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rill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the
Page: HOUSE_OVERSIGHT_014457 →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 →rill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the
Page: HOUSE_OVERSIGHT_014650 →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 →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 →Lynch and Distribution o South Africa (Pty) Ltd, regulated by The Financial Service Board; MLI (UK): Merrill Lynch 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;
Page: HOUSE_OVERSIGHT_014785 →Quantitative Analysis
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 →d Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A., Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesale’ clients as defined by s.761G of the Corporati
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both Merrill Lynch Equities (Australia) Limited and BofA Merrill Lynch Global

Merrill Lynch Global Wealth Management
ORGANIZATION
Bank of America
ORGANIZATION
Bank of America Corporation
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATION
BANA Australia
ORGANIZATION
Merrill Lynch
ORGANIZATION
Frankfurt
LOCATIONDSP Merrill Lynch Limited
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATION
Donald Trump
PERSONMerrill Lynch International Bank Limited
ORGANIZATIONMerchant Bank
ORGANIZATIONBank of America Merrill Lynch International Limited
ORGANIZATION
United Kingdom
LOCATION
Seoul
LOCATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch International
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATION