From: "Ens, Amanda"

From: "Ens, Amanda" To: "Jeffrey E." <[email protected]>, "I Subject: Add to TEVA preferred Date: Mon, 03 Oct 2016 13:12:01 +0000 Attachments: TEVA_ reiterate_buy.pdf Inline-Images: image001.png Our analyst reiterated his Buy rating on TEVA and highlights recent weakness as a good opportunity ($72 price target; stock is at $46). We should add to the TEVA mando convert preferred at $817, down 10% from where we bought $1mm at $901.75 in August. You have received $17.50/pfd in coupons so far. • Investor sentiment on TEVA is depressed on concerns about generic pricing erosion. Our analysis of IMS data implies generic price erosion of 4.6% YID, in-line with the company's assumption of low-to-mid single digits. • TEVA recently reaffirmed its forecast of generic pricing erosion at its Generic Medicines Overview on 9/9/16. • Teva is well-positioned with an industry-leading generic pipeline following the Actavis unit acquisition from Allergan. • Current weakness presents a particularly good opportunity. Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated The power of global connections"' cid:image001.png©01D1B4D 2.34B2F410 This message, and any attachments, is for the intended recipient(s) only, may contain information that is rivileged, confidential and/or proprietary and subject to important terms and conditions available at If you are not the intended recipient, please delete this message. EFTA00816413