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PRELIMINARY RESULTS Investor Presentation Year ended 30 June 2017

PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

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Page 1: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

PRELIMINARY RESULTS

Investor Presentation

Year ended 30 June 2017

Page 2: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

Disclaimer

This presentation has been prepared by Genus (“Genus” or “the Company”) and has not been independently

verified. Genus is solely responsible for the contents of this document and has taken all reasonable care to

ensure that the facts stated herein are true and accurate in all material respects and that there are no material

facts the omission of which would make misleading any statement in this document whether of fact or opinion.

While the information contained in this presentation has been provided in good faith, neither the Company, nor

any of their advisers, representatives, officers, agents or employees makes any representation, warranty or

undertaking, express or implied, in respect of this presentation and no responsibility or liability is accepted by

any of them as to the accuracy, completeness or reasonableness of the information provided. The issue of this

presentation to the recipient does not create any obligation on the part of the issuer to provide the recipient

access to any additional information or to update this presentation or any additional information or to correct

any inaccuracies in this presentation or any additional information which may become apparent. The recipient

should conduct its own investigation into the Company and of any other information contained in the

presentation.

This presentation is for information purposes only and does not constitute, and shall not be interpreted as,

either an offer for sale, prospectus, invitation to subscribe for shares or debentures in the Company, or as the

basis of a contract.

This presentation has been prepared on the basis that it will only be made available to investment professionals

and is thereby exempt from the provisions of s21 of the Financial Services and Markets Act 2000.

2

Page 3: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

Overview

Bob Lawson

Chairman

3

Page 4: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

Strong strategic progress and solid financial results

> Results in line with expectations

− Profit before tax up 13% (1% lower in constant currency)

− Strong free cash flow

− Earnings per share 69.4p, up 14% (unchanged in constant currency)

> Strong strategic progress

− Hermitage agreement and growing PIC royalties

− Gene editing progress

− Sexcel™ launched

> Dividend increased 10% to 23.6p per share

4

Page 5: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

Financial results

Stephen Wilson

Finance Director

5

Page 6: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

Results

% Change

2017 2016 Actual Currency

Constant Currency £m £m

Revenue 459.1 388.3 18% 6%

Adjusted operating profit 55.1 49.3 12% (1)%

Attributable to non-controlling interest (2.1) (1.4) (50)% (19)%

Adjusted share of JV profits 7.1 6.4 11% (10)%

Adjusted operating profit (inc JV) 60.1 54.3 11% (2)%

Finance costs (3.7) (4.6) 20% 18%

Adjusted profit before tax 56.4 49.7 13% (1)%

Adjusted earnings per share (pence) 69.4 60.7 14% -

Dividend per share (pence) 23.6 21.4 10%

Year ended 30 June 2017

6

Page 7: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

Volume growth

Year ended 30 June 2017

7

5%

9%

6%

4% 4%

0%

2%

4%

6%

8%

10%

2013 2014 2015 2016 2017

Porcine Volume growth (%)

5% 5% 6%

(6%)

1%

(6%)

(4%)

(2%)

0%

2%

4%

6%

2013 2014 2015 2016 2017

Dairy & Beef Volume growth (%)

Page 8: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

Adjusted operating profit – by business unit

% Change

2017 £m

2016 £m

Actual Currency

Constant Currency

Genus PIC 94.8 78.0 22% 7%

Genus ABS 21.3 22.0 (3)% (13)%

Operating units 116.1 100.0 16% 2%

Research and Development (43.8) (34.4) (27)% (12)%

Central costs (12.2) (11.3) (8)% 5%

Adjusted operating profit inc JV 60.1 54.3 11% (2)%

Year ended 30 June 2017

8

> Asia now included in global PIC and ABS business units

Page 9: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

> Continued growth in profit up 7% and royalty revenues up 5%

− Volumes up 4%, with 77% under royalty (+1 pt, +3 pts excluding China)

> Overall volumes unchanged in North America and Latin America

− Significant new stockings in North America support future royalty growth

− Latin America; strong profit performance in Mexico (+11%) offsets impact of instability in Venezuela

> Europe profit up 26% from royalty growth and business transformation

− Hermitage initial contribution encouraging

> Asia volumes up 20% and profit up 60% with growth in all countries

− Strong product performance in buoyant market helped China to 80%+ profit growth

Genus PIC

% Change

2017 £m

2016 £m

Actual Currency

Constant Currency*

Revenue 249.5 207.5 20% 7%

Adjusted operating profit exc JV 87.7 71.7 22% 8%

Adjusted operating profit inc JV 94.8 78.0 22% 7%

Adjusted operating margin exc JV 35.2% 34.6% 0.6pts 0.3pts

Year ended 30 June 2017

9

* All % changes are in constant currency unless otherwise stated

Page 10: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

% Change

2017 £m

2016 £m

Actual Currency

Constant Currency*

Revenue 195.9 172.8 13% 2%

Adjusted operating profit 22.3 23.3 (4)% (15)%

Adjusted operating profit less NCI** 21.3 22.0 (3)% (13)%

Adjusted operating margin 11.4% 13.5% (2.1)pts (2.1)pts

Genus ABS

> ABS volumes up 1% with stronger second-half performance (+8%) in improving markets

− Strong sexed volume growth of 10%, beef volumes 3% lower in challenging markets

> Europe volumes up 6% and profit up 8% benefiting from actions taken in 2016 and 2017

> Latin America profit up 41% with continued action to increase prices (+11%)

− Volumes 2% lower primarily due to weak beef markets

> North America profit down 12%, including impact from weaker beef markets

− Focus on improving commercial execution in large dairy enterprises

> Double digit volume growth in IVB driven by US; strong first year in Mexico

− Remaining 49% shares of IVB acquired ahead of schedule

Year ended 30 June 2017

10

* All % changes are in constant currency unless otherwise stated ** NCI = Non-controlling Interest

Page 11: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

% Change

2017 £m

2016 £m

Actual Currency

Constant Currency*

Gene editing 3.5 0.9 289% 251%

Other research 8.4 7.1 18% 2%

Porcine product development 16.6 13.5 23% 7%

Bovine product development 15.3 12.9 19% 6%

Research and Development inc NCI** 43.8 34.4 27% 12%

> Gene editing investment of £3.5m as planned

− PRRSv programme platform capability build; pregnancies for first generation of gene edited pigs created

> Other research up 2%; continued activities in genomic evaluation, core informatics and IP

> Porcine product development up 7%

− Increased spend from lower by-product market prices and increased animal volumes

> Bovine product development up 6%

− GSS manufacturing and launch preparation costs in excess of £2m partially offset by efficiencies in bull development costs through De Novo and other initiatives

Genus R&D

Year ended 30 June 2017

11

* All % changes are in constant currency unless otherwise stated ** NCI = Non-controlling Interest

Page 12: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

Statutory income statement

2017 2016 Variance £m £m £m

Adjusted operating profit exc JV 55.1 49.3 5.8

Net IAS 41 valuation movement (1.1) (17.1) 16.0

Amortisation of intangibles (8.7) (6.1) (2.6)

Share-based payments (4.6) (3.8) (0.8)

Exceptional items - Pension related 5.7 44.2 (38.5) - Litigation (5.3) (6.9) 1.6 - Acquisition and integration (0.6) (0.2) (0.4) - Other (including restructuring) (2.3) (0.8) (1.5)

Operating profit 38.2 58.6 (20.4)

- Share of post-tax profit of JVs 6.2 6.9 (0.7) - Net finance costs (3.7) (4.6) 0.9

Profit before tax 40.7 60.9 (20.2)

Year ended 30 June 2017

12

Page 13: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

Cash flow

2017 2016 Variance £m £m £m

Adjusted operating profit exc JV 55.1 49.3 5.8

Depreciation and amortisation 11.5 8.4 3.1 Adjusted EBITDA 66.6 57.7 8.9

Working capital (1.1) 1.1 (2.2) Biological assets (5.7) (3.8) (1.9) Pension deficit repair, exceptionals and other (13.5) (11.7) (1.8) Net cash inflow from operating activities 46.3 43.3 3.0 Cash conversion % 84% 88% (4)Pts

Interest and tax paid (11.7) (13.3) 1.6 Capital expenditure (18.9) (18.6) (0.3) Cash received from joint ventures 8.3 3.4 4.9 Other 1.4 0.9 0.5 Free cash flow 25.4 15.7 9.7

Acquisitions and investments (30.0) (7.2) (22.8) Dividends (13.5) (12.2) (1.3) Net cash flow (18.1) (3.7) (14.4)

Net Debt 111.6 89.7 21.9

Year ended 30 June 2017

13

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Strong financial position

2017 2016 £m £m

Owners’ equity 399.3 374.5

Net Debt 111.6 89.7

Key Financial ratios: - Return on adjusted capital 19.9% 19.1% - Gearing 28% 24% - Net debt to EBITDA 1.5x 1.4x - Interest cover 37x 35x - Dividend cover 2.9x 2.8x

> Dividend up 10%

> £74m headroom on bank facilities

Year ended 30 June 2017

14

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Business update

Karim Bitar

Chief Executive

15

Page 16: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

Strong strategic progress

16

> ABS

− Leveraging De Novo, launching Sexcel™, growing IVB

− Improving commercial execution

− Launching NuEra™ proprietary beef genetics

> PIC

− Growing in key markets and segments, particularly in China

− Hermitage integration and partnership on track

> R&D

− Continuing to strengthen proprietary technology platform

Page 17: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

17

Strengthening competitive position and execution focus

Dairy

Managing performance Strategic progress

More focused execution under new leadership Leveraging competitive strengths

Making own genetics

Sexing with proprietary

technology

Producing embryos with our sexed

genetics

NORTH AMERICA

• Implementing turnaround

• Growing IVB USA

LATIN AMERICA

• Improved value capture

• Strong start for IVB Mexico

ASIA

• China: Growing direct business

• India: Producing elite genetics, strengthening indirect channel

EMEA

• Improved volume and performance

• Growing product offering

Geographical split indicative of internal segmentation of territories – not all countries shown are served by ABS

Page 18: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

18

Genus ABS launches Sexcel – September 1st, 2017

Page 19: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

19

Dairy

“Bottom line, it gets heifers pregnant. No matter what you’re dealing with. No matter what time of year you’re breeding” US customer

“I am very impressed with my experience with Sexcel – we have seen an 8% increase in conception rates” UK customer

“ABS genetics in Sexcel gives me confidence in the future animals that will enter into my herd” Italian customer

Sexcel launch – customer field trial experience

Page 20: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

20

Strategic progress in India Dairy

Producing India’s leading temperate

and indigenous

genetics locally

Sexing temperate and indigenous

genetics locally with our

proprietary sexing technology

ABS STRYKER #1 Holstein bull in India

ABS TYSON #1 Jersey bull in India

ABS REDHU #1 Murrah bull in India

Page 21: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

21

Strong IVB performance Beef Dairy

>100% Volume growth in IVB USA

Genus ownership of IVB to further accelerate growth

100%

Growing presence

with large enterprise dairies in the US and Latin America

Volume growth refers to embryos produced by IVB in the US

Page 22: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

22

Launching NuEra proprietary beef genetics Beef

Product focus on customer

profitability, not breeds, proven through trials

Breeding proprietary animals to

profit-focused indices

Serving progressive beef & dairy herds with terminal beef and

cross-bred genetics

Creating value for our customers...

