From: Tazia Smith ( ] Sent: 3/25/2014 9:45:08 AM To: jeevacation@gmail.com CC: Vahe Stepanian ; Paul Morris [ ); Subject: Re: Biotech Sell-Off.... [C] Attachments: pic24307.gif; pic0661240; pic14528.0f; pic10884.gif; pic29202.gif; pic27528.0f; pic23216.gif: pic22221.gif; pic12586.gif; *2960840; pic15967.0; pk21206.0; pk30219.gif Classification: confidential understood, will do From: Jeffrey Epstein <jeevacation0gmail.cono To: Tazia smith/db oate : 03/25/2014 09:42 AM subject: Re: Biotech sell-off.... [I] remind me tomorow remind on Tue, mar 25, 2014 at 7:30 AM, Tazia Smith ctazia.smith@db.com> 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 (3/24) 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 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 584,000 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. (Embedded image moved to file: pi c24307.gi f) Nasdaq Biotech Index - lyr Price History (Embedded image moved to file: pi c06612.gi f) Ariad - lyr Price History (Embedded image moved to file: pi c14528.gi f) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 110974 CONFIDENTIAL SDNY_GM_00257158 EFTA01453408