Contributing to saving lives!

Contributing to saving lives!

Key Figures Amounts in thousands EUR 2011 2010 2009 2008 CAGR (%) Sales 30,413 32,361 30,682 17,240 20.8% Gross profit 18,384 18,734 17,863 9,477 24.7% Gross profit (in %) 60.4% 57.9% 58.2% 55.0% EBITDA 7,528 6,554 7,200 3,897 24.5% EBITDA margin (in %) 24.8% 20.3% 23.5% 22.6% EBIT 4,983 4,167 5,350 2,398 27.6% EBIT margin (in %) 16.4% 12.9% 17.4% 13.9% Net income 1,462 4,322 4,405-2,681 na Net margin (in %) 4.8% 13.4% 14.4% -15.6% Research & Development expenses 1,669 528 1,109 257 86.6% Equity 39,073 37,612 33,430 29,062 10.4% Cash 3,117 5,153 9,605 2,305 10.6% Financial dept 6,957 9,598 12,822 12,942-18.7% Net debt (cash) position 3,840 4,445 3,217 10,637 Gearing ratio 17.8% 25.5% 38.4% 44,5% Total assets 58,104 59,930 66,322 55,115 1.8% Share price at December 31 2.65 3.05 3.70 2.45 2.7% Number of shares at December 31 17,554,354 17,554,354 17,554,354 17,554,354 0.0% Market capitalization 46,519 53,541 64,951 43,008 2.7% Enterprise value 50,359 57,986 68,168 53,645-2.1% Earnings per share EPS (in EUR/share) 0.08 0.25 0.25-0.15 Book value per share (in EUR/share) 2.24 2.14 1.90 1.66 10.5% Price/Earnings ratio 33.13 12.39 14.74 Price/Book value 1.18 1.42 1.94 1.48 EV/EBITDA 6.7 8.8 9.5 13.8 Employees as of December 31 160 157 155 148 2.6% 2

Content About Eckert & Ziegler BEBIG... 4 Letter from the Managing Directors... 5 Share and Shareholders... 8 Management & Financial Report... 12 Board of Director s Management Report... 13 Statutory Auditor s Report... 20 Financial Statements... 22 Reporting Rules... 26 Notes to the Financial Statements... 39 Extracts Non-Consolidated or Statutory Financial Statements... 67 Corporate Governance Statement... 70 Financial Calendar 2012... 78 Contact... 78 3

About Eckert & Ziegler BEBIG Eckert & Ziegler BEBIG, incorporated in 1996, is a European-based company active in the medical device segment of the health care industry. Eckert & Ziegler BEBIG s core business is the treatment of cancer using brachytherapy, a special form of radiation therapy. Eckert & Ziegler BEBIG is a leader in brachytherapy in Europe. The company headquarters are in Belgium, with a production facility in Germany and subsidiaries throughout Europe and in India. In addition, Eckert & Ziegler BEBIG has a worldwide network of distributors and agents to support the international marketing of its product line. The company s products and equipment are intended for use by oncologists, radiologists, urologists, and medical physicists. Eckert & Ziegler BEBIG employs more than 150 people. The company has been listed on the NYSE Euronext stock exchange since April 1997 (Euronext: EZBG; Reuters: EZBG.BR; Bloomberg: EZBG:BB). 4

Letter from the Managing Directors Dear Shareholders, Partners, Patients and Employees, The uncertainties of the ongoing debt crisis have also left their mark on Eckert und Ziegler BEBIG. Therefore, the dynamic growth rate seen in recent years has been reduced, due primarily to the lower contribution from a project in Russia. Nevertheless, in fiscal year 2011, we continued to grow organically in the recurrent business. This circumstance is especially attributable to above-average growth rates in the area of temporary brachytherapy, although even here occasional project delays negatively affected the result. Compared to the same period last year and also in geographic terms, sales continued to rise outside Europe especially in Latin America. In addition, we were able to impede the competition s dominance in temporary brachytherapy in some industrial countries, such as Canada and Italy. In the emerging markets, sales increased by 24%, which was stronger than overall organic sales, and currently represents 39% of total sales. The group could increase the gross margin from 57.9% to 60.4% as well as the EBITDA margin and the EBIT margin from 20.3% to 24.8%, respectively from 12.9% to 16.4%. 5

The net income amounted to 1.5 million EUR. The corresponding earnings per share were 0.08 EUR. In the previous year, the net income was 4.3 million EUR with earnings per share of 0.25 EUR. The main impact resulted from the tax position. It is the non-cash reevaluation on the tax-deductible losses carried forward; while the evaluation period was reduced. Total equity of the group stood at 39.1 million EUR on December 31, 2011, versus 37.6 million EUR on December 31, 2010. The financial crisis in Europe impacted our trade accounts receivables. They have reached 6.4 million EUR in December 2011, versus 4.9 million EUR in December 2010. This evoked the trend from public hospitals in South Europe to delay their payments and thus effected our cash position at year end. Cash decreased to 3.1 million EUR at the end of December 2011, versus 5.2 million EUR beginning December 2011. The equity to assets ratio stood at 66.7% end of December 2011. Nevertheless we could further decrease the borrowing position, due to the scheduled reimbursement of loans, while no new loans were taken in the course of the financial year despite the above mentioned payment behavior and the acquisiton of sonotech GmbH. Eckert & Ziegler BEBIG began the 2011 fiscal year with the market launch of the newly-developed MultiSource tumor radiation device. The new system, which was received positively by our customers, also contributed strongly to our growth in the area of temporary brachytherapy. The new system coupled with the new version of the planning software HDRplus 3.0, further enabled us to introduce innovative products to the market. At the beginning of 2011, we filed a lawsuit against Core Oncology, Inc., a US competitor, to rescind a contractual option agreement we had previously concluded with the company. In November 2009, Eckert & Ziegler BEBIG had acquired, inter alia, a takeover option, and had made available to Core Oncology a short-term loan of 2 million USD. We do not expect a verdict in this case before the end of this year. Unfortunately, our continued efforts to enter the US market were thwarted when our takeover bid for Theragenics Corporation was rejected by its board of directors. Due to the lack of evidence that the additional effort of a hostile takeover would be justified by the risk-adjusted business value of the target, we determined not to increase, or to continue to pursue, our offer to acquire Theragenics. With the corporate name change from IBt s.a. to Eckert & Ziegler BEBIG s.a., which was executed midyear, we expect to benefit from the Eckert und Ziegler trade name, which is well-positioned as a strong global brand. The economic challenges facing several industrial countries have led to additional downward pressure on costs in healthcare systems worldwide. This has had direct consequences for the medical technology market especially in Europe, because healthcare expenditures in most European countries are borne partly by the public sector. As life expectancy continues to increase in the developing world, the probability of developing cancer also increases. At the same time, many developing countries are allocating considerable public resources toward developing a healthcare infrastructure to reduce the large gap in healthcare vis-à-vis the standards of the World Health Organization. 6

Although current demographic trends in healthcare systems across the globe pose many challenges, they also offer a host of new opportunities, and Eckert und Ziegler BEBIG s.a. is well-positioned to take advantage of them. The highest priority is the expansion of our regional presence in the rapidly growing emerging markets to maintain our leading market position in brachytherapy. With the setup of a subsidiary in Brazil along with the recent authorization to sell the MultiSource tumor radiation device in China, we are one step closer toward achieving this goal. In Europe, we want to secure our market leadership in permanent brachytherapy, and a substantial number of measures have already been undertaken. For example, we have expanded of our product range, which will enable us to offer doctors even more individualized treatment solutions for their patients. The acquisition of sonotech, a software company, will enable us to offer the users a completely integrated solution, which will bring us another step closer to achieving our goal. Eckert & Ziegler BEBIG is well prepared to face the challenging times ahead strategically, operationally, financially and most importantly, with our talented and dedicated employees, whom we would like to thank formally. Our thanks also go to the Board of Directors for the exceptional collaboration. Special thanks as well to Dr. Gunnar Mann, who helped to develop the company over more than a decade. In the future he will dedicate himself to other tasks in the Eckert & Ziegler Group. Finally, we would like to extend our gratitude to our fellow shareholders for their continued trust and confidence in us. We pledge to continue our commitment to excellence. Dr. Edgar Löffler Managing Director Abel Luzuriaga Managing Director 7

Share and Shareholders Eckert & Ziegler BEBIG is a public limited liability company ( naamloze vennootschap / société anonyme ) within the meaning of article 438 of the Belgian Company Code. It has offered its shares to the public and is registered with the Financial Services and Markets Authority in Belgium ( FSMA ). The company was incorporated on February 15, 1996, under the name International Brachytherapy s.a., in short IBt and changed its name to Eckert & Ziegler BEBIG at the General Assembly on June 6, 2011 for an open-ended period and may be dissolved by decision of the General Meeting voting as for changes to statutes. The Eckert & Ziegler BEBIG Share Eckert & Ziegler BEBIG Share Price All shares are listed on NYSE Euronext - Brussels. Ticker symbols used are: Euronext EZBG; Reuters: EZBG.BR; Bloomberg: EZBG:BB. During the year 2011, the EZBG share price decreased by 9.25% to close at 2.65 EUR on December 31, 2011 versus 3.05 EUR a year earlier. The volume of shares traded daily decreased significantly by 45%, going from 9,396 shares traded daily in 2010 to 5,181 shares traded daily in 2011. In relative terms, the Eckert & Ziegler BEBIG share performance was better than the indexes of references: the BEL Small decreased by 13% in 2011, the BEL 20 decreased by 20.8% over the same period. The market capitalization of the group ended the year 2011 at 46.5 million EUR. As the free float is limited to 17.42% it might result to higher volatility of the share price. Stock market data 2011 2010 2009 2008 2007 Minimum price (in EUR) 1.11 2.16 2.14 2.00 3.01 Maximum price (in EUR) 3.19 3.75 5.00 4.28 8.90 Closing price, December 31 (in EUR) 2.65 3.05 3.70 2.45 3.17 Number of Shares, December 31 17,554,354 17,554,354 17,554,354 17,554,354 10,804,354 Market Capitalization (in million EUR) 46.5 53.5 65.0 43.0 34.2 8

Brief History of public offerings The Eckert & Ziegler BEBIG share was first introduced on the market in April 1997 (IPO offer of 6.2 million EUR-shares issued at 2.48 EUR per share, post split). In August 1998, shares were split in a ratio to 10 new shares for one share. In January 1998, the company launched a public offering of corporate bonds, raising 12.3 million EUR, through the issuance of a zero coupon five year convertible bond. The conversion ratio allowed converting bonds in exchange for shares, at regular intervals over a period of five years. Over this period, in excess of 98% of these bonds were converted by their holders into shares at a price of 4.39 EUR per share. No public offering of Eckert & Ziegler BEBIG shares has been made since 1998. Eckert & Ziegler BEBIG Share in 2011 versus indexes 10% 5% 0% -5% -10% -15% -20% -25% -30% -35% -40% -45% -50% -55% -60% -65% 3-Jan 3-Feb 3-Mar 3-Apr 3-May 3-Jun 3-Jul 3-Aug 3-Sep 3-Oct 3-Nov 3-Dec EZBG BEL 20 BEL SMALL 9

Structure of the capital Regular Shares The Eckert & Ziegler BEBIG capital amounts to 10,879,026.72 EUR and is represented by 17,554,354 regular shares, without any nominal value, each representing 1/17,554,354th of the capital. Pursuant to the Belgian Company Code, the Board may be authorized by the shareholders, during a five (5)-year period, to increase the capital up to a defined amount and within certain limits. To that effect, the General Assembly authorized the Board for a period of respectively five years and three years in case of a takeover bid to make use of the authorized capital amounting to 10,879,026.72 EUR. The Board is further authorized when making use of the authorized capital to limit or cancel the preferential subscription rights of the shareholders, provided that certain legal requirements are met. On December 31, 2011, the balance of the authorized capital available stood at this same level. The Board may propose the cancellation of the Eckert & Ziegler BEBIG shares to the shareholders meeting leading to a reduction of the capital. Pursuant to the Belgian Company Code, the shareholders may authorize the company and its subsidiaries to acquire the shares of Eckert & Ziegler BEBIG up to a maximum of 10%. No such authorization is currently in place. Beneficiary Shares As of December 31, 2011, there were 5,000,000 Beneficiary Shares A and 25,000 Beneficiary Shares B in existence. The associated rights differ materially. They are both nominative. Beneficiary Shares A The Beneficiary Shares A are owned by Eckert & Ziegler AG. The Beneficiary Shares A convey the right to one vote per beneficiary share at the General Assembly of Shareholders (within the limits attached to beneficiary shares as defined by the Belgian Company Code), but they do not entitle their holder to any dividends, to any liquidation surplus should the company be wound up or to any economical benefit. In short and despite their denomination, they could be assimilated to "shares with voting rights attached only". Beneficiary Shares B The Beneficiary Shares B have exactly the same rights as ordinary shares, except for the applicable limitations provided under Belgian law and relating to voting at the General Assembly of Shareholders. They are held since March 24, 2010 by Eckert & Ziegler AG. Warrants Various series of warrants have also been issued since 1996, which either have been exercised or have expired. There is no warrants end of December 2011. 10

Transparency Declarations Pursuant to the Belgian law relating to the declaration of significant shareholding, the Articles of Association specify that any shareholder owning voting rights equal to 5% or more of the existing voting rights is obliged to declare such shareholding to the company and to the FSMA (Belgium s financial market regulator). Any rise or fall below the threshold of 5% or any multiple of 5% is subject to the abovementioned declaration. Based on the information made available to the company as of December 31, 2011, the shareholdership of the company is summarized in the table here after. Shareholders of Eckert & Ziegler BEBIG (as of December 31, 2011) Number of Regular Shares Number of Beneficiary Shares Total Number of Shares % of Voting Rights % of Economical Rights Eckert & Ziegler AG 12,653,594 5,025,000 17,765,594 78.68% 72.58% SRIW 879,899 Free float - Euronext 3,933,861 - - 879,899 3.90% 5.01% 3,933,861 17.42% 22.41% Total: 17,554,354 5,025,000 22,579,354 100.00% 100.00% Voting rights Economical rights SRIW; 3.90% Free Float - Euronext; 17.42% SRIW; 5.01% Free Float - Euronext; 22.41% Eckert & Ziegler AG; 78.68% Eckert & Ziegler AG; 72.58% 11

Management & Financial Report Content Board of Director s Management Report... 13 Key Consolidated Figures... 15 Research & Development... 16 Risk Management... 16 Statutory Items Eckert & Ziegler BEBIG s.a.... 19 Statutory Auditor s Report... 20 Financial Statements... 22 Consolidated Statement of Income and Comprehensive Income... 22 Consolidated Statement of Cash Flows... 23 Consolidated Statement of Shareholders Equity... 24 Consolidated Financial Position... 25 Reporting Rules... 26 Notes to the Financial Statements... 39 Preliminary Note Consolidation Scope... 39 Notes on the Consolidated Income Sheet... 44 Notes on the Consolidated Balance Sheet... 51 Financial Risks Analysis... 62 Extracts Non Consolidated or Statutory Financial Statements... 67 Non Consolidated Statement of Income... 67 Non Consolidated Balance Sheet... 68 12

Board of Director s Management Report Approved by the Board of Directors on March 22, 2012 Ladies and Gentlemen, The Board of Directors of Eckert & Ziegler BEBIG is pleased to present and submit for your approval its report on the group s activities for the year ending on December 31, 2011. For the third year in a row we have been able to show a net profit, even if the profitability is lower than in 2010, mostly due to the project on the delivery of a production line for permanent implants to Russia, which contributed at significantly higher level to the revenue in 2010 than in 2011. For our temporary brachytherapy activities, during the year 2011, we saw a lot of interest for our new MultiSource HDR afterloader and the new version 3.0 of our HDRplus treatment planning software that were launched earlier in 2011. One example is the recently installed MultiSource HDR (High Dose Rate) afterloader in the Centro de Control de Cancer LTDA in Bogota, Colombia. The system is the first of its kind installed in South America and it is already used effectively in the treatment of cancer patients. We are the only company offering a HDR afterloader that can be equipped with either an Iridium-192 (Ir- 192) or Cobalt-60 (Co-60) source, as the customer demands. With our proprietary Co-60 MultiSource HDR afterloader, we offer a cost-effective solution in the fight against cancer. Eckert & Ziegler BEBIG has already installed over 180 MultiSource systems worldwide. When used with Co-60, the new MultiSource HDR afterloader reduces operating costs by up to 80% compared to an Ir-192 system. The new HDRplus 3.0 treatment planning software provides its users with functions that considerably simplify and speed up their plan preparation. In addition, new HDR accessories like the Easy Click Transfer Tubes and Flexible Catheter Blind End have been launched recently. They make HDR brachytherapy more comfortable and efficient and allow sophisticated treatments. For our permanent brachytherapy activities, besides always looking for improvements and new developments, it is our aspiration to better fulfill our customers needs. To validate the results of our commitment, we conducted a customer satisfaction survey across Europe in 2011. The results are very encouraging: Eckert & Ziegler BEBIG is foremost in customers minds and fulfills customers requirements convincingly. We continued to see a lot of interest in our ophthalmic brachytherapy activities, with revenues for the year 2011 above revenues of 2010. Eckert & Ziegler BEBIG is the sole supplier of Ru-106 (Ruthenium 106) ophthalmic plaques: mostly used for the treatment of uveal melanoma, retinoblastoma and melanoma of the iris. 13

Main events of the year 2011 Early in the year we appointed Abel Luzuriaga (German-Ecuadorian nationality) as our new Vice President for Sales. In February 2011, we unveiled our new MultiSource HDR (High Dose Rate) afterloader at the International HDR Brachytherapy Meeting in Pattaya, Thailand. We are the only company offering a multiple-source HDR afterloader uniquely suited to the demand in developing countries. With our proprietary Co-60 MultiSource HDR afterloader, we offer a cost-effective solution in the fight against cancer. We also released a new version of the treatment planning HDRplus 3.0 at the ESTRO International Oncology Forum held in London in May 2011. The HDRplus is an innovative software program for precise and efficient HDR (High Dose Rate) treatment planning. It provides its users with functions that considerably simplify and speed up their plan preparation. The software delivers an optimized treatment plan and makes the process especially fast, flexible and precise. As the company objective is to go back to the US market, we tried to acquire Theragenics Corporation. However, after continued resistance from Theragenics against any kind of negotiated transaction, Eckert & Ziegler BEBIG Group determined not to continue to pursue its offer to acquire Theragenics Corporation. During our Annual General Assembly, to underline our affiliation with the Eckert & Ziegler Group, one of the world s largest providers of isotope technology for medical, scientific, and industrial purposes, we decided to change our corporate name from International Brachytherapy s.a. to Eckert & Ziegler BEBIG s.a.. Dr. Gunnar Mann stepped down as Eckert & Ziegler BEBIG s Managing Director as he will dedicate himself to other tasks in the Eckert & Ziegler Group in the future. Main events subsequent to the year 2011 Effective January 1, 2012, Abel Luzuriaga was appointed Managing Director of Eckert & Ziegler BEBIG and to the Board of Directors of the company. Together with Dr. Edgar Löffler, the former Vice President of Sales will be responsible for the daily business. Mr. Luzuriaga is a distinguished practical expert who can point to a career of more than 20 years in sales and to successes as Managing Director in the industry. With his international experience, he will help the company to develop new markets in particular in the emerging markets. In February 2012, Eckert & Ziegler BEBIG announced that the Chinese State Food and Drug Administration (SFDA) has approved its MultiSource HDR afterloading system for brachytherapy. The registration of MultiSource in China is a significant opportunity to contribute in future to the patientcentered care in China and to expand activities to this very important market with Eckert & Ziegler BEBIG s well-proven brachytherapy solutions. Compared to Europe, China has high incidences of esophagus and nasopharynx cancer, both of which can be treated with brachytherapy. 14

Key Consolidated Figures Comparability It should be mentioned that comparability for the year 2011 versus the year 2010 is limited. The transactions linked to the project in Russia influenced the revenues and the result also in 2011. It increased the revenue by 2,549 TEUR vs. 5,096 TEUR in 2010. Eliminating these transactions from the total reported revenue, the revenue would have been 27,864 TEUR in 2011 vs. 27,265 TEUR in 2010 showing an increase of 2.2%. The gross profit on sales would be decreased by 2,164 TEUR to 16,222 TEUR in 2011 vs. a decrease of 3,339 TEUR to 15,395 TEUR in 2010, showing an increase of gross profit on sales of 5.4%. The EBIT eliminated by the transactions linked to Russia is calculated to 2,819 TEUR in 2011 vs. 828 TEUR in 2010, showing an increase of 240%. No revenues linked to licenses and rights granted or to services provided to Eckert & Ziegler AG are recognized under the revenue line as they will not occur regularly anymore. Income Statement Sales for the year 2011 reached 30.4 million EUR, compared to 32.4 million EUR in 2010, showing a decrease of 6%. The main components were income generated by the sales of permanent brachytherapy I-125 radiotherapeutic implants as well as income from temporary brachytherapy equipment, i.e. HDR equipment using Co-60 (Cobalt 60) and Ir-192 (Iridium 192) sources (also called afterloaders ). Beside the decrease of total sales, the stable recurring sales of goods and services increased by 6%. Consolidated gross margin reached 18.4 million EUR for the year 2011, versus 18.7 million EUR in 2010, showing a decrease of 1.9%. As a percentage of sales, the gross margin is increased by 2.5% to 60.4%, versus 57.9% in 2010. Operating result reached 5.1 million EUR for the whole year 2011, compared to 6.0 million EUR in 2010, showing a decrease of 14%. Earnings before interest and taxes (EBIT) have reached 5 million EUR in 2011, versus 4.2 million EUR in 2010, showing an increase of 20.7%. It should be recalled that the EBIT result of 2010 has suffered a major impairment loss of 1.4 million EUR on a loan granted to Core Oncology Incorporation. Interests showed a net expense of 0.7 million EUR in 2011, versus a charge of 0.6 million EUR in 2010. Net profit reached 1.5 million EUR in 2011, compared to the net profit of 4.3 million EUR in 2010. The main impact on the tax position is a non-cash reevaluation on the tax-deductible losses carried forward; while the evaluation period was reduced, the value within the period used doesn t change to a major extent. Balance sheet Total equity of the group stood at 39.1 million EUR on December 31, 2011, versus 37.6 million EUR in December 31, 2010. Trade accounts receivables have reached 6.4 million EUR in December 2011, versus 4.9 million EUR in December 2010, as we saw a trend from public hospitals to delay their payments. 15

Cash amounted to 3.1 million EUR at the end of December 2011, versus 5.2 million EUR in December 2010. The equity to assets ratio stood at 66.7% end of December 2011. The advanced payments received decreased to 0.4 million EUR versus 2.9 million EUR due to the release of an obligation linked to the project on the delivery of production equipment to Russia. The borrowing position is decreased further in 2011, due to the scheduled reimbursement of loans, while no new loans were taken in the course of the financial year. The other non-current assets increased by 0.6 million EUR to 1.0 million EUR, versus 0.4 million EUR, due to the reclassification of trade receivables to long-term loans granted to important customers. Balanced tax assets and liabilities decreased by 2.8 million EUR to 6.7 million EUR, versus 9.5 million EUR in 2010, due to decrease of the evaluation period used. Research & Development Research & Development is an essential part of Eckert & Ziegler BEBIG activities. During the year 2011, R&D expenditures, on a non-capitalized basis, represented 11.2% of sales. For several years, R&D has been growing in importance, and activities are focused on new products, technology, and applications development. A team of 33 people, representing more than 21% of Eckert & Ziegler BEBIG employees, is working on specific new product and technology development, as well as providing high-level technical support for production and maintenance on some equipment at customers sites. Internally we have expanded our production technologies, so that in the future we will be able to produce more complex and different applicators in-house. Risk Management General Comment Eckert & Ziegler BEBIG, like any other company operating internationally, is exposed to a large number of opportunities, but also to risks that may influence the company s business activities. The associated consequences could affect the company s business significantly, and even the very existence of the group. At the same time, these risks and/or their perception can potentially have a material impact on the evolution of the share price listed on Euronext. The identified risks have been regrouped into a number of categories. For each category, the risk is briefly described together with, when applicable, the estimated impact it may have on the group as a whole, and complemented by a summary of the actions undertaken to anticipate or reduce its effects. This list is not exhaustive, and the order of presentation does not reflect either the degree of seriousness or likelihood of occurrence of these risks. Legal and Regulatory Risks The legal risk is tied to the negative consequences of failure to comply with regulations and/or contractual commitments. The company operates in a highly regulated sector. A multitude of inspections are carried out by independent authorities in different countries, both at product launch and during the commercial 16

stages. Obtaining and then renewing licenses for operating production sites and for marketing products involves complex procedures, and outcomes are always uncertain. Intellectual Property Patent Risks The value of the group s activities lies to a considerable extent in its intellectual property portfolio and in the know-how it has accumulated since its creation. The risk that someone challenges its intellectual property rights and/or their potentially insufficient protection should be considered, as well as the cost of defending the same rights. Eckert & Ziegler BEBIG cannot guarantee that the defection of certain employees would not have a negative impact on its intellectual property rights. Strategic Market Risk The company operates today in a highly specific market segment, proposing cancer treatment by brachytherapy through permanent or temporary implantation. The group s entire income is generated from this source. For this reason the company can be considered as acting in one market segment only. The risk is therefore linked to the highly concentrated origin of the recurring income. To reduce this risk, the company has set forth the strategic objective of significantly extending and diversifying the field of application to other types of tumors. Business Risks Overall, the group attempts to manage its business risks by using a range of instruments, such as yearly interviews with technical managers and executives. As far as possible, preventive measures are taken to counter those risks which might damage the company, contingency plans are drawn up, and regular evaluations of these risk factors are organized. These include market surveys, evaluation of scientific literature, analysis of customer complaints, financial control analysis, etc. These reports provide discussion material for the meetings of the Executive Committee, at which significant risks to the earnings of the group are discussed. Personnel Risks In different areas, the group depends on highly specialized or skilled employees. It relies on the expertise and skills of a few particularly well-qualified key individuals. In order to minimize the risk of losing talented personnel, the company strives to create a friendly and supportive atmosphere, adequate compensation, and continuing education opportunities. Despite these measures, the group cannot guarantee that these employees will remain with the company or display the necessary commitment. Financial Risks Financial risks regroup different types of risks, namely: liquidity, foreign exchange, interest rate, and credit risks. The liquidity risk relates to the group s ability to have at its disposal and maintain the financial resources needed for its activities, development, and future expansion. Prudent management of this risk makes it necessary to maintain sufficient liquid funds and borrowing facilities. Acquiring such facilities and maintaining them in place can never be guaranteed. This is even less so in the current context, characterized by a clear tightening of access to credit and the associated conditions. Additionally, when financing through borrowed sources is used, it is critical to ensure that the future cash flows generated by the group will make it possible to safely cover the cash outflows associated with the 17

required interest payments and capital reimbursements. In this context, the group is also taking measures to monitor and limit the risks associated with credit and loans by borrowing an amount that is manageable in relation to the group s overall assets. In the area of managing exchange rate and interest rate risks, the company pursues a simultaneously active and conservative policy. Insofar as possible, this entails restricting the volatility of the results to variations in exogenous parameters such as interest rates or prices of foreign currencies. To do this, the associated income and charges are denominated in the same currency wherever and whenever possible. Similarly, debt and its interest burden are denominated in the currency of the income that the financing of the investment made it possible to generate. Options, forward contracts, and swaps are some of the instruments used to implement this risk management policy. Finally, the credit risk is linked to the risk of the client s insolvency or inability to pay. This risk has risen significantly insofar as the company now deals essentially with a broader base of customers and also ventures into emerging markets. Requirement of pre-payments and/or usage of letters of credit make it possible to reduce this risk. Production Risks The production process risk includes the risk of being unable to buy all the raw materials and consumables at the right time and in the necessary quantities. This risk can be reduced by warehousing and by establishing alternative procurement sources, but it can never be eliminated altogether. Also, official licenses and permits are needed for the production and the dispatch of products in many different countries, and Eckert & Ziegler BEBIG can only exert indirect influence when these are issued or renewed. The manufacturing risk relates to the possibility of the occurrence of irreparable damage to the manufacturing lines. This risk is tempered, but not eliminated, by the fact that the manufacturing of implants is achieved with two production lines located in two different buildings. Commercial and Healthcare Reimbursement Risks These are linked, in particular, to the success of individual products and commercial policies, the competitive situation in a particular country, the renewal of distribution contracts, the conditions governing the reimbursement of medical treatment in different countries, etc. In this respect, major sales and revenue risks continue to lie in developing the European market for permanent implants for the treatment of prostate cancer, since it is generating significant portion of the current business of the group. In European countries this treatment method faces the problem that reimbursement by health insurance programs public or private is essential for its economic success. For the sales associated with temporary brachytherapy treatment, sales of radiation systems are still subject to the risk that market penetration in the primary target markets will not take hold as expected or will be delayed due to the high capital expenditures and follow-up costs that these machines represent. As such, these risks cannot of course be covered. Even so, the group takes measures to ensure that no one market or distribution channel comes to represent too large a portion of the group s overall revenue. In this context, the company aims to prevent any one source of revenue from accounting for more than 10% of the total. Additionally, the possibility cannot be excluded that improved processes and efforts on the part of the competition might lead to the loss of important markets, or that development efforts will remain unsuccessful and that new business fields can only be developed too late, or inadequately, or not at all. 18

Other Operational Risks Other operational risks are linked to risks relating to information technology, personal health and safety, etc. The group uses insurance to cover all catastrophic hazards in all cases where insurance is compulsory, and also when insurance represents the best economic solution for transferring risk. Reputation Risks The historic performance of Eckert & Ziegler BEBIG, its approach to ethics and governance, its organization, and its responsibility to exercise an abundance of caution in dealing with its customers, the community, and stakeholders contribute to the group s renown. Safeguarding this sound reputation is essential. Statutory Items Eckert & Ziegler BEBIG s.a. Appropriation of the Result The statutory accounts were drawn up in accordance with Belgian accounting legislation. The Board of Directors will propose to the Ordinary General Meeting of June 11, 2012 to approve the non-consolidated accounts closed on December 31, 2011 and which close with a net profit (group share) of 2.2 million EUR. It will also propose to the meeting to approve the deferral of the accumulated loss of 32.6 million EUR. Risk Management The risks incurred at group level are essentially the same as those prevailing at the level of the consolidating parent company (see description above). The Board of Directors, Seneffe, March 22, 2012 19

Statutory Auditor s Report 20

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Eckert & Ziegler BEBIG Group Financial Statements Consolidated Statement of Income and Comprehensive Income (Following the cost of sales method ) Amounts in thousands EUR except for per share data Note 2011 2010 Sales 1. 30,413 32,361 Cost of sales 2. -12,029-13,627 Gross profit on sales 18,384 18,734 Sales and marketing expenses 3. -8,054-8,254 General and administration expenses 4. -5,054-4,880 Research and development expenses 5. -1,669-528 Other operating income 8. 1,976 1,628 Other operating expenses 9. -496-745 Operating result 5,087 5,955 Impairment loss on loans 10. 0-1,404 Result of participations accounted for under equity method 11. -104-384 Earnings before interest and taxes 4,983 4,167 Interest income 12. 171 179 Interest expenses 12. -855-753 Profit before tax 4,299 3,593 Income tax 13. -2,837 729 Net profit (loss) 1,462 4,322 Net profit per share (in EUR) 15. Standard 0.08 0.25 Diluted 0.08 0.25 Average number of shares in circulation (in thousand) 17,554 17,554 Group statement of comprehensive income: Profit for the period 1,462 4,322 Adjustment of balancing item from currency translation of foreign subsidiaries -1-140 Net income and value adjustments recorded in shareholder equity 1,461 4,182 22

Consolidated Statement of Cash Flows Years ended December 31, 2011 and 2010 Amounts in thousands EUR Note 2011 2010 Cash flow from operating activities: Profit for the year 1,462 4,322 Adjustments for: Depreciation and amortization 7. 2,545 2,387 Release of deferred income from grants -345-161 Interest expenses (+) / income (-) 684 574 Interest paid -396-807 Interest received 24 127 Tax expenses (+) / income (-) 2,837-729 Tax on earnings paid -616-76 Expense (+) / income (-) from share option plan 0-78 Unrealized foreign currency gains/ losses -13 1 Change in long-term provisions, other non-current liabilities 33-105 Losses on the disposal of non-current assets 36. -121 22 Others 24 2,781 Change in working capital Receivables -2,191 1,952 Inventories -183 20 Prepaid expenses, deferred charges and other current assets 367-11 Trade account payable and other current liabilities 37. -1,988-6,673 Cash inflow generated from operating activities 2,123 3,545 Cash flow from investment activities: Additions of intangible non-current assets -968-222 Additions of tangible non-current assets -806-2,660 Sale of intangible non-current assets 36. 142 0 Sale of tangible non-current assets 36. 110 79 Acquisition of consolidated companies 20. 0-1,944 Sale of shareholdings 0 0 Cash outflow from investment activities -1,522-4,747 Cash flow from financing activities: Receipts from take-up of borrowings 0 641 Disbursement from the repayment of borrowings -2,641-3,884 Cash outflow from financing activities -2,641-3,243 Effect of exchange rates on liquid funds 4-7 Change in liquid funds -2,036-4,452 Liquid funds at the start of the period 5,153 9,605 Liquid funds at the end of the period 3,117 5,153 23

Consolidated Statement of Shareholders Equity As of December 31, 2011, 2010 and 2009 Amounts in thousands EUR Capital Issue premium Reserves Translation differences Equity Balance as of December 31, 2009 10,875 50,186-27,802 171 33,430 Result of the period 4,322 4,322 Deconsolidation Translation differences -140-140 Capital increase Balance as of December 31, 2010 10,875 50,186-23,480 31 37,612 Result of the period 1,462 1,462 Deconsolidation Translation differences -1-1 Capital increase Balance as of December 31, 2011 10,875 50,186-22,018 30 39,073 24

Consolidated Financial Position As of December 31, 2011 and 2010 Amounts in thousands EUR Note 2011 2010 Assets: Non-current assets Goodwill 16. 20. 24,459 24,408 Intangible assets 17.20. 2,362 1,526 Property, facilities and equipment 18. 9,054 9,956 Financial investments reported according to the equity method 11. 0 108 Deferred tax assets 22. 20. 7,065 9,192 Other assets 19. 975 400 Total non-current assets 43,915 45,590 Current assets Cash and cash equivalents 21. 32. 33. 3,117 5,153 Trade accounts receivables 23. 31. 33. 6,445 4,867 Inventories 24. 4,112 3,818 Other assets 25. 515 502 Total current assets 14,189 14,341 Total Assets 58,104 59,930 Equity and liabilities: Shareholders equity 26. Subscribed capital 10,875 10,875 Capital reserves 50,186 50,186 Retained earnings -22,018-23,480 Other reserves 30 31 Own shares 0 0 Total shareholders equity 39,073 37,612 Non-current liabilities Long-term portion of borrowings and finance lease obligations 27. 34. 4,750 6,924 Deferred income from grants and other deferred income 28. 517 87 Provision 29. 6,281 5,718 Deferred tax liabilities 22. 327 0 Other non-current liabilities 29. 85 19 Total non-current liabilities 11,960 12,747 Current liabilities Short-term portion of borrowings and finance lease obligations 27. 33. 34. 2,207 2,674 Trade accounts payables 37. 2,649 1,611 Advance payments received 365 2,877 Deferred income from grants and other deferred income 28. 62 264 Current tax payable 109 251 Other current liabilities 30. 1,679 1,894 Total current liabilities 7,071 9,571 Total equity and liabilities 58,104 59,930 25

Eckert & Ziegler BEBIG Group Reporting Rules Background and principles a. Organization and brief description of business activities Eckert & Ziegler BEBIG s.a. (hereinafter referred to also the company ) is a holding and operating company whose specialized subsidiaries are engaged worldwide in the processing of radioisotopes and the development, manufacture and sale of components based on isotope technology, radiation equipment or of related products (together referred to as Eckert & Ziegler BEBIG, Eckert & Ziegler BEBIG Group or the group ). The main areas of application for group products are in medical technology, particularly in cancer therapy. In this area, the products of Eckert & Ziegler BEBIG Group are primarily aimed at radiation therapists and radiation oncologists. The company operates in a market characterized by rapid technological progress and constant new scientific discoveries. This market is subject to strict supervision by local regulatory authorities. Therefore, the company is directly affected by changes in technology and in products used in cancer treatment, by government regulations related to the industry in which the Eckert & Ziegler BEBIG Group operates, and by the general business environment within the healthcare sector. For a more detailed risk analysis, please refer to the Management Report. b. Reporting principles and legal basis Pursuant to the Royal Decree of December 4, 2003, and European Regulation No. 1725/2003, the consolidated financial statements of the group have been prepared in accordance with the International Financial Reporting Standards (IFRS). All standards have been taken into account, applicable within the EU, defined by the International Accounting Standards Board (IASB), London, as well as the interpretations of the International Financial Committee (IFRIC) and the Standing Interpretations Committee (SIC) in force at the closing date. The financial statement conveys an effective picture of the group s position on its assets, liabilities and earnings. The financial statements are presented in thousands of Euro (TEUR). According to the applicable IFRS standards, the valuation basis used for preparing the financial statements is cost, net realizable value, fair value or recoverable value. Where IFRS standards leave a choice between cost and another valuation basis (such as systematic revaluation), the cost method has been applied. The closing accounting of subsidiaries were done on December 31, 2011, which is the closing date of Eckert & Ziegler BEBIG. The financial statement includes the period from January 1, 2011 until December 31, 2011. The profit and loss statement was prepared in accordance with the cost of sales method. Preparing financial statements that are in conformity with IFRS standards requires management to make judgments, estimates and assumptions that affect the application of the policies and the reported amounts of assets, liabilities, income and charges. The estimated and related assumptions are based on the 26

experience of the past and on various other factors. The current results can differ from the estimated results. Judgments made by management in applying IFRS, which can significantly impact the financial statements and estimates and which present a major risk of producing significant adjustments in the course of a subsequent accounting period, are set out in the notes below. NEW FINANCIAL REPORTING STANDARDS In the consolidated annual financial report, all standards of the IASB that were mandatory to be used in the EU as of the financial report deadline as well as the applicable IFRIC or SIC were followed. The Executive Board expects no significant effects on future group annual financial reports from the changes to existing standards made by the IASB in the framework of various projects for further development of the IFRS and for the achievement of a convergence with the US-GAAP or from new standards that are to be used only after December 31, 2011. Financial reporting standards used for the first time in the current financial year: In the 2011 financial year, the following financial reporting standards and interpretations were used for the first time. None of these new financial reporting standards had a material influence on the assets, financial position and financial performance, or on the earning per share. However, their use can influence the accounting of future transactions or agreements. The changes to evidence and disclosure requirements were considered in the consolidated financial statements, especially in the group profit and loss accounting, total earnings statement and notes. Change to las 1 Presentation of the annual financial report (in the context of the annual revisions of 2010): The changes to IAS 1 clarify that a company can choose between the disclosure of an itemization of the other total earnings in the statement of changes in equity or in the notes. In the current financial year, the group has chosen to disclose the itemization in the notes and showed the other total earnings as a separate line in the statement of changes in equity. The changes to IAS 1 are applied retroactively, and the note disclosure has therefore been adjusted accordingly. Changes to lfrs 3 Business combinations: IFRS 3 was changed in the context of the yearly revisions (2010). The long-applicable right of choice for evaluations of non-controlling shares at the point in time of acquisition is available only for such noncontrolling shares as represent the current ownership share and entitle the owner to an attributable value of the net assets in the case of liquidation. All other non-controlling shares are evaluated at the fair value at the time of acquisition provided another standard does not give another evaluation. Moreover, IFRS 3 was changed to clarify the accounting of share-based remuneration programs that are held by the employees of the acquired company. The changes specifically clarify that share-based remuneration transactions of the acquired company that are not replaced are to be evaluated at the time of acquisition according to IFRS 2 Share-based Remuneration ( market-based value ). Changes affect the classification of certain preemptive rights issued in foreign currency either as equity instruments or as financial liability. Due to the changes to IAS 32, therefore, rights, options or warrants that entitle to the acquisition of a fixed number of equity instruments of the company up to a fixed amount in an arbitrary currency are now to be 27

classified as equity instruments, if the company offers them pro rata to all current owners of non-derivative equity instruments of the same class. Before this change to IAS 32, rights, options or warrants that entitle the acquisition of a fixed number equity instruments of the company up to a fixed amount in an arbitrary currency were to be classified as derivatives. The changes require a retroactive application. The application of the changes had no effect on the current or previous financial year. Changes to las 32 Classification of subscription rights: The changes affect the classification of certain subscription rights issued in foreign currency either as equity instruments or as financial liability. Due to the changes to IAS 32, therefore, rights, options or warrants that entitle the acquisition of a fixed number of equity instruments of the company up to a fixed amount in an arbitrary currency are now to be classified as equity instruments if the company offers them pro rata to all current owners of non-derivative equity instruments of the same class. Before this change to IAS 32, rights, options or warrants that entitle to the acquisition of a fixed number equity instruments of the company up to a fixed amount in an arbitrary currency were to be classified as derivatives. The changes require a retroactive application. The application of the changes had no effect on the current or previous financial year, since the group has issued no instruments of this kind. Changes to lfric 14 Advance subscription payments with existing minimum financing requirements: IFRIC 14 deals with the question of under which conditions reimbursements or reductions of future subscription payments are to be considered available in the sense of IAS 19.58; how minimum financing requirements can influence future subscription payments and under which circumstances minimum financing requirements require the recognition of a debt. The changes now allow the recognition of an asset in the form of a minimum financing paid in advance. The application of the changes has no effect on the consolidated annual financial report. Changes to lfric 19 Repayment of financial liabilities with equity instruments: IFRIC 19 regulates the accounting in the case of fulfillment of financial liabilities by disbursement of equity instruments. In particular, the equity instrument would be evaluated according to IFRIC 19 at fair value, and any difference between the book value of the financial liability would be repaid and that repayment would be covered in the profit and loss accounting. The application of IFRIC 19 had no effect on the group in the current financial year and previous periods, since no transactions of this kind were carried out. Published, but not yet applied, financial reporting standards: The following standards and interpretations, the application of which has previously not been required, were not yet applied in the present financial statement. 28

Standard Title Required for financial year beginning from: Application planned from: Possible effect on future financial statements: IFRS 7 (revised) IFRS 9 IFRS 10 Statements - Transfer of financial assets Financial instruments Consolidated financial statements July 1, 2011 January 1, 2012 negligible January 1, 2013 January 1, 2013 negligible January 1, 2013 January 1, 2013 undetermined IFRS 11 Joint agreements January 1, 2013 January 1, 2013 undetermined IFRS 12 IFRS 13 IAS 1 (revised) IAS 12 (revised) IAS 19 (2011) IAS 27 (2011) IAS 28 (2011) Statements on disbursements to other companies Assessment of fair value Representation of items of the other joint earnings Deferred taxes - Recovery of the underlying assets Services to employees Separate financial statements Shares of associated companies and joint ventures January 1, 2013 January 1, 2013 undetermined January 1, 2013 January 1, 2013 undetermined July 1, 2012 January 1, 2013 negligible January 1, 2010 January 1, 2010 negligible January 1, 2012 January 1, 2012 undetermined January 1, 2010 January 1, 2010 undetermined January 1, 2013 January 1, 2013 essential The changes to IFRS 7 (Statements Transfer of financial assets) expand the disclosure requirements to transactions that contain the transfers of financial assets. The changes should make the risk exposition more transparent in cases where financial assets are transferred but the transferring party retains a certain degree of risk from the financial assets. With the changes, additional statements are also stipulated if transfers of financial assets do not occur regularly during the financial year. The corporate management expects no significant adaptations to the statements due to the changes to IFRS 7; however, if the group should undertake other types of transfers of financial assets in the future, the statements connected to such transfers could change. IFRS 9 Financial Instruments, published in November 2009, contains new classification and evaluation rules for financial assets. The IFRS 9 revised in October 2010 includes further rules for classification and evaluation of financial liabilities as well as for de-recognition. The central requirements of IFRS 9 are as follows: According to IFRS 9, all financial assets that currently fall in the scope of IAS 39 are subsequently to be valued either as amortized costs or as fair value. Debt instruments held in the context of a business 29

