1Q’15 Earnings Call Presentation November 13, 2014

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Agenda

John Chiminski, President & Chief Executive Officer

•  1Q’15 Highlights

Matt Walsh, Executive VP & Chief Financial Officer

•  1Q’15 Business Segment Financial Performance

•  EBITDA & Adjusted EBITDA

•  Adjusted Net Income and Adjusted EPS

•  Capitalization Highlights

•  FY’15 Financial Guidance

Question & Answer Session

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Disclaimer Statement

Forward-Looking Statements This press release contains both historical and forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of statements that include phrases such as “believe,” “expect,” “anticipate”, “intend”, “estimate”, “plan”, “project”, “foresee”, “likely”, “may”, “will”, “would” or other words or phrases with similar meanings. Similarly, statements that describe our Catalent’s objectives, plans or goals are, or may be, forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from Catalent, Inc.’s expectations and projections. Some of the factors that could cause actual results to differ include, but are not limited to, the following: general industry conditions and competition; product or other liability risk inherent in the design, development, manufacture and marketing of our offerings; inability to enhance our existing or introduce new technology or services in a timely manner; economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; and our substantial debt and debt service requirements that restrict our operating and financial flexibility and impose significant interest and financial costs; or difficulty in integrating Micron Technologies into Catalent’s existing business, thereby reducing or eliminating the anticipated benefits of the transaction. For a more detailed discussion of these and other factors, see the information under the caption “Risk Factors” in its Annual Report on Form 10-K for the fiscal year ended June 30, 2014 filed with the Securities and Exchange Commission. All forward-looking statements in this release speak only as of the date of this release or as of the date they are made, and Catalent, Inc. does not undertake to update any forward-looking statements as a result of new information or future events or developments unless except to the extent required by law.

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Disclaimer Statement - Continued Non-GAAP Financial Matters Management measures operating performance based on consolidated earnings from continuing operations before interest expense, expense/ (benefit) for income taxes and depreciation and amortization and is adjusted for the income or loss attributable to non-controlling interest (“EBITDA from continuing operations”). EBITDA from continuing operations is not defined under US U.S. GAAP and is not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP and is subject to important limitations. Management believes these non-GAAP financial measures provide useful supplemental information for its investors’ evaluation of the Company’s business performance and are useful for period-over-period comparisons of the performance of the Company’s business.

We believe that the presentation of EBITDA from continuing operations enhances an investor’s understanding of our financial performance. We believe this measure is a useful financial metric to assess our operating performance from period to period by excluding certain items that we believe are not representative of our core business and use this measure for business planning purposes. In addition, given the significant investments that we have made in the past in property, plant and equipment, depreciation and amortization expenses represent a meaningful portion of our cost structure. We believe that EBITDA from continuing operations will provide investors with a useful tool for assessing the comparability between periods of our ability to generate cash from operations sufficient to pay taxes, to service debt and to undertake capital expenditures because it eliminates depreciation and amortization expense. We present EBITDA from continuing operations in order to provide supplemental information that we consider relevant for the readers of the financial statements, and such information is not meant to replace or supersede U.S. GAAP measures. Our definition of EBITDA from continuing operations may not be the same as similarly titled measures used by other companies.

As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a constant currency basis in addition to reported results helps improve investors’ ability to understand our operating results and evaluate our performance in comparison to prior periods. Constant currency information compares results between periods, as if exchange rates had remained constant period-over-period. We use results on a constant currency basis as one measure to evaluate our performance. In this release, we calculate constant currency by calculating current-year results using prior-year foreign currency exchange rates. We generally refer to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange translation. These results should be considered in addition to, not as a substitute for, results reported in accordance with GAAP. Results on a constant currency basis, as we present them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with GAAP.

In addition, the Company evaluates the performance of its segments based on segment earnings before minority interest, other (income) expense, impairments, restructuring costs, interest expense, income tax (benefit)/expense, and depreciation and amortization (“Segment EBITDA”).

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Disclaimer Statement - Continued

