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Investment Strategy
clusions from, the information presented in rt. errill Lynch Global Researe es and financial methods of the persons who pre
ined under the Financial Advisers Regulations) by Merrill Lynch Interna Bank Limited (Merchant Bank} (MLIBLMB} and Merrill
d instruments Lynch entities affiliates may, at any ‘A Merrill Lynch Global Research, may have issued and may in the future issue trad
uted in the Uni errill Lynch Interna the PRA) by Merrill Lynch Interna ut the extent of our regulation by jon in relati
eek advice rega ents discussed in this report. ‘A Merrill Lynch Global Research, may have issued and may in the future issue trad
o F&S and not such ributed in the Uni ntern K): Merrill Lynch In d, regulated by the A mmission (HKSFC); ated by t
Estimate Change
Valores Mobiliarios; Merrill Lynch KSA Company, Merrill Lynch In Bank Limited (Merchant Bank} (MLIBLMB) and Merrill
uguonw Secoe€suorkxerosreeraxGomaatitgua 0 ae SARA Se oP oe Oo peewee Jan-10 Jan-11. Jan-12. Jan-13 Jan-14. Jan-15 Jan-16— Jan-17 Source: Bloomberg; BofA Merrill Lynch Global Research estimates Source: Bloomberg; BofA Merrill Lynch Global Research estimates In our view, any meaningful reduction in short interest could drive an out
Page: HOUSE_OVERSIGHT_014875 →Entities connected to both BofA Merrill Lynch Global Research and Merrill Lynch Interna

Bank of America
ORGANIZATION
Merrill Lynch
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Donald Trump
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Merrill Lynch Global Wealth Management
ORGANIZATIONPierce, Fenner & Smith Incorporated
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Bank of America Corporation
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BofA Merrill Lynch
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United Kingdom
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Michael Bloomberg
PERSONMerrill Lynch International Incorporated
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Frankfurt
LOCATIONthe Central Bank of Ireland
ORGANIZATIONThe Financial Service Board
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Seoul
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