5
Shared Docs
4
Same-Page
5 / 5
Mentions
anco Multiplo SA, regulated by Comissao de Yaores Mobiliario% Merrill Lynch KSA Company, Merrill 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 professional dients ad eligible counterpati
7 2.70 2.80 2.8 2.8 EEMEA Czech R. Policy 0.05 0.25 0.50 0.75 1.00 2y 0.74 0.60 0.80 1.00 1.10 1 Oy 1.37 1.20 1.40 1.60 1.70 Hungary Policy 0.90 0.90 0.90 0.90 0.90 2Y 0.42 0.40 0.50 0.70 0.90 1 Oy 2.35 2.20 2.30 2.50 2.80 Israel Policy 0.10 0.10 0.10 0.10
chi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. 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
EM 20 1.8 2.7 32 0.6 02 2.4 2.3 2.9 51 5.6 4 5.1 4.2 Czech Reputio -0.9 2.8 2.8 6A 32 jj) 2.0 2.3 42 1.1 0.2 4 1.6 4 1.5 Hungary 1.1 30 25 2.7 45 21 2.0 2.5 30 03 -OA 4 0.6 4 2.9 t Israel 3.4 3.3 3.8 32 2.7 3.2 3.6 45 32 1.9 1.0 1.3 1.9 Pdand IS 32
chi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan Saudi Arabia Ltd. is authorized by the Capital Market Authority of the Kingdom of Saudi Arabia (C MA) to carry out dealing as an agent, arranging• advising and custody, with respect to securities business under l
United Krgdom 01 00 1.8 -12 -1.5 Emerging Europe 41 2.6 2.61 2,4 1.3 Bulgaria 1.7 1.0 1.5 Czech Republic 1.7 -1.1 0.9 -3.1 -0.8 Hungary 1.6 -12 0.5 -3.5 09 Poland 4.3 2.3 1.81 2.4 11 Romania 2.5 00 0.8 0.5 1$ Russa 4.3 3.6 3.0 3.7 IS Turkey 8.5 2.8 3/ Globa
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
2.6 3.6 3.0 5.0 5.8 5.8 5.1 Bulgaria 1.7 0.7 1.5 Czech Republic 1.9 -1.1 0.0 -1.6 -1.3 -1.6 0.0 0.8 2.4 1.4 3.4 2.7 2.2 2.4 Hungary 1.6 -1.4 0.0 .1A -0.7 •1.0 0.0 0.5 1.8 2.0 5.5 5.5 3.7 3.9 Poland 4.3 2.1 1.6 0.8 1.6 0.5 1.3 2.3 3.0 2.3 4.0 2.9 1.9 2.
ad | 16 November 2016 43 Merrill Lynch HOUSE_OVERSIGHT_014773 --- PAGE BREAK --- Chart 73: Fundamentals — CEE beats periphery Chart 74: Poland and Hungary wide relative to Chart 75: HUF vol lagging EUR and PLN Italy and Spain 190% 5% 12 140% ©) am "8 @ | 3% 90% ® ay 10 40% 1% -10% 0% 5 Spain France P
Page: HOUSE_OVERSIGHT_014774 →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 Hungary

United Kingdom
LOCATION
Romania
LOCATION
Norway
LOCATION
Bulgaria
LOCATION
Czech Republic
LOCATION
Malaysia
LOCATION
United States
LOCATION
Donald Trump
PERSON
New Zealand
LOCATION
Philippines
LOCATION
Columbia University
LOCATION
George W. Bush
PERSON
Bloomberg L.P.
ORGANIZATION
Barack Obama
PERSON
Chile
LOCATIONGlendower
LOCATION
Marc Rich
PERSON
Prince Charles
PERSON
Venezuela
LOCATION
Bill Clinton
PERSON