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Discount 15% Peak sales in millions 500 1000 1500 2000 2500 1 ### ### ### ### ### 2 ### ### ### ### ### 3 ### ### $9,862.74 ### ### 4 ### ### $8,576.30 ### ### 5 ### ### $7,457.65 $9,943.53 ### 6 ### ### $6,484.91 $8,646.55 ### 7 ### ### $5,639.06 $7,518.74 $9,398.43 8 ### ### $4,903.53 $6,538.04 $8,172.54 9 ### ### $4,263.94 $5,685.25 $7,106.56 10 ### ### $3,707.77 $4,943.69 $6,179.62 40% Assuming a 40% upside given to partners and dilutions, a Discount 15% Peak sales in millions 500 1000 1500 2000 2500 1 $ 6.52 $ 13.04 $ 19.57 $ 26.09 $ 32.61 2 $ 5.67 $ 11.34 $ 17.01 $ 22.68 $ 28.36 3 $ 4.93 $ 9.86 $ 14.79 $ 19.73 $ 24.66 4 $ 4.29 $ 8.58 $ 12.86 $ 17.15 $ 21.44 5 $ 3.73 $ 7.46 $ 11.19 $ 14.92 $ 18.64 6 $ 3.24 $ 6.48 $ 9.73 $ 12.97 $ 16.21 7 $ 2.82 $ 5.64 $ 8.46 $ 11.28 $ 14.10 8 $ 2.45 $ 4.90 $ 7.36 $ 9.81 $ 12.26 9 $ 2.13 $ 4.26 $ 6.40 $ 8.53 $ 10.66 10 $ 1.85 $ 3.71 $ 5.56 $ 7.42 $ 9.27 p e a k s a l e s p e a k s a l e s

Mannkind Valuation

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Mannkind Valuation

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Sheet1Discount15%Peak sales in millions5001000150020002500300035004000Years to peak sales1$4,347.83$8,695.65$13,043.48$17,391.30$21,739.13$26,086.96$30,434.78$34,782.612$3,780.72$7,561.44$11,342.16$15,122.87$18,903.59$22,684.31$26,465.03$30,245.753$3,287.58$6,575.16$9,862.74$13,150.32$16,437.91$19,725.49$23,013.07$26,300.654$2,858.77$5,717.53$8,576.30$11,435.06$14,293.83$17,152.60$20,011.36$22,870.135$2,485.88$4,971.77$7,457.65$9,943.53$12,429.42$14,915.30$17,401.19$19,887.076$2,161.64$4,323.28$6,484.91$8,646.55$10,808.19$12,969.83$15,131.47$17,293.107$1,879.69$3,759.37$5,639.06$7,518.74$9,398.43$11,278.11$13,157.80$15,037.488$1,634.51$3,269.02$4,903.53$6,538.04$8,172.54$9,807.05$11,441.56$13,076.079$1,421.31$2,842.62$4,263.94$5,685.25$7,106.56$8,527.87$9,949.18$11,370.5010$1,235.92$2,471.85$3,707.77$4,943.69$6,179.62$7,415.54$8,651.46$9,887.3940%Assuming a 40% upside given to partners and dilutions, and assuming a current sharecount of 400MMDiscount15%Peak sales in millions5001000150020002500300035004000Years to peak sales1$6.52$13.04$19.57$26.09$32.61$39.13$45.65$52.172$5.67$11.34$17.01$22.68$28.36$34.03$39.70$45.373$4.93$9.86$14.79$19.73$24.66$29.59$34.52$39.454$4.29$8.58$12.86$17.15$21.44$25.73$30.02$34.315$3.73$7.46$11.19$14.92$18.64$22.37$26.10$29.836$3.24$6.48$9.73$12.97$16.21$19.45$22.70$25.947$2.82$5.64$8.46$11.28$14.10$16.92$19.74$22.568$2.45$4.90$7.36$9.81$12.26$14.71$17.16$19.619$2.13$4.26$6.40$8.53$10.66$12.79$14.92$17.0610$1.85$3.71$5.56$7.42$9.27$11.12$12.98$14.83