|JMP Securities||Donald Ellis, Pharm.D.|
|Piper Jaffray & Co.||David Amsellem|
The analysts above have initiated and are maintaining formal research coverage of Novan. Please note that any opinions, estimates or forecasts regarding Novan's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Novan or Novan's management. Novan does not by reference above or distribution of same imply endorsement of or concurrence with any analyst’s opinions, estimates, forecasts, conclusions or recommendations. Novan does not participate in the preparation of analysts’ reports and undertakes no obligation to verify or correct any information in such reports.