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institutional investors and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch Interna Bank Limited (Merchant Bank} (MLIBLMB} and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are r
Page: HOUSE_OVERSIGHT_014408 →n; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisi6n Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated
Page: HOUSE_OVERSIGHT_014408 →utional investors and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are r
Page: HOUSE_OVERSIGHT_014429 →n; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated
Page: HOUSE_OVERSIGHT_014429 →utional investors and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are r
Page: HOUSE_OVERSIGHT_014650 →n; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A., regulate
Page: HOUSE_OVERSIGHT_014650 →Quantitative Analysis
utional investors and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB} and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are r
Page: HOUSE_OVERSIGHT_023094 →n; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated
Page: HOUSE_OVERSIGHT_023094 →l Lynch (Hong Kong) which is regulated errill Lynch (India); and is issued and distributed in Singapore to institutional International Bank Limited (Merchant Bank) (MLIBLMB) and Merrill Lynch ingapore) are regulated by MAS. Bank of America N.A,, Australian Branch (ARBN e this report in Australia only to affilia
Page: HOUSE_OVERSIGHT_023609 →angan (OJK); Merrill Lynch (Israel): Merrill es, Moscow, regulated by the Central 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 profession
Page: HOUSE_OVERSIGHT_023609 →tional investors and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank limited (Merchant Bank) (ALIBLMB)and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 1986028830 respectively), MUBLMB and Merrill Lynch (Singaporelare reg
EFTA00788500 (DIFC): Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (CfSA)s Merrill Lynch (Spain). Merrill Lynch Capital Markets Espana, SAS.V., regulated by Comisi6n Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo SA, regulated b
Investment Strategy
n; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comision Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated
Page: HOUSE_OVERSIGHT_014457 →vice on securities (and not futures contracts). Singapore recipients of this research report should contact Merrill Lynch International Bank Limited (Merchant Bank} and/or Merrill Lynch (Singapore) Pte Ltd in respect of any matters arising from, or in connection with, this research report. 26 Global Cross Asset
Page: HOUSE_OVERSIGHT_014458 →Entities connected to both Merchant Bank and Merrill Lynch Capital Markets Espana

Merrill Lynch
ORGANIZATION
Bank of America
ORGANIZATION
United Kingdom
LOCATIONThe Financial Service Board
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATION
Michael Bloomberg
PERSONMerrill Lynch International Incorporated
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATION
Frankfurt
LOCATION
Donald Trump
PERSONMerrill Lynch Canada Inc
ORGANIZATIONthe Central Bank of Ireland
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONOtoritas Jasa Keuangan
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATION
Seoul
LOCATIONPierce, Fenner & Smith Incorporated
ORGANIZATION
Bank of America Corporation
ORGANIZATIONBaFin
ORGANIZATION