In many countries, it
is now allowed that one pharmacist owns and exploits several pharmacies. This enables the formation of purchase groups, pharmacy cooperatives and retail chains. If this trend were to continue, a significant alteration of the distribution landscape
cannot be excluded, with possible impact on the market position, the turnover and the profitability of the Group, and therefore also the Issuer’s financial position. 
  

	1.21	Seasonality risk 

 The OP Operating Group’s product range includes both typical summer and winter
products as well as products that are consumed throughout the year. As a result, the Group’s turnover in a specific quarter may fluctuate significantly in comparison with previous or comparable quarters of previous accounting periods, which
complicates the predictability of the annual results. 
  

	1.22	Product liability risks 

 The OP Operating Group’s products are subject to potential product
liability risks — both risks of a general nature, as well as risks inherent to pharmaceutical products, medical devices and nutrients. Despite existing pre-marketing registration and control procedures, the use of these products may lead to
complaints and/or claims related to safety, quality, labeling, etc. 
 It cannot be excluded that the OP Operating Group will be subject to any such claims
in the future. If the OP Operating Group’s product liability insurance coverage is insufficient to cover such product liability claims, its business operations, financial position, prospects and/or operational results, and therefore also the
Issuer’s financial position could be materially adversely affected. 
 Each potential investor in the Bonds must determine the suitability of that
investment in light of its own circumstances. In particular, each potential investor should: 
  

	1.23	Dependency on key staff 

 The Group’s performance is largely dependent on its ability to identify,
attract, recruit, train, retain and motivate highly skilled staff. The inability to attract staff with specific technical and leadership skills, retain key employees or ensure effective succession planning for critical positions may materially and
adversely affect its financial results, and therefore also the Issuer’s financial position. 
  

	1.24	IT risks 

 The OP Operating Group’s business operations and the distribution and logistics services
it offers are dependent on information technology systems and infrastructure. Major disruptions or failure of the OP Operating Group’s information systems through breakdown, malicious attacks, viruses or other factors, could severely impair
several aspects of operations including, but not limited to, logistics, sales, customer service and administration. Any such failure related to the operation of information systems, may have a material adverse effect on its business operations,
financial position, prospects and/or operational results, and therefore also on the Issuer’s financial position. 

  
 32 

	1.25	Environmental and safety risks 

 The Group’s operations are subject to environmental and safety laws
and regulations, which can continuously evolve. The cost of compliance with these and similar future regulations could be substantial. 
  

	1.26	Privately-owned group 

 At the date of this Prospectus, the shares of the Issuer are not listed and the
Issuer does not have the intention to list. Since the delisting of the shares of Omega Pharma from NYSE/Euronext Brussels on 3 February 2012, it is no longer a listed group. As a result, Omega Pharma is no longer subject to regulations and
transparency obligations applicable to companies with listed shares. It will nevertheless still be required to meet certain disclosure obligations (including the obligation to publish its annual consolidated financial statements and half-yearly
financial reports) following the listing of the Bonds on the regulated market of the Luxembourg Stock Exchange. 
  

	1.27	Hedging risk 

 The OP Operating Group operates its business mainly in eurozone countries and to a lesser
extent in the United Kingdom, the Nordic countries, Ukraine and Russia. The results of its operations and the financial position of each of its entities outside the eurozone are accounted for in the relevant local currency. The OP Operating Group
has a hedging strategy in place to cover such exchange rate fluctuations. 
 In addition, a portion of the OP Operating Group debt is denominated in U.S.
dollars and/or a floating interest rate applies. As a result, the Group is exposed to currency risks arising from fluctuations in the value of the U.S. dollar against the euro and interest rate fluctuations. The Group has entered into agreements to
hedge these risks. While it regularly monitors its currency and interest rate exposure, no guarantee can be given that the risk management system covers all risks completely or in a sufficient way and that adverse currency or interest rate movements
can be excluded. 
  

	2.	FACTORS WHICH ARE MATERIAL FOR THE PURPOSE OF ASSESSING THE MARKET RISKS ASSOCIATED WITH THE BONDS 

  

	2.1	The Bonds may not be a suitable investment for all investors 

  

	(i)	have sufficient knowledge and experience to make a meaningful evaluation of the Bonds, the merits and risks of investing in the Bonds and the information contained or incorporated by reference in this Prospectus or any
applicable supplement; 

  

	(ii)	have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation, an investment in the Bonds and the impact the Bonds will have on its overall investment
portfolio; 

  

	(iii)	have sufficient financial resources and liquidity to bear all of the risks of an investment in the Bonds, including where the currency for principal or interest payments is different from the potential investor’s
currency; 

  
 33 

	(iv)	understand thoroughly the terms of the Bonds and be familiar with the behaviour of any relevant financial markets; and 

  

	(v)	be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest rate and other factors that may affect its investment and its ability to bear the applicable risks.

  

	2.2	Independent Review and Advice 

 Each prospective investor in the Bonds must determine, based on its own
independent review and such professional advice as it deems appropriate under the circumstances, that its acquisition of the Bonds is fully consistent with its financial needs, objectives and condition, complies and is fully consistent with all
investment policies, guidelines and restrictions applicable to it and is a fit, proper and suitable investment for it, notwithstanding the clear and substantial risks inherent in investing in or holding the Bonds. 

 

	2.3	The Issuer may not have the ability to repay the Bonds 

 The Issuer may not be able to repay the Bonds at
their maturity. The Issuer may also be required to repay all or part of the Bonds upon the occurrence of an Event of Default (as defined in Condition 9 (Events of Default)). If the Bondholders were to ask the Issuer to repay their Bonds upon
the occurrence of an Event of Default (as defined in Condition 9 (Events of Default)), the Issuer cannot be certain that it will be able to pay the required amount in full. The Issuer’s ability to repay the Bonds will depend on the
Issuer’s financial condition (including its cash position resulting from its ability to receive income and dividends from its subsidiaries) at the time of the requested repayment, and may be limited by law, by the terms of its indebtedness and
by the agreements that it may have entered into on or before such date, which may replace, supplement or amend its existing or future indebtedness. The Issuer’s failure to repay the Bonds may result in an event of default under the terms of
other outstanding indebtedness. 
  

	2.4	The Bonds are unsecured obligations of the Issuer which do not benefit from any guarantee 

 The right of
the Bondholders to receive payment on the Bonds is not secured or guaranteed and will effectively be subordinated to any indebtedness of the OP Operating Group which it is allowed to incur. In the event of liquidation, dissolution, reorganisation,
bankruptcy or similar procedure affecting the Issuer, the holders of such indebtedness will be repaid first with the proceeds of the enforcement of such security. 

Moreover, certain Subsidiaries have provided and may in the future provide guarantees for the benefit of holders of other indebtedness incurred by Omega
Pharma and certain Subsidiaries, including (without limitation) under the existing OP Syndicated Facility and the Existing OP US Private Placements (see Part VI: Description of the Issuer, Section 7 “Funding sources”). In the event of
liquidation, dissolution, reorganisation, bankruptcy or similar procedure affecting the Group, the holders of any indebtedness which benefit from guarantees from Group members may recover their claims through payments by such group members under the
guarantees provided by them, whereas such right will not be available to the Bondholders. 
 The Bonds do not provide for any limitations on the amount of
any indebtedness which the Issuer or its Subsidiaries may incur, except that if guarantees or security are provided by (i) the Issuer in respect of any present or future indebtedness in whatever form, including in the form of or represented by
other bonds, notes or similar securities issued by the Issuer or any Subsidiary or (ii) any Subsidiary in respect of other bonds, notes or similar securities issued by the Issuer or any Subsidiary or in respect of any present or future
indebtedness in whatever form incurred by the Issuer, the Bonds will have to benefit from similar guarantees or security (as set out in Condition 3 (Negative Pledge)). 

  
 34 

	2.5	The Issuer may incur additional indebtedness 

 In the future, the Issuer, Omega Pharma or any other
member of the Group could decide to incur additional indebtedness or further increase their indebtedness. This could have an impact on its ability to meet its obligations under the Bonds or could cause the value of the Bonds to decrease. The
Conditions do not limit the amount of unsecured or secured debts that the Issuer can incur. 
  

	2.6	The Issuer, the Group and the Bonds do not have a credit rating, and the Issuer currently does not intend to request a credit rating for itself, the Group or for the Bonds at a later date. This may render the price
setting of the Bonds more difficult 

 The Issuer, the Group and the Bonds do not have a credit rating at the time of the Public Offer, and
the Issuer currently does not intend to request a credit rating for itself, the Group or the Bonds at a later date. This may impact the trading price of the Bonds. There is no guarantee that the price of the Bonds and the other Conditions at the
time of the Public Offer, or at a later date, will cover the credit risk related to the Bonds and the Issuer. In addition, there can be no assurance that, should a rating be requested in respect of the Issuer, the Group or the Bonds, an investment
grade rating would be assigned. 
  

	2.7	There is no guarantee to an active trading market for the Bonds 

 The only manner for the holder of the
Bonds to convert his or her investment in the Bonds into cash before their maturity date is to sell them at the applicable market price at that moment. The price can be less than the nominal value of the Bonds. The Bonds are new securities which may
not be widely traded and for which there is currently no active trading market. The Issuer has filed an application to have the Bonds listed on the official list of the Luxembourg Stock Exchange and admitted to trading on the regulated market of the
Luxembourg Stock Exchange. If the Bonds are admitted to trading after their issuance, they may trade at a discount to their initial offering price, depending upon prevailing interest rates, the market for similar securities, general economic
conditions and the financial condition of the Issuer. There is no assurance that an active trading market will develop. Accordingly, there is no assurance as to the development or liquidity of any trading market for the Bonds. Therefore, investors
may not be able to sell their Bonds easily or at all, or at prices that will provide them with a yield comparable to similar investments that have a developed secondary market. Illiquidity may have a severely adverse effect on the market value of
Bonds. In the event that put options are exercised in accordance with Condition 6.3 (Redemption at the Option of Bondholders), liquidity will be reduced for the remaining Bonds. Furthermore, it cannot be guaranteed that the admission to
listing and trading once approved will be maintained. 
  

	2.8	The Bonds are exposed to market interest rate risk 

 The Bonds provide a fixed interest rate until the
Maturity Date. Investment in the Bonds involves the risk that subsequent changes in market interest rates may adversely affect the value of the Bonds. The longer the maturity of bonds, the more exposed bonds are to fluctuations in market interest
rates. An increase in the market interest rates can result in the Bonds trading at prices lower than the nominal amount of such Bonds. 

  
 35 

	2.9	The market value of the Bonds may be affected by the creditworthiness of the Issuer, the Group and a number of additional factors 

The value of the Bonds may be affected by the creditworthiness of the Issuer and the Group and a number of additional factors, such as market interest,
exchange rates and yield rates and the time remaining to the maturity date and more generally all economic, financial and political events in any country, including factors affecting capital markets generally and the stock exchanges on which the
Bonds are traded. The price at which a Bondholder will be able to sell the Bonds prior to maturity may be at a discount, which could be substantial, from the issue price or the purchase price paid by such investor. 

 

	2.10	The Bonds may be redeemed prior to maturity 

 In the event: (A) of the occurrence of an Event of
Default (as defined in Condition 9 (Events of Default)); or (B) if the Issuer would choose to repay all outstanding Bonds if Bondholders have submitted Change of Control Put Exercise Notices in respect of at least 85 per cent. of
the aggregate principal amount of the Bonds (in accordance with Condition 6.3 (Redemption at the Option of Bondholders)); or (C) that the Issuer would be obliged (as set out in Condition 8 (Taxation )) to increase the amounts
payable in respect of any Bonds as a result of any change in, or amendment to, the laws, treaties or regulations of Belgium or any political subdivision or any authority thereof or therein having power to tax, or any change in the application or
official interpretation of such laws, treaties or regulations, which change or amendment becomes effective on or after the Issue Date, the Bonds may be redeemed prior to maturity in accordance with the Conditions. In such circumstances, an investor
may not be able to reinvest the repayment proceeds (if any) at a yield comparable to that of the Bonds. Investors need to be aware that in the event of a redemption prior to maturity in accordance with the Conditions, they might receive a redemption
amount which is lower than the Issue Price. 
  

	2.11	The Bonds may be redeemed prior to maturity in the event of a Change of Control 

 Each Bondholder will
have the right to require the Issuer to repurchase all or any part of such holder’s Bonds at the Put Redemption Amount upon the occurrence of an Early Redemption Event, as such terms are defined herein, and in accordance with the Conditions of
the Bonds (the Change of Control Put). In the event that the Change of Control Put right is exercised by holders of at least 85 per cent. of the aggregate principal amount of the Bonds, the Issuer may, at its option, redeem all (but not
less than all) of the Bonds then outstanding pursuant to Condition 6.3 (Redemption at the Option of Bondholders). However, Bondholders should be aware that, in the event that (i) holders of 85 per cent. or more of the aggregate
principal amount of the Bonds exercise their option under Condition 6.3 (Redemption at the Option of Bondholders), but the Issuer does not elect to redeem the remaining outstanding Bonds, or (ii) holders of a significant proportion, but
less than 85 per cent. of the aggregate principal amount of the Bonds exercise their option under Condition 6.3 (Redemption at the Option of Bondholders), Bonds in respect of which the Change of Control Put is not exercised may be
illiquid and difficult to trade. 
 Accordingly, the put option may arise, at times when prevailing interest rates may be relatively low. In such
circumstances, an investor may not be able to reinvest the repayment proceeds (if any) at a yield comparable to that of the Bonds. Potential investors should be aware that the Change of Control Put can only be exercised upon the occurrence of an
Early Redemption Event as defined in the Conditions, which may not cover all situations where a change of control may occur or where successive changes of control occur in relation to the Issuer. In particular, it should be noted that a Change of
Control for purposes of the conditions shall only have occurred if: 
  

	 	(a)	the following two cumulative conditions have been met (i) Mr. Marc Coucke or Mr. Marc Coucke, acting in concert (within the meaning of article 3 §1 13° (b) of the Transparency Law) with his
spouse, ascendants or descendants, no longer directly or indirectly owns at least 20 per cent. of the Shares and other voting rights of the Issuer; and (ii) Mr. Marc Coucke, whether or not acting through a management company, is no
longer (I) the sole chief executive officer of Omega Pharma, entrusted with the daily management (dagelijks bestuur) of Omega Pharma and exercising operational management powers in respect of Omega Pharma or (II) the executive director
of the Issuer and exercising operational management powers in respect of the Issuer; or 

  
 36 

	 	(b)	if the Issuer owns any assets other than (a) shares in Omega Pharma, (b) Cash and (c) certain de minimis assets not exceeding 5 per cent. of the Issuer’s Equity; or 

 

	 	(c)	if the Issuer no longer holds either, directly or indirectly (i) any shares in Omega Pharma representing at least 75% of Omega Pharma’s total outstanding share capital of which, for the avoidance of doubt,
treasury shares held by Omega Pharma are not to be included, or (ii) any securities conferring voting rights in Omega Pharma representing at least 75% of Omega Pharma’s total outstanding securities conferring voting rights (excluding, for
the avoidance of doubt, any treasury shares); or 

  

	 	(d)	if the Issuer no longer has the right to nominate or remove, pursuant to the articles of association of Omega Pharma or pursuant to agreements known by the Issuer, all or the majority of the directors or equivalent
officers of Omega Pharma. 

 Bondholders deciding to exercise the Change of Control Put shall have to do this through the bank or other
financial intermediary through which the Bondholder holds the Bonds (the Financial Intermediary) and are advised to check when such Financial Intermediary would require to receive instructions and Change of Control Put Exercise Notices from
Bondholders in order to meet the deadlines for such exercise to be effective. The fees and/or costs, if any, of the relevant Financial Intermediary shall be borne by the relevant Bondholders. 

Qualified Investors exercising their put option by giving notice of such exercise to any paying agent in accordance with the standard procedures of the NBB,
Euroclear or Clearstream, Luxembourg in lieu of depositing a Change of Control Put Exercise Notice with a Financial Intermediary are also advised to check by when the relevant securities settlement system would require to receive notices in order to
meet the deadlines for such exercise to be effective. 
  

	2.12	The Bonds may be affected by the turbulence in the global credit markets 

 Potential investors should be
aware of the turbulence in the global credit markets which has led to a general lack of liquidity in the secondary market for instruments similar to the Bonds. The Issuer cannot predict when these circumstances will change and if and when they do
there can be no assurance that conditions of general market illiquidity for the Bonds and instruments similar to the Bonds will not return in the future. 
  

	2.13	Eurozone crisis 

 Potential investors should be aware of the crisis affecting the eurozone, the
turbulence in the global credit markets and the general economic outlook. The Issuer cannot predict when these circumstances will change and potential investors need to be aware of the significant uncertainty about future developments in this
regard. 

  
 37 

	2.14	Modification to the Conditions of the Bonds can be imposed on all Bondholders upon approval by defined majorities of Bondholders 

The Conditions of the Bonds contain provisions for calling meetings of Bondholders to consider matters affecting their interests generally. These provisions
permit defined majorities to bind all Bondholders including Bondholders who did not attend and vote at the relevant meeting and Bondholders who voted in a manner contrary to the majority. 

 

	2.15	The Bonds may be exposed to exchange rate risks and exchange controls 

 The Issuer will pay principal and
interest on the Bonds in Euro. This presents certain risks relating to currency conversions if an investor’s financial activities are denominated principally in a currency or currency unit (the Investor’s Currency) other than the
Euro. These include the risk that exchange rates may significantly change (including changes due to devaluation of the Euro or revaluation of the Investor’s Currency) and the risk that authorities with jurisdiction over the Investor’s
Currency may impose or modify exchange controls. An appreciation in the value of the Investor’s Currency relative to the Euro would decrease (1) the Investor’s Currency-equivalent yield on the Bonds, (2) the Investor’s
Currency equivalent value of the principal payable on the Bonds, and (3) the Investor’s Currency equivalent market value of the Bonds. 

Government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable exchange rate. As a
result, investors may receive less interest or principal than expected, or no interest or principal at all. 
  

	2.16	Risk of inflation 

 The inflation risk is the risk of future value of money. The actual yield of an
investment in the Bonds is being reduced by inflation. The higher the rate of inflation, the lower the actual yield of a Bond will be. If the rate of inflation is equal to or higher than the nominal output of the Bonds, then the actual output is
equal to zero, or the actual yield will even be negative. 
  

	2.17	Certain payments in respect of the Bonds may be impacted by the EU Savings Directive 

 Under EC Council
Directive 2003/48/EC on the taxation of savings income (the EU Savings Directive), member states of the European Union (the EU Member States and each a EU Member State) are required to provide to the tax authorities of another
EU Member State details of payments of interest (or similar income) paid by a person within their jurisdiction to an individual resident in that other EU Member State or to certain limited types of entities established in that other EU Member State.
However, for a transitional period, the Grand Duchy of Luxembourg and Austria are instead required (unless during that period they elect otherwise) to operate a withholding system in relation to such payments (the ending of such transitional period
being dependent upon the conclusion of certain other agreements relating to information exchange with certain other countries). A number of non-EU countries and territories including Switzerland have adopted similar measures (a withholding system in
the case of Switzerland). 
 The European Commission has proposed certain amendments to the EU Savings Directive which may, if implemented, amend or broaden
the scope of the requirements described above. 
 If a payment were to be made or collected through a paying agent established in any state which applies
the withholding tax system and an amount of, or in respect of, tax were to be withheld from that payment, neither the Issuer nor the Agent nor any other person would be obliged to pay additional amounts to the Bondholders or to otherwise compensate
Bondholders for the reductions in the amounts that they will receive as a result of the imposition of such withholding tax. 

  
 38 

	2.18	Payments made in respect of the Bonds may be subject to Belgian or Luxembourg withholding tax 

 Potential
investors should be aware that neither the Issuer, the NBB, the Agent nor any other person will be liable for or otherwise obliged to pay, and the relevant Bondholders will be liable for and/or pay, any tax, duty, charge, withholding or other
payment whatsoever which may arise as a result of, or in connection with, the ownership, any transfer and/or any payment in respect of the Bonds. 
 If the
Issuer, the NBB, the Agent or any other person is required by law to make any withholding or deduction for, or on account of, any present or future taxes, duties or charges of whatever nature in respect of any payment in respect of the Bonds, the
Issuer, the NBB, the Agent or that other person shall make such payment after such withholding or deduction has been made and will account to the relevant authorities for the amount so required to be withheld or deducted. 

The Bonds will be issued in dematerialised form under the Belgian Company Code and cannot be physically delivered. The Bonds will be represented exclusively
by book entries in the records of the Clearing System. 
 Belgian withholding tax, currently at a rate of 21%, will in principle be applicable to the
interest on the Bonds held in a non-exempt securities account (an N account) in the X/N System, as further described in Part XI: Taxation. For Belgian resident individuals, an additional levy of 4% may apply to the interest on the Bonds, also
as further described in Part XI: Taxation. Note in this respect, also as further described in Part XI: Taxation, that an increase of the Belgian withholding tax rate from 21% to 25% and an abolishment of the 4 per cent. additional levy have
been announced. 
 Luxembourg withholding tax may apply to payments made in respect of the Bonds, either under the Luxembourg laws implementing the EU
Savings Directive (please also refer to the section “Certain payments in respect of the Bonds may be impacted by the EU Savings Directive” here above) or under the law of 23 December 2005 as amended. Luxembourg withholding tax issues
are further described in Part XI: Taxation. 
 In addition, potential investors should be aware that any relevant tax law or practice applicable as at the
date of this Prospectus and/or the date of purchase or subscription of the Bonds may change at any time (including during any subscription period or the term of the Bonds). Any such change may have an adverse effect on a Bondholder, including that
the liquidity of the Bonds may decrease and/or the amounts payable to or receivable by an affected Bondholder may be less than otherwise expected by such Bondholder. 

Potential investors who are in any doubt as to their tax position should consult their own independent tax advisers. 

 

	2.19	Potential purchasers and sellers of the Bonds may be required to pay taxes or other documentary charges or duties in accordance with the laws and practices of the country where the Bonds are transferred or other
jurisdictions 

 Potential purchasers and sellers of the Bonds should be aware that they may be required to pay taxes or other documentary
charges or duties in accordance with the laws and practices of the country where the Bonds are transferred or other jurisdictions. Potential investors are advised not to rely upon the tax 

  
 39 

 
summary contained in this Prospectus but to seek the advice of a tax professional regarding their individual tax liabilities with respect to the acquisition, sale and redemption of the Bonds.
Only these advisors are in a position to duly consider the specific situation of the potential investor. This investment consideration has to be read in connection with the taxation sections of this Prospectus. Such taxes or documentary charges
could also be due in case of a possible change of the statutory seat of the Issuer. In addition, potential purchasers should be aware that tax regulations and their application by the relevant taxation authorities change from time to time.
Accordingly, it is not possible to predict the precise tax treatment which will apply at any given time. 
  

	2.20	Changes in governing law could modify certain Conditions 

 The Conditions are based on the laws of
Belgium in effect as at the date of this Prospectus. No assurance can be given as to the impact of any possible judicial decision or change to the laws of Belgium, the official application, interpretation or the administrative practice after the
date of this Prospectus. 
  

	2.21	Relationship with the Issuer 

 All notices and payments to be delivered to the Bondholders will be
distributed by the Issuer to such Bondholders in accordance with the Conditions. In the event that a Bondholder does not receive such notices or payments, its rights may be prejudiced, but it may not have a direct claim against the Issuer with
respect to such prejudice. 
  

	2.22	The transfer of the Bonds, any payments made in respect of the Bonds and all communications with the Issuer will occur through the Clearing System 

Access to the Clearing System is available through its Clearing System participants whose membership extends to securities such as the Bonds. Clearing System
participants include certain banks, stockbrokers (beursvennootschappen/societes de bourse), and Euroclear and Clearstream, Luxembourg. Transfers of interests in the Bonds will be effected between the Clearing System participants in accordance
with the rules and operating procedures of the Clearing System. Transfers between investors will be effected in accordance with the respective rules and operating procedures of the Clearing System participants through which they hold their Bonds.
The Issuer and the Agent will have no responsibility for the proper performance by the Clearing System or the Clearing System participants of their obligations under their respective rules and operating procedures. 

A Bondholder must rely on the procedures of the Clearing System to receive payments under the Bonds. The Issuer will have no responsibility or liability for
the records relating to, or payments made in respect of, the Bonds within the Clearing System. 
  

	2.23	The Agent is not required to segregate amounts received by it in respect of Bonds cleared through the Clearing System 

The Conditions of the Bonds and the Agency Agreement (as defined below) provide that the Agent (as defined below) will debit the relevant account of the Issuer
and use such funds to make payment to the Bondholders. The Agency Agreement provides that the Agent will, simultaneously with the receipt by it of the relevant amounts, pay to the Bondholders, directly or through the NBB, any amounts due in respect
of the relevant Bonds. However, the Agent is not required to segregate any such amounts received by it in respect of the Bonds. In the event that the Agent were subject to insolvency proceedings at any time when it held any such amounts, Bondholders
would not have any further claim against the Issuer in respect of such amounts, and would be required to claim such amounts from the Agent in accordance with applicable Belgian insolvency laws, because the Conditions provide that the payment
obligations of the Issuer will be discharged by payment to the Agent in respect of each amount so paid. 

  
 40 

	2.24	The Issuer, the Agent and the Managers may engage in transactions adversely affecting the interests of the Bondholders 

The Agent and the Managers might have conflicts of interests which could have an adverse effect on the interests of the Bondholders. Potential investors should
be aware that the Issuer is involved in a general business relationship or/and in specific transactions with the Agent, the Calculation Agent or/and each of the Managers and that they might have conflicts of interests which could have an adverse
effect to the interests of the Bondholders. Potential investors should also be aware that the Agent, the Calculation Agent and each of the Managers may hold from time to time debt securities, shares or/and other financial instruments of the Issuer.

 Within the framework of normal business relationship with its banks, the Issuer or any Subsidiary could enter into or has entered into loans and other
facilities with any of the Joint Lead Managers (via bilateral transactions or/and syndicated loans together with other banks including the syndicated facility at the level of the Issuer and the OP Syndicated Facility and including a bilateral loan
agreement between Alychlo NV, one of the majority shareholders of the Issuer, and Belfius Bank NV/SA for a total amount of EUR 15,000,000 with a maturity date on 15 November 2013.). The terms and conditions of these debt financings may differ
or differ from the terms and conditions of the proposed Bonds and certain of the terms and conditions of such debt financings could be or are stricter or more extensive than the terms and conditions of the proposed Bonds. The terms and conditions of
these debt financings may contain or contain financial covenants, different from or not included in the conditions of the proposed Bonds. In addition, as part of these debt financings, the lenders may have or have the benefit of guarantees granted
by operational companies of the Group, whereas the Bondholders will not have the benefit from similar guarantees. This results in the Bondholders being subordinated to the lenders under such debt financings. Reference is made to Part VI: Description
of the Issuer, Section 7 “Funding sources” of this Prospectus for a further description of the relevant transactions. 
 The Domiciliary
Agent and the Calculation Agent may rely on any information that is reasonably believed by them to be genuine and to have been originated by the proper parties. The Domiciliary Agent and the 

As set out under Part X: Use of Proceeds, the net proceeds from the issue and sale of the Bonds will be applied towards the repayment of the facilities
agreement dated 1 September 2011 with Fortis Bank NV/SA (trading as BNP Paribas Fortis) and ING Belgium NV as mandated lead arrangers, and Fortis Bank NV/SA (trading as BNP Paribas Fortis) as facility agent and security agent. Any remaining
proceeds will be used for the financing of, amongst other, potential future acquisitions or investments in the operating companies of the Group. 
 The
Bondholders should be aware of the fact that the Managers, when they act as lenders to the Issuer or another company within the Group (or when they act in any other capacity whatsoever), have no fiduciary duties or other duties of any nature
whatsoever vis-à-vis the Bondholders and that they are under no obligation to take into account the interests of the Bondholders. 
 The Managers, as
lenders of the Issuer, may have interests that are different from and/or adverse to the interests of the Bondholders during the term of the Bonds. Some of these credit facilities are senior and secured with a shorter maturity than the Bonds. 

  
 41 

 These diverging interests may manifest themselves amongst other things in case of an event of default for any of
the credit facilities granted by the Managers before the maturity of the Bonds or in case of a mandatory early repayment and may have a negative impact on the repayment capacity of the Issuer. It is not excluded that these credit facilities will be
repaid before the maturity of the Bonds. The Managers do not have any obligation to take into account the interests of the Bondholders when exercising their respective rights as a lender under the aforementioned credit facilities. Any full or
partial repayment of credit facilities granted by any of the Managers will, at that time, have a favourable impact on the exposure of such Manager vis-à-vis the Issuer. 

 

	2.25	Legal investment considerations may restrict certain investments 

 The investment activities of certain
investors are subject to legal investment laws and regulations, or review or regulation by certain authorities. Each potential investor should consult its legal advisers to determine whether and to what extent (i) Bonds are legal investments
for it, (ii) Bonds can be used as collateral for various types of borrowing, and (iii) other restrictions apply to its purchase or pledge of any Bonds. The investors should consult their legal advisers to determine the appropriate
treatment of Bonds under any applicable risk-based capital or similar rules. 
  

	2.26	Risk of withdrawal or cancellation of the Public Offer 

 As from the date of this Prospectus and at any
time prior to the Issue Date of the Bonds, the Public Offer may be wholly or partially retracted or cancelled in accordance with the provisions of the Subscription Agreement. In this case, investors who paid the issue price for the Bonds prior to
the notification of retraction or cancellation of the offer shall receive the total amounts of funds already paid by them as issue price for the Bonds. However, such investor may not receive the interest on such amount they otherwise could have
earned if they had not paid the issue price for the Bonds. 
  

	2.27	The Domiciliary, Listing and Calculation Agent do not assume any fiduciary duties or other obligations to the Bondholders and, in particular, is not obliged to make determinations which protect their interests

 KBC Bank will act as the Issuer’s Domiciliary Agent and Calculation Agent. In its capacity as Domiciliary Agent and Calculation
Agent, they will act in accordance with the Conditions of the Bonds in good faith and endeavour at all times to make its determinations in a commercially reasonable manner. However, Bondholders should be aware that the Domiciliary Agent and the
Calculation Agent do not assume any fiduciary or other obligations to the Bondholders and, in particular, are not obliged to make determinations which protect or further the interests of the Bondholders. 

Calculation Agent shall not be liable for the consequences to any person (including Bondholders) of any errors or omissions in (i) the calculation by the
Domiciliary Agent and the Calculation Agent of any amount due in respect of the Bonds or (ii) any determination made by the Domiciliary Agent and the Calculation Agent in relation to the Bonds or interests, in each case in the absence of bad
faith or willful default. Without prejudice to the generality of the foregoing, the Domiciliary Agent and the Calculation Agent shall not be liable for the consequences to any person (including Bondholders) of any such errors or omissions arising as
a result of (i) any information provided to the Domiciliary Agent and the Calculation Agent proving to have been incorrect or incomplete or (ii) any relevant information not being provided to the Domiciliary Agent and the Calculation Agent
on a timely basis. 

  
 42 

	2.28	Belgian insolvency laws 

 The Issuer is incorporated, and has its registered office, in Belgium and,
consequently, may be subject to insolvency laws and proceedings in Belgium. The Conditions do not prevent the Issuer from changing the location of its registered office to a jurisdiction within the European Economic Area or Switzerland. 

PART III: DOCUMENTS INCORPORATED BY REFERENCE 

This Prospectus shall be read and construed in conjunction with the annual report and audited financial statements of the Issuer for the years ended
31 December 2010 and 31 December 2011 (statutory in accordance with Belgian GAAP) and for the year ended 31 December 2011 (consolidated in accordance with IFRS, with comparative figures for the year ended 31 December 2010)
together with the audit reports thereon, and the interim financial report of the Issuer for the six months period ended 30 June 2012, together with the review report thereon, which have been previously published or are published simultaneously
with this Prospectus and which have been filed with the CSSF. Such documents shall be incorporated in, and form part of this Prospectus, save that any statement contained in a document which is incorporated by reference herein shall be modified or
superseded for the purpose of this Prospectus to the extent that a statement contained herein modifies or supersedes such earlier statement (whether expressly, by implication or otherwise). Any statement so modified or superseded shall not, except
as so modified or superseded, constitute a part of this Prospectus. 
 Copies of documents incorporated by reference in this Prospectus may be obtained
(without charge) from the registered offices of the Issuer, the website of the Issuer (wwvv.omegartharmainvest.com) and the website of the Luxembourg Stock Exchange (www.bourse.lu). 

The Issuer confirms that it has obtained the approval from its auditors to incorporate by reference in this Prospectus the auditor’s reports for the
financial years ended 31 December 2010 and 31 December 2011 and the six months period ended 30 June 2012. 
 Any information not listed in
the cross reference list but included in the documents incorporated by reference is given for information purpose only. 
 Annual audit
report and audited statutory Belgian GAAP accounts of the Issuer, audit report and explanatory notes of the Issuer for the financial year ended 31 December 2010 

Omega Pharma Invest NV Annual Accounts 2010 (Belgian GAAP) 
  

			
	 Statutory balance sheet
		Page 3-4
	 Statutory income statement
		Page 5
	 Explanatory notes
		Page 16-18

 Statutory Auditor’s report on Omega Pharma Invest NV Annual Accounts 2010 (Belgian GAAP) 

Annual audit report and audited statutory Belgian GAAP accounts of the Issuer, audit report and explanatory notes of the Issuer for the
financial year ended 31 December 2011 
 Omega Pharma Invest NV Annual Accounts 2011 (Belgian GAAP) 

 

			
	 Statutory balance sheet
		Page 4-5
	 Statutory income statement
		Page 6
	 Explanatory notes
		Page 16-18

  
 43 

 Statutory Auditor’s report on Omega Pharma Invest NV Annual Accounts 2011 (Belgian GAAP)

 Audited annual report and audited consolidated IFRS financial statements of the Issuer, audit report and explanatory notes of the
Issuer for the financial year ended 31 December 2011 (with comparative figures for the year ended 31 December 2010) 
 Omega
Pharma Invest NV Annual Report 2011 (IFRS) 
  

					
	 Consolidated Income statement
		 	Page 4	  
	 Consolidated balance sheet
		 	Page 6	  
	 Consolidated cash flow statement
		 	Page 8	  
	 Explanatory notes
		 	Page 16-79	  

 Statutory Auditor’s report on Omega Pharma Invest NV Annual Report 2011 (IFRS) 

Audited condensed consolidated IFRS semi-annual financial statements of the Issuer for the six-month period ended 30 June 2012 

Omega Pharma Invest NV interim financial report 2012 (IFRS) 
  

					
	 Consolidated Income statement
		 	Page 6	  
	 Consolidated balance sheet
		 	Page 8	  
	 Consolidated cash flow statement
		 	Page 10	  
	 Explanatory notes
		 	Page 11-16	  

 Review Report on Omega Pharma Invest NV interim financial report 2012 (IFRS) 

PART IV: TERMS AND CONDITIONS OF THE BONDS 

The following is the text of the Conditions of the Bonds save for the paragraphs in italics that shall be read as complementary information. 

The issue of the 5.125 per cent. fixed rate Bonds due 12 December 2017 for an expected minimum amount of EUR 200,000,000 and a maximum amount of EUR
300,000,000 (the Bonds) was authorised by a resolution of the Board of Directors of Omega Pharma Invest NV (the Issuer) passed on 16 November 2012. The Bonds are issued subject to and with the benefit of a domiciliary agency
agreement dated on or around 27 November 2012 entered into between the Issuer and KBC Bank NV acting as domiciliary and paying agent (the Agent, which expression shall include any successor as Agent under the Agency Agreement) (such
agreement as amended and/or supplemented and/or restated from time to time, the Agency Agreement). The statements in these Conditions include summaries of, and are subject to, the detailed provisions of the Agency Agreement and the Clearing
Agreement (as defined below). Copies of the Agency Agreement and the Clearing Agreement are available for inspection during normal business hours at the specified office of the Agent. The specified office of the Agent is at Havenlaan 2, B-1080
Brussels, Belgium. The Bondholders are bound by and deemed to have notice of all the provisions of the Agency Agreement applicable to them. 
 References
herein to Conditions are, unless the context otherwise requires, to the numbered paragraphs below. 

  
 44 

	1.	FORM, DENOMINATION AND TITLE 

 The Bonds are issued in dematerialised form in accordance with Article 468
of the Belgian Company Code (Wetboek van Vennootschappen / Code des Societes) and cannot be physically delivered. The Bonds will be exclusively represented by book entry in the records of the clearing system operated by the National Bank of
Belgium (the NBB) or any successor thereto (the Clearing System). The Bonds can be held by their holders through participants in the Clearing System, including Euroclear and Clearstream, Luxembourg and through other financial
intermediaries which in turn hold the Bonds through Euroclear and Clearstream, Luxembourg, or other participants in the Clearing System. The Bonds are accepted for clearance through the Clearing System, and are accordingly subject to the applicable
Belgian clearing regulations, including the Belgian law of 6 August 1993 on transactions in certain securities, its implementing Belgian Royal Decrees of 26 May 1994 and 14 June 1994 and the rules of the Clearing System and its
annexes, as issued or modified by the NBB from time to time (the laws, decrees and rules mentioned in this Condition being referred to herein as the Clearing System Regulations). Title to the Bonds will pass by account transfer. The Bonds may
not be exchanged for bonds in bearer form. 
 If at any time the Bonds are transferred to another clearing system, not operated or not exclusively operated
by the NBB, these provisions shall apply mutatis mutandis to such successor clearing system and successor clearing system operator or any additional clearing system and additional clearing system operator (any such clearing system, an
Alternative Clearing System). 
 The Bonds are in principal amounts of EUR 1,000 each (the Specified Denomination). 

 

	2.	STATUS OF THE BONDS 

 The Bonds constitute direct, unconditional, unsubordinated and (subject to
Condition 3 (Negative Pledge) unsecured obligations of the Issuer and rank and will at all times rank pari passu and rateably, without any preference among themselves, and equally with all other existing and future unsecured and
unsubordinated obligations of the Issuer, present and future, save for such obligations that may be preferred by provisions of law that are mandatory and of general application. 

 

	3.	NEGATIVE PLEDGE 

  

	3.1	So long as any Bond remains outstanding, the Issuer: 

  

	 	(a)	will not create or permit to subsist any mortgage, charge, pledge, lien or other form of encumbrance or security interest, including, without limitation, anything analogous to any of the foregoing under the laws of any
jurisdiction (Security) upon the whole or any part of its undertaking, assets or revenues present or future to secure any Relevant Debt of the Issuer or a Subsidiary or to secure any guarantee of or indemnity in respect of any Relevant Debt
of the Issuer or a Subsidiary; 

  

	 	(b)	will procure that no Subsidiary creates or permits to subsist any Security upon the whole or any part of its undertaking, assets or revenues present or future to secure any Relevant Debt of the Issuer or any Relevant
Bond Debt of a Subsidiary or to secure any guarantee of or indemnity in respect of a Relevant Debt of the Issuer or a Relevant Bond Debt of a Subsidiary; and 

  

	 	(c)	will not give, and will procure that no Subsidiary (determined at the time of incurrence) gives any guarantee of, or indemnity in respect of any of the Relevant Debt of the Issuer or the Relevant Bond Debt of a
Subsidiary; 

  
 45 

 unless, at the same time or prior thereto, the Issuer’s obligations under the Bonds are secured equally and
rateably therewith or benefit from a guarantee or indemnity in substantially the same terms thereto (including, for the avoidance of doubt, any terms providing for the automatic addition and release of any such security, guarantees or indemnities),
as the case may be, or have the benefit of such other Security, guarantee, indemnity or other arrangement as shall be approved by a general meeting of the Bondholders. The Issuer shall be deemed to have satisfied any such obligation to provide
Security, a guarantee or indemnity on substantially the same terms if the benefit of any such security, guarantee or indemnity is equally and rateably granted to an agent or trustee on behalf of the Bondholders or through any other structure which
is customary in the debt capital markets (whether by way of supplement, guarantee agreement, deed or otherwise). 
  

	3.2	The prohibition contained in this Condition 3 (Negative Pledge) does not apply to: 

  

	 	(a)	any Security, guarantee or indemnity in respect of any Relevant Debt of the Issuer or a Subsidiary either: 

  

	 	(i)	existing over undertakings, assets or revenues which are acquired by the Issuer or a Subsidiary, at the time of such acquisition; or 

 

	 	(ii)	coming into existence by operation of law or pursuant to any mandatory provision of any applicable law. 

  

	 	(b)	any guarantee or indemnity in respect of any US Private Placement of Omega Pharma or a member of the OP Operating Group, including, for the avoidance of doubt, any Existing US Private Placement, up to an aggregate
principal amount of EUR325,000,000 (for which any US Private Placement which is denominated in another currency than EUR shall be converted to the EUR equivalent at the time of issue of such instrument, at the prevailing currency exchange rate at
that time). 

  

	4.	DEFINITIONS 

 In these Conditions, unless otherwise provided: 

Alternative Clearing System has the meaning provided in Condition 1 (Form, Denomination and Title). 

Auditors means Pricewaterhousecoopers Bedrijfsrevisoren BCVBA (or such auditor or statutory auditor of the Issuer as may be appointed from time to
time). 
 Board of Directors means the board of directors of the Issuer or any committee thereof duly authorised to act on behalf of the board of
directors. 
 Bondholder means, in respect of any Bond, the person entitled thereto in accordance with the Belgian Company Code and the Clearing
System Regulations. 
 Bonds has the meaning provided in the introduction to these Conditions. 

Business Day means, in relation to any place, a day (other than a Saturday or Sunday) on which commercial banks and foreign exchange markets are open
for business in Brussels. 
 Calculation Agent has the meaning provided in Condition 6.3 (Redemption at the Option of Bondholders). 

  
 46 

 Cash means, at any time, cash in hand and demand deposits. 

Cash Equivalent Investments means, at any time, highly liquid instruments that are readily convertible into Cash and for which a recognised trading
market exists. 
 A Change of Control shall be deemed to have occurred: 
  

	 	(a)	if the following two cumulative conditions have been met: 

  

	 	(i)	Mr. Marc Coucke or Mr. Marc Coucke, acting in concert (within the meaning of article 3 §1 13° (b) of the Transparency Law) with his spouse, ascendants or descendants, no longer directly or
indirectly owns at least 20 per cent. of the Shares and other voting rights of the Issuer; and 

  

	 	(ii)	Mr. Marc Coucke, whether or not acting through a management company, is no longer (i) the sole chief executive officer of Omega Pharma, entrusted with the daily management (dagelijks bestuur) of Omega
Pharma and exercising operational management powers in respect of Omega Pharma or (ii) the executive director of the Issuer and exercising operational management powers in respect of the Issuer; or 

 

	 	(b)	if the Issuer owns any assets other than (a) shares in Omega Pharma, (b) Cash and (c) certain de minimis assets not exceeding 5 per cent. of the Issuer’s Equity; or 

 

	 	(c)	if the Issuer no longer holds either, directly or indirectly: 

  

	 	(i)	any shares in Omega Pharma representing at least 75% of Omega Pharma’s total outstanding share capital of which, for the avoidance of doubt, treasury shares held by Omega Pharma are not to be included, or

  

	 	(ii)	any securities conferring voting rights in Omega Pharma representing at least 75% of Omega Pharma’s total outstanding securities conferring voting rights (excluding, for the avoidance of doubt, any treasury
shares); or 

  

	 	(d)	if the Issuer no longer has the right to nominate or remove, pursuant to the articles of association of Omega Pharma or pursuant to agreements known by the Issuer, all or the majority of the directors or equivalent
officers of Omega Pharma. 

 Change of Control Put Exercise Period means the period commencing on the date of an Early Redemption Event
and ending 60 calendar days following the Early Redemption Event, or, if later, 60 calendar days following the date on which a Put Redemption Notice is given to Bondholders as required by Condition 6.3 (Redemption at the Option of
Bondholders). 
 Change of Control Put Date has the meaning provided in Condition 6.3 (Redemption at the Option of Bondholders). 

Change of Control Put Exercise Notice has the meaning provided in Condition 6.3 (Redemption at the Option of Bondholders). 

Change of Control Resolutions means one or more decisions validly taken by the general meeting of shareholders of the Issuer approving Condition 6.3
(Redemption at the Option of Bondholders). 

  
 47 

 Clearing Agreement means the clearing services agreement (Dienstverleningsovereenkomst
met betrekking tot de uitgifie van gedematerialiseerde obligaties / Convention de Services de Clearing relatifs a l’emission d’obligations dematerialisees) to be dated prior to or on the Issue Date between the Issuer, the Agent and the
NBB. 
 Clearing System has the meaning provided in Condition 1 (Form, Denomination and Title). 

Clearing System Regulations has the meaning provided in Condition 1 (Form, Denomination and Title). 

Clearstream, Luxembourg means Clearstream Banking, societe anonyme. 

Compliance Certificate has the meaning provided in Condition 11 (Compliance Certificate). 

Consolidated EBITDA for any Relevant Period will be determined on the basis of the relevant consolidated financial statements of the Issuer and the
accounting standards applicable to the Issuer and means the consolidated profits from ordinary activities before taxation: 
  

	 	(a)	before deducting any Consolidated Net Interest Expense; 

  

	 	(b)	before taking into account any items treated as exceptional or extraordinary items; 

  

	 	(c)	after deducting the amount of any profit of any member which is attributable to minority interests; 

  

	 	(d)	before deducting any amount attributable to the amortisation of intangible assets (including consolidation differences and goodwill) or the depreciation of tangible assets; 

In respect of any person which became a member of the Group during such period, Consolidated EBITDA will be calculated as if such person became a member of
the Group on the first day of such period and in respect of any person which ceased to be a member of the Group during such period, Consolidated EBITDA will be calculated as if such person had not been a member of the Group at any time during such
period. 
 Consolidated Omega Pharma EBITDA for any Relevant Period will be determined on the basis of the relevant consolidated financial statements
of Omega Pharma and the accounting standards applicable to Omega Pharma and means the consolidated profits from ordinary activities before taxation: 
  

	 	(a)	before deducting any Consolidated Net Interest Expense at the level of Omega Pharma; 

  

	 	(b)	before taking into account any items treated as exceptional or extraordinary items; 

  

	 	(c)	after deducting the amount of any profit of any member which is attributable to minority interests; 

  

	 	(d)	before deducting any amount attributable to the amortisation of intangible assets (including consolidation differences and goodwill) or the depreciation of tangible assets; 

In respect of any person which became a member of the Group during such period, Consolidated Omega Pharma EBITDA will be calculated as if such person became a
member of the Group on the first day of such period and in respect of any person which ceased to be a member of the Group during such period, Consolidated Omega Pharma EBITDA will be calculated as if such person had not been a member of the Group at
any time during such period. 

  
 48 

 Consolidated Leverage means the ratio of Consolidated Total Net Debt to Consolidated EBITDA. 

Consolidated Net Interest Expense means, for any Relevant Period, the aggregate amount of the accrued interest, commission, fees, discounts, prepayment
penalties or premiums and other finance payments in respect of borrowings or debt issuances whether paid, payable or capitalised by any member of the Group in respect of that Relevant Period: 

 

	 	(a)	excluding any such obligations owed to any other member of the Group; 

  

	 	(b)	including the interest element of leasing and hire purchase payments; 

  

	 	(c)	including any accrued commission, fees, discounts and other finance payments payable by any member of the Group under any interest rate hedging arrangement; 

 

	 	(d)	excluding any accrued commission, fees, discounts and other finance payments owing to any member of the Group under any interest rate hedging arrangement; and 

 

	 	(e)	deducting any accrued interest, commission, fees, discounts, prepayment, penalties, premiums or other finance payments received or receivable to any member of the Group from any bank or financial institution.

 Consolidated Total Net Debt means at any time the aggregate amount of all obligations of the Group for or in respect of the
outstanding amount of any financial indebtedness, but: 
  

	 	(a)	excluding any trade credit granted in the ordinary course of business of the Group; 

  

	 	(b)	excluding any counter — indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; 

 

	 	(c)	excluding any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price; 

 

	 	(d)	excluding any guarantee or indemnity in respect of any indebtedness falling under items (b) and (c) above; 

  

	 	(e)	excluding any obligations to any other member of the Group; 

  

	 	(f)	including, in the case of finance or capital leases, only the capitalised value thereof; and 

  

	 	(g)	deducting the aggregate amount of freely available Cash and Cash Equivalent Investments and the then market value of shares in the Issuer which have been repurchased (but not cancelled) by a member of the Group, up to a
maximum amount representing 5 per cent. of the outstanding shares of the Issuer and in each case held by any member of the Group at such time. 

Early Redemption Event has the meaning provided in Condition 6.3 (Redemption at the Option of Bondholders). 

EUR, euro or € means the currency introduced at the start of the third stage of the European economic and monetary union pursuant to the
Treaty establishing the European Community, as amended. 

  
 49 

 Euroclear means Euroclear Bank SA/NV. 

Event of Default has the meaning provided in Condition 9 (Events of Default). 

Existing OP US Private Placements means (i) the US private placement by Omega Pharma in the amount of USD 285,000,000 concluded on 28 July
2004 with four fixed interest rate bullet tranches, repayable on 28 July 2009, 28 July 2011, 28 July 2014 or 28 July 2016, as the case may be, and (ii) the US private placement by Omega Pharma in the amount of EUR
135,043,889 5.104 per cent. Guaranteed Senior Notes due 28 July 2023. 
 Extraordinary Resolution has the meaning provided in the Agency
Agreement. 
 Financial Condition Step-Down Change means following a Financial Condition Step-Up Change, the circumstance where it appears from a
Compliance Certificate delivered pursuant to Condition 11 (Compliance Certificate) that: 
  

	 	(a)	the Consolidated Leverage for the Relevant Period does not exceed 5.10:1; or 

  

	 	(b)	the Stand-Alone Leverage for the Relevant Period does not exceed 3.00:1. 

 Financial Condition Step-Up
Change means the circumstance where it appears from a Compliance Certificate delivered pursuant to Condition 11 (Compliance Certificate) that: 
  

	 	(a)	the Consolidated Leverage for the Relevant Period exceeds 5.10:1; or 

  

	 	(b)	the Stand-Alone Leverage for the Relevant Period exceeds 3.00:1. 

 Group means the Issuer and each of
its Subsidiaries, for the avoidance of doubt including Omega Pharma. 
 Interest Payment Date has the meaning provided in Condition 5.1
(Interest Rate and Interest Payment Dates). 
 Interest Period has the meaning provided in Condition 5.1 (Interest Rate and
Interest Payment Dates). 
 Issue Date means 12 December 2012 (or such later date, if the Issue Date has been postponed following the
publication of a supplement to the Prospectus). 
 Issuer’s Equity has the meaning given to the term “equity” in the consolidated
financial statements of the Issuer. 
 Material Subsidiary means at any time, a Subsidiary of which (a) the total assets, or (b) EBITDA (in
each case as determined on a non-consolidated basis and determined on a basis consistent with the preparation of the consolidated financial statements of the Issuer) represent no less than 3 per cent. of the Consolidated EBITDA or total assets
(as the case may be) of the Issuer, all as calculated respectively by reference to the then latest audited financial statements of such Subsidiary and the latest audited consolidated financial statements of the Issuer. 

Maturity Date means 12 December 2017. 

  
 50 

 Month means a period starting on one day in a calendar month and ending on the numerically corresponding
day in the next calendar month, except that: 
  

	 	(a)	Subject to paragraph (c) below if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that Calendar month in which that period is to end if there is one, or if
there is not, on the immediately preceding Business Day; 

  

	 	(b)	If there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and 

 

	 	(c)	If an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end. 

The above rules will only apply to the last Month of any period. 

NBB has the meaning assigned to it in Condition 1 (Form, Denomination and Title). 

Omega Pharma means Omega Pharma NV, a public limited liability company (naamloze vennootschap / societe anonyme) incorporated under Belgian law,
having its registered office at Venecoweg 26, 9810 Nazareth, Belgium, registered with the Crossroads Bank for Enterprises under number 431.676.229, commercial court of Ghent. 

OP Operating Group means Omega Pharma and each of its Subsidiaries from time to time. 

Put Redemption Amount has the meaning provided in Condition 6.3 (Redemption at the Option of Bondholders). 

Put Redemption Notice has the meaning provided in Condition 6.3 (Redemption at the Option of Bondholders). 

Relevant Period means each period of 12 Months ending on the last day of a financial year of the Issuer and each period of 12 Months ending on the last
day of the first half of the financial year of the Issuer. 
 Relevant Date means, in respect of any Bond, whichever is the later of: 

 

	 	(a)	the date on which payment in respect of it first becomes due; and 

  

	 	(b)	if any amount of the money payable is improperly withheld or refused, the date on which payment in full of the amount outstanding is made or (if earlier) the date on which notice is duly given by the Issuer to the
Bondholders in accordance with Condition 14 (Notices) that such payment will be made, provided that such payment is in fact made as provided in these Conditions. 

Relevant Bond Debt means any present or future indebtedness in the form of, or represented by, bonds, notes, debentures or other securities which are
for the time being, or are capable of being, quoted, listed or ordinarily dealt in on any stock exchange, over the counter or other securities market. 

Relevant Debt means any Relevant Loan Debt and Relevant Bond Debt. 

Relevant Loan Debt means any present or future indebtedness in whatever form, including the form of moneys borrowed and debit balances at banks or
other financial institutions, but excluding Relevant Bond Debt. 

  
 51 

 Security has the meaning provided in Condition 3.1 (Negative Pledge). 

Shareholders means the holders of Shares. 
 Shares
means all ordinary and preferential shares in the capital of the Issuer. 
 Specified Denomination has the meaning provided in Condition 1
(Form, Denomination and Title). 
 Stand-Alone Leverage means the ratio of Stand-Alone Net Debt to Consolidated Omega Pharma EBITDA. 

Stand-Alone Net Debt means at any time the aggregate amount of all obligations of the Issuer for or in respect of the outstanding amount of any
financial indebtedness, but: 
  

	 	(a)	excluding any trade credit granted in the ordinary course of business of the Group; 

  

	 	(b)	excluding any counter—indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; 

 

	 	(c)	excluding any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price; 

 

	 	(d)	excluding any guarantee or indemnity in respect of any indebtedness falling under items (b) and (c) above; 

  

	 	(e)	including, in the case of finance or capital leases, only the capitalised value thereof; and 

  

	 	(f)	deducting the aggregate amount of freely available Cash and Cash Equivalent Investments and the then market value of shares in the Issuer which have been repurchased (but not cancelled) by the Issuer, up to a maximum
amount representing 5 per cent. of the outstanding shares of the Issuer. 

 Subsidiary means a subsidiary (dochtervennootschap)
within the meaning of article 6, 2° of the Belgian Company Code. 
 TARGET Business Day means a day (other than a Saturday or Sunday) on
which the TARGET System is operating for the settlement of payments in euro. 
 TARGET System means the Trans-European Automated Real-Time Gross
Settlement Express Transfer (TARGET2) system, or any successor thereto. 
 Taxes has the meaning provided in Condition 8 (Taxation). 

Transparency Law means the law of 2 May 2007 on the publication of important participations in issuers of which the shares are admitted to trading
on a regulated market and holding various measures. 
 US Private Placement means any form of financing obtained in the United States of America
through an offering and selling of bonds in reliance upon the exemption provided by Section 4(2) of the US Securities Act. 

  
 52 

 A reference to any act or statute or any provision of any act or statute shall be deemed also to refer to
any statutory modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re-enactment. 

A reference to a “person” shall include any individual, company, corporation, firm, partnership, joint venture, undertaking, association,
organisation, trust, state or agency of a state (in each case whether or not being a separate legal entity). 
  

	5.	INTEREST 

  

	5.1	Interest Rate and Interest Payment Dates 

  

	 	(a)	Applicable Rate of Interest: Each Bond bears interest from (and including) the Issue Date at the rate of 5.125 per cent. per annum per Specified Denomination (the Standard Rate of Interest) plus any
applicable change in the rate of interest as a result of a Financial Condition Step-Up Change or a Financial Condition Step-Down Change in accordance with Condition 5.1(b) (Financial Condition Step-Up Change and Financial Condition Step-Down
Change) (the Standard Rate of Interest together with any such change, the Applicable Rate of Interest). 

 Interest on the Bonds is
payable annually in arrear on 12 December in each year (each an Interest Payment Date), commencing with the Interest Payment Date falling on 12 December 2013. 

The interest amount payable for each Bond shall be calculated by multiplying the product of the Applicable Rate of Interest and the Specified Denomination
with (i) the actual number of days in the relevant Interest Period from (and including) the first day of such period to (but excluding) the date on which it falls due divided by (ii) the actual number of days from (and including) the
immediately preceding Interest Payment Date (or, if none, the Issue Date) to (but excluding) the next following Interest Payment Date. 
 Interest Period
means the period beginning on (and including) the Issue Date and ending on (but excluding) the first Interest Payment Date and each successive period beginning on (and including) an Interest Payment Date and ending on (but excluding) the next
succeeding Interest Payment Date. 
  

	 	(b)	Financial Condition Step-Up Change and Financial Condition Step-Down Change: The Standard Rate of Interest will be adjusted from time to time in the event of a Financial Condition Step-Up Change or a Financial
Condition Step-Down Change, as follows: 

  

	 	(i)	subject to paragraph (iii) below, in the event of a Financial Condition Step-Up Change, the Applicable Rate of Interest shall be increased by 1 per cent. per annum with effect from and including the Interest
Period commencing on the first Interest Payment Date following the date on which the Financial Condition Step-Up Change occurred; 

  

	 	(ii)	subject to paragraph (iv) below, in the event of a Financial Condition Step-Down Change following a Financial Condition Step-Up Change, the Applicable Rate of Interest shall be decreased by 1 per cent. per
annum with effect from and including the Interest Period commencing on the first Interest Payment Date following the date on which the Financial Condition Step-Down Change occurred; and 

  
 53 

	 	(iii)	if a Financial Condition Step-Up Change and, subsequently, a Financial Condition Step-Down Change occur, before the same next Interest Payment Date, the Applicable Rate of Interest shall neither be increased nor
decreased as a result of either such event; or 

  

	 	(iv)	if a Financial Condition Step-Down Change and, subsequently, a Financial Condition Step-Up Change occur, before the same next Interest Payment Date, the Applicable Rate of Interest shall neither be decreased nor
increased as a result of either such event, no Financial Condition Step-Up Change will occur and the Applicable Rate of Interest will not be increased if the Applicable Rate of Interest has already been increased pursuant to Condition 5.1(b)(i) and
has not in the meantime been decreased pursuant to Condition 5.1 (b)(ii). 

  

	5.1.2.	Notices: The Issuer will cause the occurrence of an increase or decrease in the Applicable Rate of Interest in accordance with this Condition 5.1 (Interest Rate and
Interest Payment Dates) to be notified to the Agent (in accordance with Condition 11 (Compliance Certificate) and (in accordance with Condition 14 (Notices)) to the Bondholders in no event later
than the tenth Business Day before the beginning of the next Interest Period. 

  

	5.2	Accrual of Interest 

 Each Bond will cease to bear interest from and including its due date for
redemption or repayment thereof unless payment of principal is improperly withheld or refused or unless default is otherwise made in respect of payment, in which event interest will continue to accrue at the Applicable Rate of Interest specified in
Condition 5.1 (Interest Rate and Interest Payment Dates) and which is applicable on the relevant due date for redemption (both before and after judgment) until the day on which all sums due in respect of such Bond up to that day are received
by or on behalf of the relevant Bondholder. 
  

	6.	REDEMPTION AND PURCHASE 

  

	6.1	Final Redemption 

 Unless previously purchased and cancelled or redeemed as herein provided, the Bonds
will be redeemed at 100 per cent. of their Specified Denomination on the Maturity Date. The Bonds may only be redeemed at the option of the Issuer prior to the Maturity Date in accordance with Conditions 6.2 (Redemption for taxation reasons)
and 6.3 (Redemption at the Option of Bondholders). 
  

	6.2	Redemption for taxation reasons 

 The Bonds may be redeemed at the option of the Issuer in whole, but not
in part, at any time (but only insofar the payments of principal and interest by or on behalf of the Issuer continue to originate from Belgium for taxation purposes), on giving not less than 30 nor more than 60 days’ notice to the Bondholders
in accordance with Condition 14 (Notices) (which notice shall be irrevocable), at 100 per cent. of their Specified Denomination, (together with interest accrued to the date fixed for redemption), if 

 

	 	(a)	the Issuer has or will become obliged to pay additional amounts as provided or referred to in Condition 8 (Taxation) as a result of (i) any change in, or amendment to, the laws or regulations of Belgium or
any political subdivision or any authority thereof or therein having power to tax, or (ii) any change in the application or official interpretation of such laws or regulations, which change, amendment application or interpretation becomes
effective on or after the Issue Date, and 

  
 54 

	 	(b)	such obligation cannot be avoided by the Issuer taking reasonable measures available to it, provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer
would be obliged to pay such additional amounts if a payment in respect of the Bonds were then due. Prior to the giving of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Agent a certificate signed by two
directors of the Issuer stating that the Issuer is entitled to effectuate such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Issuer so to redeem have occurred, and an opinion of
independent legal advisers of recognised standing to the effect that the Issuer has or will become obliged to pay such additional amounts as a result of such change or amendment. The Bonds will be redeemed on the date of redemption specified in the
notice of redemption pursuant to this paragraph. 

  

	6.3	Redemption at the Option of Bondholders 

  

	 	(a)	Upon a Change of Control 

  

	 	(i)	If: 

  

	 	I.	an event described in paragraph (a) or (b) in the definition of Change of Control occurs; and 

  

	 	II.	following the occurrence of such a Change of Control, the Consolidated Leverage is in excess of 5.60:1 or the Stand-Alone Leverage is in excess of 3.50:1, in each case based on any of the two Relevant Financial
Statements; or 

  

	 	(ii)	If an event described in paragraph (c) or (d) in the definition of Change of Control occurs, (each an Early Redemption Event), then each Bondholder will have the right to require the Issuer to redeem
all or any part of its Bonds on the Change of Control Put Date at the Put Redemption Amount. 

 For purposes of this Condition 6.3 (Redemption
at the Option of Bondholders), 
  

	 	(i)	if the Change of Control described in Condition 6.3 (a)(i) occurs before 30 June in a given financial year, the Consolidated Leverage and the Stand-Alone Leverage shall be tested based on the audited semi-annual
consolidated financial statements of the Issuer as per 30 June of that financial year and the audited annual consolidated financial statements of the Issuer as per 31 December of the same financial year; and 

 

	 	(ii)	if the Change of Control described in Condition 6.3 (a)(i) occurs on or after 30 June in a given financial year, the Consolidated Leverage and the Stand-Alone Leverage shall be tested based on the audited annual
consolidated financial statements of the Issuer as per 31 December of the same financial year and the audited semi-annual consolidated financial statements of the Issuer as per 30 June of the immediately succeeding financial year,

 provided that, in each case, the Stand-Alone Net Debt shall be based on the relevant statutory accounts of the Issuer (the
Relevant Financial Statements). 

  
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 Following the occurrence of a Change of Control, the Issuer shall publish on its website,
(i) within 10 Business Days, a notice that a Change of Control has occurred and (ii) in case of a Change of Control described in Condition 6.3 (a)(i), within 10 Business Days following the publication of the Relevant Financial Statements,
a certificate duly signed by two directors confirming the Consolidated Leverage and the Stand-Alone Leverage based on a certificate signed by the Auditor attached thereto and indicating whether or not an Early Redemption Event has occurred. 

The Early Redemption Event will be deemed to have occurred (i) upon the publication of the notice by the Issuer (pursuant to the paragraph
above) indicating that an Early Redemption Event has occurred, or (ii) in case of a Change of Control described in Condition 6.3 (a)(i), within 1 month after the publication of the Relevant Financial Statements evidencing that an Early
Redemption Event has occurred, based on the Consolidated Leverage and the Stand-Alone Leverage (whichever is later). 
 To exercise their
rights pursuant to this Condition 6.3 (Redemption at the Option of Bondholders), the relevant Bondholder must complete and deposit with the bank or other financial intermediary through which the Bondholder holds Bonds (the Financial
Intermediary) for further delivery to the Issuer (with a copy to the specified office of the Agent) a duly completed and signed notice of exercise in the form attached to the prospectus for the issue of the Bonds (a Change of Control Put
Exercise Notice), at any time during the Change of Control Put Exercise Period, provided that the Bondholders must check with their Financial Intermediary, as applicable, when such Financial Intermediary would require to receive instructions and
Change of Control Put Exercise Notices in order to meet the deadlines for such exercise to be effective. The Change of Control Put Date shall be the fourteenth TARGET Business Day after the expiry of the Change of Control Put Exercise Period.
By delivering a Change of Control Put Exercise Notice, the Bondholder shall undertake to hold the Bonds up to the Change of Control Put Date. 

Payment in respect of any such Bond shall be made by transfer to a euro account maintained with a bank in a city in which banks have access to
the TARGET System as specified by the relevant Bondholder in the relevant Change of Control Put Exercise Notice. 
 A Change of Control Put
Exercise Notice, once delivered, shall be irrevocable and the Issuer shall redeem on the Change of Control Put Date all Bonds which are the subject of Change of Control Put Exercise Notices delivered in accordance with this Condition 6.3. 

Bondholders should note that the exercise by any of them of the option set out in this Condition 6.3 (Redemption at the Option of Bondholders)
will only be effective under Belgian law if, prior to the earliest of (a) the Issuer being notified by the Belgian Financial Services and Markets Authority of a formal filing of a proposed offer to the shareholders of the Issuer or (b) the
occurrence of the Change of Control, (i) the Change of Control Resolutions have been approved by the Shareholders of the Issuer in a general meeting and (ii) such resolutions have been filed with the Clerk of the Commercial Court of Ghent
(greffe du tribunal de commerce/griffie van de rechtbank van koophandel). The Issuer confirmed in Condition 10 (Undertakings) that it has filed a copy of the Change of Control Resolutions with the Clerk of the Commercial Court of
Ghent. 

  
 56 

 If, as a result of this Condition 6.3 (Redemption at the Option of Bondholders),
Bondholders submit Change of Control Put Exercise Notices in respect of at least 85 per cent. of the aggregate principal amount of the Bonds for the time being outstanding, the Issuer may, having given not less than 15 nor more than 30 days
notice to the Bondholders in accordance with Condition 14 (Notices) (which notice shall be irrevocable and shall specify the date fixed for redemption), redeem all (but not some only) of the Bonds then outstanding at the Put Redemption
Amount. Payment in respect of any such Bond shall be made as specified above. 
 For the purposes of this Condition 6.3 (Redemption at the
Option of Bondholders): 
 Calculation Agent means KBC Bank NV or such other leading investment, merchant or commercial bank as may be
appointed from time to time by the Issuer for purposes of calculating the Put Redemption Amount, and notified to the Bondholders in accordance with Condition 14 (Notices); 

Put Redemption Amount means an amount per Bond calculated by the Calculation Agent by multiplying the Redemption Rate by the Specified
Denomination of such Bond and rounding, if necessary, the resultant figure to nearest minimum sub-unit of euro (half of such unit being rounded downwards), and by adding any accrued but unpaid interest of such Bond to (but excluding) the relevant
redemption date; 
 Redemption Rate means MN (101%; 100% x Exp (T x 0.74720148386%)), rounded down to the 9th decimal; and 

T means the time, expressed in decimals of a year, elapsed from (and including) the Issue Date until (and including) the relevant
redemption date. 
 For the avoidance of any doubt, “Exp” means the exponential function meaning the function ex, where e is
the number (approximately 2.718) such that the function ex equals its own derivative. 
 The Put Redemption Amount applicable in the case
of or following, the Early Redemption Event referred to under Conditions 6.3 (Redemption at the Option of Bondholders), reflects a maximum yield of 0.75 points above the yield of the Bonds on the Issue Date up to the Maturity Date in accordance with
the “Arrete Royal du 26 mai 1994 relat f a la perception et a la bonification du precompte mobilier” (Royal decree of 26 May 1994 on the deduction of withholding tax) (the Royal Decree). The Royal Decree indeed requires that in
relation to Bonds that can be traded on N accounts, if investors exercise a right to have the Bonds redeemed early, the actuarial return cannot exceed the actuarial return of the Bonds upon the issue up to the final maturity, by more than 0.75
points. 
  

	 	(b)	Put Redemption Notice 

 Within 10 Brussels business days following an Early Redemption Event,
the Issuer shall give notice thereof to the Bondholders in accordance with Condition 14 (Notices)(a Put Redemption Notice). The Put Redemption Notice shall contain a statement informing Bondholders of their entitlement to exercise
their rights to require redemption of their Bonds pursuant to Condition 6.3 (Redemption at the Option of Bondholders). Such notice shall be irrevocable. 

  
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 The Put Redemption Notice shall also specify: 

 

	 	(i)	to the fullest extent permitted by applicable law, all information material to Bondholders concerning the Change of Control; 

  

	 	(ii)	the last day of the Change of Control Put Exercise Period; 

  

	 	(iii)	the Change of Control Put Date; and 

  

	 	(iv)	the Put Redemption Amount. 

 The Agent shall not be required to monitor or take any steps to
ascertain whether a Change of Control or any event which could lead to a Change of Control has occurred or may occur and will not be responsible or liable to Bondholders or any other person for any loss arising from any failure by it to do so. 

 

	6.4	Purchase 

 Subject to the requirements (if any) of any stock exchange on which the Bonds
may be admitted to listing and trading at the relevant time and subject to compliance with applicable laws and regulations, the Issuer or any Subsidiary of the Issuer may at any time purchase any Bonds in the open market or otherwise at any price.

  

	6.5	Cancellation 

 All Bonds which are redeemed will be cancelled and may not be reissued or
resold. Bonds purchased by the Issuer or any of its Subsidiaries may be held, reissued or resold at the option of the Issuer or relevant Subsidiary, or surrendered to the Agent for cancellation. 

 

	6.6	Multiple Notices 

 If more than one notice of redemption is given pursuant to this
Condition 6 (Redemption and Purchase), the first of such notices to be given shall prevail. 
  

	7.	PAYMENTS 

  

	7.1	Principal and Interest 

 Without prejudice to Article 474 of the Belgian Company Code,
all payments of principal or interest in respect of the Bonds shall be made through the Agent and the Clearing System in accordance with the Clearing System Regulations. The payment obligations of the Issuer under the Bonds will be discharged by
payment to the Agent in respect of each amount so paid. 
  

	7.2	Payments 

 Each payment in respect of the Bonds pursuant to Condition 7.1 (Principal
and Interest) will be made by transfer to a euro account maintained by the payee with a bank in a city in which banks have access to the TARGET System. 

  
 58 

	7.3	Payments subject to fiscal and other applicable laws 

 All payments in respect of the
Bonds are subject in all cases to any applicable fiscal or other laws and regulations, without prejudice to the provisions of Condition 8 (Taxation). 
  

	7.4	Agents, etc. 

 The Issuer reserves the right under the Agency Agreement at any time, with
the prior written approval of the Agent, to vary or terminate the appointment of the Agent and appoint additional or other agents, provided that it will (i) maintain a principal paying agent, (ii) maintain a domiciliary agent and the
domiciliary agent will at all times be a participant in the Clearing System and (iii) if required, appoint an additional paying agent, from time to time with a specified office in a European Union member state that will not be obliged to
withhold or deduct tax pursuant to European Council Directive 2003/48/EC or any other European Union Directive implementing the conclusions of the ECOFIN council meeting of 26-27 November 2000 on the taxation of savings income or any law
implementing or complying with, or introduced in order to conform to, such Directive. Notice of any change in Agent or its specified offices will promptly be given by the Issuer to the Bondholders in accordance with Condition 14 (Notices).

  

	7.5	No Charges 

 The Agent shall not make or impose on a Bondholder any charge or commission
in relation to any payment in respect of the Bonds. 
  

	7.6	Fractions 

 When making payments to Bondholders, if the relevant payment is not of an
amount which is a whole multiple of the smallest unit of the relevant currency in which such payment is to be made, such payment will be rounded down to the nearest unit. 
  

	7.7	Non-TARGET Business Days 

 If any date for payment in respect of the Bonds is not a
TARGET Business Day, the Bondholder shall not be entitled to payment until the next following TARGET Business Day unless it would thereby fall into the next calendar month in which event it shall be brought forward to the immediately preceding
TARGET Business Day, nor to any interest or other sum in respect of such postponed or anticipated payment. For the purpose of calculating the interest amount payable under the Bonds, the Interest Payment Date shall not be adjusted. 

 

	8.	TAXATION 

 All payments of principal and interest by or on behalf of the Issuer in
respect of the Bonds shall be made free and clear of, and without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (Taxes) imposed, levied, collected,
withheld or assessed by or on behalf of any jurisdiction (including any political subdivision or any authority therein or thereof having power to tax) as a result of any connection existing between the Issuer and such jurisdiction (the Relevant
Jurisdiction), unless such withholding or deduction of the Taxes is required by law. In that event the Issuer shall pay such additional amounts as will result in receipt by the Bondholders after such withholding or deduction of such amounts as
would have been received by them had no such withholding or deduction been required, except that no such additional amounts shall be payable in respect of any Bond: 
  

	 	(a)	Other connection: to a Bondholder who is liable to such Taxes in respect of such Bond by reason of his having some connection with the Relevant Jurisdiction other than the mere holding of the Bond, including but
not limited to Belgian resident individuals; or 

  
 59 

	 	(b)	Taxation of savings income: where such withholding or deduction is imposed and is required to be made pursuant (i) to European Council Directive 2003/48/EC on the taxation of savings income or any law
implementing or complying with, or introduced in order to conform to, such Directive or any agreement on savings income concluded by a EU Member State with the dependant or associated territories of the EU or (ii) to the Luxembourg law of
23 December 2005, as amended, introducing in Luxembourg a 10% withholding tax as regards Luxembourg resident individuals; or 

  

	 	(c)	Non-Eligible Investor: to a Bondholder, who at the time of acquisition of the Bonds, was not an eligible investor within the meaning of Article 4 of the Belgian Royal Decree of 26 May 1994 on the deduction
of withholding tax or to a Bondholder who was such an eligible investor at the time of acquisition of the Bonds but, for reasons within the Bondholder’s control, either ceased to be an eligible investor or, at any relevant time on or after the
acquisition of the Bonds, otherwise failed to meet any other condition for the exemption of Belgian withholding tax pursuant to the law of 6 August 1993 relating to certain securities; or 

 

	 	(d)	Conversion into registered securities: to a Bondholder who is liable to such Taxes because the Bonds were upon his/her request converted into registered Bonds and could no longer be cleared through the Clearing
System. 

 Every reference in these Conditions to principal payments and interest contains any additional amounts in respect of
principal payments and interest which would be payable pursuant to this Condition 8 (Taxation). 
 The exceptions listed under
(a) up to and including (d) above do not apply to the extent that the withholding or deduction of Taxes could have been avoided if the payment would have originated from Belgium or Luxembourg for tax purposes. 

 

	9.	EVENTS OF DEFAULT 

 If any of the following events (each an Event of Default) occurs and is
continuing then any Bond may, by notice in writing given to the Issuer at its registered office with a copy to the Agent at its specified office by the Bondholder, be declared immediately due and repayable at its principal amount together with
accrued interest (if any) to the date of payment, without further formality unless such event shall have been remedied prior to the receipt of such notice by the Agent: 
  

	 	(a)	Non-payment: the Issuer fails to pay the principal of or interest on any of the Bonds when due and such failure continues for a period of 5 Business Days in the case of principal and 10 Business Days in the case
of interest; 

  

	 	(b)	Breach of other covenants, agreements or undertakings: the failure on the part of the Issuer to observe or perform any provision, covenant, agreement or obligation relating to the Bonds (other than referred to
under (a) above) set out in the Conditions, the Agency Agreement or the Clearing Agreement, which default is incapable of remedy, or if capable of remedy, is not remedied within 15 Business Days after notice of such default shall have been
given to the Issuer by any Bondholder; 

  
 60 

	 	(c)	Cross-Default of the Issuer or a Subsidiary: 

  

	 	(i)	any present or future indebtedness of the Issuer or any of its Subsidiaries is not paid on its due date or, as the case may be, within any originally applicable grace period; or 

 

	 	(ii)	any such present or future indebtedness becomes due and payable prior to its stated due date by reason of an event of default (however described), provided that any applicable stand-still period has expired and there
has been no waiver or discharge of the event of default; or 

  

	 	(iii)	the Issuer or any of its Subsidiaries fails to pay when due, or as the case may be, within any originally applicable grace period, any amount payable by its under any present or future guarantee for, or indemnity in
respect of, any present or future indebtedness, 

 provided that the aggregate amount of the relevant present or future
indebtedness, guarantees and indemnity in respect of which one or more of the events mentioned above in this paragraph have occurred equals or exceeds EUR 15,000,000 or its equivalent in any other currency or currencies; 

 

	 	(d)	Cross-acceleration: at any time, any other present or future indebtedness of the Issuer or any Subsidiary for an aggregate amount of EUR 15,000,000 (or the equivalent therefore in any other currency or
currencies) (i) is declared payable by the relevant creditors prior to its stated maturity on the basis of an event of default (however described) or (ii) is not paid when due or, as the case may be, within any applicable grace period;

  

	 	(e)	Insolvency: 

  

	 	(i)	the Issuer or any Material Subsidiary initiates a bankruptcy proceeding or another insolvency proceeding (or such proceedings are initiated against the Issuer or any Material Subsidiary), under applicable Belgian or
foreign bankruptcy laws, insolvency laws or similar laws (including the Belgian Law of 8 August 1997 on bankruptcy proceedings and the Belgian Law of 31 January 2009 regarding judicial reorganisation) or if the Issuer or any Material
Subsidiary are declared bankrupt by a competent court or if a bankruptcy trustee, liquidator, administrator (or any similar official under any applicable law) is appointed with respect to the Issuer or any Material Subsidiary, or a bankruptcy
trustee, liquidator, administrator (or any similar official under any applicable law) takes possession of all or a substantial part of the assets of the Issuer or any Material Subsidiary, or the Issuer or any Material Subsidiary is not capable to
pay its debts as they fall due, stops, suspends or announces its intention to stop or suspend payment of all, or a material part of (or a particular type of) its debts or makes any agreement for the deferral, rescheduling or other readjustment of
all of (or all of a particular type) its debts, proposes or makes a general assignment or an arrangement or composition with or for the benefit of the relevant creditors in respect of any such debts or a moratorium is declared or comes into effect
in respect of all or any part of (or of a particular type of) the debts of the Issuer or any of Material Subsidiary; or 

  
 61 

	 	(ii)	an order is made or an effective resolution is passed for the winding-up, liquidation or dissolution of the Issuer or any Material Subsidiary (other than a solvent winding-up, liquidation or dissolution of a Material
Subsidiary); 

  

	 	(f)	Reorganisation, change of or transfer of business or transfer of assets: (a) a material change of the nature of the activities of the Group as a whole, as compared to the activities as these are carried out
on the Issue Date, occurs or (b) a reorganisation or transfer of the assets of the Group occurs resulting in (i) a material change of the nature of the activities of the Group as a whole or (ii) a transfer of all or substantially all
of the assets of the Group; 

  

	 	(g)	Unlawfulness: it is or becomes unlawful for the Issuer to perform or comply with its obligations under or in respect of the Bonds; and 

 

	 	(h)	Delisting of the Bonds: the listing of the Bonds on the regulated market of the Luxembourg Stock Exchange is withdrawn or suspended for a period of at least 7 subsequent Business Days as a result of a failure of
the Issuer, unless the Issuer obtains the listing of the Bonds on another regulated market of the European Economic Area at the latest on the last day of this period of 7 Business Days. 

 

	10.	UNDERTAKINGS 

  

	10.1	For so long as the Consolidated Leverage is or would as a result of the relevant distribution be equal to or exceed 4.50:1, the Issuer shall not: 

 

	 	(a)	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any
class of its share capital); 

  

	 	(b)	repay or distribute any dividend or share premium reserve; or 

  

	 	(c)	redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so. 

 For
so long as any Bond remains outstanding, the Issuer shall use its voting rights in Omega Pharma and further use its best efforts to ensure that, to the extent it is legally able to and during each financial year, Omega Pharma upstreams Cash in an
amount at least equal to the aggregate interest payments under the Bonds of that financial year. 
  

	10.2	The Issuer and Omega Pharma undertake that they shall not become domiciled or resident in or subject generally to the taxing authority of any jurisdiction, other than in a jurisdiction within the European Economic
Area or Switzerland. 

  

	10.3	Upon the Bonds becoming listed on the regulated market of the Luxembourg Stock Exchange on or prior to the Issue Date, the Issuer undertakes to furnish to the relevant stock exchange all documents, information and
undertakings and publish all advertisement or other material that may be necessary in order to effect and maintain such listing, and to cause such listing to be continued so long as any of the Bonds ‘cumin outstanding. If the Bonds are not or
cease to be listed on the regulated market of the Luxembourg Stock Exchange, the Issuer undertakes to ensure admission of the Bonds to trading on another regulated market in the European Economic Area. 

  
 62 

	10.4	The Issuer confirms that it has filed a copy of the Change of Control Resolutions held on 16 November 2012 with the Clerk of the Commercial Court of Gent (greffe du tribunal de commerce/griffie van de
rechtbank van koophandel) on 21 November 2012 and has provided evidence of the filing of such resolutions to the Agent. 

  

	10.5	For as long as any Bond remains outstanding, the Issuer shall on each date of the publication of its annual report issue an update, in its annual report or on its website, in which it shall (i) mention
(x) any change in the composition of its board of directors, audit committee or in the delegation of its day-to-day management powers (dagelijks bestuur) or (y) any change in its shareholder structure to the extent
that there is any change in its shareholding which equals or amounts to more than 5% of the total issued share capital, in each case as compared to the information provided in the Prospectus or in its latest annual report or update,
(ii) confirm that it complies with the obligations of the Belgian Companies Code and (iii) disclose any conflict of interest which it is required to disclose pursuant to the Belgian Companies Code. If no change has occurred in respect of
the information referred to in item (i) above, the Issuer shall provide a statement to that effect. 

  

	11.	COMPLIANCE CERTIFICATE 

 On the date falling no later than (i) 90 days after the end
of each of its financial years, starting from the financial year 2012 and (ii) 60 days after the end of the first half of each of its financial years, the Issuer shall: 
  

	 	(a)	deliver to the Agent a duly executed Compliance Certificate; and 

  

	 	(b)	publish on its website a statement that the applicable ratio’s set out in the Conditions have not been breached and that no Financial Condition Step-Down Change or a Financial Condition Step-Up Change has occurred.

 For the purpose hereof, Compliance Certificate means a certificate from the Issuer, signed by two persons having
received the requisite powers from the board of directors of the Issuer (one of which must be its executive director) and approved by the Auditors, setting out (in reasonable detail) computations indicating and confirming: 

 

	 	(a)	that the Consolidated Leverage and the Stand-Alone Leverage comply with the applicable ratios set out in the Conditions, as at the date of the relevant financial statements to which such Compliance Certificate relates;

  

	 	(b)	whether a Financial Condition Step-Down Change or a Financial Condition Step-Up Change has occurred; and 

  

	 	(c)	in the latest Compliance Certificate to be delivered prior to the next Interest Payment Date, the Applicable Rate of Interest to be applied as from the next Interest Payment Date in accordance with Condition 5.1
(Interest Rate and Interest Payment Dates). 

  
 63 

	12.	PRESCRIPTION 

 Claims against the Issuer for payment in respect of the Bonds shall be
prescribed and become void unless made within 10 years (in the case of principal) or 5 years (in the case of interest) from the appropriate Relevant Date in respect of such payment. 

Claims in respect of any other amounts payable in respect of the Bonds shall be prescribed and become void unless made within 10 years
following the due date for payment thereof. 
  

	13.	MEETING OF BONDHOLDERS, MODIFICATION AND WAIVER 13.1 MEETINGS OF BONDHOLDERS 

 The Agency
Agreement contains provisions for convening meetings of Bondholders to consider matters affecting their interests, including the sanctioning by Extraordinary Resolution of a modification of any of these Conditions. 

All meetings of Bondholders will be held in accordance with the provisions of Article 568 sq. of the Belgian Company Code with respect to
bondholders meetings, provided however that the Issuer shall, at its own expense, promptly convene a meeting of Bondholders upon the request in writing of Bondholders holding not less than one-tenth of the aggregate principal amount of the
outstanding Bonds. Subject to the quorum and majority requirements set out in Article 574 of the Belgian Company Code, and if required thereunder subject to validation by the court of appeal of Brussels, the meeting of Bondholders shall be entitled
to exercise the powers set out in Article 568 of the Belgian Company Code and, upon proposal of the Board of Directors, to modify or waive any provision of these Conditions, provided however that the following matters may only be sanctioned by an
Extraordinary Resolution passed at a meeting of Bondholders at which two or more persons holding or representing not less than three-quarters or, at any adjourned meeting, one quarter of the aggregate principal amount of the outstanding Bonds form a
quorum: (i) proposal to change any date fixed for payment of principal or interest in respect of the Bonds, to reduce the amount of principal or interest payable on any date in respect of the Bonds or to alter the method of calculating the
amount of any payment in respect of the Bonds on redemption or maturity or the date for any such payment; (ii) proposal to effect the exchange, conversion or substitution of the Bonds for, or the conversion of the Bonds into, shares, bonds or
other obligations or securities of the Issuer or any other person or body corporate formed or to be formed; (iii) proposal to change the currency in which amounts due in respect of the Bonds are payable; (iv) proposal to change the quorum
required at any meeting of Bondholders or the majority required to pass an Extraordinary Resolution. 
 Resolutions duly passed in accordance
with these provisions shall be binding on all Bondholders, whether or not they are present at the meeting and whether or not they vote in favour of such a resolution. 

The Agency Agreement provides that a resolution in writing signed by or on behalf of all Bondholders shall for all purposes be as valid and
effective as an Extraordinary Resolution passed at a meeting of Bondholders duly convened and held. Such a resolution in writing may be contained in one document or several documents in the same form, each signed by or on behalf of one or more
Bondholders. 

  
 64 

	13.1	Modification and Waiver 

 The Agent may agree, without the consent of the Bondholders, to
any modification of the provisions of the Agency Agreement or any agreement supplemental to the Agency Agreement either (i) which in the Agent’s opinion is of a formal, minor or technical nature or is made to correct a manifest error or to
comply with mandatory provisions of law, and (ii) any other modification to the provisions of the Agency Agreement or any agreement supplemental to the Agency Agreement, which is, in the opinion of the Agent, not materially prejudicial to the
interests of the Bondholders. 
  

	13.2	Meetings of Shareholders and Right to Information 

 The Bondholders shall be entitled to
attend all general meetings of Shareholders of the Issuer, in accordance with Article 537 of the Belgian Company Code, and they shall be entitled to receive or examine any documents that are to be remitted or disclosed to them in accordance with the
Belgian Company Code. The Bondholders who attend any general meeting of shareholders shall be entitled only to a consultative vote. 
  

	14.	NOTICES 

 Notices to the Bondholders shall be valid if: 

 

	 	(i)	delivered by or on behalf of the Issuer to the Clearing System for communication by it to the participants of the Clearing System Participants; and 

 

	 	(ii)	published on the website of the Issuer (www.omegapharmainvest.com); and 

  

	 	(iii)	so long as the Bonds are admitted to trading on the Luxembourg Stock Exchange and the rules of that exchange so require, published either (i) in a daily newspaper having general circulation in the Grand Duchy of
Luxemburg or (ii) on the website of the Luxembourg Stock Exchange (www.bourse.lu); and 

  

	 	(iv)	in respect of the Put Redemption Notice and any change of Agent (in accordance with Condition 7.4 (Agents, etc.)), in one of the leading newspapers having general circulation in Belgium (which is expected to be
De Tijd). 

 Any such notice shall be deemed to have been given on the latest day of (i) seven days after its
delivery to the Clearing System and (ii) the publication of the latest newspaper containing such notice. 
 The Issuer shall also ensure
that all notices are duly published in a manner which complies with applicable law and with the rules and regulations of any stock exchange or other relevant authority on which the Bonds are for the time being listed. Any such notice shall be deemed
to have been given on the date of such publication or, if required to be published in more than one newspaper or in more than one manner, on the date of the first such publication in all the required newspapers or in each required manner. 

In addition to the above communications and publications, with respect to notices for a meeting of Bondholders, any convening notice for such
meeting shall be made in accordance with Article 570 of the Belgian Company Code, by an announcement to be inserted at least fifteen days prior to the meeting, in the Belgian Official Gazette (Moniteur beige — Belgisch Staatsblad) and in
one leading newspaper with national coverage (which is expected to be De Tijd). Resolutions to be submitted to the meeting must be described in the convening notice. 

  
 65 

	15.	FURTHER ISSUES 

 Subject to Condition 3 (Negative Pledge), the Issuer may from
time to time without the consent of the Bondholders create and issue further notes, bonds or debentures either (i) having the same terms and conditions in all respects as the outstanding notes, bonds or debentures of any series (including the
Bonds) or (ii) having the same terms and conditions in all respects except for the first payment of interest on them and so that such further issue shall be consolidated and form a single series with the outstanding notes, bonds or debentures
of any series (including the Bonds) or upon such terms as to interest, premium, redemption and otherwise as the Issuer may determine at the time of their issue. The Agency Agreement contains provisions for convening a single meeting of the
Bondholders. 
  

	16.	GOVERNING LAW AND JURISDICTION 16.1 GOVERNING LAW 

 The Agency Agreement and the Bonds
and any non-contractual obligations arising out of or in connection with the Bonds are governed by, and shall be construed in accordance with, Belgian law. 
  

	16.1	Jurisdiction 

 The courts of Brussels, Belgium are to have jurisdiction to settle any
disputes which may arise out of or in connection with the Agency Agreement and the Bonds and accordingly any legal action or proceedings arising out of or in connection with the Agency Agreement or the Bonds (Proceedings) may be brought in
such courts. The Issuer has in the Agency Agreement irrevocably submitted to the jurisdiction of such courts and has waived any objection to Proceedings in such courts whether on the ground of venue. These submissions are made for the benefit of
each of the Bondholders and shall not limit the right of any of them to take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other
jurisdiction (whether concurrently or not). 
 PART V: CLEARING 

The Bonds will be accepted for clearance through the Clearing System under the ISIN number BE6245875453 with respect to the Bonds and will accordingly be
subject to the Clearing System Regulations. 
 The number of Bonds in circulation at any time will be registered in the register of registered securities of
the Issuer in the name of the NBB (National Bank of Belgium, Boulevard de Berlaimont 14, B-1000 Brussels). 
 Access to the Clearing System is available
through those of its Clearing System participants whose membership extends to securities such as the Bonds. 
 Clearing System participants include certain
banks, stockbrokers (beursvennootschappen/societes de bourse), and Euroclear and Clearstream, Luxembourg. Accordingly, the Bonds will be eligible to clear through, and therefore accepted by, Euroclear and Clearstream, Luxembourg and investors
can hold their Bonds within securities accounts in Euroclear and Clearstream, Luxembourg. 

  
 66 

 Transfers of interests in the Bonds will be effected between Clearing System participants in accordance with the
rules and operating procedures of the Clearing System. Transfers between investors will be effected in accordance with the respective rules and operating procedures of the Clearing System participants through which they hold their Bonds. 

The Domiciliary Agent will perform the obligations of domiciliary agent included in the Clearing Agreement. The Issuer and the Domiciliary Agent will not have
any responsibility for the proper performance by the Clearing System or its Clearing System participants of their obligations under their respective rules and operating procedures. 

PART VI: DESCRIPTION OF THE ISSUER 
  

	1.	GENERAL INFORMATION 

  

			
	 Corporate Name:
		Omega Pharma Invest NV
		
	 Registered Office:
		Venecoweg 26, 9810 Nazareth
		
	 Telephone number:
		0032 9 381 0215
		
	 Date of Incorporation:
		20 December 1989
		
	 Register of Legal Entities:
		RPR (Ghent) 0439.658.934
		
	 Corporate Form:
		Limited liability company (naamloze vennootschap/societe anonyme) under Belgian law
		
	 Financial year:
		1 January to 31 December

  

	2.	CORPORATE PURPOSE 

 According to Article 3 of the articles of association of the Issuer, its purpose is
to carry out the following activities, both domestically as abroad: 
  

	 	(a)	to purchase and sell land and buildings; to rent and let for its own account, for the account of third parties and as an intermediary, in other words, all real estate transactions, including expert appraisal and
valuation activities; 

  

	 	(b)	to act as a property developer, including project development and project study, and consultancy services in the broadest sense of the word, general undertakings and the design of all kinds of building, infrastructure
works, either to carry out the works with own means or through the intervention of third parties, including new housing development and rebuilding, demolition works and “key in the door”, and the trade and the industry in construction,
building land and allotments; 

  

	 	(c)	the Company may also organise fiscal and social guidance; 

  

	 	(d)	the Company may mediate in relation to investments and loans, as well as in relation to insurances, and the company may take on administrative work on behalf of third parties; 

  
 67 

	 	(e)	the Company may engage itself in trade in general, especially trading and countertrading activities, both domestically as abroad; 

  

	 	(f)	the Company may take interests by means of contribution, merger, subscription, participation, financial intervention or otherwise, in any existing or future companies or undertakings in Belgium or abroad;

  

	 	(g)	the Company may also take on the management, organisation and reorganisation of companies or firms, whether or not they are related to the Company. 

 

	 	(h)	the Company may engage in any mobile, real estate, financial and commercial transactions in order to achieve its goal, either directly or indirectly. 

 

	3.	PROFILE OMEGA PHARMA INVEST NV 

  

	3.1	Activities 

 Currently, the Issuer holds 100% of the shares in Omega Pharma (less treasury shares and one
share which shall be held by an affiliate) and its sole activity is to actively manage its only participation. The Issuer currently has no intention to engage in any activities other than the holding of shares in Omega Pharma and the possible
development of any brand relating to the business of Omega Pharma. 
 The Issuer coaches Omega Pharma through the most important transformation phase in the
OP Operating Group’s history. In this phase, Omega Pharma aims to lift itself to the level of the select number of major high-performance corporations in the European OTC sector. De facto, this also implies a major role on a worldwide level.

 As such, the Issuer is the motor behind the OP Operating Group, which it aims to develop into a best-in-class European OTC company. 

 

	3.2	Brief history of Omega Pharma Invest NV 

 The Issuer was created on 20 December 1989 under the name
Couckinvest NV. It was conceived as the investment vehicle of Mr. Marc Coucke, founder of Omega Pharma. 
 Initially, Couckinvest NV mainly held shares
of Omega Pharma. Later, in 2007, when the business-to-business division of Omega Pharma was carved-out and separately listed as Arseus NV, Couckinvest NV also held a significant number of shares of the latter company. 

On 2 September 2011, Couckinvest NV launched a voluntary and conditional public takeover bid on all shares and warrants issued by Omega Pharma and not
yet owned by Couckinvest NV or Omega Pharma. Anticipating the actual bid, Couckinvest NV was split on 13 September 2011, pursuant to which all shares in Omega Pharma remained in Couckinvest NV and all other participations and activities were
transferred to another company of Mr. Coucke, Mylecke Management, Art & Invest NV. 
 Couckinvest NV financed the bid with a bank loan and a
capital injection provided by Holdco I BE NV, with whom Couckinvest NV was acting in concert in the context of this bid together with Alychlo NV. 

  
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 Since the launch of the aforementioned takeover bid, four capital increases have taken place at Couckinvest NV:

  

	 	(a)	a capital increase of EUR 182,702,075 on 9 January 2012; 

  

	 	(b)	a capital increase of EUR 51,448,146 on 25 January 2012. The proceeds of which were used for the settlement of the takeover bid; 

 

	 	(c)	a capital increase of EUR 80,000,000 on 30 May 2012; and 

  

	 	(d)	a capital increase of EUR 110,000,000 on 29 June 2012, both of which enabled the Issuer to subscribe to the capital increase of Omega Pharma in the framework of the GSK Acquisition. 

On 12 October 2012, the name of Couckinvest NV was changed into Omega Pharma Invest NV, which better reflects the corporate purpose of the Issuer. 

Pursuant to the above mentioned capital injection by Holdco I BE NV provided in the context of the takeover bid, Holdco I BE now holds a participation of
47.48% in Omega Pharma Invest NV. Alychlo NV owns (directly and indirectly) 46.74% of the shares in Omega Pharma Invest and is controlled by Mr. Marc Coucke. A total of 4.23% of the shares is held by Omega Pharma as treasury shares. The
remainder (1.55%) is held by members of management, of which 0.73% is held by Alychlo NV. 
 Holdco I BE BV, a private company under Dutch law holds
61.58% of the shares of Holdco I BE NV. Waterland Private Equity Fund V CV, a partnership with limited liability under Dutch law, holds all shares of Holdco I BE BV. Hao Investments Sart, a limited company under Luxembourg law, holds 38.42% of the
shares of Holdco I BE NV. 
 The shareholders of Hao Investments Sart consists of a number of investment funds advised or administrated by Hamilton Lane
Advisors LLC, HarbourVest Partners LLC and StepStone Group LLC. 
 Since the Issuer’s current sole activity is to hold and manage its participation in
Omega Pharma, it is deemed relevant to describe the history, the strategy and the operations of the Group hereunder. 
  

	4.	PROFILE OF OMEGA PHARMA, THE OP OPERATING GROUP 

  

	4.1	Brief Profile 

 Omega Pharma is marketing pharmaceuticals – including generics – as well as
personal care and health products. Strategically, it focuses on health and personal care products to which the end-consumer has access without a medical prescription (Over-The-Counter or OTC products). In this respect, Omega Pharma profiles itself
as the preferred partner of pharmacists, for whom the marketing of OTC products represents a sizeable part of their income. 
 Today, the OP Operating Group
has direct operations in 35 countries, mainly in Europe. With approximately 2,500 employees the OP Operating Group is poised to post over EUR 1 billion of revenue in 2012. Based on its own estimates, this corresponds with a position in the middle of
the Top 10 ranking of the European OTC sector, and brings the OP Operating Group to the threshold of the Top 10 ranking world-wide. 
 The OP Operating
Group has recently reached a dimension which implies additional economies of scale, enabling Omega Pharma to benefit from a strong operating leverage effect. Marketing and New Product Development are increasingly organized centrally, without losing
touch with local markets and consumers. In the area of Procurement & Supply as well, Omega Pharma has started to benefit optimally 

  
 69 

 
from its scale when working with suppliers and subcontractors. Thanks to its larger dimension and the corresponding synergy, Omega Pharma is now capable to allocate the required resources for
building a strong market position — not only in niche segments, but also in the largest, highly profitable segments of the OTC-market: pain relief products, gastro-intestinal remedies, products against cough, cold and allergy (CoCoA). 

The OP Operating Group is executing its product strategy — whereby its resources are focused on its Top 20 brands — with great discipline and
consistency. The Top 20 brands have been selected based on their international market growth potential and their strategic opportunities. 
 Omega
Pharma’s history starts in 1987 when it was founded by two pharmacists, including Mr. Marc Coucke. In 1994, Mr. Marc Coucke acquired Omega Pharma through a management buy-out. In 1998, 

 

	4.2	History of the OP Operating Group 

 Omega Pharma launched its initial public offering and by 2002 Omega
Pharma was included in the BEL-20 index. 
 As of 2000, Omega Pharma started its international expansion, mainly through acquisitions. As a result of this
expansion, it transformed itself in less than ten years from a local Belgian company to an international group. From its Belgian headquarters, it developed a strong position throughout Western, Central and Eastern Europe and in selected countries
beyond. 
 In 2007, Arseus NV, which was a 100 per cent. subsidiary of the OP Operating Group, successfully completed its initial public offering. As a
result, Omega Pharma could fully focus on the Over-The-Counter market in pharmaceuticals and health and personal care products. 
 The introduction in 2010
of a focused product strategy marked a new phase for Omega Pharma as it enlarged the scope of the company’s strategy from a limited number of its initial heritage brands to a total of 20 top brands. These Top 20 brands were selected based on
market growth potential, strategic opportunities such as cross-selling, and the company’s competitive edge and innovation potential. Marketing support and new product development for these brands are provided by a centralized organisation, thus
unlocking the inherent synergy potential. 
 On 15 March 2012, Omega Pharma announced that it had reached agreement to acquire 54 European OTC brands
of GlaxoSmithKline (GSK), which generated in 2011 combined sales of over EUR 200 million (compared to the OP Operating Group’s 2011 sales of over EUR 900 million). The transaction was largely completed in June 2012 (see also section 8.3.
of this document). 
 The recent acquisition of 54 European OTC brands from GSK acted and is acting as a catalyst for the execution of Omega Pharma’s
strategy in four key areas: 
 it provides the OP Operating Group with critical mass in key European OTC markets (e.g. Germany, the United
Kingdom, Italy and Poland) where Omega Pharma was historically less powerful. Today, the OP Operating Group has a well established market position in all key European countries. Its ten largest countries generate over 80% of the OP Operating
Group’s consolidated turnover; 
 the enhanced business dimension in the key markets provides Omega Pharma with improved access and
presence in the pharmacy distribution channel as well as in the mass market channel, which is gaining importance; 

  
 70 

 it further strengthens Omega Pharma’s product portfolio in attractive segments of the OTC
market, and it also provided the OP Operating Group with leading brands in promising segments where the Group was not yet present before (pain relief, urology). In combination with its enhanced dimension, the OP Operating Group is now capable of
allocating the required resources to build strong market positions — not only in niche segments, but also in the largest, highly profitable segments of the OTC-market: pain relief products, gastro-intestinal remedies, products against cough,
cold and allergy (CoCoA); 
 it triggers an acceleration in streamlining the OP Operating Group’s product development and marketing
capabilities as well as its manufacturing and supply capabilities (including an accelerated roll-out of a central ERP system, the implementation of a central procurement and supply role for the OP Operating Group’s top international brands).

 While, in 2011, the OP Operating Group generated a consolidated turnover of EUR 900.6 million, it is now poised to generate over EUR 1 billion of
sales in 2012. 
  

	5.	CORPORATE VISION AND STRATEGY 

  

	5.1	Corporate vision 

 In approximately a decade, Omega Pharma transformed itself from a relatively small
Belgian company into a multinational organisation with operations in 35 countries. This transformation was largely based on a well crafted buy-and-build strategy, that was executed in an era during which few large global corporations focused on the
OTC industry. 
 In recent years, almost all major pharmaceutical companies as well as many global corporations from the FMCG industry (Fast Moving Consumer
Goods) have (re-)discovered the attractiveness of the OTC sector, which is benefitting from various trends including increasing consumer awareness, health care needs and widening distribution. 

The Issuer sees tremendous opportunities in the European and international OTC industry for a selected group of top performing organisations with a
significant business size. 
 By 2010, the OP Operating Group had evolved to the point from where it could further transform itself into a top performing
company in its industry, provided that it could have access the required financial resources and that it could dedicate the required time and attention to this transformation process. 

To that end, the Issuer first launched a successful public takeover bid resulting in the delisting of Omega Pharma from the stock exchange. As a private
company, Omega Pharma is now operating in the “lee” from the turbulence on the financial markets, which enables it to focus entirely on its efforts to achieve operational excellence and prepare its organisation for the future. The Issuer
also ensures that the OP Operating Group continues to have access to the required financial resources to execute its strategy and realise its vision. 

Already in 2012, the OP Operating Group has made a quantum leap forward in this transformation process, as illustrated in the section on Corporate Vision and
Strategy. 

  
 71 

	5.2	Corporate strategy 

 Over the last decade, Omega Pharma’s corporate strategy consistently included
the following key components: 
  

	 	•	 	adherence to the company’s unique business model; 

  

	 	•	 	excellence in OTC marketing and innovation; 

  

	 	•	 	organise and manage for success by focusing on top 20 brands; 

  

	 	•	 	exhibit consistent operational excellence; and 

  

	 	•	 	optimize geographic coverage. 

 At the beginning of the most important phase in its history, the OP Operating
Group continues to focus on the above-mentioned strategic lines — with more rigour, determination and discipline than ever before. 
 Each strategic
component is further discussed below, along with recent achievements in the respective areas. 
  

	5.2.1.	A unique business model 

 Focus on OTC 

Omega Pharma is one of the few companies that mainly concentrates on the OTC market. Most of the other major players are divisions of larger companies which
only realise between 5 and 20 per cent. of their turnover in the OTC market. Omega Pharma’s focus on OTC implies that all of the company’s top talents and resources are allocated to the OTC business. Omega Pharma attracts and retains
top quality employees with a passion for OTC. At Omega Pharma, they find a professional environment where OTC is at the core of the business and where initiative and entrepreneurship are stimulated. 

Strong sales and marketing organisation capable of implementing effective push/pull strategy 

In many countries where Omega Pharma operates, it has the largest pharmacy sales force. Omega Pharma’s extensive sales organisations and experienced
marketing departments enable the company to conduct its marketing both via pharmacies and trade (push) as well as directly to the end-consumer (pull). This combination approach ensures optimum strength. The most important brands are often supported
by TV advertising campaigns. Omega Pharma is also expert in designing in-store promotion materials for the pharmacy and related outlets. 
 The size of the
business and its sales force also enables the OP Operating Group to extend its leading role into the general retail channel, which is becoming increasingly important. Since mid 2012, the OP Operating Group has the critical mass to fulfill a leading
role in all key European markets, now also including Germany, the United Kingdom and Poland. 
 Well-targeted segments 

Omega Pharma carefully selects the segments of the OTC market where it chooses to compete. The high number of product categories in the OTC market imply
enormous resources for any company that wishes to play a significant role in each single segment. Instead, Omega Pharma targets the segments with the most promising structural growth prospects and where the Omega Pharma products have a competitive
advantage. These segments include product categories such as skin care and hair care products, cough and cold therapies, anti-parasites and nutritional supplements. The acquisition of the former GSK brands enables Omega Pharma to compete in
previously unexplored, sizeable key segments of the OTC market (e.g., cough & cold, pain relief, gastro-intestinal remedies,...), whereas the company focused until 2009 mainly on niche segments. 

  
 72 

 Consumer-driven innovation 

Omega Pharma is convinced of the importance of innovation that responds to unmet consumer needs. We aim to identify and understand consumers’ needs in the
area of personal care and wellness as no other. We strive to be the best in translating these insights into value-adding concepts, solutions and products. The continuous inflow of innovation at Omega Pharma is either the result of in-house
development activities or partnering with universities and private institutions, as well as licensing and acquisitions. 
 Partnering model for
manufacturing & supply 
 Omega Pharma applies a partnering model for the manufacturing of its products: approximately 25 per cent. of
Omega Pharma’s OTC products are manufactured in our own manufacturing sites, while approximately 75 per cent. of our products are manufactured by third-party manufacturers (outsourcing). This is a well-chosen strategy as the diversity of
the product portfolio does not justify investing in own manufacturing facilities for each galenic form (tablets, ointments, etc.). 
 Omega Pharma has
started to prepare for streamlining its in-house manufacturing plants, with the aim of eliminating inefficient overlaps of skills and techniques while improving cost-efficiency. Complementing the internal operations (in Belgium, France, Germany and
Austria), Omega Pharma has a selective network of strategic outsourcing partners in Europe. On the one hand, the growing geographic coverage of Omega Pharma makes manufacturing and supply more complex than before. On the other hand, this expanded
dimension leads to economies of scale and the opportunities to improve gross margins. This explains why manufacturing and supply operations — both internal and with outsourcing partners — are increasingly managed centrally. Mid 2012, the
OP Operating Group has started to build a central centre of excellence for supply, based in its headquarters in Nazareth (Belgium), which continues to gain importance. 
  

	5.2.2.	Excel in OTC marketing and innovation 

 Omega Pharma analyses the impact of trends and changes in our
society. Based on these insight we imagine creative solutions for previously unmet needs. Subsequently we apply our skills and talents to develop value-creating concepts and products that address relevant consumer needs. Consumers have become more
self-confident and want to make their own choices. This general trend translates into the growing importance of self care. and even self service within the pharmacy. Onicea Pharma understands the new consumers and involves them when conceiving
solutions. Respect for the consumer is also reflected in Omega Pharma’s push–pull marketing approach. Pull-marketing communication includes educational content on disorders, and how they arc caused, enabling consumers to understand their
situation and to discuss it with their pharmacist. doctor or cure giver. Push-communication to healthcare professionals helps them to even better Mild their roles towards their patients and customers. 

As a number of recently acquired top brands arc mainly distributed in general retail stores (mass market). Omega Pharma is extending its marketing expertise
also into this distribution channel, where key account management and category management are key disciplines. 
  

	5.2.3.	Managing for success by focusing on top 20 brands 

 The average gross margin of Omega Pharma stands at
52 per cent. of the turnover (lit Half 2012). But this average margin refers to a highly diverse mix of products and brands. The distribution of generic medicines in partnership with the
Belgian subsidiary of Stada Arzneimittel AG represent approximately 20 per cent. of the consolidated turnover and generics are per se characterised by a lower gross margin. Excluding this factor leads to a gross margin of 60 per
cent. Within our portfolio of proprietary brands, the Top 20 brands outperform our other (often local) brands and post an even higher gross margin. By improving the product mix, the average gross margin would – already from a pure mathematical
point of view – rise. Moreover, the more development and marketing work that is done centrally, the more efficient our efforts in these areas become. Hence this strategy to have all local operating companies concentrate on the Group’s top
brands. 

  
 73 

 This approach is even further accelerated with the recent acquisition of 54 European OTC brands from GSK. Some of
these brands have been included in the OP Operating Group’s list of Top 20 brands, which are centrally managed. The acquired brands include several brands with a leading position in their respective category. Other acquired brands provide a
perfect match with Omega Pharma’s traditional brands (both in terms of marketing positioning, as in geographic coverage), thus providing the OP Operating Group with a stronger position in the corresponding segments. 

The Top 20 brands have been selected on the basis of their growth potential in the OTC market and now cover all promising segments in the OTC sector. With its
recently increased dimension, the OP Operating Group is now capable of allocating the required resources to build a strong position — not only in niche segments, but also in the largest, highly profitable segments of the OTC-market, as
demonstrated below. 

  
 74 

			
	 Top 20 Brands
	  	 Category Segment

	 (1)    ACO (general skin care, sun care)

(2)    Bodysol/Galenco (general skin care, baby care)

(3)    Lactacyd (intimate female hygiene subsegment)
	  	 Dermocosmetics

•       Products: cosmetics and general skin care products

•       Trends: ageing population and related needs, consumer preference
for natural products and ingredients

		
	 (4)    Wartner (warts, fungal nail infections, corns)

(5)    Dermalex (skin allergys, eczema, psoriasis, rosacea)
	  	 Dermotherapeutics

•       Product category: medicated skin care products:

•       Trends: increasing prevalence of skin allergies, consumer
preference for natural products and ingredients

		
	 (6)    Bittner/Aflubin (CoCoA for Central and Eastern Europe)

(7)    Physiomer/Libenar (nasal hygiene)

(8)    Phytosun/Valda (CoCoA range based on natural ingredients, including
aromatherapy-
 (9)    Beconase/Prevalin (allergy respiratory tract)
	  	 Cough & Cold & Allergy (CoCoA)

•       Products: cough syrups and lozenges, anti-allergy products,
homeopathic products, aromatherapy solutions
 •       Trends:
consumer preference for effective natural products and ingredients, including aromatherapy, without side effects generally associated with prescription-only medicines in this category

		
	 (10)  Paranix (headlice, ticks)

(11)  Jungle Formula (mosquitoes)

(12)  Paravet/Clement-Thekan (pets)
	  	 Parasites

•       Products: repellents and products against head lice, ticks,
mosquitoes and other insects — both for human medicine and veterinary use (pets)

•       Trends: effectiveness and ease of use (general), increasing
consumer spending for companion pets (veterinary range)

		
	 (13)  Opticalm (soothing spray, relaxing eye bath,...)
	  	 Eye Care

•       Trend: increasing need as a growing part of the population
increasingly uses electronic screens (PC, iPad, mobile phone,...)

		
	 (14)  XLS Medical
	  	 Weight Management

•       Trends: growing prevalence of obesity, educated consumers
preferring proven remedies (from “shock diets” to “weight management”)

		
	 (15)  Silence/Nytol
	  	 Sleep disorders

•       Products: anti-snoring product range, sleep facilitating
products
 •       Trends: growing prevalence of various sleep
disorders, consumer preference for natural remedies over prescription-only medicines with side-effects

		
	 (16)  Biover/Abtei

(17)  Granufink/Bional
	  	 Natural remedies for daily health issues

•       Products: remedies based on natural ingredient for various daily
health issues (often age-related, e.g. menopause, bladder issues,...)

•       Trends: ageing population with growing health needs, consumer
preference for effective natural remedies

  
 75 

			
	 Top 20 Brands
	  	 Category Segment

	 (18)  Predictor
	  	 Pregnancy/Fertility issues

•       Products: pregnancy tests, fertility test

•       Trends: general trend for self diagnosis, growing fertility issues
in society

		
	 (19)  Solpadeine
	  	 Pain Relief

•       Product: pain relief products, analgesic

•       Trend: consumer preference for effective, fast-acting products,
self-selection where authorized

		
	 (20)  Davitamon
	  	 Vitamins and supplements

•       Products: vitamins, minerals and food supplements

•       Trend: tailor-made formulas for various phases in life (infancy,
juvenile, pregnancy, menopause,...)

  

	5.2.4.	Operational excellence 

 The current, increased dimension of the OP Operating Group offers tremendous
opportunities for capturing the inherent synergies and for benefitting from a high operational leverage effect. 
 In the era 2000-2009, the OP Operating
Group transformed itself from a Belgian company into an international organisation. This involved intense M&A activities that demanded full management. As a consequence, little management time was left for efforts to focus on economies of scale.

 Today, the OP Operating Group’s organisation has been considerably strengthened and is focusing on operational excellence in all business areas.
Talented and seasoned experts in various business areas have joined the OP Operating Group and are developing systems and projects to achieve operational excellence and to capture group synergy. 

In Marketing and Innovation, this has resulted in an even sharper focus on the Top 20 brands, knowing that a correct allocation of resources behind these top
brands yields the highest return. 
 In Sales, programmes have been introduced to further improve targeting of key customers. For each sales call Omega
Pharma carefully selects the brands and product offers that should be brought forward in order to achieve maximum sales efficiency. 
 In Finance, reporting
and analysis have been further optimized in order to ensure that management has access to relevant data in the shortest possible time. This approach enables the OP Operating Group to even better steer its business in-line with its vision and
strategy. 
 In Manufacturing & Supply, several projects are implemented or prepared for future implementation. In-house manufacturing capabilities
(covering 25 per cent. of procurement) are continuously streamlined in order to eliminate overlaps and to achieve optimal capacity utilization. In this context, for example, the 

  
 76 

 
manufacturing operations of Rotterdam have been transferred early this year to the site in Austria. Central sourcing and supply is becoming increasingly important. A centre of excellence in this
area is currently being build at the OP Operating Group’s headquarters. By the beginning of 2013, all procurement and supply activities for the Top 20 brands as well as for the recently acquired brands from GSK, will be centralised here for all
markets where Omega Pharma is operating. This approach leads to higher efficiency and also allows Omega Pharma to fully exploit the Group’s purchasing power. This centralised department safeguards the optimum balance between in-house
manufacturing and outsourcing (approximately 25/75). In parallel, Omega Pharma is exploring how to streamline packaging specifications for each product across the various markets, e.g. by reducing multiple container sizes and capsule blister
versions. Each single achievement in this area allows the OP Operating Group to combine manufacturing batches for several countries and to benefit from economies of scale. Multi-country versions for printed packaging materials may lead to even
further optimisation in the future. 
 Along with these projects, Omega Pharma is improving the interconnection between the ERP systems of its local
operating companies, while it has also accelerated the roll-out of a central ERP system. 
 Similar operational excellence projects are ongoing in other
business areas: Regulatory Affairs, Treasury, Intellectual Property management, et cetera. 
  

	5.2.5.  	Optimize geographic coverage 

 During the first 13 years of its history Omega Pharma focused exclusively
on its home market in Belgium. Only when management evaluated that the company had the required maturity and critical mass it considered entering new geographic markets. In 2000, the OP Operating Group embarked on its internationalization process.
By 2006 Omega Pharma had operations in 18 Western European countries, and started to explore opportunities in Central and Eastern Europe. By 2009, Omega Pharma had direct operations in 35 countries, mainly in Europe. The OP Operating Group also
selectively explored opportunities in the emerging markets (Australia/New Zealand, Argentina, India). 
 Today, Omega Pharma focuses on ensuring critical
mass in all key markets in Europe. Instead of expanding to not yet covered countries, the OP Operating Group is strengthening its market position in the largest European OTC-markets. Complementing the already strong market positions in Belgium and
France, the recent acquisition of 54 European OTC brands from GSK has been instrumental in this perspective. Turnover in Germany, the United Kingdom and Poland will more than double as a result of this transaction. In Italy, annual turnover will
grow over 50% as the result of the transaction, and in several other countries, the market position is also further strengthened. As a consequence, the OP Operating Group has now in all key European markets the required critical mass to optimize
operational leverage in areas including marketing, sales, et cetera. 
  

	6.	CONSOLIDATED COMPANIES 

 Omega Pharma is a fully-owned subsidiary of the Issuer and both companies are
as such consolidated according to the global consolidation method. 
 Omega Pharma holds participations in entities on a consolidated level, as follows
(status 30 June 2012): 
  

							
	 Abtei OP Pharma GmbH
		Abtei 1 — 37696 Marienmiinster (Germany)		 	100	% 
	 ACO Hud AB
		Box 622 — 194 26 Upplands Vasby (Sweden)		 	100	% 

  
 77 

							
	 ACO Hud Nordic AB
		Box 622 — 194 26 Upplands Vasby (Sweden)		 	100	% 
	 ACO Hud Norge AS
		Okern Bus 95 — NO-0509 Oslo (Norway)		 	100	% 
	 ACO Pharma OY
		Gardsbrinken IA — FI02240 Esbo (Finland)		 	100	% 
	 AdriaMedic SA
		Zare Ouest — 4384 Ehlerange (Luxembourg)		 	100	% 
	 Adriatic BST d.o.o.
		Verovgkova ulica 55 — 1000 Ljubljana		 	100	% 
	 (Slovenia)
						
	 Adriatic Distribution d.o.o.
		Ljubostinjska 2/C5 — 11000 Beograd(Serbia)		 	100	% 
	 Aktif Kisisel Bakim ye Saglik UrUnleri Dagitim Ticaret Ltd. Sirketi
		Serif Ali Mah. Emin Sokak 15, Yukan Dudullu Ornraniye — 34775 Istanbul (Turkey)		 	100	% 
	 Auragen Pty Ltd
		Units # 48, 49, 50 and 51, N° 7, Narabang Way, Belrose NSW 2085 (Australia)		 	100	% 
	 Aurios Pty Ltd
		Units # 48, 49, 50 and 51, N° 7, Narabang Way, Belrose NSW 2085 (Australia)		 	100	% 
	 Aurora Pharmaceuticals Ltd
		Units # 48, 49, 50 and 51, N° 7, Narabang Way, Belrose NSW 2085 (Australia)		 	100	% 
	 Belgian Cycling Company NV
		Venecoweg 26 — 9810 Nazareth (Belgium)		 	100	% 
	 Bional France SAS
		Avenue de Lossburg 470 — 69480 Anse (France)		 	100	% 
	 Bional International B.V.
		Kralingseweg 201 — 3062 CE Rotterdam (Netherlands)		 	100	% 
	 Bional Nederland B.V.
		Kralingseweg 201 — 3062 CE Rotterdam (Netherlands)		 	100	% 
	 Biover NV
		Monnikenwerve 109 — 8000 Brugge (Belgium)		 	100	% 
	 Bittner Pharma LLC
		Suschevsky Val St., bld 18 — 127018 Moscow (Russia)		 	100	% 
	 Carecom International B.V.
		Akara Building — 24 De Castro Street, Wickhams Cay I, Road Town Tortola (British Virgin Islands)		 	100	% 
	 Chefaro Ireland Ltd
		First Floor, Block A, The Crescent Building, The Northwood Office Park, Dublin 9 (Ireland)		 	100	% 

  
 78 

							
	 Chefaro Pharma Italia SRL
		Viale Castello della Magliana 18 — 00148 Roma (Italy)		 	100	% 
	 Chefaro UK Ltd (renamed Omega Pharma UK Ltd. on 5 October 2012)
		First Floor, 32 Vauxhall Bridge Road, SW1V 2SA London (United Kingdom)		 	100	% 
	 Cinetic Laboratories Argentina SA
		Av. Triunvirato 2734 — City of Buenos Aires (Argentina)		 	100	% 
	 Cosmea ACO AS
		Slotsmarken 18 — DK-2980 Horsholm (Denmark)		 	100	% 
	 Cosmediet — Biotechnie SAS
		Avenue de Lossburg 470 — 69480 Anse (France)		 	100	% 
	 Damianus B.V. (Netherlands)
		Kralingseweg 201 — 3062 CE Rotterdam		 	100	% 
	 Deutsche Chefaro Pharma GmbH Düsseldorf
		Lighthouse, Derendorfer Allee 6 — 40476 (Germany)		 	100	% 
	 Herbs Trading GmbH
		Hauptplatz 9 — 9300 St. Veit an der Glan (Austria)		 	100	% 
	 Hidra IC VE Dis Ticaret Ltd. STI
		Serif Ali Mah. Emin Sokak 15, Y. Dudullu Umraniye — 34775 Istanbul (Turkey)		 	100	% 
	 Hipocrate 2000 SRL SC
		6A Prahova Street, sector 1 — 012423 Bucharest (Romania)		 	100	% 
	 Hud SA
		Zare Ouest — 4384 Ehlerange (Luxembourg)		 	100	% 
	 Interdelta SA
		Route André Piller 21 — 1762 Givisiez (Switzerland)		 	81,5	% 
	 Jako RDP NV
		Nijverheidslaan 1545 — 3660 Opglabbeek (Belgium)		 	100	% 
	 JLR Pharma SA
		Au Village 107 — 1745 Lentigny (Switzerland)		 	100	% 
	 JRO Pharma NV
		Monnikenwerve 109 — 8000 Brugge (Belgium)		 	100	% 
	 Laboratoire de la Mer SAS
		ZAC de la Madeleine — Avenue du General Patton — 35400 Saint Malo (France)		 	100	% 
	 Laboratoires Omega Pharma France SAS
		Rue André Gide 20, BP 80 — 92320 Chatillon (France)		 	100	% 
	 Medgenix Benelux NV
		Vliegveld 21 — 8560 Wevelgem (Belgium)		 	100	% 

  
 79 

							
	 Modi Omega Pharma (India) Private Limited
		1400 Modi Tower — 98 Nehru Place — New
Delhi — 110019 (India)		 	50	% 
	 Omega Alpharm Cyprus Ltd
		Agiou Mamandos 52, 2330 Lakatamia (Cyprus)		 	100	% 
	 Omega Altermed a.s.
		Dra2ni 253/7 — 627 00 Brno (Czech Republic)		 	100	% 
	 Omega Altermed s.r.o.
		Tomasikova 30 — 821 01 Bratislava (Slovakia)		 	100	% 
	 OmegaLabs Ltd.
		33 Langerman Drive — 2094 Kensington (South-Africa)		 	51	% 
	 Omega Pharma Australia Pty Ltd
		Units # 48, 49, 50 and 51, N°7, Narabang Way, Belrose NSW 2085 (Australia)		 	100	% 
	 Omega Pharma Baltics SIA
		Karla Ulmana gatve 119 — Marupe — Marupes nov. LV-2167 (Latvia)		 	100	% 
	 Omega Pharma Belgium NV
		Venecoweg 26 — 9810 Nazareth (Belgium)		 	100	% 
	 Omega Pharma Capital NV
		Venecoweg 26 — 9810 Nazareth (Belgium)		 	100	% 
	 Omega Pharma Espana SA
		Plaza Javier Cugat, 2 — Edificio D — Planta
primera — 08174 Sant Cugat del Valles (Spain)		 	100	% 
	 Omega Pharma GmbH
		Reisnerstrasse 55-57 — 1030 Vienna (Austria)		 	100	% 
	 Omega Pharma Hellas Health and Beauty Products SA
		19th Km of Athens-Lamia National Road, N. Erythrea, 14671 (Greece)		 	100	% 
	 Omega Pharma Holding Nederland B.V.
		Kralingseweg 201 — 3062 CE Rotterdam (Netherlands)		 	100	% 
	 Omega Pharma Hungary Kft.
		Ady Endre utca 19.111/312 — 1024 Budapest (Hungary)		 	100	% 
	 Omega Pharma Innovation & Development NV
		Venecoweg 26 — 9810 Nazareth (Belgium)		 	100	% 
	 Omega Pharma International NV
		Venecoweg 26 — 9810 Nazareth (Belgium)		 	100	% 
	 Omega Pharma Kisisel Bakim Ortinleri Sanayi ye Ticaret Ltd. Sirketi
		Serif Ali Mah. Emin Sokak 15, Yukan Dudullu Umraniye — 34775 Istanbul (Turkey)		 	100	% 
	 Omega Pharma Luxembourg SARL
		Zare Ouest — 4384 Ehlerange (Luxembourg)		 	100	% 

  
 80 

							
	 Omega Pharma Manufacturing GmbH & Co KG
		Benzstrasse 25 — 71803 Herrenberg KG (Germany)		 	100	% 
	 Omega Pharma Manufacturing Verwaltungs GmbH
		Benzstrasse 25 — 71803 Herrenberg (Germany)		 	100	% 
	 Omega Pharma Nederland B.V.
		Kralingseweg 201 — 3062 CE Rotterdam (Netherlands)		 	100	% 
	 Omega Pharma New Zealand Ltd
		183 Grenada Street — Arataki Tauranga 3116 (New Zealand)		 	100	% 
	 Omega Pharma Poland Sp.z.o.o.
		Dabrowski Str. 247-249 — 93 232 Lodz (Poland)		 	100	% 
	 Omega Pharma Portuguesa Unipessoal Lda
		Edificio Neopark — Av. Tomas Ribeiro 43 — PT-2795-574 Camaxide (Portugal)		 	100	% 
	 Omega Pharma SAS
		Rue Andre Gide 20, BP 80 — 92320 Chatillon (France)		 	100	% 
	 Omega Pharma Singapore Pte Ltd
		100 Jalan Sultan - # 09-06 Sultan Plaza — Singapore 199001 (Singapore)		 	100	% 
	 Omega Pharma Ukraine LLC
		9 Borispolskoya str. — Kiev City 02099 (Ukraine)		 	100	% 
	 Omega Teknika Ltd
		First Floor, Block A, The Crescent Building, The Northwood Office Park, Dublin 9 (Ireland)		 	100	% 
	 Paracelsia Pharma GmbH
		Lighthouse, Derendorfer Allee 6 — 40476 Dilsseldorf (Germany)		 	100	% 
	 Pharmasales Pty Ltd
		Units # 48, 49, 50 and 51, N°7, Narabang Way — Belrose NSW 2085 (Australia)		 	100	% 
	 Promedent SA
		Zare Ouest — 4384 Ehlerange (Luxembourg)		 	100	% 
	 Richard Bittner AG
		Reisnerstrasse 55-57 — 1030 Vienna (Austria)		 	100	% 
	 Rubicon Healthcare Holdings Pty Ltd
		Units # 48, 49, 50 and 51, N°7, Narabang Way — Belrose NSW 2085 (Australia)		 	100	% 
	 Samenwerkende Apothekers Nederland B.V.
		Kralingseweg 201 — 3062 CE Rotterdam (Netherlands)		 	100	% 
	 Terra Sante SAS
		Rue André Gide 20, BP 80 — 92320 Chatillon (France)		 	100	% 

  
 81 

							
	 ViaNatura NV
		Monnikenwerve 109 — 8000 Brugge (Belgium)		 	100	% 
	 Verelibron SrL
		Via Alessandro Fleming 2 — 37135 Verona (Italy)		 	100	% 
	 Wartner Europe B.V.
		Kralingseweg 201 — 3062 CE Rotterdam (Netherlands)		 	100	% 

  

	7.	FUNDING SOURCES 

 As of the issuance of this Bond, the Issuer will have no other outstanding debt, except
for this Bond. 
 Omega Pharma Invest’s sole source of income comes from the operating activities of Omega Pharma and its subsidiaries. The
Issuer is therefore mainly dependent on the cash flow from the OP Operating Group for its financial position (see Part II Risk Factors, risk related to the fact that the Issuer is a holding company with no operating income). 

As at 30 June 2012, total outstanding consolidated debt amounted to EUR 919,472,000. 

 

	7.1	Issuer’s funding sources 

 Of this EUR 919,472,000, an amount of EUR 261,223,000 at the level of the
Issuer as at 30 June 2012. Of such amount, EUR 61,223,000 was reimbursed in August 2012, and accordingly EUR 200,000,000 remains outstanding as at the date of the Prospectus. 

The Issuer’s bank debt in the amount of EUR 200,000,000 relates to the facilities agreement dated 1 September 2011 with Fortis Bank NV/SA and
ING Belgium NV as mandated lead arrangers, Fortis Bank NV/SA as facility agent and security agent and Fortis Bank NV/SA, ING Belgium NV, Belfius Bank NV and Commerzbank AG as lenders (the OPI Facilities Agreement). Under the OPI Facilities
Agreement, up to EUR 50,000,000 is owed to Belfius Bank NV as lender. The OPI Facilities Agreement will be repaid with the proceeds of the Bonds (see Part X: Use of Proceeds). 

 

	7.2	Funding sources of the OP Operating Group 

 At 30 June 2012, the total net debt at the level of the
OP Operating Group was EUR 658,249,000. Omega Pharma has issued retail bonds for a total amount of EUR 300,000,000. It also has issued notes under US private placements for a combined amount of EUR 183,785,000 and has drawn EUR 170,000,000 under a
revolving facility agreement. These element are further described below. 
 Furthermore, leasing arrangements are in place for an amount of EUR 3,848,000
and Omega Pharma SAS has a bank loan in place of EUR 14,000,000. Certain other debt and overdrafts account for a net amount of EUR 34,876,000. Accordingly, taking into account a net cash position of EUR (- 48,259,000), the total net debt outstanding
at the level of the OP Operating Group amounted to EUR 658,249,000 as at 30 June 2012. 
 Omega Pharma Retail Bond 

In May 2012, Omega Pharma successfully issued two series of bonds for a combined total amount of EUR 300,000,000. The proceeds of these bonds have been used to
pay the consideration due for the GSK Acquisition (as defined below). The issue date was 23 May 2012. The bonds are listed on the Luxembourg Stock Exchange. 

  
 82 

 US Private Placements 

Omega Pharma closed its first US private placement in 2004 for the amount of USD 285,000,000. Of that amount, USD 60,000,000 remained outstanding as at
30 June 2012. The 2004 placement matures partly in 2014 (USD 40,000,000) and the remainder (USD 20,000,000) in 2016. Omega Pharma carried out a second US private placement in July 2011, for an amount of EUR 135,043,889 maturing in July 2023.
Both are placed with a very limited number of institutional investors. These investors benefit from guarantees provided by certain subsidiaries of Omega Pharma. 

The terms of these US private placements (the Existing OP US Private Placements) contain certain customary restrictions, including certain
restrictions on the disposal of assets, mergers, incurrence of financial indebtedness as well as certain financial covenants. 
 Syndicated
Facility Agreement 
 In July 2011, Omega Pharma entered into a new unsecured EUR 525,000,000 Revolving Facility Agreement with a syndicate of
banks, which includes the Joint Lead Managers (the OP Syndicated Facility). As at 30 June 2012, Omega Pharma had drawn EUR 170,000,000 under the OP Syndicated Facility. The OP Syndicated Facility benefits from guarantees provided by
certain subsidiaries of Omega Pharma. 
 The OP Syndicated Facility has a maturity of five years. In addition to standard representations, warranties
and undertakings, including restrictions on mergers and disposals of assets, the facility provides for financial covenants which are linked to certain balance sheet ratios. As part of these financial covenants, it may not have a leverage ratio (net
debt to EBITDA ratio) that exceeds a certain level. 
 Bilateral facilities 

Omega Pharma also has several bilateral facilities. No substantial draw downs have been made from such facilities. 

 

	8.	RECENT DEVELOPMENTS, INVESTMENTS AND TRENDS 

  

	8.1	Take-over bid and delisting of Omega Pharma 

 On 2 September 2011, Omega Pharma announced that the
Issuer launched a voluntary and conditional public takeover bid of EUR 36 cash per share on all shares and warrants issued by the Omega Pharma and not yet owned by the Issuer or Omega Pharma. 

After the acceptance period, the bid was reopened and, later, a squeeze-out was triggered. As a consequence of the successful takeover bid, the shares of
Omega Pharma are delisted from NYSE/Euronext Brussels. The last listing day was 3 February 2012. 
  

	8.2	Capital increases at the Issuer 

 Since the launch of the aforementioned takeover bid, four capital
increases have taken place at the Issuer: 
  

	 	(1)	a capital increase of EUR 182,702,075 on 9 January 2012; 

  
 83 

	 	(2)	on 25 January 2012 a capital increase of EUR 51,448,146 was completed, the proceeds of which were used in the framework of the settlement of the takeover bid. 

 

	 	(3)	a capital increase of EUR 80,000,000 on 30 May 2012; and 

  

	 	(4)	a capital increase of EUR 110,000,000 on 29 June 2012, both of which enabled the Issuer to subscribe to the capital increase of Omega Pharma in the framework of the GSK Acquisition. 

On 12 October 2012, the Issuer’s name of Couckinvest NV was changed into Omega Pharma Invest NV, which better reflects the corporate purpose of the
Issuer. 
  

	8.3	Acquisition by Omega Pharma of certain OTC brands from GlaxoSmithKline 

 On 15 March 2012,
Omega Pharma announced that it had reached an agreement to acquire certain OTC brands of GlaxoSmithKline (GSK) in Europe for EUR 470,000,000 (GBP 391,000,000) in cash (the GSK Acquisition). 

As part of the agreement, Omega Pharma has also agreed to purchase the Herrenberg manufacturing site, which is located in Germany and employs approximately
110 people. A number of the brands that are being acquired are manufactured at Herrenberg, and the existing employees have transferred with the site to Omega Pharma under the provisions of German employment law. 

The transaction was largely completed in June 2012. 
 In total
54 brands have been acquired from GSK, which, according to information provided by GSK during the sales process, generated sales of over EUR 200,000,000 in 2011. Some of the most important brands being acquired are: 

 

	 	•	 	Lactacyd: female hygiene brand with a strong heritage, high consumer loyalty and which is a top three brand in four European countries; 

 

	 	•	 	Abtei: traditional herbal medicine brand which is a leading European brand in the natural health segment and the number one brand in Germany in this segment; 

 

	 	•	 	Solpadeine: analgesics brand with a number one position in the United Kingdom, a strong, fast pain reliever; 

  

	 	•	 	Libenar: nasal saline solutions brand with a number one position in Italy and a number two position in Germany which is mainly targeted at pregnant women and young mothers; 

 

	 	•	 	Granufink: vitamins, minerals and supplements brand with a number two position in Germany which is a traditional natural product derived from pumpkin seeds which is used to strengthen the function of the bladder and
help treat prostate disorders; 

  

	 	•	 	Zantac: gastrointestinal brand with a number one position in the UK on the H2—blocker market; 

  

	 	•	 	Nytol: sleep aid brand with a number two position in the UK and a strong consumer reputation; 

  

	 	•	 	Beconase: a cough, cold and allergy rhinitis brand with a number one position in the UK for nasal sprays for allergenic rhinitis. 

  

	 	•	 	Valda: a cough, cold and allergy brand based on essential oils of menthol and eucalyptus with over 100 years of heritage; 

  

	 	•	 	Bronchenolo: cough remedy brand has a number one position in liquid cough remedies and provides dual action against dry and chesty coughs; 

  
 84 

 Several of the acquired brands have now been integrated into Omega Pharma’s top 20 brands and all of the
acquired brands have the potential to grow within the OP Operating Group. The acquisition also provided Omega Pharma with the required critical mass in the key European markets of Germany, the United Kingdom, Poland and Italy and will improve the
utilisation of the existing network and the geographic sales mix. 
 The addition of the Herrenberg site will further strengthen the manufacturing
capabilities of Omega Pharma. 
  

	8.4	Issuance of two series of retail bonds by Omega Pharma for a combined total amount of EUR 300,000,000 

Funding for the GSK Acquisition was provided by (i) a capital increase of EUR 190,000,000 and (ii) a debt financing in an amount of EUR 280,000,000.
In May 2012, Omega Pharma successfully issued two series of bonds for a combined total amount of EUR 300,000,000. The proceeds of these bonds have been used to pay the consideration due for the GSK Acquisition. The issue date was 23 May 2012.
The bonds are listed on the Luxembourg Stock Exchange. 
  

	8.5	Acquisition Optalidon 

 On 15 November 2012, Omega Pharma closed the transaction to acquire
Optalidon. The acquisition of this pain relief brand is complementary to the already mentioned acquisition of 54 European OTC brands from GSK which also included Solpadeine, a well-known pain relief brand in the UK, Ireland and Poland. With
Optalidon, the OP Operating Group is now present in the important market segment of pain relief products in 7 countries and with several product versions. 
  

	8.6	Other significant events 

 On 31 May 2012, Omega Pharma reached an agreement with the South-African
company CAVI Brands (Proprietary) Limited to create a 51/49 joint venture, named OmegaLabs. The joint venture became operational early July with the launch of Wartner, Silence, Predictor and a number of other Omega Pharma brands. 

On 21 August 2012, Omega Pharma reported EUR 471.2 million consolidated sales and EUR 51.0 million operating profit over the First Half of
2012. 
  

	9.	MATERIAL ADVERSE EFFECT 

 There has been no material adverse change in the prospects of the Group since
31 December 2011, except for those circumstances or events elsewhere stated or referred to in this Prospectus. 
  

	10.	NO SIGNIFICANT CHANGE IN FINANCIAL OR TRADING POSITION 

 There has been no significant change in the
financial or trading position of the Issuer or the Group since 30 June 2012, except for those circumstances or events elsewhere stated or referred to in this Prospectus (see amongst other section 7.2 in respect of the GSK Acquisition). 

 

	11.	MATERIAL CONTRACTS 

 Neither the Issuer nor any other company of the Group has entered into any material
contracts outside the ordinary course of its business which could result in the Issuer being under an obligation or entitlement that is material to the Issuer’s ability to meet its obligation in respect of the Bonds, except for those elsewhere
stated or referred to in this Prospectus. 

  
 85 

	12.	GOVERNMENTAL, LEGAL AND ARBITRATION PROCEEDINGS 

 The Issuer’s fully-owned subsidiary Omega Pharma
is the subject of a number of claims and legal, governmental and arbitration proceedings incidental to the normal conduct of its business, including during the previous 12 months. It is not aware of any such claims and proceedings which, on
aggregate, have had or are likely to have a significant adverse effect on the financial position or profitability of itself or Omega Pharma. 

PART VII: MANAGEMENT AND CORPORATE GOVERNANCE 
  

	1.	BOARD OF DIRECTORS 

 The Board of Directors, whose members are appointed 13_ the
shareholders meeting is composed as follows: 
  

							
	 Name
	  	 Type of director
	  	Represented by	  	Expiration of term
	Mercuur Consult NV	  	Independent director	  	Mr. Jan Boone	  	28 June 201’
				
	Benoit Graulich BVBA	  	A Director	  	Mr. Benoit Graulich	  	28 June 2O1-
				
	Myleeke Management, Art & Invest NV	  	A Director	  	Mr. Marc Coucke	  	28 June 2017
				
	FV Management BVBA	  	B Director	  	Mr. Frank Vlayen	  	28 June 2017
				
	Margates BVBA°	  	B Director	  	Mr. Cedric Van
Cauwenberghe	  	28 June 2017

 ° non-executive director 
  

	2.	AUDIT COMMITTEE 

 The Issuer will set up an Audit Committee which consists of all four
non-executive directors, including the independent director. The Audit Committee’s mission will be to assist the Board of Directors with fulfilling its oversight duties with regard to the Group’s financial reporting process. This includes
(amongst others) monitoring the integrity of the financial statements, the external auditor qualifications and the independence and performance of both the internal audit department and the external auditors. The Audit Committee will also review the
Issuer’s internal control and risk management systems and the risks to which the Issuer is exposed. 
 The Chairman of the Audit
Committee will report to the Board of Directors on the results of its proceedings and will communicate the committee’s recommendations. 

  
 86 

	3.	CORPORATE GOVERNANCE 

 The Issuer complies with the obligations of the Belgian Companies
Code. 
  

	4.	MEMBERS OF THE BOARD OF DIRECTORS 

 The following persons are members of, or permanent
representatives of, the Board of Directors of the Issuer. The business address for each of the Directors is Venecoweg 26, B-9810 Nazareth, Belgium. 

Mr. Marc Coucke, Director ‘1965 (Belgium). Pharmacist (RUG, Ghent) and postgraduate in Business Management (Vlerick Management
School). Founder of the Issuer and driving force of Omega Pharma. Also CEO of Omega. Pharma until 30 September 2006, then Chairman from 1 October 2006 to 11 March 2008. He has been CEO again since 11 March 2008. He is also a
director at Durabrik (Belgium). 
 Mr. Jan Boone, Independent Director: ‘1971 (Belgium). Degree in Applied Economic
Sciences (KUL, Leuven), and a Special Auditing Degree (Licence Speciale en Revisorat) (UMH, Mons). He started his career in the audit department of PricewaterhouseCoopers. He was a member of the executive committee at Omega Pharma from 2000 to 2005.
Since 2005, he has been active at Lotus Bakeries, and is currently the Managing Director of Lotus Bakeries (Belgium). Since then he has also been an executive director at Lotus Bakeries. He is furthermore an independent director at Durabrik
(Belgium). 
 Mr. Benoit Graulich, Director: *1965 (Belgium). Degree in Law, Business Management and Finance (KUL,
Leuven) and in Fiscal Sciences. He is a Partner of Bencis Capital Partners, and an independent director at Lotus Bakeries NV (Belgium), Vande Velde NV (Belgium), and Wereldhave NV (Belgium). He previously held various positions at Ernst &
Young (Belgium), Artesia Bank (Belgium) and Pricewaterhouse (Belgium). 
 Mr. Frank Vlayen, Chairman of the Board of
Directors: ‘1965 (Belgium). MBA Vlerick Leuven Ghent Management School and Business Engineer at the Catholic University of Leuven. He is Managing Principal of Waterland Private Equity NV, responsible for all Waterland activities in Belgium.
Before joining Waterland, he worked as engagement partner at Accenture UK. Before that, he was director of business development at Citigroup Consumer Banking Europe and vice-president of Tractebel’s international energy division, where he held
a number of senior positions in several functional areas. He started his career at Fortis Bank (at the time Generale Bank) in corporate finance and trade finance. 

Mr. Cedric Van Cauwenberghe, Director: ‘1975 (Belgium). Commercial Engineer from Universite Libre de Bruxelles (Ecole de
Commerce Solvay). He is Associate Principal for Waterland Private Equity NV in Belgium. Previously, Cedric was Investment Director at Rendex Partner, a venture capital fund. Before, he was head of business development at ChemResult NV, an enterprise
software company, and co-founder and CFO of FastBidder NV, a technology start-up. He started his career as management consultant with Roland Berger Consultants for their Brussels, Frankfurt and Barcelona offices. 

  
 87 

	5.	CONFLICTS OF INTEREST 

 The Issuer is not aware of any potential conflicts of interest
between the duties that any member of the administrative, management and supervisory bodies owes to the Issuer and such director’s private interests or other duties. 

PART VIII: MAJOR SHAREHOLDERS AND RELATED PAR TRANSACTIONS SHAREHOLDERS 

 

	1.	SHAREHOLDERS 

 Accordingly, as at the date of this Prospectus, the shareholders’
structure of Omega Pharma Invest NV is as follows: 
  

							
	 Shareholder
	  	 Share Class
	  	 Number of shares
	  	 per cent. of total

				
	Alychlo NV	  	Share Class A	  	334,488,868	  	
				
	Holdco I BE NV	  	Share Class B	  	339,790,841	  	
				
	Management*	  	Share Class C	  	11,068,548	  	1.55 per cent.
				
	Omega Pharma Invest NV (treasury shares)	  	Share Class D	  	30,243,983	  	4.23 per cent.
				
	Total	  		  	715,592,240 shares	  	100 per cent.

  

	*	Please note that in the Management-tranche, Alychlo NV is holding 5,218,173 Class C Shares. 

All shares have been fully paid up. 

In the context of the takeover bid on Omega Pharma (see Section 3.2 of Part VI: Description of the Issuer), Alychlo NV (Alychlo)
and Holdco I BE NV (Holdco) entered into an agreement in relation to their shareholding and the management of the Group (the Shareholders’ Agreement). 

There shall be no other Share Classes than those listed above. There are four classes of shares (as stated above) to reflect the various
shareholders. All Share Classes are entitled to the same rights and benefits, unless stated otherwise in the Issuer’s Articles of Association and/or the Shareholders’ Agreement. The differences between the Share Classes are generally
limited but relate, for example, to certain differences in relation to the right to propose directors (as set out in the Articles of Association). 

Marc Coucke is the principal shareholder, the chairman of the board of directors and managing director of Alychlo NV. 

Holdco I BE BV, a private company under Dutch law holds 61.58% of the shares of Holdco I BE NV. Waterland Private Equity Fund V CV, a
partnership with limited liability under Dutch law, holds all shares of Holdco I BE BV. Hao Investments S.a.r.1., a limited company under Luxembourg law, holds 38.42% of the shares of Holdco I BE NV. 

  
 88 

 The shareholders of Hao Investments Sari consists of a number of investment funds advised or
administrated by Hamilton Lane Advisors LLC, HarbourVest Partners LLC and StepStone Group LLC. 
 A chart overview of the shareholder
structure is included on the next page. 

  
 89 

  
 

 

  
 90 

	2.	THE SHAREHOLDERS’ AGREEMENT 

 The Shareholders’ Agreement includes several common terms in
relation to the transfer and transferability of the Issuer’s shares. For instance, both Alychlo and Holdco have a pre-emptive right on the shares that a shareholder of the Issuer intends to transfer. In subsidiary order (i.e. if no preemptive
right has been exercised), the shareholders (including the management) shall have a tagalong right which entitles them, subject to fulfillment of certain conditions, to require from the selling shareholder that it will not transfer his shares unless
and until the transferee(s) of those shares has/have accepted to purchase a proportionate number of shares from the shareholders that invoked their tag-along right. The Shareholders’ Agreement also contains a ‘drag-along’ clause
entitling Alychlo or Holdco to require from the other shareholders of the Issuer to sell their shares to a bona fide third party (together with the shares held by Alychlo or Holdco). Exercise of this drag-along right is subject to the
fulfillment of a number of conditions as set out in the Issuer’s Articles of Association. 
  

	3.	SHARE CAPITAL 

  

	3.1	Share capital 

 On the date of the Prospectus, the share capital of Omega Pharma Invest NV amounts to EUR
847,901.31 and is divided into 715,592,240 shares without nominal value. 
 The share capital is composed of two types of shares: ordinary shares (the
Ordinary Shares) and preferential shares (the Preferential Shares). The Ordinary Shares and the Preferential Shares both give rise to the same rights and benefits, unless stated otherwise in the Issuer’s Articles of Association
and/or the Shareholders’ Agreement. 
 Within Share Class A there are 164,499,055 Ordinary Shares and 169,989,813 Preferential Shares. Within
Share Class B there are 167,106,526 Ordinary Shares and 172,684,315 Preferential Shares. The shares of Share Class C and Share Class D will remain Ordinary Shares at all times. 

 

	3.2	Authorised capital 

 According to article 36 of the Issuer’s Articles of Association the Board of
Directors may increase the share capital, on one or more occasions, by an amount of maximum EUR 619,901.31. This authorisation is valid for a period of five (5) years from 25 June 2012. 

 

	3.3	Treasury Stock 

 The Issuer holds 30,243,983 treasury shares representing 4.23 per cent. of its
share capital. 
  

	3.4	Other securities with voting rights or giving access to voting rights 

 On the date of this Prospectus,
the Issuer has not issued any securities with voting rights or giving access to voting rights, other than the shares referred to in this section of the Prospectus. 
  

	3.5	Acquisition of own shares 

 According to article 37 of the Issuer’s Articles of Association the
Board of Directors may acquire its own shares, by purchasing or exchanging them, directly or through a person acting in its own name but on behalf of the Issuer, and this in such a way that the Issuer shall at no time own shares that represent more
than 20 per cent. of the share capital. This authorisation is valid for a period of five (5) years from 24 May 2012. 

  
 91 

 PART IX: FINANCIAL INFORMATION CONCERNING THE ISSUER’S ASSETS AND 

LIABILITIES, FINANCIAL POSITION AND PROFIT AND LOSSES 

Selected financial information as at 31 December 2011 and 31 December 2010 is included below. The information below is extracted from the IFRS
compliant consolidated accounts of the Issuer for 2011. 
 Consolidated balance sheet 

 

									
	 (in thousand euro)
	  	31 December
2011	 	  	31 December
2010	 
	 Non-current assets
	  	 	1,137,140	  	  	 	1,152,641	  
	 Current Assets
	  	 	356,999	  	  	 	356,845	  
	 Assets held for sale
	  	 	1,575	  	  	 	1,949	  
		  	  
	  
	 	  	  
	  
	 
	 TOTAL ASSETS
		 	1,495,714	  		 	1,511,435	  
		  	  
	  
	 	  	  
	  
	 
	 EQUITY
		 	633,206	  		 	763,572	  
	 Treasury shares
		 	-34,926	  		 	-34,926	  
	 LIABILITIES
		 	862,507	  		 	747,863	  
	 Non-current liabilities
		 	549,417	  		 	172,317	  
	 Current liabilities
		 	313,090	  		 	575,546	  
		  	  
	  
	 	  	  
	  
	 
	 TOTAL EQUITY AND LIABILITIES
		 	1,495,713	  		 	1,511,435	  
		  	  
	  
	 	  	  
	  
	 

 Consolidated income statement 
  

									
	 (in thousand euro)
	  	2011	 	  	2010	 
	 Net sales
	  	 	900,551	  	  	 	856,610	  
	 Gross Margin
	  	 	454,397	  	  	 	437,200	  
	 Operating Profit
	  	 	80,761	  	  	 	107,527	  
	 Result from continuing activities before income tax
	  	 	51,726	  	  	 	84,356	  
	 Result from continuing activities after income tax
	  	 	35,691	  	  	 	69,105	  
	 Result after income tax
	  	 	41,762	  	  	 	72,323	  
		  	  
	  
	 	  	  
	  
	 
	 Operating Profit (EBIT)
		 	80,761	  		 	107,527	  
	 Depreciations and Amortization
		 	29,042	  		 	21,361	  
	 EBITDA
		 	109,803	  		 	128,888	  

  
 92 

 Consolidated cash flow statement 

 

									
	 (in thousand euro)
	  	2011	 	  	2010	 
	 Profit before income tax
	  	 	51,726	  	  	 	84,356	  
	 Gross cash flow from operating activities
	  	 	101,752	  	  	 	102,721	  
	 Total cash flow from operating activities
	  	 	96,071	  	  	 	100,698	  
	 Total cash flow from investing activities
	  	 	-54,475	  	  	 	-118,055	  
	 Total cash flow from financing activities
	  	 	-29,963	  	  	 	30,295	  
		  	  
	  
	 	  	  
	  
	 
	 Net increase/decrease of cash flow for the period
		 	11,634	  		 	12,938	  
	 Total net cash flow of the period
		 	18,298	  		 	3,911	  

 Selected financial information as at 30 June 2012 is included below. The information below is extracted from the IFRS
compliant interim financial accounts of the Issuer for the six months period ending on 30 June 2012. 
 Consolidated balance sheet 

 

									
	 (in thousand euro)
	  	30 June 2012	 	  	30 June 2011	 
	 Non-current assets
	  	 	1,532,330	  	  	 	1,122,129	  
	 Current Assets
	  	 	435,007	  	  	 	368,306	  
	 Assets held for sale
	  	 	1,575	  	  	 	1,575	  
		  	  
	  
	 	  	  
	  
	 
	 TOTAL ASSETS
		 	1,968,912	  		 	1,564,501	  
		  	  
	  
	 	  	  
	  
	 
	 EQUITY
		 	590,001	  		 	768,237	  
	 Treasury shares
		 	-34,926	  		 	-34,926	  
	 LIABILITIES
		 	1,378,912	  		 	775,804	  
	 Non-current liabilities
		 	973,507	  		 	172,899	  
	 Current liabilities
		 	405,405	  		 	602,905	  
		  	  
	  
	 	  	  
	  
	 
	 TOTAL EQUITY AND LIABILITIES
		 	1,968,912	  		 	1,564,501	  
		  	  
	  
	 	  	  
	  
	 

  
 93 

 Consolidated income statement 
  

									
	 (in thousand euro)
	  	January-June
2012	 	  	January-June
2011	 
	 Net sales
	  	 	471,189	  	  	 	454,454	  
	 Gross Margin
	  	 	244,735	  	  	 	231,275	  
	 Operating Profit
	  	 	48,499	  	  	 	37,804	  
	 Result from continuing activities before income tax
	  	 	24,464	  	  	 	26,883	  
	 Result from continuing activities after income tax
	  	 	17,734	  	  	 	21,992	  
	 Result after income tax
	  	 	17,734	  	  	 	22,747	  

 Consolidated cash flow statement 
  

									
	 (in thousand euro)
	  	January-June
2012	 	  	January-June
2011	 
	 Profit before income tax
	  	 	24,464	  	  	 	26,883	  
	 Gross cash flow from operating activities
	  	 	47,769	  	  	 	49,077	  
	 Total cash flow from operating activities
	  	 	12,015	  	  	 	29,190	  
	 Total cash flow from investing activities
	  	 	-912,195	  	  	 	-22,636	  
	 Total cash flow from financing activities
	  	 	910,074	  	  	 	5,900	  
		  	  
	  
	 	  	  
	  
	 
	 Net increase/decrease of cash flow for the period
		 	9,896	  		 	12,454	  
	 Total net cash flow of the period
		 	9,896	  		 	5,670	  

 PART X: USE OF PROCEEDS 

The Issuer estimates that the net proceeds from the issue and sale of the Bonds (for a minimum nominal amount of EUR 200,000,000), after deduction of the
estimated transaction fees of approximately EUR 250,000, will be approximately EUR 199,750,000. 
 The net proceeds from the issue and sale of the Bonds
will be applied in priority towards the repayment in full of the OPI Facilities Agreement. As set out on pages 77 of this Prospectus, EUR 200,000,000 remains outstanding under the OPI Facilities Agreement at the date of this Prospectus, of which EUR
50,000,000 to Belfius Bank NV, one of the Joint Lead Managers. 
 Any remaining proceeds will be used for the financing of, amongst other, potential future
acquisitions or investments in the operating companies of the Group. Although several acquisitions are currently in the phase of negotiations, as of the date of this Prospectus, the Issuer cannot predict with certainty all of the particular uses for
the balance of proceeds from the public offer following repayment in full of the OPI Facilities Agreement, or the amounts that it will actually spend or allocate to specific uses. The amounts and timing of actual expenditures will depend upon
numerous factors. The Issuer’s management will have significant flexibility in applying the balance of net proceeds from the Public Offer and may change the allocation of these proceeds as a result of these and other contingencies. Such
allocation shall, for the avoidance of doubt, always occur within the terms and conditions agreed upon with the Bondholders. 

  
 94 

 PART XI: TAXATION 

General 
 The following summary is a general description
of certain Belgian and Luxembourg tax considerations relating to the Bonds and is included herein solely for information purposes. It does not purport to be a complete analysis of all tax considerations relating thereto. This summary does not
describe the tax treatment of investors that are subject to special rules, such as banks, insurance companies, or collective investment undertakings. 

Prospective purchasers should consult their own tax advisers as to the consequences under the tax laws of their countries of citizenship, residence, ordinary
residence or domicile and the tax laws of Belgium and the Grand Duchy of Luxembourg of acquiring, holding and disposing of Bonds and receiving payments of interest, principal and/or other amounts thereunder. 

This summary is based upon the laws and regulations in Belgium and the Grand Duchy of Luxembourg, respectively as in effect on the date of this Prospectus and
is subject to any change in law that may take effect after such date (or even before with retroactive effect). Investors should appreciate that, as a result of changing law or practice, the tax consequences may be otherwise than as stated below.

 Note in this respect that on 20 November 2012, a political agreement was reached on the 2013 Belgian federal budget, including a number of tax
measures relevant to an investment in the Bonds. Reference is made to the expected tax treatment (expectedly as from 1 January 2013) in the following sections. However, please note that (i) the political agreement does not cover all
measures in detail, and (ii) these measures have not yet been implemented in Belgian law. Consequently, there is a level of uncertainty in respect of the announced tax treatment in Belgium. 

Persons considering participating in the offer should therefore consult their own professional advisors as to the effects of state, local or foreign laws and
regulations, including the tax laws and regulations in Belgium, respectively the Grand Duchy of Luxembourg, to which they may be subject. 
 Taxation in
Belgium 
 For the purposes of the summary below, a Belgian resident is: (i) an individual subject to Belgian personal income tax (i.e., an
individual who has his domicile in Belgium or has his seat of wealth in Belgium, or a person assimilated to a Belgian resident); (ii) a legal entity subject to Belgian corporate income tax (i.e. a company that has its registered office, its
main establishment, its administrative seat or its seat of management in Belgium);or (iii) a legal entity subject to Belgian legal entities tax (i.e. an entity not subject to corporate income tax that has its registered office, its main
establishment, its administrative seat or its seat of management in Belgium). 
 A non-resident is a person who is not a Belgian resident. 

Belgian withholding tax 
 The interest component of
payments on the Bonds made by or on behalf of the Issuer is as a rule subject to Belgian withholding tax, currently at a rate of 21 per cent. on the gross amount. For Belgian resident individuals, an additional levy of 4 per cent. may
apply to the interest on the Bonds. Note that an increase of the Belgian interest withholding tax rate from 21 per cent. to 25 per cent. and an abolishment of the 4 per cent. additional levy have been announced. 

  
 95 

 For Belgian income tax purposes, interest includes: (i) periodic interest income; (ii) any
amounts paid by the Issuer in excess of the issue price (upon full or partial redemption whether or not at maturity, or upon purchase by the Issuer) (including the redemption at the option of the Bondholders pursuant to Condition 6.3 (Redemption
at the Option of Bondholders) in case of a Change of Control); and (iii) in case of a sale of the Bonds between interest payment dates to any third party, excluding the Issuer, the pro rata of accrued interest corresponding to the detention
period. 
 Clearing System 
 The holding
of the Bonds in the Clearing System permits investors to collect interest on their Bonds free of Belgian withholding tax if and as long as, at the moment of payment or attribution of interest, the Bonds are held by certain investors (the Eligible
Investors, see below) in an exempt securities account (X-account) that has been opened with a financial institution that is a direct or indirect participant (a Participant) in the Clearing System. Euroclear and Clearstream Luxembourg
are direct or indirect Participants for this purpose. 
 Holding the Bonds through the Clearing System enables Eligible Investors to receive the
gross interest income on their Bonds and to transfer the Bonds on a gross basis. 
 Eligible Investors are those entities referred to in article 4 of
the Arrete Royal du 26 mai 1994 relatif a la perception et a la bonification du precompte mobilier (Belgian Royal Decree of 26 May 1994 on the deduction of withholding tax), which includes: 

 

	 	(i)	Belgian resident corporate investors; 

  

	 	(ii)	Institutions, associations or companies referred to in article 2, §3 of the law of 9 July 1975 on the control of insurance companies, other than those referred to in 1° and 3°, without prejudice to the
application of article 262, 1° and 5° of the Belgian Income Tax Code 1992 (the ITC 1992); 

  

	 	(iii)	State regulated institutions (institutions parastatales / parastatalen) for social security or institutions equated therewith referred to in article 105, 2° of the Royal Decree implementing ITC 1992
(RD/ITC 1992); 

  

	 	(iv)	Non-resident investors whose holding of the Bonds is not connected to a professional activity in Belgium, referred to in article 105, 5° RD/ITC 1992; 

 

	 	(v)	Investment funds recognised in the framework of pension savings, referred to in article 115 RD/ITC 1992; 

  

	 	(vi)	Investors referred to in article 227, 2° ITC 1992, subject to non-resident income tax in accordance with article 233 ITC 1992 and which have used the income generating capital for the exercise of their professional
activities in Belgium; 

  

	 	(vii)	The Belgian State, in respect of investments which are exempt from withholding tax in accordance with article 265 ITC 1992; 

  

	 	(viii)	Foreign investment funds (such as fonds de placement / beleggingsfondsen) the units of which are not publicly offered or marketed in Belgium; 

 

	 	(ix)	Belgian resident companies, not referred to under (i), whose activity exclusively or principally consists of granting credits and loans. 

  
 96 

 Eligible Investors do not include, inter alia, Belgian resident individuals and Belgian non-profit organisations,
other than those mentioned under (ii) and (iii) above. 
 Participants in the Clearing System must keep the Bonds which they hold on behalf of
non-Eligible Investors in a non-exempt securities account (N-Account). In such instance all payments of interest are subject to withholding tax, currently at a rate of 21 per cent. This withholding tax is withheld by the NBB from the 

If the gross amount of all interest and dividend income declared and/or communicated to the contact centre exceeds EUR 20,020 on a yearly basis (threshold
applicable for assessment year 2013, income year 2012), interest payment and paid to the tax authorities. Note that an increase of the withholding tax rate from 21 per cent. to 25 per cent. has been announced. 

Transfers of Bonds between an X-account and an N-account give rise to certain adjustment payments on account of withholding tax: 

 

	 	•	 	A transfer from an N-account (to an X-account or N-account) gives rise to the payment by the transferor “non-Eligible Investor” to the NBB of withholding tax on the accrued fraction of interest calculated from
the last interest payment date up to the transfer date. 

  

	 	•	 	A transfer from an X-account (or N-account) to an N-account gives rise to the refund by the NBB to the transferee non-Eligible Investor of withholding tax on the accrued fraction of interest calculated from the last
interest payment date up to the transfer date. 

  

	 	•	 	Transfers of Bonds between two X-accounts do not give rise to any adjustment on account of withholding tax. 

These adjustment mechanics are such that parties trading the Bonds on the secondary market, irrespective of whether they are Eligible or non-Eligible
Investors, are in a position to quote prices on a gross basis. 
 When opening an X-account for the holding of Bonds, an Eligible Investor will be required
to certify its eligible status on a standard form approved by the Belgian Minister of Finance and send the completed form to the participant in the Clearing System where the account is kept. This certification need not be periodically renewed
(although Eligible Investors must update their certification should their eligible status change). Participants to the Clearing System are however required to make declarations to the NBB as to the eligible status of each investor for whom they hold
Bonds in an X-account during the preceding calendar year. 
 These identification requirements do not apply to Bonds held with Euroclear or Clearstream,
Luxembourg acting as Participants in the Clearing System, provided that they only hold X-accounts and that they are able to identify the holders for whom they hold Bonds in such accounts. 

Interest, capital gains and income tax 
 Belgian
resident individuals 
 For Belgian resident individuals holding the Bonds as a private investment and who opt to submit the interest on the Bonds, in
addition to the withholding tax of 21 per cent., to an additional levy of 4 per cent., the taxes withheld fully discharge them from their personal income tax liability with respect to these interest payments. This means that they do not
have to declare the interest obtained on the Bonds in their personal income tax return. 

  
 97 

 For Belgian resident individuals holding the Bonds as a private investment and who do not opt to submit the
interest on the Bonds, in addition to the withholding tax of 21 per cent., to an additional levy of 4 per cent., the taxes withheld do not fully discharge them from their personal income tax liability with respect to these interest
payments. In such case, the interest amount on the Bonds will be communicated to a special contact centre operated by the competent service of the Belgian tax administration, which may communicate certain information to the Belgian tax authorities,
and the individual will need to declare the interest amount in his/her personal income tax return. The interest amount so declared will normally be taxed at the rate of 21 per cent. plus local surcharges (however, the Belgian federal government
has approved a draft bill which, if adopted by the legislator, would abolish such local surcharges) or at the progressive personal income tax rates plus local surcharges taking into account the taxpayer’s other declared income (whichever is
lower). 
 If the interest payment is declared, the withholding tax retained and, if applicable, the additional levy of 4 per cent., may be credited
against the resulting income tax liability. the interest declared on the Bonds exceeding this threshold will be subject to an additional levy of 4 per cent. in the personal income tax declaration. Certain specific categories of interest and
dividends are exempt and not taken into account in order to calculate whether the threshold is exceeded, i.e. liquidation bonuses, the income from government bonds issued and subscribed between 24 November and 2 December 2011 and income
not considered as taxable moveable income (including the exempt part of interest on regulated savings accounts). Some other categories of interest and dividends are exempt, but are taken into account in order to calculate whether the threshold is
exceeded, i.e. dividend income taxed at 25 per cent. and the part of interest on regulated savings accounts taxed at 15 per cent. Interest on the Bonds will be taken into account to calculate the EUR 20,020 threshold and will be subject to
the 4 per cent. additional levy if and to the extent the threshold is exceeded. 
 Note that various tax law changes have been announced which, if
adopted, would affect the tax regime of interest payments on the Bonds in the following way: (i) the Belgian interest withholding tax rate would increase from 21 per cent. to 25 per cent., (ii) the Belgian withholding tax would
constitute the final tax for Belgian individuals, i.e. they would not be required to report the interest income in their annual personal income tax return and (iii) the 4% additional levy, including the system whereby certain information is
communicated to a special contact centre, would be abolished. 
 Capital gains realised on the disposal of the Bonds are as a rule tax exempt, unless the
capital gains are realised outside the normal management of one’s private estate or unless the capital gains qualify as interest (as defined under the section “Belgian withholding tax”). Capital losses realised upon the disposal of
the Bonds held as a non-professional investment are in principle not tax deductible. 
 Specific tax rules apply to Belgian resident individuals who do not
hold the Bonds as a private investment. 
 Belgian resident companies 

Holders of Bonds which are Belgian resident companies will be subject to Belgian corporate income tax on the interest payments made on the Bonds at the
ordinary corporate income tax rate of in principle 33.99 per cent. Capital gains realised in respect of the Bonds will be part of the company’s taxable income. Capital losses realised upon the sale of the Bonds are in principle tax
deductible. 

  
 98 

 Belgian legal entities 

Belgian legal entities which do not qualify as Eligible Investors (as defined under the section “Clearing System”) are subject to a withholding tax
of 21 per cent. on interest payments. The withholding tax constitutes the final taxation. Note that an increase of the Belgian interest withholding tax rate from 21 per cent. to 25 per cent. has been announced. 

Belgian legal entities which qualify as Eligible Investors (as defined under the section “Clearing System”) and which consequently have received
gross interest income are required to pay the amount of the withholding tax themselves. 
 Capital gains realised on the disposal of the Bonds are as a rule
tax exempt (unless the capital gains qualify as interest (as defined under the section “Belgian withholding tax”). Capital losses are in principle not tax deductible. 

Non-residents 
 Bondholders who are non-residents of
Belgium who are not holding the Bonds through a Belgian establishment and who are not investing in the Bonds in the course of their Belgian professional activity, will not incur or become liable for any Belgian tax on income or capital gains by
reason only of the acquisition, ownership or disposal of the Bonds, provided that they qualify as Eligible Investors and hold their Bonds in an X-account. 

Tax on stock exchange transactions 

Secondary market trades in respect of the Bonds will give rise to a stock exchange tax (Taxe sur les operations de bourse / Taks op de Beursverrichtingen) if
they are carried out in Belgium through a professional intermediary. The rate applicable for secondary sales and purchases is 0.09 per cent. The tax is due separately from each party to any such transaction, i.e. the seller (transferor) and the
purchaser (transferee), and is collected by the professional intermediary. The amount of the transfer tax is, however, capped at EUR 650 per transaction per party. 

This tax will not be payable by exempt persons acting for their own account, including all non-residents of Belgium subject to the delivery of an affidavit to
the financial intermediary in Belgium confirming their nonresident status, and certain Belgian institutional investors as defined in article 126/1, 2° of the Code of miscellaneous duties and taxes (Code des droits et taxes divers / Wetboek
diverse rechten en taksen). 
 European Union directive on taxation of savings income 

Under the EU Savings Directive, EU Member States are required to provide to the tax authorities of another EU Member State details of payments of interest (or
similar income) paid by a person within their jurisdiction to an individual resident in that other EU Member State or to certain limited types of entities established in that other EU Member State. However, for a transitional period, the Grand Duchy
of Luxembourg and Austria are instead required (unless during that period they elect otherwise) to operate a withholding system in relation to such payments (the ending of such transitional period being dependent upon the conclusion of certain other
agreements relating to information exchange with certain other countries). A number of non-EU countries and territories including Switzerland have adopted similar measures (a withholding system in the case of Switzerland). 

  
 99 

 The European Commission has proposed certain amendments to the Directive, which may, if implemented, amend or
broaden the scope of the requirements described above. 
 Taxation in the Grand Duchy of Luxembourg 

Please be aware that the residence concept used under the respective headings below applies for Luxembourg income tax assessment purposes only. Any reference
in the present section to a tax, duty, levy, impost or other charge or withholding of a similar nature refers to Luxembourg tax law and/or concepts only. Also, please note that a reference to Luxembourg income tax encompasses corporate income tax
(impot sur le revenu des collectivites), municipal business tax (impot commercial communal), a solidarity surcharge (contribution au fonds pour l’emploi) as well as personal income tax (impot sur le revenu) generally. Corporate taxpayers may
further be subject to net wealth tax (impot sur la fortune) as well as other duties, levies or taxes. Corporate income tax, municipal business tax as well as the solidarity surcharge invariably apply to most corporate taxpayers resident of
Luxembourg for tax purposes. Individual taxpayers are generally subject to personal income tax and the solidarity surcharge. Under certain circumstances, where an individual taxpayer acts in the course of the management of a professional or business
undertaking, municipal business tax may apply as well. 
 Withholding Tax 

 

	(i)	Non-resident holders of Bonds 

 Under Luxembourg general tax laws currently in force and
subject to the laws of 21 June 2005, as amended (the Laws), there is no withholding tax on payments of principal, premium or interest made to non-resident holders of Bonds, nor on accrued but unpaid interest in respect of the Bonds, nor
is any Luxembourg withholding tax payable upon redemption (including the redemption at the Resident holders of Bonds 
 Under Luxembourg
general tax laws currently in force and subject to the law of 23 December 2005, as amended (the Law), there is no withholding tax on payments of principal, premium or interest made to Luxembourg resident holders of Bonds, nor on accrued but
unpaid interest in respect of Bonds, nor is any Luxembourg withholding tax payable upon redemption (including the redemption at the option of the Bondholders pursuant to Condition 6.3 (Redemption at the Option of Bondholders) in case of a
Change of Control) or repurchase of the Bonds held by non-resident holders of Bonds. 
 Under the Laws implementing the Council Directive
2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments (the Savings Directive) and ratifying the treaties entered into by Luxembourg and certain dependent and associated territories of EU Member States
(the Territories), payments of interest or similar income made or ascribed by a paying agent established in Luxembourg to or for the immediate benefit of an individual beneficial owner or a residual entity, as defined by the Laws, which are
resident of, or established in, an EU Member State (other than Luxembourg) or one of the Territories will be subject to a withholding tax unless the relevant recipient has adequately instructed the relevant paying agent to provide details of the
relevant payments of interest or similar income to the fiscal authorities of his/her/its country of residence or establishment, or, in the case of an individual beneficial owner, has provided a tax certificate issued by the fiscal authorities of
his/her country of residence in the required format to the relevant paying agent. Responsibility for the withholding of the tax will be assumed by the Luxembourg paying agent. Payments of interest under the Bonds coming within the scope of the Laws
will be subject to a withholding tax of 35 per cent. 

  
 100 

	(ii)	Resident holders of Bonds 

 Under Luxembourg general tax laws currently in force
and subject to the law of 23 December 2005, as amended (the Law), there is no withholding tax on payments of principal, premium or interest made to Luxembourg resident holders of Bonds, nor on accrued but unpaid interest in
respect of Bonds, nor is any Luxembourg withholding tax payable upon redemption (including the redemption at the option of the Bondholders pursuant to Condition 6.3 (Redemption at the Option of Bondholders) in case of a Change of Control) or
repurchase of Bonds held by Luxembourg resident holders of Bonds. 
 Under the Law payments of interest or similar income made or
ascribed by a paying agent established in Luxembourg to or for the benefit of an individual beneficial owner who is resident of Luxembourg will be subject to a withholding tax of 10 per cent. Such withholding tax will be in full discharge of
income tax if the beneficial owner is an individual acting in the course of the management of his/her private wealth. Responsibility for the withholding of the tax will be assumed by the Luxembourg paying agent. Payments of interest under the Bonds
coming within the scope of the Law would be subject to withholding tax of 10 per cent. 
 Income Taxation 

 

	(i)	Non-resident holders of Bonds 

 A non-resident holder of Bonds, not having a permanent
establishment or permanent representative in Luxembourg to which/whom such Bonds are attributable, is not subject to Luxembourg income tax on interest accrued or received, redemption premiums or issue discounts, under the Bonds. A gain realized by
such non-resident holder of Bonds on the sale or disposal, in any form whatsoever, of the Bonds is further not subject to Luxembourg income tax. 

A non-resident corporate holder of Bonds or an individual holder of Bonds acting in the course of the management of a professional or business
undertaking, who has a permanent establishment or permanent representative in Luxembourg to which/whom such Bonds are attributable, is subject to Luxembourg income tax on interest accrued or received, redemption premiums or issue discounts, under
the Bonds and on any gains realised upon the sale or disposal, in any form whatsoever, of the Bonds. 
  

	(ii)	Resident holders of Bonds 

 Holders of Bonds who are residents of Luxembourg will not be
liable for any Luxembourg income tax on repayment of principal. 
  

	 	(a)	Luxembourg resident corporate holders of Bonds 

 A corporate holder of Bonds must include any
interest accrued or received, any redemption premium or issue discount, as well as any gain realised on the sale or disposal, in any form whatsoever, of the Bonds, in its taxable income for Luxembourg income tax assessment purposes. 

A corporate holder of Bonds that is governed by the law of 11 May 2007 on family wealth management companies, as amended, or by the law of
17 December 2010 on undertakings for collective investment, or by the law of 13 February 2007 on specialised investment funds, as amended, is neither subject to Luxembourg income tax in respect of interest accrued or received, any
redemption premium or issue discount, nor on gains realised on the sale or disposal, in any form whatsoever, of the Bonds. 

  
 101 

	 	(b)	Luxembourg resident individual holders of Bonds 

 An individual holder of Bonds, acting in the
course of the management of his/her private wealth, is subject to Luxembourg income tax at progressive rates in respect of interest received, redemption premiums or issue discounts, under the Bonds, except if (i) withholding tax has been levied
on such payments in accordance with the Law, or (ii) the individual holder of the Bonds has opted for the application of a 10 per cent. tax in full discharge of income tax in accordance with the Law, which applies if a payment of interest
has been made or ascribed by a paying agent established in a EU Member State (other than Luxembourg), or in a Member State of the European Economic Area (other than a EU Member State), or in a state that has entered into a treaty with Luxembourg
relating to the Savings Directive. A gain realised by an individual holder of Bonds, acting in the course of the management of his/her private wealth, upon the sale or disposal, in any form whatsoever, of Bonds is not subject to Luxembourg income
tax, provided this sale or disposal took place more than six months after the Bonds were acquired. However, any portion of such gain corresponding to accrued but unpaid interest income is subject to Luxembourg income tax except if tax has been
withheld on such interest in accordance with the Law. 
 An individual holder of Bonds, whether he/she is a resident of Luxembourg or not, is
not subject to Luxembourg wealth tax on such Bonds. 
 An individual holder of Bonds who acts in the course of the management of a
professional or business undertaking must include any interest accrued or received, any redemption premium or issue discount, as well as any gain realised on the sale or disposal, in any form whatsoever, of the Bonds, in its taxable income for
Luxembourg income tax assessment purposes. If applicable, the tax levied in accordance with the Law will be credited against his/her final tax liability. 

Net Wealth Taxation 
 A corporate holder of Bonds,
whether it is a resident of Luxembourg for tax purposes or, if not, it maintains a permanent establishment or a permanent representative in Luxembourg to which/whom such Bonds are attributable, is subject to Luxembourg wealth tax on such Bonds,
except if the holder of Bonds is governed by the law of 11 May 2007 on family wealth management companies, as amended, or by the law of 17 December 2010 on undertakings for collective investment, or by the law of 13 February 2007 on
specialised investment funds, as amended, or is a securisation company governed by the law of 22 March 2004 on securitisation, as amended, or is a capital company governed by the law of 15 June 2004 on venture capital vehicles, as amended.

 Other Taxes 
 Neither the issuance nor the
transfer, redemption or repurchase of Bonds will give rise to any Luxembourg stamp duty, value added tax, issuance tax, registration tax, transfer tax or similar taxes or duties. 

However, a nominal registration duty may be due upon the registration of the Bonds in Luxembourg, in the case of legal proceedings before Luxembourg courts or
in case the Bonds must be produced before an official Luxembourg authority, or in case of a registration of the Bonds on a voluntary basis. 

  
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 Where a holder of Bonds is a resident of Luxembourg for tax purposes at the time of his/her death, the Bonds are
included in his/her taxable estate for inheritance tax assessment purposes. 
 Gift tax may be due on a gift or donation of Bonds if embodied in a
Luxembourg deed passed in front of a Luxembourg notary or recorded in Luxembourg. 
 No dealings in the Bonds on a regulated market for the purposes of
Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council 

PART XII: SUBSCRIPTION AND SALE 

KBC Bank NV (having its registered office at Havenlaan 2, B-1080 Brussels) (KBC Bank) and Belfius Bank NV/SA (having its registered office at
Pachecolaan 44, B-1000 Brussels) (Belfius Bank) are acting as joint lead managers (the Joint Lead Managers and each a Joint Lead Manager) and Bank Degroof NV (having its registered office at Nijverheidstraat 44, B-1040 Brussels)
(Bank Degroof) and Petercam SA (having its registered office at Place Sainte-Gudule 19, B-1000 Brussels) (Petercam) are acting as co-lead managers (the Co-lead Managers and each a Co-lead Manager) (the Joint Lead Managers
and Co-lead Managers are together referred to as the Managers and each a Manager) have, pursuant to a placement agreement dated on or around 27 November 2012 (the Placement Agreement), agreed with the Issuer, subject to
certain terms and conditions, to use best efforts to place the Bonds in a minimum amount of EUR200,000,000 with third parties at the Issue Price and at the conditions specified below. KBC Bank NV has been appointed as sole global coordinator (the
Global Coordinator) and domiciliary, calculation, paying and listing agent for the purposes of the Public Offer, both in Belgium as in the Grand Duchy of Luxembourg. 

This section contains the terms and conditions of the Public Offer of the Bonds by the Managers. Each offer and sale of the Bonds by a Financial
Intermediary will be made in accordance with the terms and conditions as agreed between a Financial Intermediary and an investor, including in relation to the price, the allocation and the costs and/or taxes to be borne by an investor. The Issuer is
not a party to any arrangements or terms and conditions in connection with the offer and sale of the Bonds between the Financial Intermediary and an investor. This Prospectus does not contain the terms and conditions of any Financial Intermediary.
The terms and conditions in connection with the offer and sale of the Bonds will be provided to any investor by a Financial Intermediary during the Subscription Period. The Issuer nor any Manager can be held responsible or liable for any such
information. 
 Subscription Period 
 The
Bonds will be offered to the public in Belgium and in the Grand Duchy of Luxembourg (the Public Offer). Presently the Managers expect to offer the Bonds to qualified investors (as defined in the Luxembourg Prospectus Law, the Qualified
Investors) and to investors who are not Qualified Investors (the Retail Investors). The Bonds will be issued on 12 December 2012 (the Issue Date). However, in case a supplement to the Prospectus gives rise to withdrawal rights
exercisable on or after the Issue Date of the Bonds in accordance with Article 13 of the Luxembourg Prospectus Law, the Issue Date will be postponed until the first business day following the last day on which the withdrawal rights may be
exercised. 
 The Public Offer will start on 30 November 2012 at 9.00 a.m. (Brussels time) and end on 5 December 2012 at 4.00 p.m.
(Brussels time) (the Subscription Period), or such earlier date as the Issuer may determine in agreement with the Joint Lead Managers. In this case, such closing date will be announced by or on behalf of the Issuer, on its website (within the
section “Omega Pharma Invest Prospectus”) (vvww.omegauharmainvest.com), and on the website of the Managers, KBC Bank NV (www.kbc.be), Belfius Bank (www.belfius.be), Bank Degroof (www.degroof.be) and Petercam
(www.petercam.be). 

  
 103 

 Except in case of oversubscription as set out below under “Early closure and reduction — allotment /
oversubscription in the Bonds”, a prospective subscriber will receive 100 per cent. of the amount of the Bonds validly subscribed to it during the Subscription Period. 

Prospective subscribers will be notified of their allocations of Bonds by the applicable financial intermediary in accordance with the arrangements in place
between such financial intermediary and the prospective subscriber. 
 The expected minimum nominal amount of the issue amounts to EUR 200,000,000 and the
maximum nominal amount amounts to EUR 300,000,000. 
 Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the
Council and repealing Council Directive 9322/EEC, as amended, may take place prior to the Issue Date. 
 After having read the entire Prospectus, the
investors can subscribe to the Bonds via the branches of the following Managers appointed by the Issuer, using the subscription form provided by the Managers (if any): KBC Bank (including CBC Banque SA and KBC Securities NV (through
www.bolero.be)), Belfius Bank, Bank Degroof (www.degroof.be) and Petercam (www.petercam.be) as well as any relevant other subsidiary in the Grand Duchy of Luxembourg of each of the above mentioned Managers (as decided by each
Manager and its subsidiary). 
 The applications can also be submitted via agents or any other financial intermediaries in Belgium and in the Grand Duchy of
Luxembourg. In this case, the investors must obtain information concerning the commission fees that the financial intermediaries can charge. These commission fees are charged to the investors. 

Conditions to which the Public Offer is subject 
 The
Public Offer and the issue of the Bonds is subject to a limited number of conditions set out in the Placement Agreement, which are customary for this type of transaction, and which include, amongst others: 

(i) the correctness of the representations and warranties made by the Issuer in the Placement Agreement, 

(ii) the Placement Agreement, the Clearing Agreement and the Agency Agreement have been executed by all parties thereto prior to the Issue Date,
(iii) the admission to trading of the Bonds on the regulated market of the Luxembourg Stock Exchange has been granted on or prior to the Issue Date, (iv) there having been, as at the Issue Date, no material adverse change (as defined in
the Placement Agreement) affecting the Issuer and Omega Pharma NV and no event making any of the representations and warranties contained in the Placement Agreement untrue or incorrect on the Issue Date as if they had been given and made on such
date and the Issuer having performed all the obligations to be performed by it under the Placement Agreement on or before the Issue Date and (v) at the latest on the Issue Date, the Managers having received customary confirmations as to certain
legal and financial matters pertaining to the Issuer. These conditions can be waived (in whole or in part) by the Managers. The Placement Agreement does not entitle the Managers to terminate their obligations prior to payment being made to the
Issuer, except in certain limited circumstances. 

  
 104 

 Issue Price 

The issue price for the Bonds will be of 101.875 per cent. (the Issue Price). The Retail Investors will pay the Issue Price. 

The Qualified Investors will pay the Issue Price that includes a distribution commission of 1.875 per cent. less a discount or plus a margin, such
resulting price being subject to change during the Subscription Period based among others on (i) the evolution of the credit quality of the Issuer (credit spread), (ii) the evolution of interest rates, (iii) the success (or lack of
success) of the placement of the Bonds, and (iv) the amount of Bonds purchased by an investor, each as determined by each Joint Lead Manager in its sole discretion. 

The yield of the Bonds is 4.696 per cent. on an annual basis. The yield is calculated as at 26 November 2012 on the basis of the Issue Price for
Retail Investors and is based on the assumption that the Bonds will be held until their maturity date. It is not an indication of future yield. 
 The
minimum amount of application for the Bonds is EUR 1,000. The maximum amount of application is the Aggregate Nominal Amount. 
 Aggregate Nominal Amount

 As the case may be, upon the decision of the Issuer in consultation with the Joint Lead Managers (taking into account the demand from investors), the
final aggregate nominal amount of the Bonds may be increased at the end (or upon the early closing) of the Subscription Period. 
 The criteria in
accordance with which the final aggregate nominal amount of the Bonds will be determined by the Issuer are the following: (i) the funding needs of the Issuer, which could evolve during the Subscription Period for the Bonds, (ii) the levels
of the interest rates and the credit spread of the Issuer on a daily basis, (iii) the level of demand from investors for the Bonds as observed by the Joint Lead Managers on a daily basis, (iv) the occurrence or not of certain events during
the Subscription Period of the Bonds giving the possibility to the Issuer and/or the Joint Lead Managers to early terminate the Subscription Period or not to proceed with the offer and the issue in accordance with section “Conditions to which
the Public Offer is subject” and (v) the fact that the Bonds, if issued, will have a minimum aggregate amount of EUR 200,000,000 and a maximum aggregate amount of EUR 300,000,000. 

The Issuer has reserved the right not to proceed with the issue of the Bonds if at the end of the Subscription Period, the aggregate principal amount of the
Bonds that have been subscribed for is lower than EUR 200,000,000. 
 The final aggregate nominal amount shall be published as soon as possible after the
end (or the early closing) of the Subscription Period by the Issuer, on its website (within the section “Omega Pharma Invest Prospectus”) (www.omegapharmainvest.com), and on the website of the Managers: KBC Bank NV
(www.kbc.be), Belfius Bank (www.belfius.be), Bank Degroof (www.degroof be) and Petercam (www.petercam. be). 
 Payment date
and details 
 The payment date is 12 December 2012. The payment for the Bonds can only occur by means of debiting from a deposit account. 

  
 105 

 On the date that the subscriptions are settled, the Clearing System will credit the custody account of the Agent
according to the details specified in the rules of the Clearing System. 
 Subsequently, the Agent, at the latest on the payment date, will credit the
amounts of the subscribed Bonds to the account of the participants for onward distribution to the subscribers, in accordance with the usual operating rules of the Clearing System. 

Costs and fees 
 The net proceeds (before deduction
of expenses) will be an amount equal to the aggregate nominal amount of the Bonds issued (the Aggregate Nominal Amount) multiplied by the Issue Price expressed in percentage, minus the total selling and distribution commission of
1.875 per cent. (borne by the subscribers; see also “Issue Price” above). 
 The Issue Price shall include the selling and
distribution commission described below, such commission being borne and paid by the subscribers. 
 Expenses specifically charged to the subscribers: 

 

	 	•	 	the Retail Investors will bear a selling and distribution commission of 1.875 per cent., included in the Issue Price; and 

  

	 	•	 	the Qualified Investors will bear a distribution commission of 1.875 per cent., subject to the discount or margin foreseen in this section under “Issue Price” above. The distribution commission paid by
the Qualified Investors will range between 0 and 1.875. 

 Such commission will be included in the issue price applied to them. 

Financial services 
 The financial services in relation to
the Bonds will be provided free of charge by the Managers. 
 The costs for the custody fee for the Bonds are charged to the subscribers. Investors must
inform themselves about the costs their financial institutions might charge them. 
 Investors must inform themselves about the costs the other financial
institutions might charge them. 
 In addition, Bondholders should be aware that when they exercise the Change of Control Put via a financial intermediary
(other than the Agent) they may have to bear additional costs and expenses that are imposed by such financial intermediary. 
 Early closure and
reduction — allotment / over-subscription in the Bonds 
 Early termination of the Subscription Period will intervene at the earliest on
30 November 2012 at 5.30 pm (Brussels time) (the minimum Subscription Period is referred to as the Minimum Sales Period) (this is the third business day in Belgium following the day on which the Prospectus has been made available on the
websites of the Issuer and the Managers (including the day on which the Prospectus was made available). This means that the Subscription Period will remain open at least one business day until 5.30 pm. Thereafter, early termination can take place at
any moment (including in the course of a business day). In case of early termination of the Subscription Period, a notice will be published as soon as possible on the websites of the Issuer and the Managers. This notice will specify the date and
hour of the early termination. 

  
 106 

 The Subscription Period may be shortened by the Issuer during the Subscription Period with the consent of the
Joint Lead Managers (i) as soon as the total amount of the Bonds reaches EUR 200,000,000, (ii) in the event that a major change in market conditions occurs, or (iii) in case a Material Adverse Change (as defined in the Placement
Agreement) occurs with respect to the Issuer. In case the Subscription Period is terminated early as a result of the occurrence described under (ii) and (iii) in the preceding sentence and the total amount of EUR 200,000,000 is not yet
reached, then the Issuer will publish a supplement to the Prospectus (see pages 5-6 of the Prospectus, for further information with respect to the publication of supplements to the Prospectus). 

The Issuer may, with the consent of the Joint Lead Managers, decide to limit the Aggregate Nominal Amount of the Bonds if the Subscription Period is closed
early in response to a major change in market conditions (among others, but not limited to a change in national or international financial, political or economic circumstances, exchange rates or interest rates) or a material adverse change in the
financial condition of the Issuer. 
 The Issuer has reserved the right not to proceed with the issue of the Bonds if at the end of the subscription period,
the aggregate nominal amount of the Bonds that have been subscribed for is lower than EUR 200,000,000. 
 In addition, the offer is subject to
specific conditions negotiated between the Managers and the Issuer that are included in the Placement Agreement, and in particular, the obligations of the Managers under the Placement Agreement could terminate, inter alia, as set out
above. 
 All subscriptions that have been validly introduced by the Retail Investors with the Managers before the end of the Minimum Sales Period
(as defined above) will be taken into account when the Bonds are allotted, it being understood that in case of oversubscription, a reduction may apply, i.e. the subscriptions will be scaled back proportionally, with an allocation of a multiple of
EUR 1,000, and to the extent possible, a minimum nominal amount of EUR 1,000, which corresponds to the denomination of the Bonds. 
 On the basis of
an aggregate nominal amount of EUR 300,000,000, the Joint Lead Managers have the right to place an amount of EUR 80,000,000 of the Bonds to be issued with third party distributors and other Qualified Investors (or 8/30 of the nominal amount of the
Bonds to be issued) (the JLM Bonds) and each of the Joint Lead Managers has the right to place an amount of EUR 80,000,000 (or 8/30 of the nominal amount of the Bonds to be issued) exclusively with its own retail and private banking clients.
Each Co-lead Manager has the right to place an amount of EUR 30,000,000 (or 3/30 of the nominal amount of the Bonds to be issued) (i) to their own retail and private banking clients or to their proprietary funds and (ii) towards third
party distributors and other Qualified Investors located outside Belgium and Luxembourg. This allocation structure can only be amended if agreed between the Issuer and the Joint Lead Managers. The price payable by Retail Investors and Qualified
Investors for the Bonds is described in paragraph “Issue Price” above. 
 At the end of the Minimum Sales Period, each of the Managers may
publish a notice on its website to inform its clients that it will stop collecting subscriptions and will then send the same notice to the Issuer that will publish it on its website as soon as practicable. Such process will enable all the potential
investors to know where the subscriptions are still open. 
 (i) In case the Bonds (other than the JLM Bonds) assigned to one of the Joint Lead Managers are
not fully placed by such Joint Lead Manager as observed at 4.00 pm (Brussels time) on the date being the first Business Day of the Subscription Period, then, upon notification to the Issuer and subject to its consent, the other Joint Lead Manager
shall have the right (but not the obligation) to purchase the unplaced Bonds (other than the JLM Bonds) allotted to such Joint Lead Manager and to place such Bonds with its own retail and private banking clients who are not Qualified Investors. 

  
 107 

 (ii) In case the Bonds assigned to the Co-lead Managers are not fully placed by such Co-lead Manager as
observed at 4.00 pm (Brussels time) on the date being the first Business Day of the Subscription Period, then, upon notification to the Issuer and subject to its consent, the Joint Lead Managers shall have the right (but not the obligation) to
purchase the unplaced Bonds allotted to such Co-lead Manager and to place such Bonds with their own retail and private banking clients who are not Qualified Investors, pro rata the Bonds placed with
their own retail and private banking clients by such Joint Lead Manager on an equal basis. 
 (iii) At the end of each day of the Subscription Period
the Joint Lead Managers and the Issuer shall consult together and may jointly decide to authorise the Co-lead Managers to place Bonds with their third party distributors and other Qualified Investors located outside of Belgium and the Grand Duchy of
Luxembourg. 
 (iv) In case some of the Bonds (as the case may be, re-assigned pursuant to (i) up to and including (iii) above) remain unplaced at
the end of the second Business Day of the Subscription Period, the Joint Lead Managers shall further reallocate such unplaced Bonds in full consultation with the Issuer with a view to placing such unplaced Bonds. The re-allocation mechanism shall be
applied on a daily basis until the earlier of the following events (i) the moment on which all Bonds have been placed and (ii) the end of the Subscription Period. 

The Subscription Period will only be early terminated in case all the Managers have placed their allotment of Bonds (as increased or after redistribution of
the allotment as set out herein). 
 Subscribers may have different reduction percentages applied to them depending on the Manager through which they have
subscribed. 
 The Managers shall in no manner whatsoever be responsible for the allotment criteria that will be applied by other financial intermediaries.

 In case of early termination of the Subscription Period, the investors will be informed regarding the number of Bonds that have been allotted to them as
soon as possible after the date of the early termination of the Subscription Period. 
 Subject to compliance with any applicable selling restrictions, the
Bonds are freely transferable. See also “Selling Restrictions” below. 
 Any payment made by a subscriber to the Bonds in connection with the
subscription of Bonds which are not allotted will be refunded within 7 Business Days (as defined in the Terms and Conditions of the Bonds) after the date of payment in accordance with the arrangements in place between such relevant subscriber and
the relevant financial intermediary, and the relevant subscriber shall not be entitled to any interest in respect of such payments. 
 Results of the
Public Offer 
 The results of the offer of the Bonds (including its net proceeds) shall be published as soon as possible after the end of the
Subscription Period and on or before the Issue Date by the Issuer, on its website (within the section “Omega Pharma Invest Prospectus”) www.omegapharmainvest.com, and by the Managers on the websites of KBC Bank NV
(www.kbc.be), Belfius Bank (www.belfius.be), Bank 

  
 108 

 
Degroof (www.degroofbe) and Petercam (www.petercam.be). The same method of publication will be used to inform the investors in case of early termination of the Subscription Period.
Furthermore, the amount of Bonds will be notified to the CSSF as soon as possible at the earlier of the end of the Subscription Period and the date of the early termination of the Subscription Period, as required by Article 10 of the Luxembourg
Prospectus Law. 
 In the event of the Public Offer being completed, the Managers shall have the right, at their own expenses, to disclose their
participation in the Public Offer in investor presentations, reports or/and by way of placement of “tombstone” advertisements in financial or other newspapers or via any other communication means after prior approval of the Issuer. The
Issuer will not have the right to disclose the amounts placed or sold by the respective Managers. 
 Expected timetable of the Public Offer 

The main steps of the timetable of the Public Offer can be summarised as follows: 
  

	 	•	 	27 November 2012: publication of the Prospectus on the website of the Issuer 

  

	 	•	 	30 November 2012, 9.00 a.m. (Brussels time): opening date of the Subscription Period 

  

	 	•	 	5 December 2012, 4.00 p.m. (Brussels time): closing date of the Subscription Period (if not closed earlier) 

  

	 	•	 	Between 5 December 2012 and 12 December 2012: expected publication date of the results of the offer of the Bonds (including its net proceeds), unless published earlier in case of early closing

  

	 	•	 	12 December 2012: Issue Date and listing of the Bonds on the Luxembourg Stock Exchange and admission to trading of the Bonds on the regulated market of the Luxembourg Stock Exchange. 

The dates and times of the Public Offer and periods indicated in the above timetable and throughout this Prospectus may change. Should the Issuer decide to
amend such dates, times or periods, it will inform investors through a publication in the financial press. Any material alterations to this Prospectus are to be approved by the CSSF, and will be, in each case as and when required by applicable law,
published in a press release, an advertisement in the financial press, and/or a supplement to this Prospectus. 
 Costs 

Each subscriber shall make his own enquiries with his financial intermediaries on the related or incidental costs (transfer fees, custody charges, etc.), which
the latter may charge him with. 
 Transfer of the Bonds 

Subject to compliance with any applicable selling restrictions, the bonds are freely transferable. See also “Selling Restrictions” below. 

Selling Restrictions 
 Countries in which the Public
Offer is open 
 The Bonds are being offered only to investors to whom such offer can be lawfully made under any law applicable to those investors.
The Issuer has taken necessary actions to ensure that Bonds may lawfully be offered to the public in Belgium and the Grand Duchy of Luxembourg. The Issuer has not taken any action to permit any offering of the Bonds in any other jurisdiction outside
of Belgium and the Grand Duchy of Luxembourg. 

  
 109 

 The distribution of this Prospectus and the subscription for and acquisition of the Bonds may, under the laws of
certain countries other than Belgium and the Grand Duchy of Luxembourg, be governed by specific regulations or legal and regulatory restrictions. Individuals in possession of this Prospectus, or considering the subscription for, or acquisition of,
the Bonds, must inquire about those regulations and about possible restrictions resulting from them, and comply with those restrictions. Intermediaries cannot permit the subscription for, or acquisition of, the Bonds for clients whose addresses are
in a country where such restrictions apply. No person receiving this Prospectus (including trustees and nominees) may distribute it in, or send it to, such countries, except in conformity with applicable law. 

This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any securities other than the Bonds, or an offer to sell or the
solicitation of an offer to buy the Bonds in any circumstances in which such offer or solicitation is unlawful. Neither the Issuer nor the Managers have authorised, nor do they authorise, the making of any offer of the Bonds (other than in the
Public Offer in Belgium and the Grand Duchy of Luxembourg) in circumstances in which an obligation arises for the Issuer or the Managers to publish a prospectus for such offer. 

The following sections set out specific notices in relation to certain countries that, if stricter, shall prevail over the foregoing general notice. 

Selling restriction in the EEA 
 The Issuer
has not authorised any offer to the public of the Bonds in any Member State of the European Economic Area, other than Belgium and the Grand Duchy of Luxembourg. In relation to each Member State of the European Economic Area which has implemented the
Prospectus Directive (each, a Relevant Member State), an offer to the public of any Bonds may not be made in that Relevant Member State, other than the offer in Belgium and the Grand Duchy of Luxembourg contemplated in this Prospectus once
this Prospectus has been approved by the CSSF, passported into Belgium, and published in Belgium and the Grand Duchy of Luxembourg in accordance with the Prospectus Directive as implemented in Belgium and the Grand Duchy of Luxembourg, respectively,
except that an offer to the public in that Relevant Member State of any Bonds may be made at any time under the following exemptions under the Prospectus Directive, if they have been implemented in that Relevant Member State: 

 

	 	•	 	to legal entities which are qualified investors as defined under the Prospectus Directive; 

  

	 	•	 	to fewer than 100, or, if the Relevant Member State has implemented the relevant provisions of the 2010 PD Amending Directive, 150 natural or legal persons (other than qualified investors as defined in the Prospectus
Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the Issuer for any such offer; or 

  

	 	•	 	in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of the Bonds shall result in a requirement for the Issuer or the Managers to publish a prospectus pursuant
to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive. 

 For the
purposes of the provisions above, the expression an offer to the public in relation to any Bonds in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the Public Offer and
the Bonds to be offered so as to enable an investor to decide to purchase any Bonds, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, the expression Prospectus Directive
means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in each Relevant Member State and the
expression 2010 PD Amending Directive means Directive 2010/73/EU. 

  
 110 

 United Kingdom 

Each Manager has represented and agreed that: 
  

	 	•	 	it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the
Financial Services and Markets Act 2000 (the Financial Services and Markets Act)) received by it in connection with the issue or sale of any Bonds in circumstances in which Section 21(1) of the Financial Services and Markets Act does not apply
to the Issuer; and 

  

	 	•	 	it has complied and will comply with all applicable provisions of the Financial Services and Markets Act with respect to anything done by it in relation to the Bonds in, from or otherwise involving the United Kingdom.

 United States 
 The Bonds have
not been, and will not be, registered under the United States Securities Act of 1933, as amended (the Securities Act), or the securities laws of any State or other jurisdiction of the United States, and may not be offered or sold within the
United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Bonds are being offered and sold solely outside
the United States to non-U.S. persons in reliance on Regulation S under the Securities Act (Regulation S). Terms used in this paragraph have the meaning given to them in Regulation S. 

The Managers have agreed that they will not offer, sell or deliver the Bonds (i) as part of their distribution at any time or (ii) otherwise until
40 days after the later of the commencement of the Public Offer and the Issue Date within the United States or to, or for the account or benefit of, U.S. persons, and that they will have sent to each distributor, dealer or person receiving a selling
concession, fee or other remuneration (if any) to which they sell Bonds during the distribution compliance period a confirmation or other notice setting forth the restrictions on offers and sales of the Bonds within the United States or to, or for
the account or benefit of, U.S. persons. Terms used in this paragraph have the meaning given to them in Regulation S. 
 In addition, until 40 days after
the commencement of the Public Offer, an offer or sale of the Bonds within the United States by a dealer (whether or not participating in the Public Offer) may violate the registration requirements of the Securities Act if such offer or sale is made
otherwise than in accordance with an available exemption from registration under the Securities Act. 
 PART XIII: GENERAL INFORMATION

  

	(1)	Application has been made for the Bonds to be listed as from the Issue Date on the official list of the Luxembourg Stock Exchange and admitted to trading on the regulated market of the Luxembourg Stock Exchange. KBC
Bank NV has been appointed as listing agent for that purpose. The CSSF assumes no responsibility as to the economic and financial soundness of the transaction and the quality or solvency of the Issuer. 

  
 111 

	(2)	The issue of the Bonds was authorised by resolutions passed by the Board of Directors of the Issuer on 16 November 2012. 

  

	(3)	The Bonds have been accepted for clearance through the clearing system of the National Bank of Belgium. The Common Code of the Bonds is 086010054. The International Securities Identification Number (ISIN) of the Bonds
is BE6245875453. The address of the National Bank of Belgium is Boulevard de Berlaimont 14, B-1000 Brussels. 

  

	(4)	Certain Managers are a creditor of the Issuer and/or its Subsidiaries in the framework of its banking operations and in recent financing operations of the Group. Reference is made to page 77 of this Prospectus for a
further description of the involvement of the Managers in existing financing arrangements of the Issuer and the Group, see also Part X: Use of Proceeds. So far as the Issuer is aware, no other person involved in the Public Offer has any interest,
including conflicting ones, that is material to the Public Offer, save for any fees payable to the Managers and the Global Coordinator. 

  

	(5)	Where information in this Prospectus has been sourced from third parties, this information has been accurately reproduced and as far as the Issuer is aware and is able to ascertain, to its reasonable knowledge, from the
information published by such third parties no facts have been omitted which would render the reproduced information inaccurate or misleading in any material respect. The source of third party information is identified where used. 

 

	(6)	During the Subscription Period and during the life of the Bonds, copies of the following documents will be available, during usual business hours on any weekday (Saturdays and public holidays excepted), for inspection
at the registered office of the Issuer, Venecoweg 26, B-9810 Nazareth, Belgium: 

  

	 	•	 	the Articles of Association (statuts/statuten) of the Issuer, in Dutch and French; 

  

	 	•	 	the annual report and audited financial statements of the Issuer for the years ended 31 December 2010 and 31 December 2011 (statutory in accordance with Belgian GAAP) and the annual report and audited
financial statements of the year ended 31 December 2011 (consolidated in accordance with IFRS, with comparative figures for the year ended 31 December 2010) together with the audit reports thereon; 

 

	 	•	 	the interim financial report of the Issuer for the six months period ended 30 June 2012 together with the review report thereon; 

 

	 	•	 	a copy of this Prospectus together with any Supplement to this Prospectus; 

  

	 	•	 	a copy of the Agency Agreement and the Clearing Agreement; and 

  

	 	•	 	all reports, letters and other documents, balance sheets, valuations and statements by any expert any part of which is included or referred to in this Prospectus. 

 

	(7)	The statutory auditor PricewaterhouseCoopers Bedrijfsrevisoren BCVBA, Registered Auditors, represented by Peter Opsomer BVBA, represented by Mr. Peter Opsomer (member of the Institut des Reviseurs
d’Entreprises/Instituut der Bedriffsrevisoren) has audited, and rendered unqualified audit reports on, the annual financial statements of the Issuer for the years ended 31 December 2010 and 31 December 2011 and the consolidated IFRS
financial statements of the Issuer for the financial year ended 31 December 2011. 

  

	(8)	No rating has been assigned to the Bonds. 

  
 112 

 FORM OF CHANGE OF CONTROL PUT EXERCISE NOTICE 

Important: the present notice shall not be sent directly to the Issuer or to the Agent but shall be deposited with the bank or Financial Intermediary
through which the Bondholder holds Bonds, as foreseen under Condition 63(a). 
  

			
	 Addressee
	  	 Copy to the Agent

	 Omega Pharma Invest NV (the 
 Issuer)
Venecoweg 26
 B-9810 Nazareth
  

Attn : CFO
	  	 KBC Bank NV (the 
 Agent)
Havenlaan 2
 B-1000 Brussels
  

Attn : Debt Capital Markets Desk

 Reference is made to the listing and offering Prospectus dated 27 November 2012 (the Prospectus), in
respect of the public offer in Belgium and Grand Duchy of Luxembourg of 5.125 per cent. fixed rate Bonds due 12 December 2017, ISIN Code BE6245875453 (the Bonds). 

Terms not otherwise defined herein shall have the meaning assigned to them in the Prospectus. 

By sending this duly completed Change of Control Put Exercise Notice to the Issuer with a copy to the Agent for the above mentioned Bonds, the
undersigned Bondholder irrevocably exercises its option to have the Bonds early redeemed in accordance with Condition 6.3 (Redemption at the Option of Bondholders) on the Put Date for an aggregate nominal amount of EUR
[            ].(‘) for which the undersigned Bondholder hereby confirms that (i) he/she holds this amount of Bonds and (ii) he/she hereby commits not to sell or transfer this
amount of Bonds until the Put Date. 
 Contact details of the Bondholder requesting the early
redemption(2): 
 Name and first name ________________________________ 

Address: _________________________________________ 
 Payment
Instructions(3): 
 Please make payment in respect of the above-mentioned Bonds by transfer to the following bank account: 

Name of the bank: ________________________________ 
 Branch
Address: _________________________________ 
 Account Number: ________________________________ 

I hereby confirm that the payment will be done against debit of my securities account N° [    ] with the bank
[    ] for the above mentioned nominal amount of the Bonds in dematerialised form. 
  

			
	Signature of the holder: ____________________________	  	Signature Date: ____________________________

 NOTE: The Agent will not in any circumstances be liable to any Bondholder or any other person for any loss or damage
arising from any act, default or omission of such Agent in relation to the said Bonds or any of them unless such loss or damage was caused by the fraud or negligence of such Agent. 

 

	1	Complete as appropriate 

	2	Complete as appropriate 

	3	Complete as appropriate 

 This Put Exercise Notice is not valid unless (i) all of the paragraphs requiring
completion are duly completed and (ii) it is duly signed and sent. Once validly given this Put Exercise Notice is irrevocable. 

  
 113 

			
	Registered/Head Office of the Issuer
	
	Omega Pharma Invest NV 
Venecoweg 26 
B-9810 Nazareth
	
	Global Coordinator
	
	KBC Bank NV 
Havenlaan 2 
B-1080 Brussels
	
	Joint Lead Managers
		
	KBC Bank NV 
Havenlaan 2 
B-1080 Brussels		Belfius Bank NV/SA 
Pachecolaan 44 
B-1000 Brussels
	
	Co-lead Managers
		
	Petercam SA 
Place Sainte-Gudule 19 
B-1000 Brussels		Bank Degroof NV 
Nijverheidstraat 44 
B-1040 Brussels
	
	Domiciliary and Paying Agent
	
	KBC Bank NV 
Havenlaan 2 
B-1080 Brussels
	
	Listing Agent
	
	KBC Bank NV 
Havenlaan 2 
B-1080 Brussels
	
	Legal Advisers
		
	to the Issuer		to the Joint Lead Managers
		
	Linklaters LLP
Brederodestraat 13
B-1000 Brussels		Allen & Overy LLP
Uitbreidingstraat 80
B-2600 Antwerp
	
	Auditors of the Issuer
	
	Pricewaterhousecoopers Bedrijfsrevisoren BCVBA 
Woluwedal 18 
B-1932 Sint-Pieters-Woluwe

  
 114

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