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national Incorporated (Seoul Branch} regulated by the ecurities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Lim
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]
Investment Strategy
at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
orporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merr
Page: HOUSE_OVERSIGHT_014457 →at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
orporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merr
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
f 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, regulated by the Central Bank DFSA); Merrill Lynch (S
Page: HOUSE_OVERSIGHT_014999 →ncrease penetration of higher margin offerings 48 Health: Not Tremendously Prescriptive 51 Vision 2030 a s
orporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merr
Page: HOUSE_OVERSIGHT_016194 →Quantitative Analysis
ervices 1,720 Tax credit for orphan drug research Health 100 Exclusion & deferral of policyholder income e
orporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merr
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both the Securities and Futures Bureau and HealthCap

Donald Trump
PERSON
Bank of America
ORGANIZATION
United Kingdom
LOCATION
Michael Bloomberg
PERSON
Merrill Lynch
ORGANIZATIONMerchant Bank
ORGANIZATIONThe Financial Service Board
ORGANIZATION
Frankfurt
LOCATION
Seoul
LOCATION
Merrill Lynch Global Wealth Management
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONthe Financial Supervisory Service
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATIONBaFin
ORGANIZATIONthe Central Bank of Ireland
ORGANIZATION
Bank of America Corporation
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATION