FTSE COMPANY REPORT Share price analysis relative to sector and index performance Benchmark Holdings BMK Pharmaceuticals and Biotechnology — GBP 0.605 at close 14 May 2021 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 14-May-2021 14-May-2021 14-May-2021 0.7 300 190 1D WTD MTD YTD 0.65 180 Absolute 0.8 1.7 -5.5 -4.7 Rel.Sector 0.2 0.6 -6.9 -9.5 250 170 0.6 Rel.Market -0.3 3.1 -6.1 -12.8 160 0.55 200 150 VALUATION 0.5 140 0.45 Trailing Relative Price Relative Relative Price Relative 150 130 0.4 PE -ve 120 Absolute Price (local (local currency) AbsolutePrice EV/EBITDA 22.3 0.35 100 110 PB 1.5 0.3 100 PCF -ve 0.25 50 90 Div Yield 0.0 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 Price/Sales 4.0 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. Net Debt/Equity 0.4 100 90 90 Div Payout 0.0 90 80 80 ROE -ve 80 70 70 70 Index) Share Share Sector) Share - - 60 60 60 DESCRIPTION 50 50 50 The Company is an international animal health, 40 40 40 RSI RSI (Absolute) technical publishing and sustainability business. Its 30 30 30 activities include the development, manufacture and 20 commercialisation of animal health products with a 10 20 20 key focus on aquaculture RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 0 10 10 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Benchmark Holdings 14 May 2021 Valuation Metrics Price to Earnings (PE) EV to EBITDA Price to Book (PB) 30-Apr-2021 30-Apr-2021 30-Apr-2021 1 40 5 0.9 35 0.8 +1SD 4 30 0.7 25 0.6 Avg 3 0.5 20 +1SD 0.4 15 -1SD 2 0.3 10 Avg 0.2 1 0.1 5 -1SD 0 ‖ ‖ 0 ‖ ‖ 0 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 PureTech Health 120.0 Oxford Biomedica 100.0 Indivior 18.6 Dechra Pharmaceuticals 120.0 Genus 36.5 AstraZeneca 8.9 Genus 81.7 Dechra Pharmaceuticals 31.5 Oxford Biomedica 8.0 AstraZeneca 40.9 Benchmark Holdings 22.3 Dechra Pharmaceuticals 6.8 Pharmaceuticals and Biotechnology 21.6 AstraZeneca 20.8 Genus 6.5 Hikma Pharmaceuticals 16.8 Pharmaceuticals and Biotechnology 12.7 Pharmaceuticals and Biotechnology 6.3 GlaxoSmithKline 11.7 Hikma Pharmaceuticals 11.8 GlaxoSmithKline 4.6 Vectura Group 5.5 Vectura Group 10.9 Hikma Pharmaceuticals 3.6 Indivior -9.8 GlaxoSmithKline 8.1 PureTech Health 2.4 Benchmark Holdings -13.0 Indivior 7.9 Benchmark Holdings 1.5 Oxford Biomedica -120.0 PureTech Health 0.0 Vectura Group 1.2 -150 -100 -50 0 50 100 150 0 20 40 60 80 100 120 0 2 4 6 8 10 12 14 16 18 20 Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS) 30-Apr-2021 30-Apr-2021 30-Apr-2021 35 1 10 +1SD 0.9 30 9 0.8 8 25 0.7 7 0.6 20 Avg 6 0.5 5 +1SD 15 0.4 4 10 0.3 -1SD Avg 0.2 3 5 0.1 2 0 ‖ ‖ ‖ ‖ 0 1 -1SD May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 Oxford Biomedica 80.0 GlaxoSmithKline 6.0 PureTech Health 15.0 Genus 48.5 Pharmaceuticals and Biotechnology 3.7 Oxford Biomedica 10.2 Dechra Pharmaceuticals 40.8 AstraZeneca 2.7 Dechra Pharmaceuticals 8.5 AstraZeneca 27.0 Hikma Pharmaceuticals 1.5 Genus 6.0 Vectura Group 26.9 Dechra Pharmaceuticals 0.9 AstraZeneca 4.9 Hikma Pharmaceuticals 16.8 Genus 0.6 Benchmark Holdings 4.0 Pharmaceuticals and Biotechnology 15.8 Vectura Group 0.0 Vectura Group 3.5 GlaxoSmithKline 8.8 PureTech Health 0.0 Pharmaceuticals and Biotechnology 3.2 Indivior -7.5 Oxford Biomedica 0.0 Hikma Pharmaceuticals 3.1 PureTech Health -11.6 Indivior 0.0 Indivior 2.2 Benchmark Holdings -36.8 Benchmark Holdings 0.0 GlaxoSmithKline 2.0 -60 -40 -20 0 20 40 60 80 100 0 1 2 3 4 5 6 7 0 2 4 6 8 10 12 14 16 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: Benchmark Holdings 14 May 2021 Valuation Metrics Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE) 30-Apr-2021 30-Apr-2021 0.61 1 0.9 0.9 0.5 0.8 0.8 0.7 0.7 0.4 0.6 0.6 +1SD 0.30.5 0.5 0.4 0.4 0.2 0.3 Avg 0.3 0.2 0.2 0.1 0.1 -1SD 0.1 0 ‖ ‖ 0 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 Indivior 3.5 AstraZeneca 100.0 GlaxoSmithKline 44.2 GlaxoSmithKline 1.9 Dechra Pharmaceuticals 100.0 Pharmaceuticals and Biotechnology 31.8 Pharmaceuticals and Biotechnology 1.5 Pharmaceuticals and Biotechnology 80.5 Vectura Group 25.4 AstraZeneca 1.3 GlaxoSmithKline 69.3 AstraZeneca 23.2 Dechra Pharmaceuticals 0.6 Genus 46.7 Hikma Pharmaceuticals 21.1 Hikma Pharmaceuticals 0.4 Hikma Pharmaceuticals 26.7 Genus 8.0 Benchmark Holdings 0.4 Vectura Group 0.0 Dechra Pharmaceuticals 5.9 Genus 0.3 PureTech Health 0.0 PureTech Health 0.9 Oxford Biomedica 0.1 Oxford Biomedica 0.0 Oxford Biomedica -6.6 PureTech Health 0.1 Indivior 0.0 Benchmark Holdings -11.1 Vectura Group 0.0 Benchmark Holdings 0.0 Indivior -50.0 0 0.5 1 1.5 2 2.5 3 3.5 4 0 20 40 60 80 100 120 -60 -40 -20 0 20 40 60 ROE vs. PB — sector Du Pont Analysis 20 2 1.2 18 INDV 1.5 1 16 14 1 0.8 12 0.5 0.6 PB 10 AZN 8 OXB 0 0.4 DPH GNS 6 Pharmaceuticals GSK -0.5 0.2 4 HIK PRTC 2 -1 0 BMK VEC 2017 2018 2019 2020 2021 0 0 5 10 15 20 25 30 35 40 45 50 Net Margin Asset Turnover Gearing ROE (rhs) ‖ 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: Benchmark Holdings 14 May 2021 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.