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at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
n; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comision Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated
Page: HOUSE_OVERSIGHT_014457 →Quantitative Analysis
ervices 1,720 Tax credit for orphan drug research Health 100 Exclusion & deferral of policyholder income e
n; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated
Page: HOUSE_OVERSIGHT_023094 →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]
angan (OJK); Merrill Lynch (Israel): Merrill es, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch errill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by jo SA, regulated by Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company, regulate by the S DFSA): } to profession
Page: HOUSE_OVERSIGHT_023609 →Entities connected to both Merrill Lynch Capital Markets Espana and HealthCap

Donald Trump
PERSON
Bank of America
ORGANIZATION
Michael Bloomberg
PERSON
Merrill Lynch
ORGANIZATION
United Kingdom
LOCATIONthe Central Bank of Ireland
ORGANIZATION
Bank of America Corporation
ORGANIZATION
Frankfurt
LOCATION
Merrill Lynch Global Wealth Management
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONMerchant Bank
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATIONBofA Merrill Lynch Global Credit Research
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATIONOtoritas Jasa Keuangan
ORGANIZATION