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ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014885 →not insured by the Federal Deposit Insurance Corporation and are not deposits or other obligations of any insured depository institution (including, Bank of America, N.A.). Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, counterparty default risk an
Page: HOUSE_OVERSIGHT_014885 →Earnings Preview
ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014949 →not insured by the Federal Deposit Insurance Corporation and are not deposits or other obligations of any insured depository institution (including, Bank of America, N.A.). Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, counterparty default risk and
Page: HOUSE_OVERSIGHT_014949 →35132 (MLEA) distribute this report in Australia only to ‘Wholesale’ clients as defined by s.761G of the Corporations Act 2001. With the exception of BANA Australia, neither MLEA nor any of its affiliates involved in preparing this research report is an Authorised Deposit-Taking Institution under the Banking Act
Page: HOUSE_OVERSIGHT_016194 →not insured by the Federal Deposit Insurance Corporation and are not deposits or other obligations of any insured depository institution (including, Bank of America, N.A.). Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, counterparty default risk and
Page: HOUSE_OVERSIGHT_016194 →Quantitative Analysis
35132 (MLEA) distribute this report in Australia only to ‘Wholesale’ clients as defined by s.761G of the Corporations Act 2001. With the exception of BANA Australia, neither MLEA nor any of its affiliates involved in preparing this research report is an Authorised Deposit- Taking Institution under the Banking Act
Page: HOUSE_OVERSIGHT_023094 →not insured by the Federal Deposit Insurance Corporation and are not deposits or other obligations of any insured depository institution (including, Bank of America, N.A.). Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, counterparty default risk and
Page: HOUSE_OVERSIGHT_023094 →d Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS Licens
ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_010614 →Investment Strategy
d Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS Licens
ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014408 →d Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A.,, Australian Branch (ARBN 064 874 531), AFS Licen
tively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A.,, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014429 →Investment Strategy
d Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS Licens
ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014457 →d Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS Licens
ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014496 →d Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS Licens
ectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesal
Page: HOUSE_OVERSIGHT_014650 →Entities connected to both BANA Australia and Bank of America, N.A.

Donald Trump
PERSON
Merrill Lynch
ORGANIZATION
Bank of America
ORGANIZATION
United Kingdom
LOCATION
Merrill Lynch Global Wealth Management
ORGANIZATION
Bank of America Corporation
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONMerchant Bank
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATION
Frankfurt
LOCATIONPierce, Fenner & Smith Incorporated
ORGANIZATION
Michael Bloomberg
PERSONDSP Merrill Lynch Limited
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATION
the Financial Services Agency
ORGANIZATION
Seoul
LOCATION