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at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been a
Page: HOUSE_OVERSIGHT_014496 →ncrease penetration of higher margin offerings 48 Health: Not Tremendously Prescriptive 51 Vision 2030 a s
.S.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company, Merrill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. OS merrill Lynch GEMs Paper #2
Page: HOUSE_OVERSIGHT_016194 →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]
Bank of the Russian Federation; Merrill Lynch errill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by jo SA, regulated by Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company, regulate by the S DFSA): } to professional clients and eligible counterparties (as each is defined in the rules of th
Page: HOUSE_OVERSIGHT_023609 →Entities connected to both Comissdo de Valores Mobiliarios 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
ORGANIZATION
Bank of America Corporation
ORGANIZATIONMerchant Bank
ORGANIZATIONThe Financial Service Board
ORGANIZATION
BofA Merrill Lynch
ORGANIZATION
Seoul
LOCATIONthe Central Bank of Ireland
ORGANIZATION
Bank of America, N.A.
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATION