AURIS MEDICAL (EARS)

[420man]

The following table illustrates this dilution to new investors.

Exercise price per common share $ 0.397
Net tangible book value per common share as of December 31, 2018 $ 0.003
Increase in net tangible book value per common share attributable to new investors $ 0.048
As adjusted net tangible book value per common share after the exercise $ 0.051
Dilution per common share to new investors $ 0.346
Percentage of dilution in net tangible book value per common share 87%