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ump) Source: BofA Merrill Lynch Global Research, Bloomberg Trump’s effect on MXN We provide an empirical a
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, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been a
Page: HOUSE_OVERSIGHT_010614 →Price Objective Change
A Merrill Lynch Investment rating Company ticker Bloomberg symbol Analyst BUY Affiliated Mgrs. AMG AMG US M
lo SA, regulat essional clients Branch, whi e from us and distribu uted in Taiwan ralia) and errill Lynch (Spain): Merrill Lynch Capital ed by Comissdo de Valores Mobiliarios; Merri US (short name: legal name, regulator): Merrill Lynch (Sou d by the Financial Conduct Au Lynch Equities (Australia) Limited, regulated by the
Page: HOUSE_OVERSIGHT_014394 →Investment Strategy
cals Source: BofA Merrill Lynch Global Research, Bloomberg, Haver Exhibit 2: Shares rated Buy by our analys
AS.V., regulated by Comisi6n 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, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been a
Page: HOUSE_OVERSIGHT_014408 →(SD) Source: BofA Merrill Lynch Global Research, Bloomberg Chart 5: Financials valuations have recovered si
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, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been a
Page: HOUSE_OVERSIGHT_014496 →Estimate Change
(YoY) NM -26.0% 24.1% 61.1% 47.9% Consensus EPS (Bloomberg) (3.03) (2.09) (0.45) DPS 1.00 1.00 1.00 1.00 1.0
pana, 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, Merrill Lynch In Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872
Page: HOUSE_OVERSIGHT_014885 →ns of SAR14bn that PIF administers). According to Bloomberg, PIF had stakes in publicly listed companies on T
.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, Merrill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. OS merrill Lynch GEMs Paper #2
Page: HOUSE_OVERSIGHT_016194 →(RHS) Source: BofA Merrill Lynch Global Research, Bloomberg. Daily data from Jan-90 to 5-Jun-17. The politic
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 Mobiliarios; Merrill Lynch KSA Company, regulate by the S DFSA): } to professional clients and eligible counterparties (as each is defined in the rules of th
Page: HOUSE_OVERSIGHT_023609 →Entities connected to both Comissdo de Valores Mobiliarios and Michael Bloomberg

Donald Trump
PERSON
Barack Obama
PERSON
United States
LOCATION
Bill Clinton
PERSON
United Kingdom
LOCATION
Paul Ryan
PERSON
Frankfurt
LOCATION
Merrill Lynch
ORGANIZATION
Bank of America
ORGANIZATION
U.S. Treasury
ORGANIZATION
Seoul
LOCATION
Philippines
LOCATION
Merrill Lynch Global Wealth Management
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATIONMerchant Bank
ORGANIZATION
Bank of America Corporation
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATION
the Financial Services Agency
ORGANIZATIONThe Financial Service Board
ORGANIZATION
BofA Merrill Lynch
ORGANIZATION