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The remainder of the portfolio grew by 2%, on a like-for like basis. The total portfolio had sales of £10.1m (2011: £9.0m). Acnisal Alphaderm Aquadrate Atarax Dermamist Hydromol Isotretinoin Meted Naseptin Occlusal Pentrax Permitabs Quinoderm Timodine Secondary Care Products in the portfolio We were delighted to add the Opus stoma care products, acquired in 2012, to Absorbagel ImmuCyst Naturcare our Secondary care portfolio. The stoma care products added £0.7m in 2012 Clearway La Vera SkinSafe and have annual sales of £3.8m. Gelclair, now a £1m, brand delivered growth Deogel Lift Ultracleanse of 9%. Gelclair Lift plus 1Includes full year figures for products acquired during 2012. International 2012 Geographical Distribution During 2012 Alliance was pleased to welcome Philippe Pasdelou as our Country Manager in France and Lars Boerger as our Country Manager in Germany, Austria and Switzerland. Both are skilled and experienced pharmaceutical professionals.

Philippe will manage the sales of our anti-malarial products, acquired during the year, in Europe and our export hydrocodone acetaminophen tab 7.5 325 mg markets including francophone Africa.

Annual sales of these products are circa £1m, which provide hydrocodone acetaminophen tab 7.5 325 mg a foundation on which no more vicodin ultram to build our European infrastructure. This will change our presence in Europe from using distributors to selling direct to market. Our presence in France and Germany is already increasing the number of acquisition opportunities we see. The intention is to replicate the successful Alliance business model in Europe. In non-European markets we continue to sell via our distributor network and will build on this where opportunities arise.

This will stand us in good stead as we continue to study this market for opportunities. Our Business Model 04 Strategy Alliance's strategy is to acquire established, niche pharmaceutical products within key European hydrocodone acetaminophen tab 7.5 325 mg markets by acquisition or licence. Acquisitions of products are typically financed by a combination of bank debt and equity in a ratio that optimises earnings per share whilst maintaining acceptable levels of gearing. Surplus cash generated after providing for debt servicing and the operational needs of the business is then available for dividend payments.

Within the product portfolio, brands are selected for promotional investment where management's buy tramadol i want forecasts suggest an increased hydrocodone acetaminophen tab 7.5 325 mg return on investment. Non promoted products are managed to maximise their contribution, taking advantage of market opportunities when they occur.

Labour and capital intensive activities, such as manufacturing, warehousing and ic oxycodone w apap 5 name street xanax 325 distribution are outsourced so that new products may be quickly integrated into the Alliance portfolio with minimal increase in overheads. Outsourcing enables management to concentrate on key hydrocodone acetaminophen tab 7.5 325 mg decisions and act quickly to take advantage of opportunities as they arise. The Acquisition Process ^ 1 % | Identif L ji? ) V11 •Price •Intellectual property •Cost effective manufacturing •Financing •Timing We have proven ability, having completed 23 deals in 15 years. Our current Business Development team has been involved in the last 13 deals.

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