|Cantor Fitzgerald||Brandon Folkes|
|H.C. Wainwright||Oren Livnat|
|Janney Montgomery Scott||Ken Trbovich|
|Ladenburg Thalmann||Matt Kaplan|
|Piper Jaffray||David Amsellem|
|Roth Capital Partners||Scott Henry|
|William Blair||Tim Lugo|
The opinions, estimates and forecasts of the analysts listed above are those of the analysts listed and do not represent the opinions, estimates and forecasts of BioDelivery Sciences or its management, nor does the reference above or distribution imply BioDelivery Sciences’ endorsement of or concurrence with such information, conclusions or recommendations.