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cional Bancaria y de Valores; Merrill Lynch (Argentina): Merrill Lynch Argentina SA, regulated by Comisién Nacional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co., Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financia
Page: HOUSE_OVERSIGHT_010614 →f the report and are subject to change without notice. Prices also are su notice. BofA Merrill Lynch is under no obligation to update this report and BofA Merrill Lynch's ability to publish research on the subject issuer(s) in the future is subj act, circumstance or opinion contained in this report. ating to securities
Page: HOUSE_OVERSIGHT_010615 →Price Objective Change
sector, while the private payments companies stressed the importance of partnering with incumbent leaders and the need to maintain safety standards. BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict
Page: HOUSE_OVERSIGHT_014315 →atory Organiza CV, Casa de Bolsa, regulated by the Comisién Nacional Bancaria y de Valores; Merrill Lynch (Argentina): Merrill Lynch Argentin japan): Merrill Lynch Japan Securities Co., Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lync
Page: HOUSE_OVERSIGHT_014394 →Investment Strategy
LPF&S and is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. BofA Merrill Lynch does and seeks to do business with issuers covered
Page: HOUSE_OVERSIGHT_014404 →cional Bancaria y de Valores; Merrill Lynch (Argentina): Merrill Lynch Argentina SA, regulated by Comisién Nacional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co., Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financia
Page: HOUSE_OVERSIGHT_014408 →cional Bancaria y de Valores; Merrill Lynch (Argentina): Merrill Lynch Argentina SA, regulated by Comisién Nacional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co., Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financia
Page: HOUSE_OVERSIGHT_014429 →y website. Content endorsement by or es before bject to change without notice. BofA Merrill Lynch is under no obligation to update this report and BofA Merrill Lynch's ability to publish research on the subject issuer(s) in the future is subject to applicable quiet periods. You should therefore assume that BofA Mer
Page: HOUSE_OVERSIGHT_014430 →Estimate Change
% EV / EBITDA* 17.2x NM 9 9x 6.4x 5 Ax Free Cash Flow Yield* -13.2% 81% 3.8% -0.3% 3.17% * For full definitions of ‘Qnethod™ measures, see page 11. BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict
Page: HOUSE_OVERSIGHT_014873 →ated by the Comisién Nacional Bancaria y de Valores; Merrill Lynch (Argentina): Merrill Lynch Argentina SA, regulated by Comisidn Nacional de japan): Merrill Lynch Japan Securities Co., Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branc Financial Supervisory Servi
Page: HOUSE_OVERSIGHT_014885 →Entities connected to both Merrill Lynch Japan Securities Co., Ltd. and BofA Merrill Lynch

Bank of America
ORGANIZATION
Merrill Lynch
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATION
United Kingdom
LOCATION
Michael Bloomberg
PERSON
Frankfurt
LOCATION
Bank of America Corporation
ORGANIZATION
Donald Trump
PERSONPierce, Fenner & Smith Incorporated
ORGANIZATIONMerchant Bank
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONOtoritas Jasa Keuangan
ORGANIZATIONThe Financial Service Board
ORGANIZATIONILynch
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATION
Seoul
LOCATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATION