the Australian Securities and Investments Commission
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uct 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 Hong Kong Securities and Futures Commission (HKSFC); Merrill Lynch
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 →uct 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 Hong Kong Securities and Futures Commission (HKSFC); Merrill Lynch
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 →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 →uct 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 Hong Kong Securities and Futures Commission (HKSFC); Merrill Lynch
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both the Australian Securities and Investments Commission and BofA Merrill Lynch Global

United Kingdom
LOCATION
Merrill Lynch Global Wealth Management
ORGANIZATION
Bank of America
ORGANIZATIONthe Capital Market Authority
ORGANIZATION
Donald Trump
PERSONMerchant Bank
ORGANIZATION
Merrill Lynch
ORGANIZATION
Bank of America Corporation
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATIONThe Financial Service Board
ORGANIZATION
Frankfurt
LOCATION
Michael Bloomberg
PERSONMerrill Lynch Canada Inc
ORGANIZATION
the Financial Services Agency
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATION
Seoul
LOCATIONMerrill Lynch Argentina SA
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATION
Bank of America, N.A.
ORGANIZATION