model, the goal of which is to consolidate the contractual payment flows and the contractual payment flows of which, excluding interest and clearance payments, appear on the outstanding capital sum, are to be balanced in the following periods as amortized costs. All other instruments must be evaluated at fair value through profit and loss. In October 2010, IFRS 9 (revised) was published; the prescriptions for the classification and evaluation of financial liabilities were integrated into it. A significant change was the assessment of changes in the fair value of financial liabilities (that were designated as being evaluated as affecting net income to the fair value), which is traceable to changes in the inherent credit risk of the company. If a company designates a debt instrument as being evaluated as affecting net income to the fair value, the changes to the fair value that present themselves as changes to the inherent credit risk of the company are to be disclosed in the other income, unless the recognition of changes to the inherent credit risk of the liability in the other income leads to the appearance or exacerbation of a financial disclosure anomaly in the profit or loss. Changes to the fair value on the basis of the change to the inherent credit risk may not be rebooked later in the net profit or loss for the period. IAS 39 now provides for a complete recognition of the changes to the fair value for debut instruments that were designated as affecting the net income to the fair value in profit or loss. IFRS 9 is to be applied for financial years that begin on or before January 1, 2013; an earlier application is permitted. The corporate management assumes that the application of IFRS 9 in the consolidated financial report for financial years that begin on January 1, 2013, will not significantly influence the depiction of financial assets and financial liabilities of the group. In May 2011, the IASB published a packet of five standards that deal with consolidation (IFRS 10), joint agreements (IFRS 11), statements on disbursements to other companies (IFRS 12), with separate financial statements (IAS 27 (2011)) and shares of associated businesses and joint ventures (IAS 28(2011)). The essential requirements of the new standards are as follows: IFRS 10 replaces the rules regarding consolidated financial reports in IAS 27 Consolidated and Separate Financial Statements. SIC-12 Consolidation Single-Purpose Entities is also replaced by IFRS 10. With IFRS 10, the IASB now establishes the management approach as a unified principle. Management exhibits according to IFRS 10 when the following three requirements are cumulatively fulfilled: (a) a company must be able exercise power over the associate companies; (b) variable yields from its associates must be suspended, and (c) the yields must be able to be influenced in amount based on its plenitude of power. The standard further contains detailed guidelines for implementation of complex issues. IFRS 11 replaces IAS 31 Shares of Joint Ventures as well as SIC-13 Jointly Managed Units Nonmonetary Deposits by Partner Companies. IFRS 11 regulates the classification of joint agreements. A joint agreement is defined as a contractual agreement according to which two or more parties exercise joint management of something. Joint management can extend from a joint business activity or a joint venture. Contrary to IAS 31, in IFRS 11 the balancing of jointly controlled assets is no longer addressed 30

separately; the rules for joint business activity are applied here. The classification of a joint agreement as joint business activity or as joint venture depends on the rights and responsibilities that accrue to the parties of the agreement. Further, according to IFRS 11, the equity method must be used for the integration of joint ventures, whereas according to IAS 31, either the quote consolidation or the equity method is permissible for jointly managed companies. IFRS 12 is a standard regarding disclosures in notes. It is applicable to companies that are involved in subsidiaries, joint agreements (joint activities or joint ventures), associated companies and/or nonconsolidated structured units. Essentially, the disclosures required in IFRS 12 are significantly more detailed than according to the currently applicable standards. The five new standards are to be applied for financial years beginning on or after January 1, 2013. An earlier application is permitted as long as all five standards are applied early. The corporate management assumes that the five standards will be applied for the first time in the consolidated financial reports for the financial year beginning January 1, 2013. The application of the five standards can have significant influence on the consolidated financial reports. That said, the corporate management has not yet undertaken a detailed analysis of the effects from the application of the new standards. As a result, a quantification of the extent of the effects has not yet occurred. Unified guidelines with regard to the evaluation of fair value as well as of the associated disclosures are bundled in IFRS 13. The standard defines the concept of fair value, defines a framework for measuring the fair value and prescribes disclosures of evaluation of the fair value. The scope of IFRS 13 is farreaching and includes both financial and non-financial items. IFRS 13 comes into play with certain exceptions whenever another IFRS prescribes or allows the measurement of fair value or whenever disclosures regarding the measurement of fair value are demanded. The disclosure requirements according to IFRS 13 are as a rule more comprehensive than those of the currently applicable standards. For example, the quantitative and qualitative disclosures of the basis of the three-step fair value hierarchy are expanded. These are currently required only for financial instruments according to IFRS 7 Financial Instruments: Disclosures, and are extended by IFRS 13 to total asset values and debts that lie within the scope of the standard. IFRS 13 is to be applied for financial years that begin on or after January 1, 2013; an earlier application is permitted. The corporate management assumes that IFRS 13 will be applied for the first time in the consolidated financial statements for the financial year beginning January 1, 2013. The application can have an impact on the value notes in the consolidated financial report and lead to extensive disclosures. In IAS 1 even after the change to the standard the option is reserved to show the profit or loss as well as the remaining other earnings in a single comprehensive income statement (one statement approach) or in two statements that are separate from one another but are to be presented one directly after another (two statement approach). However, additional disclosure requirements regarding other earnings arise 31

from the changes to the effect that the items are to be listed in two categories: (a) in items that, in the presence of certain requirements, are itemized in the profit and loss accounting and (b) in items that also in the future are no longer gathered with regard to the income statement. According to the same logic, income taxes arising from the items of the other income are also to be divided. The changes to IAS 1 are to be applied for financial years beginning on or after July 7, 2012. The presentation of items of other earnings is adjusted accordingly upon application of the changes in future periods. The changes to IAS 12 contain an exception to the ground principle of IAS 12, according to which the evaluation of active and passive deferred taxes should essentially reflect the fiscal effects, which depends on the method (use or divestment) in which the book value of an asset is realized. In particular, in the case of real estate held as investment properties evaluated at fair value according to IAS 40, it is assumed that this value is realized through divestment so long as a refutation of this assumption is not possible in the concrete, individual case. The changes to IAS 12 are to be applied for financial years beginning on or after January 1, 2012. The corporate management assumes that the application of IAS 12 will have no significant effects on the financial report. The revision of IAS 19 changes the handling of service-oriented care plans and services from the occasion of the ending of the work relationship. The most important reform regards the financial depiction of changes to service-oriented obligations and to plan assets. The new rule requires the immediate recognition of changes to the service-oriented obligations and the fair value of the plan assets at the time of their occurrence. The corridor approach possible according to the long-applicable IAS 19 was abolished. Further, an accelerated recognition of past service cost occurs. Total actuarial profit and loss are to be booked immediately in the year of occurrence in the other total income. Thereby, the net pension liability or the net pension asset shows in the balance the full shortage or surplus. The changed IAS 19 is to be applied for financial years beginning on or after January 1, 2013. The rules are (apart from exceptions) to be applied retroactively. The corporate management assumes that the changed IAS 19 will find application for the first time in the consolidated financial statements of the business year that begins on January 1, 2013. It is further assumed that the application could lead to an adjustment with the service-oriented care plans. That said, the corporate management has not yet undertaken a detailed analysis of the effects of the application of the changes to IAS 19. Therefore, no quantification of the extent of the effects has occurred yet. c. Goodwill Goodwill represents the excess of the aggregate purchase price for an enterprise, or part of one, over the fair value of net assets acquired. 32

d. Foreign currency: Conversion of financial statements Transactions Balance sheet item translations The financial statements of subsidiaries prepared in foreign currency and included in the group consolidation are translated into Euro in accordance with IAS 21. As the subsidiaries conduct their business affairs autonomously from an economic and organizational standpoint, the functional currency of the companies included corresponds to their respective national currency. Assets and liabilities are translated at market rates on the balance sheet date. Conversion of the subsidiaries results and financial position Each subsidiary s financial statements are drawn up in its operating currency. The consolidated financial statements are then subsequently prepared and presented in Euro, which is the group s operating currency. The exchange rates used in translating financial items upon consolidation are: Balance sheet items: exchange rate on December 31 Income statement items: arithmetical average exchange rate for the year Equity items: historical exchange rate The resulting translation differences are reported under translation differences in the equity capital. Translation of assets and liabilities denominated in foreign currencies At the end of the financial year, monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates prevailing at the end of the period and the resulting difference, due to the different exchange rate used at the time the entry was made, is accounted for as financial income/expenses in the income statement for the period. Non-monetary assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rate at the transaction date. Non-monetary assets and liabilities denominated in foreign currencies that are estimated at fair value are translated into Euro at the prevailing exchange rate on the date of establishment of such fair value. Gains or losses resulting from transactions using foreign currencies Profits and losses resulting from transactions in foreign currencies are accounted for as financial income/expenses in the income statement for the period. e. Intangible assets Research and Development expenses Research expenses incurred in order to acquire new scientific or technical knowledge and agreements are charged to the income statement when incurred and during the financial period in which they are incurred. Development expenses, as a result of which research results are applied to the planning or design of the production of new or improved products or processes, are accounted for as assets where (1) the product or process is technically and commercially feasible, (2) where there are probable economic benefits, and (3) if Eckert & Ziegler BEBIG Group has sufficient resources to develop them fully. The expenses capitalized in this way are the raw materials costs and direct salary costs. All other development costs are charged to the income statement when they are incurred. Capitalized development expenses are shown 33

in the balance sheet at acquisition cost less impairment losses, arising from the yearly assessment of the net present value of intangible assets or triggering events. Amortization is applied on a straight-line basis as a function of the estimated useful life of the asset in question and is calculated from the date that the asset is ready for use. Advertising and promotion expenses These expenses are always charged in full to the income statement of the relevant period. Patents Patents are capitalized at the cost to acquire them and amortized over their legal protection period, with impairment losses recorded if necessary. f. Tangible assets Tangible assets are carried at historical cost less accumulated depreciation and less any applicable impairment losses. Cost includes all directly imputable charges required to render the asset operational for its intended function. Depreciation is applied on a straight-line basis as a function of the estimated useful life of the asset in question and is calculated from the date that the asset is ready for use. At each balance sheet closing date, assets are examined to determine whether their carrying value is recoverable in the form of future benefits. If not, an impairment loss is recorded. Land is not depreciated. Fixed assets that have been lease-financed are recorded according to the useful lifetime period for the asset concerned, regardless of the term of the financial contract. Depreciation periods: Buildings Machinery and equipment Office equipment and tools IT equipment Vehicles 20 years 3 to 10 years 3 years 3 years 5 years g. Leasing If the conditions for a finance lease are satisfied, the leased assets in use are capitalized according to IAS 17 as property, facilities and equipment and depreciated in full over the useful lifetime of asset. At the commencement of the lease term, both the leased asset and the related lease obligation is recorded in the statement of financial positionat an amount equal to the fair value of the leased asset or, if lower, to the present value of the minimum lease payments, each determined at the inception of the lease. 34

h. Inventories Inventories are recorded in the balance sheet at production cost. This production cost includes the direct purchasing or the manufacturing costs together with an allocation of overheads incurred in bringing the inventories to their present location or condition. Finished products which can no longer be sold due to radioactive decay are written off. Inventories consist (IAS 2 6) of assets held in order to be sold in the normal course of business, assets in production for such sale and assets in the form of raw materials or supplies to be consumed in the production process. i. Provisions A provision is set up whenever the company has a legal or implicit obligation at balance sheet date resulting from a past event, which will probably engender an outflow of resources, the amount of which can be reliably estimated (IAS 37 14). The amount of the provision is the best possible estimate of the costs and expenditures needed to completely fulfill the obligation, given the probability of the occurrence of the event at the end of the financial period. Provisions for environmental restoration The costs for the demolition and clearance of assets, and also the restoration of the site, are part of acquisition or manufacturing costs under IAS 16, providing the costs have to be provided for under IAS 37. Provisions for environmental restoration are based on statutory and civil obligations to decontaminate radioactively contaminated assets and buildings, to determine by measurement that they are free from contamination and to allow them to be accessible for general use again without danger. Accordingly, the estimate of costs includes labor costs for the demolition of the facilities, costs for the preparation of waste so that it can be decontaminated, costs for the cleaning of rooms and for the disposal of waste by experts, as well as the costs for the disposal and decontamination of radioactive waste. Therefore, only the radioactive waste from the decontamination of assets is taken into account. Waste that arises from normal production is regularly decontaminated and the associated costs are shown as a separate item within cost of goods sold. Under IAS 37, the environmental costs are measured at current value, i.e. under the assumption that this work is carried out by independent contractors. Provisions are established at the present value of the costs expected as of the balance sheet date. Various assumptions underlie the calculation of the restoration obligations, based on estimates. These include estimates on the labor hours, daily rates and expected material costs required. The amount of the provision allows for expected cost increases until the expense is incurred. The value of the obligation is checked on each balance sheet date. In the event of changes to the value, the property, plant and equipment, the provisions are adjusted accordingly. j. Trade receivables and payables Trade and other receivables are recorded at their net present value less valuation allowances. At the end of the accounting period, an estimate of doubtful receivables is made, based on the total amount of unsettled amounts. A value allowance is also recorded in the income statement resulting from the 35

difference between the carrying value of the receivable and the estimated net present value of the related future cash flow after appropriate discounting. Trade liabilities are stated at their nominal value with no discounting applied. k. Interest-bearing borrowings Interest-bearing loans are recorded initially at their fair value less related transaction costs. After initial booking, interest-bearing loans are recorded at amortized cost. l. Financial instruments Cash and cash equivalents refer to cash, sight accounts, short-term, highly liquid investments, which do not present any major risk of change in value. Bank loans and overdrafts are accounted for the amount of the net proceeds received. Financial charges, including any settlement or redemption premiums, are charged over the term of the facility. m. Income An income item is recognized once it is probable that the future economic benefits will flow to the company, and providing that these benefits can be reliably evaluated. Revenue Turnover consists only of sales to third parties. It is recognized when the significant risks and rewards attached to the ownership of the goods are transferred to the buyer. Turnover is recorded only when it can be reliably measured and when it is probable that the economic benefits linked to the transaction will be received by the entity. Subsidies and government grants Investment grants are initially recorded as amounts receivable when there is reasonable assurance that they will be received and that the conditions are fulfilled. Subsidies received as compensation for expenses incurred by the company are accounted for as other operating income during the period in which the corresponding expenses are incurred. 36

Financial income Financial income consists of the interests received on investments, dividends, gains on the translation of foreign currencies, gains on foreign currency hedging, gains on hedging instruments which are not part of a hedge accounting relationship, and income on financial assets held for transaction purposes. Interest income is recorded when acquired (taking into account the time elapsed and the effective return on the asset), except where doubt exists as to its actual receipt. Dividends are recorded in the income statements on the date at which they are declared. n. Financial Charges Financial charges consist of interests due on borrowings, foreign exchange losses, charges relating to foreign exchange hedging instruments, charges relating to foreign exchange instruments that are not part of a hedge accounting relationship and charges on financial assets held for transaction purposes. All interests and other costs incurred with respect to borrowings or financial transactions are charged to the income statement as financial charges. Interest expenses relating to lease contract payments are recognized in the income statement using the effective interest rate method. o. Fringe benefits These cover all benefits of any kind provided by a company in return for the services rendered by its personnel. Short-term benefits are the various elements making up employee remuneration. They are accounted as expenses under operating result in the income statement. For post-employment benefits, the company has a certain number of defined contribution plans in place and for which contributions are paid to distinct entities. The group is under no obligation to pay additional contributions if the funds do not have sufficient assets to serve all the benefits corresponding to services rendered by personnel during the present and previous accounting periods (IAS 19 7). p. Taxes Income taxes recorded in the income statement are taxes payable and deferred taxes on the taxable profit for the period, calculated by using the tax rates prevailing at the balance sheet closing date. Deferred tax assets are recognized where taxable profits are likely to be realized, against which the deferred tax assets will be imputed. In the same way, the tax assets will be reduced where this probability no longer exists. Deferred tax liabilities are recognized seperatly if they will not be payable against a tax authority where an deferred tax asset exist in an higher or equal amount. q. Consolidation principles Consolidation of investments in subsidiaries is carried out in accordance with IFRS 3 (Business Combinations) under the purchase method. Under this norm, the assets and liabilities acquired are measured at their fair value on the date of purchase. Next, the costs incurred in order to acquire the purchased shares are netted against the proportionate share of the newly valued shareholders equity in the subsidiary. A positive difference resulting from this will be included under intangible assets as goodwill; a negative difference will be included affecting the operating result in the income statement. The initial consolidation is carried out as of the date of purchase. 37

