-CO -BO -100 -1/0 •140 27 May 2015 Biotechnology Retrophin Model updated:27 May 2015 It n:nay) the not:lb.:ff. North America United States Biotechnology Retrophin Reuters: RTRX.OQ Buy Price I26 May 151 Target Pricy 52 Week range Market Cap (ml Bloomberg: RTRX US USD 76.87 USD 52.00 USD 8.09 - 26.98 USDm 949 EURrn 871 Cori inAny Pi °filo Riarophin is • temdurm•cetnical company focused on discovering. developing and marketing iroovative therapies for debilitating end often lite -threatening diseases !Pt gin Perforranncu 28 24 10 16 12 4 0 Dec '2 Jun" 3 Cvc "3 Jun '4 Oec —144014.11 414400 41010114•4n40 MarGin 83 82 90 89 87 86 84 '4 ISE (tE 17E -4.-a44411111DAM/44. Dz OMR St Ptrifilabitity 200 150 100 50 EST Morn Senrowin(U441. SBA 50 40 30 20 10 0 117 14 15E 10E 17E gmg -....worr wow row Ow,/ Roffrn Ktinausl- as .1 212 250-7591 rObyokerrnougreSSOS corn Page Fiscal yam end 31-Disc IFinnnevil Sunti mere 08 EPS IUSCI Awned EPS (USD) OPS (USDI 8VPS 27501 2014 2015E 2016E 2017E -251 084 0.00 -1.49 1 65 063 000 607 100 108 213 219 000 000 788 989 Vet, tenon Monet.. Price/Saba Ixl P/E (08) I.1 pit (Remitted) (4 PAW lx) FCF yield Dividend yield 1961 EV/Salm EV/E8ITDA EWE8IT 11.2 11 6 8.0 5.9 nm 163 209 248 15.0 428 12.0 12.3 nm 44 34 27 293 49 13.7 13.2 0.0 00 00 0.0 10.2 110 110 83 94 94 50 5.8 58 33 3 38 Income fitainn rit itfiDnit Saks EBITDA EMT Pre-tax groin Nat income 28 81 119 160 28 72 103 136 28 72 103 136 29 72 103 136 31 30 103 108 (>3111 low IIJ`ilinti Cash flow from operations Net Codex Free cash flow Equity raned/f bought backl Dividends paid Net incAdeci in konomogs Other imastingrfetencing can flows Net cash flow Chong* In working wits; (ielance Sl,a l (USOir) Cohen] caM squwww PRIMO/. Print a equipment Goodwill Other sets Total assets Debt Other bedlam' Total hatillties Total share/443N ' 444.4ty Abt debt agiildoblE4.3 50 139 137 -4 .4 4 ee 135 133 150 0 0 0 0 0 O 0 0 O 0 0 186 135 133 -4 70 2 Kitt- Company Metrics Sole growth egri DB EPS growth 66) Payout ratio 1361 EBITDA Margin 1161 EMT Margin 60 ROE (36) Net debt/400y MAI Net intemat cover (x) Ditr31411 AnniV141 EBrt r"4610 1361 x Anat turnover ftit x Financial toe' ratio Cd x Tax end other eff acts 1.1 . ROA (poet tax) Pffil X Financial levere4s1x) . ROE Off rinnuargrowel x NTA/shans (await.) Reported EPS annual growth MN Sauce Company dim Deutsche Bank esonusiss 18 262 342 420 1 5 8 11 O 0 0 0 117 109 109 109 135 376 459 541 O 0 0 0 173 161 171 173 173 161 171 173 -37 214 288 368 48 -262 442 -420 nm 1990 463 338 na na -39.4 8.2 0.0 0.0 0.0 0.0 928 IVO 807 855 922 880 86.7 85.5 nm 338 41.2 32.9 nm -122 2 -118.8 -114.3 nm nm rint ram 922 880 88.7 85.5 02 03 03 03 1.0 10 1.0 1.0 1.2 04 1.0 08 229 11.7 24,8 21.6 -36 29 17 I 5 433.2 338 41.2 32.9 no mo 27.9 -20 7 -1.0 19 5.2 6.7 0.84 063 213 219 no -246 2321 2.7 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117182 CONFIDENTIAL SDNY_GM_00263366 EFTA01457577