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tedtt yield 12/80 12/84 12/88 12/92 12/96 12/00 12/04 12/08 12/12 200 2006 2008 2010 2012 2014 2016 Source: BofA Merrill Lynch Global Research, MSCI, Datastream Source: BofA Merrill Lynch Global Research, Bloomberg, Datastream European Yield Screen The rising rates backdrop has left yield not quite as scar
Page: HOUSE_OVERSIGHT_014448 →orporated (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 Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merr
Page: HOUSE_OVERSIGHT_014457 →0 066 = G/99—s—«<OG/O2—sC«OG/OS.s«OG/OS=—OG/11 (06/14 06/96 8606/99) (OG/02—sCO6/NSsC«G/OSS(G/11 S(O /14 Source: BofA Merrill Lynch Global Research, Datastream, MSCI, IBES Source: BofA Merrill Lynch Global Research, Datastream, MSC The other metric that illustrates the valuation overhang in Europe is the ri
Page: HOUSE_OVERSIGHT_014468 →orporated (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 Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merr
Page: HOUSE_OVERSIGHT_014496 →Saudi 12m Fwd PE 27 EM 12m Fwd PE 25 Average 23 eoccccce Average 2.1 1.9 nhs 1.5 1.3 14 09 07 08 09 10 11 12 13 14 15 16 0 10 (12181 8H Source: DataStream, |/B/E/S, Bloomberg, BofA Merrill Lynch Global Source: DataStream, |/B/E/S, Bloomberg, BofA Merrill Lynch Global Research Research Interestingly, no
Page: HOUSE_OVERSIGHT_016153 →orporated (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 Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merr
Page: HOUSE_OVERSIGHT_016194 →Entities connected to both the Securities and Futures Bureau and Datastream

United Kingdom
LOCATIONthe Dubai Financial Services Authority
ORGANIZATION
Seoul
LOCATION
Michael Bloomberg
PERSON
Frankfurt
LOCATION
Bank of America
ORGANIZATIONMerchant Bank
ORGANIZATION
Merrill Lynch
ORGANIZATIONThe Financial Service Board
ORGANIZATION
Donald Trump
PERSONMerrill Lynch KSA Company
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATIONBaFin
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONthe Central Bank of Ireland
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATION
the Financial Services Agency
ORGANIZATION