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uwait SaudiArabia Dubai RRS RRRKRKRKCKKRRKRKKAA Source: Haver, IMF, Saudi Ministry of Finance, BofA Merrill Lynch Global Research. 2015 data, Source: Haver, BofA Merrill Lynch Global Research. Implied rate of return on SAMA reserve assets Investment income and transfer of profits of public entities for K
Page: HOUSE_OVERSIGHT_016117 →Cc fo?) f=] —_ N oO t+ wo . . 7 : : oS SoS o oo So So oS So Oo x x x x —- x Qatar Abu Dhabi Kuwait SaudiArabia Dubai RRS RRRKRKRKCKKRRKRKKAA Source: Haver, IMF, Saudi Ministry of Finance, BofA Merrill Lynch Global Research. 2015 data, Source: Haver, BofA Merrill Lynch Global Research. Implied rate of re
Page: HOUSE_OVERSIGHT_016117 →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 →Investment Strategy
1000 60 900 40 800 =— Percentage of Countries with J. ——MSCI EM, RS 20 700 1/11 1/12 1/13 1/14 1/15 1/16 Source: BofA Merrill Lynch Global Research, Haver, Bloomberg Chart 29: EM cyclicals outperform as China’s NOMINAL GDP recovers. More to go. eee SCI EM cyclicals/EM defensives price index, LS 180 =
Page: HOUSE_OVERSIGHT_014447 →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_014457 →S2SSZFSSSRSPESPSLZESS 5 8 gpg = 8 & & & Source: BofA Merrill Lynch Global Research, Bloomberg, Source: BofA Merrill Lynch Global Research, Bloomberg, Haver, EPFR Bankof America “2 Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 27 Merrill Lynch HOUSE_OVERSIGHT_014757 --- PAGE BREAK --- Best V
Page: HOUSE_OVERSIGHT_014758 →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 →Entities connected to both BaFin and Haver

Frankfurt
LOCATION
United Kingdom
LOCATIONthe Prudential Regulation Authority
ORGANIZATION
Deutsche Bank
ORGANIZATIONthe Kanto Local Finance Bureau
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATION
South Africa
LOCATION
Michael Bloomberg
PERSON
Donald Trump
PERSON
Bank of America
ORGANIZATION
Seoul
LOCATION
Merrill Lynch
ORGANIZATIONMerchant Bank
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATIONBank of America Merrill Lynch International Limited
ORGANIZATION