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sector, while the private payments companies stressed the importance of partnering with incumbent leaders and the need to maintain safety standards. BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict

2.0 Real GDP YoY 4 4 CPlextreshfood YoY gg oe a 08 0.0 O05 OvT6 OTE ove Cv1é OvTT ov1s BBofAML | Consensus (Bloonberg, as of 1& Now 2076) Source: BofA Merrill Lynch forecasts, Bloomberg Izumi Devalier © Japan Economist Merrill Lynch (Japan) HOUSE_OVERSIGHT_014402 --- PAGE BREAK --- Bankof America a Merrill Ly

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% EV / EBITDA* 17.2x NM 9 9x 6.4x 5 Ax Free Cash Flow Yield* -13.2% 81% 3.8% -0.3% 3.17% * For full definitions of ‘Qnethod™ measures, see page 11. BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict

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