Strengthening our global leadership in treatment of addiction

Full Year Results 2016February 22nd 2017

Chief Executive Officer

Shaun Thaxter

Forward Looking Statements

This presentation contains certain statements that are forward-looking and which should be considered, amongst other statutory provisions,in light of the safe harbour provisions of the United States Private Securities Litigation Reform Act of 1995. By their nature, forward-lookingstatements involve risk and uncertainty as they relate to events or circumstances that will or may occur in the future. Actual results maydiffer materially from those expressed or implied in such statements because they relate to future events. Forward-looking statementsinclude, among other things, statements regarding our financial guidance for 2017 and our medium- and long-term growth outlook, ouroperational goals, our product development pipeline and statements regarding ongoing litigation.

Various factors may cause differences between Indivior's expectations and actual results, including: factors affecting sales of SuboxoneTablet, Suboxone Film, Subutex Tablet and any future products; the outcome of research and development activities; decisions by regulatoryauthorities regarding the Indivior Group’s drug applications; the speed with which regulatory authorizations, pricing approvals and productlaunches may be achieved; the outcome of post-approval clinical trials; competitive developments; difficulties or delays in manufacturing;the impact of existing and future legislation and regulatory provisions on product exclusivity; trends toward managed care and healthcarecost containment; legislation or regulatory action affecting pharmaceutical product pricing, reimbursement or access; claims and concernsthat may arise regarding the safety or efficacy of the Indivior Group’s products and product candidates; risks related to legal proceedings;the Indivior Group’s ability to protect its patents and other intellectual property; the outcome of the Suboxone Film patent litigation relatingto the ongoing ANDA lawsuits; changes in governmental laws and regulations; issues related to the outsourcing of certain operational andstaff functions to third parties; uncertainties related to general economic, political, business, industry, regulatory and market conditions; andthe impact of acquisitions, divestitures, restructurings, internal reorganizations, product recalls and withdrawals and other unusual items.

This presentation does not constitute an offer to sell, or the solicitation of an offer to subscribe for or otherwise acquire or dispose of sharesin the Company to any person in any jurisdiction to whom it is unlawful to make such offer or solicitation.

3

AGENDA

Mark Crossley Financial Review- Profit & Loss Account- Cash Flow- Balance Sheet

Cost Benchmarking

Javier Rodriguez Litigation Update

Christian Heidbreder Pipeline Update

Shaun Thaxter The future

Guidance & Agenda 2017

Question & Answers

Full Year Highlights

Financials Above Plan(adjusted basis)

Net Revenue $1,058m +4%

Op Profit $387m +3%

Net Income $254m +3%

Cash $692m +$226m

Net Cash $131m +$305m

Operationally Strong

• US market growth in high singledigit percentage with impact ofregulatory/legislative change tocome in next couple of years

• Full year of consistent netrevenue growth in USA

• Suboxone® Film share at 61%proving resilience.

• Resilience underlined by ANDAlitigation result in Jun 2016.

• The Company enhanced itscompliance capability to keep upwith this growth.

Pipeline Continuing Progress

• Buprenorphine Monthly DepotPhase 3 trial efficacy positive topline results. On track to file NDA inQ2 2017

• Risperidone Monthly Depot – ontrack to file NDA in Q4 2017.

• Arbaclofen Placarbil for alcohol usedisorder – new formulation testing

2016 underlined the resilience of Indivior5

US Market Growth of 8% plus

• Modest acceleration in market growth in 2016• Main driver new physician certification (at

record levels)

• And continuing publicity around opioid epidemic in USA

• Too early for legislative/regulatory changes to have much impact• Nurse practitioners/Physician Assistants not

yet trained (although training is now in place)

• C275 certifications stronger than expected at this stage and beginning to impact prescribing

0

500

1,000

1,500

2,000

2,500

3,000

20

15 ID

V

20

16 ID

V

Mill

ion

s

US Market Size (New IDV)

Full Year 2015 and 2016 (In Millions of mg)+8%

Source: Source Healthcare Analytics Retail and Non-Retail Sales data – w.e. 12/30/2016

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

New

datab

ase re-set

6

Record Number of new physician certifications in 2016 – nearly 5,000

Cumulative Physician Certifications (In Thousands)

Source: NTIS DEA Certifications; Internal estimates

3.7

6.2

9.4

12.6

16.1

18.520.7

23.0

25.627.5

30.6

33.8

38.7

0

5

10

15

20

25

30

35

40

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Certifications (Cumulative)

7

Number of physicians certified to treat 275 patients ahead of expectation at this early stage.

Source: NTIS DEA Certifications through w.e. 12/30/2016

0

500

1,000

1,500

2,000

2,500

3,000

3,500

C275 - Cumulative Physician Certifications Issued C275 Count

8

Competition not impacting on Film share which remains resilient

60.7%

19.4%

14.4%

4.8%

0.7%0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

70%

75%

SUBOXONE FILM SUBOXONE TABLET GENERIC BUP

GENERIC BUP/NAL ZUBSOLV BUNAVAIL

Source: Symphony Health Solutions Retail PHAST Weekly Prescription Data week ending December 30th 2016

9

Generic Bup/Nal Tablet : Market Share Discounts drifting down – but slowly

• Shares largely stabilised in recent months.

