From: "jeffrey E." <jeevacation®gmail.com> To: Harry Fisch Subject: Fwd: company valuation Date: Mon, 23 Jan 2017 18:55:51 +0000 Attachments: 2015_EXEC_SUMMARY_ENG_COMPLETE_20151104.pdf; UPDATE_COMPANY_VALUE_AUGUST_2013.pdf Forwarded message From: Donald Rubin Date: Thu, Dec 15, 2016 at 10:40 AM Subject: Fwd: company valuation To: "jeffrey E." <[email protected]> Hi Jeffery, Adriaan followed up after our skype call earlier this week with this email and attachments, which he hopes you will find informative — I have no idea because this is not what I do! On another topic, there is a chance that I'll be in NYC on 22 Dec before flying to Paris the next day with an XX. Share a coffee? Best, Don Donald B. Rubin John L. Loeb Professor of Statistics Begin forwarded message: From: Adriaan Tuiten <[email protected]> Subject: company valuation Date: December 15, 2016 at 8:41:11 AM EST To: "Donald Rubin ( < Dear Don, As we spoke about the valuation of the company, I herewith send you the executive summary of the valuation done by Prof. Roel Bellens of PIMS NV. This report dates from September 2015. As you will understand, this information is very confidential. In short, the report mentions a number of events, that have a positive or negative impact on the company value. There are a number of events, that are directly related to the development of Lybrido and Lybridos, such as regularity progress with the FDA and the EMA, patent EFTA01056125