)8 14 2014 From: Vahe Stepanian To: "Jeffrey E." <[email protected]> CC: Daniel Sabba Ariane Dwyer Paul Morris , Stewart Oldfield , Richard Kahn , , Subject: FW: (BFW) Avalanche Bio Falls After Scrapping Plans for Ph.2b Study [C] Date: Fri, 14 Aug 2015 14:32:36 +0000 Inline-Images: image003.jpg Classification: Confidential Jeffrey - posting you on AAVL. The stock is down - 25% today to $10.289 on the back of news that it plans to scrap a planned Phase 2b trial — additional details below. Recall that Southern Financial is long 10,000 AAVL @ $39.86, purchased 4/20/2015 (unrealized loss - $295k). Please let us know how you would like to proceed. Thank you, Vahe VAAVL US 3.541 Z10.28/10.290 1.17 Al At 10:19 . ._ 2,358a9, 93 0 11.,54c, 7f 12.25D L 10.1.90 Val 26.32171 tazillablIMI 9D Sa s... 46 Actions - 9 Ed,- - 93/ ablen "W Line Ching? tdisKtOnlegiainir! ELME "I Volum 0. 00 V 0 IV ..v nax Dn a., • Smurityntudy .our r.„, Woe WM -••• T *lb to OVTIVIS *nos SUM 1taoa 01111/15 USq 0.110ane 3-159M Oct t vent O I O In lit w b Rey 2015 'Used with permission of Bloomberg Finance LP Original Message From: Vahe Stepanian (DEUTSCHE BANK SECURI) [mailto:[email protected]] Sent: Friday, August 14, 2015 10:18 AM Subject: (BFW) Avalanche Bio Falls After Scrapping Plans for Ph.2b Study (BFW) Avalanche Bio Falls After Scrapping Plans for Ph.2b Study in 2H EFTA01206023