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h d by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority | Lynch (Asia ch (Singapore): Merrill Lynch (Singapore)
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]
Investment Strategy
at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
a (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merri
Page: HOUSE_OVERSIGHT_014457 →at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
a (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merri
Page: HOUSE_OVERSIGHT_014496 →ncrease penetration of higher margin offerings 48 Health: Not Tremendously Prescriptive 51 Vision 2030 a s
a (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merri
Page: HOUSE_OVERSIGHT_016193 →Quantitative Analysis
ervices 1,720 Tax credit for orphan drug research Health 100 Exclusion & deferral of policyholder income e
a (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merril
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both the Prudential Regulation Authority and HealthCap

Frankfurt
LOCATION
United Kingdom
LOCATIONBaFin
ORGANIZATION
Donald Trump
PERSON
the Financial Services Agency
ORGANIZATION
Michael Bloomberg
PERSONthe Capital Market Authority
ORGANIZATION
Bank of America
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATION
Seoul
LOCATION
Merrill Lynch Global Wealth Management
ORGANIZATION
Merrill Lynch
ORGANIZATIONMerchant Bank
ORGANIZATIONthe Financial Supervisory Service
ORGANIZATIONThe Financial Service Board
ORGANIZATION
Bank of America Corporation
ORGANIZATION
United States
LOCATIONMerrill Lynch KSA Company
ORGANIZATION
Malaysia
LOCATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATION