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Investment Strategy
nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future
at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
Quantitative Analysis
nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future
ervices 1,720 Tax credit for orphan drug research Health 100 Exclusion & deferral of policyholder income e
nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future
ncrease penetration of higher margin offerings 48 Health: Not Tremendously Prescriptive 51 Vision 2030 a s
nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future
at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
istributes, or may in the fi South Africa ( PRA}; Merrill Lynch (Australia): Pacific) Limited, regulated by th Singapore (MAS); Merrill Lynch
-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
he US and accepts ful o effect any transaction in any errill Lynch (Asia Pacific) Limited in his report. Singapore recipients of ers arisin
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]
Entities connected to both Merrill Lynch (Asia Pacific) Limited and HealthCap

Donald Trump
PERSON
Michael Bloomberg
PERSON
United Kingdom
LOCATION
Bank of America
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATION
Merrill Lynch
ORGANIZATIONMerchant Bank
ORGANIZATION
Frankfurt
LOCATIONThe Financial Service Board
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATION
Bank of America Corporation
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATIONILynch
ORGANIZATIONthe Financial Supervisory Service
ORGANIZATION
Seoul
LOCATIONMerrill Lynch (Singapore) Pte Ltd
ORGANIZATION
Bank of America, N.A.
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONthe Central Bank of Ireland
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATION