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rachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: M. Morgan Saudi Arabia Ltd. is authorized by the Capital Market Authority of the Kingdom of Saudi Arabia (CMA) to carry out dealing as an agent, arranging. advising and custody, with respect to securities business under li
mber of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase I3ank. S. Singapore branch (JPMCB Singapore) which is regulated by the MAS. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malays
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saction in any | Lynch (Asia Pacific) Limited in ngapore recipients of this research m, or in connection w
del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multip errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and is distributed in the United Kingdom (UK) to pro FCA and the PRA) by MLI (UK) and Bank o
Page: HOUSE_OVERSIGHT_014394 →ion nor any op | Lynch (Asia Pacific) Limited in ngapore recipients of this research Merrill Lynch (Singa
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 Singapore

United Kingdom
LOCATION
Geneva
LOCATION
Malaysia
LOCATION
Frankfurt
LOCATION
the Financial Services Agency
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATION
Donald Trump
PERSON
United States
LOCATION
Michael Bloomberg
PERSON
Philippines
LOCATION
Seoul
LOCATION
Bloomberg L.P.
ORGANIZATION
Merrill Lynch
ORGANIZATIONthe Australian Securities and Investments Commission
ORGANIZATIONMerchant Bank
ORGANIZATION
Bank of America
ORGANIZATIONBaFin
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION
JPMorgan Chase
ORGANIZATION