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Related BofAML research on US tax reform Below we provide links to reports from our BofAML Global Research colleagues that address this topic. Economics: Global Watch: Will border adjustment lead to border battles? 18 January 2017 US Economic Weekly: Cutting taxes could be taxing 02 December 2016 Credit strategy: Situation Room: Corporate tax reform=less debt 28 November 2016 The HY Wire: ‘A Better Way’: tax proposals could affect HY issuance 09 December 2016 FX: FX Watch: Ten thoughts on Border Adjustments 18 January 2017 FX Viewpoint: Homeland Investment redux? 17 October 2016 Autos: Automotive Industry: The Trump trade — implications for the automotive value chain 18 January 2017 Consumer/Retail: Retailing - Hardlines: A taxing set of proposals for Hardline Retailers 14 December 2016 Specialty Retail and Department Stores: Border adjustment seems unlikely but would decimate retail earnings 14 December 2016 US Consumer Staples: Policy changes: what to watch for 18 January 2017 Cosmetics, Household & Personal Care: 2017 — The Year Ahead: a few diamonds in the rough 10 January 2017 Consumer Staples: 2017 - the year ahead: sector rotation puts fundamentals in focus 13 December 2016 Tobacco: Tobacco Year Ahead 2017: see domestic players having more upside potential this yr 04 January 2017 Homebuilders and Building Products: State of the union 12 December 2016 Financials / Real Estate: 2017 Banks Year Ahead: T-R-U-M-P: Find out what it means for “E” (20% potential upside) 10 January 2017 US Banks Chart of the Week: Muni exposure will mute benefit from lower corporate taxes 11 December 2016 Insurance: Tax changes could have mixed implications 18 January 2017 Brokers, Asset Managers & Exchanges: 2017 Year Ahead: An attractive outlook, with 12- 20%+ upside, with catalysts 12 January 2017 U.S. REITs: Regulatory changes are coming: A REIT analyst guidebook 17 January 2017 Health Care: Managed Care: MCO rally has just begun; beneficiaries of the non-Health Care upside from Trump 02 December 2016 Biotechnology: On the road to recovery 04 January 2017 Healthcare: 2017 — the year ahead: the only constant is change 15 December 2016 : , Bankof America 22 Equity Strategy Focus Point | 29 January 2017 Merrill Lynch HOUSE_OVERSIGHT_023090