• Newer entrants (Teva & Akorn) only slowly building presence

• Further new entrants approved

• Sun Pharmaceuticals - August

• Lannett - September

But not yet showing up in the market

Generic tablet market not changing significantly

28.5%

34.6%

23.7%

10.9%

2.3%0%

10%

20%

30%

40%

50%

60%

70%

BU

P/N

AL

SHA

RE

BY

MFR

-ID

V

ACTAVIS PHARMA AMNEAL PHARMA WEST-WARD/ROXANE

TEVA USA AKORN/HI-TECH

Source: Symphony Health Solutions Retail PHAST Weekly Prescription Data

10

Europe Markets – price constrained

• Price gaps versus generics are a challenge in some markets

• Growth in export markets (Scandinavia / Middle East)

European share - only very gentle erosion by generics driven by austerity measures

Opioid Painkiller Dependence market remains an opportunity long-term

• Challenges remain to accessing the opportunity0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Total INDV % share BUPE Generic % share (of Bupe)

Subutex % Share (of Bupe) Suboxone % share (of Bupe)

11

The Company recorded a charge of $220m in the third quarter of 2016 for theinvestigative and antitrust litigation matters disclosed under LitigationUpdate on pages 8-10 of the press release (dated 22nd February 2017) anddiscussed later by Javier Rodriguez.

The Company continues in discussions with the Department of Justice abouta possible resolution to its investigation. The Company cannot predict withany certainty whether we will be able to reach ultimate resolution with theDepartment of Justice or any or all of the other parties, or the ultimate costof resolving all of the matters. The final cost may be materially higher thanthis reserve.

$220m Litigation provision

12

Chief Financial Officer

Mark Crossley

P&LYear to 31st December: Unaudited

2015Reported

2015Adjusted

2016Reported

% change

2016Adjusted

% change

$m

Net Revenues 1014 1014 1058 +4 1058 +4

Cost of Sales (97) (97) (96) (96)

Exceptional items (11)

Gross Profit 917 917 951 +4 962 +5

Gross Margin 90% 90% 90% 91%

Selling, Distribution and Administration Expenses (408) (408) (456) (456)

Research & Development Expenses (132) (132) (119) (119)

Exceptional items (31) (227)

Profit on Ordinary Activities before interest & taxation 346 377 149 -57 387 +3

Operating Margin 34% 37% 14% 37%

EBITDA 370 401 163 401

Net interest (61) (61) (51) (51)

Taxation (57) (70) (63) (82)

- Exceptional tax item within taxation line above 13 19

Effective Tax Rate 22% 64% 25%

Net Income 228 246 35 -85 254 +3

14

Net Revenue Trend 2015-2016

-8

-6-5

-6

43

9

5

-10

-5

0

5

10

2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4

Net Revenue Growth by Quarterat constant exchange

NR growth2015 2016

15

$mFull Year2015

Full Year2016

% Change

% changeConst

FX

USA 807 857 +6% +6%

Rest of World 207 201 -3% +2%

Total 1014 1058 +4% +5%

Net Revenue – By Region

USA• Market growth high single digits

• Share gain from 60% to 61%

• Price increase offset by rebate increases from last year and channel mix

Rest of World• Improving performance flattered by some one

offs in Q3 and Q4 in export markets.

• Volume ahead offset by price pressures in Europe.

Net Revenue Commentary

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Operating Expenses

Operating Expenses

• SD&A increase driven by ongoing legal costs plus annualisedstandalone PLC costs and investment in pre-launch ($30m) offsetby some early savings on indirect costs (Project Jumpstart)

• R&D decreased with 2 products nearing completion of Phase IIIand other projects terminated or delayed.

• Exceptional items analysed on next slide.

$m 2015 2016 % ch

SD&A 408 456 +12

R&D 148 119 -20

Exceptional item 31 238 -

Depreciation & Amortisation (included in SD&A)

24 14 -

Margins

H12015

Adjusted2016

Adjusted2016

Reported

Gross margin 90% 91% 90%

Operating margin 36% 37% 14%

• Adjusted Gross Margin slightly higher due to sterling weakening against USD.

• Exceptional item in Cost of Goods of $11m for strategic initiatives related to potential negative ANDA ruling.

• Operating margin improved slightly on an adjusted basis to 37% despite increased investment on pre-launch activity.

17

Exceptional ItemsFY

2015

$m

FY

2016

$m

Cost of Goods - (11)

Reconfiguration and separation costs (15) -

Impairment and write-offs (16)

Consulting costs - (7)

Legal provision for investigations/antitrust - (220)

Total Exceptional items (31) (238)

• Cost of Goods $11m is for write off ofmanufacturing costs related to potential negativeANDA trial outcome.

• Consulting costs related to potential negativeANDA trial outcome

• Legal $220m provision recorded in Q3 forinvestigative and antitrust matters set out in fullin press release pp.8-9.

