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lisation themes. Politicians on both sides of the Atlantic tapped into a deep disquiet, particularly amongst
10 Global Cross Asset Strategy - Year Ahead | 30 November 2016 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014441 --- PAGE BREAK --- Chart 15: Eurozone PMI's point to solid growth Chart 16: Japanese growth expected to accelerate in 2017 60.0 3.0 58.0 —_.,. = 2.0 Forecasts 56.0 54.0 1.0 52.0 50.0 0.0
Page: HOUSE_OVERSIGHT_014442 →d long RUB/ZAR. The former has dropped as the EUR has weakened against the USD. We continue to think that the Swedish economy is more robust than the Eurozone and that the Riksbank will sooner or later have to adjust monetary policy accordingly. We see a lot more room for this pair to move in 2017, particul
Page: HOUSE_OVERSIGHT_014445 →k 26 Pace of Federal Reserve Tightening 27 Low Expectations of a US Recession 28 29 30 30 31 33 Rising Influence of Populist Parties in the Eurozone Geopolitical Hot Spots Get Hotter Terrorism Escalates Cyberattacks Continue China Submerges Under Its Debt Burden and Capital Outflows US-China Re
Page: HOUSE_OVERSIGHT_014537 →wth of 4.6%, aided by healthy domestic growth, and a particularly well-capitalized® banking sector that has a lower nonperforming loan ratio than the Eurozone bank average. Furthermore, Spain is unlikely to face the same political uncertainty as Germany, France and Italy in 2017. We expect high single-digit
Page: HOUSE_OVERSIGHT_014558 →Vice Presiden Giuseppe Vera V H V ice Presiden arm Zebregs ice Presiden Vice Presiden HOUSE_OVERSIGHT_014620 --- PAGE BREAK --- Goldman Sachs Atlanta Beying Boston Chicago Dallas Dubai Dublin Frankfurt Hong Kong Houston London Los Angeles Madrid Miami Milan New York Philadelphia San Francisco Sa
Page: HOUSE_OVERSIGHT_014621 →rmore, liability sovereigns explained that if the eurozone were to disband, Germany's role as the financial
Financial Conduct Authority. the United States of America by Invesco Advisers, Inc., Two Peachtree Pointe, 1555 Peachtree Street, N.W., Suite 1800, Atlanta, Georgia 30309, US. HOUSE_OVERSIGHT_026729 --- PAGE BREAK --- wit hi = = = Nene my,. oil { tre ways tay = HOUSE_OVERSIGHT_026730
Page: HOUSE_OVERSIGHT_026730 →Entities connected to both Atlanta and Eurozone

Jeffrey Epstein
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Michael Jackson
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John F. Kennedy
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George W. Bush
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Prince Charles
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United States
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Lesley Groff
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Donald Trump
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Marc Rich
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Joe Biden
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Ghislaine Maxwell
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Bloomberg L.P.
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Houston
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Stephen Hawking
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Barack Obama
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Bill Clinton
PERSONEmmy Taylor
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New York
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Paul Ryan
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Vladimir Putin
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