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Investment Strategy
cals Source: BofA Merrill Lynch Global Research, Bloomberg, Haver Exhibit 2: Shares rated Buy by our analys
PRA - details about the extent of our regulation by the FCA and PRA are available from us on request; has been considered and distributed in Japan by Lynch (Japan), a registered securities dealer under the Financial Instruments and Exchange Act in Japan; is issued and distributed in Hong Kong by Merrill Lynch (
Page: HOUSE_OVERSIGHT_014408 →RHS) Source: BofA Merrill Lynch Global Research, Bloomberg Source: BofA Merrill Lynch Global Research, Bloom
tails about the extent of our regulation by the FCA and PRA are available from us on request; has been considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer under the Financial Instruments and Exchange Act in Japan; is issued and distributed in Hong Kong by Merrill Lynch (
Page: HOUSE_OVERSIGHT_014429 →(SD) Source: BofA Merrill Lynch Global Research, Bloomberg Chart 5: Financials valuations have recovered si
tails about the extent of our regulation by the FCA and PRA are available from us on request; has been considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer under the Financial Instruments and Exchange Act in Japan; is issued and distributed in Hong Kong by Merrill Lynch (
Page: HOUSE_OVERSIGHT_014496 →uy 70.0% Short interest % of float 2.25% Source: Bloomberg and BofA Merrill Lynch Global Research estimates
tails about the extent of our regulation by the FCA and PRA are available from us on request; has been considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer under the Financial Instruments and Exchange Act in Japan; is issued and distributed in Hong Kong by Merrill Lynch (
Page: HOUSE_OVERSIGHT_014650 →Entities connected to both Michael Bloomberg and Lynch (Japan

Donald Trump
PERSON
United States
LOCATION
United Kingdom
LOCATION
Paul Ryan
PERSON
Frankfurt
LOCATION
Merrill Lynch
ORGANIZATION
U.S. Treasury
ORGANIZATION
Bank of America
ORGANIZATION
Seoul
LOCATIONthe Dubai Financial Services Authority
ORGANIZATIONMerchant Bank
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONThe Monetary Authority of Singapore
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATION
the Financial Services Agency
ORGANIZATION
Bank of America Corporation
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONThe Financial Service Board
ORGANIZATION
BofA Merrill Lynch
ORGANIZATIONOtoritas Jasa Keuangan
ORGANIZATION