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ules. 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 by MLPF&S andror one or more of its non-US affiliates. MLPF&S is the distributor of this research
be artificially suppressed by controls. When looking at 16 countries with severe capital controls based on IMF indicators (Algeria, Angola, China, Malaysia, Tunisia, Cote d'Ivoire. India. Morocco, Pakistan, Philippines, Sri Lanka, Swaziland. Tanzania, Togo, Ukraine, and Uzbekistan), we find that bitcoin
authorized under German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branc
ified by DSI. Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to time offer those securit
authorized under German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branc
DSI. Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Japan. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to time offer those securit
authorized under German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branc
DSI. Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Japan. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to time offer those securit
authorized under German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. Research Deutsche Bank [email protected] http://houseview.research.db.com TheHouseVie
d by DSI. Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Japan. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to time offer those securit
authorized under German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branc
land Romania Russia Saudi Arabia South Africa Turkey Ukraine United Arab Emirates Asia (ex-Japan) China Hong Kong India Indonesia Korea Malaysia Philippines Singapore Sri Lanka EFTA01476183 Taiwan Thailand Vietnam Latin America Argentina Brazil Chile Colombia Mexico Peru Venezu
authorized under German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branc
by DSI. Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Japan. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to time offer those securit
ents to rotate without too much disruption. We would expect China’s inclusion to account for 10% of the JPM GBI-EM Global Diversified index. Turkey, Malaysia, S. Africa, and Thailand would lose the largest shares in the index, while the shares of Brazil, Mexico, Poland and Indonesia are expected to remain
Page: HOUSE_OVERSIGHT_014765 →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 by MLPF&S and/or one or more of its non-US affiliates. MLPF&S is the distributor of this research
Page: HOUSE_OVERSIGHT_014785 →versification drive introduced by the NTP follows the typical macro template, in our view. We discuss in a later section diversification lessons from Malaysia and Norway and conclude that the NTP contains elements from these successful case studies. In particular, it a) identifies key sectors with relativel
Page: HOUSE_OVERSIGHT_016124 →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 by MLPF&S and/or one or more of its non-US affiliates. MLPF&S is the distributor of this research
Page: HOUSE_OVERSIGHT_016194 →Entities connected to both BaFin and Malaysia

Jeffrey Epstein
PERSON
New Zealand
LOCATION
United Kingdom
LOCATION
Philippines
LOCATION
Bloomberg L.P.
ORGANIZATION
Frankfurt
LOCATION
Donald Trump
PERSON
United States
LOCATION
Barack Obama
PERSON
George W. Bush
PERSON
Deutsche Bank
ORGANIZATION
Columbia University
LOCATION
Chile
LOCATION
Hungary
LOCATION
Marc Rich
PERSON
Hong Kong
LOCATIONthe Prudential Regulation Authority
ORGANIZATION
Belgium
LOCATION
Norway
LOCATION
Moody's
ORGANIZATION