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Investment Strategy
Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comision 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, ertill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Mark
Page: HOUSE_OVERSIGHT_014457 →art, or in any form or manner, without and client websites and other portals by BofA review of this research report consti (including any investmen BofA Merrill Lynch Global hould consult their ow ny BofA Merrill Lynch en n public information. Fac pa | ities. None of MLPF&S, any of i Research policy prohibits rese conta
Page: HOUSE_OVERSIGHT_014458 →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, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Mark
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 →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 →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, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Mark
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both Bank of America Merrill Lynch Banco Multiplo S.A. and BofA Merrill Lynch Global

Merrill Lynch Global Wealth Management
ORGANIZATION
Bank of America Corporation
ORGANIZATION
Bank of America
ORGANIZATIONMerchant Bank
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATION
Michael Bloomberg
PERSON
Frankfurt
LOCATION
United Kingdom
LOCATIONPierce, Fenner & Smith Incorporated
ORGANIZATION
Merrill Lynch
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch International
ORGANIZATIONMerrill Lynch Equities (Australia) Limited
ORGANIZATION
Donald Trump
PERSONMerrill Lynch Canada Inc
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONBank of America Merrill Lynch International Limited
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATION
Seoul
LOCATION