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at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
rill 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; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the
Page: HOUSE_OVERSIGHT_014457 →at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
rill 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; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the
Page: HOUSE_OVERSIGHT_014496 →ncrease penetration of higher margin offerings 48 Health: Not Tremendously Prescriptive 51 Vision 2030 a s
rill 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; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the
Page: HOUSE_OVERSIGHT_016193 →Quantitative Analysis
ervices 1,720 Tax credit for orphan drug research Health 100 Exclusion & deferral of policyholder income e
d Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A., Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesale’ clients as defined by s.761G of the Corporati
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both Merrill Lynch Equities (Australia) Limited and HealthCap

Donald Trump
PERSON
Bank of America
ORGANIZATION
Michael Bloomberg
PERSON
Merrill Lynch
ORGANIZATION
Frankfurt
LOCATION
United Kingdom
LOCATION
Merrill Lynch Global Wealth Management
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATIONMerchant Bank
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONThe Financial Service Board
ORGANIZATION
Seoul
LOCATIONthe Securities and Futures Bureau
ORGANIZATION
Bank of America Corporation
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONthe Financial Supervisory Service
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATION
BANA Australia
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATION