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nch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company,
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 →nge Board of India; PT Merrill Lynch (Indonesia): P Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merr Th
rtionate to index weights 70 60 50 40 30 20 10 0 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 — 2% —<0% 4 0.5 1 1.5 2 Source: Eurostat, BofA Merrill Lynch Global Research Source: Eurostat, BofA Merrill Lynch Global Research Core inflation at 0.8% is barely above the 2015 low of 0.6%. One statistic that often
Page: HOUSE_OVERSIGHT_014744 →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 →anch}, 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 (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company,
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both Comisién Nacional del Mercado De Valores and BofA Merrill Lynch Global

Merrill Lynch Global Wealth Management
ORGANIZATION
Bank of America
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONMerchant Bank
ORGANIZATIONBank of America Merrill Lynch International Limited
ORGANIZATION
Frankfurt
LOCATION
United Kingdom
LOCATION
Merrill Lynch
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch International
ORGANIZATION
Donald Trump
PERSONMerrill Lynch Canada Inc
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATION
Seoul
LOCATION
Bank of America Corporation
ORGANIZATIONBaFin
ORGANIZATION
the Financial Services Agency
ORGANIZATION
BANA Australia
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATION