NOVAN INC

CUSIP: 66988N106 Class: COM

KINGDON CAPITAL MANAGEMENT, L.L.C.'s Holding History (CIK: 0001000097)

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

Q4 2016
Shares 262,625 Value ($000) $7,096 Avg Close — Range —
Q3 2016
Shares 197,940 Value ($000) $3,994 Avg Close — Range —