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Investment Strategy
Merkel is returned at the head of a coalition government in Germany. Chart 19: German polls show a consistent lead for Merkel’s CDU party Chart 20: Fillon well ahead of Le Pen in polls showing a potential run-off 40 100 : 90 " Oy On%@ gate 20 tHe “008 as” “ehan 46 06 4 80 30 +4 4 a aa a a4 a4 4 70 2 1 a
Page: HOUSE_OVERSIGHT_014443 →rities, 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): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comision Nacional del Mercado De Valores; Merrill Lynch (B
Page: HOUSE_OVERSIGHT_014457 →European politics. Will Europe follow the route to populism (revolt from the voters) or will we find relief for the markets by the end of 2017 from a Fillon/Merkel duo being in charge of the Euro area’s two largest economies. We think investors will demand a higher risk premium until the French Elections
Page: HOUSE_OVERSIGHT_014461 →rities, 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): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (B
Page: HOUSE_OVERSIGHT_014496 →ce should stay in the European Union, and, should she win, questions about the viability of the Eurozone will surface immediately.°* While polls show Fillon well ahead of Le Pen, polls have been wrong on the UK and Italian referenda and the US election. The Eurasia Group, for one, assigns a 30% probabilit
Page: HOUSE_OVERSIGHT_014561 →lica mientras no sean inscritos en el Registro de Valores correspondiente. Dubai: Goldman Sachs International ("GSI"} is authorised and regulated by the Dubai Financial Services Authority ("DFSA’} in the DIFC and the Financial Services Authority ("FSA") authorised by the Prudential Regulation Authority and regulated by the Financial Co
Page: HOUSE_OVERSIGHT_014618 →Entities connected to both the Dubai Financial Services Authority and Fillon

Frankfurt
LOCATION
United Kingdom
LOCATION
Michael Bloomberg
PERSON
Seoul
LOCATIONThe Monetary Authority of Singapore
ORGANIZATION
Donald Trump
PERSONBaFin
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATIONthe Capital Market Authority
ORGANIZATION
the Financial Services Agency
ORGANIZATIONBank of America Merrill Lynch International Limited
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONMerchant Bank
ORGANIZATION
Bank of America
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATION
Merrill Lynch
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATION