From: Tazia Smith <I To: jeevacationggmail.com Cc: Vahe Ste anian <- >, Paul Morris Subject: Re: Biotech Se11-O1T.... [C] Date: Tue, 25 Mar 2014 13:45:13 +0000 Inline-Images: unnamed; unnamed(I); unnamed(2); unnamed(3); unnamed(4); unnamed(5); unnamed(6); unnamed(7); unnamed(8); unnamed(9); unnamed( I 0); unnamed( I I ); unnamed(I2) Classification: Confidential understood, will do From: Jeffrey Epstein <jeevacabccit§gmail.com> To: Tazia Smith Date: 03/25/2014 09A2 AM Subject: Re: Biotech Sell-Off.... (I] remind me tomorow remind On Tue, Mar 25, 2014 at 7:30 AM, Tazia Smith <[email protected]> wrote: Classification: For internal use only Jeffrey - Biotech posted sharp declines. You are up $970 282 across your basket of names as of yesterday's (3124) close (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: Ariad an outlier (incrementally positive news on drug, Iclusig). The Financial limes 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. EFTA01193523