inancial Conduct Au Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong}: Merri Lynch (Singapor hority (FCA) an e) Pte Ltd, regu tion of Canada; a SA, regulated International Incorporated K); d by the Central Bank of the and eligi

ib India}; and is issued and distributed in Singapore to institutional investors and/or accredited investors (each as d Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901

602883D respectively}. MLIBLMB and Me errill Lynch Equities (Australia) the Corporations Act 2001. With the exception of BA errill Lynch (Mexico): Merrill Lyne by Comisién Nacional de Va Seoul Branch) regulated by Futures Bureau; DSP Merrill Lynch (India): DS by Otoritas Jasa Keuangan (O, Russian Federation;

ian Securities and Investments Commissio Futures Commission (HKSFQ; Merri Canada): Merrill Lynch Canada Inc, regulated by the Inves ria y de Valores; Merrill Lynch Services Agency: Lynch Securities (Taiwan) Ltd, regu errill Lynch (Indonesia): PT hority (FCA) and the Prudential Regula n; Merrill Lynch (Hong Kong

Inte Comisi6n Nacional del M errill Lynch Kingdom o This research report: FCA and the PRA) by retail clients (as defin imited regulation by the FA a Lynch (Japan), a registered secu by HKSFC (research repor' ralia): Lynch Saud LI(UK}a India}; and is issued and distri Bank Limited (Merchant Bank) re

vices Agency: Lynch Securities (Taiwan) Ltd, regu errill Lynch (Indonesia): PT hority (FCA) and the Prudential Regula n; Merrill Lynch (Hong Kong): Merri Lynch (Singapore) Pte Ltd, regulated by the errill Lynch (Mexico): Merrill Lyne by Comisién Nacional de Va Seoul Bi ed by the Centra hich is authorized

ulated by Otoritas Jasa Keuangan (OJK); Merri Valores; Merrill h) regulated by h Africa): Merrill Lynch | Lynch (Asia hority of h Mexico, SA de Lynch he DSP Merrill Lynch Limited, Il Lynch (Israel): Merrill an Federation; Merrill Lynch Financial Services Authority (DFSA); Merrill Lynch (Spain):

nch (Indonesia): PT Merrill Lynch Sekuritas Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merri Valores; Merrill h) regulated by h Africa): Merrill Lynch | Lynch (Asia hority of h Mexico, SA de Lynch he DSP Merrill Lynch Limited, Il Lynch (Israel): Merrill an Federation; Merrill Lynch Financial S

1-800-MERRILL to have them mailed. PF&S or one of its affiliates acts as a market maker for the equity securities recommended in the report: Hess. LPF&S or an affiliate was a manager of a public offering of securities of this issuer within the last 12 months: Hess. The issuer is or was, within the la

by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch srael Limited, regulated by

s and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated b

BofA Merrill Lynch Global Research. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the US (short name: legal name, regulator): Merr

elation to, or advice on, fu 0, or use by, any person in Hong Kong); is issued and distrib itutional investors and/or accredited investors (each as d id Merrill Lynch (Singapore) (Company Registra h (ARBN 064 874 531), AFS only to ‘Wholesale’ clients as defin ort is an Authorised Deposit- Taking Institution un buti

s not have any im ideas and recommenda Foreign currency rates of exc effectively assume currency risk. UK Readers: The protec ocated outside of the U LPF&S or one of its aff ime, hold a trading posi BofA Merrill Lynch, through business units other than Bo with, and reach cifferen methods of th recipient

responsibility for research reports security discussed in the report should do so through M respect of any matters relating to report should contact Merrill Lyne research report. General Investment Related Taiwan Readers: Neither the information nor any opinion expressed herein constitutes an offer or aso L

required for publication or distribution of this rized and regulated by the DFSA. Research reports Lynch International Limited, n; is issued dia by DSP errill Lynch its loa ho her MLEA nor any o iates. MLPF&S is the distributor of this research repor y US person recelving this research report and wishing in the

ng) which is regulated errill Lynch (India); and is issued and distributed in Singapore to institutional International Bank Limited (Merchant Bank) (MLIBLMB) and Merrill Lynch ingapore) are regulated by MAS. Bank of America N.A,, Australian Branch (ARBN e this report in Australia only to affiliates involv

Lynch (Russia}: O00 he Dubai istributed in the Uni nstruments 2001. Wi n Germany and F&S and/or one or more o istributed to F&S and not such K): Merrill Lynch In d, regulated by the A mmission (HKSFC); ated by the Investm ores; Merrill Lynch al Services Agency; errill Lynch (Taiwan): Merrill Lynch Securities

r BofA Merrill Lynch Global Research. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the US (short name: legal name, regulator): Merr

by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch srael Limited, regulated by

he United Kingdom. BofA LPF&S or one of its affiliates is a regular issuer of traded financial instru rading position (long or short} in the securiti Lynch, through business units other than Bo ith, and reach different conclusions from, the information presented in rt. errill Lynch Global Researe es a

BofA Merrill Lynch Global Research. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the US (short name: legal name, regulator): Merr

