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Facilities (-) — Fischbeck notes that uncertainty will remain an overhang for hospitals as repeal/replace a negative for the group (est losing 2-3mm Medicaid lives & 2-3mm exchange lives would be a 1-2% EBITDA hit on avg). Focus on company-specific stories like EVHC. MCOs (+) — Fischbeck generally +ve under Trump (especially around MA given historical support from GOP) w/ tailwinds from corporate tax & rising rates. ANTM top pick in given valuation & tailwinds. Distribution/Tech (=) — Valiquette prefers pharmacies CVS/WBA given benefits from decelerating generic prices (which will remain an overhang for Distributors). HHS appointment a —ve for HCIT. Daniel Lundquist Healthcare Specialist Sales Global Equities Bank of America Merrill Lynch One Bryant Park | New York, 10036 | United States T: M: The power of global connections™ BankofAmerica Merrill Lynch Find all Conference Events via the Following Link: https://gems.bankofamerica.com Disclaimer: This material was prepared by Sector Specialist Sales personnel of Merrill Lynch and is subject to the terms available at the following link: http://corp.bankofamerica.com/business/smb/landing/emaildisclaimer/americas/global-markets This message, and any attachments, is for the intended recipient(s) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and conditions available at http://www.bankofamerica.com/emaildisclaimer. If you are not the intended recipient, please delete this message. This message, and any attachments, is for the intended recipient(s) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and conditions available at http://www.bankofamerica.com/emaildisclaimer. If you are not the intended recipient, please delete this message. BankofAmerica = Merrill Lynch HOUSE_OVERSIGHT_014524