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[7] All multiples referenced in this section are as at February 22, 2013, being the last trading day prior to the Proposal Announcement.
[8] Based on I/B/E/S consensus for earnings per share forecasts and share prices both downloaded from FactSet on February 22, 2013.
[9] Based on I/B/E/S consensus for earnings per share forecasts and share prices both downloaded from FactSet on February 22, 2013.
[10] Calculation assumes that US$5 is distributed to each Elan Shareholder (which implies a total cash distribution of US$3.0 billion based on 602.0 million fully diluted shares in issue at the Proposal Price) and that there is no impact of cash distribution on 2015E Broker Projected Earnings Per Share.
[11] Sourced from CallStreet transcript of the Tysabri Conference Call.
[12] Royalty Pharma has underscored certain portions of the passages for emphasis.
[13] Sourced from equity research reports published by RBC Capital Markets and Deutsche Bank on March 4, 2013.
[14] Sourced from Reuters article published March 4, 2013 titled, "Elan offers special dividend to fend off Royalty" and Bloomberg article published March 4, 2013.
[15] Based on broker notes released after the announcement of the Tysabri Transaction and prior to February 25, 2013
[16] Comments made in notes by Berenberg Bank, Davy, Deutsche Bank, Exane BNP Paribas, Leerink Swann, Morgan Stanley, RBC Capital Markets and UBS released after the announcement of the Tysabri Transaction and prior to February 25, 2013.
[17] Comments made in notes by Leerink Swann, RBC Capital Markets and UBS released after the announcement of the Tysabri Transaction and prior to February 25, 2013.
[18] Calculated in Appendix VI.
[19] Sourced from the Biogen presentation made to investors on February 6, 2013 which states on slide 13 that "Asset Purchase Structure Enables: Approximately US$30M in a
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