From: "Paul V. Morris" 4

From: "Paul V. Morris" 4 To: Jeffrey Epstein <[email protected]> Subject: CIO Weekly Letter - Comfortably Numb Date: Tue, 31 Oct 2017 13:14:19 +0000 PBIG logo RCIO Weekly Comfortably Numb Perhaps no song better captures the mood of the global capital markets than Pink Floyd's classic "Comfortably Numb." Whatever the risks, many investors have remained in that state this year. We remain "relaxed" or positive towards U.S. and international equities too, for a number of reasons that we identify here. However, with the question "How does this end?" a popular refrain, we also provide a watch list of potential risks. Learn more in the new Weekly Letter, Comfortably Numb, and feel free to contact us to talk about how we might put insights of this kind to work for you. Sincerely, The Morris Group Private Wealth Manager Read the latest Weekly Letter The Morris Group Private Wealth Manager One Bryant Park, 28th Floor New York, NY 10036 http://www.pwa.ml.com/themorrisgroup If you prefer not to receive future emails from updates.ml.com click here Investing involves risk, including the possible loss of principal. Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets. It is not possible to invest directly in an index. This material should be regarded as general information on Healthcare considerations and is not intended to provide specific healthcare advice. If you have questions regarding your particular situation, please contact your legal or tax advisor. The investments or strategies presented do not take into account the investment objectives or financial needs of particular EFTA00627166 investors. It is important that you consider this information in the context of your personal risk tolerance and investment goals before making an investment decision. Investments have varying degrees of risk. Some of the risks involved with equities include the possibility that the value of the stocks may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the U.S. or abroad. Investments in foreign securities involve special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are magnified for investments made in emerging markets. Investments focused in a certain industry may pose additional risks due to lack of diversification, industry volatility, economic turmoil, susceptibility to economic, political or regulatory risks and other sector concentration risks. There are special risks associated with an investment in commodities, including market price fluctuations, regulatory changes, interest rate changes, credit risk, economic changes and the impact of adverse political or financial factors. Neither Merrill Lynch nor any of its affiliates or financial advisors provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisons. Merrill Lynch makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") and other subsidiaries of Bank of America Corporation ("BofA Corp."). The Private Banking and Investment Group is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the group's private wealth advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill Lynch's obligations will differ among these services. Investments involve risk, including the possible loss of principal investment. The banking, credit and trust services sold by the group's private wealth advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC, and other affiliated banks. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. il 2017 Bank of America Corporation. All rights reserved. I ARXLRS9J 10/2017 Vw EFTA00627167