#1PROCAPS GROUP Integrated Pharma Company Well Positioned to Drive Regional Consolidation Procaps and Union Acquisition Corp. II Present: A Business Combination Between Procaps Group and Union Acquisition Corp. II May 2021#2PROCAPS GROUP PA :::: Disclaimer Use of Projections This presentation was prepared for informational purposes only by Union Acquisition Corp. II ("Union," "UAC II," or "LATN") and Crynssen Pharma Group Limited, a Maltese private limited liability company ("Procaps" or "Procaps Group") and contains financial forecasts with respect to certain financial metrics of Procaps. Neither Union's independent auditors, nor the independent registered public accounting firm f Procaps, audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect there to for the purpose of this presentation. The financial forecasts and projections in this presentation were prepared by the management of Procaps, and these financial forecasts and projections should not be relied upon as being necessarily indicative of future results. Neither Union nor Procaps undertakes any commitment to update or revise the projections, whether as a result of new information, future events, or otherwise. In this presentation, certain of the above-mentioned projected information has been repeated (in each case, with an indication that the information is an estimate and is subject to the qualifications presented herein), for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective forecasts are indicative of the future performance of Union, Procaps or the combined company after completion of any proposed business combination or that. actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Forward-Looking Statements This presentation includes "forward-looking statements." Forward-looking statements may be identified by the use of words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include projected financial information. Such forward-looking statements with respect to revenues, earnings, performance, strategies, synergies, prospects, and other aspects of the businesses of Union, Procaps, or the combined company after completion of the business combination are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to: (1) the inability to complete the transactions contemplated by the business combination; (2) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, and the ability of the combined business to grow and manage growth profitably; (3) the inability to successfully retain or recruits officers, key employees, or directors following the business combination; (4) effects on Union's public securities' liquidity and trading; (5) the market's reaction to the business combination; (6) the lack of a market for Union's securities; (7) Union's and Procaps' financial performance following the business combination; (8) costs related to the business combination; (9) changes in applicable laws or regulations; (10) the possibility that Union or Procaps may be adversely affected by other economic, business, and/or competitive factors; and (11) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission ("SEC") by Union. Accordingly, forward-looking statements, including any projections or analysis, should not be viewed as factual and should not be relied upon as an accurate prediction of future results. The forward-looking statements contained in this presentation are based on our current expectations and beliefs concerning future developments and their potential effects on Union and Procaps. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control), or other assumptions that may cause actual results or performance to be materially different from those expressed implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled "Risk Factors" in the Prospectus filed by Union with the SEC, as well as Union's other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, you should not put undue reliance on these statements. U.S. Dollar Amounts Certain amounts related to the transaction described herein have been expressed in U.S. dollars for convenience and, when expressed in U.S. dollars in the future, such amounts may be different from those set forth herein. IFRS Audit and Financial Information The financial statement information and data contained in this presentation for the fiscal years 2019 and 2020 have been derived from the financial statements of Procaps audited in accordance with the International Standards on Auditing (ISA) generally accepted in Colombia and prepared for a special purpose under modified International Financial Reporting Standards ("Modified IFRS"), and are subject to revision as such financial statement are currently subject to a re-audit by Procap's independent registered public accounting firm under the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and in accordance with the rules of the Public Company Accounting Oversight Board ("PCAOB"), and may be