Coverage Initiated on Gene Therapy Company

Disclosures from Wedbush, Nightstar Therapeutics, Company Report, Oct. 23, 2017

Analyst Certification: We, David Nierengarten, Robert Driscoll and Dilip Joseph, certify that the views expressed in this report accurately reflect our personal opinions and that we have not and will not, directly or indirectly, receive compensation or other payments in connection with our specific recommendations or views contained in this report.

The analysts responsible for preparing research reports do not receive compensation based on specific investment banking activity.

The analysts receive compensation that is based upon various factors including WS' total revenues, a portion of which are generated

by WS' investment banking activities.

Company Specific Disclosures

1. WS makes a market in the securities of Nightstar Therapeutics, Applied Genetic Technologies and Spark Therapeutics.

3. WS co-managed a public offering of securities for Nightstar Therapeutics within the last 12 months.

5. WS provided Nightstar Therapeutics with investment banking services within the last 12 months.

7. WS expects to receive compensation for investment banking services from Nightstar Therapeutics within the next 3 months.