Project Name: Owl Fund FCF

Company Name: MYGN

Fiscal Year End: June 31

Last Historical Year: 2012 Most Recent Quarter: Dec. 31

Last Fiscal year 06/30/12Current Fiscal year 06/30/13Current Date 04/08/23Adjustment factor 10.778

PROJECT Owl Fund FCF - MYGN 4 Summary of Financial Projections(dollars in millions, except per share)

FYE June 31, Projected FYE June 31, (a)2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Net Sales $362.6 $402.1 $496.0 $590.6 $648.2 $727.8 $803.8 $879.8 $955.8 $1,031.7 % Growth - - 10.9% 23.4% 19.1% 9.7% 12.3% 10.4% 9.5% 8.6% 7.9%

EBITDA (a) $135.1 $158.9 $180.3 $207.9 $228.2 $256.2 $291.0 $327.3 $355.5 $383.8 Margin 37.2% 39.5% 36.4% 35.2% 35.2% 35.2% 36.2% 37.2% 37.2% 37.2%

EBIT $135.1 $158.9 $180.3 $207.9 $228.2 $256.2 $291.0 $327.3 $355.5 $383.8 Margin 37.2% 39.5% 36.4% 35.2% 35.2% 35.2% 36.2% 37.2% 37.2% 37.2%

Net Income $152.3 $100.6 $112.2 $128.9 $141.5 $160.3 $181.7 $204.7 $223.0 $241.6 Margin 42.0% 25.0% 22.6% 21.8% 21.8% 22.0% 22.6% 23.3% 23.3% 23.4%

EPS $1.54 $1.10 $1.30 $1.60 $1.76 $2.20 $2.50 $2.82 $3.07 $3.32 Growth Rate - - -28.6% 18.2% 23.5% 9.7% 25.4% 13.4% 12.6% 8.9% 8.3%

(a) Excludes extraordinary and non-recurring items.(b) SOURCE PROJECTIONS

Pricing:

Analyst Consensus Target Price: $32.91RelVal PE fair price: $36.28Ev/Ebitda RelVal fair Price: $28.97FCF EM Price: $87.56 FCF GP Price: $74.10

Target (FCF GP): $74.10Range (5%): $70.39 $ 77.80 Return: 176.8% 191.4% 205.9%

Computer Services:I used the FCF GP price target because this company grows incredibly fast and the FCF takes into account minor changes in the company's near term oprating habits

PROJECT Owl Fund FCF - MYGN 1 Income Statement(dollars in millions, except per share data)

152.334

FYE June 31, LTM Projected FYE June 31, (a) 2013-2019 2010 2011 2012 Dec. 31 2013 2014 2015 2016 2017 2018 2019 7 Yr CAGR

Net Sales $362.6 $402.1 $496.0 $545.3 $590.6 $648.2 $727.8 $803.8 $879.8 $955.8 $1,031.7 11.0%COGS $44.3 $45.6 $64.7 $71.4 Gross profit $ 318.4 $ 356.4 $ 431.3 $ 473.9 513.9 564.0 633.2 699.3 765.4 831.5 897.6 SG&A $ 161.4 $ 169.8 $ 208.4 $ 227.0 $254.0 $278.7 $313.0 $337.6 $360.7 $391.9 $423.0 R&D $ 21.9 $ 27.8 $ 42.6 $ 47.9 $52.0 $57.0 $64.0 $70.7 $77.4 $84.1 $90.8 EBIT (b) 135.1 158.9 180.3 199.0 207.9 228.2 256.2 291.0 327.3 355.5 383.8 11.4%Depreciation& Amortization 6.8 6.8 8.0 8.0 8.9 9.7 10.9 12.1 13.2 14.3 15.5 Existing Intangible Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA (b) 135.1 158.9 180.3 199.0 207.9 228.2 256.2 291.0 327.3 355.5 383.8 11.4%

Interest Income 5.7 2.2 4.6 5.5 2.48 2.67 5.29 5.43 6.57 8.12 10.09Interest Expense 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 0.00Short-term Interest Expense 5.7 2.2 4.6 5.5 2.5 2.7 5.3 5.4 6.6 8.1 10.1

Currency exchange gains (losses) 0.0 0.0 0.0 0.0 0 0 0 0 0 0 0 Other income (expense) 0.1 (0.4) (0.4) (0.3) (0.4) (0.4) (0.4) (0.4) (0.4) (0.4) (0.4)Pretax Income (b) 140.8 160.7 184.5 204.3 210.0 230.4 261.1 296.0 333.4 363.3 393.5 11.4%Restructuring charges 0.0 (1.1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Asset Writedown 0.0 0.0 0.0 (1.5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Unusual items 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Taxes (11.5) 58.9 72.4 78.8 81.1 89.0 100.8 114.3 128.7 140.2 151.9 Net Income to Company $ 152.3 $ 100.6 $ 112.2 $ 123.9 $ 128.9 $ 141.5 $ 160.3 $ 181.7 $ 204.7 $ 223.0 $ 241.6 Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net Income (b) to Common $152.3 $100.6 $112.2 $123.9 $128.9 $141.5 $160.3 $181.7 $204.7 $223.0 $241.6 11.6%Prefered dividends + adj. 0 0 0 0 0 0 0 0 0 0 0 Wtd Avg Diluted Shares 99.2 91.7 86.5 80.5 80.5 80.5 72.7 72.7 72.7 72.7 72.7 EPS (Non GAAP) $1.54 $1.10 $1.30 $1.54 $1.60 $1.76 $2.20 $2.50 $2.82 $3.07 $3.32 14.4%