updated or modified in the final audited financial statements in the proxy statement with respect to the meeting of Union's stockholders relating to Union's business combination with Procaps and the related registration statement on Form F-4. While Union and Procaps do not anticipate that there will be material differences in the fiscal year 2019 and 2020 historical financial data presented for Procaps from the re-audited historical financial data prepared in accordance with IFRS as issued by the IASB and PCAOB standards, no assurance can be given that there will not be any differences, material or otherwise. Accordingly, such information and data may not be included in or may be presented differently. any proxy statement/prospectus or registration statement to be filed by Union or Procaps with the SEC. The financial statement information and data contained in this presentation for the fiscal year 2018 has been derived from the financial statements of Procaps prepared and audited in accordance with Modified IFRS. The 2018 financial statements will not be re-issued under IFRS as issued by the IASB or re-audited in accordance with the rules of the PCAOB and will not be included in any proxy statement/prospectus or registration statement to be filed by Union or Procaps with the SEC. As a result, the 2018 financial information and data contained in this presentation may not be comparable to the 2019 and 2020 financial information that is included in any proxy statement/prospectus or registration statement to be filed by Union or Procaps with the SEC. Use of Non-IFRS Financial Measures This presentation includes non-IFRS financial measures, including EBITDA and Adjusted EBITDA. Management believes that these non-IFRS measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Procaps' financial condition and results of operations. Union believes that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. Management does not consider these non-IFRS measures in isolation or as an alternative to financial measures determined in accordance with IFRS. Other companies may calculate non-IFRS measures differently, and therefore the non-IFRS measures of Procaps included in this presentation may not be directly comparable to similarly titled measures of other companies. Industry and Market Data; Trademarks and Trade Names In this presentation, Union and Procaps rely on and refer to information and statistics regarding the sectors in which Procaps competes and other industry data. Union and Procaps obtained this information and statistics from third-party sources, including reports by market research firms. Neither Union nor Procaps have independently verified the accuracy or completeness of the data contained in these third-party sources and other publicly available information. Accordingly, none of Union, Procaps nor their respective affiliates and advisors makes any representations as to the accuracy or completeness of these data. Union and Procaps have supplemented this information where necessary with information from Procaps' own internal estimates, taking into account publicly available information about other industry participants and Procaps' management's best view as to information that is not publicly available. Union and Procaps also own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with Union or Procaps, or an endorsement or sponsorship by or of Union or Procaps. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and Union or Procaps use thereof does not imply an affiliation with, or endorsement by the owners of such trademarks, copyrights, logos and other intellectual property. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that Union or Procaps will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names. No Offer or Solicitation This presentation is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act and applicable regulations in the Cayman Islands. Confidentiality All recipients agree that they will keep confidential all information contained herein and not already in the public domain and will use this presentation solely for evaluation purposes. Recipient will maintain all such information in strict confidence, including in strict accordance with any underlying contractual obligations and all applicable laws, including United States federal and state securities laws. This presentation is not intended to form the basis of any investment decision by the recipient and does not constitute and should not be construed as investment advice and does not constitute investment, tax, or legal advice. Important Information About the Merger and Where to Find It In connection with the proposed transaction, the Company, a subsidiary of Procaps Group that will be become the holding company of LATN and Procaps Group as of the closing of the proposed transaction, is expected to file a registration statement on Form F-4 (the "Form F-4") with the