Under the indentures governing the notes, the Company’s ability to engage in certain activities such as incurring certain additional indebtedness, making certain investments and paying certain dividends is tied to ratios based on Adjusted EBITDA (which is defined as “EBITDA” in the indentures). Adjusted EBITDA is based on the definitions in the Company’s indentures, is not defined under U.S. GAAP, and is subject to important limitations. We have included the calculations of Adjusted EBITDA for the periods presented. Adjusted EBITDA is the covenant compliance measure used in certain covenants under the indentures governing the notes, particularly those governing debt incurrence and restricted payments. Because not all companies use identical calculations, the Company’s presentation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Management also measures operating performance based on Adjusted Net Income/(loss). Adjusted Net Income/(loss) is not defined under U.S. GAAP and is not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP and is subject to important limitations. For example, Adjusted Net Income excludes our non-cash tax expense and does not reflect the impact on earnings resulting from certain other items. We believe that the presentation of Adjusted Net Income/(loss) enhances an investor’s understanding of our financial performance. We believe this measure is a useful financial metric to assess our operating performance from period to period by excluding certain items that we believe are not representative of our core business and we use this measure for business planning purposes. We define Adjusted Net Income/(loss) as net earnings/(loss) adjusted for (1) earnings or loss of discontinued operations, net of tax, (2) tax expense or income which is not cash, (3) amortization attributable to purchase accounting and (4) income or loss from non-controlling interest in our majority-owned operations. We also make adjustments for other cash and non-cash items included in the table below, partially offset by our estimate of the cash taxes saved as a result of such cash and non-cash items. We believe that Adjusted Net Income/(loss) will provide investors with a useful tool for assessing the comparability between periods of our ability to generate cash from operations available to our stockholders. We present Adjusted Net Income/(loss) in order to provide supplemental information that we consider relevant for the readers of our consolidated financial statements included elsewhere in this presentation, and such information is not meant to replace or supersede U.S. GAAP measures. Our definition of Adjusted Net Income/(loss) may not be the same as similarly titled measures used by other companies.

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Financial Highlights •  1Q consistently exhibits the lowest level of activity due largely to customer

maintenance summer holiday periods •  Revenue growth of 1% both as-reported and in constant currency •  Double-digit EBITDA growth within two of the three operating segments •  Adjusted EBITDA increased 2% to $83.4M, LTM Adjusted EBITDA $433.5M

Over-Allotment fully executed with an additional 6.375M shares sold •  Transaction closed on September 9th with net proceeds of ~$124M used to pay

down unsecured term loan; over $1 billion in gross proceeds raised through the IPO •  September 30th leverage ratio of 4.0x, down from 6.1x at year-end •  Interest expense expected to decrease to $23M-$25M per quarter going forward

Well positioned for both organic and inorganic growth •  Launched OptiPact™, an integrated service and technology offering based on our

expertise in roller compaction •  Acquired the remaining stake in Redwood Bioscience Inc. and its SMARTag™

Antibody-Drug Conjugate (ADC) technology platform •  Announced the acquisition of Micron Technologies, the leading international provider

of particle size engineering technologies

Business Highlights

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Softgel business product mix shift continues

•  ~67% of the segment’s revenue •  Double-digit EBITDA growth in the Consumer Health business in

Latin America driven by favorable mix and Relthy acquisition •  Modest organic softgel growth in AsiaPac driven by business in

China and local market demand in Japan •  As expected, prescription softgel volume declined in North

America; mix shift from Prescription softgel to Consumer Health

Modified Release: favorable product mix drove EBITDA growth

•  ~33% of the segment’s revenue •  Strong profit share revenues from product participation related

activities •  Favorable product mix shift within both controlled release and

Zydis® drove margin expansion within the segment

Business Update – Oral Technologies

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Double-digit EBITDA growth driven by favorable product mix

•  Clinical Services revenue below prior year but modest EBITDA growth driven by favorable product mix

•  Strong Analytical Services revenue and EBITDA growth driven by higher project volumes in the US and the growth of our integrated oral solids development and supply business

•  Backlog of $389.6M as of September 30th, increased 4% from the prior quarter; LTM book-to-bill ratio of 1.19x; net new business wins of $119.6M, decreased 17% from Q1 of the prior year driven by above normal new business wins in the prior year led by several large signings

•  Acquired Micron, which will augment our current capabilities in highly potent and cytotoxic drug handling, integrated inhalation solutions and analytical laboratory services

Business Update – Development & Clinical Services

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Blow-Fill-Seal: strong performance compared to the prior year

•  Double-digit EBITDA growth driven by increased demand, favorable product mix, and operational efficiencies

•  Market fundamentals remain attractive with a robust new product pipeline; seeing mix shift to higher-margin products

Sterile Injectables: off to slow start due to flu volume declines

•  Revenue and EBITDA below prior year

•  Positive outlook driven by FY’13-’14 business development activities and the entry into the Animal Health market

Biologics: continued to invest, an opportunity for future growth

•  Revenue and EBITDA growth related to the timing of completed project milestones

•  Addition of the ADC technology from Redwood Biosciences adds to the breadth of Biologics services we can provide our customers

Business Update – Medication Delivery Solutions

1Q’15 Business Segment Performance

3 Months Ended Inc. / (Dec.) Excluding FX Inc. / (Dec.)

(USD M) September 2014

September 2013 $ % $ %

Oral Technologies

Net Revenue 261.1 258.9 2.2 1% 5.9 2%

Segment EBITDA 57.7 60.4 (2.7) (4%) (0.9) (1%)

Development & Clinical Services

Net Revenue 103.1 101.0 2.1 2% (0.7) (1%)

Segment EBITDA 21.4 15.7 5.7 36% 5.0 32%

Medication Delivery Solutions

Net Revenue 56.9 56.5 0.4 1% 0.4 1%

Segment EBITDA 9.9 8.2 1.7 21% 1.8 22%

Note: All amounts shown above reflect three months ended September 30, 2014, excluding inter-segment revenue elimination and unallocated costs

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Operating Earnings to EBITDA

Note: 1Q’14 includes $50.4M of refinancing and IPO-related one-time costs

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LTM EBITDA Adjustments

Note: 1Q’14 includes $50.4M of refinancing and IPO-related one-time costs

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(USD M)

274

314

354

388

413

432 434

4Q FY’09 4Q FY’10 4Q FY’11 4Q FY’12 4Q FY’13 4Q FY’14

+58% since FY’09

Adjusted EBITDA up $160M Margin +410 bps

LTM Adjusted EBITDA

A Track Record for EBITDA Growth

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Adjusted Net Income and Adjusted EPS

Note: 1Q’14 includes $50.4M of refinancing and IPO-related one-time costs

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Capitalization and Capital Allocation

Capitalization

•  Refinanced secured debt with new Term Loan in May 2014

–  Provides attractive cost of capital and maturity profile

•  Over $1 billion in gross proceeds from the IPO and greenshoe used to pay down unsecured debt

–  Leverage ratio down to 4.0x

Capital Allocation

•  Capital expenditures of $123M in FY’13 and $122M in FY’14

•  Ongoing capital allocation will be focused on:

–  Capex to drive organic growth

–  M&A to supplement organic growth

–  Deleveraging

–  Shareholder returns

(1) (2)

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Guidance

No change to guidance figures above as presented during the FY’14 year-end earnings release

(USD M)

FY'15 Full Year Guidance Range

Low High

Revenue 1,890 1,915

Adjusted EBITDA 450 460

Adjusted Net Income 215 225

Capital Expenditures 115 125

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Supplemental Information

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Advanced Delivery Technologies

•  Softgels •  Modified release

technologies

Development & Clinical Services Oral Technologies Medication Delivery

Solutions

•  FY’14 Net Revenue $1,180M

•  FY’14 Segment EBITDA $324M

% Margin 27%

•  FY’14 Net Revenue $246M

•  FY’14 Segment EBITDA $49M

% Margin 20%

Development Solutions

•  Molecule analysis •  Dose formulation •  Clinical testing •  Regulatory filings

•  FY’14 Net Revenue $412M

•  FY’14 Segment EBITDA $84M

% Margin 20%

Commercialization: On-Patent

Commercialization: Generic/OTC

Clinical Development

Pre-Clinical Development

•  Injectables •  Blow-fill-seal •  Biologics

Complementary Growth Platforms: We Follow the Molecule

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1Q’15 by Business Segment

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Historical Adjusted EBITDA Reconciliation

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Acquisition of Micron Technologies

Acquiring Micron Extends Catalent’s “Follow the Molecule” Strategy

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Micron touches NCEs very early in the drug development cycle and holds on to them

Micron provides new inbound stream of likely-to-outsource molecules for dose form manufacturing in softgel, HME, oral solids, DPIs

•  Many of the best drug candidates are poorly soluble •  Micronization is typically the first choice to improve product solubility •  Micron is the global leader in particle size engineering and the trusted

development partner, supporting new drug development

Formulation Pathway for

Solubility Enhancement

Micron Provides Earlier Pipeline Visibility

500 Opportunities 400 Molecules 200 Customers

…to these segments…

Reliable supply of…

Particle Engineering (PE) Pre-formulation

Analytical Services Formulation & Development

Commercial Manufacturing - PE Scale-up, Validation, Clinical Supply

Scale-up, Validation, Clinical Supply - PE Optiform, Solid State Services

Development & Commercial Manufacturing,

Packaging

•  Catalent can offer a wide range of downstream services and manufacturing capabilities to Micron’s large base of customers and molecules

•  Catalent can provide a wider variety of solubility enhancement alternatives to customers

•  Micronization will strengthen our relationship to compounds under development

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discover more. CATALENT, INC. 14 SCHOOLHOUSE ROAD SOMERSET, NJ 08873 + 1 866 720 3148 www.catalent.com