From: Vahe Stepanian

From: Vahe Stepanian To: Jeffrey Epstein <[email protected]> Morris Stewart Oldfield , Richard Kahn , Ariane Dwyer , Paul CC: Daniel Sabba Subject: AAVL: (BN) Avalanche Drops as Gene Therapy Trial Miss High Expectation [C] Date: Tue, 16 Jun 2015 14:02:02 +0000 Inline-Images: image002.jpg Classification: Confidential Jeffrey — we are following up with the below news regarding AAVL. The stock is trading down $19.11 to $19.7657 per the Bloomberg screenshot below. Please let us know how you would like to proceed with your position. Thank you, Vahe AAVL US $ S I 19./6S/ 819.76 /19.86K 1 x 3 ii At 9:42 Vol 7 7S/ 4.1/ it 19.220 H 71 0011 I 19.22Q Val 55 .75224 , _ _ r ttlEitport rotir Price Table Iv1V1 HS [unity Avalanche Biotechnol Range market View lam_ Fr 06/19/15 7 r OS/29/15 37.28 333,267 i t 05/08/15 32.47 228,553 Th 06/18/15 ill 05/28/15 37.26 412,815 Ili 05/07/15 33.04 214,411 We 06/17/15 We 05/27/15 39.13 444,839 We 05/06/15 3339 460,598 Tu 06/16/15 19.75 2,696,176 'In 05/26/15 37.02 295,552 ru 05/05/15 29.44 236,054 bin 06/15/15 38.88 2,075,961 Flo 05/25/IS Flo 05/04/15 31.00 488,536 F r 06/12/15 41.40 481.003 Fr 05/22/15 38.03 204.109 Fr 05/01/15 33.17 267,282 Th 06/11/15 40.79 315,535 Tli 05/21/15 38.83 576,822 Th 04/30/15 31.86 336,730 WP 06/10/1S 39.73 358,955 We 05/20/15 39.05 381,443 We 04/29/15 35.04 249,917 Tu 06/09/15 37.03 378,175 ru 05/19/15 38.24 352,371 Tu 04/28/15 3632 309,973 Ito 06/08/15 37.70 340,492 no 05/18/15 36.67 373,114 lb 04/27/15 3536 510,565 I r 06/05/15 40.28 343,172 I i 05/15/15 35.10 326,323 I i 04/24/15 37.57 166,943 Th 06/04/15 38.82 244,332 lb 05/14/15 35.95 301,062 Th 04/23/15 38.49 161,093 We 06/03/15 37.51 391,270 We 05/13/15 35.65 234,306 We 04/22/15 38.93 246,169 Tu 06/02/15 37.52 256,238 I u 05/12/15 33.88 196,568 ru 04/21/15 3935 216,979 Ito 06/01/15 37.24 306.959 No 05/11/15 34.85 261,310 Ho 04/20/15 39.52 218,212 •t O7/ te/;c11.1 .1..t Pr 10a I<r I ies Inc 06 16 2015 Volume itxl Cis r ency Daily 35D N N High 60.08 Low 17.00 Average 37.4273 Net ( hg 2.75 on 01/0//15 07/30/14 298,642 16.18% -Volume Date! Last Pnce Volume. Date last Pnee— VoWne- -----Original Message----From: Vahe Stepanian (DEUTSCHE BANK SECURI) [mailto:[email protected]] Sent: Tuesday, June 16, 2015 9:41 AM Subject: (BN) Avalanche Drops as Gene Therapy Trial Miss High Expectation (BN) Avalanche Drops as Gene Therapy Trial Miss High Expectation s (1) EFTA00689626 This has been prepared solely for informational purposes. It is not an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. It is based on information generally available to the public from sources believed to be reliable. No representation is made that it is accurate or complete or that any returns indicated will be achieved. Changes to assumptions may have a material impact on any returns detailed. Past performance is not indicative of future returns. Price and availability are subject to change without notice. Additional information is available upon request. Avalanche Drops as Gene Therapy Trial Miss High Expectations (1) 2015-06-15 21:36:53.569 GMT (Updates with analyst's comment in fourth paragraph.) By Danielle Burger (Bloomberg) -- Avalanche Biotechnologies Inc. shares tumbled after some patients in a safety study of its gene therapy for an age-related chronic eye disease still required injections from another drug. After the company released trial data Monday, shares fell as much as 32 percent to $26.40 in late trading. The study assessed AVA-101's safety for patients with the disease, called wet age-related macular degeneration or wet AMD. Although the study wasn't designed to show statistically significant differences, the group treated with AVA-101 got an average of two extra injections of Roche Holding AG's Lucentis, compared with four for the control group. "When a company is valued at $1 billion at a phase 2 trial, the expectations are quite high," said Gbola Amusa, an analyst at Chardan Capital Markets in New York who has a neutral rating on the stock. Of the 21 patients who received the drug, 42.9 percent had better or stable vision. That compared with 9.1 percent of patients in the control group of 11 patients. If approved, AVA-101 would be the first gene therapy for the condition and could replace current options made by Regeneron Pharmaceuticals Inc. and Roche that require monthly injections in the eye. Avalanche's treatment theoretically fixes disease-causing genetic code with only one injection. The treatments generate more than $1.7 billion in annual sales for each company, or about two-thirds of Regeneron's sales. Current options "create a burden and an inability to comply with treatments, which leads to vision loss," Thomas Chalberg, chief executive officer of Avalanche, said in an interview. "Our goal is to bring this to the majority of wet AMD patients who have a need for frequent injections." Avalanche plans a study on the effectiveness of AVA-101 in the second half of this year, Chalberg said. Wet AMD affects 150,000 people in the U.S., according to Avalanche. It typically occurs with aging patients when fluid from blood vessels leaks into the retina, causing loss of vision and blindness. No serious adverse events related to AVA-101 were recorded in the trial, and the study met its main 12-month goal for safety. Patients in the AVA-101 group also showed an average improvement on a vision test, compared with an average decline for the control group. For Related News and Information: Top health news: HTOP <GO> To contact the reporter on this story: Danielle Burger in New York at +1-212-617-9370 or [email protected] To contact the editors responsible for this story: Crayton Harrison at +1-212-617-6145 or [email protected] Gary Putka This communication may contain confidential and/or privileged information. If you are not the intended EFTA00689627 recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00689628