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sector, while the private payments companies stressed the importance of partnering with incumbent leaders and the need to maintain safety standards. BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict
Page: HOUSE_OVERSIGHT_014315 →ulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): OOO Merrill Lynch Securities, Moscow, regula DIFC): Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financ
Page: HOUSE_OVERSIGHT_014394 →Investment Strategy
LPF&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 does and seeks to do business with issuers covered
Page: HOUSE_OVERSIGHT_014404 →(Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill
Page: HOUSE_OVERSIGHT_014408 →(Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill
Page: HOUSE_OVERSIGHT_014429 →y website. Content endorsement by or es before bject to change without notice. BofA Merrill Lynch is under no obligation to update this report and BofA Merrill Lynch's ability to publish research on the subject issuer(s) in the future is subject to applicable quiet periods. You should therefore assume that BofA Mer
Page: HOUSE_OVERSIGHT_014430 →LPF&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 does and seeks to do business with issuers covered
Page: HOUSE_OVERSIGHT_014460 →(Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel}: Merrill Lynch srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): OOO Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill
Page: HOUSE_OVERSIGHT_014496 →eas or recommend der no obligation to ensure that such fA Merrill Lynch is un pecifically in mentioned in this re earch
(Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): OOO Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill
Page: HOUSE_OVERSIGHT_014650 →Estimate Change
% EV / EBITDA* 17.2x NM 9 9x 6.4x 5 Ax Free Cash Flow Yield* -13.2% 81% 3.8% -0.3% 3.17% * For full definitions of ‘Qnethod™ measures, see page 11. BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict
Page: HOUSE_OVERSIGHT_014873 →errill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): Lynch Israel Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russi DIFC}: Merrill Lynch International (DIFC Br
Page: HOUSE_OVERSIGHT_014885 →Earnings Preview
>6x return) will ensure that agents buy Zillow placements regardless of mortgage broker incentives. Additionally, we see earnings upside potential. BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict
Page: HOUSE_OVERSIGHT_014887 →: PT Merrill Lynch Sekuritas Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch Israel Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill
Page: HOUSE_OVERSIGHT_014949 →Entities connected to both BofA Merrill Lynch and Israel Securities Authority

Bank of America
ORGANIZATION
Merrill Lynch
ORGANIZATION
United Kingdom
LOCATION
Merrill Lynch Global Wealth Management
ORGANIZATION
Michael Bloomberg
PERSON
Frankfurt
LOCATION
Donald Trump
PERSONPierce, Fenner & Smith Incorporated
ORGANIZATIONMerchant Bank
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONOtoritas Jasa Keuangan
ORGANIZATION
Bank of America Corporation
ORGANIZATION
Seoul
LOCATIONthe Securities and Futures Bureau
ORGANIZATIONthe Central Bank of Ireland
ORGANIZATIONBaFin
ORGANIZATIONBank of America Merrill Lynch International Limited
ORGANIZATION