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Quantitative Analysis
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_023094 →errill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and
Page: HOUSE_OVERSIGHT_023094 →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
Merrill Lynch (Seoul": Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service, Memll Lynch (Taiwan). Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; OSP Merrill Lynch (India): DSP Merrill Lynch limited, regulated by the Securities and
Price Objective Change
06872E and 198602883D respectively}. MLIBLMB and Me errill Lynch Equities (Australia) the Corporations Act 2001. With the
on of the ideas expressed in this re port may depend upon an investor's abi LPF&S is the distribu pore) Pte Ltd in respec any and is regulated by BaFin. (and not futures contracts). Si transact in any securities or o articular needs of any specific discussed or recommended in insured by the Feder
Page: HOUSE_OVERSIGHT_014394 →errill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and
Page: HOUSE_OVERSIGHT_014429 →ponsibility for research reports of its non-US affiliates distributed to MLPF&S clients in the US. Any es this report in Germany and is regulated by BaFin. tes. MLPF&S is the distributor of this research report in the US and accepts full US person receiving this research report and wishing to effect any
Page: HOUSE_OVERSIGHT_014430 →Entities connected to both BaFin and Merrill Lynch Securities

Frankfurt
LOCATION
United Kingdom
LOCATIONthe Prudential Regulation Authority
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATION
Bank of America
ORGANIZATION
Merrill Lynch
ORGANIZATIONMerchant Bank
ORGANIZATION
Seoul
LOCATIONMerrill Lynch Canada Inc
ORGANIZATIONThe Financial Service Board
ORGANIZATION
Michael Bloomberg
PERSONMerrill Lynch International Bank Limited
ORGANIZATION
Donald Trump
PERSON
Merrill Lynch Global Wealth Management
ORGANIZATIONBank of America Merrill Lynch International Limited
ORGANIZATION
the Financial Services Agency
ORGANIZATIONthe Capital Market Authority
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATIONOtoritas Jasa Keuangan
ORGANIZATION