From: Vahe Stepanian Sent: 8/14/2015 10:32:36 AM To: jeffrey E. ueevacation mail.corn CC: Daniel Sabb ; Ariane Dwye Paul Morris Stewart Oldfielt ; Richard Kahn [ Subject: FW: (BFW) Avalanche Bio Falls After Scrapping Plans for Ph. Classification: Confidential Jeffrey — posting you on AAVL. The stock is down —25% today to 510.289 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 -5295k). Please let us know how you would like to proceed. Thank you, Vahe Natuirot taLa ...haw Sim • Ira* • i10.28 /10.29U 99 'jay:. A .. 4 -• 1 lai enal i g orrinrnei rr It.19 atats • "'rill" , <littipaif eil. It. . axl .x Z *bit: .3 . ' tow." N.* Lino Chart "r44 4410 II Willi, OW' a I ".. .,... lith An ....••••••...•••••J Jill • •••• kvi *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 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 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0060256 CONFIDENTIAL SDNY_GM_00206440 EFTA01368502