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ility of the Bank’s sales and trading businesses relating to the class of securities or financial instruments for which such analyst is responsible. BofA Merrill Lynch Global Credit Research analysts regularly interact with sales and trading desk personnel in connection with their research, including to ascertain pricing and liquidity in

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h (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Futures Commission (HKSFC); Merrill Lynch (Singapore): Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Canada Inc, regulated by the Investment Industry Regul

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®, | Lynch clients and may not be redistributed, Lynch Global Research reports are distributed horized use or disclosure

h (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Futures Commission (HKSFC); Merrill Lynch (Singapore): Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Canada Inc, regulated by the Investment Industry Regul

®, | Lynch clients and may not be redistributed, Lynch Global Research reports are distributed horized use or disclosure

n Branch (ARBN his report in Austra by Merrill regulated itutional ia only to ports ed, in any Limited in port. Singapore recipients of ) and/or Merrill Lynch (Singapore) Pte Ltd in respect of any matters arising from, or in connection 28 Global Equity Volatility Insights | 20 June 2017 BankofAmerica Merrill Lynch HOUSE_OV

s®, | Lynch clients and may not be redistributed, Lynch Global Research reports are distributed horized use or disclosur

d not futures contracts). Singapore recipients of this research report should contact Merrill Lynch International Bank Limited (Merchant Bank) and/or Merrill Lynch (Singapore) Pte Ltd in respect of any matters arising from, or in connection with, this research report. General Investment Related Disclosures: Taiwan Readers: Neither