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e activity next year metrics activing and points worsening credit metrics Source: BofA Merrill Lynch Global Research Regions Financial (RF), B-2-7, Neutral Regions harnessing consumer to drive growth: Scott Peters, Senior EVP and Consumer Services Group Head, Logan Pichel, Consumer Lending Group Head, an

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S Christopher Kuplent Royal Dutch Shell PLC Shs A RYDAF RDSA LN Christopher Kuplent Statoil STOHF STL NO Hamish Clegg Statoil STO STO US Hamish Clegg NEUTRAL BP plc BP BP US Christopher Kuplent BP ple BPAQF BP/ LN Christopher Kuplent Repsol REPYY REPYY US Hamish Clegg Repsol REPYF REP SM Hamish Clegg Total

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nt, which is the most profitable airplane manufacturing company in the world. Consolidated Edison (ED) Brian Chin +1 646 855 5855 Research Analyst, MLPF&S Underperform, PO $59 1Q17 investment thesis Since the November elections, utility valuations have not adequately adjusted to the rapid shift towards

ald J. Epstein TransDigm Group Inc. TDG TDG US Ronald J. Epstein Triumph Group TGl TGI US Ronald J. Epstein United Tech UTX UTX US Ronald J. Epstein NEUTRAL BWX Technologies, Inc. BWXT BWXT US Ronald J. Epstein Crane Co CR CRUS Kristine T. Liwag Curtiss-Wright Corporation cw CW US Kristine T. Liwag FLY Lea

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na via the Ctrip investment. Bankof America 2 Internet/e-Commerce | 06 April2017 33 Merrill Lynch HOUSE_OVERSIGHT_014919 --- PAGE BREAK --- Snap (Neutral, $25 PO) Stock view: Long-term potential, but near-term could be lumpy Snap will report its first earnings as a public company and expectations hav

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