Ownership (As on May 29, 2012)

● XXX is dedicated to the development and provision of innovative immunoassays for use in clinical and research laboratories

● Supplies specialist immunoassay kits and automated immunoanalyser technologies for use in research, medical and pharmaceutical applications

● In FY’11, 167 IDS-iSYS systems were sold / placed on a reagent rental basis by the Company

● Organised into following reportable segments:− Based on products: Vitamin D (55.5%), Automation (20.6%), Octeia (4.3%), Gamma B

(1.5%), Distribution of third-party sales (3.4%), Nordic Bioscience (7.7%), Biocode Hycel (3%) and Others (3.9%)

− Based on geography: UK (25.7%), Europe (36.9%) and USA (37.3%)● Has 3 manufacturing sites in Europe; France, the UK and Belgium● Operates through subsidiaries in the US, Germany, France and Denmark● Other markets are serviced through a network of 39 distributors covering 28 countries● Founded: 1947; Headquartered: Boldon, UK; Employees: 294; Status: Public (AIM:IDH)

XXX enjoys a leading position in the provision of immunoassay kits for the determination of vitamin D

Business Description Financials

Company Overview

Shareholders % held

Forum Venture Capital 27.08

Schroder Investment Managers 10.98

Black Rock, Inc. 10.46

Newton Investment Management Ltd 5.80

Dr R T Duggan 5.41

HSBC Trinkaus & Burkhardt 3.60

Others 36.67

● In 2011, turnover increased by 35% (y-o-y) to £50.2m compared to £37.2m in 2010− Due to significant growth in sales of automated IDS-iSYS products coupled with large

accounts secured in the US

Directors & Executives

Board of DirectorsName TitleAnthony Martin Non-Executive ChairmanPatrik Dahlen CEOMartha Garrity Technical DirectorGerard Murray Group Finance DirectorAlain Rousseau Engineering Director Eddie Blair Non-Executive DirectorBurkhard Wittek Non-Executive Director Roland Sackers Non-Executive Director Senior ExecutivesName TitleKenneth Gibbs CEO and MD, USAEd Coombes Country Manager, FranceDagmar Kasper Country Manager, Northern EuropeRudolf Schemer Country Manager, Germany

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FYE 31 Mar, £ m

2008A 2009A 2010A 2011A 2012E 2013E 2014ECAGR 08-11

CAGR 11-14E

Revenue 16.5 24.9 37.2 50.2 52.7 54.9 60.0 45.0% 6.1%

% growth 66.0% 51.4% 49.0% 35.0% 5.1% 4.2% 9.3%

EBITDA 5.3 7.0 15.0 21.0 19.3 21.5 23.2 58.7% 3.4%

% margin 31.9% 28.0% 40.4% 41.9% 36.6% 39.2% 38.7%

D & A 0.9 1.4 3.4 3.8 4.6 4.9 5.1 59.9% 10.2%

% sales 5.7% 5.7% 9.0% 7.6% 8.7% 8.9% 8.5%

Capex (1) 3.1 5.7 7.0 8.2 6.7 6.6 6.6 37.7% (6.9%)

% sales 19.0% 23.1% 18.8% 16.3% 12.7% 12.0% 11.0%

Segments Description

IDS

Overview

● Has direct presence in Scandinavia, Germany and France through offices in Copenhagen supporting Scandinavia and the Baltic States; Frankfurt supporting Germany, Austria, Switzerland and Eastern Europe; Paris supporting French market

● Has 2 manufacturing sites in Europe located in France and Belgium

● Operates through two distribution hubs, the first in UK supporting UK, Scandinavian and export customers and the second in central Germany supporting Eurozone customers

● Houses manual and automated reagent development, manufacturing and sales operations

● In 2011, UK domestic sales accounted for only 5% of IDS’ total sales, rest of the sales were generated from export

● Supports UK, Scandinavian and export customers through the distribution hub located in UK

● Established as Immunodiagnostic Systems Inc in January 2003

● Collaborates with companies who market and sell open-menu automated systems

● In 2010, the receipt of 510(k) clearancesenables IDS to market the IDS-iSYS,a fully-automated closed immunoassy system and its flagship product, 25-Hydroxy Vitamin D, in the US laboratories undertaking analyses for human diagnostic purposes

● Has a distribution hub in Scottsdale, Arizona supporting US customers

Financial Performance

● Revenue growth CAGR (2006-11): 65.2%● In 2011, revenue of the segment increased by

56% (y-o-y) and reached £18.7m; while, profit before tax declined by 40% (y-o-y) before adjustments− Growth in revenue was mainly due to

acquisition of larger accounts in the US

● Revenue growth CAGR (2006-11): 64.9%● In 2011, revenue of the segment increased by

22.7% (y-o-y) and reached £18.5m along with increase in profit before tax by 305% (y-o-y) before adjustments− Direct sales operations recorded a growth

of 29% to £10.1m in France and 31% to £6.0m in Germany

● Revenue growth CAGR (2006-11): 20.4%● In 2011, revenue of the segment increased by

28.3% (y-o-y) and reached £12.9m along with increase in profit before tax by 61.7% (y-o-y) before adjustments

USA(37.3%)

Europe(36.9%)

UK(25.7%)

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Source: Company data