Every indexed document

a registered securities dealer under the Financial Instruments and Exchange Act in Japan; is issued and distributed in Hong Kong by Merrill Lynch (Hong Kong) which is regulated

which are authorized by the PRA and regulated by the FCA and the PRA

regulated by the Capital Market Authority.

regulated by Comissão de Valores Mobiliários; Merrill Lynch KSA Company

regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana

regulated by Israel Securities Authority; Merrill Lynch (Russia): OOO Merrill Lynch Securities

regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch

regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited

regulated by the Investment Industry Regulatory Organization of Canada; Merrill Lynch (Mexico): Merrill Lynch Mexico

regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia

and dividing it by (1-current tax rate).

we multiple the net value of imported COGS by the

which is lower than the 80% brought back during the 2004 tax

applying various buyback scenarios (10-100%). We use 50% as a

some of which may be permanently reinvested; here

taxes paid could be slightly higher than we estimate given that

after first excluding the impact from several large

and 3) our own estimate if neither (1) or (2) are available

2) BofAML analyst estimates on cumulative overseas profits or

Asset Managers & Exchanges: 2017 Year Ahead: An attractive outlook