Page 1 of 1 Quantitative Equity Report | Release Date: 25 November 2014 | Reporting Currency: EUR | Trading Currency: EUR Bioorganic Research And Services Sa BNT Last Close Quantitative Fair Value Estimate Market Cap (Mil) Sector Industry 6.81 10.93 28.3 d Healthcare Biotechnology Bioorganic Research and Services SA is a pharmaceutical company developing and producing biological products for the pharmaceutical and veterinarian sectors. It specializes in the prevention and treatment of niche diseases, such as orphan disease. Quantitative Scores Country of Domicile ESP Spain Price Versus Quantitative Fair Value 2010 2011 2012 2013 2014 2015 16 Sales/Share Forecast Range Forcasted Price Dividend Split 12 Momentum: — Standard Deviation: — 20 Scores All Rel Sector Rel Country Quantitative Moat None Valuation Undervalued Quantitative Uncertainty Extreme Financial Health Moderate 41 93 17 32 60 81 34 17 34 99 5 26 Quantitative Fair Value Estimate 8 2.71 Total Return 52-Wk 13.98 4 BNT d ESP Undervalued Fairly Valued Overvalued Valuation Sector Median Country Median — — — — — — — — 0.78 25.3 13.8 17.1 24.3 1.35 3.2 3.6 0.90 17.3 13.9 10.1 16.9 2.25 1.3 1.1 Current 5-Yr Avg Sector Median Country Median 12.5 6.6 297.2 8.4 2.3 274.5 Current 5-Yr Avg Price/Quant Fair Value Price/Earnings Forward P/E Price/Cash Flow Price/Free Cash Flow Dividend Yield % Price/Book Price/Sales 0.62 22.5 — — — — 3.3 14.9 Profitability Return on Equity % Return on Assets % Revenue/Employee (K) 22.8 11.0 118.4 — — — Score 100 Quantitative Moat 80 60 40 20 0 2007 2008 2009 2010 2011 2012 2013 Financial Health Current 5-Yr Avg Distance to Default Solvency Score Assets/Equity Long-Term Debt/Equity 2014 Sector Median Country Median 0.6 483.9 1.4 0.1 0.6 871.0 2.6 0.4 0.4 — 2.2 0.9 — — 2.5 — 1-Year 3-Year 5-Year 10-Year 96.4 — — — 49.8 198.7 84.8 — — — — — — — — — — — — — — — — — Growth Per Share Revenue % Operating Income % Earnings % Dividends % Book Value % Stock Total Return % — — — — — — 110.2 94.7 43.4 42.8 — — — — — — — -27.7 21.4 — 41.7 22.7 — 22.5 14.9 Total Return % +/– Market (Morningstar World Index) Dividend Yield % Price/Earnings Price/Revenue Undervalued Fairly Valued Overvalued Monthly Volume (Thousand Shares) Liquidity: Medium 89 2009 2010 2011 2012 2013 TTM — — 138 — 289 109.6 443 53.3 870 96.4 1,894 117.6 Financials (Fiscal Year in K) Revenue % Change — — — -60 — 553 -75 — 308 -762 — -342 219 — 473 1,156 428.6 1,260 Operating Income % Change Net Income — — — — — — — — — — — — — — — — — — — — — — — 0.0 — — — — — — — — — -0.08 — — 0.11 — — 0.30 166.5 — EPS % Change Free Cash Flow/Share — — — — — — — — 4,192 — 0.68 4,157 — 1.02 — — 2.03 4,157 Dividends/Share Book Value/Share Shares Outstanding (K) — — — — — 25.3 11.0 401.1 0.03 2.3 12.9 5.0 106.6 0.05 2.8 -12.5 -4.6 -77.2 0.06 2.7 13.3 5.6 54.4 0.10 2.2 22.8 11.0 66.5 0.16 1.8 Profitability Return on Equity % Return on Assets % Net Margin % Asset Turnover Financial Leverage — — — 288.9 -43.9 — 272.8 -26.0 — 210.4 -172.0 373 151.7 25.1 3,720 121.6 61.0 457 Gross Margin % Operating Margin % Long-Term Debt — — 2,191 0.1 2,602 0.1 2,856 0.2 4,242 0.3 8,454 0.7 Total Equity Fixed Asset Turns Semi-Annual Revenue & EPS Revenue (K) Mar Jun 2014 — 1,332.0 2013 — 308.0 2012 — 147.9 2011 — 258.1 Earnings Per Share 2014 — 0.20 2013 — 0.01 2012 — — 2011 — — Operating Cash Flow Capital Spending Free Cash Flow % Sales Revenue Growth Year On Year % Sep — — — — — — — — Dec — 562.5 295.3 31.1 — 0.10 0.01 — Total — 870.5 443.2 289.2 — 0.11 -0.08 — 849.6 386.3 332.5 108.3 -63.4 2010 2011 90.5 -42.7 2012 ©2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. 2013 2014 ® ß