From: jeffrey E. <[email protected]> Sent: uary 6, 2018 5:36 PM To: Subject: Re: Establishment Labs Deck when you say jeffries is still targeting ipo , based on documents? if so what, does. you told me building factories y=u forgot to mention they are in costa rica. = want to be constructive and helpful if i can this =s not something i would put 2 cents in. latin american. = no numbers all hype. . it is a warnin= . just like th halo doc. pipeline numbers. ??I sign of silliness. On Tue, Feb 6, 2018 at 12:2= PM wrote: Jeffrey, below is the deck on EL. Thank you for=taking the time. Our primary investment thesis on=EL was the very low complication rate compared to all competition. Jeffrie= is still targeting something north of 300M for IPO. </=iv> Also would be curi=us your thoughts on HALO. It is another one of our investments at CPH and =e personally but much smaller investment for me given the risk level still=in the business. They have secured the first US Navy contract and close to=closing the Qatar and Parliament in London contracts. =div> All the best, <=iV> This messag= is directed to and is for the use of the above-noted addressee only,=and its contents may be legally privileged or confidential. If the re=der of this message is not the intended recipient, you are hereby notified that any distribution, dissemination, or copy of this mess=ge is strictly prohibited. If you have received this message in error= please delete it immediately and notify the sender. This message is =ot intended to be an electronic signature nor to constitute an agreem=nt of any kind under applicable law unless otherwise expressly i=dicated hereon. EFTA_R1_01675022 EFTA02531540

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