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national Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities
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 →national Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities
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 →national Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities
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
national Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities
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 BofA Merrill Lynch Global and the Financial Supervisory Service

Merrill Lynch Global Wealth Management
ORGANIZATION
Bank of America
ORGANIZATION
Frankfurt
LOCATION
Merrill Lynch
ORGANIZATION
Seoul
LOCATION
United Kingdom
LOCATIONthe Securities and Futures Bureau
ORGANIZATIONMerchant Bank
ORGANIZATION
Donald Trump
PERSON
Bank of America Corporation
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATION
the Financial Services Agency
ORGANIZATION
Michael Bloomberg
PERSONthe Prudential Regulation Authority
ORGANIZATIONBaFin
ORGANIZATIONILynch
ORGANIZATION