Relationship and

sensitivity of

 

Valuation technique

 

Significant unobservable

 

Significant unobservable

Financial liabilities

and key inputs

inputs

inputs to fair value

Investment in Kamal Therapeutics, Inc (previously known as Phoenicis Therapeutics, Inc)

Market comparison technique: The valuation model is based on market multiples derived from quoted prices of companies comparable to the investee, adjusted for the effect of the non-marketability of the equity securities, and the result of the investee. The estimate is adjusted for the net debt of the investee.

Adjusted market-multiple

The estimated fair value would increase (decrease) if the adjusted market-multiple were higher (lower).

Investment in Yarrow Biotechnology, Inc.

Market comparison technique: The valuation model is based on market multiples derived from quoted prices of companies comparable to the investee, adjusted for the effect of the non-marketability of the equity securities, and the result of the investee. The estimate is adjusted for the net debt of the investee.

Adjusted market-multiple

The estimated fair value would increase (decrease) if the adjusted market-multiple were higher (lower).

Warrants and conversion options

Black-Scholes model. The following variables were taken into consideration: current underlying price of the Company's shares, options strike price, expected life, historical volatility of ProQR share returns over a period equal to the expected life, risk-free rate: based on the US Treasury yield curve rates per the valuation date (interpolated) for the expected life.

Not applicable