Text extracted via OCR from the original document. May contain errors from the scanning process.
This research report provides general information only. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or
other financial instrument or any derivative related to such securities or instruments (e.g, options, futures, warrants, and contracts for differences). This report is not intended to provide
personal investment advice and it does not take into account the specific investment o!
ppropriateness of investing in financial instruments and
re prospects may not be realized. Any decision to purchase or subscribe for securities in any offering must be based solely on existing public information on such
financial advice regarding the a
that statements regarding futu
security or the in
Securities and ot
deposits or other obligations 0
among others, m
instruments may be difficult to
income from suc
lose their entire principal inves
Futures and options are not ap
disclosure documents. Investm
BofA Merrill Lyne!
action may be limited by regulations prohibiting or restricting "shortse
executing any short idea con
This report may contain a trading idea or recommendation which
hat presents a transaction opportunity, but does not have any im
ideas and recommenda
Foreign currency rates of exc
effectively assume currency risk.
UK Readers: The protec
ocated outside of the U
LPF&S or one of its aff
ime, hold a trading posi
BofA Merrill Lynch, through business units other than Bo
with, and reach cifferen
methods of th
recipient of th
In the event tl
therew!
ith ML
Copyright an
Copyright 20
recommenda
information k
BofA
researe
hould
iny Bo
n pub
Ss
a
ove
his re
h repo
consu
ic info
rofessionals in other busi
Any in
The in
any af
submi
ormation herein (o
may contain links to t
contained on such
iliation with
ting any personal information to them. BofA Merrill Lynch is not responsib
All opinions, project
errill Lynch Global Research and certain business groups. As a resul
ormation in the prospectus or other offering document issued in con
her financial instruments discussed in this report, or recommended, o
any insured depository institution (inc!
nterparty default risk and liquidity risk.
va
h securities and other financial instruments, if any, may fluctuate and
ment. Past performance is not necessarily a guide to fu
propriate for all investors. Such financia
en
arket risk, cou
h is aware tha
ained in this report.
high
pact on the analyst's
lyst's ra
, price o|
ions may differ directionally from the ana
hange may adversely affect the value
ions
nited Kingdom. BofA Merrill Lynch Global Researc
iliates is a regular issuer of traded financial instru
tion (long or short) in the securities and financial
A Merril
conclusions from, the information presented in
@ persons who prepared them, and BofA Merrill Lynch is un
is report.
hat the recipient received this report pursuant to a contract
ments linked
port.
ncluding transactions in any securities mentioned in this re
d General Information regarding Research Reports:
nown to, professionals in other business areas of BofA Merri
t their o'
rmation. Facts and views presented in this material that rela
ness areas of BofA Merrill Lynch in connection with the legal
s affiliates or their research analysts has any au
icy prohibits rese
h rating, recommendation or investment thesis.
ating to the tax status of financial instruments discussed herein i
on their particular circumstances from an independent tax pro
her than disclosure information relating to BofA Merrill Ly
hird-
hird-party websi
BofA Merrill Lyne
es is not part of this report and is not incorpora
e
ions and estimates constitute the judgment of the author as of
re
d
a
uding, Bank of A
jo security, financial instrument or derivative is suitable for all investors. In some cases, securities and other financial
ue or sell and reliable information about the value or
strategies explained in this report may not be appro}
provided by the U.K. regulatory regime, including the Financial Services Scheme, do not apply in general to
instruments discussed in this report.
Lynch Global Research, may have issued and may in the future issue
his report. Such ideas or recommendations reflect the different time frames, assumptions, views and analytical
der no obligation to ensure that such other trading ideas or recommendations are brought to
between the recipient and MLPF&S for t
PF&S may be deemed to be acting as an investment adviser, such status relates, if at all, solely to the
beyond the delivery of this report (unless otherwise agreed specifically in
transactions, i
writing by MLPF&S). MLPF&S is and con
7 Bank of America Corporation. All rights reserved. This research report is prepared for the use of Bo
disclosed, in whole or in part, or in any form or manner, without the express written consent of BofA Merrill Lynch.
and client websites and other portals by BofA Merrill Lynch and are not pu
constitutes your agreement not to redistribute, retransmit, or disclose to others the con
ions, estimates or price targets) without first obtaining expressed permiss
Materials prepared by BofA Merrill Lynch Global Research personnel are ba
blicly-available materials. Any unauthorized use or disclosure is prohi
sed on public i
I Lynch, includ
, BofA Merrill Lynch does not disclose certain client relationships witl
rts. To the extent this report discusses any legal proceeding or issues, it has not been prepared as nor is it intended to express any legal conclusion, opinion or advice. Investors
wn legal advisers as to issues of law relating to the subject matter of this report. BofA Merrill Lynch Global Research perso
A Merrill Lynch entity and/or its directors, officers and employees may be plaintif'
e to any such
act, circumstance or opinion contained in t
ating to securities, financial instruments and/or issuers that are no longer curren
r Extended Review. In each case, investors s
not rely on the analyses and investment opinion(s) pertaining to such issuer (or i
ion of any kind. Sales persons and financial advisors affiliated with MLPF&S or any of its affiliates may not
bjectives, financial situation and the particular needs of any specific
implementing investment strategies discussed or recommended in
nection with such offering, and not on this report.