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Plus one-off exceptional tax charges or credits

- Movement of assets between jurisdictions

- Tax effect of exceptional items

Tax Rate

Guidance for rate of 25% in 2016

Delivered Guidance with effective rate of 25%Q1 36%Q2 20%Q3 26%Q4 tax refundFY 25%

Continue to guide towards full year rate of

25% for 2017

plus effect of any exceptional tax charges or credits

19

Cash flowsFull Year ended 31st December Unaudited

$m 2015 2016

Cash Flows from Operating Activities

Operating Profit 346 149

Reversal of non-cash items 5 230

Depreciation and amortisation 40 14

Changes in assets and liabilities 127 119

Cash generated from Operations 518 512

Taxes and interest paid (198) (105)

Net Cash inflow from Operating Activities 320 407

Cash Flows from Investing Activities

Capex (27) (20)

Purchase of intangible assets (4) (15)

Net Cash outflow from Investing Activities (31) (35)

Free Cash Flow 289 372

Net proceeds from financing activities (144) (147)

Cash Flows from Financing Activities

Net Cash from Financing Activities (144) (147)

Net (decrease)/increase in cash and cash equivalents (incl exchange

145(9)

225-

Cash and cash equivalents at beginning of year 331 467

Cash and cash equivalents at end of year 467 69220

Cash ConversionFull Year ended 31st December

$m 2015 2016

Cash Flows from Operating Activities

Operating Profit 346 149

Reversal of other non-cash items 5 230

Depreciation and amortisation 40 14

Changes in assets and liabilities 127 119

Cash generated from Operations 518 512

Loan expenses and taxes paid (198) (105)

Net cash inflow from operating activities 320 407

Net Cash Flow as % of Adjusted Operating Profit 85% 105%

Cash conversion continued strong, helped by lower tax payments in the year and the absence of loan facility expenses

Net working capital release primarily due to trade payable dynamic in US. Net working capital now at minus 37% of net revenue (2015: 27%).

21

Balance Sheet$m

2015Full Year

2016Full Year

Intangible Assets 62 83

Other non-current Assets 154 136

Total Non-Current Assets 216 219

Cash and Cash Equivalents 467 692

Other current assets 254 298

Total Current Assets 721 990

Total Assets 937 1,209

Short-term Borrowings (34) (101)

Other Current Liabilities (569) (929)

Total Current Liabilities (603) (1,030)

Borrowings (non-current) (571) (434)

Provisions for liabilities and charges (42) (40)

Total Non-Current Liabilities (613) (474)

Total Liabilities (1,216) (1,504)

Net Liabilities (279) (295)

Total Equity (279) (295)

22

Cash & Borrowing Position at Full Year

Full Year2015

Full Year 2016

Cash & Cash Equivalents 467 692

Current Borrowings (34) (101)

Long-term BorrowingsOther

(571)(36)

(434)(26)

Net (Debt)/Cash (174) 131

Net Cash of $131m at year end, improvement of $305m in the period due to strong cash in-flow.*

After repurchase of additional $46m of debt in the period in open market at discount.

Retaining cash on balance sheet at present

• Business risks – Investigation/Antitrust matters and ANDA uncertainty

• Flexibility on business development

• Flexibility on corporate debt/cash structure

* Note 6 in the FY 2016 Financial Results shows net debt including debt issuance costs.

23

Indirect Costs

Project Jumpstart

- Savings of $10m identified

- $7m in 2016

- $3m in 2017

Savings are relatively minor reflecting the small indirect costs in the business.

Benchmarking project shows that INDV is not out of line with peer group excluding unusual legal costs and separation costs

However we have not accepted this as an excuse to do nothing.

Challenge in 2017 is to hold operating costs flat excluding new investment

Cost Saving Initiative 2016

Direct Costs

24

Chief Legal Officer

Javier Rodriguez

LITIGATION UPDATE

27

Department of Justice Investigation

On October 12th, 2016, the Company was served with asubpoena for records from the state of Connecticut Office of theAttorney General under its Connecticut civil false claims actauthority. The subpoena requests documents related to theCompany’s marketing and promotion of SUBOXONE® productsand its interactions with a non-profit third party organization.On November 16th, 2016, the Company was served with asubpoena for records from the state of California Department ofInsurance under its California insurance code authority. Thesubpoena requests documents related to SUBOXONE® Film,SUBOXONE® Tablet, and SUBUTEX® Tablet. The Company iscooperating in these investigations..

State Subpoenas

A federal criminal grand jury investigation of Indiviorinitiated in December 2013 is continuing, and includesmarketing and promotion practices, pediatric safetyclaims, and overprescribing of medication by certainphysicians. The U.S. Attorney's Office for the WesternDistrict of Virginia has served a number of subpoenasrelating to SUBOXONE® Film, SUBOXONE® Tablet,SUBUTEX® Tablet, buprenorphine and our competitors,among other issues. We are in discussions with theDepartment of Justice about a possible resolution of theinvestigation. It is not possible at this time to predict withany certainty the potential impact of this investigation onus or to quantify the ultimate cost of a resolution. We arecooperating fully with the relevant agencies andprosecutors and will continue to do so.