All receivables and payables as well as transactions between related entities of the group have been eliminated as part of the consolidation process. r. Participation in joint ventures A joint venture is based on a contractual agreement in which the group and other parties to the contract undertake a business venture under common leadership; this is the case if the strategic financial and business policies pursued as part of the joint venture require the agreement of all parties. Shares in joint ventures are recorded on the balance sheet in accordance with the equity method. The group statement of income and accumulated earnings contains the group s share of earnings and expenses as well as changes in equity of the at-equity interests on the balance sheet. If the group s share in the joint venture s loss exceeds the at-equity share on the balance sheet, the share is written down to zero. Further losses are not recorded unless the group has a contractual obligation or has made payments to the benefit of the joint venture. Unrealized gains or losses from transactions by group companies with the joint venture are eliminated against the value of holdings of the joint venture (maximum losses up to the amount of the value of holdings). Joint venture NanoBrachyTech : In financial year 2009, Eckert & Ziegler BEBIG founded the joint venture NanoBrachyTech together with Santis LLC and the Russian state fund corporation RUSNANO. Eckert & Ziegler BEBIG contributed intangible assets to the joint venture and received a fifteen percent (15%) share in the NanoBrachyTech joint venture in return. s. Forward-looking statements This report contains qualifications as well as forward-looking information and estimates concerning the company s future performance. It can contain words that anticipate the future development. The declarations and estimates are based on various suppositions and assessments of risks, uncertainties and others factors that appeared reasonable at the time they were made but that may or may not turn out to be correct. Events are not predictable and can depend on factors that lie outside the control of the company and that can turn out significantly differently from what had been anticipated. t. Evaluations and estimates For the preparation of group financial statements in compliance with IFRS, it is necessary that estimates and assumptions are made that affect the amount and disclosure of recognized asset values and liabilities, income and expense. Significant assumptions and estimates are made concerning useful life, earnings attainable from intangible assets and property, facilities and equipment, realization of receivables, the recognition and measurement of provisions, the portfolio and realization of deferred tax assets with respect to loss carry-forwards. The assumptions and estimates are based on the available facts. Because of deviations in the development of these general conditions from the assumptions, the amounts included may differ from the original estimates. The sensitivity of book values with respect to assumptions and the estimates that underlie the book values were evaluated by means of sensitivity analyses. In case of a significant effect due to altered estimates, disclosures are made according to IAS 1.125. 38

Eckert & Ziegler BEBIG Group Notes to the Financial Statements Preliminary Note - Consolidation scope Structure of the group 39

Subsidiaries of Eckert & Ziegler BEBIG s.a. (directly or indirectly owned) as of December 31, 2011 Eckert & Ziegler BEBIG Ltd., London, United Kingdom 100% Eckert & Ziegler BEBIG Inc., Norcross - Atlanta, USA 100% Eckert & Ziegler BEBIG GmbH, Berlin, Germany 100% Eckert & Ziegler Iberia S.L.U., Madrid, Spain 100% Eckert & Ziegler Italia s.r.l, Milano, Italy 100% Eckert & Ziegler BEBIG s.a.r.l., Paris, France 100% Isotron Isotopentechnik GmbH, Berlin, Germany 100% Branches Eckert & Ziegler BEBIG France, Paris Eckert & Ziegler BEBIG India, Chennai Participations at equity OOO Ritverc, St. Petersburg, Russia 20% ZAO NanoBrachyTech (NBt), Dubna, Russia 15% Joint Venture NanoBrachyTech A joint venture, NanoBrachyTech (NBt), was founded in 2009 together with Santis LLC, and the Russian government fund RUSNANO. RUSNANO brought in the amount of 103 million RUB in cash. Santis LLC brought its subsidiary OOO BEBIG, Moscow, Russia, valued at 148 million RUB and Eckert & Ziegler BEBIG brought intangible assets into the venture. In exchange for its contribution in kind, Eckert & Ziegler BEBIG received a fifteen percent (15%) equity stake in NanoBrachyTech. So the intangible assets contributed to the joint venture previously carried no book value in the balance sheet as of December 31, 2008. The book value amounts to 0 EUR (2010: 108 TEUR) as of December 31, 2011. The reduction of the value of the at-equity evaluated share is based on information on the future perspectives of the joint venture provided by the management of the joint venture. This information shows a need for an additional temporary financing in the years 2013 to 2015 for 2,500 TEUR. The required financing is not secured yet. Although the joint venture is highly profitable for the operating business, the burden of the loans granted in connection with the investment in a production line cannot be covered with income generated by this investment. 40

The management of the joint venture was also unable in 2011 to acquire or rent a production area that is sufficient to install and utilize the production line. As result of the current situation, the management of the joint venture was changed in 2011. Under the current circumstances, Eckert & Ziegler BEBIG continues to deliver finished products to the joint venture. In order to secure the interest Eckert & Ziegler BEBIG Group has in the Russian market, the group offered to the joint venture a reduction of transfer prices for the finished products. This offer was done in a way that the Eckert & Ziegler BEBIG Group remains on a level of income out of the transaction with the joint venture that equals to the planned incomes at closing of the investment agreement with the other shareholders of the joint venture. In connection with this offer, Eckert & Ziegler BEBIG received the part of the receivables (immediate after delivery) which was set as preliminary new price for the goods sold to the Joint venture, the remaining part of the receivables remains outstanding. As regulations and ongoing negations related to the reduction in transfer prices have prevented the signature of the necessary agreements in 2011, the accumulated outstanding receivables are converted to long term loans granted by Eckert & Ziegler BEBIG to the joint venture. The sales Eckert & Ziegler BEBIG generated with the joint venture were accounted only up to the value cash was paid or the receivable out, if these sales are likely to be paid the Eckert & Ziegler BEBIG. As a result, the company has reduced the nominal sales of 3,077 TEUR with the joint venture by 666 TEUR to 2,411 TEUR. The outstanding of converted receivables to long term loans accounted for 1,095 TEUR, whereas the nominal value is 1,760 TEUR divided in two different reimbursement schemes. Whereas the first scheme (hereinafter referred to scheme 1 ) has a nominal value as of December 31, 2011, of 689 TEUR with an interest rate of 8% repayable until December 31, 2014, the second scheme (hereinafter referred to scheme 2 ) has a nominal value of 1,071 TEUR with an interest rate of 2.5% (after an interest-free period of 3 years) repayable until December 31, 2017. As an already contracted result of the negations with the management of the joint venture, the joint venture waived an obligation of Eckert & Ziegler BEBIG to update know-how until the final acceptance of the equipment provided by Eckert & Ziegler BEBIG. The related contracts have been amended in a way that the obligation is fulfilled at the date of the factory acceptance of the equipment. All related equipment has already received the factory acceptance in 2010. This results in a release of deferred income with a value of 2,549 TEUR. Although the company expects that it is likely that all amounts can be recovered, it assessed the fair value of the reimbursement schemes due to the described risks above. The company assessed the risk of payment defaults as well as unfavorable interest rates. The acceptable interest rate is defined as 6.5% p.a. for a long-term loan, whereas a risk premium for NBt is not included in the interest rate, as this is evaluated in the assessment of probability of default. The assessment is done as follows for the different schemes: 41

Assessment scheme 1 Amounts in thousands EUR Initial amount to be reimbursed nominal Assessment probability of default Initial amount recoverable Value of unfavorable interest rate Assessed fair value (movement) 2012 267 0% 267 0 267 2013 211 10% 190 0 190 2014 211 20% 169 0 169 Total 689 626 0 626 Assessment scheme 2 Amounts in thousands EUR Initial amount to be reimbursed nominal Assessment probability of default Initial amount recoverable Value of unfavorable interest rate Assessed fair value (movement) 2012 0 0% 0-71 -71 2013 0 0% 0-71 -71 2014 0 0% 0-71 -71 2015 357 30% 250-37 213 2016 357 30% 250-23 227 2017 357 30% 250-8 242 Total 1.071 750-276 469 All receivables referred to in scheme 1 and scheme 2 were due at December 31, 2011, and legally still had short-term character, as the proposed reimbursement schemes are not signed until the finalization of the annual report 2011. But in light of the past discussions about the handling of these receivables between the shareholders and the management of NBt, it seems reasonable to classify the receivables planned to be reimbursed beyond 2012 as other non-current assets. All participants at the first General Meeting of NBt in 2012 agreed on the general structure of payment schedule described above. 42

Changes to companies included in the consolidation In the financial year 2011 the following changes were made to the companies included in the consolidation: Following 100% subsidiaries were merged on to Eckert & Ziegler BEBIG GmbH (hereinafter referred to BBD ): sonotech Gesellschaft für sonographische Technologie mbh, Neu-Ulm, Germany IBt BEBIG GmbH, Berlin, Germany (hereinafter referred to IGE ) Eckert & Ziegler MMI GmbH, Berlin, Germany (hereinafter referred to MMI ) The mergers were done in accordance with German law under the rules of the Umwandlungsgesetz [ Law Regulating the Transformation of Companies ]. Assets and liabilities were transferred equal to the book value accounted for in the original organization. SonoTech GmbH was merged via the procedure of an up-stream merger. The German GAAP (hereinafter referred to HGB ) result, equals the difference between the equity of sonotech GmbH as of January 1, 2011 and the value of the participation accounted for in BBD is accounted as other expense. The resulting loss of 2,155 TEUR under the rules of HGB is eliminated by a permanent difference accounted for under IFRS rules. IGE was merged via the procedure of a side-step merger. The HGB result, which equals to the equity of IGE as of January 1, 2011 was allocated directly, in accordance with the Umwandlungsgesetz, to the reserves of BBD. The procedure decreased the reserves of BBD by 358 TEUR. The value of the participation accounted for in Eckert & Ziegler BEBIG s.a. of 51 TEUR was transferred as addition to the accounted value of BBD in Eckert & Ziegler BEBIG s.a. The resulting change of equity under the rules of HGB is eliminated by a permanent difference accounted for under IFRS rules. MMI was merged via the procedure of a side-step merger. The HGB result, which equals to the equity of MMI as of January 1, 2011 was allocated directly, in accordance with the Umwandlungsgesetz, to the reserves of BBD. The procedure increased the reserves of BBD by 167 TEUR. The value of the participation accounted for in Eckert & Ziegler BEBIG s.a. of 50 TEUR was transferred as an addition to the accounted value of BBD in Eckert & Ziegler BEBIG s.a. The resulting change of equity under the rules of HGB is eliminated by a permanent difference accounted for under IFRS rules. All mergers impacts on local GAAP level were eliminated; therefore the mergers have no impact on the consolidated result on consolidated group level. All mergers were set up in way that, according German law, the taxable results of the original organizations belong to Eckert & Ziegler BEBIG GmbH from January 1, 2011 on. Eckert & Ziegler Radiotherapy s.a.r.l., Paris, France was closed, due to the fact that this entity never operated while it existed. The entity became a participation of BBD in the course of the merger between MMI and BBD. The result of the deconsolidation is a loss of 2 TEUR. The remaining cash of 8 TEUR was transferred to BBD. 43

Notes on the Consolidated Income Statement 1. Revenue The company generates its income mainly from the sale of goods and equipment and, to a lesser extent, from services provided. The revenues have gone down in the financial year 2011 from 32,361 TEUR to 30,413 TEUR. This 6.0% decrease was primarily the result of the project with the Russian joint venture NBt. Recurring revenues from sales of goods increased by 5.3%. Revenue generated with Eckert & Ziegler Group is classified under other revenues in 2011. This is due to the fact that this revenue was generated with shared services on constant basis, whereas Eckert & Ziegler BEBIG GmbH provided services such as IT, radiation safety, infrastructure and legal advice to the Eckert & Ziegler Group due to the historical grown relations between the parties. As of January 1, 2012, shared services were transferred to Eckert & Ziegler Group. Based on the situation described above, the stream of revenues from shared services is no longer regular. The revenue has been divided as follows: Amounts in thousands EUR 2011 2010 Sales Revenue from sales of goods 27,370 25,997 Revenue from services 494 348 Revenue from construction contracts 2,549 3,650 Revenue from licenses and similar rights granted 0 2,089 Revenue with Eckert & Ziegler Group 0 277 Total Sales 30,413 32,361 Amounts in thousands EUR 2011 2010 Construction contracts Revenue recognition 2,549 3,650 Order costs -385-1,757 Profit 2,164 1,893 Deferred income 200 2,749 Revenue amounting to 2,549 TEUR (2010: 5,096 TEUR) is linked to the Russian project. The contracts with respect to this project are comprised as follows: Construction of a production line, whereas one minor component was finalized and risk transferred in 2009, and two main components were finalized and risk transferred in 2010 Installation of the production line in Russia which has been partially completed 44

Transfer of know-how in connection with the production line, whereas the update obligation is waived in 2011; (see also Structure of the Group Joint Venture) Granting a distribution right to our joint venture NBt The revenue recognized in 2011 is linked to an update obligation from the transfer of know-how, which is waived in 2011 by NBt. 2. Costs of goods sold The Costs of goods sold include all the direct costs associated with the materials used in the manufacturing of the goods that will be sold together with the cost pertaining to the labor and the depreciation of the assets directly attributable to the products sold, as well as other indirect costs atttibutable to the products sold. 3. Sales and marketing expenses All expenditures on advertising and other sales-related costs are charged to the expense as incurred. Personnel costs are increased by an internal restructuring measure, whereas the responsibility for the logistic department was transferred from production to sales beginning 2011. Sales and marketing expenses are broken down as follows: Amounts in thousands EUR 2011 2010 Personnel 3,862 3,209 Depreciation 977 1,077 Other 3,215 3,968 Total 8,054 8,254 4. General and administration costs General and administration costs include: Amounts in thousands EUR 2011 2010 Personnel 1,660 1,569 Rent and Depreciation 1,446 1,697 Services 1,265 1,402 Other 683 212 Total 5,054 4,880 45

5. Research and development costs All research costs, together with the development costs that were not eligible for capitalization, have been expensed as incurred. They amounted to 1.669 TEUR in 2011 (2010: 528 TEUR). The costs that have been capitalized during 2011 are related in to the setup of a new Iodine-125 production line in Berlin and to the setup of a production line for SmartSeed. The company continues to develop its portfolio in the temporary brachytherapy including the range of available applicators and treatment options. The amount capitalized in 2011 is 1.846 TEUR (2010: 1.505 TEUR) in tangible and intangible assets. 6. Number and cost of employees The items in the income statement include staff costs of 10,200 TEUR (2010: 8,603 TEUR). The strong increase of 18.6% in personnel costs is mainly due to the employees included coming out of the acquisition of sonotech GmbH in 2010, whereas in 2010 no personnel costs for these employees were included. Staff costs for the financial years 2011 and 2010 were as follows: Amounts in thousands EUR 2011 2010 Wages and salaries 8,467 6,872 Social security contributions and pension costs 1,548 1,681 Other personnel related costs 185 50 Total personnel costs 10,200 8,603 On December 31, 2011 a total of 160 (2010: 157) persons were employed by group companies. 2011 2010 Production 51 49 Research and development 33 27 General and administrative 15 16 Sales and marketing 55 58 Quality management 6 7 Total persons 160 157 Those employees have contributed to the group s result in 2011, generating approximately 190 TEUR (2010: 206 TEUR) in sales/person. 46

7. Depreciation and amortization In 2011, the amortization and depreciation of assets represent 2,545 TEUR compared with 2,387 EUR TEUR in 2010. The increase is mainly related to the purchase price allocation of intangible assets acquired with sonotech GmbH in 2010. These assets are evaluated with 1,071 TEUR instead of initially 0 EUR and amortized over a period of 3 years beginning January 01, 2011. 8. Other operating income This relates to other miscellaneous revenue items linked to the company s operations. In general, this category inclues: milestones payments, royalties, received reimbursement of certain expenses by export agencies, services provided, abandonment of claims, reversal of accruals, etc.. The other operating income is comprised as follows: Amounts in thousands EUR 2011 2010 Sale of fixed assets 136 6 Release of government grants 347 161 Services and allocations to Eckert & Ziegler Group 737 251 Reversal of accruals / abandonment of claims 576 980 Others 180 230 Total 1,976 1,628 9. Other operating expenditure Other operating expenditure essentially includes expenditure resulting from write-offs. The main portion is related to write-offs of receivables against customers in a value of 438 TEUR. The remaining amount of 58 TEUR is made up from minor items. 10. Impairment loss on loan The company has written off a loan granted in 2010 to Core Oncology Incorporation in a value of 2,000 thousand USD (1,404 TEUR) as precautionary measure also made in 2010. This loan was granted as part of an agreement to form a strategic alliance between both parties. In order to recover its investment, the company has filed a complaint against Core Oncology. The complaint against Core Oncology is ongoing in 2011 and 2012 and includes as well other note holders of Core Oncology. The following information is based on sources the company has no control over, therefore it is to be used cautiously: the company became aware that Core Oncology had agreed to sell its customer base to Theragenics Corporation based in Georgia, USA. Having that done Core Oncology has sold one of its main assets. 47

11. Result from participations accounted for under equity method Result from participation accounted for under equity method is attributable to the result of the joint venture in Russia. With respect to the joint venture, the company has made an impairment loss of 108 TEUR for its fifteen percent (15%) of shares (see also Structure of the Group Joint Venture). Ritverc paid dividends of 4 TEUR. 12. Financial result When it comes to managing foreign exchange risk, the company pursues a conservative policy consisting, in as much as it is possible, of reducing the volatility of its results caused by exogenous parameters. To achieve this, income and the related charges are, whenever feasible, denominated in the same currency. Similarly, debt financing and interest charges are denominated in the currency of the income stream they have served to produce. Options, forward contracts, and swaps are some of the instruments available for implementing this risk management policy. It is group policy to centralize the management of this foreign exchange risk in the parent company, thereby relieving subsidiaries of the related administrative burden. The following exchange rates were used: Currency December 31, 2011 December 31, 2010 Average rate 2011 Average rate 2010 GBP 0.835 0.857 0.865 0.853 Credit risk management: This risk is linked to potential for customer failure and has increased by the financial crisis, especially with customers in Spain, Portugal and Italy. The company has accounted appropriate reserves for that. The group has credit lines with a number of financial institutions, providing access to in excess of 2,550 TEUR (2010: 2,550 TEUR) of short term funding. 48

13. Income tax income/expense No current income tax was incurred by Eckert & Ziegler BEBIG s.a. the parent company has a large amount of operating losses that can be carried forward with no limitation in time under Belgian law. The amount of current taxes reported in the results of the group essentially relate to income taxes incurred by Eckert & Ziegler BEBIG GmbH. The applicable tax rate for the computation of the tax charge in Germany for corporation tax and trade tax purposes during the financial year was 30.175%. The tax rate used for Eckert & Ziegler BEBIG is 34%. It should be noted that, due to a reduction of the evaluation period of tax assets related to taxable losses carried forward from 6 to 5 years, an important loss on tax assets is recognized in the financial year. If the evaluation period had remained 6 years the tax expenses would have decreased 2,187 TEUR to 650 TEUR, consequently resulting in a net income of 3,649 TEUR or 0,21 EUR per share. The tax income of the group is comprised as follows: Amounts in thousands EUR 2011 2010 Income tax expenditure consists of Income tax current year 294 493 Income tax for previous years 96-80 Deferred taxes on temporary differences -16 3,072 Deferred taxes on losses carried forward 2,463-4,214 Total according profit and loss statement 2,837-729 Tax rate reconciliation Income before tax (according statement of income) 4,299 3,593 Applicable tax rate (in %) 34% 34% Expected tax expenditure based on the applicable tax rate 1,462 1,222 Expected effects of different tax rates of subsidiaries operating in other countries -87-63 Taxes for previous years 96-80 Non-deductible expenditure 232 19 Tax-free income -91 0 Usage of Non-activated deferred tax on losses carried forward -132-914 Increase (-) / decrease (+) in the value of capitalized deferred taxes on losses carried forward 371-2,962 Increase (+) / decrease (-) in valuation reserve 875-1,023 Increase (-) / decrease (+) in the value of capitalized deferred taxes on temporary differences 111 3,072 Total according profit and loss statement 2,837-729 49

14. Profit/loss attributable to minority interest No minority interest was recorded in 2011. 15. Earnings per share The net result per share is obtained by dividing the net result recorded by the group by the weighted average number of shares in circulation during the year. The diluted net result per share is calculated in the same way, taking also into account the potential increase in the number of shares that may result from the exercise of options, granted under the conditions of existing option plans. By definition (IAS 33), when a company posts a loss, the diluted result per share may not be less than the undiluted result per share. Earnings per share have been calculated as follows: 2011 2010 Numerator Net profit/loss (in TEUR) 1,462 4,332 Denominator Weighted average number of shares 17,554,354 17,554,354 Net profit per share (in EUR) 0.08 0.25 50

Notes on the Consolidated Balance Sheet 16. Goodwill Amounts in thousands EUR 2011 2010 Goodwill as of January 1 24,408 23,001 Increase (+) / decrease (-) +51 +1,401 Goodwill as of December 31 24,459 24,408 Pursuant to IAS 36, a goodwill impairment test was conducted in 2011. Goodwill is allocated to the relevant cash-generating units (CGU). This is the lowest level, in which such assets are controlled for the purpose of management. This level is equal to the group. The goodwill is tested with the methodology according to the value in use. The result essentially depends on estimations regarding future development on revenue and costs of the CGU. The test basis is internal planning, whereas regarding IAS 1.121 the company is not required to publish budgetary information. The result of the test does not imply impairment of goodwill. An analysis of sensitivity determines a medium level of risk of an impairment of goodwill within the following financial reporting period. The following ratios should give an indication to the audience of the sensitivity of the equity value. Change related to base case Base Case Scenario 1 Scenario 2 Scenario 3 Scenario 4 Scenario 5 Change sales 0% - 5% - 10% 0% 0% - 10% Change cost of sales 0% - 4% - 8% + 0% 0% - 8% Change WACC 0% 0% 0% + 2% + 4% + 3% Cumulative sales 5 years 100% 95% 90% 100% 100% 90% Cumulative EBIT 5 years 100% 82% 64% 100% 100% 64% Cumulative FCF 5 years 100% 83% 67% 100% 100% 67% Entity value 100% 86% 72% 82% 69% 53% Entity value/ carrying amount ratio 1.46 1.26 1.05 1.20 1.01 0.78 Impairment loss no no no no no yes 51

The value in use is calculated based on discounted future cash flows, which are budgeted in detail for a period of five years. The cash flows resulting from periods beyond the periods budgeted in detail is taken into account as perpetuum with a growth rate of 1%. The test will be performed on yearly basis and additionally in exceptions when triggering events occur. No triggering event occurred during 2011. The following rates and estimates were used to determine the entity value of the cash generating unit. Determining rates and estimations 2011 Base rate (risk free) 2.40% Market risk premium 10.50% Tax rate 33% WACC 11.62% Beta factor (EZAG, levered, adjusted) 0.767 Used growth rate for the years after detailed evaluation period 1.00% Interest rate after taxes 3.62% In order to justify the result of the test under the rules of value in use, the company additionally determines the results of a simplified test, whereas the impairment determined as market capitalization of the company minus the book value of the equity, due to the fact the scope of the CGU is the complete group. As of December 31, 2011, the market capitalization is significantly higher than the recognized value of assets and liabilities; therefore this test confirms the result of the value in use approach. Nonetheless, there are other facts to be considered for this result. The following list is not exhaustive, but as information the following facts must be taken into account: volume of transactions in relation to the measured asset de-/increase of transaction volume control over an asset current information available Based on the low liquidity and limited free float on the relevant markets, as well considering the aspect of having one controlling shareholder, the company uses the value in use methodology. It should be mentioned that as the general environment regarding transaction volume is changing to a great extent, the company might decide to weight the market capitalization more strongly than it currently does. The increase in 2011 relates to a release of an adjustment of 51 TEUR related to the purchase of MMI in 2008, where the badwill was set of so far. 52

17. Intangible assets Intangible assets include goodwill, customer relations, covenants to compete, patents and technologies, licenses and software and capitalized development costs. Intangible assets not subject to scheduled amortization are mainly goodwill. The net book values of the intangible assets subject to scheduled amortization are as follows: Intangible assets initial values Amounts in thousands EUR As of January 1, 2011 Currency translation Additions Disposals Reclassification Clearing of Prepayments As of December 31, 2011 1. Licenses/software 3,022 0 55-525 0 0 2,552 2. Intellectual property 72 0 0 0 0 0 72 3. Capitalized development costs 0 0 1,135 0 163 0 1,298 4. Customer base 146 4 0 0 0 0 150 5. Prepaid assets 0 0 17 0 0 0 17 Total 2,169 4 1,207-525 163 0 4,089 Intangible assets cumulative amortization Amounts in thousands EUR Cumulative amortization As of January 1, Currency 2011 translation Additions Disposals As of December 31, 2011 Net value As of January 1, 2011 As of December 31, 2011 1. Licenses/software 1,692 0 507-525 1,674 1,330 878 2. Intellectual property 21 0 13 0 34 51 38 3. Capitalized development costs 0 0 0 0 0 0 1,298 4. Customer base 4 1 14 0 19 142 131 5. Prepaid assets 0 0 0 0 0 0 17 Total 1,717 1 534-525 1,727 1,523 2,362 The reclassification of capitalized development costs relates to a reclassification between tangible and intangible assets. The corresponding amount is also reclassified in the opposite direction from prepayments on tangible assets. 53

18. Property, plant and equipment Tangible assets are recorded at cost less cumulative depreciation and impairment losses. Leased assets are recorded as financial leases when, under the terms of the contract, the risks and benefits of ownership are substantially transferred to the lessee. In this case, the assets held are reported under the group s assets at fair value. The corresponding debt to the lessor is accounted for as a financial leasing obligation. Lease payments are split between financial charges and reduction of the related debt. A number of the assets that have been acquired under lease contracts have been made available for use by customers. Tangible assets initial values Amounts in thousands EUR As of January 1, 2011 Acquisitions Additions Disposals Reclassification Clearing of Prepayments As of December 31, 2011 1. Land and buildings 4,437 0 14 0 0 95 4,546 Machine and 2. equipment 13,203 0 92-183 156 283 13,551 3. Other equipment 5,145 0 410-314 -156 0 5,085 4. Prepaid assets 2,787 0 772 0-271 -378 2,910 Asset retirement 5. obligation 1,121 0 260-45 0 0 1,336 Total 26,693 0 1,548-542 -271 0 27,428 Tangible assets accumulated depreciation Amounts in thousands EUR Accumulated depreciation As of January 1, 2011 Additions Disposals Reclassification As of December 31, 2011 Net value As of January 1, 2011 As of December 31, 2011 1. Land and buildings 2.354 326 0 0 2,680 2,083 1,866 Machine and 2. equipment 11.158 800-175 0 11,783 2,045 1,768 3. Other equipment 2.973 755-190 0 3,538 2,172 1,547 4. Prepaid assets 0 0 0 0 0 2,787 2,910 Asset retirement 5. obligation 252 130-9 0 373 869 963 Total 16,737 2,011-374 0 18,374 9,956 9,054 The reclassification of prepaid assets of an amount of 163 TEUR relates to a reclassification between tangible and intangible assets. The corresponding amount is also reclassified in the opposite direction to capitalized development costs on intangible assets. The reclassification of prepaid assets of an amount of 108 TEUR relates to a reclassification between tangible assets and inventory. 54

19. Other non-current assets The amount of 975 TEUR is mainly made up of reclassified receivables from trade account receivables to note receivables. These notes receivables amounting to 1,244 TEUR consisting on receivables to be converted into loans granted to NBt in a value of 1,095 TEUR and a seller s loan granted to a distributor located in Portugal with a value of 149 TEUR, less the current portion of 341 TEUR accounted in trade receivables. The remaining 72 TEUR is made up from minor items such as deposits, etc. 55

20. Acquisition of consolidated companies Eckert & Ziegler BEBIG GmbH purchased 100% of the shares of sonotech GmbH, Neu-Ulm, Germany on December 27, 2010. The purchase was recognized in accordance with the purchase method. The purchase price was preliminarily allocated to the assets at estimated fair values. Due to the preliminary purchase price allocation, a purchase price of 2,500 TEUR and goodwill of 2,155 TEUR were recognized in 2010. The purchase price allocation was finalized in 2011. The main change relates to a reevaluation of the acquired source code of the treatment planning software. The final purchase price allocation is broken down as follows: Amounts in thousands EUR Book value at the date of acquisition Reevaluation Fair value at the date of acquisition Assets Intangible assets 0 1,071 1,071 Tangible assets 3 3 Inventories 0 0 Receivables 45 0 45 Other assets 15 0 15 Cash and equivalents 556 556 Liabilities Provisions and other non-current liabilities 0 0 0 Trade payables -31 0-31 Other short-term liabilities -83 0-83 Liabilities form current taxes from income -160-160 Deferred tax liabilities 0-323 -323 Book value of purchased assets and liabilities 345 345 Reevaluation of purchased assets and liabilities 748 748 Goodwill 1,407 Purchase price of company acquisition 2,500 Less acquired cash and equivalents -556 Net cash flow from company acquisition in 2010 1,944 The added intangible asset (software) will be amortized over a period of 3 years. The final result of the allocation is recognized retrospectively in the balance sheet of 2010. This results in reclassification within the non-current assets of the 2010 balance sheet. 56

21. Cash and cash equivalents Cash and cash equivalents amounted to 3,117 TEUR (2010: 5,153 TEUR) and were represented by cash in hand, cash at banks, and short-term deposits maturing within three months. Investments in high yield financial assets were neither made during the year, nor outstanding at the end of the year. 22. Deferred tax assets Deferred tax assets are recorded based on different valuations of assets and liabilities between the IFRS closing and the applicable tax statements, as well as calculations based on the available tax deductible losses carried forward. Deferred tax assets and liabilities are balanced as far as it is possible under the rules of IAS 12. Tax assets are subject to an impairment test regarding existence and value. The accounting for tax assets is based on assumptions and forward looking planning done by the company; which is by nature not definite. The impairment test of the tax assets on losses carried forward is based on a five (2010: six years) year base plan of the company. The reduction of the foreseeable future is linked to the increasing uncertainties of the economic developments in the world. The amount is allocated as follows: Amounts in thousands EUR Tax assets Tax liabilities 2011 2010 2011 2010 On taxable losses carried forward 9,553 11,989 Deferred tax assets on temporary difference Fixed assets 0 35 596 287 Provisions & asset retirement obligations 1,391 0 0 0 Receivables 49 98 0 5 Payables & prepayments received 0 392 245 0 Inventories 59 0 0 0 Others 124 41 0 0 Total deferred tax assets on temporary differences 1,623 566 841 292 Total deferred tax assets 11,176 12,555 841 292 Set-off -514-292 -514-292 Deferred tax assets 10,662 12,263 327 0 Evaluation reserves -3,597-2.748 0 Deferred tax assets/liabilities recognized 7,065 9,515 327 The evaluation reserve of 3,597 TEUR represents the total amount of unrecognized tax assets on tax deductible losses carried forward. 57

23. Trade accounts receivables The amount of trade receivables includes amounts held against companies wholly owned by Eckert & Ziegler AG in the amount of 46 TEUR. The outstanding trade payables by Eckert & Ziegler BEBIG s.a. or its subsidiaries to Eckert & Ziegler AG or its wholly owned subsidiaries amounted to 113 TEUR. Trade account receivables are comprised as follows: Amounts in thousands EUR 2011 2010 Trade accounts receivables 7,496 5,889 Related parties receivables 46 149 Less allowances -1,097-1,171 Balance as of December 31 6,445 4,867 Amounts in thousands EUR As of December 31, 2010 Net allocations Utilization As of December 31, 2011 Development write-down receivables -1,171-364 438-1,097 24. Inventories Inventories consist of the following items as of December 31, 2011: Amounts in thousands EUR 2011 2010 Raw materials and supplies 2,537 1,546 Finished products 1,429 2,073 Unfinished products 270 324 Total 4,236 3,942 Less value correction -124-124 As of December, 31 4,112 3,818 Raw materials, consumables and supplies mainly consist of nuclides and components needed for the fabrication of end products. Adjustments were made on the basis of a comparison of net realizable value against the recorded book value. 58

25. Other short-term assets The other short-term assets amounting to 515 TEUR (2010: 502 TEUR) mainly consist of deferrals, prepayments and amounts owed by tax authorities. 149 TEUR represent receivables against tax authorities. 201 TEUR are prepayments for assets still to be received. The remaining 165 TEUR are made up from deferred expenses. 26. Shareholders equity Capital Eckert & Ziegler BEBIG subscribed capital amounts to 10.9 million EUR and the Issuance Premium account amounts to 50.2 million EUR. The par value per share stands at 25 BEF, or approximately 0.62 EUR per share. Authorized capital amounts to 10,879,026.72 EUR. It is available for use until June 2013. Number of shares The total number of shares outstanding amounts to 17,554,354 shares without nominal value. For a detailed description of the rights and privileges linked to shares and beneficiary shares, see section Eckert & Ziegler BEBIG Share and Shareholders. The company does not hold any treasury bonds or own shares. 27. Debt Borrowings consist of the following items as of December 31, 2011: Amounts in thousands EUR 2011 2010 Bank borrowings 1,390 2,339 Other borrowings 5,566 7,259 Balance as of December 31 6,956 9,598 The following table gives an overview of the loans (including leasing debt), broken down according to maturity. Debts referred to under the line Others are non-interest bearing. Amounts in thousands EUR Total duration < 1 year duration between 1 and 5 years duration > 5 years Loans with Eckert & Ziegler AG 5,362 1,650 3,712 Banks financial lease & loans 1,390 485 885 20 Others 204 72 132 Total borrowings as of December 31 6,956 2,207 4,729 20 59

The company has leased a part of the equipment put at the disposal of its customers; this is linked to the permanent Brachytherapy business. The following table provides the audience with a view of the related assets and liabilities: Amounts in thousands EUR Asset book value at December 31, 2011 Minimum future leasing payments Total Amount 2012 2013 Thereafter Present value of leasing obligation as of December 31, 2011 short-term (<1 year) thereof long-term (>1 to <=5 years) long-term (>5 years) 380 193 146 47 0 184 138 46 0 28. Deferred income from grants and other deferred income The item Deferred income from grants and other deferred income is comprised of the following as of December 31, 2011: Amounts in thousands EUR 2011 2010 Current deferred income from grants 62 121 Other non-current deferred income 99 142 Non-current deferred income from grants 418 87 Balance as of December 31 579 350 29. Provision and other non-current liabilities The main element of other non-current liabilities is the provision recorded pursuant to IAS 37, as adjusted in accordance with IFRIC 1. It is related to asset retirement obligations, i.e., for assets contaminated during the production process with radioactive nuclides. Amounts in thousand EUR 2011 2010 The following table gives an overview of the movements in other provisions Disposal reserves 6,247 5,718 Other reserves 34 Other reserves as of December 31 6,281 5,718 Movements in the provisions for environmental restoration are as follows Disposal reserves as of January 1 5,718 5,753 Additions (+) / reductions (-) balanced 158-95 Addition of interest 371 59 Disposal reserves as of December 31 6,247 5,717 60

The other reserves include obligations that relate to the removal of changes to rented property, partial retirement and received security deposits. 30. Other current liabilities The position is related to liabilities from social securitys, salary and similar items, as well as accruals for auditors, commissions and VAT etc.. Amounts in thousands EUR 2011 2010 Personnel costs, social security and related items 1,428 869 Others 251 1,025 Balance as of December 31 1,679 1,894 61

Financial risks analysis For a general risk analysis, please refer to the Management Report. The notes hereafter refer more specifically to some of the financial risks. In the course of its operational activities, the group is exposed to credit, liquidity and market risks in the finance sector. Market risks relate in particular to interest rate changes and foreign exchange risks. 31. Credit risk Credit risk or risk of non-payment is the risk that a customer or contractor of the group cannot meet its contractual obligations. The result of this is, on the one hand, the risk of write down of financial instruments due to issues of solvency and, on the other hand, the risk of partial or complete loss of contractually agreed payments. For the group a possible credit risk arises essentially from its receivables from goods and services. Exposure is primarily influenced by the size of the customer and region-specific regulations and customs for handling the reimbursement of medical services by public authorities. In general, initial deliveries are in principle made against cash in advance or letters of credit, used as a safeguard. As part of the group-wide risk management, the credit risk is monitored by means of regular analysis of overdue payments of all receivables from goods and services. The age structure of due, but not written down receivables, is shown as at December 31, 2011 as follows: Accounts receivables (less write-down receivables) by due date in thousands EUR 2011 2010 not due 2,917 2,748 1 to 90 days 1,767 1,181 > 90 days 1,761 938 Total 6,445 4,867 The overdue, but not yet written down receivables relate essentially to claims due from doctors practices and foreign clinics. On the basis of past experience, payment is expected at the above-mentioned level. The receivables for countries with high and long overdue values are discounted with an appropriate discounting rate of 8%. The impact for 2011 is a deduction of 159 TEUR from sales and an interest income of 84 TEUR for discounted receivables from the previous years. 32. Liquidity risk The liquidity risk is the risk that the group is not able to meet its financial obligations on time. The aim and function of liquidity management is to ensure that the provision of borrowed funds and capital resources is always adequate. As part of financial planning, a liquidity forecast is produced from which it is possible to identify the borrowed fund financing requirements in advance. As at the date of the closing, the consolidated balance sheet shows various short-term and long-term obligations both to Eckert & Ziegler AG, an important shareholder of the group, and also to various credit 62

institutions. For the future liquidity of the company, it is necessary for this third-party financing to continue. So far, the company has experienced limited effects from the financial crisis on the availability of financing. 33. Foreign exchange risks The group s international business activities exposes it to foreign exchange risks resulting from the influence of exchange rate fluctuations on business and assets and liabilities denominated in foreign currencies (transaction risks). At present, the main foreign currency risk within the group relates to the fluctuations in the EUR GBP and EUR USD rates, and to a lesser extent, to CHF. In the case of these currencies, there are few costs incurred in the same currency. As a result, the complete conversion is exposed to the currency risk. The exposure of the group in respect of transaction risk as at the date of the annual accounts was as follows: Amounts in thousands currency USD GBP CHF Total in EUR Assets and liabilities per currency Bank accounts 26 247 315 Accounts receivable 243 152 14 376 Accounts payable 423 31 5 371 34. Interest rate risks As at the balance-sheet date, the company has the following medium-term and long-term interest-bearing assets and liabilities: Amounts in thousands EUR 2011 2010 Interest-bearing liabilities 6,752 9,425 of which have variable interest rate 0 588 of which have fixed interest rate 6,752 8,837 63

35. Off balance sheet items The company uses vehicles leased on an operating base. The liabilities from those leasing contracts are comprised as follows: Minimum future rental payments Amounts in thousands EUR Total liability 2012 2013 2014 2015 2016 there-after 175 77 61 35 7 5 0 36. Disposal of non-current assets Disposals relating essentially to the sale of the ERP (Enterprise-Ressource-Planning) system of the company through Eckert & Ziegler AG, whereas Eckert & Ziegler AG exchanged the value of the licenses into licenses for the ERP system which is planned to be implemented end of 2012 and sales of clinical equipment to customers. The cash-in of 252 TEUR is shown under the cash flow from investing activities. The corresponding loss of value of 121 TEUR in assets is shown under losses on the disposal of non current assets 37. Trade account payable and other current liabilities The important element in the change of cash flows in this position relates to the advanced payments received in relation to the Russian project (NBt) in 2009, while 2011 a portion of 2,549 TEUR is recognized in connection with the sales generated. 38. Concentration of risk The company is active in most markets of the world. The table below shows a geographical analysis of the sales and the non-current assets, without tax assets, of the group. Sales Non-current assets Amounts in thousands EUR 2011 2010 2011 2010 Belgium & Netherlands 3,251 4,080 4,744 5,148 Russia 8,275 11,446 0 108 France 6,125 6,018 69 69 UK & Ireland 1,650 1,610 149 142 Spain & Portugal 2,180 1,988 122 0 Germany 1,955 2,718 31,750 30,605 Italy 726 551 16 2 Others 6,251 3,950 0 0 Total 30,413 32,361 36,850 36,075 64

It should be emphasized that the most important market for the group today is Russia. Two (2010: three) customers have exceeded standalone 10% of the group sales are located in Russia and represent together 8,275 TEUR (2010: 11,446 TEUR) of the sales. The top 10 customers represent 35,8% of the total sales of the group 39. Related parties Under IAS 24, transactions with persons or companies on which Eckert & Ziegler BEBIG exercises a control must be disclosed. All transactions within the group were undertaken based on the evaluation of the mutual economic benefit for all the parties involved. All such transactions are entered into an arm s length basis. The applicable conditions are based on equitable negotiation criteria and respect the principle of free trade and competition. The following table offers an overview of the transactions done within the group. In order to keep it clear, arranged long-term and short-term balance sheet items are netted. Transaction covered from one direction are not repeated showing the other direction (i.e. if Eckert & Ziegler BEBIG GmbH versus Eckert & Ziegler BEBIG Ltd. is disclosed, Eckert & Ziegler BEBIG Ltd. versus Eckert & Ziegler BEBIG GmbH will not be disclosed, as it is a mirror). as of December 31, 2011 for the reporting period Amounts in thousands EUR Receivables Payables Income Expenses Eckert & Ziegler BEBIG s.a. versus Eckert & Ziegler BEBIG GmbH 4,027 703 820 8,747 Eckert & Ziegler Iberia SLU 1,500 484 Eckert & Ziegler Italia s.r.l. 164 Eckert & Ziegler BEBIG s.a.r.l. 1,500 687 5 Eckert & Ziegler BEBIG Ltd. 663 8 345 Eckert & Ziegler BEBIG GmbH versus Eckert & Ziegler Iberia SLU 721 1,274 Eckert & Ziegler Italia s.r.l. 60 38 399 24 Eckert & Ziegler BEBIG s.a.r.l. 627 1,815 Isotron GmbH 220 11 1,532 Eckert & Ziegler BEBIG Ltd. 57 974 65

The transaction with the joint venture NBt and its subsidiaries during 2011 are composed of sales of seeds and seed accessories, in an amount of 2,411 TEUR (2010: 2,522 TEUR). Payments were received in an amount of 1.350 TEUR (2010: 2.367 TEUR). The decrease in payments is explained by the situation described in the section structure of the group. As of December 31, 2011 NBt and its subsidiaries owe to Eckert & Ziegler BEBIG 1.811 TEUR (2010: 90 TEUR) on trade receivables. No payables were outstanding to and no service received from NBt or its subsidiaries. The following table offers an overview of the transactions done with Eckert & Ziegler AG and its affiliates. In order to keep it clear, arranged long-term and short-term balance sheet items are netted. Transactions covered from one direction are not repeated showing the other direction (i.e. if Eckert & Ziegler BEBIG GmbH versus Eckert & Ziegler AG is disclosed, Eckert & Ziegler BEBIG GmbH versus Eckert & Ziegler AG will not be disclosed, as it is a mirror). All transactions with Eckert & Ziegler AG and its affiliates are short term nature, except the loan described under note 27. as of December 31, 2011 for the reporting period Amounts in thousand EUR Receivables Payables Income Expenses Eckert & Ziegler BEBIG s.a. versus Eckert & Ziegler AG 5.368 306 Eckert & Ziegler BEBIG GmbH versus Eckert & Ziegler AG 0 25 431 485 Eckert & Ziegler Eurotope GmbH 19 2 20 142 Eckert & Ziegler Cesio s.r.o 6 80 7 95 Eckert & Ziegler Isotope Products Inc. 6 3 Eckert & Ziegler Isotope Products 15 Eckert & Ziegler Radiopharma GmbH 195 Eckert & Ziegler Nuclitec GmbH 1 121 Kompetenzzentrum für sichere Entsorgung GmbH 80 As described detailed in note 1, shared services were transferred to the Eckert & Ziegler AG. As result, the structures of transactions between Eckert & Ziegler BEBIG Group and Eckert & Ziegler Group will change in to a great extent. Whereas no revenues can be generated anymore, the expenses will increase. In counterpart the personnel expenses within the Eckert & Ziegler BEBIG Group and some other expenses will decrease. 66

Eckert & Ziegler BEBIG s.a. Extracts Non-Consolidated or Statutory Financial Statements Only the consolidated financial statements reproduced above present a faithful picture of the group s financial situation and results. In conformity with Belgian legislation, the non-consolidated financial statements, an extract of which are included here below, accompanied by the management report of the Board of Directors, and that of the Statutory Auditor, will be filed with the National Bank of Belgium. The auditor will issue a qualified opinion, due to qualification of the comparative figures of 2010. This certifies that the non-consolidated financial statements present a true and faithful view of the company s financial situation in accordance with legal and statutory provisions. These documents are available on request at: Eckert & Ziegler BEBIG s.a. Investors Relations Zone Industrielle C B-7180 Seneffe Non-Consolidated Statement of Income Amounts in thousands EUR 2011 2010 Sales and services 16,188 18,205 Cost of sales and services 13,774 19,351 Operating result 2,414-1,146 Net financial result -219 203 Net extraordinary result 34-5,289 Result before tax 2,229-6,232 Income tax -4 0 Net result 2,225-6,232 67

Non-Consolidated Balance Sheet Amounts in thousands EUR 2011 2010 Assets Start-up costs 0 3 Intangible assets 0 0 Tangible assets 2,543 3,317 Financial assets 35,394 35,453 Inventories 160 200 Amounts receivable within one year 1,879 3,275 Investments, cash and cash equivalents 1,389 3,491 Total 41,365 45,740 Liabilities Capital 10,879 10,879 Issue premium 50,186 50,186 Deferred loss -32,597-34,823 Subsidies 0 0 Provisions 3,604 3,337 Amounts payable after one year 4,750 8,574 Amounts payable within one year 4,543 7,587 Total 41,365 45,740 68