fered or sold by Merrill Lynch, are not insured by the Federal Deposi
merica, N.A.). Investments in general and, derivatives, in particular, in
risks related to the security or financial instrument may be difficult
person. Investors should seek
this report and should understand
Insurance Corporation and are not
volve numerous risks, including,
‘0 obtain. Investors should note that
hat price or value of such securities and instruments may rise or fal
ure performance. Levels and basis for taxation may change.
particular “Overweight” or “Underweight” rating
to securities that may have been recommended
inues to ac
‘A Merrill Lynch clients and may not be re
BofA Merrill Lynch research reports are d
bited. Receip
ents, opinions, conclusion, or information contained in this report
ion from an authorized officer of BofA Merrill Lynch.
nformation. Facts and views presented in this material
ing investment banking personnel. BofA Merrill Lynch
have not be
nnel’s know
proceedings have not been reviewed by, discussed with, and mayn
proceedings or matters relevant to such proceedings.
port has been prepared independently of any issuer of securities mentioned herein and not in connection with any proposed offering of securities or as agent of
ities. None of MLPF&S, any of i
Research po
containing suc
ormation re
seek tax advice based
hority whatsoever to make any representation or warranty on behalf of the issuer(s}. Bo
arch personnel from disclosing a recommendation, investment rating, or investment thesis for review by an issuer prior to the pub
s not intended to provide tax advice or to be used by anyone to provide tax advi
essional.
nch and its affiliates) was obtained from various sources and we do not guaran
party websites. BofA Merrill Lynch is not responsible for the content of any third-party website or any linked content contained in a third-
ed by reference into this report. The inc
h. Access to any third-party website is at your own risk, and you should always review the terms and privacy policies at third-par'
or such terms and privacy policies and expressly disclaims any liability for them.
he date of the report and are subject toc
notice. BofA Merrill Lynch is under no obligation to update this report and BofA Merrill Lynch's ability to publish research ont
periods. You should therefore assume that BofA Merrill Lynch will not update any
Certain outstanding reports may contain discussions and/or investment opinions
recent research report relating to an issuer prior to making an investment decision.
nsome cases, an issuer may be classified as Restricted or may be Under Review o
its security and/or financial instruments} to be suspended or withdrawn and shou
inancial instruments) nor should the analyses or opinion(s) be considered a solici
solicit purchases of securities or financial instruments that are Restricted or Under Review and may only solicit securities under Extended Review in accordance with
either BofA Merrill Lynch nor any officer or employee of BofA Merrill Lynch accepts any liability whatsoever for any direct, indirect or consequential damages or losses arising from any use of
his report or its contents.
hange without notice. Prices a
he subject issuer(s) in the futu
his report.
hould consider any investmen
this report. Investors in such sec!
business coordinated by BofA
h policies relating to conflicts of interest are described at http://go.bofa.com/coi.
in this report. MLPF&S or one o
usion of a link in this report does not imply any
and, in some cases, investors may
instruments may expire worthless. Before investing in futures or options, clients must receive the appropriate risk
priate at all times. Costs of such strategies do not include commission or margin expenses.
the implementation of the ideas expressed in this report may depend upon an investor's ability to "short" securities or other financial instruments and that such
ling" in many jurisdictions. Investors are urged to seek advice regarding the applicability of such regulations prior to
ights a specific identified near-term catalyst or event impacting a security, issuer, industry sector or the market generally
which is based on a three month trade horizon). Trading
ing ona security or issuer because they reflect the impact of a near-term catalyst or event.
r Income of any security or financial instrument mentioned in
urities and instruments
errill Lynch entities
its affiliates may, at any
rading ideas or recommendations that are inconsistent
he attention of any
he provision of research services for a separate fee, and in connection
person with whom MLPF&S has contracted directly and does not extend
solely as a broker-dealer in connection with tl
he execution of any
distributed, retransmitted or
istributed simultaneously to internal
t and review of this research report
(including any investment
en reviewed by, and may not reflect
has established information barriers between
h, or compensation received
rom, such issuers in
ledge of legal proceedings in which
s, defendants, co-defendants or co-plaintiffs with or involving issuers mentioned in this report is based
ot reflect information known to,
any issuer of any
A Merrill Lynch
ication of a research
ce. Investors are urged to
cal
part
ts accuracy. This report
y website. Content
endorsement by or
es before
y websi
Iso are su
re is subj
bject to change without
ect to applicable quiet
. Always refer to the most
t opinion relating to such issuer (or
5 securities and/or
irm policies.
10
Cause and Effect | 13 February 2017
HOUS
BankofAmerica <2”
Merrill Lynch
E_OVERSIGHT_014730