27 May 2015 Biotechnology Retrophin IHistorical recommendations and target price: Retrophin (RTRX.OQ) (as of 5/26/2016) 30 00 25 00 20 00 1500 10W 500 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 &VS Jun 14 Sep 14 Dec 14 Mar 16 I. 04/28/2015: Upgrade to Buy, Target Nee Change USD50.00 . . Equity rating Key Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock. Sell: Based on a current 12-month view of total share- holder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes: 1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were: Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a I2- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Page 6 Previous Recommendations Strong Buy Buy Market Perform Underperform Not Rated Suspended Rating Current Recommandation Buy Hold Sell Not Rated Suspended Rating 'New Recommendation Structure as of September 9.2002 Equity rating dispersion and banking relationships 600 500 400 300 200 100 0 Buy Hold Sell MCompanies Covered ECG.. vd Banking Relationship North American Universe Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117186 CONFIDENTIAL SDNY_GM_00263370 EFTA01457580