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BofA Merrill Lynch Global Research. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the US (short name: legal name, regulator): Merr
Page: HOUSE_OVERSIGHT_014429 →by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch srael Limited, regulated by
Page: HOUSE_OVERSIGHT_014429 →s and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated b
Page: HOUSE_OVERSIGHT_014429 →errill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and
Page: HOUSE_OVERSIGHT_014429 →securi hat price or value of such or fu priate at all times. Costs o f any security or financial ins MLPF&S). MLPF&S is and continues to ac ‘A Merrill Ly BofA Merri able materials. Any unauthorized use or dis ents, opinions, conclusion, or informat ion from an authorized officer of BofA cluding invest
Page: HOUSE_OVERSIGHT_014430 →seek advice regarding the applicability of such regu ations prior to rument mentioned in this report. Investors in such securities and instruments Lynch entities affiliates may, at any tention of any he provision of research services for a separate fee, and in connection person with whom MLPF&S has
Page: HOUSE_OVERSIGHT_014430 →Quantitative Analysis
BofA Merrill Lynch Global Research. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the US (short name: legal name, regulator): Merr
Page: HOUSE_OVERSIGHT_023094 →by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (O)K); Merrill Lynch (Israel): Merrill Lynch srael Limited, regulated by
Page: HOUSE_OVERSIGHT_023094 →s and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB} and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated b
Page: HOUSE_OVERSIGHT_023094 →errill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and
Page: HOUSE_OVERSIGHT_023094 →Merrill Lynch is aware that the i acti de of the United Kingdom. BofA LPF&S or one of its affiliates is a regular issuer of traded financial instru Lynch, through business units other than Bo th, and reach different conclusions from, the information presented in € persons who prepared them, and BofA '
Page: HOUSE_OVERSIGHT_023095 →anization of Canada; Merrill Lynch (Mexico): Merrill Lynch Mexico SA de CV, Casa de Bolsa, regulated by the Comisi6n Nacional Bancaria y de Valores; Merrill Lynch 'Argentina): Merrill Lynch Argentina SA, regulated by Conisien Nacional de Vetoes; Memll Lynch (japan): Merrill LynchJapan Securities Co, Ltd., regula
by the Financial Supervisory Service, Memll Lynch (Taiwan). Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; OSP Merrill Lynch (India): DSP Merrill Lynch limited, regulated by the Securities and Exchange Board of India; Merrill Lynch (Indonesia): PT Merrill Lynch Sekuritas I
rvice Board, MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA)and the Prudential Regulation Authority (PRA', Menill Lynch (Australia): Mernll Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Convnission; Merrill Lynch (Hang Kong)
Merrill Lynch (Seoul": Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service, Memll Lynch (Taiwan). Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; OSP Merrill Lynch (India): DSP Merrill Lynch limited, regulated by the Securities and
Price Objective Change
06872E and 198602883D respectively}. MLIBLMB and Me errill Lynch Equities (Australia) the Corporations Act 2001. With the
charts for the securities referenced in this research report are available at http://pricecharts.baml.com, or call 1-800-MERRILL to have them mailed. LPF&S or one of its affiliates acts as a market maker for the equity securities recommended in the report: AllianceBernstein, Amer Express, Ares Management
Page: HOUSE_OVERSIGHT_014393 →rill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and regulated 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
Page: HOUSE_OVERSIGHT_014394 →ate and time of completion of the production of any recommendation in s of covered issuers. BofA Merri ly. Except as otherwise stated in securi | Lynch policies prohibit research analysts from accepting payment or reimbursement for travel expenses the report, for the purpose of any recommendation in
Page: HOUSE_OVERSIGHT_014394 →inancial Conduct Au Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong}: Merri Lynch (Singapor hority (FCA) an e) Pte Ltd, regu tion of Canada; a SA, regulated International Incorporated K); d by the Central Bank of the and eligi
Page: HOUSE_OVERSIGHT_014394 →ib India}; and is issued and distributed in Singapore to institutional investors and/or accredited investors (each as d Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901
Page: HOUSE_OVERSIGHT_014394 →602883D respectively}. MLIBLMB and Me errill Lynch Equities (Australia) the Corporations Act 2001. With the exception of BA errill Lynch (Mexico): Merrill Lyne by Comisién Nacional de Va Seoul Branch) regulated by Futures Bureau; DSP Merrill Lynch (India): DS by Otoritas Jasa Keuangan (O, Russian Federation;
Page: HOUSE_OVERSIGHT_014394 →Entities connected to both Merrill Lynch and Merrill Lynch Securities
Pierce, Fenner & Smith Incorporated
ORGANIZATION
Bank of America
ORGANIZATION
Bank of America Corporation
ORGANIZATION
Donald Trump
PERSON
Michael Bloomberg
PERSON
Frankfurt
LOCATION
United Kingdom
LOCATIONMerchant Bank
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATION
Seoul
LOCATIONOtoritas Jasa Keuangan
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONBaFin
ORGANIZATIONBank of America Merrill Lynch International Limited
ORGANIZATIONthe Central Bank of Ireland
ORGANIZATIONILynch
ORGANIZATION
BofA Merrill Lynch
ORGANIZATION