From: "Paul V. Morris" 4

From: "Paul V. Morris" 4 To: Jeffrey Epstein <[email protected]> Subject: CIO Weekly Letter - Housing rises Date: Wed, 15 Mar 2017 14:30:49 +0000 PBIG logo RCIO Weekly Housing rises One sector poised to benefit from a stronger U.S. economy is housing. Demand should remain strong this year as a solid job market and rising wages continue to support the industry. Longer-term, data suggest there are not nearly enough homes to meet the demand of the millennial generation. Homebuilders do face challenges, however. Profitability has been squeezed, and a clampdown on undocumented workers could aggravate the problem. Learn more in the new Weekly Letter, Housing rises. 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 [email protected] http://www.pwa.ml.com/themorrisgroup If you prefer not to receive future emails from updates.ml.com click here Investments in a certain industry or sector may pose additional risk due to lack of diversification and sector concentration. Investments in real estate securities can be subject to fluctuations in the value of the underlying properties, the effect of economic conditions on real estate values, changes in interest rates, and risk related to renting properties, such as rental defaults. The investments or strategies presented do not take into account the investment objectives or financial needs of particular 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 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."). EFTA00679742 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. ID 2017 Bank of America Corporation. All rights reserved.I ARFMVGSW 103/2017 rw EFTA00679743