U.S. Securities and Exchange Commission (the "SEC") that will include a proxy statement of LATN that will also constitute a prospectus of the Company. LATN, Procaps Group and the Company urge investors, stockholders and other interested persons to read, when available, the Form F-4, including the preliminary proxy statement/prospectus and amendments there to and the definitive proxy statement/prospectus and documents incorporated by reference therein, as well as other documents filed with the SEC in connection with the proposed transaction, as these materials will contain important information about Procaps Group, the Company, LATN and the proposed transaction. After the registration statement is declared effective, the definitive proxy statement/prospectus to be included in the registration statement will be mailed to shareholders of LATN as of a record date to be established for voting on the proposed business combination. Once available, shareholders will also be able to obtain a copy of the Form F-4, including the proxy statement/prospectus, and other documents filed with the SEC without charge, by directing a request to: BTG Pactual US Capital, LLC, Attention: Prospectus Department, Email: OL-BTGP actual- Prospectus [email protected]. The preliminary and definitive proxy statement/prospectus to be included in the registration statement, once available, can also be obtained, without charge, at the SEC's website (www.sec.gov). Participants in the Solicitation LATN and Procaps Group and their respective directors and executive officers may be considered participants in the solicitation of proxies with respect to the proposed business combination described in this presentation under the rules of the SEC. Information about the directors and executive officers of LATN is set forth in LATN's final prospectus filed with the SEC pursuant to Rule 424 (b) of the Securities Act of 1933, as amended (the "Securities Act") on October 17, 2019, and is available free of charge at the SEC's website at www.sec.gov or by directing a request to: Union Acquisition Corp. II, 1425 Brickell Ave., # 57B, Miami, FL 33131. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the LATN shareholders in connection with the proposed business combination will be set forth in the registration statement containing the proxy statement/prospectus for the proposed business. combination when it is filed with the SEC. These documents can be obtained free of charge from the sources indicated above 2#3Procaps & Union Acquisition Group Select Team Members Ruben Minski Procaps | Founder + Chairman of the Board+ Chief Executive Officer D Northeastern University Chemical Engineering PART HARVARD BUSINESS SCHOOL Owners President Management Program PROCAPS Founder, President GROUP and Director (43 years) Alejandro Weinstein Procaps | Board Member + Chairman of M&A Committee + Shareholder PONTIFICIA UNIVERSIDAD CATÓLICA DE CHILE Business Administration MEDIER HARVARD BUSINESS SCHOOL Owners / President Management Program WM PARTNERS LP Co-Founder FirstCare medneo mus dacrollika Health Hero. Board member for several healthcare companies in US and Europe OLIVE TREE LEMONAID CFR Vanterra Accelerator Fund Co-Founder Olive Tree ventures and Vanterra accelerator fund CEO (US$ 370mm IPO in 2011 and sold to Abbott Lab. for US$ 2.9bn in 2014) Sergio Mantilla Procaps | Chief Financial Officer Berkeley Haas MBA Universidad de Colombia Industrial Engineering KCJ RCN TELEVISION Tinello Capital Alpina Helm Investment Advisors Chief Financial Officer MERRILL LANCH Investment Committee Member for Media for Equity Fund Director, ABACUS CAPITAL Investment Banking Corporate Finance Director Associate, Investment Banking Associate, Investment Banking 108 109 Daniel Fink Union Acquisition Group | Chief Operating Officer HARVARD BUSINESS SCHOOL MBA AVENS Yale University B.A. in Economics BACARDÍ WOULD PROCAPS Centerview Capital Stone Tower Capital PTW CAPITAL JWC GROUP Vice President of Finance & Business. Planning Managing Principal * Principal, Private Equity Vice President, Private Equity Partner Senior Associate, Private Equity 3#4Procaps' Transaction Process Transaction Summary / Process Overview ■ ■ PROCAPS Procaps is a leading pharmaceutical and healthcare company based in Latin America with global reach and well positioned to drive regional consolidation Union Acquisition Corp. II ("UAC II" - NASDAQ: LATN) is a US-listed-SPAC that brings deep experience in Consumer and Packaged Goods operating and investing throughout the Americas GROUP Procaps and UAC II have signed a definitive business combination agreement along with a fully-committed PIPE financing agreement The transaction values Procaps at US$1.1 bn on a post-merger basis, representing an attractive 10.75x multiple on expected 2021 EBITDA of US$105 mm Use of proceeds are three-fold: i) fund organic growth, ii) consummate accretive acquisitions, and