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Investor Presentaiton

Meaningful industry consolidation is underway Date Company November Synlab Analytics & Services November LGC July Genomic Health July Quotient Sciences July Just Biotherapeutics April Paragon September Genewiz July Halo March BIO7 March Selection of recent significant transactions in the testing industry Acquirer Geography Sales (Em) EV (Em) EV/Sales (x) EV/EBITDA (x) 2020 SGS EU Integrated DNA Technologies Inc. September Chiltern International June May April EUROIMMUN Patheon Exova January Cerba December Unilabs November Cepheid January WIL Research 202 550 2.7x 16.2x AVERAGE 2.7x 16.2x 2019 Cinven and Astorg UK 525 3,519 6.7x 17.1x Exact Sciences US 507 2,816 5.6x 25.0x Permira UK 129 705 5.5x 17.0x Evotec US 18 80 4.5x N/A Catalent US 178 1,067 6.0x 21.4x AVERAGE 5.7x 20.1x 2018 Brooks Automation US 102. 383 3.8x N/A Cambrex US 87 353 4.0x 15.7x Cerbal FR 110 500 4.5x N/A Danaher Corp US 163 1,628 10.0x N/A AVERAGE 5.6x 15.7x 2017 Labcorp US 133 990 7.4x N/A PerkinElmer DE 166 1,139 6.9x 32.0x Thermo Fischer NL 1,712 6,424 3.8x 18.1x Element Materials Tech UK 401 743 1.9x 9.4x PSP, Partners Group FR 630 1,800 2.9x 12.0x AVERAGE 4.6x 17.9x 2016 Apax IX Danaher CHI 675 1,500 2.2x 11.8x US 485 3,770 7.8x N/A Charles River US 194 527 2.7x 13.0x AVERAGE 4.2x 12.4x 2015 December Element Materials Technology Bridgepoint UK 270 900 3.3x 12.2x December LGC KKR UK 358 1,237 3.5x 14.2x October July Professional Service Industries (PSI) Amedes Intertek US 227 290 1.3x 7.6x Antin Infrastructure Partners DE 399 775 1.9x 9.7x June Environmental Resources Mgmt Omers Private Equity UK 835 1,511 1.8x 14.4x June Bio-Reference Laboratories Opko Health US 787 1,337 1.7x 12.6x June May Synlab (Majority stake) Labco Cinven DE 756 1,750 2.3x 12.1x Cinven FR 650 1,200 1.8x 9.1x AVERAGE 2.2x 11.5x 2014 November June Covance Zygo Corporation Labcorp AMETEK US 2,465 5,320 2.2x 16.5x US 1421 257 1.8x 13.0x February January Maxxam Analytical International Corporation Bureau Veritas SA Diagnósticos Da América Sa CA 179 433 2.4x 12.5x Cromossomo Participações li Sa BR 1,009 1,420 1.6x 8.7x AVERAGE 2.0x 12.7x * eurofins Source: Mergermarket, Company announcements, Bloomberg Terminal, Estimates based on publicly available information 43
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