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the United Kingdom (UK) to professional clients and eligible counterparties (as each is defined in the rules of the FCA and the PRA) by MLI (UK) and Bank of America Merrill Lynch International Limited, which are authorized by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to retail clients (as defined in the rules of the
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 →the United Kingdom (UK) to professional clients and eligible counterparties (as each is defined in the rules of the FCA and the PRA) by MLI (UK) and Bank of America Merrill Lynch International Limited, which are authorized by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to retail clients (as defined in the rules of the
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 →rtionate to index weights 70 60 50 40 30 20 10 0 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 — 2% —<0% 4 0.5 1 1.5 2 Source: Eurostat, BofA Merrill Lynch Global Research Source: Eurostat, BofA Merrill Lynch Global Research Core inflation at 0.8% is barely above the 2015 low of 0.6%. One statistic that often
Page: HOUSE_OVERSIGHT_014744 →zil): Bank of America Merr This research report: has been approved for publication and is distributed in the United FCA and the PRA) by MLI (UK) and Bank of America Merrill Lynch International Limited, retail clients (as defined in the rules of the FCA and the PRA} by Merrill Lynch Internatio imited regulation by the FCA and PRA - details about the
Page: HOUSE_OVERSIGHT_014785 →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 →. Research reports prepared and issued by Merrill Lynch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued b
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both Bank of America Merrill Lynch International Limited and BofA Merrill Lynch Global

Bank of America
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONMerchant Bank
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATION
United Kingdom
LOCATION
Merrill Lynch
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATION
Seoul
LOCATION
the Financial Services Agency
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONMerrill Lynch International
ORGANIZATION
Donald Trump
PERSONthe Dubai Financial Services Authority
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATION
Bank of America Corporation
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATIONBaFin
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATION