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nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future
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 →nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future
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 →Australian Securities and Investments Commission; Merrill Lynch Pacific) Limited, regulated by the Hong Kong Securities and Future
rtionate to index weights 70 60 50 40 30 20 10 0 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 — 2% —<0% 4 0.5 1 1.5 2 Source: Eurostat, BofA Merrill Lynch Global Research Source: Eurostat, BofA Merrill Lynch Global Research Core inflation at 0.8% is barely above the 2015 low of 0.6%. One statistic that often
Page: HOUSE_OVERSIGHT_014744 →Quantitative Analysis
nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future
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 →Entities connected to both Merrill Lynch (Asia Pacific) Limited and BofA Merrill Lynch Global

Merrill Lynch Global Wealth Management
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Bank of America
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Bank of America Corporation
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Merrill Lynch
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United Kingdom
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Donald Trump
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Michael Bloomberg
PERSONMerchant Bank
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Frankfurt
LOCATIONThe Financial Service Board
ORGANIZATIONthe Securities and Futures Bureau
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BANA Australia
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