Assumptions:Net Sales Growth - - 10.9% 23.4% 9.9% 8.31% 9.75% 12.28% 10.44% 9.45% 8.64% 7.95%Gross margin 87.8% 88.6% 87.0% 86.9% 87.0% 87.0% 87.0% 87.0% 87.0% 87.0% 87.0%SG&A/sales 44.5% 42.2% 42.0% 41.6% 43.0% 43.0% 43.0% 42.0% 41.0% 41.0% 41.0%R&D/sales 6.0% 6.9% 8.6% 8.8% 8.8% 8.8% 8.8% 8.8% 8.8% 8.8% 8.8%EBIT (% of Sales) 37.2% 39.5% 36.4% 36.5% 35.2% 35.2% 35.2% 36.2% 37.2% 37.2% 37.2% Depreciation (% of sales) 1.9% 1.7% 1.613% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%Amortization of intangibles 0.0% 0.0% 0.0000% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%EBITDA (% of Sales) 37.2% 39.5% 36.4% 36.5% 35.2% 35.2% 35.2% 36.2% 37.2% 37.2% 37.2%Other income ($) $ 0.10 $ (0.40) $ (0.40) $ (0.30) $ (0.40) $ (0.40) $ (0.40) $ (0.40) $ (0.40) $ (0.40) $ (0.40)Tax Rate -8.2% 36.7% 39.2% 38.6% 38.6% 38.6% 38.6% 38.6% 38.6% 38.6% 38.6%Lending rate 1.561% 0.554% 0.933% 1.013% 0.679% 0.679% 1.000% 1.000% 1.000% 1.000% 1.000%Fixed debt borrowing rate #DIV/0! #DIV/0! -4.4% -4.4% 0.0% 0.0% 0.0% 0.0% 0.0%Short-term borrowing rate 0.0% 0.0% 0.0% 0.0% 0.6% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0%Annual EPS Growth - - -28.6% 18.2% 18.7% 23.5% 9.7% 70.0% 13.4% 12.6% 8.9% 8.3%

Reality Check:ROIC (= EBIT(1-t)/Invested Capital) 19.1% 104.5% 18.9% 17.6% 16.5% 15.1% 14.0%

-4.6% 5.8% 6.6% 5.9% 5.4% 5.2% 5.0%Growth rate = ROIC x Investment Rate -0.9% 6.1% 1.2% 1.0% 0.9% 0.8% 0.7%

(a) SOURCE PROJECTIONS(b) Excludes extraordinary and non-recurring charges.

These numbers were given These numbers I got by doing a trend analysis of the years preceding them

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 362.65 402.08 496.01 590.65 648.23 727.84 803.81 879.78 955.75 1031.73

These numbers I got using the median from my revenue analysis

Investment rate = (Δ WCR + CAPX-Depr)/EBIT(1-t)

PROJECT Owl Fund FCF - MYGN 2 Balance Sheet and Cash Flow(dollars in millions, except per share data)

FYE June 31, MRQ Projected FYE June 31, (a)

2010 2011 2012 Dec. 31 2013 2014 2015 2016 2017 2018 2019 Balance Sheet:

1 Cash + short-term inv. $403.2 $346.5 $340.5 $358.6 $388.6 $426.5 $528.8 $696.8 $887.2 $1,095.5 $1,321.9 2 Accounts receivable $48.1 $50.8 $63.1 $76.6 3 Inventory - $8.2 $11.6 $10.5 4 Prepaid expenses $4.1 $2.9 $1.7 $2.3 5 Deferred tax assets (current) $18.6 $9.8 $5.6 $9.4 6 Other current assets - - - -7 Current assets 474.0 418.3 422.5 457.3 8 Net Working Capital 43.3 37.4 37.0 53.2 44.1 48.3 54.3 59.9 65.6 71.3 76.9 9 Net PP&E 23.3 23.1 24.2 27.3 27.8 31.7 36.0 40.9 46.1 51.9 58.1

10 Existing Goodwill - 56.1 56.9 56.9 56.9 56.9 56.9 56.9 56.9 56.9 56.9 11 Other intangibles 2.1 16.7 15.7 13.7 15.7 15.7 15.7 15.7 15.7 15.7 15.7 12 Long-term investments 85.2 70.9 113.7 109.6 109.6 109.6 109.6 109.6 109.6 109.6 109.6 13 Deffered tax assets long term 9.4 25.9 30.6 24.6 14 Loans Recievable long term 0.0 0.0 19.0 20.3 15 Other Assets 0.0 0.0 8.0 8.0 37.8 41.5 46.6 51.4 56.3 61.2 66.0 16 Total Assets $593.8 $610.8 $690.6 $717.7 $680.48 $730.2 $847.9 $1,031.2 $1,237.5 $1,462.0 $1,705.2

17 Accounts payable 8.9 11.4 10.1 13.6 18 Accrued expenses 18.6 21.6 32.8 29.2 19 Short term borrowing (Revolver) - plug 0.0 0.0 0.0 0.0 37.1 44.2 0.0 0.0 0.0 0.0 0.0 20 Current portion of long-term debt 0.0 0.0 0.0 0.0 21 Unearned Rev. - 1.3 2.1 2.7 23 Other current liabilities 0.0 0.0 0.0 0.0 24 Total Current Liabilities 27.5 34.4 45.0 45.5 25 Fixed Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 26 Pension & other post-retirement liabilities 0.0 0.0 0.0 0.0027 Deferred tax liability, non-current 0.0 0.0 0.0 0.0 28 Other Liabilities 8.8 9.6 10.0 10.1 11.8 13.0 14.6 16.1 17.6 19.1 20.6 29 Common stock 0.9 0.9 0.8 0.8 30 Additional paid-in capital 567.0 604.4 647.7 665.8 31 Retained earnings (10.5) (38.6) (12.7) (4.3)32 Treasury stock 0.0 0.0 0.0 0.0 33 Comprehensive other income 0.1 0.2 (0.2) (0.2)34 Total Common equity 557.5 566.8 635.6 662.1 631.5 673.0 833.3 1,015.1 1,219.8 1,442.9 1,684.5 35 Minority interest - - - - 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36 Preferred stock - - - - 0.0 0.0 0.0 0.0 0.0 0.0 0.037 Total Liab. & Equity $593.8 $610.9 $690.6 $717.7 $680.4 $730.2 $847.9 $1,031.2 $1,237.4 $1,462.0 $1,705.1

37 Check 0.0 (0.0) 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1

38 Cash Flow:39 Net Income $152.3 $100.6 $112.2 $128.9 $141.5 $160.3 $181.7 $204.7 $223.0 $241.6 40 Depreciation & Amortization 6.8 6.8 8.0 8.9 9.7 10.9 12.1 13.2 14.3 15.5 41 Change in Working Capital - - (5.9) (0.4) (7.1) (4.3) (5.9) (5.7) (5.7) (5.7) (5.7)42 Capital Expenditures (7.9) (3.8) (9.4) (12.4) (13.6) (15.3) (16.9) (18.5) (20.1) (21.7)43 Change in Long-term Investments (14.3) 42.8 4.1 0.0 0.0 0.0 0.0 0.0 0.0 44 Change in goodwill/intangibles #VALUE! 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45 Change in Other - - (17.2) (78.7) 21.7 (2.5) (3.5) (3.3) (3.3) (3.3) (3.3)46 Free Cash Flow (b) #VALUE! 74.7 144.0 130.8 146.5 167.9 190.4 208.3 226.4

47 Required Debt Service (-) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48 Long-term Debt Issuance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 49 (Dividend Payment) 0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50 Equity Raised (repurchased) (133.0) (100.0) 0.0 0.0 0.0 0.0 0.0

51 Total Financing Cash Flow (133.0) (100.0) 0.0 0.0 0.0 0.0 0.0

52 Beginning Balance 340.5 388.6 426.5 528.8 696.8 887.2 1,095.5 53 Increase in Cash 11.0 30.8 146.5 167.9 190.4 208.3 226.4 54 Minimum cash balance (% of sales) 388.6 426.5 478.9 528.9 578.9 628.9 678.9 55 Cash surplus/deficit ($37.1) ($7.1) $94.1 $167.8 $308.3 $466.6 $643.0 56 (Payment)/Borrowing of Revolving Debt 37.1 7.1 (44.2) 0.0 0.0 0.0 0.0 57 Ending cash balance 388.6 426.5 528.8 696.8 887.2 1,095.5 1,321.9 58 Ending cash/sales 66% 66% 73% 87% 101% 115% 128%

Balance Sheet Assumptions59 Goodwill ($) - 56.051 56.85 56.85 56.9 56.9 56.9 56.9 56.9 56.9 56.9

Other Intangibles ($) 15.7 15.7 15.7 15.7 15.7 15.7 15.7 60 Long-term investments ($) 85.154 70.857 113.692 109.636 109.6 109.6 109.6 109.6 109.6 109.6 109.6 61 Minority interest 0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 62 Preferred stock 0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 63 Other assets/sales 2.6% 6.4% 11.6% 1.5% 6.4% 6.4% 6.4% 6.4% 6.4% 6.4% 6.4%64 Other liabilities/sales 2.4% 2.4% 2.0% 1.9% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

65 Cash/sales 111.2% 86.2% 68.7% 65.8% 65.8% 65.8% 65.8% 65.8% 65.8% 65.8% 65.8%66 Net Working Capital (% of Sales) 11.9% 9.3% 7.5% 9.8% 7.46% 7.5% 7.5% 7.5% 7.5% 7.5% 7.5%67 Change in NWC / Sales -1.5% -0.1% 1.2% 0.7% 0.8% 0.7% 0.6% 0.6% 0.5%

68 CAPX (-) (7.9) (3.8) (9.4) (11.2) -9.4 -9.4 -9.4 -9.4 -9.4 -9.4 -9.4 69 Sale of PPE 0.0 0.0 0.0 0.0 70 Cash acquisitions - (79.4) (0.8) 0.0 71 Net CAPX (7.9) (83.2) (10.2) (11.2)### (12.4) (13.6) (15.3) (16.9) (18.5) (20.1) (21.7)72 CAPX (% of sales) 2.2% 20.7% 2.1% 2.1%### 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1%

Financing Assumptions73 Dividends per share $0.00 $0.00 $0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 74 Dividend growth rate #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%75 Share price 0 0 0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 76 Shares issued (in$) 22.305 25.06 25.029 41.245 0.0 0.0 0.0 0.0 0.0 0.0 0.0 77 Short-term debt issued 0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 78 Long-term debt Issued 0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 79 Short-term debt repaid 0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 80 Long-term debt repaid 0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 81 Shares repurchased (in$) 71.4 200.5 128.5 152.9 133.0 100.0 0.0 0.0 0.0 0.0 0.0 82 Debt/equity ratio 0% 0% 0% 6% 7% 0% 0% 0% 0% 0%83 Long-term debt/total capital 0% 0% 0% 0% 0% 0% 0%

(a) SOURCE PROJECTIONS(b) Cash from operations - CAPX (not used in valuation)

Evaluate dividend history, share bybacks, dividend growth rate, and historical Capx

FY 2013Currency USD USD USD Revenue 583.49 545.319 496.005 402.084Other Revenue - - - Total Revenue 583.49 545.319 496.005 402.084

583.49133 10% 23% 11%

FY15 Q2 FY15 Q1 FY14 FY14 Q4Molecular Diagnostic Testing AVG Growth $ 428.35 $ 365.37 $ 615.63 $ 311.64 AVG Q/Q Growth $ 197.57 $ 175.75 $ 608.44 $ 148.70 AVG QtoQ Growth $ 172.85 $ 196.15 $ 587.61 $ 128.58

Oncology $ 236.68 $ 206.15 $ 414.62 $ 179.55 AVG Q/Q Growth $ 120.06 $ 112.03 $ 401.64 $ 98.75 AVG QtoQ Growth $ 113.91 $ 117.33 $ 383.59 $ 72.08

Women's Health $ 213.63 $ 173.50 $ 206.78 $ 140.92 AVG Q/Q Growth $ 77.19 $ 65.77 $ 207.32 $ 50.02 AVG QtoQ Growth $ 59.02 $ 68.57 $ 202.54 $ 53.53

Companion Diagnostic Service $ 51.01 $ 39.49 $ 34.83 $ 30.57 AVG Q/Q Growth $ 14.70 $ 5.92 $ 33.05 $ 10.31 AVG QtoQ Growth $ 589.10 $ 1.54 $ 89.66 $ 10.31 SUM OF TOTAL REVENUE (AVG Growth) $ 479.36 $ 404.85 $ 650.46 $ 342.21 SUM OF TOTAL REVENUE (Q/Q) $ 212.27 $ 181.67 $ 641.49 $ 159.01 Sum OF TOTAL REVENUE (QtoQ) $ 761.95 $ 197.68 $ 677.27 $ 138.90

