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Jan-15 memes Industrial production - inventory (3m mva yoy%) —— SCI Japan cyclical/defensive Source: BofA Merrill Lynch Global Research, Bloomberg, Haver Cyclical = Industrials, consumer discretionary, IT, materials Defensive = Healthcare, telecom, consumer staples, utilities Calculated cyclical and

sives June '12 Fundamentals June '14 Production June '13 Contraction Recovery Cyclicals Source: BofA Merrill Lynch Global Research, Bloomberg, Haver 23 09 07 05 e SF SF SF 9 eee TSE Bank/ TSE REIT Source: BofA Merrill Lynch Global Research, Bloomberg, Exhibit 4: Reactions to US Treasury curve

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1000 60 900 40 800 =— Percentage of Countries with J. ——MSCI EM, RS 20 700 1/11 1/12 1/13 1/14 1/15 1/16 Source: BofA Merrill Lynch Global Research, Haver, Bloomberg Chart 29: EM cyclicals outperform as China’s NOMINAL GDP recovers. More to go. eee SCI EM cyclicals/EM defensives price index, LS 180 =

S2SSZFSSSRSPESPSLZESS 5 8 gpg = 8 & & & Source: BofA Merrill Lynch Global Research, Bloomberg, Source: BofA Merrill Lynch Global Research, Bloomberg, Haver, EPFR Bankof America “2 Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 27 Merrill Lynch HOUSE_OVERSIGHT_014757 --- PAGE BREAK --- Best V

ility of the Bank’s sales and trading businesses relating to the class of securities or financial instruments for which such analyst is responsible. BofA Merrill Lynch Global Credit Research analysts regularly interact with sales and trading desk personnel in connection with their research, including to ascertain pricing and liquidity in