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n; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comision Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated
Page: HOUSE_OVERSIGHT_014457 →art, or in any form or manner, without and client websites and other portals by BofA review of this research report consti (including any investmen BofA Merrill Lynch Global hould consult their ow ny BofA Merrill Lynch en n public information. Fac pa | ities. None of MLPF&S, any of i Research policy prohibits rese conta
Page: HOUSE_OVERSIGHT_014458 →n; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A., regulate
Page: HOUSE_OVERSIGHT_014650 →retransmitted or disclosed, in whole simultaneously to interna review of this research report consti (including any investmen Materials prepared by BofA Merrill Lynch Global Rese utes your agree information known to, professionals in other business areas of BofA Merri BofA researc hould erri Research and certain busin
Page: HOUSE_OVERSIGHT_014651 →Quantitative Analysis
he fundamentals of the companies and their own individual circumstances/abjective before making any investment decisions. Source: FactSet, Bloomberg, BofA Merrill Lynch Global research estimates, BofA Merrill Lynch US Equity & US Quant Strategy 20 Equity Strategy Focus Point | 29 January 2017 HOUSE_OVERSIGHT_023088 Bank
Page: HOUSE_OVERSIGHT_023089 →n; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both Merrill Lynch Capital Markets Espana and BofA Merrill Lynch Global

Bank of America Corporation
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATION
Bank of America
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATION
Merrill Lynch
ORGANIZATIONOtoritas Jasa Keuangan
ORGANIZATION
Donald Trump
PERSONMerrill Lynch International Incorporated
ORGANIZATIONBofA Merrill Lynch Global Credit Research
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATION
Frankfurt
LOCATION
United Kingdom
LOCATIONMerrill Lynch Argentina SA
ORGANIZATION
Comisién Nacional de Valores
ORGANIZATIONThe Financial Service Board
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATIONthe Central Bank of the Russian Federation
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATION