Begin forwarded message: From: "Jeffrey E." <[email protected]> To: Donald Rubin Subject: Re: company valuation Date: Thu, 15 Dec 2016 15:44:28 +0000 id love to but im in the caribean for the rest of the year On Thu, Dec 15, 2016 at 10:40 AM, Donald Rubin < > wrote: 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 arvard University From: Adriaan Tuiten Subject: company v ua ion 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 extensions, etc. On the other hand there are events in the periphery of to company, that influence value of Emotional Brain. A major event was the market approval for Flibanserin/Addyi and the acquisition of Flibanserin to Valeant. The valuation of the EB shares from this valuation report was E 42.50 per share. Since 2015 there are some developments in favor of the value and some developments that might reduce the value. A very positive driver is the recent feedback by the FDA and the issued Guideline for Industry by the EFTA01059008