FORWARD PHARMA A/S

CUSIP: 34986J105 Class: COMMON STOCK

SPHERA FUNDS MANAGEMENT LTD.'s Holding History (CIK: 0001496201)

Note: Option positions (PUT/CALL) are excluded.

Q1 2017
Shares 108,023 Value ($000) $2,328 Avg Close — Range —
Q4 2016
Shares 121,500 Value ($000) $1,824 Avg Close — Range —
Q3 2016
Shares 121,500 Value ($000) $2,552 Avg Close — Range —
Q2 2016
Shares 121,500 Value ($000) $2,208 Avg Close — Range —
Q1 2016
Shares 121,500 Value ($000) $2,066 Avg Close — Range —
Q4 2015
Shares 121,500 Value ($000) $2,309 Avg Close — Range —
Q3 2015
Shares 135,000 Value ($000) $3,181 Avg Close — Range —
Q2 2015
Shares 150,000 Value ($000) $5,708 Avg Close — Range —
Q1 2015
Shares 180,000 Value ($000) $5,098 Avg Close — Range —
Q4 2014
Shares 200,000 Value ($000) $4,166 Avg Close — Range —