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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 South Africa ( PRA}; Merrill Lynch (Aus Pacific) Limited, regulate Singapore (MAS); Merrill CV, Casa de Bolsa, regulated by ja
Page: HOUSE_OVERSIGHT_014422 →ian Securities and Investments Commissio Futures Commission (HKSFQ; Merri Canada): Merrill Lynch Canada Inc, regulated by the Inves ria y de Valores; Merrill Lynch Services Agency: Lynch Securities (Taiwan) Ltd, regu errill Lynch (Indonesia): PT hority (FCA) and the Prudential Regula n; Merrill Lynch (Hong Kong
Page: HOUSE_OVERSIGHT_014422 →Inte Comisi6n Nacional del M errill Lynch Kingdom o This research report: FCA and the PRA) by retail clients (as defin imited regulation by the FA a Lynch (Japan), a registered secu by HKSFC (research repor' ralia): Lynch Saud LI(UK}a India}; and is issued and distri Bank Limited (Merchant Bank) re
Page: HOUSE_OVERSIGHT_014422 →vices Agency: Lynch Securities (Taiwan) Ltd, regu errill Lynch (Indonesia): PT hority (FCA) and the Prudential Regula n; Merrill Lynch (Hong Kong): Merri Lynch (Singapore) Pte Ltd, regulated by the errill Lynch (Mexico): Merrill Lyne by Comisién Nacional de Va Seoul Bi ed by the Centra hich is authorized
Page: HOUSE_OVERSIGHT_014422 →arising from, or in connection with, this Bank of the arkets E as each by the Cen jon in Hong Kong ai issued and distribu dvisers Regulations }. MLIBLMB and Mei ies (Australia} Limi the Corporations Act 2001. With the exception of BA 59 nor regulated by the Austra Brazil} in accordance with ap p he
Page: HOUSE_OVERSIGHT_014422 →ccepts fu person. Investors should seek this report and should understand h Africa): Merrill Lynch jon Authority | Lynch (Asia hority of h Mexico, SA de I Lyne h mited, errill Lynch I Lyne ated KSA Com h by pany, he K to errill ated I Lynch jonal EA nor A I Lynch siness fect any transactio
Page: HOUSE_OVERSIGHT_014422 →responsibility for research reports security discussed in the report should do so through M respect of any matters relating to report should contact Merrill Lyne research report. General Investment Related Taiwan Readers: Neither the information nor any opinion expressed herein constitutes an offer or aso L
Page: HOUSE_OVERSIGHT_014729 →Lynch In Comisi6n Nacional del errill Lynch Kingdom o This research report: has FCA and the PRA} by MLI retail clients (as defin imited regulation by Lynch (Japan), a regis by HKSFC (research repor inte Indi Ban regulated by MAS. Bank o Lice! any regulated ea t ne of its affiliates involved in This
Page: HOUSE_OVERSIGHT_014729 →to, or Lynch (Taiwan); is issued and distributed in India by DSP Merrill Advisers Regulations) by Merrill Lynch Interna dd 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore) are ralia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS the Corporations Act 2001. With the
Page: HOUSE_OVERSIGHT_014729 →elation to, or advice on, fu 0, or use by, any person in Hong Kong); is issued and distrib itutional investors and/or accredited investors (each as d id Merrill Lynch (Singapore) (Company Registra h (ARBN 064 874 531), AFS only to ‘Wholesale’ clients as defin ort is an Authorised Deposit- Taking Institution un buti
Page: HOUSE_OVERSIGHT_014729 →h (Asia Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of atory Organization of Canada; Merrill Lynch (Mexico): Merrill Lynch Mexico, SA de Lynch Argentina SA, regulated by Comisién Nacional de Valores; Merrill Lynch }: Merrill Lynch International Incorporated (Seoul Branch) regulated by t
Page: HOUSE_OVERSIGHT_014729 →s not have any im ideas and recommenda Foreign currency rates of exc effectively assume currency risk. UK Readers: The protec ocated outside of the U LPF&S or one of its aff ime, hold a trading posi BofA Merrill Lynch, through business units other than Bo with, and reach cifferen methods of th recipient
Page: HOUSE_OVERSIGHT_014730 →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 →ada): Merrill Lynch Canada Inc, regulated by the Investment Industry Regulatory Organization of Canada; Merrill Lynch (Mexico): Merrill Lynch Mexico, SA de CV, Casa de Bolsa, regulated by the Comisi6n Nacional Bancaria y de Valores; Merrill Lynch (Argentina): Merrill Lynch Argentina SA, regulated by Comi
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 →Comissdo de erril as each i by tl ed, London he PRA and regulated by the Branch, which is authorized by the Cen ral Bank and distributed in H errill Lynch (India}; International Bank L ingapore) are regula long Kong by Merrill Lynch (H and is issued and distribu imited (Merchant Bank} (ML ed by MAS. Ba
Page: HOUSE_OVERSIGHT_014999 →or was, within the e US, retail sales and/or dis F&S or an affiliate has received F&S or an affiliate expects to re ibas, Deutsche Bank, ING Group, LPF&S together with its affiliates ownership position on he report: BNP Paribas The issuer is or was, wi ntesa, Santander. BofA Merrill Corporation, inc
Page: HOUSE_OVERSIGHT_014999 →u report: has been approved for publication and is dis RA) by MLI (UK) and Bank of America Merrill Lynch | the FCA and the PRA) by RA - details about Lynch (Japan), a registered securities dea investors and/or accredited investors pared and issued by Merrill Lynch U rael Securities Aut ores; Merrill
Page: HOUSE_OVERSIGHT_014999 →erri ry Au Federa regu Merrill Lynch 5 defined int of Ireland and subje KSA Comp he rules of FCA and the PRA, and is distributed in the UK to rill Lynch hority of h Mexico, SA de errill Lynch he | Lynch Limited, ll Lynch (Israel}: ion; Merril errill Lynch by any, ated he ct to buted in Japan
Page: HOUSE_OVERSIGHT_014999 →Lynch 5 defined int of Ireland and subje KSA Comp he rules of FCA and the PRA, and is distributed in the UK to rill Lynch hority of h Mexico, SA de errill Lynch he | Lynch Limited, ll Lynch (Israel}: ion; Merril errill Lynch by any, ated he ct to buted in Japan Kong) which is ong BL! NA,
Page: HOUSE_OVERSIGHT_014999 →Entities connected to both Merrill Lynch and SA de
Pierce, Fenner & Smith Incorporated
ORGANIZATION
Bank of America Corporation
ORGANIZATION
Bank of America
ORGANIZATION
Donald Trump
PERSON
Michael Bloomberg
PERSON
Merrill Lynch Global Wealth Management
ORGANIZATION
Frankfurt
LOCATION
Marc Rich
PERSON
United Kingdom
LOCATION
BofA Merrill Lynch
ORGANIZATIONMerchant Bank
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATION
Merri
ORGANIZATION
United States
LOCATIONMerrill Lynch International Bank Limited
ORGANIZATIONthe Central Bank of Ireland
ORGANIZATIONBaFin
ORGANIZATIONThe Financial Service Board
ORGANIZATIONILynch
ORGANIZATION