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is starting to approach silver 300% 250% 200% 150% 100% 50% 0% 3M-rolling annualized stdev of daily returns -Silver —Sltcoln —Gold Source Blomberg BoWAMm11 Lynch Gbbal Research A wide array of risks obscure the future of cryptocurrencles When examining the safety of any asset, volatility is no
issuer is or was, within the last 12 months, a securities business dent (non-investment banking) of NILFfddandfor one or more of its affiliates: UK BofA Merrill Lynch Research Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of Ame
Investment Strategy
ico} ico} SSR ERE EERE ES SSR eRe EER EES Source: Bloomberg Source: Bloomberg 4 Global Cross Asset Strategy -
ector, region or other classification(s). A stock’s coverage cluster is included in the most recent BofA Merrill Lynch report referencing the stock. BofA Merrill Lynch Research Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of Ame
Page: HOUSE_OVERSIGHT_014457 →(SD) Source: BofA Merrill Lynch Global Research, Bloomberg Chart 5: Financials valuations have recovered si
ector, region or other classification(s). A stock’s coverage cluster is included in the most recent BofA Merrill Lynch report referencing the stock. BofA Merrill Lynch Research Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of Ame
Page: HOUSE_OVERSIGHT_014496 →uy 70.0% Short interest % of float 2.25% Source: Bloomberg and BofA Merrill Lynch Global Research estimates
tes: Aetna Inc, Consolidated Edison, Dover Corp, General Dynamics, Hess, MGM Resorts, Norfolk Southern, SVB Financial, Texas Instrument, TripAdvisor. BofA Merrill Lynch Research Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of Ame
Page: HOUSE_OVERSIGHT_014650 →ns of SAR14bn that PIF administers). According to Bloomberg, PIF had stakes in publicly listed companies on T
of MLPF&S and/or one or more of its affiliates: BAE SYSTEMS, Bahrain, Bahrain (Treasury), Dubai, Qatar, Qatar (Central Bank), SABIC, THALES, Yansab. BofA Merrill Lynch Research Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of Ame
Page: HOUSE_OVERSIGHT_016193 →Entities connected to both Michael Bloomberg and BofA Merrill Lynch Research Personnel

Bloomberg L.P.
ORGANIZATION
Donald Trump
PERSON
United States
LOCATION
United Kingdom
LOCATION
Paul Ryan
PERSON
Merrill Lynch
ORGANIZATION
Frankfurt
LOCATION
Seoul
LOCATION
Bank of America
ORGANIZATION
Philippines
LOCATIONthe Dubai Financial Services Authority
ORGANIZATION
the Financial Services Agency
ORGANIZATIONMerchant Bank
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONThe Financial Service Board
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATION
Columbia University
LOCATIONThe Monetary Authority of Singapore
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATION