AEterna Zentaris Inc. (AEZS)

[bullforever]

Hi, Bro

It is not my formula, but it is the company's formula.

Please read following again and write the formula yourself. This is not a difficult formula, you just need read it carefully.

the holders of a Series B Warrant may exercise the Series B
Warrant in an Alternative Cashless Exercise, which would permit such Series B Warrant holder to obtain a number of
common shares equal to 200% of (i) the total number of common shares with respect to which the Series B Warrant is
then being exercised multiplied by (ii) 0.81 divided by (iii) 85% of the quotient of (A) the sum of the VWAP of the
common share for each of the five lowest trading days during the fifteen trading day period ending on and including the
trading day immediately prior to the applicable Exercise Date, divided by (B) five, less (iv) the total number of common
shares with respect to which the Series B Warrant is then being exercised. The number of common shares that would be
issued pursuant to an Alternative Cashless Exercise in the foregoing circumstances is not currently determinable;
however, such Alternative Cashless Exercise could result in the issuance of a substantially larger number of the
Company's common shares than otherwise would be issued following a standard cash or cashless exercise of the Series B
Warrants.