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at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
ch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S an
Page: HOUSE_OVERSIGHT_014457 →at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for
ch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S an
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
ny Registration 064 874 531), AFS License 412901 ‘Wholesale’ clients as d Authorised Deposit-Tal report in Brazil and its pre Frankfurt Branch (BAMLI Frankfurt) This research report has been prepa responsibility for research reports o security discussed in the report sho! local distribu erril Va bia Compa
Page: HOUSE_OVERSIGHT_014999 →ncrease penetration of higher margin offerings 48 Health: Not Tremendously Prescriptive 51 Vision 2030 a s
ch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S an
Page: HOUSE_OVERSIGHT_016194 →Quantitative Analysis
ervices 1,720 Tax credit for orphan drug research Health 100 Exclusion & deferral of policyholder income e
ch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S an
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]
Japan Securities Co,, Ltd, regulated by the Financi Exc Va jon by the FCA and PI Registration AFS License 412901 (B, ocal distribu errill Lynch Frankfurt) L ne matters re report sho! ld contact ea los F 06872E A efined by s.761G of the Cor ing Institution under the Banking Act 1959 nor regu ion
Page: HOUSE_OVERSIGHT_023609 →Entities connected to both Frankfurt and HealthCap

Jeffrey Epstein
PERSON
George W. Bush
PERSON
John F. Kennedy
PERSON
United States
LOCATIONMaria Farmer
PERSON
United Kingdom
LOCATION
Donald Trump
PERSONthe Prudential Regulation Authority
ORGANIZATIONBaFin
ORGANIZATION
Norway
LOCATION
Malaysia
LOCATION
Samantha Power
PERSON
Marc Rich
PERSON
Michael Bloomberg
PERSON
Hong Kong
LOCATION
Seoul
LOCATION
Philippines
LOCATION
the Financial Services Agency
ORGANIZATIONDoug Band
PERSON
Merrill Lynch
ORGANIZATION