HOUSE_OVERSIGHT_014785.jpg

Other Important Disclosures Prices are indicative and for information purposes only. Except as otherwise stated in the report, for the purpose of any recommendation in relation to: (i) an equity security, the price referenced is the publicly traded price of the security as of close of business on the day prior to the date of the report or, if the report is published during in indicative of the traded price as of the date and time of the report; or (ii) a debt security (including equity preferred and CDS), prices are indicative as of the from various sources including Bank of America Merrill Lynch trading desks. The date and time of completion of the production of any recommendation in this report shall be the date and time of dissemination of this report as recorded in the report timestamp. traday trading, the price referenced is date and time of the report and are Ww INVESTMENT. registration or have been qualified for sale. BofA Merrill Lynch Global Research policies rela ting to conflicts of interest are described at http://go.bofa.com/coi. This report may refer to fixed income securities that may not be offered or sold in one or more states or jurisdictions. Readers of this report are advised that any discussion, recommendation or other mention of such securities is not a solicitation or offer to transact in such securities. Investors should contact their BofA Merrill Lynch representative Wealth Management financial advisor for information relating to fixed income securities Rule 144A securities may be offered or sold only to persons in the U.S. who are Qualified Institutional Buyers within the meaning of Rule 144A under the S ECURITIES DISCUSSED HEREIN MAY BE RATED BELOW INVESTMENT GRADE AND SHOULD THEREFORE ONLY BE CONSIDERED FOR INCLUSION IN ACCOUNTS QUALIFIED FOR SPECULATIVE or Merrill Lynch Financial Global ecurities Act of 1933, as amended. Recipients who are not institutional investors or market professionals should seek the advice of their independent financial advisor before considering information in this report in connection with any investment decision, or for anecessary explanation of its contents. The securities discussed in this report may be traded over-the-counter. Retail sales and/or distribution of this report may be made only in states where these securities are exempt from Officers of MLPF&S or one or more of its affiliates (other than research analysts} may have a financial interest in securities of the issuer(s) or in related investments. This report, and the securities discussed herein, may not be eligible for distribution or sale in all countries or to certain categories of investors. “BofA Merrill Lynch" includes Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial advisor if they have questions concerning this report. "BofA Merrill Lynch” and "Merrill Lynch” are each global brands for BofA Merrill Lynch Global Research. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: PRA}; Merrill Lynch (Australia): Merrill Lynch Equiti CV, Casa de Bolsa, regulated by the Comisién Nacio regulated by the Securities and Exchange Board of DIFC): Merrill Lynch International (DIFC Branch), re Comisién Nacional del Mercado De Valores: Merrill FCA and the PRA) by MLI (UK) and Bank of America imited regulation by the FCA and PRA - details abo! regulated by MAS. Bank of America NA, Australian Authority. No approval is required for publication o errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and is distributed in the United Kingdom (UK) to professional clients and eligible counterparties (as India}; and is issued and distributed in Singapore to insti Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lyn LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the US (short name: legal name, regulator}: Merril South Africa (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA) an es (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merrill Lynch Pacific) Limited, regulated by the Hong Kong Securities and Futures Commission (HKSFC); Merrill Lynch (Singapore): Merrill Lynch (Singapore) Pte Ltd, regu Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Canada Inc, regulated by the Investment Industry Regulatory Organization of Canada; Merrill Lynch (Mexico): Merrill Lynch Mexico, SA de nal Bancaria y de Valores; Merrill Lynch (Argentina): Merrill Lynch Argentina SA, regulated by Comisién Nacional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co., Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd, regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merri Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissdo de Valores Mobi gulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by port is an Authorised Deposit- Taking Institution under the Banking Act 1959 nor regulated by the Australian Prudential Regulation | Lynch (South Africa}: Merrill Lynch d the Prudential Regulation Authority (Hong Kong): Merrill Lynch (Asia lated by the Monetary Authority of Israel}: Merrill Lynch Lynch lidrios; Merrill Lynch KSA Company, each is defined in the rules of the errill Lynch International Limited, which are authorized by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to retail clients (as defined in the rules of the FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to ut the extent of our regulation by the FCA and PRA are available from us on request; has been considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer under the Financial Instruments and Exchange Act in Japan; is issued and distributed in Hong Kong by Merrill Lynch (Hong Kong) which is regulated by HKSFC (research reports containing any information in relation to, or advice on, futures contracts are not intended for issuance or distribution in Hong Ki intended for issuance or distribution to, or use by, any person in Hong Kong); is issued and distributed in Taiwan by Merrill Lynch (Taiwan); is issued and distributed in India by DSP Merrill Lynch utional investors and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International ch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore) are Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limi License 235132 (MLEA) distribute this report in Australia only to ‘Wholesale’ clients as defined by s./61G of the Corporations Act 2001. With the exception any of its affiliates involved in preparing this research re ong and are not directed to, or ed (ABN 65 006 276 795), AFS of BANA Australia, neither MLEA nor r distribution of this report in Brazil and its local distribution is by Merrill Lynch (Brazil) in accordance with applicable regulations. Merrill Lynch DIFC) is authorized and regulated by the DFSA. Research reports prepared and issued by Merrill Lynch (DIFC) are done so in accordance with the requireme rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued responsibility for research reports of its non-US af security discussed in the report should co so throu respect of any matters relating to dealing in securi by MLPF&S and/or one or more of its non-US affiliates. MLPF&S is the distributor of this research report in the US and accepts fu iliates distributed to MLPF&S clients in the US. Any US person receiving this research report and wishing to effect any transaction in any gh MLPF&S and not such foreign affiliates. Hong Kong recipients of this research report should contact Merri ies (and not futures contracts} or provision of specific advice on securities (and not futures contracts). Si nts of the DFSA conduct of business | Lynch (Asia Pacific) Limited in ngapore recipients of this research report should contact Merrill Lynch International Bank Limited (Merchant Bank) and/or Merrill Lynch (Singapore) Pte Ltd in respect of any matters arising from, or in connection with, this research report. General Investment Related Disclosures: Taiwan Readers: Neither the information nor any o| this report may be used or reproduced or quoted in any manner whatsoever in Taiwan by t This research report provides general information only. Neither the information nor any op other financial instrument or any derivative related personal investment advice and it does not take in pinion expressed herein constitutes an offer or a solicitation of an offer to transact in any securities or o o account the specific investment objectives, financial situation and the particular needs of any specific her financial instrument. No part of he press or any other person without the express written consent of BofA Merrill Lynch. inion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or to such securities or instruments (e.g., options, futures, warrants, and contracts for differences}. This report is not intended to provide person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this report and should understand that statements regarding future 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 security or the information in the prospectus or other offering document issued in connection with such offering, and not on this report. Securities and other financial instruments discussed in this report, or recommended, offered or sold by Merrill Lynch, are not insured by the Federal Deposi deposits or other obligations of any insured deposi instruments may be difficult to value or sell and re al instrument or derivative is suitable for all investors. In some cas iable information about the value or risks related to the security or financial instrument may be difficult income from such securities and other financial instruments, if any, may fluctuate and that price or value of such securities and instruments may rise or fal lose their entire principal investment. Past performance is not necessarily a guide to future performance. Levels and basis for taxation may change. Futures and options are not appropriate for all investors. Such financial instruments may expire worthless. Before investing in futures or options, clients must receive the appropriate risk Insurance Corporation and are not tory institution (including, Bank of America, N.A}. Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, counterparty default risk and liquidity risk. No security, financi es, securities and other financial o obtain. Investors should note that and, in some cases, investors may Bankof America Merrill Lynch Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 55 HOUS E_OVERSIGHT_014785