Project Avalanche Finance Committee Update – Supporting Analysis August 7, 2020 Confidential Treatment Requested. Confidential portions of this document have been redacted and have been separately filed with the Securities and Exchange Commission. Exhibit (c)(i)

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Avalanche’s Share Price Performance Year-to-Date YTD Stock Price ($ per share, unless otherwise noted) Source: Bloomberg; market data as of August 6, 2020. Stock Price (USD) Avalanche XBI

Financial Analyses Illustrative Price per Share Comments Sum-of-the-Parts (SOTP) Avalanche management projections through 2029; extrapolation until 20401 based on Islanders Management guidance No terminal value 8.0 % - 10.0% WACC Precedent Squeeze-Out Transactions Premia to undisturbed price (full bar) and 52-week high (dotted bar) based on select minority squeeze-out transactions >$200mm deal value Low: 28.6% (full) / (4.8)% (dotted), based on 25th%ile premium at final bid High: 46.7% (full) / 17.2% (dotted), based on 75th%ile premium at final bid 52-Week Trading Range 52-week low of $10.84 as of 31-Jul-2020 52-week high of $22.47 as of 19-Sep-2019 Analyst Price Targets High: $41 (Analyst B) Low: $16 (Analyst C) Avalanche Summary of Illustrative Financial Analyses Source: Avalanche Management projections (including adjustments from Islanders Management), Bloomberg, IBES, public filings, market data as of August 6, 2020. Note: Confidential. Illustrative, for discussion purposes only. Assumes June 30, 2020 closing date and 101.6mm basic shares outstanding. 1 Extrapolation until [*] for ANGPTL3-L given LOE in [*]. 2 See page 10. Excludes upside from (i) [***] and (ii) and terminal value methodology. Current Share Price: $11.47 Public Market Perspectives Financial Valuation 1 2 3 4 Range inclusive of cumulative upside from positive levers2: $29.73 - $36.72

52-week high of $22.47 as of September 19, 2019 52-week low of $10.84 as of July 31, 2020 Based on selected majority-owned precedent transactions with deal value at least $200mm Premiums based on 1st and 3rd quartiles of 1-day unaffected stock price of 28.6% and 46.7%, respectively Dashed box represents premiums based on 1st and 3rd quartiles of 52-week high stock price of (4.8%) and 17.2%, respectively Based on analyst price target estimates Avalanche Valuation Review Source: Avalanche Management projections (including adjustments from Islanders Management), Wall Street research and FactSet as of August 5, 2020. (1) Includes the net impact of Islanders adjustments to Avalanche’s management projections using a WACC of 7.0% - 9.0%. Implied Price Per Share Commentary Methodology Sum-of-the-Parts (SOTP) Analyst Consensus Precedent-Squeeze Out Transactions 52-Week Trading Range Current Price: $11.47 $16.00 $26.00 $41.00 $25.00 Islanders Case.(1) $29.92 $21.39 $24.53 $26.33 Avalanche management projections including adjustments from Islanders Management SOTP based on each of Avalanche’s products 9.0% - 12.0% WACC (Avalanche Case); 7.0% - 9.0% (Islanders Case)

Source: CapIQ, company filings, market data as of August 6, 2020. Analysis at Various Prices ($ and shares in millions, except for per share values)

Source: CapIQ, company filings, market data as of August 6, 2020. $15.00 to $16.00 per Avalanche Share | ($ and shares in millions, except for per share values) Analysis at Various Prices

Illustrative Bidding Strategy Source: CapIQ, company filings, market data as of August 6, 2020. ($ in millions, except for per share values)

Source: FactSet as of August 6, 2020. Note: “NA” indicates not applicable. Based on the percentage increase in price from prior bid. Based on the premium to the unaffected share price prior to announcement. Based on the 6-month volume-weighted average price. Precedent Squeeze Out Bid Analysis