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ump) Source: BofA Merrill Lynch Global Research, Bloomberg Trump’s effect on MXN We provide an empirical a
l): Merrill Lynch srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): M
Page: HOUSE_OVERSIGHT_010614 →Investment Strategy
cals Source: BofA Merrill Lynch Global Research, Bloomberg, Haver Exhibit 2: Shares rated Buy by our analys
l): Merrill Lynch srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): M
Page: HOUSE_OVERSIGHT_014408 →RHS) Source: BofA Merrill Lynch Global Research, Bloomberg Source: BofA Merrill Lynch Global Research, Bloom
l): Merrill Lynch srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): M
Page: HOUSE_OVERSIGHT_014429 →Investment Strategy
ico} ico} SSR ERE EERE ES SSR eRe EER EES Source: Bloomberg Source: Bloomberg 4 Global Cross Asset Strategy -
l): Merrill Lynch srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): OOO Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): M
Page: HOUSE_OVERSIGHT_014457 →(SD) Source: BofA Merrill Lynch Global Research, Bloomberg Chart 5: Financials valuations have recovered si
l}: Merrill Lynch srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): OOO Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): M
Page: HOUSE_OVERSIGHT_014496 →uy 70.0% Short interest % of float 2.25% Source: Bloomberg and BofA Merrill Lynch Global Research estimates
l): Merrill Lynch srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): OOO Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): M
Page: HOUSE_OVERSIGHT_014650 →ance-decline line recently signaled for tactical USD strength and would turn outright bullish with a trend line break and new index highs. Chart 79: Bloomberg US dollar index, weekly chart with USD breadth measures MEBDXY Index - Last Price MISMAVG (200) on Close (BBDXY) LI9L47 Resistance: 1255 | A af" — ql a
Page: HOUSE_OVERSIGHT_014778 →K); Merrill Lynch srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merri DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill L
Page: HOUSE_OVERSIGHT_014785 →Earnings Preview
15 3015 4015 1016 Q16 4Q16 1017E2017E 3Q17E4Q17E BofAML vs. Street Below Above Above Below AY Source: BofA Merrill Lynch Global Research estimates, Bloomberg 7h eee | istening Hours Y/Y Growth === Active Listners Y/Y Growth Source: BofA Merrill Lynch Global Research estimates, company report Bankof America
Page: HOUSE_OVERSIGHT_014918 →): Merrill Lynch Israel Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): M
Page: HOUSE_OVERSIGHT_014949 →Quantitative Analysis
0.1 0.1 0.1 Utilities 0.2 0.2 0.2 0.2 S&P 500 ex. Financials & Real Estate 117.0 102.4 78.3 68.5 S&P 500 GAAP EPS impact ($9) ($8) Source: FactSet, Blaomberg, BofAML Global Research estimates, BofA Merrill Lynch US Equity & US Quant Strategy We estimate share buybacks add $4 (or as high as $6) to EPS (GAA
Page: HOUSE_OVERSIGHT_023079 →l): Merrill Lynch srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): M
Page: HOUSE_OVERSIGHT_023094 →(RHS) Source: BofA Merrill Lynch Global Research, Bloomberg. Daily data from Jan-90 to 5-Jun-17. The politic
nch (India): DSP Merrill Lynch Limited, ndonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill es, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch errill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by jo SA, regulated by Comissdo de Valores Mobiliario
Page: HOUSE_OVERSIGHT_023609 →Entities connected to both the Central Bank of the Russian Federation and Michael Bloomberg

Bloomberg L.P.
ORGANIZATION
Donald Trump
PERSON
Marc Rich
PERSON
United States
LOCATION
Bill Clinton
PERSON
United Kingdom
LOCATION
Paul Ryan
PERSON
Frankfurt
LOCATION
Merrill Lynch
ORGANIZATION
Bank of America
ORGANIZATIONDoug Band
PERSON
Seoul
LOCATION
U.S. Treasury
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATIONMerchant Bank
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATION
Bank of America Corporation
ORGANIZATION