<table><tr><th>From:</th><th>Barrett, Paul S &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, April 3, 2012 6:27 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>Gilead - buy April calls ahead of EASL abstracts tomorrow</td></tr></table>

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Jeffrey<=span>

&=bsp;

Big catalyst for Gile=d GILD tomorrow. If our=analyst is right, the stock could be up 20% tomorrow.

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Let's buy $50 strike April calls for $0=2E85

Expectations on SVR4 for '7977:

Street expectations: 40-50% and as high as 60%<=p>

JPMe: 70%

Stock moves =nce see the SVR4 data:

<=0%: down -15-20%

<40% :down=- 5-10%

40-50%: not much changed=o:p>

>60%: up 5-10%

>70%: home run and would be up 20%+

Abstracts for t=e European Association for the Study of the Liver (EASE) are expected to c=me out tomorrow (conference is April 18-22). Exact timing is unclear, bu= our research team is expecting the abstracts to come out between 10- 11AM=OD ET. This will be a key event for the HepC space with stock m=ving data for GILD and BMY and updates coming from VRTX and IDIX. <=:p>

GILD:

Key data will be SVR at 4 weeks for the GT1/naive population. It =s unclear if the abstracts will actually include the SVR data or if we wil= have to wait to the actual conference. In addition to the '=977 data, GILD may also release additional data on combination studi=s which give a peak into their non-7977 assets.

Ex=ectations on SVR4 for ‘7977:
Street expectations: 40-50% and as high as 60%
=p class="MsoNormal">JPMe: 70%

Stock moves once see =he SVR4 data:

<30%: down=~15-20%

<40% : down ~5-10%

40-50%: not much changed

>60%: up 5-10%

>70%: home run and would be up 20%+<=p>

++++++++++++++=;++++++++++++++

Some very=basic info on the HepC space that should be helpful when looking at some o= these releases.
<=o:p>
Genotypes:
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Important GT1 subg=oups: Within GT1 there is GT1a and GT1b which are about equally distribute=. The GTla is harder to treat than GT1b.

=nbsp;

Endpoints:</=>>

RVR (rapid viral response) — measured =fter 4 weeks ON treatment

EVR (=arly virologic response) — measured after 12 weeks ON treatment=/o:p>

SVR (sustained viorlogic response) &=8211; measured at X weeks AFTER treatment — this is often the '=cure rate'

IL28 polymorphism:

This is another indicator in determining how difficult the virus is t= treat

CC: easiest to treat

CT: intermediate

=0A

TT: hardest

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DISCLAIMERS: THIS IS NOT A PRODUCT OF JPM RESEARCH. OPINIONS MAY DIFFE= IN THE SHORT TERM.

Amanda Ens I Vice President I Global Investment Opportunities I J.P.Morgan I =MIS ID: 853443

320 Park Ave, 14th Floor, New York, NY 10022

=OAThis email is confidential and subject to important disclaimers and cond=tions including on offers for the purchase or sale of securities, accuracy=and completeness of information, viruses, confidentiality, legal privilege= and legal entity disclaimers, available at http://www.jpmorgan.com/pa=es/disclosures/email.