Results for “Bank of America Merrill Lynch Global Research”

BofA Merrill Lynch Global Research Source: SEC

BofA Merrill Lynch Global Research Source: Eurostat

000 Source: BofA Merrill Lynch Global Research

BofA Merrill Lynch Global Research Source: Saudi Aramco

company report Source: BofA Merrill Lynch Global Research estimates

…land 99 3QE -1% Corporate sector debt to cash flow Portugal FY12 -1%| Construction sector debt/assets None 98 2QE -2% | Banking sector branches per 1,000 people None Reliance on foreign capital (Net Int. Inv. Pos.) Ireland, Portugal 97 Real estate as % of household assets None 1Q...

… 7.8% 5 3% 6.0% a Stile (2yr) 63.8% 48.5% 14.8% 62.6% Wk Change 0.3% 0.0% -0.1% -0.2% Mth Change 0.0% -0.5% -0.8% -0.6% Bankof America “> Global Equity Volatility Insights |09 August 2016 21 Merrill Lynch HOUSE_OVERSIGHT_025998

… ig eg Rising bullish momentum iF 10 ro 2013 2014 2015 2016 2017 Source: BofA Merrill Lynch Global Research, Bloomberg Bankof America Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 47 Merrill Lynch HOUSE_OVERSIGHT_014777

…which may be delayed in some cases. “Trade Value” represents current valuation of trades initiated on the “Open Date”. Bankof America 22 Global Equity Volatility Insights | 20 June 2017 Merrill Lynch HOUSE_OVERSIGHT_014993

… = 2% 16.4 2.1% -8 7% 48 -0.2% 5 80% 13% SX6P (Utils) 22% 0.0% 4% 0.9% 0.8% 2 4% 128 24% 5% 42 -0.3% 0 95% -0.1% SX7E (Banks) 22.7% 0.3% 2% 8.6% 9% 2 3% 54 3.6% 2 9% 28 -0.5% 0 52% — -3.0% $X7P (Banks) 85% -12% 2% 3.1% 5% -10 3% 68 3.2% =15 5% 3.2 -0.4% 10 86% —-1.9% SXAP {Auto...

…sented for Blackstone. Overall, Mr. Gray was positive on the outlook for the U.S., with new pro-growth fiscal policies Bankof America a 2016 Future of Financials Conference | 17 November 2016 41 Merrill Lynch HOUSE_OVERSIGHT_014355

…changed materially in last few weeks - continues to be tough. Global growth will continue to be muted, and despite the Bankof America a 2016 Future of Financials Conference | 17 November 2016 43 Merrill Lynch HOUSE_OVERSIGHT_014357

…lients. A lower potential corporate tax rate would not likely benefit AB given its tax structure/low current tax rate. BankofAmerica <2” 40 2016 Future of Financials Conference | 17 November 2016 Merrill Lynch HOUSE_OVERSIGHT_014354

…ed a program through which municipalities can issue bonds with government guarantees (rather than having to borrow from banks); eased first time homebuyer restrictions; and injected capital into its biggest banks. What the China debate is really about is whether these measures wi...

…sly chronicled this year the fissures which are now affecting financial markets: European sovereign risk and inadequate bank capitalization; weak labor compensation as an Achilles heel of the US profits recovery, given its negative impact on spending; the political divide in Cong...