$伊希斯医药品(ISIS)$  is the leader in thespace of antisense, and has over 1 500 patents around this technology. Antisense allows for the inhibition of protein productionat the genetic level. Isis has over 30 compounds in clinical development, severalof which are being developed through partnerships. Isis, and its partner Genzyme,received FDA approval of Kynamro (for patientswith severely high LDL levels) in early2013, which represents a validation ofthe technology platform, in our opinion.However, this drug is not the major valuedriver, as our focus and investment strategyrevolve around the technology platform,which demonstrated significant progress in 2014 with both partnered andproprietary compounds across various severe diseases. Looking forward, we will get numerous data readouts throughout 2015,initiation of Phase III studies, additional compounds into the clinic, and late stage data readouts over the years to come. We believe the value creation within Isis has just begun to emerge and will continue at a strong pace for the foreseeable future.Thus, Isis remains an important and truly innovative investment in our portfolio.