Analyst Consensus 195.32 166.97 638.45 163.78706.56

Q FY Q1 Q2Average Q/Q 17% 14% 18% 19%Average QtoQ 13% 24% 11%

Average Q/Q 15% 13% 14% 16%Average QtoQ 7% 17% 13%

Average Q/Q 23% 20% 27% 25%

For the Fiscal Period EndingLTM12 monthsDec-31-2012

12 monthsJun-30-2012

12 monthsJun-30-2011

Average QtoQ 22% 29% 9%

Average Q/Q 29% 540% -2% 32%Average QtoQ 192% -50% 733%

FY11 Q3 FY11 Q4 FY12 Q1 FY12 Q2Molecular Diagnostic Testing $ 102.30 $ 105.40 $ 104.00 $ 117.60

growth 3.0% -1.3% 13.1%

Oncology $ 73.00 $ 74.70 $ 74.20 $ 79.80 growth 2.3% -0.7% 7.5%

Women's Health $ 29.30 $ 30.60 $ 29.80 $ 37.90 growth 4.4% -2.6% 27.2%

Total Revenue $102.30 $107.40 $110.50 $122.80

Molecular Diagnostic TESTS

$ 90.30 $ 92.80 $ 89.50 $ 101.40 growth 2.8% -3.6% 13.3%

$ 7.40 $ 7.60 $ 9.60 $ 10.90 growth 2.7% 26.3% 13.5%

BART™ test 0.00 $0.00 $0.00 $0.00growth

Other $ 4.70 $ 4.90 $ 4.90 $ 5.30 growth 4.3% 0.0% 8.2%

Companion Diagnostic Service $ - $ 2.00 $ 6.50 $ 5.20 growth 225.0% -20.0%

TOTAL REVENUE $ 102.30 $ 107.40 $ 110.50 $ 122.80 5.0% 2.9% 11.1%

Forecasting SummaryResults Using multiple forecasting methods

BRACAnalysis® test

COLARIS® and COLARIS AP®

Forecasting using Q/Q analysis of broad segmentsForecasting using average growth analysis of broad segmentsForecasting using QtoQ analysis of broad segmentsForecasting by growth trend analysis QtoQ of broad segmentsForecasting by growth trend analysis QtoQ of product segmentsForecasting using growth trend analysis QtoQ of Total Revenue onlyAnalyst EstimatesAverageMedian

$ 110.30 $ 12.10 BRACAnalysis® testCOLARIS® and COLARIS AP®

mean yoy %USD USD USD

362.648 326.527 222.855- - -

362.648 326.527 222.85511% 47% 20% 14% 7%

FY14 Q3 FY14 Q2 FY14 Q1 FY13 FY13 Q4 FY13 Q3 FY13 Q2 $ 265.82 $ 265.82 $ 226.73 $ 539.28 $ 193.39 $ 164.96 $ 141 $ 143.44 $ 166.73 $ 149.58 $ 560.13 $ 148.70 $ 143.44 20% $ 145.06 $ 155.95 $ 158.02 $ 541.64 $ 128.58 $ 145.06 -9%

$ 156.39 $ 156.39 $ 136.21 $ 368.55 $ 118.64 $ 103.33 $ 90 $ 100.67 $ 103.95 $ 98.27 $ 375.62 $ 98.75 $ 100.67 16% $ 109.69 $ 101.25 $ 100.57 $ 357.97 $ 72.08 $ 109.69 0%

$ 114.45 $ 114.45 $ 92.95 $ 173.04 $ 75.50 $ 61.32 $ 49.80 $ 43.31 $ 62.00 $ 51.99 $ 184.22 $ 50.02 $ 43.31 27% $ 41.70 $ 54.21 $ 53.09 $ 186.14 $ 53.53 $ 41.70 -29%

$ 23.67 $ 23.67 $ 18.32 $ 28.32 $ 14.18 $ 10.98 $ 8.50 $ 5.50 $ 11.18 $ 6.06 $ 30.51 $ 10.31 $ 5.50 63% $ 5.50 $ 70.76 $ 3.09 $ 30.51 $ 10.31 $ 5.50 1465% $ 289.48 $ 289.48 $ 245.05 $ 567.60 $ 207.57 $ 175.94 $ 149 $ 148.94 $ 177.91 $ 155.63 $ 590.65 $ 159.01 $ 148.94 0% $ 150.56 $ 226.71 $ 161.10 $ 572.15 $ 138.90 $ 150.56

159.58 159.33 147.5 583.61 152.63 148.35

Q3 Q4 0.30183680678 0.603217216% 17% $ 0.48 $ 0.33 18% 1%

16% 14%27% -17%

18% 24%

12 monthsJun-30-2010

12 monthsJun-30-2009

Reclassified12 monthsJun-30-2008

14% 32%

0% 88%0% 88%

est.

FY12 Q3 FY12 Q4 FY13 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY14 Q1 $ 123.30 $ 127.50 $ 127.30 $ 140.70 $ 144.43 $ 151.33 $ 158.61

4.8% 3.4% -0.2% 10.5% 2.6% 4.8% 4.8%

$ 86.60 $ 87.00 $ 86.20 $ 90.00 $ 94.02 $ 97.14 $ 100.36 8.5% 0.5% -0.9% 4.4% 4.5% 3.3% 3.3%

$ 36.70 $ 40.50 $ 41.10 $ 49.80 $ 50.40 $ 54.18 $ 58.25 -3.2% 10.4% 1.5% 21.2% 1.2% 7.5% 7.5%

$128.80 $133.00 $133.50 $149.20 $154.11 $162.61 $171.77

$ 105.90 $ 108.70 $ 105.00 $ 110.30 $ 115.42 $ 119.11 $ 122.92 4.4% 2.6% -3.4% 5.0% 4.6% 3.2% 3.2%

$ 11.20 $ 11.50 $ 12.10 $ 12.10 $ 14.23 $ 15.34 $ 16.54 2.8% 2.7% 5.2% 0.0% 17.6% 7.8% 7.8%

$0.00 $0.00 $ 7.60 $ 15.80 $ 16.59 $ 17.42 $ 18.29 5.0% 5.0% 5.0%

$ 6.20 $ 7.30 $ 2.60 $ 2.50 $ 3.24 $ 3.01 $ 2.79 17.0% 17.7% -64.4% -3.8% 29.6% -7.2% -7.2%

$ 5.50 $ 5.50 $ 6.20 $ 8.50 $ 9.68 $ 11.29 $ 13.16 5.8% 0.0% 12.7% 37.1% 13.9% 16.6% 16.6%

$ 128.80 $ 133.00 $ 133.50 $ 149.20 $ 154.57 $ 162.75 $ 171.37 4.9% 3.3% 0.4% 11.8% $ 159.15 $ 166.17 $ 173.71

Results Using multiple forecasting methods

FY13 FY14Forecasting using Q/Q analysis of broad segments $590.65 $641.49Forecasting using average growth analysis of broad segments $572.15 $677.27Forecasting using QtoQ analysis of broad segments $567.60 $650.46Forecasting by growth trend analysis QtoQ of broad segments $599.42 $637.69Forecasting by growth trend analysis QtoQ of product segments $608.02 $648.23 These Numbers reflect what it would be like if the company kept up its ultra high growth rateForecasting using growth trend analysis QtoQ of Total Revenue only $600.02 $741.84

$583.00 $638.00$588.69 $662.14$590.65 $648.23 I used the median to help aleviate the influence of outliers

BART™ test Other Companion Diagnostic Service $ 15.80 $ 2.50 $ 8.50

FY13 Q1 FY12 FY12 Q4 FY12 Q3 FY12 Q2 FY12 Q1 FY11 FY11 Q4 $ 127 $ 472 $ 128 $ 123 $ 118 $ 104 $ 400 $ 105

22% 18% 21% 20% 17% 13% 10% 12%22% 5% 18% 31% 26% -3%

$ 86 $ 328 $ 87 $ 87 $ 80 $ 74 $ 283 $ 75 16% 16% 16% 19% 15% 12% 9% 11%

0% -16% 27% 25% 33% -19%

$ 41.10 144.8 $ 40.50 $ 36.70 $ 37.90 $ 29.80 $ 116.70 $ 30.60 38% 24% 32% 25% 22% 15% 15% 15%58% 28% 14% 47% 0% 36%

$ 6.20 23.6 $ 5.50 $ 5.50 $ 5.20 $ 6.50 $ 2.00 $ 2.00 -5% 1080% 175% 0% 0% 0% 0% 0%

-100% 175% 0% 0% 0% 0% $ 134 $ 496 $ 133 $ 129 $ 123 $ 111 $ 402 $ 107

est.

FY14 Q2 FY14 Q3 FY14 Q4 FY11 FY12 FY13 $ 166.31 $ 174.45 $ 183.05 $400.00 472.4 $ 563.75

4.9% 4.9% 4.9% 18.1% 19.3%

$ 103.69 $ 107.13 $ 110.69 $283.10 327.6 $ 367.37

3.3% 3.3% 3.3% 15.7% 12.1%

$ 62.62 $ 67.31 $ 72.36 $116.70 144.8 $ 195.49

7.5% 7.5% 7.5% 24.1% 35.0%$402.00 $496.00 $599.42

$181.66 $192.34 $203.92 23.4% 20.9%

$ 126.85 $ 130.91 $ 135.09 $353.00 405.5 $ 449.83

3.2% 3.2% 3.2% 14.9% 10.9%

$ 17.84 $ 19.24 $ 20.74 $29.20 43.3 $ 53.77

7.8% 7.8% 7.8% 48.3% 24.2%

$ 19.20 $ 20.17 $ 21.17 $0.00 0 $ 57.41

5.0% 5.0% 5.0%

$ 2.59 $ 2.41 $ 2.24 $17.90 $ 23.70 $ 11.35

-7.2% -7.2% -7.2% 32.4% -52.1%

$ 15.35 $ 17.90 $ 20.87 $2.00 23.6 $ 35.67

16.6% 16.6% 16.6% 1080.0% 51.1%

$ 180.44 $ 189.99 $ 200.05 $402.00 $496.00 $608.02 $ 181.84 $ 190.61 $ 200.12 23.4% 22.6%

$402.00 $496.00 $600.02

23.4% 21.0%

These Numbers reflect what it would be like if the company kept up its ultra high growth rate

I used the median to help aleviate the influence of outliers

FY11 Q3 $ 102

13%

$ 73 14%

$ 29.30 11%

00%0%

$ 102

FY14 $ 595.07

5.6%

$ 381.53

3.9%

$ 212.63

8.8%$637.696.4%

$ 467.75 27%4.0%

$ 58.21 84%8.3%

$ 68.10

18.6%

$ 11.54 -37%1.7%

$ 42.63 1683% 81%19.5%

$648.236.6%

$741.84

23.6%

CAPM 0.094546Rft (10yr) 1.95%Beta 0.956ERP 7.85%

I used CAPM because MYGN does not finance with Debt

PROJECT Owl Fund FCF - MYGN 6 Discounted Cash Flow Analysis - EBITDA Multiple Method(dollars in millions, except per share data)

FYE June 31, Projected FYE June 31, (a)2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Sales $362.6 $402.1 $496.0 $590.6 $648.2 $727.8 $803.8 $879.8 $955.8 $1,031.7 EBITDA 207.9 228.2 256.2 207.9 228.2 256.2 291.0 327.3 355.5 383.8 Less: Depreciation 6.8 6.8 8.0 (8.9) (9.7) (10.9) (12.1) (13.2) (14.3) (15.5)EBIT 214.7 235.0 264.2 199.0 218.5 245.3 278.9 314.1 341.2 368.3 Less: Taxes @ 38.6% (82.9) (90.7) (102.0) (76.8) (84.3) (94.7) (107.7) (121.2) (131.7) (142.2)Tax-effected EBIT 131.8 144.3 162.2 122.2 134.1 150.6 171.3 192.8 209.5 226.2

Plus: Depreciation (6.8) (6.8) (8.0) 8.9 9.7 10.9 12.1 13.2 14.3 15.5 Plus: Deferred TaxesLess: Capital Expenditures (7.9) (3.8) (11.2) (12.4) (13.6) (15.3) (16.9) (18.5) (20.1) (21.7)Less: Changes in Working Capital - - (5.9) 0.0 (7.1) (4.3) (5.9) (5.7) (5.7) (5.7) (5.7)

Free Cash Flow $117.1 $127.8 $143.0 $111.6 $125.9 $140.3 $160.8 $181.9 $198.1 $214.3

A + B = C

Discounted (a) PV of Terminal Value at a Cash Flows Perpetual Growth Rate of (b) Firm Value Equivalent Terminal EBITDA Mult.

