Epstein Secrets

both the IPR decision and the lower court ruling can be appealed. Amanda Ens EFTA00820342 Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated The power of global connectionsTM From: Ens, Amanda Sent: Wednesday, August 24, 2016 3:30 PM To: 'Richard Kahn' Subject: RE: TEVA...IPR Decision

pportunity. AGN A Pfd: $861.00 (6.4% strip yield) TEVVF Pfd: $883.25 (8.1% strip yield) EFTA00820341 With TEVA confirming the loss on 2 of its 5 Copaxone patents from yesterday's IPR decisions & MYL confirming that the third IPR decision is expected by 1-Sept, our analyst Sumant has notes out on TEVA,

both the IPR decision and the lower court ruling can be appealed. EFTA00820351 Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated The power of global connections"' From: Ens, Amanda Sent: Wednesday, August 24, 2016 3:30 PM To: 'Richard Kahn' Subject: RE: TEVA...IPR Decision

pportunity. AGN A Pfd: $861.00 (6.4% strip yield) EFTA00820350 TEVVF Pfd: $883.25 (8.1% strip yield) With TEVA confirming the loss on 2 of its 5 Copaxone patents from yesterday's IPR decisions & MYL confirming that the third IPR decision is expected by 1-Sept, our analyst Sumant has notes out on TEVA,

and through M&A activity as seen via the recent Allergen generics transaction. Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 PhoneWIRIMIPMobile: 917.386.3280 The power of global connections" This message, and any attachment

lobal generic capabilities, vertical integration into the active pharmaceutical ingredients (API) business, and a branded specialty pharma business (Copaxone, Treanda, Ai lett, Nuvigil and other products). Investment Rationale We believe Teva is a compelling investment opportunity as we like the company'

. We note that both the IPR decision and the lower court ruling can be appealed. Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 Phone: Mobile: The power of global connectionsTM From: Ens, Amanda Sent: Wednesday, August 24, 2

as a buying opportunity. AGN A Pfd: $861.00 (6.4% strip yield) TEVVF Pfd: $883.25 (8.1% strip yield) With TEVA confirming the loss on 2 of its 5 Copaxone patents from yesterday's IPR decisions & MYL confirming that the third IPR decision is expected by 1-Sept, our analyst Sumant has notes out on TEVA,

tp://rsch.baml.com/r?q=0SR.IwAfnhxOFfgOxK0a3jQ&e=amanda.ens%40baml.com&h=4QtHtw> Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 This message, and any attachments, is for the intended recipient(s) only, may contain information th

http://researchl.ml.com/C?q=OX0V-tRcQHjB6iVg2p0aPw> , limited visibility into US generic launches is a risk to TEVA's 2017 outlook (we already model Copaxone generics in 1Q17). That said, we continue to like the risk/reward on the shares especially if Teva could execute against somewhat reset expectations