The Judge overseeing the legal privilege dispute in the FTCinvestigation has appointed a Special Master (an independent externallawyer) to investigate the claims of legal privilege and provide arecommendation to the Court on how the documents at issue shouldbe treated. A report and recommendation relating to the first trancheof privileged documents reviewed by the Special Master was finalizedin April 2016 and adopted by the Court on August 1st, 2016. Pursuantto this report and the Court’s order, Indivior produced certainadditional documents. In response to the Judge’s instruction theSpecial Master also has issued, on February 3rd, 2017, a subsequentreport and recommendation providing findings on the adequacy ofIndivior’s descriptions of these documents in its privilege log. Theparties must file any responses to the Special Master’s findings byFebruary 24, 2017. At that time the Court will consider whether and towhat extent to adopt the Special Master’s report and then will issueany rulings relating thereto. Finally, a second tranche of documentsremains under review by the Special Master. Following that review,the Court’s decision then may be subject to appeal by either party.

Fact discovery is continuing in the antitrust class action litigationdescribed in the Group’ annual report for the 2015 financial year(“Class Action Litigation”). Plaintiffs allege, among other things, thatIndivior violated federal and state antitrust laws in attempting to delay

FTC Investigation & Antitrust Litigationgeneric entry of alternatives to SUBOXONE tablets, and plaintiffs furtherallege that Indivior unlawfully acted to lower the market share of theseproducts.

Amneal Pharmaceuticals LLC, a manufacturer of generic buprenorphine /naloxone tablets, filed a complaint against the Company in December2015. This case has been coordinated with the Class Action litigation.Amneal’s complaint contains antitrust allegations similar in nature tothose set out in the class action complaints, and Amneal has also allegedviolations of the Lanham Act. Amneal served an amended complaint onFebruary 3rd, 2017.On September 22nd, 2016, 35 states and the District of Columbia filed acomplaint against the Company in the same district where the ClassAction and Amneal litigation is pending. The States' complaint is similarto the other pending complaints, and alleges violations of state andfederal antitrust and consumer protection laws. On October 25th, 2016,the Company was informed that the States plan to amend their complaintto add six additional states as plaintiffs. This lawsuit relates to theinvestigation conducted by various states, as discussed in previous filings.On November 16th, 2016 the States served an amended complaint,adding six additional states as plaintiffs. This lawsuit relates to theinvestigation conducted by various states, as discussed in previous filings.Discovery has been coordinated with the Class Action Litigation andAmneal cases, subject to certain stays.

28

ANDA Litigation & Inter Partes Review

Trial against Dr. Reddy’s in the lawsuit involving the Orange Book-listedpatents for SUBOXONE® Film took place on November 7th, 16th, and 21st-

-23rd, 2016, with Dr. Reddy’s 30-month stay of FDA approval on ANDANo. 20-5806 expiring April 17th, 2017. Indivior believes Dr. Reddy’s 30-month stay of FDA approval on ANDA No. 20-5299 also expires on April17th, 2017, however, Dr Reddy’s disputes the applicability of the stay tothis ANDA.

Trial against Alvogen in the lawsuit involving the Orange Book-listedpatents and the ‘497 process patent for SUBOXONE® Film has beenpostponed and will be rescheduled, with Alvogen’s 30-month stay ofFDA approval expiring October 29th, 2017.

By a Court order dated August 22nd, 2016, Indivior’s SUBOXONE® Filmpatent litigation against Sandoz has been dismissed without prejudicebecause Sandoz is no longer pursuing Paragraph IV certifications for itsproposed generic formulations of SUBOXONE® film.

Trial against Mylan in the lawsuit involving the Orange Book-listedpatents and the ‘497 process patent for SUBOXONE® Film is scheduledfor September 25th, 2017, with Mylan’s stay expiring March 24th, 2018.On January 12th, 2017, the District Court issued a claim constructiondecision in the Mylan action that clarified its earlier construction ofcertain terms in the ‘514 patent in the Dr. Reddy’s case.

29

The ruling after trial against Actavis and Par in the lawsuitinvolving the Orange Book-listed patents for SUBOXONE® Filmissued on June 3rd, 2016. The ruling found the asserted claimsof the ‘514 patent valid and infringed; the asserted claims ofthe ‘150 patent valid but not infringed; and the asserted claimsof the ‘832 patent invalid, but found that certain claims wouldbe infringed if they were valid.

Based on the ruling as to the ’514 patent, Actavis and Par arecurrently enjoined from launching a generic product. Par hasappealed and Actavis is expected to appeal this ruling. Thegenerics have also moved to reopen the judgment based on amore stringent claim construction in the Dr. Reddy’s case. Inlight of the motions to reopen, Par’s appeal has beendeactivated until the District Court rules on the motions, andthe deadline for Actavis to file a notice of appeal has beenpostponed.

Trial against Dr. Reddy’s, Actavis and Par in the lawsuitsinvolving the process patent (US Patent No. 8,900,497) tookplace on November 16th and 21st-23rd, 2016.

Mylan has filed a petition seeking an inter partes review of the‘514 patent. A decision by the USPTO on whether to instituteIPR proceedings is expected in May 2017.

Certain claims of the ’832 patent were found invalid in an IPRproceeding brought by BioDelivery Sciences International(BDSI), a decision that has been affirmed by the Court ofAppeals for the Federal Circuit.

In the event of a ruling in these matters that none of theclaims of the asserted patents are valid and infringed by theANDA-filers, and should there be FDA approval of one or moreof the ANDAs and subsequent commercial launch of genericSUBOXONE® film, and pipeline products fail to obtainregulatory approval, there is the likelihood that revenues andoperating profits of the Company will significantly decline. Inthese circumstances the Directors believe they would be ableto take the required steps to reduce the cost base, howeverthis would result in a significant change to the structure of thebusiness.

