PRT_1056

INTEGRITY APPLICATIONS BUSINESS PERFORMANCE RATING: 75%

May, 2016

RATINGS (1-10)

ASSET PERFORMANCE FACTORS

BLUE SKY  10

This is a brand new market

COMPETITIVE AND INTELLECTUAL PROPERTY RISKS 2 Their are plenty of competitors trying to fill the need, many of whom are much larger PRODUCT MIX 1 They have only 1 product PRODUCT VALUE 10 Product is 97% accurate No pain to the patient measuring glucose level

EXTERNAL FACTORS

MARKETPLACE 10

The market is huge and growing

VALUATION 8

If it works it’s obviously undervalued

It only trades 150 shares a day

BUSINESS STRATEGY 10

Makes sense, to get the products sold in countries where they are allowed to sell it, combined with seeking approval in other countries

INTERNAL FACTORS

MANAGEMENT 10

Lots of experience

CAPITALIZATION AND FINANCIAL STRATEGY 10 They burn $3m-$4m and will increase 50% next year But they seem to have less than that in cash

MARKETING AND OPERATIONS 4

Marketing is tough for these and will be expensive for a small company G&A is high, at 8% of MV III. THE PRESENTATION General

Stuck to the presentation?          Y

Sophistication appropriate?        Y

The Handouts

Page numbers?                                                Y

Easy to read?                                     Y

Appropriate length?                       Y

Peer comparisons                            Y

Management Bios?                         Y

Price chart                                           Y

Projects and timelines

Timeline?                                            Y

Project pipeline?                              Y

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