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at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
acional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co, Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Secur
Page: HOUSE_OVERSIGHT_014457 →at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
acional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co, Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Secur
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
dustry Regu na}: Merrill Lynch (Seou ent | atory Organization of Canada; Merrill Lynch (Mexico Lynch Argentina SA, regulated by Comisién Nacional ): Merrill Lynch International Incorporated (Seoul Br: ated by the Securities and Futures Bureau; DSP Merrill Lynch (Ind ch Sekuritas Indonesia, regulated by Otoritas Lynch Securities, Moscow,
Page: HOUSE_OVERSIGHT_014999 →Quantitative Analysis
ervices 1,720 Tax credit for orphan drug research Health 100 Exclusion & deferral of policyholder income e
cional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co., Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Secur
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]
Canada; Merrill Lynch (Mexico): Merrill Lynch Mexico, SA de Merrill Lynch Argentina SA, regulated by Comisién Nacional de Valores; Merrill Lynch )}: Merrill Lynch International Incorporated (Seoul Branch} regulated by the ecurities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, ndonesia, regulated by Otoritas J
Page: HOUSE_OVERSIGHT_023609 →Entities connected to both Merrill Lynch International Incorporated and HealthCap

Donald Trump
PERSON
Bank of America
ORGANIZATION
Michael Bloomberg
PERSON
United Kingdom
LOCATION
Merrill Lynch
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONMerchant Bank
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATION
Frankfurt
LOCATION
Bank of America Corporation
ORGANIZATIONThe Financial Service Board
ORGANIZATIONthe Central Bank of Ireland
ORGANIZATION
Seoul
LOCATIONMerrill Lynch KSA Company
ORGANIZATIONOtoritas Jasa Keuangan
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATION