<SEC-DOCUMENT>0001144204-15-045078.txt : 20150730
<SEC-HEADER>0001144204-15-045078.hdr.sgml : 20150730
<ACCEPTANCE-DATETIME>20150730131908
ACCESSION NUMBER:		0001144204-15-045078
CONFORMED SUBMISSION TYPE:	144
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150730
DATE AS OF CHANGE:		20150730

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ascendis Pharma A/S
		CENTRAL INDEX KEY:			0001612042
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			G7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		144
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	001-36815
		FILM NUMBER:		151015422

	BUSINESS ADDRESS:	
		STREET 1:		TUBORG BOULEVARD 12
		CITY:			HELLERUP
		STATE:			G7
		ZIP:			DK-2900
		BUSINESS PHONE:		45 36 94 44 86

	MAIL ADDRESS:	
		STREET 1:		TUBORG BOULEVARD 12
		CITY:			HELLERUP
		STATE:			G7
		ZIP:			DK-2900

REPORTING-OWNER:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sofinnova Capital V FCPR
		CENTRAL INDEX KEY:			0001649177
		RELATIONSHIP:				OWNER
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		144

	BUSINESS ADDRESS:	
		STREET 1:		IMMEUBLE LE CENTORIAL
		STREET 2:		16-18 RUE DU 4 SEPTEMBRE
		CITY:			PARIS
		STATE:			I0
		ZIP:			75002
		BUSINESS PHONE:		0033 1 55 42 78 78

	MAIL ADDRESS:	
		STREET 1:		IMMEUBLE LE CENTORIAL
		STREET 2:		16-18 RUE DU 4 SEPTEMBRE
		CITY:			PARIS
		STATE:			I0
		ZIP:			75002
</SEC-HEADER>
<DOCUMENT>
<TYPE>144
<SEQUENCE>1
<FILENAME>v416697_144.htm
<DESCRIPTION>144
<TEXT>
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    <TD COLSPAN="16" STYLE="padding: 2px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: #000000 1px solid; padding: 2px; border-top: #000000 1px solid; border-right: #000000 1px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">OMB APPROVAL</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="16" STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNITED STATES</B></FONT><BR><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Washington, D.C. 20549</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: #000000 1px solid; padding: 2px; border-top: #000000 1px solid; border-right: #000000 1px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">OMB Number: 3235-0101</FONT><BR><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expires: March 31, 2017</FONT><BR><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estimated average burden hours per response&hellip;1.0</FONT></TD></TR>
<TR>
    <TD COLSPAN="16" STYLE="padding: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FORM 144</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: #000000 1px solid; padding: 2px; vertical-align: middle; border-top: #000000 1px solid; border-right: #000000 1px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SEC USE ONLY</FONT></TD></TR>
<TR>
    <TD COLSPAN="16" STYLE="padding: 2px; vertical-align: bottom">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">NOTICE OF PROPOSED SALE OF SECURITIES</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="border-left: #000000 1px solid; padding: 2px; vertical-align: top; border-top: #000000 1px solid; border-right: #000000 1px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DOCUMENT SEQUENCE NO.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ATTENTION:</B></FONT></TD>
    <TD COLSPAN="15" STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Transmit for filing 3 copies of this form concurrently with either placing an order with a broker to execute sale or executing a sale directly with a market maker.</I></FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: #000000 1px solid; padding: 2px; border-top: #000000 1px solid; border-right: #000000 1px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CUSIP NUMBER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="12" STYLE="border-left: #000000 1px solid; padding: 2px; border-top: #000000 1px solid"><FONT STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top">1
    <I>(a) </I>NAME OF ISSUER <I>(Please type or print)</I></FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: #000000 1px solid; padding: 2px; border-top: #000000 1px solid"><FONT STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top"><I>(b)
    </I>IRS IDENT. NO.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: #000000 1px solid; padding: 2px; border-top: #000000 1px solid"><FONT STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top"><I>(c)
    </I>S.E.C. FILE NO.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: #000000 1px solid; padding: 2px; border-top: #000000 1px solid; border-right: #000000 1px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WORK LOCATION</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="border-left: #000000 1px solid; padding: 2px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: #000000 1px solid; padding: 2px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: #000000 1px solid; padding: 2px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: #000000 1px solid; padding: 2px; border-right: #000000 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding: 2px; text-align: left; text-indent: 12px"><P STYLE="margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma A/S</P>


</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding: 2px; text-align: center">Not Applicable</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding: 2px; text-align: center">001-36697</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding: 2px; border-right: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="3" COLSPAN="4" STYLE="border-left: #000000 1px solid; padding: 2px; vertical-align: top"><FONT STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top">1
    <I>(d)</I> ADDRESS OF ISSUER<BR>
<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Tuborg Boulevard 12, DK-2900 Hellerup, Denmark</TD>
    <TD COLSPAN="6" STYLE="padding: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">STREET</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">CITY</FONT></TD>
    <TD STYLE="padding: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">STATE</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ZIP
    </FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">CODE</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding: 2px; vertical-align: top; border-right: #000000 1px solid"><FONT STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top"><I>(e)
    </I>TELEPHONE NO.</FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" COLSPAN="9" STYLE="padding: 2px; vertical-align: bottom; text-align: center"></TD>
    <TD ROWSPAN="2" STYLE="padding: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD ROWSPAN="2" COLSPAN="2" STYLE="padding: 2px; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="border-left: #000000 1px solid; padding: 2px; vertical-align: top; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">AREA
    CODE</FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: #000000 1px solid; padding: 2px; vertical-align: top; border-right: #000000 1px solid; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">NUMBER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: #000000 1px solid; padding: 2px; text-align: center">+45</TD>
    <TD COLSPAN="2" STYLE="border-left: #000000 1px solid; padding: 2px; border-right: #000000 1px solid; text-align: center"><P STYLE="margin: 0pt 0">36 94 44 86</P>


</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="border-left: #000000 1px solid; padding: 2px; vertical-align: top; border-top: #000000 1px solid"><FONT STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top">2
    <I>(a)</I> NAME OF PERSON FOR WHOSE ACCOUNT THE SECURITIES ARE TO BE SOLD</FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: #000000 1px solid; padding: 2px; vertical-align: bottom; border-top: #000000 1px solid; border-right: #000000 1px solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 2px; vertical-align: top; border-top: #000000 1px solid; border-right: #000000 1px solid"><FONT STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top"><I>(b)
    </I>RELATIONSHIP TO ISSUER</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px; vertical-align: top; border-top: #000000 1px solid"><FONT STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top"><I>(c)
    </I>ADDRESS STREET</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2px; vertical-align: top; border-top: #000000 1px solid; padding-top: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">CITY</FONT></TD>
    <TD STYLE="padding: 2px; vertical-align: top; border-top: #000000 1px solid; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">STATE</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px; vertical-align: top; border-top: #000000 1px solid; border-right: #000000 1px solid; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">ZIP
    CODE</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding: 2px; text-align: left; text-indent: 12px"><P STYLE="margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;Sofinnova Capital V FCPR</P>


</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding: 2px; border-right: #000000 1px solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #000000 1px solid; padding: 2px 2px 2px 12px; border-right: #000000 1px solid; text-align: left">10% owner</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1px solid; padding: 2px; text-align: left; border-right: Black 1pt solid"><P STYLE="margin: 0pt 0">Immeuble le Centorial, 16-18 rue du 4 Septembre, 75002 Paris, France</P>


</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><I>INSTRUCTION: The
person filing this notice should contact the issuer to obtain the I.R.S. Identification Number and the S.E.C. File Number.</I></P>





<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">3 <I>(a)</I></FONT></TD>
    <TD STYLE="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>(b)</I></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>SEC USE ONLY</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>(c)</I></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>(d)</I></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>(e)</I></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>(f)</I></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><I>(g)</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Title
        of the</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Class
        of</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Securities
        </B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>To
        Be Sold</B></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;<FONT STYLE="font-size: 7pt">Name
        and Address of Each Broker Through Whom the</FONT></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Securities
        are to be Offered or Each Market Maker</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>who
        is Acquiring the Securities</B></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Broker-Dealer</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>File
        Number</B></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Number
        of Shares</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>or
        Other Units</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>To
        Be Sold</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B><I>(See
        instr. 3(c))</I></B></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Aggregate
        </B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Market</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Value</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B><I>(See
        instr. 3(d))</I></B></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Number
        of Shares</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>or
        Other Units</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Outstanding</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B><I>(See
        instr. 3(e))</I></B></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Approximate</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Date
        of Sale</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><I>(See
        instr. 3(f))</I></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">(MO.
        DAY YR.)</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Name
                                         of Each</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Securities</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Exchange</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B><I>(See
        instr. 3(g))</I></B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Ordinary shares, nominal value DKK1 per share, represented by ADSs</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One Federal Street, 29th FL</P>

<P STYLE="margin: 0pt 0">Boston, MA 02110</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">496,375 (represented by 496,375 ADSs)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin: 0pt 0">US$10,637,316 (1)</P>


</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><P STYLE="margin: 0pt 0">24,196,826<FONT STYLE="font: 10pt Times New Roman, Times, Serif"> (represented by <FONT STYLE="background-color: white">24,196,826</FONT>
ADSs)</FONT></P>


