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in Europe. In uS, it will go generic in 2015. There is a step-down function of the royalty payments over three years according to mgmt. valuation & risks - Gilead still remains our top pick in large cap We value GILD at 5132/sh using 17x 2015 multiple (10% discount to its biotech peers due to patent cliff on base biz). Our new '15 EPS is $7.75/sh. Risks: weak sovaldi launch, poor base biz performance Please click on below link for full report: http://pull.db-gmresearch.com/p/442-7cA3/21291538/0900b8c087e1098b.pdf Regards, EVS Equity Focus Telephone: +91-124-4622312 - 19 Please ensure all mails are also sent to our shared inbox [email protected] to avoid getting overlooked. This email is sent to you by Evalueserve on behalf of Deutsche Bank Diese email wurde Ihnen von Evalueserve im Auftrag der Deutschen Bank gesendet For additional Deutsche Bank research, visit our web site: http://gm.db.com/equities Please refer to the disclaimer that applies to the research attached in this email. 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 delete this e-mail. Any unauthorized copying, disclosure or distribution of the material in this e-mail is strictly forbidden. Please refer to http://www.db.com/en/content/eu_disclosures.htm for additional EU corporate and regulatory disclosures. (Embedded image moved to file: pic31653.gif) Tazia smith Director I Key client Partners - us Deutsche Deutsche 345 Park New Tel Fax mobil Email Bank Securities Inc Asset & wealth Management Avenue, 26th Floor (Embedded image moved to file: pic14201.gif) This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 109464 CONFIDENTIAL SDNY_GM_00255648 EFTA01452451