13G Filing: Biotechnology Value Fund LP and Forward Pharma A/S (FWP)

Partners, as the general partner of
BVF, BVF2, the investment manager of Trading Fund OS, and the sole member of Partners OS, may be deemed to beneficially own the
10,642,834 Shares beneficially owned in the aggregate by BVF, BVF2, Trading Fund OS, and certain Partners managed accounts (the
“Partners Managed Accounts”), including 1,901,315 Shares, of which 623,488 are represented by ADSs, held in the Partners
Managed Accounts.

BVF Inc., as the general partner of
Partners, may be deemed to beneficially own the 10,642,834 Shares beneficially owned by Partners.

Mr. Lampert, as a director and officer
of BVF Inc., may be deemed to beneficially own the 10,642,834 Shares beneficially owned by BVF Inc.

The foregoing should not be construed
in and of itself as an admission by any Reporting Person as to beneficial ownership of any Shares owned by another Reporting Person.
Partners OS disclaims beneficial ownership of the Shares beneficially owned by Trading Fund OS. Each of Partners, BVF Inc. and
Mr. Lampert disclaims beneficial ownership of the Shares beneficially owned by BVF, BVF2, Trading Fund OS, and the Partners Managed
Accounts, and the filing of this statement shall not be construed as an admission that any such person or entity is the beneficial
owner of any such securities.

(b)

Percent of class:

The following percentages are based
on 94,367,998 Shares outstanding, which is the total number of Shares outstanding as reported in the Issuer’s Report of foreign
issuer on Form 6-K filed with the Securities and Exchange Commission on August 4, 2017.

As of the close of business on January
2, 2018 (i) BVF beneficially owned approximately 5.1% of the outstanding Shares, (ii) BVF2 beneficially owned approximately 3.3%
of the outstanding Shares, (iii) Trading Fund OS beneficially owned less than 1% of the outstanding Shares (iv) Partners OS may
be deemed to beneficially own less than 1% of the outstanding Shares, and (v) each of Partners, BVF Inc. and Mr. Lampert may be
deemed to beneficially own approximately 11.3% of the outstanding Shares (approximately 2.0% is held in the Partners Managed Accounts).

(c)

Number of shares as to which such person has:

(i)

Sole power to vote or to direct the vote

See Cover Pages Items 5-9.

(ii)

Shared power to vote or to direct the vote

See Cover Pages Items 5-9.

(iii)

Sole power to dispose or to direct the disposition of

See Cover Pages Items 5-9.

(iv)

Shared power to dispose or to direct the disposition of

See Cover Pages Items 5-9.

Item 5.

Ownership of Five Percent or Less of a Class.

Not Applicable.