HOUSE_OVERSIGHT_014407

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Table 1: Shares rated buy by our analysts in cyclical, bank and insurance sectors* ee Source: BofA Merrill Lynch Global Research *Cyclical sectors = Industrials, consumer discretionary, IT, materials in GICS definition *Market cap above 1.5trn JPY except bank, insurance shares *Exclude Fast Retailing Bankof America > 4 Japan Investment Strategy | 18 November 2016 Merrill Lynch HOUSE_OVERSIGHT_014407

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