exhibit99.htm

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DISCLAIMER

• This presentation has been prepared by Plymouth Partners LLC (“Plymouth”) to the Special
Committee (the “Special Committee”) of the Board of Directors of Atlantic (the “Company”) for
the sole use by the Special Committee, is for information only and may not be used or relied upon
for any purpose other than as specifically contemplated by the written agreement between
Plymouth and the Special Committee. These materials are not intended to be and do not constitute
a recommendation to any person or entity as to whether to acquire or dispose of or take any other
action in respect of any securities of the Company or any other person. In preparing these analyses,
Plymouth has relied on publicly available information and other information provided to it by the
Company and its representatives and has assumed, without independent verification, the accuracy
and completeness of all such information. Plymouth does not assume any responsibility or liability
therefor. No representation or warranty, express or implied, is made in relation to the accuracy or
completeness of the information presented herein or its suitability for any particular purpose.
Plymouth has not conducted any evaluation or appraisal of any assets or liabilities of the Company
or any other entity or person referred to in this presentation. Plymouth does not have any
obligation to update the information in this presentation. These materials have not been prepared
with a view toward public disclosure under state or federal securities laws or otherwise, are
intended for the benefit and use of the Special Committee, and may not be reproduced,
disseminated, quoted or referred to, in whole or in part, without our prior written consent, except
as required by law.

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Table of Contents

• Situation Update

• Review of Strategic Alternatives

• Summary of Financial Analysis

• Review of Animal Rights Issues

• Industry Background

• Review of Trading Multiples

• Financial Analysis

– Summary of Results

– Selected Companies Analysis

– Selected Transaction Analysis

– Discounted Cash Flow Analysis

– Illustrative Leveraged Buyout Analysis

– Premiums Paid in Selected Acquisitions

– Illustrative Unaffected Stock Price

• Appendix

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Process Review

• Since AB’s proposal to acquire Atlantic for $7.50 per share in cash on March 3, 2009, the
Special Committee has continuously reviewed a wide range of strategic alternatives

• The Special Committee’s financial advisor contacted over 50 parties to inquire whether they
were interested in pursuing a transaction with Atlantic

– The nature of a transaction was not specified

– 8 potential counterparties signed Confidentiality Agreements

• Four parties (including AB Team) submitted first round proposals to acquire Atlantic for cash,
with prices ranging from $7.50 - $8.50 per share (see page 7)

– No party indicated an interest in a strategic merger or “combination” transaction

• All four parties (including AB Team) invited to second round

• AB Team and an Industry Bidder submitted second-round proposals to acquire Atlantic for
$7.50 per share in cash (see page 7)

– Two private equity bidders withdrew due to animal rights (“AR”) and related financing
issues

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Process Review (Cont’d)

• The Special Committee informed both parties that it was not inclined to pursue a sale of the
Company at the $7.50 price per share indicated, but would be prepared to discuss such a sale at
a higher price per share

• The AB Team indicated they would consider increasing their proposed price to $8.50 per share,
subject to negotiation of a definitive merger agreement

• The Industry Bidder indicated it was not prepared to increase its proposed price

• On June 19, 2009, the Special Committee reviewed each bidder’s position and determined to:

– Continue to pursue the AB proposal

– Continue to encourage the Industry Bidder to increase its proposed price per share

– Continue to review the alternative of remaining independent

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Process Review - Indications/Proposals Received

Company	Price	Consideration	Source of Financing
AB	$7.50 per share	Cash	• AB stock rollover, new equity investors, increase in existing company debt. Detailed breakdown not provided
Industry Bidder	At least $7.50 per share	Cash	• Available revolver and term facility of up to $150 million • Majority shareholder and PE firm (approx. 30% owner) willing to provide additional equity funds, if necessary
Private Equity Bidder A	$7.50 - $8.00 per share	Cash	• Equity capital from committed funds • “Conservative and prudent amount of debt capital”
Private Equity Bidder B	$7.50 - $8.50 per share	Cash	• Equity capital from committed funds • Third party debt financing

Company	Price	Consideration	Source of Financing
AB	Initial indication - $7.50 per share; subsequent increase to $8.50	Cash	• Debt financing of up to $70mm (primarily existing lenders) • Equity financing: …***… and AB stock rollover commitment
Industry Bidder	In excess of $7.50 per share	Cash	• Available revolver and term facility of up to $150 million • Majority shareholder and PE firm (approx. 30% owner) willing to provide additional equity funds, if necessary
***Material has been omitted pursuant to a request for confidential treatment and filed separately with the SEC.

• First Round

• Second Round

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Process Review (Cont’d)

• Since the June 19 Special Committee meeting, the Special Committee and its advisors have

– Negotiated significant terms of a merger agreement with the AB Team

– Confirmed to the Industry Bidder that the Special Committee was prepared to engage in
further discussions, as well as negotiate a merger agreement, if the Industry Bidder was
willing to raise its indicated price. No reply was received

• On June 30, 2009, the Special Committee reviewed the financial terms of the AB Team
proposal as well as the principal terms and conditions of the proposed merger agreement and
determined to continue to negotiate with the AB Team, including attempting to obtain a higher
price per share

• On July 6, 2009, the AB Team informed the Special Committee’s financial advisor that they
were not prepared to increase the price per share offered

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Summary of Strategic Alternatives Considered by the Special
Committee

Alternative	Pros/Opportunities	Cons/Risks	Preliminary Conclusions
Remain Independent
- Status Quo	• Share price could increase above offer (over time) • Avoids deal risk	• Low liquidity • “Nano-cap” trap • No clear path to eliminate discount • Risk of de-listing • Potential debt default	• May be preferable if Sale of Company price is too low • Pursue in parallel with Sale of Company
- With Acquisitions	• Better geographic balance • Reinforce weaker areas • Add new skills	• Limited near-term impact • Difficulty in financing • Few attractive targets	• Remains an option for the future, if no sale
- With Significant Special Dividend/ Share Repurchase	• Potentially accretive to EPS • Return cash to all shareholders, but retain ongoing interest	• Reduced trading/liquidity • Increased leverage • Limited financing sources available to Atlantic	• Remains an option for the future, if no sale
Strategic Merger	• Better geographic balance • Economies of scale • More attractive for major customer relationships	• Limited, if any, suitable, willing partners • Unfavorable multiple for Atlantic vs. partner	• No parties interested at this time • Remains an option for the future, if no sale
Sale of Company	• Premium over “unaffected” share price	• Execution risks • Challenging economic and market conditions	• Pursue in parallel with Remain Independent

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Review of Strategic Alternatives - Remain Independent

Earlier Observations

• Atlantic growth/margins comparable to peers

• Peer/industry currently trading at multiples
40-50% below 2004-08 averages

• Atlantic historically traded at 40-50%
discount to peer multiples, except 2008

• “Nano-cap” trap

– Low liquidity

– Only one analyst covers

– AR activist risk factors (financing,
suppliers, etc.) not suitable for core
investors

– High costs (Sarb-Ox, audit, D&O ins.,
etc.)

Results of Review

• Atlantic’s recent performance is somewhat
weaker than Primary Peers

• Discount to peer multiples increased today

– 2008 appears to be an exception (see
pages 26, 27)

• Atlantic’s future EPS attractive but 50%
discount to peers’s PE multiple limits upside
for share price

• No actionable path visible to change discount
or escape “nano-cap” trap

• Risks of delisting, debt covenants default

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Review of Strategic Alternatives - Sale of Company

Earlier Observations

• Execution remains difficult

• Challenging times

– Market turmoil at historic levels

– CRO industry visibility limited

– Many buyers/investors on the sidelines

• Too many unknowns

– Industry pressure increasing on smaller
CROs

• Current AB offer at a premium to
“unaffected” trading value

• Execution risks

– Financing, disclosure

Results of Review

• Contacted large group of potential buyers

– Strategic, private equity, venture capital

– US, UK, Europe and Asia

• Large Companies not interested

– Pre-Clinical, Clinical, Diagnostic Lab
and diversified companies

• Mid-size CRO companies

– One company submitted conditional
proposal in second round

• Private Equity/Venture Capital firms
interested in first round, but dropped out

– AR issues for top management/investors

– Financing challenge (related to AR)

• Current AB offer 13% above initial offer

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Financial Analysis Methodology - Discounted Multiples

• A significant element of the analysis is performed by comparing Atlantic to its Primary Peers
(CRL and CVD) and, to a lesser extent, to its Secondary Peers (ICLR , KNDL, PPDI, PRXL)

• Principally due to AR activist issues and related factors (see pages 18-20), Atlantic has
historically traded at a 35-45% discount to the average EV/EBITDA multiple and a 45-55%
discount to the average P/E multiple, in each case, of its Primary Peers

– Discounts were lower briefly in 2008, but today are larger than historical average

• Atlantic’s underlying fundamental business performance has been comparable to that of
Primary Peers for the last five years (2004-2008)

– Recent performance (since Q4 2008) has been significantly worse than Primary Peers

• Atlantic’s reported earnings have been volatile and distorted by foreign exchange (FX) issues,
one-time events and financing costs triggered in large part by AR-related concerns

• Atlantic’s exposure to AR issues is unique

– No other public company in CRO industry affected to the same extent

• For purposes of a financial analysis, EV/EBITDA and P/E multiples observed for
“normal” peer companies (i.e., those not subject to similar levels of AR activism as
Atlantic) have been discounted 35-45% and 45-55%, respectively, when such multiples
are applied to Atlantic EBITDA and earnings estimates

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Multiples at Various Prices per Share

Source: Atlantic management. Debt figures exclude warrant offset/closing fee costs and warrant amortization. LTM figures as of 3/31/09

(a) Based on fully diluted shares of 14.5mm.

(b) Excludes transaction expenses.

Note: Transaction expenses of $15 million would add 0.5x to EBITDA multiples

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Atlantic Financial Analyses Reflect Unique History of Company

• Atlantic has been a target of animal rights activism since December 1999

– As a result, the company operates in a business and financial environment that is unique

– AR activists have specifically singled out Atlantic

• No other public company in the CRO industry affected to the same extent

• AR activists not only targeted the Company and its employees, but also customers, suppliers,
investors and financial firms directly or indirectly associated with Atlantic

– AR activists specifically identified and targeted the financial community in an effort to put
Atlantic out of business by limiting access to credit and/or to trading markets

• Physical violence, harassment, vandalism, bomb and death threats, protests and demonstrations at
homes and offices of targeted companies or their employees, directors and shareholders, continue
to the present day

– Identification with Atlantic and risk of consequent attacks from AR activists remain a major
concern - even for parties remotely associated with Atlantic

• The result has been that Atlantic has historically traded at approximately 40-50% discount
to its primary peers’ EBITDA and P/E multiples, respectively, despite reasonably
comparable fundamental performance

– Exacerbated by technical trading factors (low liquidity, limited research coverage, etc.)

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Additional Risk Factors

• Ongoing AR issues, challenging financial markets, foreign exchange volatility and pharma industry turmoil raise
additional risks for Atlantic:

– The Company would not have met certain loan covenants as of June 30, 2009 (FX a large factor)

• Required loan amendment and potential significant fee

– Atlantic has limited alternatives if it has to re-finance its existing debt

– Company’s concerns about a possible delisting from NYSE/Arca have increased

• …***…

– …***…

• In 2008-2009, AR activists redoubled attacks on NYSE, its directors and shareholders

• Atlantic no longer meets minimum market capitalization of $150 million required for initial Arca
listing nor ongoing minimum shareholders equity of $15 million required for Arca continuing listing
(Standard I)

– NYSE has broad discretion to deny ongoing listing

– Low liquidity and limited investor interest increase risk of delisting

***Material has been omitted pursuant to a request for confidential treatment and filed separately with the SEC.

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Review of CRO Industry Conditions

• Pharma R&D expected to decline in 2009 vs. 2008 (first time in recent history)

– Postponements and cancellations due to

• Large pharma (top 20)

– M&A - Pfizer/Wyeth, Merck/Schering-Plough, Roche/Genentech

– Innovation gap - spending up 10x in 25 years, but number of new drugs approved
each year has remained the same

– Patent cliff - 30% of revenues going off-patent by 2012

» Reprioritization of pipeline

» Emphasis on late-stage projects

• All other

– Access to funding, cost control - especially for small biotech

• CRO retrenching and consolidation

– Excess capacity in pre-clinical

• Margins down across the industry due to fixed costs

– MDS, WIL, PharmaNet, Patheon, sold or for sale in 2009

Source: Company management, Wall Street research and industry newsletters.

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Review of Selected Performance Factors

• Atlantic revenue has grown at rates comparable to its primary competitors since 2003:

– CAGR of 13% vs.17% for CRL(a) and 13% for CVD

• Atlantic EBITDA margins appear comparable to those of primary competitors

– FY 2008 EBITDA margin 19% for Atlantic vs. 20% for CRL Preclinical Services and 24% for
CVD Early Stage segment(b)

• CRL and CVD currently trading at an average of 8.7x LTM EBITDA, approximately 67% of their
5-year average of 12.8x for 2004-2008

• CRL and CVD currently trading at an average of 15.9x LTM EPS, approximately 66% of their
5-year average of 24.0x for 2004-2008

• Except for a brief period in 2008, Atlantic has traded at approximately a 45-55% lower P/E
multiple and a 35-45% lower EBITDA multiple than the average of CRL and CVD for the last
five years

Source: Public filings and Wall Street estimates for CRL and CVD, management projections for Atlantic

(a) Includes Inveresk acquisition, which increased CRL 2005 revenue more than 30% over 2004 on a pro forma basis.