iii) fund redemption of certain shares held by the IFC A group of leading investors has committed to participate in a common stock PIPE of US$100 mm at $10.00 per share that will close simultaneously with the business combination In a recently challenging SPAC PIPE market, we were able to complete this process one-week ahead of schedule and over-subscribed, which we believe validates Procaps Group's and its unique growth prospects Currently focused on raising additional institutional investor demand ..:: 4#5Procaps' Transaction Process Use of Proceeds $151 mm 1 Cash to Balance Sheet 1 2 $120 mm Inorganic Growth $31 mm Organic Growth H I ■ ■ ■ ■ ■ Roll-up strategy of mid-sized companies in the region Pharma targets in Mexico, CenAm and the Andean Region CDMO targets in Mexico and Brazil Key Development Areas - Telehealth and digital health Ophthalmic products and other select therapeutic areas Novel and orphan drug portfolios PROCAPS Capex Capacity expansion for new lyophilization production lines - Implement plant improvements - Variety of smaller projects to improve automatization processes Working capital investment improving liquidity position to obtain better trade terms Investments to strengthen e-Health platform R&D investments for new product developments / delivery technologies Over 600 new product launches in the next 3 years Source: Procaps Note: (1) $236mm in source funding ($200mm from UAC II minus $64 mm in redemptions plus $100mm from the PIPE), no warrant redemption, $60mm in secondary sale. Actual results in connection with the business combination may differ GROUP * 5#6Procaps' Transaction Process Shareholder Structure Pre-Transaction Minski Family 69% Post Transaction ¹,2 Minski Family 55% Alejandro Weinstein Controlled Entities 17% PROCAPS GROUP Alejandro Weinstein Controlled Entities 14% 00000 IFC 14% IFC 6% PROCAPS GROUP UAC II Sponsor 3% UAC II Shareholders 13% Free-float PROCAPS PIPE Investors 9% GROUP Source: Procaps Note: (1) $236 mm in sources following $64 mm in SPAC redemptions, no warrants redemption, $60 mm secondary sale. Actual results in connection with the business combination may differ; (2) The post-transaction ownership figures set forth herein do not take into account certain shares owned by UAC II shareholders and Procaps shareholders that will be placed into escrow and subject to release upon satisfaction of certain conditions. As part of the transaction, 10,464,612 shares will be issued to the shareholders of Procaps and placed into an escrow account at closing of the transaction. 50% of these shares will be released if the last sale price of the shares equals or exceeds $12.50 per share for any 20 trading days within any 30-day trading period and the remaining 50% will be released if the last sale price of the shares equals or exceeds $13.00 per share for any 20 trading days within any 30-day trading period. In addition, UAC II shareholders have agreed to place 2,875,000 of their private warrants and 1,250,000 of their shares into an escrow account at closing of the transaction. 50% of the escrowed shares will be released if the last sale price of the shares equals or exceeds $12.50 per share for any 20 trading days within any 30-day trading period and the remaining 50% will be released if the last sale price of the shares equals or exceeds $13.00 per share for any 20 trading days within any 30-day trading period. Any shares released from these escrow arrangements will remain subject to any applicable lock-up. Both the Procaps and UAC II shareholders that own these escrowed shares will retain their economic interests in, and be able to vote, such escrowed shares while they remain in escrow. * 6#7Table of Contents Procaps at a Glance II. What Makes Us a Unique Investment Case? I. III. Growth Strategy IV. Financials V. Transaction Overview VI. Q1'21 Update VII. Appendix PROCAPS GROUP * 7#8Procaps at a Glance Integrated Pharma Company Well Positioned to Drive Regional Consolidation Founded in 1977 by the Minski Family, Procaps is a leading integrated international healthcare ✪ and pharmaceutical company Largest pharmaceutical integral CDMO (ICDMO) in Latin America and top 3 globally in terms of volume of softgel production capacity² 6 manufacturing facilities in Latin America including first FDA-approved pharmaceutical plant in South America Gross Revenue $388mm 2020 $436mm 2021E We employ over 5,000 people across 13 countries Adj. EBITDA¹ $90mm 2020 PROCAPS: GROUP $105mm 2021E Our products are sold & distributed in ~50 markets PROCAPS 34 patents and 5,335 trademarks Extensive Scientific Expertise with more than 500 formulations, developing more than 50 products per year GROUP Source: Procaps, QYR Research. Note: (1) Adjusted by Severance & Other Non-Recurring Items, One-Time Trade Days Stabilization Impact, Synergies & Cost Savings and COVID Expenses; (2) QYR Research market report as of 2020 Vertically and