From: Boris Nikolic < To: Jeffrey Epstein <[email protected]> Subject: FW: AAVL Date: Fri, 14 Aug 2015 15:01:38 +0000 Attachments: disclaim.txt Inline-Images: image001.gif I did not sell a share yet. Will keep and seat on it. The price per share is less what they have on a bank Sent from my Windows Phone From: Sent: 8/14/2015 16:30 To: Boris Nikolic Subject: AAVL Hi Boris, AAVL is trading pre-market at 12.05x12.15 on —100k volume. Analysts price targets were generally halved (see BBG grab below) on news that management won't move forward with phase 2b trails for AVA101. Very disappointing to hear they're heading back to the drawing board. BBG Article below as well. EFTA01206026 GRAB n't US Equity Avalanche 8iotechnologies Inc Consensus Rating 3.67 Buys 50.0% Holds 33.3% Sells 16.78 99 Actions 99 Alert 3 2 1 12M Tgt Px 5/6 19.70 Last Price 13.63 Pricing Currency USD Return Potential 42.4% LTM Return -47.2% Showing 6 of 6 sources 2O14 2015 igrrri r ritnelystw kecommendatIon Tgt Px Date? nIfrIThip IT3AF0R ri/aTik Il 0 Ill Jefferies Biren Amin 08/14/15 2) ll William Blair & Co Tim Lugo market perform 11.00 08/ )3/ 15 3) Ill Cowen and Company Dr Philip Nadeau 08/13/15 4) MIPIper Jaffray Dr Joshua E Schirmer €ight 25.00 08/13/15 5) . 'Mercian Capital Markets Dr Gbolahan Amusa neutral 17.50 07/27/15 6) MIEVA Dimensions Casey Lea sef 05/08/15 -- LI 611 1Y 2Y 1® "I • 12N Tgt Px 19.70 - • Price 13.83 50 tguy -I %5e11 SY • PrIceSprema(igt-Ps) 5.87 Flax Analyst Recommendations Aso` 08/14/15n Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul P-60 P- 40 20 Australia 61 2 9777 8600 Brazil 5511 2395 9000 Europe 44 20 7330 7500 Germany 49 69 9204 1210 Hong Kong 852 2977 gnno Japan 81 3 3201 8900 Singapore 65 6212 1000 U.S- 1 212 318 2000 Copyright 2015 Bloomberg Finance SN 707576 H329-1712-3 14-Aug-15 9.12:52 EDT GMT-4:00 Source: Bloomberg Avalanche Bio Drops 14%; Analysts Halve PTs on Wet AMD Update 2015-08-14 12:37:45.493 GMT By Cristin Flanagan (Bloomberg) -- Avalanche Biotech drops 14% in pre-mkt trading after announcing post-mkt yday plans to scrap a planned Phase 2b trial and instead initiate added preclinical studies to investigate optimal dose, delivery of AVA-101 and AVA-201 in wet age-related macular degeneration (wet AMD). * "Investors need a clear path forward" before getting back in AAVL, Cowen analyst Phil Nadeau writes in note; sees upside for shrs if AAVL gene therapies progress * PT cut to $25 vs $55, remains outperform * "AVA-101 back to drawing board," next key catalyst may be decision on therapy in 1H after preclinical studies completed, Jefferies analyst Biren Amin writes; may also deprioritize its experimenta color blindness programs * PT to $20 vs $51, remains buy * AAVL 3 buys, 2 holds, 1 sell; avg PT $19.70: Bloomberg data For Related News and Information: To contact the reporter on this story: EFTA01206027 Cristin Flanagan in New York at +1-212-617-8919 or [email protected] To contact the editors responsible for this story: Arie Shapira at +1-212-617-1488 or ashapira3Pbloomberg.net Cristin Flanagan EFTA01206028