EFTA01453423

SGM0 US 19.85 21.40. 2>2 t 19.80 2,907,036 m m a z4,- etr , 95) Save As_ Linz96I riActions - 91) Edit - 03/25/2014 “ Last Price 1.0 3D 1M ca lY Sr Max Da: • Track ,c Annotate II • Last Price 19.80 T High on 03/19/14.23.86 +- Average 12.1209 1 Low on 06/26/13 7.31 9131 Table Line Chart Vcluire e Secifity/Sicy News Zoom M Event PI US) PI -24.00 19.80 .18.00 .16.00 .14.00 .12.00 .10.00 0-8.00 • Volume 2.907M SNAVG (15) 2.71iM Jun Sep Dec 2013 2014 Mar 2.907M Healthcare sector has outperformed S&P500 last 4 years and has been the best-performing sector YTD Improving R&D returns Ongoing efficiency gains due to various 'self-help' measures More supportive regulatory and payor environment Increasing number of financings and IPOs in Q1 Frequent upward revisions lately to sales estimates at the largest biotechnology companies Nasdaq Biotech Index (NBI) dropped 4.4% Friday Sharpest decline since Oct-11 • Triggered by a letter from congressional representatives to a biotech company Gilead Sciences, questioning its plans to sell a hepatitis C drug (named Sovaldi) for $84,000 per dose Gilead required to give briefing by 03-Apr Sovaldi expected to generate >$4bn 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 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 110994 CONFIDENTIAL SDNY_GM_00257178 EFTA01453423