EFTA02531218

From: Brian Vickers •ta Sent: Wednesday, February 7, 2018 2:03 PM To: Jeffre E stein Cc: Subject: Re: Jef=rey, Thank you! I wasn't ignoring your last requ=st. I was pulling what info I could together. Will report back. It'= become complicated. Easier conversation. But to summarize a few of your qu=stions below. 1. Agreed. The comps in our bu=lding are $3500/sq ft. For 2 and 5 floor apt with no outdoor space. If you t=ke ours 2400 inside 1800 outside and use 50% for outdoor it's rough=y valued at 11.550m with 6m of debt. Being a unique space done so wel= I think you could get more. Spoke to a few brokers that agree but at the a=d of the day the market speaks. If EL IPO / CPH income isn't what l=expect this year I would either sell or rent it. I love the place but not g=ing to put us in a bad place again over this apartment. 2. There are other significant assets. This is what I was referr=ng to as us sitting down to look at the whole picture. 1.2cash, 1.6M in equ=ties, 2.7m in hedge funds, lm in Covis ,lm in commerical rent generating re=l estate in NC, 1.7m in multifamily that pays quarterly dividends, a basket=of other assets and investments. These are rough numbers off top of my head=during break in meetings. I can get more detailed when not on my phone. Bee= in meetings all morning in FLL since 745. Establishment Labs is probably t=e biggest single investment and doing the best. The "they" i= better in conversation. Not simple answer. I'll get you the detail= you asked when I get back. Think of it roughly like this. I paid 3.75/shar=. The current round is closing at 16/share and IPO roughly 18.50. Can sell i= we want 6month later. I haven't tried to sell my shares but if I w=nted to I could have sold to Perceptive Advisors at that price in last roun=. 3. Yes it will to finish. I have this mode=ed out and can get you exact numbers when back to office. It will take abou= 75% of the remaining cash from refinancing. 4. Co=pletely agree. This is my biggest weakness in business and it's the=most important. I will get on this ASAP. 5. I have=spent a lot of time in factory and with management team and employees. It410=804,s a good management team. Prior to investment and after. Also at trade=shows with doctors and KOL's. The top KOL's has left Allerg=n and Mentor to EL. Also visited London Hospital Group that has most experi=nce with EL. I have spent time with Jeffries team as well many times. Micharl Robinson Managing Director of Healthcare Investment Banking and Benjamin L=rello Global Head of Investmwnt Banking are running point on IPO. They were=the ones that set the expected valuation and time table. Shooting for June r=ght now. All the best, Brian Vickers<=div> CPH This message is directed to and is for the use=of the above-noted addressee only, and its contents may be legally privileg=d or confidential. If the reader of this message is not the intended recipi=nt, you are hereby notified that any distribution, dissemination, or copy o= this message is strictly prohibited. If you have received this message in e=ror, EFTA_R1_01674552 EFTA02531218 please delete it immediately and notify the sender. This message is no= intended to be an electronic signature nor to constitute an agreement of a=y kind under applicable law unless otherwise expressly indicated hereon. On Feb 7, 2018, at 6:06 AM, jeffrey E. <[email protected]> wrote: <=div> only as a result=of you asking for my advice. I suggest the following. &nbs=; 1 real numbers are needed. real market numbers.&n=sp; ie put the apt on the markeet to see what bids you ge=. ? ex ask for 10m . see what happens.&=bsp; 2. re the only other main asset. establishment lab. - = the " they" that you refenced that prefer you not share numbers = are not your advisors. . my understanding is that you ha=e an overide on the 1st investment of 10 percent. and an investment o= lm. there have been multiple financings in between=and more to come. so . establish how many shares you actu=lly own now. how many total shares there are on a diluted basis= .. valutation models mean little . . then have someone do a c=mp on silmilar cos based in costra rica. . to detiremine p=ssible future value. but frankly hihgly unlikely in the next 18 month=. , in the alternative m, ask to see how much one of the others=w0ould pay for your current positoin. . 1m 5m? . th=n subrtract taxes on gain. 3. the new york apt. wi=l also require more capital . as it always does.. 4. take some=accounting courses and financila reporting classes.. 5 its all about=numbers. i see establishments PR is geared towards hype a=d not substance.. its financing of 55m was reported, but said partia= debt. if someone told you that jeffries is thining=about taking it public CHECK for yourself. call the perso= at jeffries. the key -accurate numbers and NO SECOND han= info.. hard to believe that the team doesnt have better photos = to put on their web and reports. very odd ple=se note The information contained in this communication is confi=ential, may be attorney-client privileged, may constitute inside informa=ion, and is intended only for the use of the addressee. It is the proper=y of JEE Unauthorized use, disclosure or copying of this communica=ion or any part thereof is strictly prohibited and may be unlawful. If y=u have received this communication in error, please notify us immediatel= by return e-mail or by e-mail to [email protected] <mailto:[email protected]=> , and destroy this communic=tion and all copies thereof, including all attachments. copyright -all r=ghts reserved 2 EFTA_R1_01674553 EFTA02531219