ANALYSTS’ REPORT AND VALUATIONS ANALYST REPORT Bursametric 3Q15 Bursametric 2T15 Bursametric 1Q15 Bursametric 4T14 Bursametric 3Q14 Bursametric 1T14 Bursametric 4T13 VALUATIONS Signum Research Valuation Report June 2015 414 Capital Valuation Report January 2017 414 Capital Valuation Report May 2016 414 Capital Valuation Report May 2015 414 Capital Valuation Report August 2014 414 Capital Valuation Report January 2014 Arrowhead Valuation Report September 2017 Arrowhead Valuation Report February 2017 Arrowhead Valuation Report April 2015 Arrowhead Valuation Report November 2014 Arrowhead Valuation Report April 2014