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G), Acorda Therapeutics Inc. (ACOR), Agios Pharmaceuticals (AGIO), Alexion Pharmaceuticals (ALXN), Alnylam Pharmaceuticals (ALNY), Amgen Inc (AMGN), Biogen Idec (BIIB), Celgene (CELG), ChemoCentryx, Inc. (CCXI), Dynavax (DVAX), Enanta Pharmaceuticals (ENTA), Gilead Sciences (GILD), Idenix Pharmaceuticals (I

0.50 1.32 O3 (Sep) 0.52 1.18 O4 (Dec) 0.55 1.63 FY 2.05 5.61 6.52 7.54 Bloomberg EPS FY ($1 2.00 6.05 7.60 8.67 Source: Company On. Bloomberg. Morgan eabmates. North America Equity Research 22 May 2014 Overweight mum ►aces ua GILD, GILD US Price: $81.81 Price Target: $100.00 US B

. located at the end of this report. EFTA00598607 Morgan Stanley MORGAN STANLEY RESEARCH July 23. 2014 Brogan Idec Inc. Risk-Reward Snapshot: Biogen Idec (BIIB, OW, PT $395) Pipeline. Tecfidera and Hemophilia Drive Risk-Reward $50200 (.651.4) 339300(.30W • 200 100 oisaissassisLiamirisaiiiissi Jt

owing cash. PAORGAN STANLEY RESEARCH NORTH AMERICA _LC Matthew Harrison r12 714 62:» David Friedman, Key Ratios and Statistics Reuters: BUB.0 Bloomberg: BIIB US Biotechnology / United Stales of America Shr price. close (Jul 22. 2014) $303.67 Mkt cap. curt (mm) $72.313 52-Week Range 5358.89-203

and SpineWave. Ron was previously on the boards of Cerexa (NLV-I company acquired by Forest Laboratories), Stromedix, Inc. (NLV-I company acquired by Biogen Idec), Aspreva Pharmaceuticals (NASDAQ: ASPV, acquired by Galenica, Inc.), Phase Forward (NASDAQ: PFWD, acquired by Oracle), and Pathology Partners (acqui

es for the foreseeable future. 29 eValuatePharma 3° Burrill Biotech 2012 Report " New Leaf Analysis of public company financial data as provided by Bloomberg » Battelle R&D Magazine Annual Global R&D Funding Forecast 37 CONTROL NUMBER 257 - CONFIDENTIAL HOUSE_OVERSIGHT_024048 The Fund Managers expect th