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Investment Strategy
rs should seek on existing public information on such Insurance Corporation and are not ases, securities and other financial
en considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer under the
be based solely on existing public information on such Insurance Corporation and are not volve numerous risks, including, oth
u rading position (long or short} in the securiti Lynch, through business units other than Bo ith, and re
ll Ly BofA Merri nch clients and may not be re | Lynch research reports are d bited. Receip ents, opinio
ticular, in risks related to the security or financial instrument may be difficult person. Investors should seek this report and should understand Insurance Corporation and are not volve numerous risks, including, ‘0 obtain. Investors should note that hat price or value of such securities and instruments may rise o
Page: HOUSE_OVERSIGHT_010615 →Price Objective Change
rri ly. Except as otherwise stated in securi | Lynch policies prohibit research analysts from acceptin
his report and should understand fering must be based solely on existing public information on such ion with such offering, and not on this report. Insurance Corporation and are not volve numerous risks, including, es, securities and other financial ‘0 obtain. Investors should note that and, in some cases, investors m
Page: HOUSE_OVERSIGHT_014395 →Investment Strategy
u rading position (long or short} in the securiti Lynch, through business units other than Bo ith, and re
his report and should understand fering must be based solely on existing public information on such ion with such offering, and not on this report. Insurance Corporation and are not volve numerous risks, including, jes and other financial nvestors should note that and, in some cases, investors may is anticipated t
Page: HOUSE_OVERSIGHT_014409 →l clients (as defin imited regulation by the FA a Lynch (Japan), a registered secu by HKSFC (research rep
I Lynch siness fect any transaction in any | Lynch (Asia Pacific) Limited in pore recipients of this research her financial instrument. No part of Insurance Corporation and are not volve numerous risks, including, ‘0 obtain. Investors should note that and, in some cases, investors may Bankof America Merrill Lynch
Page: HOUSE_OVERSIGHT_014422 →rt. Investors in such securities and instruments Lynch entities affiliates may, at any tention of any
on contained in this report (including any in her financial instrument. No part of person. Investors should seek this report and should understand Insurance Corporation and are not volve numerous risks, including, instrument or derivative is suitable for all investors. In some cases, securities and other financial y
Page: HOUSE_OVERSIGHT_014430 →the Monetary Authority of Israel}: Merrill Lynch Lynch lidrios; Merrill Lynch KSA Company, each is def
nt may be difficult hat price or value of such securities and instruments may rise or fal ure performance. Levels and basis for taxation may change. Insurance Corporation and are not merica, N.A.}. Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, cou
Page: HOUSE_OVERSIGHT_014786 →Entities connected to both Insurance Corporation and ILynch

Merrill Lynch
ORGANIZATION
Bank of America
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATION
Donald Trump
PERSON
United Kingdom
LOCATION
Michael Bloomberg
PERSONMerchant Bank
ORGANIZATION
Bank of America Corporation
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATION
Frankfurt
LOCATIONOtoritas Jasa Keuangan
ORGANIZATIONThe Financial Service Board
ORGANIZATION
BofA Merrill Lynch
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATION
Seoul
LOCATION
Merri
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATION