FTSE COMPANY REPORT Share price analysis relative to sector and index performance

Data as at: 19 November 2015 Aqua Bounty Technologies ABTX Pharmaceuticals & Biotechnology — USD 0.125 at close 19 November 2015

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 19-Nov-2015 19-Nov-2015 19-Nov-2015

0.18 120 120 1D WTD MTD YTD Absolute 0.0 0.0 0.0 -26.5 0.17 110 110 Rel.Sector -0.3 -4.9 0.3 -25.6 Rel.Market -0.7 -3.0 0.4 -25.2

0.16 100 100 VALUATION

(local currency) (local 0.15 90 90 Trailing Relative Price Relative Price

0.14 80 80 PE -ve Absolute Price Price Absolute EV/EBITDA -ve 0.13 70 70 PCF -ve PB 8.7 0.12 60 60 Price/Sales - Nov-2014 Feb-2015 May-2015 Aug-2015 Nov-2015 Nov-2014 Feb-2015 May-2015 Aug-2015 Nov-2015 Nov-2014 Feb-2015 May-2015 Aug-2015 Nov-2015 Div Yield 0.0 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Div Payout 0.0

100 90 100 ROE -ve 90 90 80 Net Debt/Equity 0.7 80 70 80 70 70 60 60 60 DESCRIPTION 50 50 50 40 The Company engages in research, develop and 40 40 RSI (Absolute) RSI 30 commercialize products that improve aquaculture 30 30 productivity. The Company focuses on improving 20 20 20 productivity in the aquaculture market 10 10 10 RSI (Relative to FTSE UK All-Share Index) UK All-Share to FTSE (Relative RSI RSI (Relative to FTSE UK All-Share Sector) UK All-Share to FTSE (Relative RSI 0 0 0 Nov-2014 Feb-2015 May-2015 Aug-2015 Nov-2015 Nov-2014 Feb-2015 May-2015 Aug-2015 Nov-2015 Nov-2014 Feb-2015 May-2015 Aug-2015 Nov-2015

See final page and http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm for further details.

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Aqua Bounty Technologies 19 November 2015

Valuation Metrics

Price to Earnings (PE) EV to EBITDA Price to Book (PB)

30-Oct-2015 30-Oct-2015 30-Oct-2015 1 1 25 ǁǁ 0.9 0.9 0.8 0.8 20 0.7 0.7 0.6 0.6 15 0.5 0.5 +1SD 0.4 0.4 10 0.3 0.3 Avg 0.2 0.2 5 0.1 0.1 0 ǁǁ0 ǁǁ0 ǁǁ -1SD Nov-2010 Nov-2011 Nov-2012 Nov-2013 Nov-2014 Nov-2010 Nov-2011 Nov-2012 Nov-2013 Nov-2014 Nov-2010 Nov-2011 Nov-2012 Nov-2013 Nov-2014

Vectura Group 120.0 40.9 GlaxoSmithKline 16.0 AstraZeneca 69.9 BTG 30.6 SkyePharma 12.1 BTG 62.7 Genus 18.1 Aqua Bounty Technologies 8.7 43.7 Dechra Pharmaceuticals 17.4 Oxford Biomedica 7.0 Pharmaceuticals & Biotechnology 26.7 Shire 17.2 Pharmaceuticals & Biotechnology 6.6 25.4 Pharmaceuticals & Biotechnology 12.8 Hikma Pharmaceuticals 5.6 6.1 GlaxoSmithKline 11.9 AstraZeneca 4.2 Aqua Bounty Technologies -4.3 Indivior 4.9 Vectura Group 3.2 Oxford Biomedica -18.7 Aqua Bounty Technologies 0.0 Genus 2.8 Circassia Pharmaceuticals -22.7 Circassia Pharmaceuticals 0.0 BTG 2.8 SkyePharma -31.4 Oxford Biomedica 0.0 Indivior 0.0 -40 -20 0 20 40 60 80 100 120 140 0 5 10 15 20 25 30 35 40 45 024681012141618

Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS)

30-Oct-2015 30-Oct-2015 1 1 0.9 0.9 0.8 0.8 0.7 0.7 0.6 0.6 0.5 0.5 Data unavailable 0.4 0.4 0.3 0.3 0.2 0.2 0.1 0.1 0 ǁǁ0 Nov-2010 Nov-2011 Nov-2012 Nov-2013 Nov-2014 Nov-2010 Nov-2011 Nov-2012 Nov-2013 Nov-2014

Vectura Group 80.0 GlaxoSmithKline 5.7 Oxford Biomedica 11.9 BTG 44.5 AstraZeneca 4.3 Shire 7.9 Pharmaceuticals & Biotechnology 3.9 Genus 23.7 BTG 5.7 Dechra Pharmaceuticals 1.8 Dechra Pharmaceuticals 20.7 Hikma Pharmaceuticals 4.7 Hikma Pharmaceuticals 18.2 Genus 1.3 Hikma Pharmaceuticals 0.7 Pharmaceuticals & Biotechnology 3.5 Pharmaceuticals & Biotechnology 13.3 Vectura Group 0.0 AstraZeneca 3.3 Shire 11.3 SkyePharma 0.0 GlaxoSmithKline 3.0 Indivior 5.6 Oxford Biomedica 0.0 Genus 2.2 Aqua Bounty Technologies -4.6 Circassia Pharmaceuticals 0.0 Circassia Pharmaceuticals -21.7 BTG 0.0 Indivior 2.2 Oxford Biomedica -27.0 Aqua Bounty Technologies 0.0 Aqua Bounty Technologies 0.0 -40-200 20406080100 0123456 02468101214 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: Aqua Bounty Technologies 19 November 2015

Valuation Metrics

Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE)

30-Oct-2015 30-Oct-2015 30-Oct-2015 5 1 1 0.9 0.9 4 0.8 0.8 +1SD 0.7 0.7 3 0.6 0.6 0.5 0.5 2 0.4 0.4 Avg 0.3 0.3 1 0.2 0.2 0.1 0.1 0 -1SD 0 0 ǁǁǁǁ Nov-2010 Nov-2011 Nov-2012 Nov-2013 Nov-2014 Nov-2010 Nov-2011 Nov-2012 Nov-2013 Nov-2014 Nov-2010 Nov-2011 Nov-2012 Nov-2013 Nov-2014

GlaxoSmithKline 4.4 AstraZeneca 100.0 GlaxoSmithKline 49.0 Pharmaceuticals & Biotechnology 1.1 GlaxoSmithKline 100.0 Shire 47.0 Aqua Bounty Technologies 0.7 Pharmaceuticals & Biotechnology 100.0 Hikma Pharmaceuticals 24.4 SkyePharma 0.6 Dechra Pharmaceuticals 76.6 Pharmaceuticals & Biotechnology 22.8 AstraZeneca 0.6 Genus 13.4 Hikma Pharmaceuticals 23.0 Hikma Pharmaceuticals 0.5 Dechra Pharmaceuticals 9.7 Shire 0.0 Shire 0.1 BTG 5.2 Oxford Biomedica 0.0 Oxford Biomedica 0.0 Vectura Group 1.6 Vectura Group 0.0 Indivior 0.0 Circassia Pharmaceuticals -31.8 Circassia Pharmaceuticals 0.0 Circassia Pharmaceuticals 0.0 Oxford Biomedica -50.0 BTG 0.0 Aqua Bounty Technologies 0.0 Aqua Bounty Technologies -50.0 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 0 20 40 60 80 100 120 -60 -40 -20 0 20 40 60

ROE vs. PB — sector Du Pont Analysis

18 10 1

0.9 16 GSK 5 0.8 14 0 0.7 12 0.6 -5 10 0.5 PB ABTX -10 8 0.4 OXB Pharmaceuticals 0.3 6 -15 HIK SHP 0.2 DPH 4 CIR AZN -20 VEC 0.1 BTG GNS 2 -25 ǁǁ0 2011 2012 2013 2014 2015 0 0 102030405060 Net Margin Asset Turnover Gearing ROE (rhs) ǁ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

3 of 4 FTSE COMPANY REPORT: Aqua Bounty Technologies 19 November 2015

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector. amortisation. RSI Relative Strength Index. Calculated as 100 minus (100 dividend by (1+ratio of positive Dividend Yield % Dividend Yield reflects the dividend declared per share and/or paid for the security in versus negative time weighted returns)). Reflects 14 day average gains/losses question for the most recent fiscal year, divided by the share price. Valuation History Outlier valuation data is not shown to scale as these would distort the chart. Instead, ∥ Return on Equity Return on Equity is net income over average common equity. Not calculated if Charts denotes valuation data which falls outside display truncation limits. (RoE) denominator (average common equity) is negative Top/Bottom Reflect data for up to five top and five bottom performers for the valuation metric in Dividend Payout Total dividends divided by Net Income expressed as a percentage. Valuation Bar questions. Note data may be limited to the stock in question if there are currently no Charts stocks in the corresponding FTSE UK All Share sector. Net Margin Net Margin is Net Income divided by sales. A guide to the report is available at http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm.

Aqua Bounty Technologies 19 November 2015 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

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