Page 1 of 1 Quantitative Equity Report | Release Date: 23 February 2015 | Reporting Currency: EUR | Trading Currency: EUR Laboratorio Reig Jofre SA RJF Last Close Quantitative Fair Value Estimate Market Cap (Mil) Sector Industry 0.27 0.37 90.1 s Consumer Defensive Packaged Foods Laboratorio Reig Jofre SA is engaged in the development and marketing of chemicals and foodstuffs, agricultural plantations and tropical products. It is also engaged in the promotion, construction and sale of properties, among others. Quantitative Scores Country of Domicile ESP Spain Price Versus Quantitative Fair Value 2011 2012 2013 2014 2015 2016 Sales/Share Forecast Range Forcasted Price Dividend Split 10 8 Scores Momentum: — Standard Deviation: 54.64 All Rel Sector Rel Country Quantitative Moat None Valuation Undervalued Quantitative Uncertainty Very High Financial Health Moderate 15 67 55 76 14 77 50 69 6 18 83 37 75 Quantitative Fair Value Estimate 4 Total Return 0.17 52-Wk 0.33 0.10 5-Yr 0.50 2 RJF sESP Undervalued Fairly Valued Overvalued Valuation Sector Median Country Median — 43.9 — 203.6 — — 1.0 2.0 0.94 21.4 17.9 12.6 21.3 2.03 2.0 1.0 0.97 19.3 13.8 11.4 18.7 2.58 1.4 1.2 Current 5-Yr Avg Sector Median Country Median 11.3 5.6 515.0 8.9 2.3 268.7 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 0.75 60.4 — 198.2 — — 1.0 2.5 Profitability Return on Equity % Return on Assets % Revenue/Employee (K) 1.7 1.5 308.2 -9.1 -3.8 266.7 Score 100 Quantitative Moat 80 60 40 20 0 2008 2009 2010 2011 2012 2013 2014 Financial Health Current 5-Yr Avg Distance to Default Solvency Score Assets/Equity Long-Term Debt/Equity 2015 Sector Median Country Median 0.6 478.6 1.8 0.2 0.6 807.0 2.7 0.4 0.7 — 1.1 — — — 1.7 0.1 1-Year 3-Year 5-Year 10-Year 4.8 1,473.4 — — -11.7 -12.7 -6.9 — — — 1.0 27.2 -27.9 -31.5 -31.9 — -10.3 -8.9 — — — — — -9.6 Growth Per Share Revenue % Operating Income % Earnings % Dividends % Book Value % Stock Total Return % -53.6 -39.5 -17.3 -34.8 151.2 135.7 -35.9 -32.2 48.9 44.5 — 3.1 1.7 — -10,000.0 1.4 10.18 98.0 3.0 — 45.9 2.0 — 68.5 2.5 Total Return % +/– Market (Morningstar World Index) Dividend Yield % Price/Earnings Price/Revenue Undervalued Fairly Valued Overvalued Monthly Volume (Thousand Shares) Liquidity: High 5,175 Financials (Fiscal Year in K) Revenue % Change 2009 2010 2011 2012 2013 TTM 134,616 -16.4 38,841 -71.1 29,485 -24.1 29,926 1.5 31,370 4.8 30,820 -1.8 -14,742 -210.1 -44,907 -19,166 — -22,618 -16,676 — 16,066 128 — -6 2,014 1,473.4 953 1,381 -31.4 1,305 -23,460 -6,144 -29,604 -22.0 -5,024 -988 -6,012 -15.5 -7,110 -641 -7,751 -26.3 -5,892 -486 -6,378 -21.3 396 -482 -86 -0.3 396 -482 -86 -0.3 Operating Cash Flow Capital Spending Free Cash Flow % Sales -0.14 -298.6 -0.09 -0.07 — -0.02 0.05 — -0.02 0.00 -100.0 -0.02 0.00 — 0.00 0.00 35.7 0.00 EPS % Change Free Cash Flow/Share — 0.28 328,714 — 0.23 328,714 — 0.26 324,327 — 0.26 328,714 0.03 0.23 — 0.00 0.24 328,714 -39.8 -17.7 -33.4 0.53 2.1 -27.1 -11.8 -58.2 0.20 2.5 20.1 9.2 54.5 0.17 1.9 0.0 0.0 0.0 0.23 1.1 1.2 1.1 3.0 0.35 1.1 1.7 1.5 4.2 0.35 1.1 Profitability Return on Equity % Return on Assets % Net Margin % Asset Turnover Financial Leverage 50.6 -11.0 6,707 73.2 -49.3 205 83.3 -56.6 17,656 73.1 0.4 0 73.9 6.4 — 73.3 4.5 — Gross Margin % Operating Margin % Long-Term Debt 93,587 6.0 73,354 11.4 86,590 62.1 86,753 99.9 75,617 135.2 78,107 172.7 Quarterly Revenue & EPS Revenue (K) Mar Jun 2014 10,096.0 7,640.0 2013 10,741.0 7,418.0 2012 9,466.0 7,393.0 2011 11,767.0 7,148.0 Earnings Per Share 2014 0.01 0.00 2013 0.01 0.00 2012 0.01 -0.04 2011 0.01 0.00 Operating Income % Change Net Income Dividends/Share Book Value/Share Shares Outstanding (K) Total Equity Fixed Asset Turns Revenue Growth Year On Year % Sep Dec Total 7,016.0 — — 7,143.0 6,068.0 31,370.0 6,732.0 13,067.0 29,926.0 — 10,570.0 29,485.0 0.00 0.00 0.03 — — 0.00 0.03 0.05 — 0.00 0.00 0.05 23.6 13.5 0.3 6.1 3.0 -6.0 -1.8 -53.6 2012 2013 ©2015 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. 2014 ® ß