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at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
LPF&S and is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. This document is intended for BofA Merrill Lynch institutional invest
Page: HOUSE_OVERSIGHT_014432 →at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
LPF&S and is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. BofA Merrill Lynch does and seeks to do business with issuers covered
Page: HOUSE_OVERSIGHT_014460 →-12 1% 78 3.0% -13 % 33 -0.4% 6 68% -0./% SXDP (Health) 3.0% -08% 1% 8.7% 0.9% 9 2% 115 2.5% -12 3% 40
LPF&S and is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. BofA Merrill Lynch does and seeks to do business with issuers covered
Page: HOUSE_OVERSIGHT_014972 →ncrease penetration of higher margin offerings 48 Health: Not Tremendously Prescriptive 51 Vision 2030 a s
bject to change without notice. Prices also are subject to change without notice. BofA Merrill Lynch is under no obligation to update this report and BofA Merrill Lynch's ability to publish research on the subject issuer(s) in the future is subject to applicable quiet periods. You should therefore assume that BofA Merr
Page: HOUSE_OVERSIGHT_016196 →3% -] 2% 74 3.1% = 2% 3.2 -0.4% 0 54% 0.9% SXDP (Health) 3.1% -0.6% 2% 86% 0.9% -/ 2% 115 24% -14 2% 4]
analyst under EEMUS 15.4(-0.1) 13.2 (08) the FINRA rules. TOP4O 1511.0) — 109(00) Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take oy ne responsibility for this report in particular jurisdictions. RDX 24.7 (1.2) 21.3(0.0) BofA Merrill Lynch does and seeks to
Page: HOUSE_OVERSIGHT_023575 →Entities connected to both BofA Merrill Lynch and HealthCap

Donald Trump
PERSON
Bank of America
ORGANIZATION
United Kingdom
LOCATION
Merrill Lynch
ORGANIZATION
Michael Bloomberg
PERSON
Merrill Lynch Global Wealth Management
ORGANIZATION
Bank of America Corporation
ORGANIZATION
Frankfurt
LOCATIONMerchant Bank
ORGANIZATION
United States
LOCATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONthe Central Bank of Ireland
ORGANIZATIONILynch
ORGANIZATION
Merri
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATION
Seoul
LOCATIONMerrill Lynch International Incorporated
ORGANIZATION