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. For STC's associates, we value its holdings in Oger Telecom and Binariang using a combination of our Research team's valuation (for Oger's stake in Turk Telecom) and book value. We then add STC's net cash position at YE 2015 in deriving our PO. Risks to our PO come from potential market share loss as both Mo
Page: HOUSE_OVERSIGHT_016190 →Pierce, Fenner & Smith Incorporated
Organization
Merrill Lynch Global Wealth Management
OrganizationInvestment management and financial planning service

Merrill Lynch
OrganizationAmerican investing and wealth management division of Bank of America
The Financial Service Board
OrganizationMerrill Lynch International
OrganizationMerrill Lynch Equities (Australia) Limited
Organizationthe Australian Securities and Investments Commission
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OrganizationMerrill Lynch Canada Inc
Organizationthe Investment Industry Regulatory Organization of Canada
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the Financial Services Agency
Organizationthe Securities and Futures Bureau
OrganizationDSP Merrill Lynch Limited
Organizationthe Securities and Exchange Board of India
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OrganizationComisién Nacional del Mercado De Valores
OrganizationBank of America Merrill Lynch Banco Multiplo S.A.
OrganizationComissdo de Valores Mobiliarios
OrganizationMerrill Lynch KSA Company
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