ANDA litigation and Inter-Partes Reviews

Indivior received a Paragraph IV notification from Teva, datedFebruary 8th, 2016, indicating that Teva had filed a 505(b)(2)New Drug Application (NDA) for a 16mg/4mg strength ofBuprenorphine/naloxone sublingual film. The parties haveagreed that infringement by Teva’s 16 mg/4 mg dosage strengthwill be governed by the infringement ruling on the accused 8mg/2 mg dosage strength in the ANDA now owned by Dr.Reddy’s that was the subject of the trial in November 2016.

The USPTO declined to institute Teva’s petitions for inter partesreview of the three Orange Book-listed patents on proceduralgrounds.

30

Dr. Reddy’s filed an inter partes review petition on each of thethree Orange Book Patents. These petitions are substantivelysimilar to those filed by Teva. The USPTO denied the petitions,finding Dr. Reddy’s had failed to establish a reasonable likelihoodof showing the challenged claims are unpatentable as obvious.Dr. Reddy’s has requested rehearing of the denials.

French Competition Authority Investigation

On January 11th, 2017, the French Supreme Court issued adecision dismissing the Company’s appeal of a €0.3M finelevied against the Company in connection with a statement ofobjections that was issued by the French Competition Authorityagainst the Company in November 2012. As discussed inprevious filings, this statement of objections was issued inrelation to conduct relating to the sale and distribution ofSUBUTEX® tablet in France, which was part of a widerinvestigation involving alleged anti-competitive conduct of acompetitor. A private civil claim has been brought against thiscompetitor as a result of the findings against it, and it istherefore possible that a similar private civil claim could bebrought against the Indivior Group.

Estate of John Bradley Allen

On December 27th, 2016, the Estate of John Bradley Allen filed

a civil complaint against Indivior Inc. and Indivior PLC, among

other parties, in the Northern District of New York seeking

relief under Connecticut’s products liability and unfair trade

practices statues for damages allegedly caused by Suboxone.

31

Chief Scientific Officer

Christian Heidbreder

The Pipeline

OPIOID USE DISORDERProduct Geography Milestone

SUBOXONE®Tablet

Additional Dosage Strengths 12mg/3 mg and 16 mg/4 mg: sNDS submitted to Health Canada (HC) Dec 6th, 2016.

NDA submitted: NDA submitted to CFDA Dec 27th, 2016.

RBP-6000 in ATRIGEL®

Phase 3 efficacy and safety trial (RB-US-13-0001): Positive top line results Aug 17th, 2016.

Phase 3 long-term safety trial (RB-US-13-0003): Database lock achieved Oct 31st, 2016.

Extension study (INDV-6000-301): First Patient dosed in Aug 2016.

REmission from Chronic Opioid Use: Studying EnVironmental and socioEconomic factors on Recovery (RECOVER®) study: 530 subjects achieved baseline survey Jan 2017.

Regulatory: Fast Track Designation May 23rd, 2016 REMS meeting Sep 28th, 2016; Pre-NDA meeting Dec 14th, 2016. NDA submission: Q2-2017.

Meeting with Regulatory Agencies Q4-2016: TGA; HC; ANSM; MHRA; MPA; BfArM.

NDS: New Drug Submission; NDA: New Drug Application; TGA: Therapeutic Goods Administration; HC: Health Canada; ANSM: Agence Nationale de Sécurité du Médicament et des Produits de Santé; MHRA: Medicines and Healthcare products Regulatory Agency; MPA: Medical Products Agency; BfArM: Bundesinstitut für Arzneimittel und Medizinprodukte. 34

PSYCHIATRIC CO-MORBIDITIES

Product Geography Milestone

RBP-7000 in ATRIGEL®

US

Phase 3 efficacy and safety trial (RB-US-09-0010):

Positive top line results released May 5th, 2015.

Phase 3 long-term safety extension trial (RB-US-13-0005):

Database Lock achieved Oct 21st, 2016.

US Health Economics & Outcomes Research (HEOR) studies:

Analysis of HEOR endpoints in Phase III RB-US-09-0010 and RB-US-13-0005 with budget Impact Model & AMCP dossier.

Pre-NDA meeting held August 4th, 2016:

FDA agreement with proposed stability testing timelines & NDA submission strategy (Target: Q4-2017).

35

RESCUE MEDICATIONS FOR DRUG OVERDOSE/INTOXICATION

Product Geography Milestone

Intranasal Naloxone for Opioid Overdose

France

Temporary Authorization for Use (ATU): Approved by French ANSM on Nov 5th, 2015.

ANSM approved ATU launch on Jul 26th, 2016 with NALSCUE® launch in France on Jul 27th, 2016.

MAA submitted Nov 28th, 2016.

RBP-8000: Cocaine Esterase for Cocaine Intoxication

US

Breakthrough Therapy Designation: Granted Oct 17th, 2014.

Second Type B meeting with the FDA: Mar 16th, 2016.

Per agreement with FDA, work has continued with the development of a lyophilized product and first test batch has been manufactured in October 2016.

ANSM: Agence Nationale de Sécurité du Médicament et des Produits de Santé; MAA: Marketing Authorisation Application

36

ALCOHOL USE DISORDER

Product Geography Milestone

Arbaclofen Placarbil

RB-US-14-0001: Final Clinical Study Report Jun 29th, 2016.

Arbaclofen Placarbil appears to be safe & well tolerated up to a dose of 240mg in controlled abstinence setting, but with significant inter-individual variability in pharmacokinetics profile as doses increased.

In vitro and potential in vivo alcohol interactions require:

— new formulation: New Phase 1 bioavailability clinical study protocol (INDV-AP-102) of a new formulation of Arbaclofen Placarbil was approved by the Research Ethics Committee in Nov 2016; CTA approved by MHRA Jan 18th, 2017.

— First subject was dosed with the new formulation on Feb 6th, 2017.

— additional clinical studies (regional absorption and alcohol interaction) to mediate safety risk prior to further outpatient studies in AUD patients.

37

Chief Executive Officer

Shaun Thaxter

The Future

Preserve leadership position in USA against 7 generic and 3 branded competitors

Indivior PLC – Priorities for 2017

1.Suboxone Film Resilience

• Expand treatment access in USA

• Opioid painkiller dependence in Europe

• NDA filed in China Dec.2016

3. Expand Global treatment

• RBP-6000 Monthly Depot Buprenorphine

• RBP-7000 Monthly Depot Risperidone

2. Ensure Successful launch for Pipeline products filing NDAs in 2017

Resolve legal risks and secure long-term certainty for Company

40

• Pay down debt and strengthen balance sheet

• Manage down other risks

US Listing process suspended temporarily but work continues

4. Prepare for possibleBD / M&A

Guidance for 2017

• No material change in current market conditions; No major deterioration in generic tablet pricing;

limited impact of branded competition

no generic film entry in 2017.

modest loss of US share due to new competition & some managed Medicaid accounts lost in 2016/2017

At constant exchange

Excluding Exceptional Items

2016 2017 Guidance

Net Revenue $1,058m $1,050m-$1,080m

Net Income (adjusted) $254m $200m - $220m

• Investment of $40m to $60m in driving long-term organic growth Pre-launch for RBP-6000 Monthly Depot of Buprenorphine,

and distribution system

Expanding access to treatment in current US market following regulatory/legislative changes in 2016

Pre-launch for RBP-7000 Monthly Depot of Risperidone.

41

Pre-launch activity Accelerating growth in treatment in USA

Pre-launch activity

Still open minded on route forward –internal or external – and there is no rush to resolve this, NDA not filed until H2-2017

However, time to start investment is 2017 whichever route is taken

FIRST PRIORITY IS ALWAYS TO INVEST IN ORGANIC GROWTHLower risk, investing in what we know.

RBP-6000 USA Market Growth RBP-7000

New medical affairs capacity toenhance scientific exchange andeducation with physicians on thescience related to receptoroccupancy and blockade.

New field based team withcapability to address the newmechanisms of reimbursementthat will be required

New specialty pharmaceuticaldistribution architecture

Recognising that RBP-6000 willhave a different distribution andreimbursement model

Significant investment in increasing patients access to treatment

Opportunities arising from legislative and regulatory change

- Nurse practitioners and physician assistants

- Patient cap raised for certain qualified, waivered doctors

Continuing enhancement ofcompliance capability to keep upwith expected growth

42

$400m to $700m

Based on then market size with conservative growth forecast

Based on limited market research given early stage of clinical development

>$1,000m

Based on larger $ market size given faster market growth and less price erosion of existing products in market

Based on more detailed market research post Phase II results and Top Line Results of Phase III clinical trial (and with participants in Phase III clinical trial).

RBP-6000 Monthly Depot BuprenorphineNew Peak Net Revenue Forecasts

Old Forecast2014

New Forecast2017

Assumes no material change in market circumstances

43

$100m to $200m

Based on then market size

Conservative assumptions on market share potential (given competition)

$200m to $300m

Current market size (market has grown)

More realistic assumptions on market potential given Phase III results and preliminary market research using these results.

RBP-7000 Monthly Depot Risperidone New Peak Net Revenue Forecasts

Old Forecast2014

New Forecast2017

Still considering best commercialisation option – no decision required yet

Assumes no material change in market circumstances

44

Agenda for 2017 – H1Date Activity Event

Q1

Jan JP Morgan Conference San Francisco

Feb 22 Full Year 2016 Financial Results Presentation in London (webcast live)

End Q1 RBP-6000 Long-term safety extension Top Line results

End Q1 RBP-7000 long-term safety extension Top Line results

Q2

Q2 ANDA Trial vs Dr Reddy’s Laboratories Judgement expected

Q2 Trial against DRL, Actavis & Par on ‘497 patent Judgement expected

May 3 Q1 2017 results Conference Call

May 4 Deutsche Bank Boston Conference

June 6 Jefferies New York Conference

Q2 RBP-6000 NDA filing

June CPDD Conference RBP-6000 Phase III efficacy, safety & HEOR data

45

Agenda for 2017 – H2Date Activity Event

Q3

July 27 Half Year 2017 Financial Results Presentation (webcast live)

Sept Morgan Stanley New York Conference

Sept ANDA trial vs Alvogen Trial hearings on Orange Book Listed patents

Sept 25 ANDA trial vs Mylan Trial hearings on Orange Book Listed patents

Q4

October ACoP Conference RBP-6000 Phase III Exposure/Response Data

Nov 2 Q3 2017 results Conference Call

Nov Jefferies London Conference

Q4 RBP-7000 NDA filing

Q4 PDUFA date for RBP-6000 assuming Priority Review is granted.

46

We face the future with confidence

We are making progress in

managing the risks to the

business

We look forward to continuing our

progress

Summary

47

IndicationSUBOXONE® (buprenorphine and naloxone) Sublingual Film (CIII) is a prescription medicine indicated for treatment of opioid dependence and should be used as part of a complete treatment plan to include counseling and psychosocial support. Treatment should be initiated under the direction of healthcare providers qualified under the Drug Addiction Treatment Act.IMPORTANT SAFETY INFORMATION Do not take SUBOXONE Film if you are allergic to buprenorphine or naloxone as serious negative effects, including anaphylactic shock, have been reported.SUBOXONE Film can be abused in a manner similar to other opioids, legal or illicit.SUBOXONE Film contains buprenorphine, an opioid that can cause physical dependence with chronic use. Physical dependence is not the same as addiction. Your healthcare provider can tell you moreabout the difference between physical dependence and drug addiction. Do not stop taking SUBOXONE Film suddenly without talking to your healthcare provider. You could become sick withuncomfortable withdrawal symptoms because your body has become used to this medicine.SUBOXONE Film can cause serious life-threatening breathing problems, overdose and death, particularly when taken by the intravenous (IV) route in combination with benzodiazepines or othermedications that act on the nervous system (ie, sedatives, tranquilizers, or alcohol). It is extremely dangerous to take nonprescribed benzodiazepines or other medications that act on the nervoussystem while taking SUBOXONE Film.You should not drink alcohol while taking SUBOXONE Film, as this can lead to loss of consciousness or even death.Death has been reported in those who are not opioid dependent.Your healthcare provider may monitor liver function before and during treatment.SUBOXONE Film is not recommended in patients with severe hepatic impairment and may not be appropriate for patients with moderate hepatic impairment. However, SUBOXONE Film may be usedwith caution for maintenance treatment in patients with moderate hepatic impairment who have initiated treatment on a buprenorphine product without naloxone.Keep SUBOXONE Film out of the sight and reach of children. Accidental or deliberate ingestion of SUBOXONE Film by a child can cause severe breathing problems and death.Do not take SUBOXONE Film before the effects of other opioids (eg, heroin, hydrocodone, methadone, morphine, oxycodone) have subsided as you may experience withdrawal symptoms.Injecting the SUBOXONE Film product may cause serious withdrawal symptoms such as pain, cramps, vomiting, diarrhea, anxiety, sleep problems, and cravings.Before taking SUBOXONE Film, tell your healthcare provider if you are pregnant or plan to become pregnant. If you are pregnant, tell your healthcare provider as withdrawal signs and symptoms shouldbe monitored closely and the dose adjusted as necessary. If you are pregnant or become pregnant while taking SUBOXONE Film, alert your healthcare provider immediately and you should report itusing the contact information provided below. *Opioid‐dependent women on buprenorphine maintenance therapy may require additional analgesia during labor.Neonatal opioid withdrawal syndrome (NOWS) is an expected and treatable outcome of prolonged use of opioids during pregnancy, whether that use is medically-authorized or illicit. Unlike opioidwithdrawal syndrome in adults, NOWS may be life-threatening if not recognized and treated in the neonate. Healthcare professionals should observe newborns for signs of NOWS and manageaccordingly.Before taking SUBOXONE Film, talk to your healthcare provider if you are breastfeeding or plan to breastfeed your baby. The active ingredients of SUBOXONE Film can pass into your breast milk. Youand your healthcare provider should consider the development and health benefits of breastfeeding along with your clinical need for SUBOXONE Film and should also consider any potential adverseeffects on the breastfed child from the drug or from the underlying maternal condition.Do not drive, operate heavy machinery, or perform any other dangerous activities until you know how SUBOXONE Film affects you. Buprenorphine in SUBOXONE Film can cause drowsiness and slowreaction times during dose-adjustment periods.Common side effects of SUBOXONE Film include nausea, vomiting, drug withdrawal syndrome, headache, sweating, numb mouth, constipation, painful tongue, redness of the mouth, intoxication(feeling lightheaded or drunk), disturbance in attention, irregular heartbeat, decrease in sleep, blurred vision, back pain, fainting, dizziness, and sleepiness.This is not a complete list of potential adverse events associated with SUBOXONE Film. Please see full Prescribing Information for a complete list.*To report pregnancy or side effects associated with taking SUBOXONE Film, please call 1-877-782-6966. You are encouraged to report negative side effects of prescription drugs to the FDA. Visitwww.fda.gov/medwatch or call 1-800-FDA-1088.For more information about SUBOXONE Film, SUBOXONE® (buprenorphine and naloxone) Sublingual Tablets (CIII), or SUBUTEX® (buprenorphine) Sublingual Tablets (CIII), please see the respective fullPrescribing Information and Medication Guide at www.suboxoneREMS.com. 48

Strengthening our global leadership in Addiction Treatment

Supplementary Slides

Peer Reviewed Publications – update 2016-2017Peer Reviewed Publications 2016-2017

Nasser AF, Greenwald MK, Vince B, Fudala PJ, Twumasi-Ankrah P, Liu Y, Jones JP III, Heidbreder C (2016) Sustained-Release Buprenorphine (RBP-6000) Blocks the Effects of Opioid Challenge with Hydromorphone in Subjects with Opioid Use Disorder. J Clin Psychopharmacol. 36(1):18-26. http://dx.doi.org/10.1097/JCP.0000000000000434

Liu Y, Li X, Xu A, Nasser AF, Heidbreder C (2016) Simultaneous determination of buprenorphine, norbuprenorphine and naloxone in human plasma by liquid chromatography/tandem mass spectrometry. J. Pharm. Biomed. Analysis, 120:142-152. http://dx.doi.org/10.1016/j.jpba.2015.12.008

Micheli F, Cremonesi S, Semeraro T, Tarsi L, Tomelleri S, Cavanni P, Zonzini L, Feriani A, Braggio S, Heidbreder C (2016) Novel morpholine scaffolds as selective dopamine (DA) D3 receptor antagonists. Bioorganic & Medicinal Chemistry, 26(4): 1329-1332. http://dx.doi.org/10.1016/j.bmcl.2015.12.081

Nasser AF, Henderson DC, Fava M, Fudala PJ, Twumasi-Ankrah P, Kouassi A, Heidbreder C (2016) Efficacy, safety and tolerability of RBP-7000 once monthly risperidone for the treatment of acute schizophrenia: An 8-week, randomized, double-blind, placebo-controlled, multicenter Phase 3 study. J. Clin. Psychopharmacology, 36(2):130-140. http://dx.doi.org/10.1097/JCP.0000000000000479

Micheli F, Bernardelli A, Bianchi F, Braggio S, Castelletti L, Cavallini P, Cavanni P, Cremonesi S, Cin MD, Feriani A, Oliosi B, Semeraro T, Tarsi L, Tomelleri S, Wong A, Visentini F, Zonzini L, Heidbreder C (2016) 1,2,4-Triazolyl Octahydropyrrolo[2,3‐b]pyrroles: A New Series of Potent and Selective Dopamine D3 Receptor Antagonists. Bioorganic & Medicinal Chemistry, 24(8): 1619-1636. http://dx.doi.org/10.1016/j.bmc.2016.02.031

Isitt JJ, Nadipelli VR, Kouassi A, Fava M, Heidbreder C (2016) Health-related quality of life in acute schizophrenia patients treated with RBP-7000 once monthly risperidone: An 8-week, randomized, double-blind, placebo-controlled, multicenter phase 3 study. Schizophr. Res. 174(1-3):126-131.http://dx.doi.org/10.1016/j.schres.2016.03.020

Laffont CM, Gomeni R, Heidbreder C, Jones JP 3rd, Nasser AF (2016) Population Pharmacokinetic Modeling After Repeated Administrations of RBP-6000, a New, Subcutaneously Injectable, Long-Acting, Sustained-Release Formulation of Buprenorphine, for the Treatment of Opioid Use Disorder. J Clin Pharmacol.56(7):806-815. http://dx.doi.org/10.1002/jcph.665

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Peer Reviewed Publications – update 2017

Peer Reviewed Publications 2017

Micheli F, Bacchi A, Braggio S, Castelletti L, Cavallini P, Cavanni P, Cremonesi S, Dal Cin M, Feriani A, Gehanne S, Kajbaf M, Marchió L, Nola S, Oliosi B, Pellacani A, Perdona' E, Sava A, Semeraro T, Tarsi L, Tomelleri S, Wong A, Visentini F, Zonzini L, Heidbreder CA (2016) 1,2,4-Triazolyl 5-Azaspiro[2.4]heptanes: Lead Identification and Early Lead Optimization of a New Series of Potent and Selective Dopamine D3 Receptor Antagonists. J. Med. Chem. 59(18): 8549-8576. http://dx.doi.org/10.1021/acs.jmedchem.6b00972

Boscarino JA, Kirchner HL, Pitcavage JM, Nadipelli VR, Ronquest NA, Fitzpatrick MH, Han JJ (2016) Factors associated with opioid overdose: a 10-year retrospective study of patients in a large integrated health care system. Subst Abuse Rehabil. 7:131-141. http://dx.doi.org/10.2147/SAR.S108302

Joshi A, Parris B, Liu Y, Heidbreder C, Gerk P, Halquist M (2017) Quantitative determination of buprenorphine, naloxone and their metabolites in rat plasma using hydrophilic interaction liquid chromatography coupled with tandem mass spectrometry. Biomed. Chromatogr. Jul 7, Electronic Publication ahead of print. http://dx.doi.org/10.1002/bmc.3785

Joshi A, Halquist M, Konsoula Z, Liu Y, Jones JP 3rd, Heidbreder C, Gerk PM (2017) Improving the oral bioavailability of buprenorphine: an in-vivo proof of concept. J Pharm Pharmacol. 69(1): 23-31. http://dx.doi.org/10.1111/jphp.12652

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