horizontally integrated to provide drug delivery technology and manufacturing capabilities 8#9Procaps at a Glance Successful History of Growth and Diversification Over 43-years MHRA FDA U.S. FOOD & DRUG ADMINISTRATION Al Development of Differentiated Platform FDA U.S. FOOD & DRUG ADMINISTRATION 1977 Source: Procaps MHRA certification and FDA re- certification Expansion of 5 key plants FDA approval to manufacture pharmaceuticals marketed in USA 2010 2012 Vertical Integration + Inorganic Growth Acquisition of RymcoMedical Rym co for single- Single-Use Innovative Solutions. use injectables Laboratorios López ¡Comprometidos con la vida! LOAD Bk Biokemical Acquisitions of Lab Lopez and Biokemical expand CenAm presence and scales consumer health Acquisition of Eye-zul Eye-zul strengths OTC eye-care portfolio 2014 2016 Industry Consolidation and Building Scale Through Inorganic Growth ⒸIFC 2018 PROCAPS Developing 200+ new products to drive future expansion IFC and Alejandro Weinstein become investors 2020 GROUP * Regional Consolidation 9#10Procaps at a Glance Integrated Pharma Company Well Positioned to Drive Regional Consolidation Business Units / Product Lines B2B CDMO Services B2C Rx Drugs OTC Products Diabetes Solutions Softi Sel I PROCAPS FARMA PROCAPS CLINICAL SPECIALTIES VitalCare DIABETRICS 361° EN FUNCIÓN DE LA VIDA Source: Procaps Note: (1) CAN; (2) CASAND ■ Description Integral CDMO serv ces (ICDMO) specializing in ■ Soft Gelatin Capsules (SGC) ■ Formulates, manufactures and markets branded prescription drugs ▪ Develops, manufactures and markets high- complexity drugs for hospital use Develops, manufactures and markets OTC consumer health care products Provides diabetes solutions Key Products Advil Geographical Focus Analgesics dolex GOSTAMIS Female Care Tapectam Antibiotics M CARL Vitamins GlucoQuick WATCH BGMs Nextgel B2B CDMO customers globally Procaps Colombia Exports to LatAm CenAm CenAm South & North¹ And. Region² ✓ PROCAPS B2B Business GROUP Diabetrics B2C Business 10#11Procaps at a Glance Regional Leader with Strong Diversification by Product and Geography Key Highlights ■ ■ -44% of Procaps' revenue is USD-denominated. Leader in both Colombia and Central America, which combined represents one of the largest pharma markets in LatAm¹ Well positioned in key markets with attractive growth prospects Gross Revenue by Product Line (2020) Diabetes Solutions OTC Products Rx Drugs CLINICAL -16%. VitalCare 16% 17% -6%- DIABETRICS 361" EN FUNCIÓN DE LA VIDA -49%* 6% US$388mm 32% Softi 29% FARMA PROCAPS -29% % Sales CDMO Gross Revenue by Geography (2020) CenAm S. 4% Peru 4% Brazil 7% Bolivia 3% CenAm N. 14% USA & Other 18% US$388mm Source: Procaps, Fitch Solutions Note: (1) Colombia and Central America on a combined basis have approximately the same amount of pharma sales as Mexico. Fitch Solutions market reports as of 2020 PROCAPS Ecuador 3% GROUP % Sales by country of commercialization Colombia 47% * 11#12Procaps at a Glance Foundations for Growth by a Tested Business Strategy 1 3 State-of-the-art Manufacturing Capabilities Providing Innovative Delivery Technologies ■ I H Corporate culture focused on innovation and R&D I First FDA-approved Rx pharmaceutical plant in South America Leading global softgel player (#1 in LatAm in terms of volume of softgel production capacity¹) 62% of sales are linked to Procaps' own technologies and intellectual property Regional Footprint with Vertical and Horizontal Integration and Global Reach Maximize Growth Opportunities and Synergies 6 manufacturing facilities across the region including the only hormonal softgel plant in Latin America Products sold & distributed in ~50 markets Source: Procaps, QYR Research Note: (1) QYR Research market report as of 2020 PROCAPS GROUP I I Proprietary Rx and OTC Product Portfolio Leveraged on Procaps' Delivery Systems ■ ■ PROCAPS ■ ▪ 3 successful acquisitions throughout Latin America 99% of product portfolio is proprietary with a focus on high-growth therapeutic areas ▪ Innovative delivery mechanisms allow Procaps to transform Branded Generics into differentiated products Focus on Organic and Inorganic Growth with Increased Margin Expansion Focused on premium markets without competing on price GROUP 1 brand acquired by Procaps in the last 3 years 1 in-house business incubation, Diabetrics (2015) Further development of e-Health segment .:: 2 4 12#13Procaps at a Glance Track Record of Strong Growth, Margin Expansion and High ROIC Outstanding Net Revenue Growth USD mm 337 2019A 22% 73 14% CAGR¹ 2019A 329 2020A Strong Adjusted EBITDA³ Evolution Expanding Profitability USD mm Net Revenues / Adj. EBITDA (%) 27% 2 24% CAGR ¹ 90 2020A 397 9% CAGR Including FX Impact 2021E 26% 105 20% CAGR Including FX Impact 2021E Robust Adjusted EBITDA Growth USD mm 90 Adj. EBITDA 2020A ▪ Catalent Average: 17% 5 5% CDMO Business I 20 ■ Existing Portfolio Leading Capital Returns vs. Comps Universe Medians Genomma Lab Perrigo Hypera 8% 16% Organic Growth OTC Products 8 New Products ▪ Sun Pharma ▪ Dr. Reddy's I ■ Cipla Lupin ▪ Hikma Blau Farma. 