From: Tazia Smith c:1 To: jeevacation®gmail.com Cc: Paul Morris Vinit Sahni , Nay Gu to , Vahe Stepanian Subject: Biotech Sell-Off.... [I] Date: Tue, 25 Mar 2014 13:30:05 +0000 Inline-Images: unnamed; unnamed( l); unnamed(2); unnamed(3); unnamed(4); unnamed(5); unnamed(6); unnamed(7); unnamed(8); unnamed(9); unnamed(I 0); unnamed(I I); unnamed(12) Classification: For internal use only Jeffrey - Biotech posted sharp declines. You are ua.,12712/2 across your basket of names as of yesterdays (3/24) dose (detail below along with chart of Nasdaq Biotech Index and your holdings). Consider unwinding or hedging now and watching for entry point via total return swap or zero cost risk reversal as this negative momentum bottoms out. Note: Mad an outlier (incrementally positive news on drug, Idusig). The Financial Times features an article this morning suggesting that the sell-off in Biotech is a signal of a broader market peak. A letter from congressional representatives to Gilead questioning its plans to sell a hepatitis C drug (named Sovaldi) for $84,000 per dose has put the spotlight on Congress' concerns that the expense might saddle state Medicaid programs with steep costs. US is the only major health-care market remaining without any meaningful drug price controls — increased risk for the sector once the Congress gets involved, especially if focused primarily on pricing. Description Trade Date Quantity Last Price* Unit Cost Market Value Unrealized G/L SANGAMO BIOSCIENCES 05/28/2013 50,000.00 $ 19.80 § 8.44 § 990,000.00 $ 567,786.00 BIOGEN 02/14/2012 2,095.00 $ 312.60 $ 119.55 $ 654,897.00 $ 404,442.05 FOUNDATION MEDICINE 01/13/2014 25,000.00 $ 36.40 $ 27.51 910,000.00 $ 222,336.50 GILEAD SCIENCES INC 2/5/14, 3/7/14 8,100.00 $ 72.13 $ 79.41 $ 584,253.00 $ (58,951.00) ARIAD PHARMACEUTICALS 2/14/12, 1/24/13 16,535.00 $ 7.60 $ 17.60 $ 125,666.00 $ (165 331.40) Total Biotec $3,264,816.00 $ 970,282.1