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CAMPAIGN REPORT AND TRADING SUMMARY

JMP Associates

APRIL 2016 Campaign Report Summary

LifeSci Capital KOL Series- Acute Sensorineural Selected buy side firms that viewed the report titled "LifeSci Capital KOL Hearing Loss (Published 03/04/2016) Series- Acute Sensorineural Hearing Loss"

30-day readership summary Institutional Investors Shareholder Aisling Capital No KOL Series Views Akahi Capital Management, LLC No 4,000 Alliance Bernstein No Alta Partners No 3,500 3,431 Alyeska Investment Group Yes Aquilo Capital Management, Llc No 2,963 Ardsley Partners, L.P. No 3,000 Armistice Capital Fund LP No Aspire Capital Partners, Llc No 2,500 Athyrium Capital Mgmt. LLC No AWM Investment Company, Inc. No 2,000 Bailard, Inc. No Baker Bros. Advisors, LLC No 1,500 Balyasny Asset Management No BlackRock Inc. (BLK) No Burrage Capital Partners, LLC No 1,000 Citadel Investment Group, LLC No Consonance Capital Management L.P No 500 Deerfield Management Company No DoubleLine Capital LP No 0 Driehaus Capital Management, Inc. No Eagle Asset Management No LifeSci Average KOL EAM Investors LLC No Fidelity Management & Research Co. Yes First Manhattan Company No Foresite Capital No Fountain HP No Franklin Templeton Investments No

LifeSci Advisors Campaign Report Selected Buy Side Views Continued

Selected buy side firms that viewed the report titled "LifeSci Capital KOL Series- Acute Sensorineural Hearing Loss"

Institutional Investors Shareholder Institutional Investors Shareholder Frontier Capital Management No Signet Healthcare Partners No Gilder Gagnon Howe & Company No Sofinnova Ventures Yes Granite Investment Partners, LLC No Sphera Fund Management No Healthcor Partners, LLC No T. Rowe Price No Highland Capital Management No Tang Capital Management, LLC No Ingalls & Snyder Asset Management No The Boston Company Asset Management, LLC No Ironwood Investment Management LLC No Venrock Associates No Jennison Associates LLC No Voya Financial No Juniper Investment Company Llc No Wasatch Advisors Incorporated Yes Kingdon Capital Management No Wellington Management Company No Knoll Capital Management, L.P. No Wells Capital Management No Lombard Odier Darier Hentsch No Woodstock Corporation No Longwood Investment Advisors No Asset Management No Millennium Management Llc No Opaleye Yes Opus Point Partners, LLC No Tocqueville Asset Management Yes Oracle Investment Management Inc No OrbiMed Advisers Inc. No Palo Alto Investors, LLC No Perceptive Advisors No Perella Weinberg Partners (PWP) No Pura Vida Investments No Putnam Investments Trust No Quogue Capital, LLC No QVT Financial LP No Redmile Group, LLC No Royce & Associates No

LifeSci Advisors Campaign Report Selected Industry Insider and Sell Side Views

Selected industry insiders that viewed the report titled Selected sell side firms that viewed the report titled "LifeSci Capital "LifeSci Capital KOL Series- Acute Sensorineural Hearing KOL Series- Acute Sensorineural Hearing Loss" Loss"

Industry Insiders Sell Side Firms Coverage Brendan Downey, Novartis, [email protected] Aegis Capital Corp. No Stefanie Hansen, Pfizer Inc., [email protected] American Portfolios Financial Svc No Jay Kranzler, Pfizer Inc., [email protected] Robert W. & Co. Inc. No John Hendrickson, Perrigo Company, [email protected] of America Corp. No Peter Boderke, Merz Pharma, [email protected] Barclays No Laura Reilly, Bayer Healthcare Pharmaceutica, [email protected] Alliance Bernstein No Jerome Zeldis, Celgene Corp, [email protected] Bishop, Rosen & Co., Inc. No Stacy Coen, Genzyme Corporation, [email protected] Bloom Burton & Co. No John Mchutchison, Gilead Sciences, Inc, [email protected] BTIG, Inc No John Chung, Gilead Sciences, Inc, [email protected] Canaccord Genuity Corp. No Jeff Sherman, Horizon Pharma, [email protected] Chardan Capital Markets, LLC No Bob Carey, Horizon Pharma, [email protected] , Inc. No Dominic Caruso, Johnson & Johnson, [email protected] Ramius Cowen Group, Inc. No Michael Holston, Merck & Co., Inc., [email protected] No Mariah Lopshire, Sanofi, [email protected] Crystal Research Associates Llc No Nicolas Schlumberger, Sanofi, [email protected] Dawson James Securities, Inc. No Yitzhak Peterburg, Teva., [email protected] AG No Roni Shiloh, Teva, [email protected] Edison Investment Research Limited No Ian Smith, Vertex Pharmaceuticals Inc, [email protected] Fbr Capital Markets & Co. No ferghanapartners No First Analysis Securities Corporation No Griffin Securities Inc No Guggenheim Partners, LLC No Ifs Capital Markets No International Strategy and Investment Group No Invest Securities No

