Redcare Pharmacy N.V.

Investor Presentation • May 14, 2019

INVESTING IN HEALTHY GROWTH.

INTERIM FINANCIAL STATEMENTS FIRST QUARTER 2019 SHOP APOTHEKE EUROPE N.V.

VENLO, 15 MAY 2019

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AGENDA.

• Growth Leadership in 1st Quarter 2019
• Financial Performance
• Outlook 2019
• Q+A

SHOP APOTHEKE: THE EUROPEAN SUCCESS STORY.

FASTEST GROWING ONLINE PHARMACY IN CONTINENTAL EUROPE.

Tremendous growth since its inception

KEY MILESTONES

OUR VISION: CREATING THE LEADING EUROPEAN ONLINE PHARMACY.

Source: Euromonitor, Sempora Research. Note: 1. Continental Europe excludes the UK and certain small EU countries; countries included are: Germany, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Portugal, Czech Republic, Hungary, Sweden, Bulgaria, Denmark, Slovakia, Norway, Austria. Apparel and electronics TAM for 2014. 2. Sempora 2017. Sum of OTC, BPC, Rx, Functional Food. OTC is defined as non-prescription medication. BPC consist of Beauty and Personal Care Products. Rx is defined as prescription medication. Functional food is defined as food delivering additional and / or enhanced benefits over basic nutritional value.

6

WITH A CLEAR COMMITMENT TO PROFITABILITY.

Various measures and initiatives available to increase short- and long-term profitability

	Short-Term	Long-Term
Target	EBITDA break-even in 2020	> 6% steady-state EBIT margin
Measures & Initiatives	€ Pricing improvements Procurement optimisation € Fixed cost degression / scale effects Marketing efficiencies	Switch to direct purchasing eRx Marketplace, media and data solutions Logistics automation Working capital efficiencies

LARGE TAM WITH RAPID SHIFT TO ONLINE.

Low online penetration will drive European market growth of online pharmacies

Huge Addressable European Market €180bn(1)… … with Online Penetration Still Close to Zero …

(€m)

c.720

Source: Sempora, Euromonitor, Iqvia, equity research. Note: (1) Sempora 2017. OTC is defined as non-prescription medication. BPC consist of Beauty and Personal Care Products. Rx is defined as prescription medication. Functional food is defined as food delivering additional and / or enhanced benefits over basic nutritional value. Excluding UK and certain small EU countries; countries included are: Germany, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Portugal, Czech Republic, Hungary, Sweden, Bulgaria, Denmark, Slovakia, Norway, Austria. (2) IMS PharmaScope, 2017, Sempora market study, 2017, Euromonitor (as of 3 April 2017), online penetration calculated by dividing the internet retailing market size across Europe by the total market size for each vertical, DE and US 2015, other European markets including France, Germany, Italy, Spain, United Kingdom, Switzerland, 2016. (3). Based on equity research. (4) 2018A, based on Iqvia. (5) 2018E based on Sempora report from 31 January 2017.

MULTIPLE ACCESSIBLE LEVERS OF GROWTH.

Shop Apotheke has multiple opportunities to translate its strong market position into further growth

HIGHLY EXPERIENCED MANAGEMENT TEAM.

AGENDA.

11

• Growth Leadership in 1st Quarter 2019
• Financial Performance
• Outlook 2019
• Q+A

THE CONSOLIDATED SHOP APOTHEKE EUROPE KEY FINANCIALS CONFIRM OUR GUIDANCE.

• Strong sales momentum in Q1 2019.
• SHOP APOTHEKE EUROPE is on target for FY 2019.

• Increase in Gross Profit exceeds high organic sales growth.

13

INVESTMENT IN ORGANIC GROWTH PUTS SHOP APOTHEKE IN A POLE POSITION FOR THE FUTURE.

Segment EBITDA in EUR million

• In Q1 customer acquisition converted into strong organic growth as planned.
• This success is reflected in Q1 segment EBITDA seasonality, which is in line with FY 2019 guidance.

SITE VISITS CONFIRM OUR STRATEGY.

Source: SHOP APOTHEKE EUROPE.

ACTIVE CUSTOMER BASE HAS GROWN TO 3.8 MILLION

Number of Active Customers (in m)*

We define active customers as unique customers who are active in 12 months preceeding a given period of time.

ATTRACTIVE BASKET SIZE SUPPORTS PROFITABILITY.

