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at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
ectively). MLIBLMB and 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 ‘Wholesal
Page: HOUSE_OVERSIGHT_014457 →at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
ectively). MLIBLMB and 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 ‘Wholesal
Page: HOUSE_OVERSIGHT_014496 →ncrease penetration of higher margin offerings 48 Health: Not Tremendously Prescriptive 51 Vision 2030 a s
35132 (MLEA) distribute this report in Australia only to ‘Wholesale’ clients as defined by s.761G of the Corporations Act 2001. With the exception of BANA Australia, neither MLEA nor any of its affiliates involved in preparing this research report is an Authorised Deposit-Taking Institution under the Banking Act
Page: HOUSE_OVERSIGHT_016194 →Quantitative Analysis
ervices 1,720 Tax credit for orphan drug research Health 100 Exclusion & deferral of policyholder income e
35132 (MLEA) distribute this report in Australia only to ‘Wholesale’ clients as defined by s.761G of the Corporations Act 2001. With the exception of BANA Australia, neither MLEA nor any of its affiliates involved in preparing this research report is an Authorised Deposit- Taking Institution under the Banking Act
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both BANA Australia and HealthCap

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