10% (14) Pharma Companies G&A PROCAPS 23% PROCAPS, 105 Adj. EBITDA 2021E GROUP Return on invested capital, 2020 ▪ Novo Nordisk 43% Diabetes Solutions * Source: Capital IQ, Forbes, Bloomberg, public information from the companies and Procaps analysis Note: (1) Constant Prices 2020 (AOP); (2) In 2020, the Company implemented a strategic plan to reduce the number of trade days by deliberately drawing down the amount billed to distributors. While sales decreased to adjust the inventory levels, the growth trend with the final consumer is trending positively; (3) Adjusted by Severance & Other Non-Recurring Items, One-Time Trade Days Stabilization Impact, Synergies & Cost Savings and COVID Expenses; (4) ROIC = ((EBIT) x (1 - eff. tax rate)) / (fixed assets + intangible assets + WK (exc. cash-like items)); (5) Market avg. excludes Procaps 13#14Table of Contents Procaps at a Glance II. What Makes Us a Unique Investment Case? I. III. Growth Strategy IV. Financials V. Transaction Overview PROCAPS VI. Q1'21 Update VII. Appendix GROUP * 14#15What Makes Us a Unique Investment Case? Compelling Investment Case 1 PROCAPS 6 GROUP Leading Regional Pharmaceutical Player¹ with Global Reach and Highly Accomplished Management Team 2 5 In-House R&D Capabilities Driving Attractive Growth Opportunities 3 Leading Pharmaceutical Integral CDMO Specialized in Softgels 4 Proprietary Portfolio of Branded Rx and OTC Products Positioned to Capitalize on Favorable Regional Dynamics Strong History and Focus ESG Principles PROCAPS Source: Procaps, QYR Research Note: (1) Top 3 Player Globally for Softgel Production Capacity. QYR Research market report as of 2020 GROUP * 15#16What Makes Us a Unique Investment Case? Source: Procaps, QYR Research. Note: (1) Top 3 Player Globally for Softgel Production Capacity. QYR Research market report as of 2020 1 Leading Regional Pharmaceutical Player¹ with Global Reach and Highly Accomplished Management Team PROCAPS GROUP * 16#17PROCAPS Leading Regional Pharmaceutical Player with Global Reach and Highly Accomplished Management Team Presence in 13 Countries with Product Reach Across ~50 Markets Highlights I ■ ■ I Global reach through Softgel CDMO business with other products to follow similar internationalization 6 production facilities in Colombia, Brazil and El Salvador First FDA-approved Rx pharmaceutical plant in South America One of the only 5 Hormonal Softgel plants in the world Vertically and horizontally integrated to deliver formulations at premium prices at competitive costs Average Management team experience of 30 years Source: Procaps Geographical Footprint 2 DOD Colombia Barranquilla 2 DOD Colombia Bogota 1 El Salvador DD San Salvador 1 000 Brazil Sao Paulo 000 Certified by Health several regulatory FDA Handida entities Manufacturing Facilities MHRA SAM Commercial Offices. TGA GROUP Sales Around the World Cofe pris >>> Vera 14000 17#18What Makes Us a Unique Investment Case? In-House R&D Capabilities Driving Attractive. Growth Opportunities. PROCAPS 2 GROUP * 18#19In-House R&D Capabilities Driving Attractive Growth Opportunities Clear Avenues for Growth Given a Robust Pipeline and a High Product Renewal Rate High Product Renewal Rate 3-4% R&D Annual Investment (% of Gross Revenues) 14% 2018 15+ Average years of experience 19% Strong New Development Capacity 600+ Products developed in softgels 2019 22% 2020 10+ Experienced personnel in MKTG & NBD 50+ Softgels products launched annually worldwide Product Renewal Ratio¹ (%) 25% Expected 270+ Skilled personnel in R&D and Innovation 100+ Assertive personnel in Regulatory Affairs Source: Procaps Note: (1) Gross revenues of new products (products launched within the last 36 months) / total gross revenues B2B High Share of Sales Linked to Procaps' Own Technologies Share of Sales by Channel (%), 2020 Robust Pipeline Category Patents Trademarks 86% Drug Registration → DO PROCAPS B2C 52% Granted PROCAPS 34 5,335 3,472 51 Pending Approval 62% 372 GROUP 1,632 **** 19#20In-House R&D Capabilities Driving Attractive Growth Opportunities Unparalleled Expertise and Innovation with 500+ Formulations, 50+ New Products per Year Tabs Gelatin, coated tablets, easy to swallow and impossible to counterfeit Source: Procaps Chewable soft capsules technology is a new solution for children and consumers who have difficulty swallowing Chew Fun Xtrition Delivering easy nutrition with a variety of formulations in nutritional gummies gels SoftOels tge! Consumers' preferred dosage form by Procaps The Smart Softgel for multi-dose therapies, multi-purpose products PROCAPS Innovative delivery mechanisms allow Procaps to transform Branded Generics into differentiated products Versa Versatile plant based softgel (Big seller in USA, Europe and Middle East) GROUP gel .:: 20#21In-House R&D Capabilities Driving Attractive Growth Opportunities Focus on Differentiated, Strong Margin, and High Barrier-to-entry Products URUSTELM VITAFOL gummies- Aion Benet Kids AMINA C ZINC Source: Procaps Advil MAX Dolor Fuerte y Prolongado ORDER NOW! Freezing FRONICERAPURCARE AND Bénet Kid KEIN ALTIVITAMI HINERALES 321 LESS STRESS, MORE YES WA uye Bénet Kids PROPOLED Shverc Bénet Kid OMEGA P Bénet Kid NOBIOTICOS FIBRA Advil ULTRA Dolor de cabetesave como la migrand Chomens SINDACA OLLY E RESTRU SLEEP trace Magnesium Gummies a-s-300-H teadmat GACT FROM faol BERY SERENT-DE OLLY FOLLY UNDENIABLE BEAUTY THE PERFECT WENS MULTI 115 Advil FRSTGELO Dolor Moderado For oral use altavitada 7,000 IU soft capsules COLOCALLIERROL SUP SUP soft capsules ESSENTIALS ESSENTIALS APRONAX NAPROXENO SODICO LIQUID GEL RAPIDO UVID PARA PUERTES DOLORES HASTA POR 8 PROCAPS Mac- - Magnesium Gummies APHON 03+Maqui trace www BEYLERLEMENT in GROUP * 21#22What Makes Us a Unique Investment Case? Leading Pharmaceutical Integral CDMO Specialized in Softgels 3 PROCAPS GROUP * 22#23Leading Pharmaceutical Integral CDMO Specialized in Softgels A Preferred Supplier to the Global Pharmaceutical Companies Business Model Features ■ ■ ■ 5-10-year contracts; -70% of which are US$-denominated Over 126 clients in more than 32 countries; strong US presence Over 639 SKUs across ~300 product lines 86% of B2B sales are linked to Procaps' own technologies and intellectual property Selected Procaps Partners Abbott Selected CDMO Players¹ EV/EBITDA 2021E Multiple 2020-2022E Net Revenue Growth / 2020 EBITDA Margin Softi Sel inca BAUSCH- Health 2 Patheon ³ Recipharm4 13% / 24% gsk 20.4x 5% / 18% 17.0x 49% / 18% Consort 13.7x Medical5 -8% / 15% Pfizer Catalent Siegfried Lonza Cambrex6 BAYER BAYER Soft capsules comparables 17.3x 18% / 24% 17.7x 18% / 17% 28.4x -6% / 28% 16.7x -2% / 27% SANOFI PROCAPS GROUP Source: Procaps; Capital IQ as of May 14th, 2021 Note: (1) Data as of May 14th, 2021; (2) Softigel 2020E-2022E Revenue Growth and 2021E EBITDA Margin are based on adjusted Company projections. Softgel's EBITDA margin is an estimated considering the allocation of a % of total indirect expenses; (3) EV refers to transaction value as per announcement, Revenue growth is Q117 LTM, EV/EBITDA calculated as transaction value over EBITDA Q117 LTM, and EBITDA margin calculated with Q117 LTM figures; (4) EV refers to transaction value as per announcement, EV/EBITDA calculated as transaction value over 2020 Adj. EBITDA, Revenue growth is 2019-2020, and EBITDA margin calculated with 2020 figures; (5) EV refers to transaction value as per announcement, EV/EBITDA calculated as transaction value over 3Q19 LTM EBITDA, Revenue growth is 3Q19 LTM, and EBITDA margin calculated with 3Q19 LTM figures; (6) EV refers to transaction value as per announcement, EV/EBITDA calculated as transaction value over 2Q19 LTM EBITDA, Revenue growth is 2Q19 LTM, and EBITDA margin calculated with 2Q19 LTM figures ..:: 23#24Leading Pharmaceutical Integral CDMO Specialized in Softgels Top 3 Global Player¹ with Growth and Long-standing Reputable Clients. Softgel Production is 2x Global Production Rate 9 23% 2017 Catalent. 7% aenova 10 3% Global Production CAGR 2018 3rd 7% Procaps CAGR Top 3 Player Globally for Softgel Production Capacity 5% Procaps' Softgel production evolution (billion capsules) PROCAPS 11 5% 2019 Global Market Share by Volume of Softgel Production Capacity 2019 4% Patheon. CAPTEK 11 2020E 4% NATURE'S BOUNTY. 2% Baihe Biotech Client Base of Global and Regional Blue-Chip Companies Big Pharma Regional Pharma Big Supp. Players Source: Procaps; QYR Research Note: (1) Top 3 Player Globally for Softgel Production Capacity. QYR Research market report as of 2020; (2) Revenue weighted average % Softigel Sales 2020 33% 50% 17% Relationship (Avg. Years)2 -18 ~8 ~9 Abbott Pfizer Boehringer Ingelheim Selected Clients OAKORN Eurofarma Perrigo LIOMONT ROEMMERS THE CLOROX COMPANY MCDLV PROCAPS MERCK U Unilever B BAYER BAUSCH-Health GROUP SANOFI biolab PHARMACEUTICAL gsk Hypera pharma pharma science * Amway. 24#25What Makes Us a Unique Investment Case? Proprietary Portfolio of Branded Rx and OTC Products 4 PROCAPS GROUP * 25#26Proprietary Portfolio of Branded Rx and OTC Products Robust Proprietary Portfolio with Strong Growth Rates Portfolio Growth Benchmark¹ (Region) Market Procaps 5% 7% 2018 5% 16% 4% 2018 11% 2019 10% Portfolio Growth Benchmark¹ (Colombia) MarketProcaps End-user product demand 20% End-user product demand 2019 - 4% 7% 2020 2% 12% 2020 Portfolio of Brands Leveraging Procaps' Innovative Softgel Technologies B2C Rx Drugs OTC Products Diabetes Solutions SPL Source: Procaps, IMS, Close-Up Note: (1) Pharma retail sales (excluding infant milk). IMS, Close-up market reports as of November 2020 FARMA PROCAPS CLINICAL SPECIALTIES VitalCare DIABETRICS 361" EN FUNCIÓN DE LA VIDA Feminine Care Digestive Health Vision Care Blood Clots Personal Protective Equipment (PPE) Gastro-intestinal Selected Therapeutic Areas Skin Care Pain Relief Growth & Development CNS Antibiotics Immunosuppressants Cough & Cold Analgesics Diabetes Solutions 99% of product portfolio is proprietary PROCAPS Skin Care Cardiology Respiratory Oncology Analgesics Urological GROUP VMS * 26#27What Makes Us a Unique Investment Case? 5 Positioned to Capitalize on Favorable Regional Dynamics PROCAPS GROUP * 27#28Positioned to Capitalize on Favorable Regional Dynamics "Right Place, Right Time" Pharma Sales CAGR 2016 - 2019 CAGR 2020E - 2022E 3% Historical & Expected CAGR by Region (%) +100 bps Global 5% 3% 6% Latin America LatAm's pharma sales expected to outperform global growth... Healthcare Expenditure CAGR 2016 - 2019 CAGR 2020E - 2022E 5% Historical & Expected CAGR by Region (%) +60 bps Global 7% 3% Source: Fitch Pharmaceuticals & Healthcare Report 2020, BMI 2019 and UN Department of Economics and Social Affairs 7% Latin America ...healthcare expenditure expected to reach a 7% CAGR from 2020 2022... Aging Population in LatAm 0-14 years 4% 55% 41% 1975 6% 63% 31% 2000 15-64 years 10% Population by Age (1975- 2050E) 68% 22% PROCAPS 2025E 65+ years 21% GROUP 63% 16% 2050E * ...LatAm's aging population will increase boosting demand for pharma 28#29What Makes Us a Unique Investment Case? 6 Strong History and Focus on ESG Principles PROCAPS GROUP * 29#30Strong History and Focus on ESG Principles Resource Saving Polices, Social Programs & Governance are Important to Us Environmental Resource Saving Policies Production policies focused on rational use of raw material Process Optimization 7 Plants Green culture committed to innovating startup projects and improvement of the existing capacities Environmental Campaigns International Environmental Standards Source: Procaps Social HR and Social Programs Corporate social management policy and robust training program, creating a harmonious environment 5,000+ Employees Campus virtual BO Management and execution of sustainable projects and programs that contribute to social development in the Caribbean region 126,000+ Children and teenagers 3,740+ Expectant mothers 5,500+ Elderly population 179,000+ Health Days 2,300+ Volunteers FUNDACIÓN PROCAPS Alimentamos Sueños... Corporate volunteers actively participate in social work through contribution of resources, time and knowledge Voluntariado PROCAPS Governance Corporate Policies IFC PROCAPS 'Egosto' Campaign Corporate governance that leads efforts towards strategic objectives, monitoring integrity, transparency and internal processes carried out by the Corporation PNS Ethics Line GROUP 3,250+ trained employees 120+ training sessions 60+ internal communications Outsourced line aimed at attending inquires about behaviors that go against the Corporate values **** 30#31Table of Contents 1. Procaps at a Glance I. II. What Makes Us a Unique Investment Case? III. Growth Strategy IV. Financials V. Transaction Overview VI. Q1'21 Update VII. Appendix PROCAPS GROUP * 31#32Growth Strategy Latin American Pharmaceutical Company with Large Growth Potential Agile business model to identify and maximize growth and time-to-market through the following pillars: Source: Procaps Growth Initiatives Growth from Existing Portfolio and Entrance into New Therapeutic Areas Products with significant growth potential Accelerate the current e-Health platform Internationalization of Existing Portfolio On-going efforts to expand footprint of successful products outside of Colombia Development of New, Innovative Pharma Solutions Reliable & recognized track record on the development of new delivery technologies I Organic Growth Inorganic Growth Inorganic Growth Potential acquisitions constantly being evaluated across LatAm Looking for telehealth and digital health opportunities 1 2 Growth Opportunities Organic Growth: B2B & B2C Segments Inorganic Growth: M & A Strategy PROCAPS GROUP *** 32#331 Organic Growth: B2B & B2C Segments Clear Strategy to Propel Strong Organic Growth in a Diversified Portfolio Main Avenues of Growth B2B Segment ■ Increase market share with current multinational clients I ■ I B2C Segment ■ ■ ■ I Capture new customers Commercialization of new proprietary formulations Develop new patented technologies ■ Growth from existing portfolio New products on current therapeutic areas Roll-out of successful products in Colombia to other countries Enter new therapeutic areas Expansion into new markets Source: Procaps Note: (1) Products launched within the last 36 months New Product Launches B2B CDMO Services B2C Rx Drugs OTC Products Diabetes Solutions Softi Sel IPROCAS FARMA PROCAPS CLINICAL SPECIALTIES VitalCare DIABETRICS 361 EN FUNCION DE LA VIDA Number of Products 2021E2023E 52 402 51 90 28 2021E Sales Forecast from New Product Launches¹ (USD mm) 44.0 23.7 10.9 6.8 6.1 2022E 50.6 34.6 8.5 9.4 PROCAPS 8.1 2023E 57.2 49.0 6.3 11.8 GROUP 9.5 * 33