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ontact their BofA Merrill Lynch representative or Merrill Lynch Financial Global Wealth Management financial advisor for information relating to fix
ncrease penetration of higher margin offerings 48 Health: Not Tremendously Prescriptive 51 Vision 2030 a s
Investment Strategy
at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
Merrill Lynch, Pierce, Fenner & Smith Incorporated (‘MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial advisor if they have questions concerning this report. "BofA Merrill Lynch" and "Merrill Lynch" are each global brands for BofA Merrill Lyn
Page: HOUSE_OVERSIGHT_014457 →at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial advisor if they have questions concerning this report. "BofA Merrill Lynch” and "Merrill Lynch" are each global brands for BofA Merrill Lyn
Page: HOUSE_OVERSIGHT_014496 →-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
coi. | Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial advisor if they have questions concerning this report. "BofA Merrill Lynch” and "Merrill Lynch” are each global brands for BofA Merrill Ly
Page: HOUSE_OVERSIGHT_014999 →Quantitative Analysis
ervices 1,720 Tax credit for orphan drug research Health 100 Exclusion & deferral of policyholder income e
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial advisor if they have questions concerning this report. "BofA Merrill Lynch" and "Merrill Lynch” are each global brands for BofA Merrill Lyn
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]
coi. | Lynch, Pierce, Fenner & Smith Incorporated (‘MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial advisor if they have questions concerning this report. "BofA Merrill Lynch" and "Merrill Lynch" are each global brands for BofA Informatio
Page: HOUSE_OVERSIGHT_023609 →Entities connected to both Merrill Lynch Global Wealth Management and HealthCap

Donald Trump
PERSON
Bank of America
ORGANIZATION
Michael Bloomberg
PERSON
Merrill Lynch
ORGANIZATION
Bank of America Corporation
ORGANIZATION
United Kingdom
LOCATIONMerchant Bank
ORGANIZATION
Frankfurt
LOCATIONThe Financial Service Board
ORGANIZATION
Seoul
LOCATIONthe Securities and Futures Bureau
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATION
BofA Merrill Lynch
ORGANIZATIONILynch
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONthe Financial Supervisory Service
ORGANIZATIONthe Central Bank of Ireland
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATION