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Price Objective Change
of Betterment), Randy Sternke (Vice President, Business Development at Alkanza), and Vaughn Bowman (Director, Managed Solutions Channel Management at BofAML). Each firm discussed the unique aspects of their individual business models and where they see the robo industry headed in the future. ¢ Broverman
Page: HOUSE_OVERSIGHT_014367 →irman of Sullivan & Cromwell; Richard Kim, partner at Wachtell, Lipton, Rosen & Katz, and Ed Hill, Senior Vice President, Government Affairs, Bank of America Corporation. = Regulation is about tone: Our panelists agreed that the scope and strength of regulation comes from the tone and attitude of regulators rather th
Page: HOUSE_OVERSIGHT_014373 →Quantitative Analysis
the corporate tax rate 4 Repatriation 6 Border adjustment tax analysis 12 Closing loopholes 15 No interest tax shield 7 Tax reform screens 19 Related BofAML research on US tax reform 22 Methodology 24 2 Equity Strategy Focus Point | 29 January 2017 (pertain HOUSE_OVERSIGHT_023070 --- PAGE BREAK --- The
Page: HOUSE_OVERSIGHT_023070 →sumptions, views and analytical o the attention of any and in connection ly and does not extend with the execution of any has contracted direct of America Corporation. iQanalytics®, | Lynch clients and may not be redistributed, Lynch Global Research reports are distributed horized use or disclosure is prohibited.
Page: HOUSE_OVERSIGHT_023095 →o expect prices to rebound to $55/bbl by year end. In fact current levels of ~$40 are close to the summer floor ($39) they had previously suggested. BofAML strategists have turned bullish Oil & Gas equities given more CB (BoE) easing, attractive div yields and exposure to the EM recovery narrative. Moreo
Page: HOUSE_OVERSIGHT_025987 →umptions, views and analytical ‘0 the attention of any and in connection ly and does not extend with the execution of any has contracted direct of America Corporation. iQanalytics®, | Lynch clients and may not be redistributed, Lynch Global Research reports are distributed use or disclosure is prohibited. Receipt
Page: HOUSE_OVERSIGHT_026003 →Entities connected to both BofAML and America Corporation

Bank of America Corporation
ORGANIZATION
Bank of America
ORGANIZATION
Merrill Lynch
ORGANIZATION
Donald Trump
PERSON
Merrill Lynch Global Wealth Management
ORGANIZATIONMerchant Bank
ORGANIZATIONThe Financial Service Board
ORGANIZATION
Frankfurt
LOCATION
United Kingdom
LOCATION
Seoul
LOCATIONBaFin
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONMerrill Lynch International
ORGANIZATIONBank of America Merrill Lynch International Limited
ORGANIZATIONBofA Merrill Lynch Global Research
ORGANIZATION
Marc Rich
PERSONthe Investment Industry Regulatory Organization of Canada
ORGANIZATION
Michael Bloomberg
PERSON
the Financial Services Agency
ORGANIZATION