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be dratibuted in the kingdom of Saudi Arabia except tr, suds persons IS are ;MU :Vitae' :inig.er the r)flers of sect Mies RegtoUrtions ka.11.4:0 by the Capital Market Authority (the 'T..ryt.n•j, The F.MA uses not make any represtnintIon as to the autrau)' or completeness ot the Dcsainsent, and etpressly insclalots arty hat•
Singapore. Trir Pierentation 'tray be Ottributee only 1.) to persons who are -Institutional investors' under section 304 ol the SFA. for persona hi Souttt Korea Itas ihttstraattort biting proykseo to you for general orttusson porposa only to gaoge the leVal of interest in the reievart products The delivery
be dratibuted in the kingdom of Saudi Arabia except tr, suds persons IS are ;MU :Vitae' :inig.er the r)flers of sect Mies RegtoUrtions ka.11.4:0 by the Capital Market Authority (the 'T..ryt.n•j, The F.MA uses not make any represtnintIon as to the autrau)' or completeness ot the Dcsainsent, and etpressly insclalots arty hat•
Singapore. Trir Pierentation 'tray be Ottributee only 1.) to persons who are -Institutional investors' under section 304 ol the SFA. for persona hi Souttt Korea Itas ihttstraattort biting proykseo to you for general orttusson porposa only to gaoge the leVal of interest in the reievart products The delivery
we see even more reasons for the ECB to extend the €80bn per month in QE to September 2017. Chart 37: Return to a different time Table 2: Russia vs S. Korea factors 45 3.5 40 RUB KRW 3.0 Real rate* 42 09 38 25 CA change forecast, '17 vs '16 1.2 -{ 30 Growth delta forecast, '17 vs '16 16 0.2 25 - 2.0 NFA /
Page: HOUSE_OVERSIGHT_014750 →tent of our regulation by th India}; and is issued and distributed in Singapore to insti errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. f Affiliate Research Reports: LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the US (s
Page: HOUSE_OVERSIGHT_014785 →Entities connected to both the Capital Market Authority and Korea

Malaysia
LOCATION
Geneva
LOCATION
Donald Trump
PERSON
United Kingdom
LOCATION
New Zealand
LOCATION
United States
LOCATION
Bloomberg L.P.
ORGANIZATION
Credit Suisse
ORGANIZATION
Marc Rich
PERSON
Seoul
LOCATION
Michael Bloomberg
PERSON
Columbia University
LOCATION
Chile
LOCATION
Philippines
LOCATION
George W. Bush
PERSON
JPMorgan Chase
ORGANIZATION
Prince Charles
PERSON
Monaco
LOCATION
U.S. Treasury
ORGANIZATIONMonaco Bank
ORGANIZATION