Discount Rate (2013-2019) 0.2% 0.7% 1.2% 0.2% 0.7% 1.2% 0.2% 0.7% 1.2%

9.5% $2,041.3 $3,265.5 $3,469.3 $3,697.8 $5,306.8 $5,510.6 $5,739.1 6.0 6.4 6.8 10.0% $2,104.6 $3,151.9 $3,338.8 $3,547.1 5,256.5 5,443.4 5,651.7 5.7 6.1 6.5 10.5% $2,169.8 $3,050.0 $3,222.4 $3,413.4 5,219.7 5,392.1 5,583.2 5.5 5.8 6.1 11.0% $2,236.8 $2,958.2 $3,117.9 $3,294.1 5,195.0 5,354.8 5,530.9 5.2 5.5 5.8 11.5% $2,305.8 $2,875.1 $3,023.9 $3,187.1 5,180.9 5,329.7 5,492.9 5.0 5.2 5.5

- D + E = F Present Value ofTerminal Value as a % of

Net Debt LT Invest. Total Equity Value Equity Value per Share (c) Firm Value

Discount Rate 0.2% 0.7% 1.2% 0.2% 0.7% 1.2% 0.2% 0.7% 1.2%

9.5% ($340.5) $113.7 $5,761.0 $5,964.8 $6,193.3 $71.57 $74.10 $76.94 61.5% 63.0% 64.4%10.0% ($340.5) $113.7 $5,710.7 $5,897.6 $6,105.9 $70.94 $73.26 $75.85 60.0% 61.3% 62.8%10.5% ($340.5) $113.7 $5,673.9 $5,846.3 $6,037.4 $70.48 $72.63 $75.00 58.4% 59.8% 61.1%11.0% ($340.5) $113.7 $5,649.2 $5,809.0 $5,985.1 $70.18 $72.16 $74.35 56.9% 58.2% 59.6%11.5% ($340.5) $113.7 $5,635.2 $5,783.9 $5,947.1 $70.00 $71.85 $73.88 55.5% 56.7% 58.0%

(a) Present values calculated as of 4/8/2023(b) Discounted 7 years; based on FYE June 31, 2019 EBITDA of $383.8 million.(c) Based on 80.5 million primary shares outstanding.

PROJECT Owl Fund FCF - MYGN 5 Discounted Cash Flow Analysis - EBITDA Multiple Method(dollars in millions, except per share data)

FYE June 31, Projected FYE June 31, (a)2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Sales $362.6 $402.1 $496.0 $590.6 $648.2 $727.8 $803.8 $879.8 $955.8 $1,031.7 EBITDA 135.1 158.9 180.3 207.9 228.2 256.2 291.0 327.3 355.5 383.8 Less: Depreciation (6.8) (6.8) (8.0) (8.9) (9.7) (10.9) (12.1) (13.2) (14.3) (15.5)EBIT 128.3 152.1 172.3 199.0 218.5 245.3 278.9 314.1 341.2 368.3 Less: Taxes @ 38.6% (49.5) (58.7) (66.5) (76.8) (84.3) (94.7) (107.7) (121.2) (131.7) (142.2)Tax-effected EBIT 78.8 93.4 105.8 122.2 134.1 150.6 171.3 192.8 209.5 226.2

Plus: Depreciation 6.8 6.8 8.0 8.9 9.7 10.9 12.1 13.2 14.3 15.5 Plus: Deferred TaxesLess: Capital Expenditures (7.9) (3.8) 0.0 (12.4) (13.6) (15.3) (16.9) (18.5) (20.1) (21.7)Less: Changes in Working Capital - - (5.9) 0.0 (7.1) (4.3) (5.9) (5.7) (5.7) (5.7) (5.7)

Free Cash Flow $77.7 $90.5 $113.8 $111.6 $125.9 $140.3 $160.8 $181.9 $198.1 $214.3

A + B = C

Discounted (a) PV of Terminal Value as a Cash Flows Multiple of 2019 EBITDA (b) Firm Value Equivalent Perpetual Growth Rate

Discount Rate (2013-2018) 7.9x 8.4x 8.9x 7.9x 8.4x 8.9x 7.9 8.4 8.9

9.5% $2,041.3 $4,283.4 $4,553.4 $4,823.4 $6,324.7 $6,594.7 $6,864.6 2.3% 2.7% 3.0%10.0% $2,104.6 $4,357.8 $4,632.5 $4,907.1 6,462.4 6,737.1 7,011.7 2.7% 3.1% 3.5%10.5% $2,169.8 $4,433.2 $4,712.6 $4,992.0 6,602.9 6,882.3 7,161.7 3.2% 3.6% 4.0%11.0% $2,236.8 $4,509.5 $4,793.7 $5,077.9 6,746.3 7,030.5 7,314.7 3.7% 4.1% 4.4%11.5% $2,305.8 $4,586.7 $4,875.8 $5,164.9 6,892.5 7,181.6 7,470.7 4.1% 4.5% 4.9%

- D + E = F Present Value ofTerminal Value as a % of

Net Debt LT Invest. Total Equity Value Equity Value per Share (c) Firm Value

Discount Rate 7.9x 8.4x 8.9x 7.9x 8.4x 8.9x 7.9 8.4 8.9

9.5% ($340.5) $113.7 $6,778.9 $7,048.9 $7,318.9 $84.21 $87.56 $90.92 67.7% 69.0% 70.3%10.0% (340.5) $113.7 $6,916.6 $7,191.3 $7,466.0 $85.92 $89.33 $92.74 67.4% 68.8% 70.0%10.5% (340.5) $113.7 $7,057.2 $7,336.6 $7,616.0 $87.67 $91.14 $94.61 67.1% 68.5% 69.7%11.0% (340.5) $113.7 $7,200.5 $7,484.7 $7,768.9 $89.45 $92.98 $96.51 66.8% 68.2% 69.4%11.5% (340.5) $113.7 $7,346.8 $7,635.8 $7,924.9 $91.26 $94.86 $98.45 66.5% 67.9% 69.1%

(a) Present values calculated as of 4/8/2023(b) Discounted 7 years; based on FYE June 31, 2019 EBITDA of $383.8 million.(c) Based on million 80.5 primary shares outstanding. 7

Jon Scott:This is the long-term growth rate, g, that is associated with the TV computed with the EV/EBITDA multiple and the WACC

Jon Scott:You should not be concerned about the high percentage here. Remember we are estimating the PV of all future cash flows as the terminal value. The first 7 years is only a small part of that value.