LifeSci Advisors Campaign Report Selected Sell Side Views Continued

Selected sell side firms that viewed the report titled "LifeSci Capital KOL Series- Acute Sensorineural Hearing Loss"

Sell Side Firms Coverage Janney Montgomery Scott No JMP Associates Yes Ladenburg Thalmann & Co. Inc. No Lake Street Capital Markets Llc No Leerink Swann, LLC Yes Loeb Partners Corporation No Maxim Group, Llc No Morningstar No Global Associates No Needham & Company, Inc. Yes Oppenheimer & Company, LP No Piper Jaffray No Raymond James No RBC No Roth Capital Partners, Llc No No Summer Street Research Partners No SunTrust , Inc. No Susquehanna Financial Group, LLLP No Washington Analysis No Wedbush Securities Inc No & Company No William Blair & Company No

LifeSci Advisors Campaign Report Selected Downloads

Selected downloads for the report titled "LifeSci Capital KOL Series- Acute Sensorineural Hearing Loss"

Name and Firm Email Tim Muller, CrossJect [email protected] Laurent Nguyen, Sensorion Pharma [email protected] David Munno, Altimmune [email protected] Mia Marko, Novartis [email protected] Steve Urbach, Chardin [email protected] Neal Birnberg, MTI Pharma [email protected] Junichi Hosono, Seikagaku [email protected] Adam Podmore, University of Auckland [email protected] Daniela Fattori, Menarini Group [email protected] Patrick Rivelli, Abrams Capital, LLC [email protected] Margo Fuld, Aegis Capital Corp. [email protected] Mario Deketelaere, Agfa Healthcare [email protected] Greg Flesher, Avanir Pharmaceuticals [email protected] Pascal PAUNOVIC, Belsize Asset Management GmbH [email protected] Go Saito, Daiichi Sankyo Inc [email protected] Bill Kridel, ferghanapartners [email protected] Andrew Stein, First Manhattan Company [email protected] Philip Comby, Hottinger Capital [email protected] Investor Relations, Inovio Biomedical Corporation [email protected] Warren Isabelle, Ironwood Investment Management LLC [email protected] Declan Daly, Isolagen Technologies Inc [email protected] Jeanne Bolger, Johnson & Johnson [email protected] Ruchir Sharma, Investment Management [email protected] Victor Clavelli, Pfizer Inc. [email protected] G´è_nther Metz, Santhera Pharmaceuticals Holding AG [email protected] Gary Jacob, Trovagene [email protected] Carl Janson, Zaramant Fonder AB [email protected] Michael Nawrath, Zuercher Kantonalbank [email protected]

LifeSci Advisors Campaign Report Total Cumulative Return vs. BBC

Comparison of Total Cumulative Return (EuCo US Equity vs BBC US EQUITY) 250 ########

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t 2/13/2015 e 2/17/2015 R

l 2/18/2015 a 150 2/19/2015 ot T 2/20/2015 e

v 2/23/2015 i

t 100

a 2/24/2015 l 2/25/2015

mu 2/26/2015

Cu 50 2/27/2015 3/2/2015 3/3/2015 0 3/4/2015 3/5/2015 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 3/6/2015 EuCo US Equity BBC US EQUITY Volume (EuCo US Equity)

8,000 y) 6,000 pan

s 4,000 0'

(Com JMP Associates

00 e 2,000 0 olum V Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 US Equity The Bioshares Biotechnology Clinical Trials Index (Nasdaq: BBC) comprised solely of pure-play biotechnology companies with an asset in Phase 1 to Phase 3 clinical trials and is therefore representative of the performance of the biotechnology companies with no approved products. Most biotechnology indexes include non-biotech companies and are dominated by large companies with approved products. The BBC should also reflect the volatility of clinical-stage companies, which is typically greater than those with approved products.

LifeSci Advisors Campaign Report Short Interest

EuroCo US Equity Short Interest % Float % Float Thousands Short Positions 4 2,500 K Avg Daily Volume Short Position 3.5 2,000 K 3 2.5 1,500 K 2 1,000 K 1.5 1 500 K 0.5 3/30/2016 0 K 10/30/2015 10/15/2015 9/30/2015 9/15/2015 8/31/2015 8/14/2015 7/31/2015 Days to Cover Short Interest Ratio 7/15/2015 20.00 6/30/2015 18.00 6/15/2015 16.00 5/29/2015 14.00 5/15/2015 12.00 4/30/2015 10.00 4/15/2015 8.00 6.00 4.00 2/27/2015 2.00 2/13/2015 0.00 1/30/2015 1/15/2015 12/31/2014 12/15/2014 11/28/2014 11/14/2014 10/31/2014 10/15/2014 9/30/2014 9/15/2014 8/29/2014 LifeSci Advisors Campaign Report 8/15/2014