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privacy policies at third-party websites before bject to change without notice. BofA Merrill Lynch is under no obligation to update this report and BofA Merrill Lynch's ability to publish research on the subject issuer(s) in the future is subject to applicable quiet periods. You should therefore assume that BofA Mer
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Page: HOUSE_OVERSIGHT_014430 →in jo security, finance! by the U.K. regulatory regime, including the Financial Services Scheme, do not apply in general to business coordinated by BofA Merrill are described at http://go.bofa.com/coi. ments linked to securities that may have been recommended in this report. MLPF&S or one of its instruments
Page: HOUSE_OVERSIGHT_014430 →rch. Daily data from 2-Jun-09 to 5-Aug-16. Source: BofA Merrill=Lynch Global Research. Data from Nov-28 to Aug-16. US Equity Derivatives Research I BofA Merrill Lynch I Merrill Lynch, Pierce, Fenner &=Smith Incorporated I +1 646-855- 5480 I +1 646-855-5478 I +1 646-855-1247 I +1 646-855-2631 I dg.rsch_americas_equi
high while the NKY 2M-1M term structure (1.5%) is at its 9=th percentile 4 EFTA_R1_01558039 EFTA02455431 gspan><=span> =/span><=span> Source: BofA Merrill=Lynch Global Research. Daily data from 5-Jan-16 to 5-Aug-16<=span> Source: BofA Merrill Lynch Global Research. Current NKY Sep-Oct ATM volatility i
rence to or summary of ML =esearch in this material is qualified in its entirety by the views of =ofA Merrill Lynch Global Research. Please refer to BofA Merrill Lynch =lobal Research for more details (baml.com/markets <http://www.bamIcom/markets> ). The estimated =alues provided in the material are "as of" the da
his material was prepared by =ash Equity Trading of Merrill Lynch, Pierce, Fenner & Smith, =ncorporated ("ML"). The material is not a publication of BofA Merrill =ynch Global Research, and it has not been reviewed or approved by BofA =errill Lynch Global Research. Any summary of ML Research notes and =eports,
Investment Strategy
he express written consent of BofA Merrill Lynch. BofA Merril sed on public i | Lynch, including investment ba
LPF&S and is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. BofA Merrill Lynch does and seeks to do business with issuers covered
Page: HOUSE_OVERSIGHT_014404 →Investment Strategy
LPF&S and is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. This document is intended for BofA Merrill Lynch institutional invest
Page: HOUSE_OVERSIGHT_014432 →rch personnel are based on information known to, professionals in other business areas of BofA Merrill Lynch, including investment banking personnel. BofA Merrill Research and certain business groups. As a resul research reports. To the extent this report discusses any legal proceeding or issue , BofA her off
Page: HOUSE_OVERSIGHT_014458 →eas or recommend der no obligation to ensure that such fA Merrill Lynch is un pecifically in mentioned in this re earch
t of In the event therewith quity securities o he implementation rt. °o uding ADRs, effectively assume currency risk. de of the United Kingdom. BofA Merrill h h @ persons who prepared them, and Bo is report. LPF&S may be deemed beyond the delivery of this report (unless otherwise agreed 5| transactio
Page: HOUSE_OVERSIGHT_014651 →Estimate Change
% EV / EBITDA* 17.2x NM 9 9x 6.4x 5 Ax Free Cash Flow Yield* -13.2% 81% 3.8% -0.3% 3.17% * For full definitions of ‘Qnethod™ measures, see page 11. BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict
Page: HOUSE_OVERSIGHT_014873 →errill Lynch Global Research and certain busin research reports. To the extent this report discusses ou oO professionals in other business areas of BofA Merrill 5 report containing such rating, recommendation or in Any information relating to the tax status of financia seek tax advice based on their particul
Page: HOUSE_OVERSIGHT_014886 →LPF&S and is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. BofA Merrill Lynch does and seeks to do business with issuers covered
Page: HOUSE_OVERSIGHT_014972 →eutsche Bank, ING Group, LPF&S together with its affiliates ownership position on he report: BNP Paribas The issuer is or was, wi ntesa, Santander. BofA Merrill Corporation, inc ved , Deutsche Bi hin the last ysts responsible for covering iliate was a manager of a pub compensa compensa ceive or in ntesa,
Page: HOUSE_OVERSIGHT_014999 →Entities connected to both BofA Merrill Lynch and BofA Merrill

Bank of America
ORGANIZATION
Merrill Lynch
ORGANIZATION
Donald Trump
PERSON
Merrill Lynch Global Wealth Management
ORGANIZATION
United Kingdom
LOCATIONPierce, Fenner & Smith Incorporated
ORGANIZATION
Bank of America Corporation
ORGANIZATION
Michael Bloomberg
PERSONMerchant Bank
ORGANIZATION
Frankfurt
LOCATIONMerrill Lynch Canada Inc
ORGANIZATIONILynch
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATION
Merri
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONthe Central Bank of Ireland
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATIONBaFin
ORGANIZATION