(b) CRL and CVD EBITDA margins after allocating corporate costs based on revenue.

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Recent Relative Performance Indicators

• Atlantic 2009 EBITDA is expected to be down 33% from 2008 vs. down 18% for CRL and
6% for CVD

– Assumes 2009 average exchange rate of 1.57 $/£ for Atlantic

– FX impact approximately 2x for Atlantic vs. CRL, CVD (77% of revenues outside US vs.
48% for CRL and 40% for CVD in 2008)

Source: For 2008, public filings. For 2009, management projections for Atlantic, Wall Street estimates from Thomson for other companies

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Selected Companies Analysis Methodology

• Reviewed average EBITDA and P/E multiples for Primary Peers (CRL and CVD)

– Also reviewed EBITDA and P/E multiples of Secondary Peers (ICON, KNDL, PPDI and
PRXL), as a secondary reference

• Applied a discount of 35-45% to EBITDA multiples of selected companies, and 45-55% to P/E
multiples of selected companies, to calculate implied per share equity reference ranges for Atlantic

– Discounts based on perceived impact of AR activists and related factors and consistent with
historical trading

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Atlantic Implied Trading Multiples - Based on Discount to Primary
Peers’ Multiples

Source of estimates: Atlantic management projections

(a) Average estimated CRL and CVD multiples. See previous page.

(b) Net debt as of 3/31/09, excludes warrant offset/closing fee costs and warrant amortization.

At Discount to Primary Peers’ EBITDA Multiple

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Selected Transactions Analysis Methodology

• Reviewed the implied multiples of LTM EBITDA paid in selected recent transactions in the CRO industry

– Also reviewed multiples of revenues and net income for LRM as well as other periods, where available

• Most selected transactions occurred when CRO industry stock market trading multiples were significantly higher
than today (in some cases, double)

• In at least four cases, acquirors subsequently wrote off a significant portion of the goodwill established in the
original acquisition, indicating the expected cash flows from the business no longer justified the original
acquisition price. For those four cases we recalculated the EBITDA multiple by dividing the estimated current
carrying value (original acquisition value minus write-off) by the LTM EBITDA at the time of the acquisition

• Analyzed transaction multiples as reported, but also adjusted the resulting multiples by the change in the average
EBITDA trading multiple for the Primary Peers (CRL and CVD) from the relevant transaction announcement
date to the present day, to reflect the substantial changes in industry and market conditions

• EBITDA multiples (reported or adjusted) for the selected transactions discounted 40% when such multiples were
applied to Atlantic LTM EBITDA statistics, to take into account the impact of AR activist issues and related
factors

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Discounted Cash Flow Analysis Methodology

• For discounted cash flow (“DCF”) calculations, used industry weighted average cost of capital
(“WACC”) range and then applied 50% discount to resulting implied per share equity reference
ranges

– Primary and Secondary Peer Group mean beta 0.85

– 7.5% market risk premium, 3.8% risk-free rate

– 45% debt to market capitalization, 8% cost of debt, 0% tax rate

• Did not use Atlantic WACC

• Theoretical WACC calculation for Atlantic suggests approximately 13%

• Empirical observation, based on current AB offer and current trading levels, implies
Atlantic WACC closer to 21% (see page 59)

Source for Beta, risk premium and risk-free rate: Bloomberg

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Discounted Cash Flow Analysis Assumptions

• DCF analysis based on Atlantic management projections

• “Normal company” assumptions, followed by assumed Atlantic discount:

– Transaction date - September 30, 2009

– CY2012 exit multiples of 6.7x-8.7x 2012E EBITDA (based on Primary Peers’ multiples)(a)

– WACC of 10.5%-12.5% (Industry estimate)(b)

– Sensitivity Analysis on a broader range of multiples and discount rates

– Assumed discount of 50% applied to resulting DCF-based “normal company” stock prices

• The following table summarizes the Atlantic management projections used for DCF analysis:

– Excludes pension shortfall payments (as per management projections cash flow statement)

(a) See page 33.

(b) Source for Beta, risk premium and risk-free rate: Bloomberg. Primary and Secondary Peer Group mean beta 0.85, 7.5% market risk
premium, 3.8% risk-free rate, 45% debt to market capitalization, 8% cost of debt, 0% tax rate.