Myriad Genetics Inc. (NasdaqGS:MYGN) Current price: 25.52

Company Comp Set

Company Name P/EpsBio-Rad Laboratories, Inc. (NYSE:BIO) 8.3 20.8bioMérieux SA (ENXTPA:BIM) 8.2 17.3Life Technologies Corporation (NasdaqGS:LIFE) 10.8 26.3

Myriad Genetics Inc. (NasdaqGS:MYGN) 8.3 17.8

Summary StatisticsHigh 10.8 26.3Low 8.2 17.3

Mean 9.1 21.4666666666667Median 8.3 20.8

EPS FY 13High 1.61 34.56Low 1.56 33.49Mean 1.59 34.02

CapIQ estimate EPS NTM 1.69 36.28

Ticker Price/EPSBIO 20.8BIM 17.3LIFE 26.3Average 21.47MYGN 17.80Fair Value P $36.28

TEV/EBITDA LTM - Latest

TEV/EBITDA LTM - Latest

P/Diluted EPS Before Extra LTM - Latest

Estimated Target Price FY13 Thomson1

NTM Forward P/E FY 138.2 22.96 EV/EBITDA Target Price MYGN7.8 16.4 Consensus NTM EBITDA $ 234.30 9.3 14.54 Target EV/EBITDA 8.4X

Enterprise value estimate $ 1,975.93 - Debt outstanding (MRQ) $ -

7.4 15.35 + Cash $ 358.66 Equity value $ 2,334.59

NTM Forward P/E No. Shares (Millions) 80.589.3 22.96 Target price $ 28.97 7.8 14.54 Return 11.9%

8.43333333333333 17.96666666666678.2 16.4

Return EPS FY14 Thomson 1 Return 34% 1.92 41.22 60%30% 1.6 34.35 33%32% 1.76 37.78 46%

41% $ 32.63 26.3%Average of two methods

NTM EPS5.365.674.375.131.69

NTM TEV/Forward EBITDA

NTM TEV/Forward EBITDA

Estimated Target Price FY14

Stage Discovery Launchyears away 6 years 4 years 2 years Millions MillionsProlaris 750 525.00MelanomaDX 400 280Lung Cancer Prognosis 100 70HRD Breast 700 490Kidney Damage 300 210Hereditary Cancer Test 1500 1050Prostate Cancer Dx 1000 700

Time Line of Revenue realizationYear 2014 2015 2016 2017 2018 2019Prolaris 52.75 105.49 189.89 303.82 364.58 437.50MelanomaDX 0 0 28.13 56.26 101.27 162.04Lung Cancer Prognosis 0 0 7.03 14.07 25.32 40.51HRD Breast 0 0 0 0 49.23 98.46Kidney Damage 0 0 0 0 21.10 42.20Hereditary Cancer Test 0 0 0 0 105.49 210.99Prostate Cancer Dx 0 0 0 0 70.33 140.66

52.75 105.49 225.05 374.15 737.32 1132.35discount rate (CAPM) 0.094546

7215.351083.27

NPV Prolaris 2018 724.81

Analytical Validation

Clinical Validation

MKT Size/year

Revs to be realized

Total millions

NPV 2024 millionsNPV 2018 millions

OwlFund:These numbers represent the present value of all the pipeline drugs soon to come to market or just entering the market now, these projections are not accounted for by any analysts (including myself) but they will drive the growth of this company going forward.

* 70% penetration on avaerage0.7

7 year for full expected penetration 7

Usual Growth Trend: 0.100469 0.200939 0.36169 0.578704 0.694444 0.833333 1

2020 2021 2022 2023 2024525.00 525.00 525.00 525.00 525.00194.44 233.33 280.00 280.00 280.00

48.61 58.33 70.00 70.00 70.00177.23 283.56 340.28 408.33 490.00

75.95 121.53 145.83 175.00 210.00379.77 607.64 729.17 875.00 1050.00253.18 405.09 486.11 583.33 700.00

1654.20 2234.49 2576.39 2916.67 3325.00

1 2 3 4 5 60

0.4

0.8

Chart Title

Row 7

OwlFund:These numbers represent the present value of all the pipeline drugs soon to come to market or just entering the market now, these projections are not accounted for by any analysts (including myself) but they will drive the growth of this company going forward.

Stock buy back for 2014

Announcement: 2/2/2013$ amount: (m) $ 200.00 Shares to be bought back: (m) 7.86average share price since announcement: $ 25.43 Current shares outstanding (m): 80.58Shares outstanding after buyback for 2015: (m) 72.7152732992528Feb Price $ 25.43

Revenue Breakdown FY13 Q2

Rev in Mm % of RevMolecular Diagnostic Testing 140.7 50% Increase 20% yoyOncology 90 32% increase 16% yoyWomen's Health 49.8 18% increase of 27% yoyTotal 280.5

Molecular Diagnostic Rev in Mm % of Rev

110.3 74% increase 9% yoy

12.1 8.10% increase 10% yoyBART™ test 15.8 10.60% direct link to BRACAnalysis® (65%)Other 2.5 1.70%Companion 6%total 140.7 100%

Companion Diagnostic Servic 8.5M increase 6 Companion diagnostic revenue benefited in the second fiscal quarter from the recently announced diabetes partnership with Sanofi SA.Opertaional income 55.6M increase 22% yoyNI 35M increase 24% yoyCo. Repurchase 1.2m shares 33.7MCash/Cash Equiv 428.3M

YTD Performance (FY13 Q1)Rev

Total Rev 282.6M 21% increase yoyOperating Inc 104.2M 20% increase yoyNI 65.2M 22% increase yoydiluted earnings per share .62>>.78 26% increase yoy

Major highlights FY13 Q2

BRACAnalysis® test

COLARIS® and COLARIS AP®

Partnership b/ Myriad RBM and Sanofi SA to perform protein bioarker research for the Outcome Reduction with Initial Glargine Intervention (ORIGIN) study with the goal of identifying biomarker

profiles that may optimize treatment of pre-diabetic and early diabetic patients.

Presented data at the San Antonio Breast Cancer Symposium demonstrating Myriad's HRD test accurately predicted which patients with triple

negative breast cancer will respond to platinum-based combination therapies

Presented data at the Annual Meeting of the Society of Urological Oncology demonstrating that the Prolaris® test significantly predicts biochemical recurrence in prostate cancer patients treated with

radiation therapy.

Initiated the development of a new prostate cancer diagnostic product to be used in conjunction with prostate biopsies to determine if a patient has prostate cancer even if the biopsy has provided a negative result. False negative

results occur in 25 percent to 30 percent of the approximately one million biopsies performed in the United States each year.

