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<b><span style="font-size:48.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in">NEWS RELEASE</span></b><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E"><o:p></o:p></span></p>
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<b><span style="font-size:10.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in"> </span></b><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E"><o:p></o:p></span></p>
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<b><span style="font-size:10.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in">For Immediate Release Date: 01/07/21<o:p></o:p></span></b></p>
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<b><span style="font-size:10.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in">Contact: Public Information Office Phone: (919) 560-0000/Fax: (919) 560-0020</span></b><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E"><o:p></o:p></span></p>
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<b><span style="font-size:10.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in">E-mail: </span></b><span style="color:black"><a href="mailto:publicinformationoffice@dconc.gov" target="_blank"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;border:none windowtext 1.0pt;padding:0in">publicinformationoffice@dconc.gov</span></a></span><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E"><o:p></o:p></span></p>
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<b><span style="font-size:16.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in">Adverum Biotechnologies Selects Durham County</span></b><b><span style="font-size:12.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in"><o:p></o:p></span></b></p>
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<span style="font-size:12.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in">Company’s $82.8M Investment Will Create More than 200 New Jobs<o:p></o:p></span></p>
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<b><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in">Durham, N.C.
</span></b><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;border:none windowtext 1.0pt;padding:0in">– Durham County continues to be a magnet for economic development in the biotechnology field with
North Carolina Governor Roy Cooper’s announcement on Thursday, January 7, 2021, that
</span><span style="color:black"><a href="https://adverum.com/"><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;border:none windowtext 1.0pt;padding:0in">Adverum Biotechnologies, Inc.</span></a></span><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;border:none windowtext 1.0pt;padding:0in">,
will bring its new gene therapy manufacturing facility to Research Triangle Park. The Redwood, California-based firm will invest $82.8 million and create more than 200 new jobs.</span><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;border:none windowtext 1.0pt;padding:0in"><o:p></o:p></span></p>
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<span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;border:none windowtext 1.0pt;padding:0in">“Our state’s dynamic workforce continues to propel life-changing innovation and keeps North Carolina at the
forefront of biomanufacturing through life sciences companies like Adverum,” Cooper said in a
</span><span style="color:black"><a href="https://governor.nc.gov/news/clinical-stage-gene-therapy-company-will-add-more-200-jobs-durham-county"><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;border:none windowtext 1.0pt;padding:0in">release</span></a></span><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;border:none windowtext 1.0pt;padding:0in">.</span><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;border:none windowtext 1.0pt;padding:0in"><o:p></o:p></span></p>
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<span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;border:none windowtext 1.0pt;padding:0in">Adverum Biotechnologies, Inc., is a clinical-stage gene therapy company targeting unmet medical needs in serious
ocular and rare diseases. The company is developing its lead gene therapy candidate ADVM-022 in ongoing clinical trials for wet age-related macular degeneration (AMD) and diabetic macular edema (DME). ADVM-022 is administered as a potential one-time, intravitreal
injection for the treatment of wet AMD and DME, ocular diseases that impact millions of patients worldwide.</span><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;border:none windowtext 1.0pt;padding:0in"><o:p></o:p></span></p>
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<span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;border:none windowtext 1.0pt;padding:0in">Jobs created for the new site include production staff, quality control specialists, facility engineers and
other personnel and will create annual payroll impact of $19 million for the Research Triangle Region.
</span><b><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;border:none windowtext 1.0pt;padding:0in"><o:p></o:p></span></b></p>
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<b><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;border:none windowtext 1.0pt;padding:0in"><o:p> </o:p></span></b></p>
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<span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;border:none windowtext 1.0pt;padding:0in">“With today’s announcement, Adverum will bring their critical work of developing treatment for ocular diseases
to Durham County,” stated Economic Development Officer Andrew Miracle. “Their decision to locate here is, in part, a reflection of our quality labor pool. We look forward to assisting Adverum with maintaining their workforce and related needs by fostering
connections to local partners.”</span><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;border:none windowtext 1.0pt;padding:0in"><o:p></o:p></span></p>
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<span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;border:none windowtext 1.0pt;padding:0in">Adverum’s new facility</span><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black">
will be facilitated in part by a Job Development Investment Grant (JDIG) approved by North Carolina’s Economic Investment Committee on Thursday morning. Over the 12-year life of the grant, the project is estimated to grow the state’s economy by $1.36 billion.
P<span style="background:white">ayments for all JDIG and local awards are performance-based and only occur following verification that the company has met its incremental job creation and investment targets. Adverum Biotechnologies’ potential JDIG reimbursement
is up to $3 million over 12 years.<o:p></o:p></span></span></p>
<p style="margin:0in;margin-bottom:.0001pt;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black"><o:p> </o:p></span></p>
<p style="margin:0in;margin-bottom:.0001pt;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black">Because Adverum chose a site in Durham County, classified by the
</span><a href="https://www.nccommerce.com/grants-incentives/county-distress-rankings-tiers"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif">state’s economic tier system</span></a><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black">
as Tier 3, the company’s JDIG agreements also call for moving as much as $1 million into the state’s
</span><a href="https://www.nccommerce.com/grants-incentives/public-infrastructure-funds/utility-account"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif">Industrial Development Fund – Utility Account</span></a><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black">.
<o:p></o:p></span></p>
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<p style="margin:0in;margin-bottom:.0001pt;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black">The Board of County Commissioners will consider a local award at an upcoming Regular Meeting. With approval of the award,
the Company has agreed to make reasonable efforts to participate in workforce partnerships that include engagements with Durham Public Schools, Durham Technical Community College, and North Carolina Central University.<o:p></o:p></span></p>
<p style="margin:0in;margin-bottom:.0001pt;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black"><o:p> </o:p></span></p>
<p style="margin:0in;margin-bottom:.0001pt;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black">“We welcome Adverum Biotechnologies, Inc., to Durham, the Research Triangle, and our exciting biotechnology industry,” said
BOCC Chair Brenda Howerton. “Our residents and institutions will support the important health advancements they are making in gene therapy treatments. With their shared commitment to diversity and other local values, we know the new opportunities being created
will benefit our whole community.”<o:p></o:p></span></p>
<p style="margin:0in;margin-bottom:.0001pt;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black"><o:p> </o:p></span></p>
<p style="margin:0in;margin-bottom:.0001pt;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black">The North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC) led a collaborative
effort to recruit Adverum, which also considered other national destinations. Key partners and allies include Durham County Government, the North Carolina Community College System, the North Carolina Biotechnology Center, the Greater Durham Chamber of Commerce
and Duke Energy.<o:p></o:p></span></p>
<p style="margin:0in;margin-bottom:.0001pt;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black"><o:p> </o:p></span></p>
<p style="margin:0in;margin-bottom:.0001pt;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black">For more information about this announcement, contact Economic Development Officer Andrew Miracle at
</span><a href="mailto:amiracle@dconc.gov"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif">amiracle@dconc.gov</span></a><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black">.<o:p></o:p></span></p>
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