public information. Facts and views presented in this material that rela professionals in other busi This re securities. None of MLPF&S, any of i Global Research policy prohibits rese report containing such rating, recommendation or investment thesis. Any in seek tax advice based on tl The information herein

eekly earnings minus CPI inflationSource: BofA Merrill Lynch REC placements is an average of permanent and temporary placements. REC and PMI shown as Global Research, ONS. standard deviations from average. Source: BofA Merrill Lynch Global Research, Markit Given all of the above, we reiterate our preference for av

, any of its affiliates or their research analysts has any authority whatsoever to make any representation or warranty on behalf of the issuer(s). Bo Global Research policy prohibits research personnel from disclosing a recommendation, investment rating, or investment thesis for review by an issuer prior to the v

= -1.2% = 5.0% = -3.1% ~=— 6.0% ~=—-0.9% 8.9% -14% 29% 4.2% 3.0% 0.4% —-1.0% 3.3% -2.4% 3.6% Source: Smith Travel Research (STR), BofA Merrill Lynch Global Research estimates; Note: **March data is month to date Estimates vs. Consensus: In-line 1Q revenue and EPS We expect 1Q revenue/EPS of $2.13bn/S0.07 vs. the

outside of the United Kingdom. BofA errill Lyne h Global Researc| MLPF&S or one of its affiliates is a regular iss

rated ("MO). The material is not a publication of BolA Merrill Lynch Global Research, and it has not been reviewed or approved by BolA Merrill Lynch Global Research. Arty summary of ML Research notes and reports, and/or any reference or link to &lilt Merrill Lynch Global Research notes and reports, are qualified

porated PAO. The material is not a publication of BolA Merrill Lynch Global Research, and it has not been reviewed or approved by BolA Merrill Lynch Global Research. Any summary of ML Research notes and reports, and/or any reference or link to BolA Merrill Lynch Global Research notes and reports, are qualified in

will rot be responsible for any inacosate or incorrect statement in this anice The CenVe of ReSeeral on Glooalizabon grants permsson to cites-oast Global Research alic.ies on oontrunity internal vies as long the source ardcopynght are acknowledged together with a nypedirtc to the or . ig-nm Global Researcn Boo

...with ECB signaling OE exit foreigners are now net sellers of US credit 10 11 12 13 14 15 16 17 Source: Treasury, Haver Analytics, O5 Global Research a S billion - 30 - 25 - 20 15 10 05 - -5 - -10 Deutsche Bank Research Tram Stoic torsten.slokedb.com +1 212250-2155 Mardi 2018 Let us

...with ECB signaling OE exit foreigners are now net sellers of US credit 10 11 12 13 14 15 16 17 Source: Treasury, Haver Analytics, O5 Global Research a S billion - 30 - 25 - 20 15 10 05 - -5 - -10 Deutsche Bank Research Tram Stoic torsten.slokedb.com +1 212250-2155 Mardi 2018 Let us

able FRE, return, & dist outlook - BUY - United =tates Date: =/b>February 6, 2017 at 9:21:23 AM =ST To: qb>"Rich Kahn" Reply-To: =/b>"Ens, Amanda" Global Research 1 EFTA_R1_01406697 EFTA02386542 Apollo Global Management Upgrading to Buy on positive results and = more favorable FRE, return, & dist outlook

s likely if =xpense pattern holds - BUY - United States Date: =/b>February 2, 2017 at 9:06:14 AM =ST To: =/b>"Rich Reply-To: =/b>"Ens, Amanda" < Global Research EFTA_R1_01414365 EFTA02389702 Facebook Beat and raise, and more raises likely if =xpense pattern holds Reiterate Rating: BUY PO: 165.00 USD I

ident and Chief Executive Officer Chairman of the Supervisory Board Chairman and Chief Executive Officer Partner Chief Economist and Group Head, Global Research Editor-in-Chief Executive Director President, Southern Africa Chief Executive Officer General Manager, Office of the Chief Executive Chief Exe

pp=e Inc.: Estimate Change - Lowering iPhone estimates on anticipated delayed s=ipment of iPhone 8 - BUY (PO remains $180) Reply-To: "Ens, Am=nda" Global Research =/td> <= class="MsoNormal" align="right" style="text-align:right"> <=tbody> =span style="mso-bookmark:_MailOriginal"> aspan> Reiterate Rating:

ate 90% on a move to the upside while protecting you some on the downside, and also gives you a kicker if the company happens to cut the dividend. Global Research Teva Reassuring Q., focus remains on execution; reiterate contrarian Buy chttp://rsch.baml.com/r?q=0SRJwAfnhxOFfgOxK0a3jQ&e=amanda.ens%40baml.com&

[email protected]> Reply-To: =/b>"Ens, Amanda" <[email protected]> EFTA_R1_01328859 EFTA02350939 Rich, as an update in case =ou still hold Global Research General Motors Company GM produces solid 4Q16, taxes drive beat, =onstructive outlook maintained — first take Maintain Rating: NEUTRAL PO: 42.00 US

epared by =ash Equity Trading of Merrill Lynch, Pierce, Fenner & Smith, =ncorporated ("ML"). The material is not a publication of BofA Merrill =ynch Global Research, and it has not been reviewed or approved by BofA =errill Lynch Global Research. Any summary of ML Research notes and =eports, and/or any reference

9&m I ndex=1254648668&huthhtt=%3A//www.institutional i nvestor.com/Article/3024179/Deutsche-Banks-Globa=-Research-Lead-Narrows.html">Deutsche Bank's Global Research Lead Nar=ows Deutsche Bank clings t= the top spot in the 2012 Top Global Research Firms: Year to Date ranking, =ut second-place Bank of America Me

- NEUTRAL - United States Date: =/b>February 3, 2017 at 9:25:48 AM =ST To: =/b>"Rich Kahn"< Reply-To: =/b>"Ens, Amanda" Rich, just as an =pdate Global Research Apollo Global Management EFTA_R1_01910963 EFTA02662226 Revenue beat, with good performance and =mproving distribution Maintain Rating: NEUTRAL