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BofA Merrill Lynch Global Research. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the US (short name: legal name, regulator): Merr
Page: HOUSE_OVERSIGHT_014429 →by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch srael Limited, regulated by
Page: HOUSE_OVERSIGHT_014429 →s and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated b
Page: HOUSE_OVERSIGHT_014429 →tails about the extent of our regulation by the FCA and PRA are available from us on request; has been considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer under the Financial Instruments and Exchange Act in Japan; is issued and distributed in Hong Kong by Merrill Lynch (
Page: HOUSE_OVERSIGHT_014429 →securi hat price or value of such or fu priate at all times. Costs o f any security or financial ins MLPF&S). MLPF&S is and continues to ac ‘A Merrill Ly BofA Merri able materials. Any unauthorized use or dis ents, opinions, conclusion, or informat ion from an authorized officer of BofA cluding invest
Page: HOUSE_OVERSIGHT_014430 →seek advice regarding the applicability of such regu ations prior to rument mentioned in this report. Investors in such securities and instruments Lynch entities affiliates may, at any tention of any he provision of research services for a separate fee, and in connection person with whom MLPF&S has
Page: HOUSE_OVERSIGHT_014430 →Investment Strategy
r BofA Merrill Lynch Global Research. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the US (short name: legal name, regulator): Merr
Page: HOUSE_OVERSIGHT_014408 →by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch srael Limited, regulated by
Page: HOUSE_OVERSIGHT_014408 →vestors and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch Interna Bank Limited (Merchant Bank} (MLIBLMB} and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated b
Page: HOUSE_OVERSIGHT_014408 →PRA - details about the extent of our regulation by the FCA and PRA are available from us on request; has been considered and distributed in Japan by Lynch (Japan), a registered securities dealer under the Financial Instruments and Exchange Act in Japan; is issued and distributed in Hong Kong by Merrill Lynch (
Page: HOUSE_OVERSIGHT_014408 →he United Kingdom. BofA LPF&S or one of its affiliates is a regular issuer of traded financial instru rading position (long or short} in the securiti Lynch, through business units other than Bo ith, and reach different conclusions from, the information presented in rt. errill Lynch Global Researe es a
Page: HOUSE_OVERSIGHT_014409 →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
Page: HOUSE_OVERSIGHT_014627 →by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch srael Limited, regulated by
Page: HOUSE_OVERSIGHT_014650 →s and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated b
Page: HOUSE_OVERSIGHT_014650 →tails about the extent of our regulation by the FCA and PRA are available from us on request; has been considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer under the Financial Instruments and Exchange Act in Japan; is issued and distributed in Hong Kong by Merrill Lynch (
Page: HOUSE_OVERSIGHT_014650 →ge may adversely affect PF&S or one of its affiliates is a regular issuer of traded financial instru rading position (long or short} in the securiti Lynch, through business units other than Bo ith, and reach different conclusions from, the information presented in that the recipient received this repor
Page: HOUSE_OVERSIGHT_014651 →BofA Merrill Lynch Global Research. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the US (short name: legal name, regulator): Merr
Page: HOUSE_OVERSIGHT_014496 →ibution to, or use by, any person in Hong Kong); is issued and distributed in Taiwan by Merrill Lynch (Taiwan); is issued and distributed in India by DSP Merrill Lynch India}; and is issued and distributed in Singapore to institutional investors and/or accredited investors (each as defined under the Financial Adviser
Page: HOUSE_OVERSIGHT_014496 →s and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated b
Page: HOUSE_OVERSIGHT_014496 →tails about the extent of our regulation by the FCA and PRA are available from us on request; has been considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer under the Financial Instruments and Exchange Act in Japan; is issued and distributed in Hong Kong by Merrill Lynch (
Page: HOUSE_OVERSIGHT_014496 →Entities connected to both Merrill Lynch and Lynch (Japan
Pierce, Fenner & Smith Incorporated
ORGANIZATION
Bank of America Corporation
ORGANIZATION
Bank of America
ORGANIZATION
Donald Trump
PERSON
Michael Bloomberg
PERSON
Frankfurt
LOCATION
United Kingdom
LOCATION
Merrill Lynch Global Wealth Management
ORGANIZATIONMerchant Bank
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONThe Financial Service Board
ORGANIZATION
BofA Merrill Lynch
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATION
United States
LOCATIONMerrill Lynch KSA Company
ORGANIZATION
Seoul
LOCATIONthe Central Bank of Ireland
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATIONOtoritas Jasa Keuangan
ORGANIZATION