ed by phone that Judith had looked over.=/span> </=pan> From: John Murphy (mailto Sent: Friday, December 05, 2014 6:50 PM To: Richard Joslin Cc: Diana Ilina Subject: Updated Model Rich, Final version attached. Also included is the excel version. Regards, John. John Murphru> EFTA_R1_01783366 EFTA0

ed by phone that Judith had looked over.=/span> </=pan> From: John Murphy [mailto Sent: Friday, December 05, 2014 6:50 PM To: Richard Joslin Cc: Diana Ilina Subject: Updated Model Rich, Final version attached. Also included is the excel version. EFTA_R1_01784685 EFTA02598602 Regards, John. John

. John indicated by phone that Judith had looked over. From: John Murphy imailtoO] Sent: Friday, December 05, 2014 6:50 PM To: Richard Joslin Cc: Diana Ilina Subject: Updated Model Rich, Final version attached. Also included is the excel version. Regards, John. John Murphy</=:p> COO/CFO=/span> Pha

indicated by phone that Judith had looked over.=/span> </=pan> From: John Murphy Sent: Friday, December 05, 2014 6:50 PM To: Richard Joslin Cc: Diana Ilina Subject: Updated Model EFTA_R1_01356358 EFTA02363201 Rich, Final version attached. Also included is the excel version. Regards, John. John

ad by han=. John indicated by phone that Judith had looked over. From: John Murphy Sent: Friday, December 05, 2014 6:50 PM To: Richard Joslin Cc: Diana Ilina Subject: Updated Model Rich, Final version attached. Also included is the excel version. Regards, John. John Murphy</=:p> COO/CFO=/span> 1

2015 and 2016 royalty cash flow. = The 2016 model is not built (see below) From: John Murphy (mailto Sent: Thursday, December 11, 2014 3:02 PM To: Diana Ilina Cc: Richard Joslin Subject: FW: Updated Model Hi Diana,</=pan> Let's build a pr=-forma 2016 model with the following parameters: Use 2015 P&=L r