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ONS. standard deviations from average. Source: BofA Merrill Lynch Global Research

regulated by Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company

BofA Merrill Lynch Global Research estimates; Note: **March data is month to date

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…relation to buy upside HSl is unlikely to outperform if AS51 drops more than 10%; HSI vol below AS51 vol Source: BofA Merrill Lynch Global Research. Prices reflective of most recently available data which may be delayed in some cases. “Trade Value” represents current valuation...

…ith these likely take market share away _ offer anything proprietary new players from traditional lenders Source: BofA Merrill Lynch Global Research = Possible tailwind from regulation: Management at Regions noted that while it is still uncertain how the regulatory landscape wi...

…y share of claims (1H15) 28% 25% 4% T% 20% 16% mBupa Arabia = Tawuniya mMedguif mMalath mAxa © Other Source: BofA Merrill Lynch Global Research, CCHI OS merrill Lynch GEMs Paper #26 | 30 June 2016 57 HOUSE_OVERSIGHT_016167

EMEA - Telecoms Coverage Cluster BofA Merrill Lynch Investment rating Company ticker Bloomberg symbol Analyst BUY BT BT BT US Sunil P. Pate BT BIGOF BT/A LN Sunil P. Pate’ DNA Oyj XDNAF DNA FH Sunil P. Pate lliad ILIAF ILD FP Frederic Boulan, CFA Inwit XISWF INW IM Parin Shah, C...

…k Change 0.43% -0.57% 1.03% 0.29% -1.90% 1.16% 0.35% 1Mth Change 452% 5.12% 3.79% 8.76% 3.13% 6.72% 2.21% Source: BofA Merrill Lynch Global Research Table 10: Statistics on implied, realised, skew and term structure for 3-month and 12-month vols (emerging markets) 3-month {2-m...

…e captured the recent Tech sector outperformance in a period when Financials lagged driven by lower rates Source: BofA Merrill Lynch Global Research. Prices reflective of most recently available data which may be delayed in some cases. “Trade Value” represents current valuation...

EMEA - Integrated & Refiners Coverage Cluster BofA Merrill Lynch Investment rating Company ticker Bloomberg symbol Analyst BUY Eni E EUS Hamish Clegg Eni EIPAF ENI IM Hamish Clegg Galp Energia GLPEF GALP PL Hamish Clegg Royal Dutch Shell B RDSB RDS/B US Christopher Kuplent Royal...