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ectively lend again in the sector. Moreover, with energy criticized loans peaking in 1Q16, management expe
le regulations. Merrill Lynch he DFSA conduct of business DIFC is authorized and regula rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germ This research report has been prepared and issued by MLPF&S and/or one or more of its non-US
Page: HOUSE_OVERSIGHT_014394 →is underestimating ’17 EPS upside potential from Energy recovery given the segment’s close correlation to
ch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business 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 an
Page: HOUSE_OVERSIGHT_014650 →money but the barrier was not breached at expiry Energy equity outperformed the overall equity market whi
ny Registration 064 874 531), AFS License 412901 ‘Wholesale’ clients as d Authorised Deposit-Tal report in Brazil and its pre Frankfurt Branch (BAMLI Frankfurt) This research report has been prepa responsibility for research reports o security discussed in the report sho! local distribu erril Va bia Compa
Page: HOUSE_OVERSIGHT_014999 →Quantitative Analysis
retionary Telecom Staples Industrials Health Care Energy Materials Info Tech Real Estate Source: BofAML U
ch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business 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 an
Page: HOUSE_OVERSIGHT_023094 →money but the barrier was not breached at expiry Energy equity outperformed the overall equity market whi
Japan Securities Co,, Ltd, regulated by the Financi Exc Va jon by the FCA and PI Registration AFS License 412901 (B, ocal distribu errill Lynch Frankfurt) L ne matters re report sho! ld contact ea los F 06872E A efined by s.761G of the Cor ing Institution under the Banking Act 1959 nor regu ion
Page: HOUSE_OVERSIGHT_023609 →Entities connected to both Frankfurt and Entergy

Jeffrey Epstein
PERSON
George W. Bush
PERSON
John F. Kennedy
PERSON
United States
LOCATIONMaria Farmer
PERSON
United Kingdom
LOCATION
Donald Trump
PERSONthe Prudential Regulation Authority
ORGANIZATION
Norway
LOCATIONBaFin
ORGANIZATION
Wilbur Ross
PERSON
Malaysia
LOCATION
Marc Rich
PERSON
Michael Bloomberg
PERSON
Michigan
LOCATION
Hong Kong
LOCATION
Philippines
LOCATION
Seoul
LOCATION
the Financial Services Agency
ORGANIZATION
Bill Clinton
PERSON