— i to s e i e +0 Source: Deutsche Bank 380p 5377p 817p 258p 216p 4997p IOW 4523p 11111111•1•11101 Shares are now very cheap on lyr PE vs. EU Pharma PE rel to sector (x). 1 V fwd 16 1.2 0.8 0.4 Dec 11 Dec 13 Dec 15 Jan 10 Source: Deutsche Bank Shire 1yr fwd PE rel to EU Ph