EFTA01447082

Gilead required to give briefing by 03-Apr Sovaldi expected to generate >S4bn in sales this year The drug's expense might saddle state Medicaid programs with steep costs The whole sector is as risk uS is the only major health-care market remaining without any meaningful drug price controls • Risk for the whole sector once the Congress gets involved, especially if focused primarily on pricing The biggest NBI firms sold-off significantly (Embedded image moved to file: pic04781.gif) ways to hedge exposure to the us biotech sector ProShares ultraShort Nasdaq Biotech Fund (BIS uS Equity): designed to be 2x short the NBI • options on isharesNasdaq Biotech ETF (IBB us Equity) NBI - last S years (Embedded image moved to file: pic03702.gif) NBI vs S&PS00 - last 1 year (Embedded image moved to file: pic22797.gif) NBI - last 1 year (Embedded image moved to file: pic1795S.gif) KCP Capital Markets This e-mail may contain confidential and/or privileged information. If you are not the intended recipient (or have received this e-mail in error) please notify the sender immediately and destroy this e-mail. Any unauthorized copying, disclosure or distribution of the material in this e-mail is strictly forbidden. (Embedded image moved to file: pic17473.gif) Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & wealth Management 345 Park Avenue, 26th Floor New York. NY 10154 Tel. Fax Mobile Email (Embedded image moved to file: pic13811.gif) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 101587 CONFIDENTIAL SDNY_GM_00247771 EFTA01447082