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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 South Africa ( PRA}; Merrill Lynch (Aus Pacific) Limited, regulate Singapore (MAS); Merrill CV, Casa de Bolsa, regulated by ja
Page: HOUSE_OVERSIGHT_014422 →ian Securities and Investments Commissio Futures Commission (HKSFQ; Merri Canada): Merrill Lynch Canada Inc, regulated by the Inves ria y de Valores; Merrill Lynch Services Agency: Lynch Securities (Taiwan) Ltd, regu errill Lynch (Indonesia): PT hority (FCA) and the Prudential Regula n; Merrill Lynch (Hong Kong
Page: HOUSE_OVERSIGHT_014422 →Inte Comisi6n Nacional del M errill Lynch Kingdom o This research report: FCA and the PRA) by retail clients (as defin imited regulation by the FA a Lynch (Japan), a registered secu by HKSFC (research repor' ralia): Lynch Saud LI(UK}a India}; and is issued and distri Bank Limited (Merchant Bank) re
Page: HOUSE_OVERSIGHT_014422 →vices Agency: Lynch Securities (Taiwan) Ltd, regu errill Lynch (Indonesia): PT hority (FCA) and the Prudential Regula n; Merrill Lynch (Hong Kong): Merri Lynch (Singapore) Pte Ltd, regulated by the errill Lynch (Mexico): Merrill Lyne by Comisién Nacional de Va Seoul Bi ed by the Centra hich is authorized
Page: HOUSE_OVERSIGHT_014422 →arising from, or in connection with, this Bank of the arkets E as each by the Cen jon in Hong Kong ai issued and distribu dvisers Regulations }. MLIBLMB and Mei ies (Australia} Limi the Corporations Act 2001. With the exception of BA 59 nor regulated by the Austra Brazil} in accordance with ap p he
Page: HOUSE_OVERSIGHT_014422 →ffering document issued in connec Securities and other financial instruments discussed in this report, or recommended, o tory institution (including, Bank of A k and liquidity risk. No security, financ! iable information about the value or income from such securities and other financial instruments, if any,
Page: HOUSE_OVERSIGHT_014422 →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_010614 →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_010614 →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_010614 →ht” rating to securities that may have been recommended in this report. MLPF: inues to ac A Merrill Ly BofA Merri nch clients and may not be re | Lynch research reports are d bited. Receip ents, opinions, conclusion, or information contained in this report ion from an authorized officer of BofA Merri
Page: HOUSE_OVERSIGHT_010615 →ancial instruments) to be suspended or withdrawn and shou uments) nor should the analyses or opinion(s) be considered a solici its contents. uding, Bank of A jo security, financial instrument or derivative is suitable for all investors. In some cases, securities and other financial ue or sell and reliable
Page: HOUSE_OVERSIGHT_010615 →Investment Strategy
r 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_014408 →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_014408 →vestors and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch Interna 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_014408 →he United Kingdom. BofA LPF&S or one of its affiliates is a regular issuer of traded financial instru rading position (long or short} in the securiti Lynch, through business units other than Bo ith, and reach different conclusions from, the information presented in rt. errill Lynch Global Researe es a
Page: HOUSE_OVERSIGHT_014409 →account the specific investment objectives, financial situation and the p. im fered or sold by Merrill Lynch, are not tory institution (including, Bank of A erparty default risk and liquidity risk. No security, financi iable information about the value or other financial instruments, if any, may fluctuate
Page: HOUSE_OVERSIGHT_014409 →Tables 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 an affiliate was a manager of a public offering of securities of this issuer within the last 12 months: Brazil, Italy, Turkey. The issuer is or wa
Page: HOUSE_OVERSIGHT_014784 →PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by t regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): P Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merr This research report: has been approved for p
Page: HOUSE_OVERSIGHT_014785 →ca}: Merrill Lynch d the Prudential Regulation Authority (Hong Kong): Merrill Lynch (Asia lated by the Monetary Authority of Israel}: Merrill Lynch Lynch lidrios; Merrill Lynch KSA Company, each is defined in the rules of the by the PRA and regulated by the FCA and the PRA, and is distributed in the
Page: HOUSE_OVERSIGHT_014785 →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_014785 →her financial instruments discussed in this report, or recommended, o deposits or other obligations of any insured depository institution (including, Bank of A instruments may be difficult to value or sell and reliable information about the value or income from such securities and other financial instrument
Page: HOUSE_OVERSIGHT_014785 →Entities connected to both Merrill Lynch and Bank of A
Pierce, Fenner & Smith Incorporated
ORGANIZATION
Bank of America
ORGANIZATION
Bank of America Corporation
ORGANIZATION
Donald Trump
PERSON
Michael Bloomberg
PERSON
Frankfurt
LOCATION
Merrill Lynch Global Wealth Management
ORGANIZATION
United Kingdom
LOCATIONMerchant Bank
ORGANIZATION
Marc Rich
PERSONMerrill Lynch International Bank Limited
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATION
United States
LOCATION
BofA Merrill Lynch
ORGANIZATIONOtoritas Jasa Keuangan
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATIONILynch
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATION