From: Donald Rubin To: "Jeffrey E." <jeevacation®gmail.com> Subject: Re: company valuation Date: Thu, 15 Dec 2016 16:52:20 +0000 No problem at all. I too found the "justification" bizarre -- all stories !! Keep the money for a nice dinner in Caribbean r”. See you next year Sent from DBR's iPhone On Dec 15, 2016, at 11:39 AM, Jeffrey E. [email protected]> wrote: all very very goofy. Im out sorry, no real numbers shares offering doc. just a random prof that they paid for to tell somse shmucks that this might work and if it does it will be worth somethig more than it is. . see you in Jan On Thu, Dec 15, 2016 at 11:26 AM, Donald Rubin < wrote: J, They show at the bottom of mine. But you didn't get them? D Begin forwarded message: From: Adriaan Tuiten 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 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 FDA, giving Lybrido and Lybridos explicit advice to enter