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mberg European equities: switch to outright long Healthcare We switch our European sector pair trade preferr
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 →higher oil would make Oil’s high DY sustainable. Healthcare is too cheap vs an improving sector growth outloo
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_014460 →eas or recommend der no obligation to ensure that such fA Merrill Lynch is un pecifically in mentioned in this re earch
is one of the nation's largest managed care organizations, covering roughly 23 million members. The company focuses on three main business segments: Health Care (health insurance, dental, behavioral health and pharmacy benefit Bankof America <> Merrill Lynch Top 10 US Ideas Quarterly | 03 January 2017 3 HOU
Page: HOUSE_OVERSIGHT_014624 →nce in the health system in order to enhance % of Healthcare facilities reporting comprehensive % 10 100 NA 10
bject to change without notice. Prices also are subject 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 Merr
Page: HOUSE_OVERSIGHT_016196 →Entities connected to both BofA Merrill Lynch and Health Care

Bank of America
ORGANIZATIONUtilities
ORGANIZATION
Donald Trump
PERSON
Merrill Lynch
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATION
Michael Bloomberg
PERSON
Frankfurt
LOCATION
United Kingdom
LOCATION
Merrill Lynch Global Wealth Management
ORGANIZATION
Bank of America Corporation
ORGANIZATIONMerchant Bank
ORGANIZATION
Jeffrey Epstein
PERSONThe Financial Service Board
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONthe Central Bank of Ireland
ORGANIZATIONBaFin
ORGANIZATION
Seoul
LOCATION