References Affiliated parties intra-group transactions This item was dealt with in the Notes above (cf. note 38). Events after the closing date This item was dealt with in the Board of Directors Management Report. Statutory Auditor This item was dealt with in the Corporate Governance section. Structure of the capital This item was dealt with in the section Eckert & Ziegler BEBIG s.a. Share and shareholders. Statement from the responsible persons: Pursuant to legal requirements and to the Royal Decree of November 14, 2007, Dr. Andreas Eckert, Chairman of the Board; Dr. Edgar Löffler, Managing Director and Abel Luzuriaga, Managing Director, declare that, to the best of their knowledge: (1) The consolidated financial statements for 2011 have been prepared in accordance with applicable accounting standards and accurately reflect the assets, financial position, and earnings of Eckert & Ziegler BEBIG Group and its subsidiaries included in the consolidation; (2) The management report includes a fair view of the business progress, the earnings, and the position of Eckert & Ziegler BEBIG Group and the subsidiaries included in the consolidation as well as a description of principal risks and uncertainties they face. 69

Corporate Governance Statement Eckert & Ziegler BEBIG has adopted the 2009 Belgian Code on Corporate Governance ( the code ) as its reference code. The code can be found on the website of the Corporate Governance Committee (www.corporategovernancecommittee.be). Eckert & Ziegler BEBIG believes that a good corporate governance system is a necessary condition to ensure its long term success. This implies an effective decision-making process. It has to allow for an optimal balance between a culture of entrepreneurship and highly effective steering and oversight processes. Eckert & Ziegler BEBIG has prepared a Corporate Governance Charter in order to describe the main aspects of its corporate governance policy. This Charter is updated from time to time; its most recent version was approved by the Board on October 21, 2011, and is available on the company s website (www.bebig.eu/investor Relations section/corporate Governance). As a company incorporated under Belgian law and listed on Euronext Brussels, Eckert & Ziegler BEBIG is committed to follow the nine corporate governance principles set forth in the code, namely: The company shall adopt a clear governance structure. The company shall have an effective and efficient Board making decisions in the corporate interest. All Directors shall demonstrate integrity and commitment. The company shall have a rigorous and transparent procedure for the appointment and evaluation of the Board and its members. The Board shall set up specialized committees. The company shall define a clear executive management structure. The company shall remunerate Directors and executive managers fairly and responsibly. The company shall enter into a dialogue with shareholders and potential shareholders based on a mutual understanding of objectives and concerns. The company shall ensure adequate disclosure of its corporate governance. This chapter describes the practical application of these governance rules during the financial year ending on December 31, 2011. 70

1. Compliance with the Corporate Governance Code Under the provisions of the code, companies have to report annually in their corporate governance statement to what extent they have followed the code, and if they do not, they are invited to explain why they have chosen to deviate from some of the provisions of the code. During the financial year ending on December 31, 2011. the company fully complied with the provisions of the code with the exception that the Board decided not to set up an audit committee. According to Article 526 of 1 of the Company Code, the establishment of an audit committee is not mandatory in listed companies that meet at least two of the following criteria on a consolidated basis: fewer than 250 employees on average during the financial year; balance sheet total not exceeding 43,000,000 EUR; and net annual turnover not exceeding 50,000,000 EUR. Eckert & Ziegler BEBIG has currently fewer than 250 employees on average during the financial year and a net annual turnover not exceeding 50,000,000 EUR. 2. Corporate structure The company has opted for a one-tier governance structure. As a result and as provided for by Article 522 of the Belgian Company Code, the Board is the ultimate decision-making body in the company, except with respect to such areas which are reserved to the shareholders meeting by law or by the Company s Articles of Association. The Board s role is to pursue the long-term success of the company by providing entrepreneurial leadership and enabling risks to be assessed and managed. The Board pays attention to corporate social responsibility and diversity. The Board of Directors is assisted in its role by the Nomination & Remuneration Committee. With respect to its monitoring responsibilities, the Board shall: approve and review the existence and functioning of a system of internal control, including adequate identification and management of risks (including those relating to compliance with existing legislation and regulations); describe the main features of the company's internal control and risk management systems in the Corporate Governance Statement; take all necessary measures to ensure the integrity and timely disclosure of the company s financial statements and other material financial and non-financial information disclosed to the shareholders and the potential shareholders; 71

review executive management performance and the realization of the company s strategy; supervise the performance of the external auditor and supervise the internal audit function; monitor and review the effectiveness of its committees; describe the main features of the company s internal control and risk management systems, to be disclosed in the Corporate Governance Statement. The Board decides on the executive management structure and determines the powers and duties entrusted to the executive management. Furthermore, the Board supports the dialogue with all shareholders and potential shareholders of the company and encourages the company s controlling shareholder(s) to comply with the code. The day-to-day management of Eckert & Ziegler BEBIG has been delegated to two Managing Directors ("gedelegeerd bestuurder"/"administrateur délégué") who are responsible for elaborating the overall strategy for the company and for submitting it to the Board for review and approval. The Managing Directors are further responsible for implementing such strategy and for ensuring the effective oversight of the business and corporate functions. The Managing Directors are also responsible for screening the various risks and opportunities that the company might encounter in the short, medium or longer term and for ensuring that systems are in place to address these. 3. The Board of Directors Composition The Board is composed of a maximum of ten members, who can be individuals or legal entities and who need not be shareholders. The Directors are appointed for a term of no more than four years by the shareholders' meeting, which is entitled to dismiss them at any time. Any changes to the Board composition will be published on Eckert & Ziegler BEBIG's website. At the end of 2011, eight of the ten Directors of the Board were non-executive Directors, and three were independent within the meaning of the Belgian Companies Code. The composition of the Board of Directors at the end of the financial year 2011 is shown hereafter: 72

Name Main duties within the Board of Directors Primary Duties outside of Eckert & Ziegler BEBIG Term of Office Board attendance in 2011 Dr. Andreas Eckert Director, Chairman of the Chairman of the June 2011-6 (100%) Board; Executive Board of June 2015 Chairman of the Nomination Eckert & Ziegler AG, Berlin (D) and Remuneration Committee Dr. Edgar Löffler Managing Director Member of the Executive Board June 2009-5 (83.3%) of Eckert & Ziegler AG, Berlin (D) June 2013 Dr. Gunnar Mann Managing Director June 2009-4 (66.7%) December 2011 Dr. André Hess Director Member of the Executive Board June 2011-3 (50.0%) of Eckert & Ziegler AG, Berlin (D) June 2015 Martin Hölscher Independent Director; Global Head of IT, Chief June 2009-1 (16.7%) Member of the Nomination and Remuneration Committee Information Officer at Triumph International Services AG, Bad Zurzach (CH) June 2013 SMI Steglitz Medinvest UG, represented by Frank Perschmann Director March 2010 - June 2015 3 (50%) Holger Bürk Director Deputy of the Board of Directors of Concentrixx AG, Kerns (CH); Member of the Supervisory Board of Eckert & Ziegler AG, Berlin (D) Hans-Jörg Hinke Director General Manager of Carisma GmbH, Berlin (D); Member of the Supervisory Board of Eckert & Ziegler AG, Berlin (D) Dick Schoolenberg Independent Director Member of the Supervisory Board of Innovam Group, Nieuwegein (NL); Chief Restructuring Officer of Kroymans Lease Holding, Vianen (NL) Edwin Vandermeulen Independent Director; Managing Director Member of the Nomination of Flamant N.V., and Remuneration Geraardsbergen (BE) Committee June 2010 - June 2012 June 2010 - June 2012 June 2010 - June 2012 June 2010- June 2012 4 (66.7%) 6 (100%) 5 (83.3%) 1 (16.7%) 73

Following the resignation of Dr. Gunnar Mann as member of the Board and Managing Director effective December 31, 2011, the board resolved to appoint Abel Luzuriaga as member of the Board of Directors as of January 1, 2012. The Board further resolved to appoint Abel Luzuriaga, effective January 1, 2012, to the position of Managing Director, replacing Dr. Gunnar Mann. Board meetings in 2011 and Directors attendance The Board meets sufficiently regularly to fulfill its duties effectively but in any case not less than four times a year. During the financial year 2011, the Board held six meetings during which the following main topics were reviewed: Review of potential acquisition candidates Review of the strategy of the company s development activities Reorganization of the management structure and the operational management Outsourcing of administrative tasks The overall attendance rate of the meetings of the Board was 63.3%, whereas two Directors attended less than 50% of the meetings during their individual terms of office. Performance review of the Board and its Committees The Board conducted a review of the size, composition and performance of the Board and its Committees in the course of 2011. So far, the board has not yet decided to take specific actions. Conflicts of Interests The Directors should arrange their personal and business affairs so as to avoid conflicts of interest with the company. Any Director with a conflicting financial interest as set forth in Article 523 of the Belgian Company Code on any matter before the Board must bring it to the attention of both the statutory auditor and fellow Directors, and shall not take part in any deliberations related hereto. During the year 2011 none of the Directors informed the Board about having a conflict of interest within the meaning of Article 523 of the Belgian Company Code. 74

4. Remuneration Report Remuneration of non-executive Directors The shareholders meeting resolved to remunerate non-executive members with a fixed amount of 6,000 EUR per year. With the exception of Dr. Andreas Eckert and Dr. André Hess all non-executive Directors requested payment of the remuneration. Non-executive Directors will not receive any performance-related remuneration, nor will any option or warrants be granted to them in their capacity as Director. The Managing Directors are remunerated for their function as Managing Director on the basis of their management contracts only. Remuneration of the Managing Directors The remuneration of the Managing Directors is determined by the Board on the basis of recommendations of the Nomination and Remuneration Committee, which shall benchmark such remuneration to ensure that it is competitive and allows attracting the best person for the job. Following recommendations of the Remuneration and Nomination Committee in view of the requirements of the code and the Corporate Governance Act of April 6, 2010, the Board decided to modify the remuneration policy relating to the variable remuneration for the Managing Directors. Following that decision, the variable remuneration now comprises a short-term variable remuneration and a long-term variable remuneration. While the short-term variable remuneration is linked to certain qualitative performance criteria to be achieved within the actual business year, the long-term variable remuneration is based on the achievement of a defined percentage rate of the three-year moving average of the group s EBIT as compared to the three-year moving average of the group s annual sales revenues, subject to a correction factor applied in case of extraordinary growth of the business volume during any year. Non-achievement of the performance criteria results in a payment of zero. The variable remuneration always carries a cap and normally makes up between 30-60% of the total remuneration, whereas at least 50% of the variable remuneration is based on the long term performance over three years. Apart from the variable remuneration, the Managing Directors receive a fixed salary and perquisites (company car, insurances, mobile phones and others). No options were granted during the year 2011. All allowances for health and retirement insurances are included and reported under the fixed salary. The total remuneration paid to the Managing Directors for 2011 amounts to 661,784 EUR and consists of the following individual payments: Fixed salary Variable remuneration Perquisites Total Dr. Edgar Löffler 217,500 EUR 168,533 EUR 27,565 EUR 413,598 EUR Dr. Gunnar Mann 146,000 EUR 100,000 EUR 2,186 EUR 248,186 EUR There are no promises regarding severance payments for Managing Directors. 75

5. Report on internal control and risk-management systems The Board is responsible for assessing risks inherent to the company and the effectiveness of internal control. Eckert & Ziegler BEBIG has set up an internal control system adapted to its functioning and to the environment in which it operates, based on the COSO model. The COSO methodology is based on five areas: the control environment, risk analysis, control activities, information and communication, and monitoring. Control Environment It is the overall responsibility of the Board to review the existence and functioning of a system of internal control, including adequate identification and management of risks (including those relating to compliance with existing legislation and regulations). The accounting and control organization consists of (i) the accounting teams in the different legal entities, responsible for the preparation and reporting of the financial information, and (ii) the controllers at the different levels in the organization, responsible inter alia for the review of the financial information in their area of responsibility. The company s consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS) which have been endorsed by the European Union. Such financial statements are also in compliance with the IFRS as issued by the International Accounting Standards Board. Employees involved in the preparation of the accounts are regularly trained. Risk Assessment As a standard procedure, the management performs an annual internal study designed to classify the company s major risks, by order of importance and frequency occurrence, and to determine the level of control of these risks. The conclusions of the study are summarized in the risk management report, which will be reviewed by the Board in order to take measures to control and limit the potential impact of each of the risks identified. Further, appropriate measures are taken to ensure a timely and qualitative reporting and to reduce the potential risks related to the financial reporting process, including: (i) proper coordination between both the corporate communication department and controlling department of the company, (ii) careful planning of all activities, (iii) guidelines which are distributed prior to the quarterly reporting, including relevant points of attention, and (iv) follow-up and feedback of the timeliness and quality in order to strive for continuous improvement. 76

Control activities Policies and procedures are in place for the most important business processes (sales, procurement, investments, treasury, etc.), and control activities have been developed to address the risks we are confronted with. These policies, procedures and control activities are subject to: (i) an evaluation by the respective management teams, and (ii) regular controls by internal audit. Specifically, the proper application by the legal entities of the accounting principles, as well as the accuracy, consistency and completeness of the reported information, is reviewed on an ongoing basis by the control organization. Information and communication In all companies of the group, the company has deployed a global ERP system platform to support the efficient processing of business transactions and provide its management with transparent and reliable management information to monitor, control and direct its business operations. The provision of information technology services to run, maintain and develop those systems is organized by its internal IT department, which is directed and controlled through appropriate IT governance structures. Appropriate measures are taken on a daily basis to sustain the performance, availability and integrity of the company s IT systems. Proper assignment of responsibilities and coordination between the pertinent departments ensure an efficient and timely communication process of periodic financial information to the market. In the first and third quarter a trading update is released, whereas at mid-year and year-end all relevant financial information is disclosed. Prior to the external reporting, the sales and financial information is subject to (i) the appropriate controls by the above-mentioned control organization, (ii) review by Management, and (iii) approval by the Board of Directors. 6. Auditor The current group and statutory auditor is Deloitte Réviseur d Entreprises, Berkenlaan 8b, 1831 Diegem, represented by Gert Vanhees. The auditor is appointed for a three-year renewable term (the current mandate expires in June 2013). For his task of certifying the accounts in 2011, the auditor received a fixed remuneration that was approved by the General Assembly of Shareholders in June 2010. His fees for the audit of the statutory accounts of Eckert & Ziegler BEBIG and of the consolidated financial statements of the Eckert & Ziegler BEBIG Group amounted to 73,385 EUR, including the statutory audit of the subsidiary Eckert & Ziegler BEBIG GmbH that was delegated to Deloitte Deutschland (6,000 EUR). No non-audit fees have been billed by Deloitte Réviseur d Entreprises or a company that is part of its network. 77

Financial Calendar 2012 Interim Statement 1Q-2012 Thursday, May 3, 2012 Annual General Meeting Monday, June 11, 2012 (10:30 am) Half-Year Results 2012 Tuesday, August 14, 2012 Interim Statement 3Q-2012 Tuesday, November 6, 2012 Contact Investor Relations & Communication Zone Industrielle C 7180 Seneffe (Belgium) Tel: +32 64 520 808 Fax: +32 64 520 801 E-mail: ir@bebig.eu Website: www.bebig.eu Version française disponible sur demande 78