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Please see Items 5, 6, 7, 8, 9 and 11 of each cover sheet for each filing entity.
Bpifrance Participations S.A. is a French public investment fund specializing in the business of equity financing via direct investment or fund of funds. Bpifrance Participations S.A. is a wholly-owned subsidiary of Bpifrance S.A., a French financial institution especially created for this purpose. CDC, a French special public entity (
établissement special
) and EPIC, a French public institution of industrial and commercial nature, each hold 50% of the share capital of Bpifrance S.A. and jointly control Bpifrance S.A. CDC is principally engaged in the business of long-term investments. EPIC is principally engaged in the business of banking finance. FBIMR is managed by Bpifrance Investissement S.A.S. a French management company (
société de gestion
), and Bpifrance Investissement S.A.S. is a wholly-owned, indirect subsidiary of Bpifrance Participations S.A. FBIMR is an investment fund subject to French law, whose main purpose is to foster therapeutic projects aiming at providing patients suffering from rare diseases greater access to innovative treatments and encourage the emergence of treatments for frequent pathologies through the therapeutic innovations developed to cure those rare diseases.
On May 11, 2016, Adverum, formerly known as Avalanche Biotechnologies, Inc., completed its acquisition of all of the outstanding shares of Annapurna Therapeutics SAS (the Acquisition), in which FBIMR held shares. As a result of and immediately following the consummation of the Acquisition, FBIMR held directly 2,909,950 shares of Common Stock, and neither Bpifrance Investissement S.A.S., Bpifrance S.A., CDC nor EPIC (collectively with FBIMR, the Reporting Persons) held any Common Stock directly. Bpifrance Participations S.A. and Bpifrance Investissement S.A.S. may be deemed to be the beneficial owner of the 2,909,950 shares of Common Stock held by FBIMR, indirectly through their ownership and/or management of FBIMR. Bpifrance S.A. may be deemed to be the beneficial owner of 2,909,950 shares of Common Stock, indirectly through its sole ownership of Bpifrance Participations S.A. CDC and EPIC may be deemed to be the beneficial owners of 2,909,950 shares of Common Stock, indirectly through their joint ownership and control of Bpifrance S.A.
Between February 14, 2017 and April 4, 2017, FBIMR sold 269,175 shares of Common Stock. As a result of this sale, FBIMR currently holds directly 2,640,775 shares of Common Stock, and none of the Reporting Persons holds any Common Stock directly. Bpifrance Participations S.A. and Bpifrance Investissement S.A.S. may be deemed to be the beneficial owner of the 2,640,775 shares of Common Stock held by FBIMR, indirectly through their ownership and/or management of FBIMR. Bpifrance S.A. may be deemed to be the beneficial owner of 2,640,775 shares of Common Stock, indirectly through its sole ownership of Bpifrance Participations S.A. CDC and EPIC may be deemed to be the beneficial owners of 2,640,775 shares of Common Stock, indirectly through their joint ownership and control of Bpifrance S.A.
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