</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">As soon as practicable</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">The Nasdaq Stock Market</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INSTRUCTIONS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Name of issuer</FONT></TD>
    <TD STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Title of the class of securities
    to be sold</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Issuer&rsquo;s
    I.R.S. Identification Number</FONT></TD>
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Name and address of each
    broker through whom the securities are intended to be sold</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Issuer&rsquo;s
    S.E.C. file number, if any</FONT></TD>
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Number of shares or other
    units to be sold (if debt securities, give the aggregate face amount)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Issuer&rsquo;s
    address, including zip code</FONT></TD>
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Aggregate market value of
    the securities to be sold as of a specified date within 10 days prior to the filing of this notice</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Issuer&rsquo;s
    telephone number, including area code</FONT></TD>
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Number of shares or other
    units of the class outstanding, or if debt securities the face amount thereof outstanding, as shown by the most recent report
    or statement published by the issuer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Approximate date on which
    the securities are to be sold</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Name of person
    for whose account the securities are to be sold</FONT></TD>
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">(g)</FONT></TD>
    <TD STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Name of each securities exchange,
    if any, on which the securities are intended to be sold</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Such person&rsquo;s
    relationship to the issuer (e.g., officer, director, 10% stockholder, or member of immediate family of any of the foregoing)</FONT></TD>
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: center"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2px; text-align: left"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Such person&rsquo;s
    address, including zip code</FONT></TD>
    <TD STYLE="padding: 2px; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2px; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Potential persons who are to respond
to the collection of information contained in this form are not<BR>
required to respond unless the form displays a currently valid OMB control number.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SEC 1147 (08-07)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE I - SECURITIES TO BE SOLD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Furnish the following information with
respect to the acquisition of the securities to be sold</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>and with respect to the payment of all
or any part of the purchase price or other consideration therefor:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 7pt">Title
    of <BR>
    the Class</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 7pt">Date
    you Acquired</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt">Nature
    of Acquisition Transaction</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 7pt">Name
    of Person from Whom Acquired<BR>
    <I>(If gift, also give date donor acquired)</I></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 7pt">Amount
    of Securities Acquired</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 7pt">Date
    of Payment</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 7pt">Nature
    of Payment</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Ordinary shares, nominal value DKK1 per share (2)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><P STYLE="margin: 0pt 0">February 2, 2015 (3)</P>


</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Conversion of previously owned preferred shares (5,396,988 shares) (3)<BR>
<BR>
Purchase of ADSs in Issuer&rsquo;s initial public offering (185,186 ADSs)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><P STYLE="margin: 0pt 0">Original issuance from the Issuer</P>


</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><P STYLE="margin: 0pt 0">5,582,174</P>


</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><P STYLE="margin: 0pt 0">February 2, 2015 (3)</P>


</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Conversion of preferred shares (3); cash</TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>INSTRUCTIONS:</B>&nbsp;&nbsp;If the securities
were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto
the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made
in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment
paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>TABLE II - SECURITIES SOLD DURING
THE PAST 3 MONTHS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Furnish the following information as
to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">Name
        and Address of Seller</FONT></P></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">Title
        of Securities Sold</FONT></P></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">Date
        of Sale</FONT></P></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt">Amount
    of<BR>
    Securities Sold</FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><BR>
    <FONT STYLE="font-size: 7pt">Gross Proceeds</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>REMARKS:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Based on closing price of $21.43 per ADS on July 20, 2015.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>The ordinary shares covered by this Form 144 will be deposited in exchange for ADSs prior to their sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Preferred shares were acquired in dates ranging from 2011 to 2014 for cash and in conversion of a convertible
note which was acquired for cash, and were converted into ordinary shares in connection with the Issuer&rsquo;s initial public
offering.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 0; text-align: justify"><B>INSTRUCTIONS: </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 0; text-align: justify">See the definition of &ldquo;person&rdquo;
        in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold
        but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons
        whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.</P></TD>
    <TD STYLE="width: 66%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ATTENTION:</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The person for whose account the securities
        to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse
        information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly
        disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange
        Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation
        as of the plan adoption or instruction date.</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 90%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%; text-align: center; border-bottom: Black 1pt solid">July 30, 2015</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt 0">/s/ Monique Saulnier</P>


</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">DATE OF NOTICE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">(SIGNATURE)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 7pt">Managing partner of Management Company</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 7pt">DATE OF PLAN ADOPTION OR GIVING OF INSTRUCTION, IF RELYING ON RULE 10B5-1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>The notice
shall be </I></FONT><I>signed by the person for whose account the securities are to be sold. At least one copy of the notice shall
be manually signed. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Any copies not manually signed shall
bear typed or printed signatures.</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>ATTENTION:&nbsp;&nbsp;Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SEC 1147 (02-08)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="margin: 0"></P>

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