1、 Employed by a non-US affiliate of MLPF&S and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions.BofA Merrill Lynch do

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4、on.their investment decision.Refer to important disclosures on page Refer to important disclosures on page 1717 to to 1818.Analyst Certification on page Analyst Certification on page 1616.1162985911629859 Thematic Investing The Silver Economy The Silver Economy Global AgGlobal Age eing Primer ing Pr

5、imer PicksPicks Thematic InvestingThematic Investing Equity|Equity|09 May 201609 May 2016 A Transforming World:A Transforming World:AgeingAgeing As part of our work on A Transforming World we update our People-focused theme The Silver Economy with a Primer and Primer Picks reports.We are living in t

6、he midst of the most remarkable demographic transition in history with life expectancy to reach 77.1 by 2050E(vs.48Y in 1950)and the global 60+population to grow to 2.1bn by 2050E(vs.901mn today).We are arriving at“peak youth”for the first time in human history with the number of persons aged 65+exp