• Due to strong OTC growth, basket size decreased to EUR 65 in Q1, which is in line with the FY 2019 guidance.
• As a result of new customer acquisition in the first quarter, repeat orders are at 78%.

STRONG CASH POSITION AFTER EUR 110 MILLION CAPITAL INCREASE AND CB TAP ON APRIL 10, 2019

Development of cash (in EUR million)

*€ 34.4 m incl. short-term securities and credit line

*€ 34.7 m incl. short-term securities and credit line

• EUR 50m capital increase by issuance of 1,39m new shares at EUR 36,00.
• New shares have been listed at the Frankfurt Stock Exchange/SDAX since 15 April 2019.
• EUR 60m convertible bond tap at 99.47%, listed at the Frankfurt Stock Exchange since 17 April 2019. Additional listing planned at Euronext in Amsterdam.
• With the additional EUR 110m growth financing SHOP APOTHEKE EUROPE is in a pole position for further online growth both in Germany planning for eRX and our international OTC/BPC markets.

Source: SHOP APOTHEKE EUROPE.

OUTLOOK.

LOOKING FORWARD…

• In FY 2019, sales are expected to grow at c. 30% to EUR 700 million.
• Adjusted EBITDA-margin is expected at 2018 level or slightly better.
• With the successful issuance of EUR 50m new shares and the EUR 60m tap of its convertible bond on 10 April 2019 SHOP APOTHEKE EUROPE is well prepared for current and future growth opportunities towards EUR 1bn.
• Shop Apotheke Europe N.V. plans for EBITDA break-even in 2020 and a target profitability of at least 6% EBIT.

SHOP APOTHEKE HAS AN EXCITING INVESTMENT PROPOSITION.

Massive Market Opportunity

€180bn addressable market Low online penetration – c.2% High barriers to entry Strong market position of Shop Apotheke

Unique Platform & Trusted Brand 2 3

3.8m active customers, up to 60k daily shipments and >90m site visits p.a.

Shop Apotheke ranked #1 online pharmacy by Webshop Awards

Huge SKU portfolio and superior service offering

Best online brand awareness

E-Script Catalyst

Amazing Metrics

Fastest growing online pharmacy in continental Europe

Outstanding CLV – customer lifetime potential of > 40yrs

High repeat orders and no returns

Attractive basket size – €72

1

Multidimensional Growth Opportunity 4 5

Additional market penetration in existing and new markets

Increase and enhance product offering

Roll-out of marketplace solution

Expansion of Patient Care Programmes

Introduction of digital prescriptions in Germany expected in 2020

Precedent countries show surge to c.10% online penetration after e-script introduction

6

Highly Skilled Management

Dynamic and entrepreneurial

Long-standing and visionary management team – 2 of 5 board members are founders

Proven track record of delivering organic sales growth > 25%

Q+A.

CORPORATE CALENDAR 2019.

9 May 2019	Citibank Internet and eCommerce Day, London
21 May 2019	Berenberg Conference USA 2019, Tarrytown, NY
14 August 2019	Publication of the results for 1st HY 2018
September 2019	Goldman Sachs & Berenberg Munich Conference 2019
14 November 2019	Publication of the results for Q3 2018 and Capital Markets Day

CONSOLIDATED SEGMENT FINANCIALS Q1 2019

Period ended	DACH	International	Consolidated
31.3.2019
	EUR 1,000	EUR 1,000	EUR 1,000
Revenue	155,011	19,635	174,646
Cost of sales	- 127,050	- 14,979	- 142,029
Gross Profit	27,960	4,657	32,617
% of revenue	18.0%	23.7%	18.7%
Other income	1	0	1
Selling & Distribution	- 29,620	- 6,883	- 36,503
Segment EBITDA	- 1,659	- 2,226	- 3,885
Administrative expense			- 5,906
EBITDA			- 9,791
Depreciation			- 3,524
EBIT			- 13,315
Net finance cost and income tax			- 1,406

23

Source: SHOP APOTHEKE EUROPE.

24

CONSOLIDATED SEGMENT FINANCIALS Q1 2018

Period ended 31.3.2018	DACH	International	Consolidated
	EUR 1,000	EUR 1,000	EUR 1,000
Revenue	119,918	10,749	130,666
Cost of sales	- 99,636	- 8,016	- 107,652
Gross Profit	20,283	2,733	23,015
% of revenue	16.9%	25.4%	17.6%
Other income	- 17	- 1	- 18
Selling & Distribution	- 20,047	- 4,330	- 24,377
Segment EBITDA	219	- 1,599	- 1,380
Administrative expense			- 3,638
EBITDA			- 5,018
Depreciation			- 3,087
EBIT			- 8,105
Net finance cost and income tax			-2
Net Loss			-8.107

CONSOLIDATED STATEMENT OF PROFIT AND LOSS.

	Period ended 31.3.2019	Period ended 31.3.2018
	EUR 1,000	EUR 1.000
Revenue	174,646	130,667
Costs of sales	- 142,029	- 107,652
Gross profit	32,617	23,015
Other income	1	29
Selling & Distribution	- 39,498	- 27,001
Administrative Expense	- 6,435	- 4,101
Result from operations	- 13,315	- 8,057
Finance income	48	24
Finance expense	- 1,496	-477
Net finance cost	- 1,448	- 452
Result before tax	- 14.763	- 8,510
Income tax	42	403
Result after tax	- 14,721	- 8,107
Attributable to: Owners of the Company	- 14,721	- 8,107

CONSOLIDATED BALANCE SHEET.

Assets	31.3.2019	31.12.2018
	EUR 1,000	EUR 1,000
Non-current assets
Property, plant and equipment	11,164	11,924
Intangible assets	200,841	199,892
Deferred tax assets	1,002	973
Investments in equity-accounted joint ventures	1,002	1,002
Investments in associates	400	400
Investments in equity-instruments	10	10
	214,419	214,201
Current assets
Inventories	48,764	43,349
Trade and other receivables	40,192	34,596
Other financial assets	34,683	34,422
Cash and cash equivalents	15,893	24,338
	139,532	136,705
Total Assets	353,952	350,906

31.3.2019	31.12.2018
EUR 1,000	EUR 1,000
292,045	292,045
- 92,097	-78,069
199,947	213,976
72,768	72,411
7,153	4,930
10,804	10,841
90,726	88,182
39,124	28,436
14,765	16,293
6,868	1,846
2,522	2,173
63,279	48,748
353,952	350,906

CONSOLIDATED CASH FLOW STATEMENT.

	Period ended 31.3.2019	Period ended 31.3.2018
	EUR 1,000	EUR 1,000
Cash flow from operating activities
Result from operations	- 13,315	- 8,057
Adjustments for: - Depreciation and amortisation of non-current assets, taxes and provisions	5,723	3,087
- Stock option plan	692
Operating result adjusted for depreciation and amortisation, taxes and provisions	- 6,900	-4.970
Movements in working capital
- (Increase)/decrease in trade and other receivables	- 5,597	- 995
- (Increase)/decrease in inventory	- 5,415	5,628
- Increase/(decrease) in trade and other payables	15,584	9,631
Working capital movement	4,572	14,265
Cash generated from operations	- 2,328	9,295
Interest received	48	24
Interest paid on financial lease	0
Net cash (used in)/generated by operating activities	- 2,280	9,319
Cash flow from investing activities
Investment for property, plant and equipment	- 196	- 841
Investment for intangible assets	- 3,517	- 1,933
Investment for other financial assets	- 261	2,584
Acquisition of subsidiary, net of cash acquired	0
Net cash (used in)/generated by investing activities	- 3,974	- 189

	Period ended 31.3.2019	Period ended 31.3.2018
	EUR 1,000	EUR 1,000
Cash flow from financing activities
Interest paid	- 1,449	-420
Capital increase	0	0
Share issue cost	0	0
Payment of earn-out obligations Farmaline	- 1,100	- 1,100
Investment equity accounted joint ventures	0	0
Investment associates	0	0
Investment equity instruments	0	0
Convertible bond	1,059	0
Other non-current liabilities	- 702	- 533
Net cash (used in)/generated by financing activities	- 2,192	- 2,052
Net increase/(decrease) in cash and cash equivalents	- 8,445	7,077
Cash and cash equivalents at the beginning of the period	24,338	10,920
Cash and cash equivalents at the end of the period	15,893	17,996

INVESTOR CONTACT.

Dr. Ulrich Wandel

CFO

Phone: +31 77-8 50 6117

E-Mail: ulrich.wandel@shop-apotheke.com