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° 60 ce) 19% 50 10% ! 40 14% 30 5% 9% 20 10 0% 0 af a SErLE= - = Sb 2bsbts 8538288 10% a ?V?Soogrs 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 @ Largest 4-day % changes in 10yr UST yields since 1962 Change measured in bps (nght) Source: BofA Merrill Lynch Global Research. Based on daily data since 1962. —— 4-day return of a 30yr UST futures investment ee 14-Nov-16 Source: BofA Merrill Lynch Global Research Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 The power of global connections™ Bankof America Merrill Lynch This message, and any attachments, is for the intended recipient(s) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and conditions available at http://www.bankofamerica.com/emaildisclaimer. If you are not the intended recipient, please delete this message. HOUSE_OVERSIGHT_014311