Molecular Di-agnostic TestingOncologyWomen's Health

Revenue Breakdown FY13 Q2

BRACAnalysis® test

COLARIS® and COLARIS AP®

BART™ test

Other

Companion

FY13 GuidanceRev 575-585M 16-18% growthDiluted earnings/share 1.55-1.58 19-21% growth

Economic Moats/StrengthsNo debtDominant player in the industryMonopolies: genetic breast & colon cancer genomic detectors1) European expansionwhere a modest salesforce is in place and commercial revs will start kickingin over 2014 with 16 partners in 61 countries; 2) potential CMSreimbursement for Prolaris could add $50–100M+ or 20% more businessover the next five years.Differentiated product portfolio enhancing presence in molecular diagnostics marketIncreased focus on core businessCommitment towards R&D helping build robust portfolioRobust financial performance boosting financial flexibility

WeaknessesHeavy reliance on US market increasing dependency risk

OpportunitiesEntry into global markets likely to help reduce dependency on the US. (It's in their plans for 2014/15)Favorable trends towards preventive medicine to spur demand for Myriad's productsBenefits to accrue from growing oncology market

R I S K S T O A C H I E V E M E N T O F P R I C E TA R G E TReimbursement, competition and successful launches of pipeline products.

ThreatsReduction in reimbursement levels could affect sales and profitabilityConsolidation in healthcare industry likely to intensify competitionCMS Reimbursment Tax Rates Increase more than expected

Initiated the development of a new prostate cancer diagnostic product to be used in conjunction with prostate biopsies to determine if a patient has prostate cancer even if the biopsy has provided a negative result. False negative

results occur in 25 percent to 30 percent of the approximately one million biopsies performed in the United States each year.

Companion diagnostic revenue benefited in the second fiscal quarter from the recently announced diabetes partnership with Sanofi SA.

Molecular Di-agnostic TestingOncologyWomen's Health

BRACAnalysis® test

COLARIS® and COLARIS AP®

BART™ test

Other

Revenue Breakdown FY13 Q2

BRACAnalysis® test

COLARIS® and COLARIS AP®

BART™ test

Other

Companion

16% to 18% growth over our prior fiscal year.

Growth StrategyExpanding existing markets for MYGN's portfolio. And taking steps to increase penetration in these markets. This has been responsible for 21% revenue growth for FY13 Q1.

Extending global reach with operationsi in Europe and a distribution network in 61 countries around the world. Will contribute to future growth in the near term.

enchancing portfolio beyond oncology, urology, and women's healthcare to encompass new medical specialties such aspathology, neuroscience and autoimmune disease. Driving this expansion will be the product pipeline with 13 molecular diagnosticcandidates. Several of these products have a global market potential in excess of 1B

CurrentlyEntered into 20 major pharmaceuticals to assist in identifying the subset of patients who would likely benefit from their new candidate therapies.

On May 31, 2011, we completed the acquisition of the privately-held molecular diagnostic company, Rules-Based Medicine, Inc. of Austin, Texas, for a cash purchase price of approximately $80.0 million. As of June 30, 2012, Rules-Based Medicine is operating as a wholly-owned

subsidiary of Myriad under the name of Myriad RBM, Inc. or “Myriad RBMâ€. The ac� quisition expanded our test pipeline into new disease states, including neuroscience disorders, infectious diseases and inflammatory diseases. We believe that the tests being developed

by Myriad RBM will complement the tests that we are developing using our strong research capabilities in nucleic acid (DNA and RNA) analysis with proprietary multiplex immunoassay (protein) technology. Myriad RBM has strategic collaborations with over 20 major

pharmaceutical and biotechnology companies, which coupled with our industry-leading position in PARP inhibitor and PI3K inhibitor companion diagnostics, creates a leading franchise in companion diagnostics. In addition, our acquisition of Myriad RBM provides us

with access to samples from additional patient cohorts for new molecular diagnostic test development and clinical validation activities.

Expanding existing markets for MYGN's portfolio. And taking steps to increase penetration in these markets.

Extending global reach with operationsi in Europe and a distribution network in 61 countries around the world.

enchancing portfolio beyond oncology, urology, and women's healthcare to encompass new medical specialties such aspathology, neuroscience and autoimmune disease. Driving this expansion will be the product pipeline with 13 molecular diagnostic

Entered into 20 major pharmaceuticals to assist in identifying the subset of patients who would likely benefit from their new

On May 31, 2011, we completed the acquisition of the privately-held molecular diagnostic company, Rules-Based Medicine, Inc. of Austin, Texas, for a cash purchase price of approximately $80.0 million. As of June 30, 2012, Rules-Based Medicine is operating as a wholly-owned

quisition expanded our test pipeline into new disease states, including neuroscience disorders, infectious diseases and inflammatory diseases. We believe that the tests being developed

by Myriad RBM will complement the tests that we are developing using our strong research capabilities in nucleic acid (DNA and RNA) analysis with proprietary multiplex immunoassay (protein) technology. Myriad RBM has strategic collaborations with over 20 major

pharmaceutical and biotechnology companies, which coupled with our industry-leading position in PARP inhibitor and PI3K inhibitor . In addition, our acquisition of Myriad RBM provides us

with access to samples from additional patient cohorts for new molecular diagnostic test development and clinical validation activities.

Y 2011 2012Q 1 2 3 4 1 2Seg1 4 7 12 21 38 71

growth qtoq 75% 71% 75% 81% 87%Sub Seg1 2 3 4 5 6 7

growth qtoq 50% 33% 25% 20% 17%Q/Q 200% 133%

Sub seg 2 2 4 8 16 32 64growth qtoq

Seg2 4 7 12 21 38 71growth qtoq

Subseg1 2 3 4 5 6 7growth qtoq

subseg2 2 4 8 16 32 64growth qtoq

Seg3 4 7 12 21 38 71growth qtoq

sub seg 1 2 3 4 5 6 7growth q/q

subseg2 2 4 8 16 32 64growth q/q

2013 Est. 20143 4 1 2 3 4 1 2

136 265 522 103592% 95% 97% 98%

8 9 10 1114% 13% 11% 10%

100% 80% 67% 57%

128 256 512 1024

136 265 522 1035

8 9 10 11

128 256 512 1024

136 265 522 1035

8 9 10 11

128 256 512 1024

20153 4 1 2 3 4