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ns of SAR14bn that PIF administers). According to Bloomberg, PIF had stakes in publicly listed companies on T

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uy 70.0% Short interest % of float 2.25% Source: Bloomberg and BofA Merrill Lynch Global Research estimates

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(RHS) Source: BofA Merrill Lynch Global Research, Bloomberg. Daily data from Jan-90 to 5-Jun-17. The politic

ompensation received from, such issuers in BofA research reports. To the extent this report discusses any

to Back Rockefeller Wealth Firm Led by Fleming - Bloomberg https:/Awww.bloomberg.com/news/articles/201 7-10

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hs Global Investment Janet Yellen, exchange with Research, December 8, 2016. ABC News reporter Rebecca pa

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ofessionals in other business areas of BofA Merri Research and certain business groups. As a resul BofA res

15 3015 4015 1016 Q16 4Q16 1017E2017E 3Q17E4Q17E BofAML vs. Street Below Above Above Below AY Source: BofA Merrill Lynch Global Research estimates, Bloomberg 7h eee | istening Hours Y/Y Growth === Active Listners Y/Y Growth Source: BofA Merrill Lynch Global Research estimates, company report Bankof America

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0.1 0.1 0.1 Utilities 0.2 0.2 0.2 0.2 S&P 500 ex. Financials & Real Estate 117.0 102.4 78.3 68.5 S&P 500 GAAP EPS impact ($9) ($8) Source: FactSet, Blaomberg, BofAML Global Research estimates, BofA Merrill Lynch US Equity & US Quant Strategy We estimate share buybacks add $4 (or as high as $6) to EPS (GAA