Board of Turkey; Merrill Lynch (DIFC): Merrill Lynch Intemational (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil}: Bank of Americ

s and/or accredited investors (each as defined under the Financial Advisers Regulations} by Merrill Lynch International Bank Limited (Merchant Bank) (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore) are regulated b

by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (O)K); Merrill Lynch (Israel): Merrill Lynch srael Limited, regulated by

BofA Merrill Lynch Global Research. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the US (short name: legal name, regulator): Merr

ht” rating to securities that may have been recommended in this report. MLPF: inues to ac A Merrill Ly BofA Merri nch clients and may not be re | Lynch research reports are d bited. Receip ents, opinions, conclusion, or information contained in this report ion from an authorized officer of BofA Merri

tails about the extent of our regulation by the FCA and PRA are available from us on request; has been considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer under the Financial Instruments and Exchange Act in Japan; is issued and distributed in Hong Kong by Merrill

by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch srael Limited, regulated by

BofA Merrill Lynch Global Research. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the US (short name: legal name, regulator): Merr

ge may adversely affect PF&S or one of its affiliates is a regular issuer of traded financial instru rading position (long or short} in the securiti Lynch, through business units other than Bo ith, and reach different conclusions from, the information presented in that the recipient received this repor

s and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated b

by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch srael Limited, regulated by

PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by t regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): P Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merr This research report: has been approved for p

Tables for the securities referenced in this research report are available at http://pricecharts.baml.com, or call 1-800-MERRILL to have them mailed. LPF&S or an affiliate was a manager of a public offering of securities of this issuer within the last 12 months: Brazil, Italy, Turkey. The issuer is or wa

ca}: Merrill Lynch d the Prudential Regulation Authority (Hong Kong): Merrill Lynch (Asia lated by the Monetary Authority of Israel}: Merrill Lynch Lynch lidrios; Merrill Lynch KSA Company, each is defined in the rules of the by the PRA and regulated by the FCA and the PRA, and is distributed in the

s and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB} and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated b

Merrill Lynch is aware that the i acti de of the United Kingdom. BofA LPF&S or one of its affiliates is a regular issuer of traded financial instru Lynch, through business units other than Bo th, and reach different conclusions from, the information presented in € persons who prepared them, and BofA '

BofA Merrill Lynch Global Research. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the US (short name: legal name, regulator): Merr

s and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated b

; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and is distribute

charts for the securities referenced in this research report are available at http://pricecharts.baml.com, or call 1-800-MERRILL to have them mailed. LPF&S or one of its affiliates acts as a market maker for the equity securities recommended in the report: Alphabet, Amazon.com, Bankrate, Care.com, eBay,

Comissdo de erril as each i by tl ed, London he PRA and regulated by the Branch, which is authorized by the Cen ral Bank and distributed in H errill Lynch (India}; International Bank L ingapore) are regula long Kong by Merrill Lynch (H and is issued and distribu imited (Merchant Bank} (ML ed by MAS. Ba

u report: has been approved for publication and is dis RA) by MLI (UK) and Bank of America Merrill Lynch | the FCA and the PRA) by RA - details about Lynch (Japan), a registered securities dea investors and/or accredited investors pared and issued by Merrill Lynch U rael Securities Aut ores; Merrill

erri ry Au Federa regu Merrill Lynch 5 defined int of Ireland and subje KSA Comp he rules of FCA and the PRA, and is distributed in the UK to rill Lynch hority of h Mexico, SA de errill Lynch he | Lynch Limited, ll Lynch (Israel}: ion; Merril errill Lynch by any, ated he ct to buted in Japan

Board of Turkey; Merrill Lynch (DIFC): Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of Ameri

s and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank) (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore) are regulated b

per #26 | 30 June 2016 3S Merrill Lynch HOUSE_OVERSIGHT_016176 --- PAGE BREAK --- Metals & Mining: ambitious growth target Faisal AlAzmeh, CFA >> Merrill Lynch KSA Company [email protected] The NTP has focused on several areas relating to domestic drivers, i.e., housing, retail, trade and finance. However

s and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated b

BofA Merrill Lynch Global Research. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the US (short name: legal name, regulator): Merr

ibution to, or use by, any person in Hong Kong); is issued and distributed in Taiwan by Merrill Lynch (Taiwan); is issued and distributed in India by DSP Merrill Lynch India}; and is issued and distributed in Singapore to institutional investors and/or accredited investors (each as defined under the Financial Adviser

zer is said to have revived the law during his tenure as Attorney General.[6] In 2001, his office launched a Martin Act investigation against Merrill Lynch for suspected fraud.[6] When the investigation was made public, Merrill's market HOUSE_OVERSIGHT_027595 --- PAGE BREAK --- value dropped $5 billio

res and analyst certification(s). The research report and the link to such report are for the use of Bank of America Merrill Lynch customers only or Merrill Lynch Global Wealth Management customers only and all copying, redistribution, retransmission, publication, and any other dissemination or use of the conten

aildisclaimer. If you are not the intended recipient, please delete this message. Bank of America Merrill Lynch Awards Equity derivatives na Gh Aaa Merrill Lynch Awar ds Equity derivatives house of the year house of the year HOUSE_OVERSIGHT_014859