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eas or recommend der no obligation to ensure that such fA Merrill Lynch is un pecifically in mentioned in this re earch
other busi his re ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, rec
Investment Strategy
ation. Fac pa | ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, rec
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 →Earnings Preview
ofessionals in other business areas of BofA Merri Research and certain business groups. As a resul BofA res
>6x return) will ensure that agents buy Zillow placements regardless of mortgage broker incentives. Additionally, we see earnings upside potential. 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_014887 →am, I/B/E/S, Bloomberg, BofA Merrill Lynch Global Research OS Merrill Lynch GEMs Paper #26|30 June 2016 43
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
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analyst under EEMUS 15.4(-0.1) 13.2 (08) the FINRA rules. TOP4O 1511.0) — 109(00) Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take oy ne responsibility for this report in particular jurisdictions. RDX 24.7 (1.2) 21.3(0.0) BofA Merrill Lynch does and seeks to
Page: HOUSE_OVERSIGHT_023575 →Entities connected to both BofA Merrill Lynch and ABI Research

Donald Trump
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Bank of America
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United Kingdom
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Merrill Lynch
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Michael Bloomberg
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Merrill Lynch Global Wealth Management
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