UCB Consensus

Ellinghorst IR compiles independent consensus forecasts of UCB based on the financial estimates of various analysts covering UCB.

In order to provide meaningful data only regularly updated or reiterated estimates are included in the consensus. The table below is based on the estimates of around 15 different brokers.

UCB Consensus Estimates
In € million	2008e	2009e	2010e
Revenue	3,388	3,362	3,506
Recurring EBIT	427	343	410
Recurring EBITDA	623	550	615
Net Profit (after minority interests)	128	131	193

Last updated: June 11, 2008

Disclaimer:
This document has been compiled by Ellinghorst IR Ltd. for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Ellinghorst IR Ltd. gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness. Ellinghorst IR Ltd. has not commented and will not comment on any of the individual financial forecasts used to generate the information contained herein.