<1=> <1=> </=> From: jeffrey =. (mailto:[email protected] <mailto:[email protected]> I Sent: Monday, August 08, 2016 4:14 PM To: Ens, Amanda Subject: Re: Preferreds, thoughts on fixed income, mandatory convert= send more detail of the bond On Mon, Aug 8, 2016 at 2:26 PM, Ens, Amanda < Jeffrey, I continue to=like the AGN, TEVA and FIR mandatory convert preferreds. While AGN missed =n sales today, is was mostly due to noise around the last minute divestiture of their ANDA distribution business to TEVA. While=the generics sale to TEVA was already built into most analyst models, the =NDA sale was not. Revenue thus looks in line. Botox and Restasis, two impo=tant products, are still growing at 16% and 21% respectively. AGN has an aggressive buyback program, target=ng $5bn this year and they should reach the full $10bn approved by next ye=r, market conditions permitting. Their pipeline looks strong; execution wi=I be key going forward. There has been chatter in the market about them potentially doing a big deal such as=BIIB but management said on the call that they're focused on being=selective/disciplined and will likely target smaller stepping stone opport=nities. Outside of buybacks, the company has about $20bn of dry powder to invest for growth over the next 12-18 mon=hs, which could come in the form of acquisitions and/or debt repayment. Long story short: woul= look to build a position through the AGN A mandatory convert preferred at=a 6.3% current yield to March 2018. Let me know if you hav= time for a call; I'm at .<=u> Thanks,<=> Amanda Amanda Ens</=> Director Bank of America Merril= Lynch Merrill Lynch, Pierce,=Fenner & Smith Incorporated 8 EFTA_R1_01556376 EFTA02454567