From: "Paul V. Morris" 4

From: "Paul V. Morris" 4 To: Jeffrey Epstein <[email protected]> Subject: CIO ISC Viewpoint - A June Prune Not a Swoon Date: Thu, 15 Jun 2017 18:08:46 +0000 PBIG logo RC, 1O ISC Viewpoint A June Prune Not a Swoon We believe a small market swoon in June would be an opportunity to position into our preferred equity exposure. We see a number of factors creating a backdrop for investors to climb the wall of worry, including a solid profit cycle, expanding global growth, low inflation, still-easy financial conditions, strong business confidence, large excess liquidity around the world and elevated geopolitical risks. Learn more in A June Prune Not a Swoon, the latest edition of ISC Viewpoint, a monthly update on the outlook of our Investment Strategy Committee. Please feel free to get in touch with us to discuss how you can put these insights to work in your portfolio. Sincerely, The Morris Group Private Wealth Manager Read the latest ISC Viewpoint The Morris Group Private Wealth Manager One Bryant Park, 28th Floor New York, NY 10036 (212) 680-5919 If you prefer not to receive future emails from updates.ml.com click here 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 and other developments. These risks are magnified for investments made in emerging markets. The investments or strategies presented do not take into account the investment objectives or financial needs of particular EFTA00653064 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. 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 decisions. 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. it 2017 Bank of America Corporation. All rights reserved.l AR6LQ49R I 06/2017 EFTA00653065