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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 Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company,
Page: HOUSE_OVERSIGHT_010614 →ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_010614 →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_014429 →tively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A.,, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014429 →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 Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company,
Page: HOUSE_OVERSIGHT_014496 →ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014496 →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 →ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014650 →Estimate Change
errill an Federation; Merrill Lynch Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regu Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company,
Page: HOUSE_OVERSIGHT_014885 →ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014885 →Earnings Preview
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_014949 →ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014949 →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 Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company,
Page: HOUSE_OVERSIGHT_016194 →35132 (MLEA) distribute this report in Australia only to ‘Wholesale’ clients as defined by s.761G of the Corporations Act 2001. With the exception of BANA Australia, neither MLEA nor any of its affiliates involved in preparing this research report is an Authorised Deposit-Taking Institution under the Banking Act
Page: HOUSE_OVERSIGHT_016194 →Quantitative Analysis
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 →35132 (MLEA) distribute this report in Australia only to ‘Wholesale’ clients as defined by s.761G of the Corporations Act 2001. With the exception of BANA Australia, neither MLEA nor any of its affiliates involved in preparing this research report is an Authorised Deposit- Taking Institution under the Banking Act
Page: HOUSE_OVERSIGHT_023094 →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, M
Page: HOUSE_OVERSIGHT_026002 →ctively). MLIBLMB and Merrill Lynch (Singapore) are regulated by MAS. Bank of America N.A., Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_026002 →nge Board of India; PT Merrill Lynch (Indonesia): P Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merr Th
d and issued by Merrill Lynch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business ed (ABN 65 006 276 795), AFS of BANA Australia, neither MLEA nor responsibility for research reports of its non-US affiliates distributed to MLPF&S clients in the US. Any US person receiving this
Page: HOUSE_OVERSIGHT_014785 →Entities connected to both Comisién Nacional del Mercado De Valores and BANA Australia

Merrill Lynch Global Wealth Management
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATION
Merrill Lynch
ORGANIZATION
Bank of America
ORGANIZATION
Frankfurt
LOCATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATIONMerchant Bank
ORGANIZATION
United Kingdom
LOCATIONBank of America Merrill Lynch International Limited
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATION
Donald Trump
PERSON
Seoul
LOCATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch International
ORGANIZATIONMerrill Lynch Equities (Australia) Limited
ORGANIZATIONBaFin
ORGANIZATION
the Financial Services Agency
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATION