Global Market Insights Strategy Team Americas Europe Asia Dr. David P. Kelly, CFA Stephanie H. Flanders Tai Hui New York London Hong Kong Anastasia V. Amoroso, CFA Manuel Arroyo Ozores, CFA Yoshinori Shigemi Houston Madrid Tokyo Julio C. Callegari Tilmann Galler, CFA Marcella Chow São Paulo Frankfurt Hong Kong Samantha M. Azzarello Lucia Gutierrez-Mellado Kerry Craig, CFA New York Madrid Melbourne David M. Lebovitz Vincent Juvyns Dr. Jasslyn Yeo, CFA New York Luxembourg Singapore Gabriela D. Santos Dr. David Stubbs Ian Hui New York London Hong Kong Abigail B. Dwyer, CFA Maria Paola Toschi Akira Kunikyo New York Milan Tokyo John C. Manley Michael J. Bell, CFA Ben Luk New York London Hong Kong Ainsley E. Woolridge, CFA Alexander W. Dryden, CFA New York London Hannah J. Anderson Nandini L. Ramakrishnan New York London For China, Australia, Vietnam and Canada distribution: Please note this communication is for intended recipients only. In Australia for wholesale clients use only and in Canada for institutional clients use only. For further details, please refer to the full disclaimer. Unless otherwise stated, all data is as of 31 December 2016 or most recently available. 2