...through proprietary genetic improvement

…focusing on key markets and segments

Efficiency, Profitability, Sustainability

Page 23: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

23

PIC continues to deliver strategic growth Pork

Volumes based on market pig equivalents; geographical split indicative of internal segmentation of territories – not all countries shown are served by PIC

• Three new top 20 North American accounts won

% volumes under royalty

% volumes under royalty

• Key account growth in Brazil

• Developing Colombian franchise business

• China: Three new royalty customers

• Royalty growth in Russia and the Philippines

• Key account growth in Spain

• Hermitage growth

North America EMEA

Latin America Asia

% volumes under royalty

% volumes under royalty

96% 96% 96% 97%

FY14 FY15 FY16 FY17

65% 64% 73% 77%

FY14 FY15 FY16 FY17

38% 59% 64% 63%

FY14 FY15 FY16 FY17

35% 46% 41% 50%

FY14 FY15 FY16 FY17

Page 24: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

24

Hermitage integration on track Pork

Growing with key customers

Integrating genetic programmes

Strategic partnership – multiplication, distribution

> Growing key account presence in Europe

> Successfully transitioned key customer relationships

> Hermitage distributing PIC genetics under royalty in key markets

> Hermitage producing PIC genetics under contract

> Integrating Hermitage genes into PIC gene pool

> Customers to access stronger products

Page 25: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

25

China – aligning with our global business model and performing strongly

Pork

Royalty customers

Previous

FY17+

Note: FY17+ customers includes one customer signed in July 2017; royalty customer map shows operational location for 8 royalty customers in total

> Three new royalty customers

> Trebled royalty income in FY17

Supply chain

> Growing our overall capacity

> Continuing to transition production to contracted multiplication

100%

49% 46%

28% 28% 30%

12%

51% 54%

49% 48%

45%

26%

23% 24% 25%

62%

2,970

8,270 7,900 8,650 8,305

7,970

13,770

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

FY12 FY13 FY14 FY15 FY16 FY17 FY18(F)

Owned JV Multiplication GGPs TOTAL

Page 26: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

Genus strategy

GENOMIC SELECTION GENE EDITING

SHARED PROPRIETARY TECHNOLOGY PLATFORM

GENETIC IMPROVEMENT

Pork

Dairy

Beef

BIOSYSTEMS ENGINEERING

GENOME SCIENCE

26

Page 27: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

27

Genomic selection: delivering continuous improvement

Dairy Pork Beef

> De Novo one year in: ~trebled size of ABS breeding programme

> De Novo consistently producing high quality genetics

> New global brand for proprietary beef offering

> New tailored indices and Beef x Dairy products supporting price-to-value initiatives

> DNA-based selection continues to deliver

> Integration of Hermitage genes underway

Source of new Holstein bulls in the US

20

40

60

80

100

120

140

Relationship based genomic selection starts

PIC Genetic Index

1% 20% 23% ~40%

FY15 FY16 FY17 FY18(F)

ABS Internal/ De Novo Independent breeders

Page 28: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

28

PRRSv resistance progress

FY16 FY17

£0.9m expense £3.5m expense

First pregnant sows carrying edited embryos

The PRRSv programme is an investigational programme relating to resistance to Porcine Reproductive and Respiratory Syndrome Virus; INAD refers to Investigational New Animal Drug application with the US Food and Drug Administration for the investigational PRRSv programme. The information included on this page reflects Genus plc’s research and development pipeline and is not intended for promotional purposes. All timing, including any relevant regulatory approvals, are purely indicative, and any regulatory approvals are subject to the success of ongoing research, the development of clear regulatory review pathway by the relevant regulatory authorities and the approval by the regulators of any new animal drug application.

Molecular scissor IP licence

Gene editing company co-founded

Building regulatory capability Molecular scissor optimisation work

begins

US FDA - INAD issued

CD163 IP licence

Molecular scissors optimised for CD163

Page 29: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

29

Development programme for PRRSv resistance

Yrs 1-2 Yrs 2-5 Yrs 5+

Creating founder animals

Amplify founder animals by breeding

Prepare and submit key country regulatory dossiers

Development stage testing

Regulatory approvals

Tech

nic

al &

o

per

atio

nal

R

egu

lato

ry

Lau

nch

The PRRSv programme is an investigational programme relating to resistance to Porcine Reproductive and Respiratory Syndrome Virus; INAD refers to Investigational New Animal Drug application with the US Food and Drug Administration for the investigational PRRSv programme. The information included on this page reflects Genus plc’s research and development pipeline and is not intended for promotional purposes. All timing, including any relevant regulatory approvals, are purely indicative, and any regulatory approvals are subject to the success of ongoing research, the development of clear regulatory review pathway by the relevant regulatory authorities and the approval by the regulators of any new animal drug application.

current

US FDA INAD issued

Scale & launch

CD163 IP licence

Molecular scissor technology licence Te

chn

olo

gy

Scissors optimised for CD163 edit

Page 30: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

Summary and outlook

30

> ABS

− Leveraging De Novo, launching Sexcel, growing IVB

− Improving commercial execution

− Launching NuEra proprietary beef genetics

> PIC

− Growing in key markets and segments, particularly in China

− Hermitage integration and partnership on track

> R&D

− Continuing to strengthen proprietary technology platform

> Expect to perform in line with our expectations for FY18

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Appendices

31

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Market dynamics – output prices

SOURCE: Genus analysis using constant currency

32

Brazil US

China

EU Russia

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Aug 14 Aug 15 Aug 16 Aug 17

Pork - Key Markets (£ per kg)

Brazil

US

China

Russia India

15

20

25

30

35

40

45

50

Aug 14 Aug 15 Aug 16 Aug 17

Dairy - Key Markets (Pence per litre)

EU

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Market dynamics - input costs

33

SOURCE: Genus analysis using constant currency

CBOT Soybean

LIFFE Wheat

0

50

100

150

200

250

300

350

400

Aug 14 Aug 15 Aug 16 Aug 17

LIFFE Wheat and CBOT Soybean (£ per tonne)

Brazil

US

China

EU

0

50

100

150

200

250

300

Aug 14 Aug 15 Aug 16 Aug 17

Corn - Key Markets (£ per tonne)

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Return on adjusted capital

34

2017 2016 £m £m

Adjusted operating profit inc JV 60.1 54.3

Tax rate 25.0% 25.8%

Adjusted operating profit after tax 45.1 40.3

Equity attributable to owners of the company 399.3 374.5

Add back :

Net debt 111.6 89.7

Pension liability 40.9 44.5

Related deferred tax (8.5) (9.6)

Deduct :

Biological assets (less historic cost) (323.8) (311.9)

Goodwill (104.7) (86.0)

Related deferred tax 111.7 109.7

Adjusted invested capital 226.5 210.9

Return on adjusted invested capital 19.9% 19.1%

Year ended 30 June 2017

Page 35: PRELIMINARY RESULTS Investor Presentation Year ended 30 ... · % Change 2017 £m 2016 £m Actual Currency Constant Currency* Gene editing 3.5 0.9 289% 251% Other research 8.4 7.1

> Genus’ geographic profile can lead to translational currency impacts

> We monitor key rates against GBP

> Latest spot rates would indicate a £0-1m gain for FY18 compared with average FY17 rates

FY17 FY17 Spot @ Profit

Average

Closing

04 Sep 17

Sensitivity £m*

US Dollar 1.27 1.30 1.30 2.0 Euro 1.16 1.14 1.09 1.0 Brazilian Real 4.11 4.30 4.06 0.9 Mexican Peso 24.6 23.5 23.1 1.2 Chinese Yuan 8.67 8.81 8.45 0.9 Russian Rouble 77.6 77.0 74.9 0.2

Exchange rate sensitivity

35

* - 12 month operating profit impact given a +/- 10% movement in exchange rate, based on FY17 results