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charts for the securities referenced in this research report are available at http://pricecharts.baml.com, or call 1-800-MERRILL to have them mailed. LPF&S or one of its affiliates acts as a market maker for the equity securities recommended in the report: AllianceBernstein, Amer Express, Ares Management
Page: HOUSE_OVERSIGHT_014393 →rill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): OOO Merrill Lynch
Page: HOUSE_OVERSIGHT_014394 →ate and time of completion of the production of any recommendation in s of covered issuers. BofA Merri ly. Except as otherwise stated in securi | Lynch policies prohibit research analysts from accepting payment or reimbursement for travel expenses the report, for the purpose of any recommendation in
Page: HOUSE_OVERSIGHT_014394 →inancial Conduct Au Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong}: Merri Lynch (Singapor hority (FCA) an e) Pte Ltd, regu tion of Canada; a SA, regulated International Incorporated K); d by the Central Bank of the and eligi
Page: HOUSE_OVERSIGHT_014394 →ib India}; and is issued and distributed in Singapore to institutional investors and/or accredited investors (each as d Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901
Page: HOUSE_OVERSIGHT_014394 →602883D respectively}. MLIBLMB and Me errill Lynch Equities (Australia) the Corporations Act 2001. With the exception of BA errill Lynch (Mexico): Merrill Lyne by Comisién Nacional de Va Seoul Branch) regulated by Futures Bureau; DSP Merrill Lynch (India): DS by Otoritas Jasa Keuangan (O, Russian Federation;
Page: HOUSE_OVERSIGHT_014394 →es Co., Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, r
Page: HOUSE_OVERSIGHT_014394 →ast 12 months, an investment banking client of MLPF&S and/or one or more of its affiliates: Deutsche Telekom, Enel SpA, Iberdrola, Royal Dtch Shell. LPF&S or an affiliate has received compensation from the issuer for non-investment banking services or products within the past 12 months: Deutsche Telekom
Page: HOUSE_OVERSIGHT_023608 →Lynch (Russia}: O00 he Dubai istributed in the Uni nstruments 2001. Wi n Germany and F&S and/or one or more o istributed to F&S and not such K): Merrill Lynch In d, regulated by the A mmission (HKSFC); ated by the Investm ores; Merrill Lynch al Services Agency; errill Lynch (Taiwan): Merrill Lynch Securities
Page: HOUSE_OVERSIGHT_023609 →ng) which is regulated errill Lynch (India); and is issued and distributed in Singapore to institutional International Bank Limited (Merchant Bank) (MLIBLMB) and Merrill Lynch ingapore) are regulated by MAS. Bank of America N.A,, Australian Branch (ARBN e this report in Australia only to affiliates involv
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Page: HOUSE_OVERSIGHT_023609 →n with such offering, and not on this report. Securities and other financial instruments discussed in this report, or recommended, offered or sold by Merrill Lyne h, are not insured by the Federal Deposit Insurance Corporation and are not deposits or other obligations of any insured depository institution (in
Page: HOUSE_OVERSIGHT_023609 →uch K): Merrill Lynch In d, regulated by the A mmission (HKSFC); ated by the Investm ores; Merrill Lynch al Services Agency; errill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regul hange Board of India; Merri Lynch Israel Limited, regulated by Israel Securities Aut! ndonesia): PT Merril Financial Services A of America M
Page: HOUSE_OVERSIGHT_023609 →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_010614 →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 (O)K); Merrill Lynch (Israel): Merrill Lynch srael Limited, regulated by
Page: HOUSE_OVERSIGHT_010614 →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_010614 →errill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board
Page: HOUSE_OVERSIGHT_010614 →ht” rating to securities that may have been recommended in this report. MLPF: inues to ac A Merrill Ly BofA Merri nch clients and may not be re | Lynch research reports are d bited. Receip ents, opinions, conclusion, or information contained in this report ion from an authorized officer of BofA Merri
Page: HOUSE_OVERSIGHT_010615 →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 →errill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board
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 →Investment Strategy
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_014457 →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_014457 →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
Page: HOUSE_OVERSIGHT_014457 →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_014457 →errill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board
Page: HOUSE_OVERSIGHT_014457 →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 →errill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board
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 →Earnings Preview
charts for the securities referenced in this research report are available at http://pricecharts.baml.com, or call 1-800-MERRILL to have them mailed. LPF&S or one of its affiliates acts as a market maker for the equity securities recommended in the report: Alphabet, Amazon.com, Bankrate, Care.com, eBay,
Page: HOUSE_OVERSIGHT_014948 →; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and is distribute
Page: HOUSE_OVERSIGHT_014949 →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_014949 →errill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board
Page: HOUSE_OVERSIGHT_014949 →financial instruments and/or issuers that are no longer current. Always refer to the most ing to an Issuer prior to making an investment decision. | Lynch is under no obligation to ensure that such mentioned in this report. d General Information regarding Research Reports: poration. All rights reserve
Page: HOUSE_OVERSIGHT_014950 →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 →Merrill Lynch Canada he Comisién Nacional Bancaria y de Va ne n Lynch Japan Securities Co., Ltd, regulated by the Financi errill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regul hange Board of India; Merri hority; Lynch International (DIFC Branch), regulated by t ch (Brazi ated by Lynch Capi errill of our regu stru
Page: HOUSE_OVERSIGHT_014999 →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_026002 →d by the Securities and Futures Bureau; DSP errill 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 Israel Limited, regulated b
Page: HOUSE_OVERSIGHT_026002 →Board of Turkey; Merrill Lynch (DIFC): Merrill Lynch Intemational (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil}: Bank of Americ
Page: HOUSE_OVERSIGHT_026002 →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_026002 →Merrill Lynch (Seoul): Merrill Lynch International ncorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP errill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board
Page: HOUSE_OVERSIGHT_026002 →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 →errill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board
Page: HOUSE_OVERSIGHT_014496 →Entities connected to both Merrill Lynch and Merrill Lynch Securities (Taiwan) Ltd.

Bank of America
ORGANIZATIONPierce, Fenner & Smith Incorporated
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Bank of America Corporation
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Donald Trump
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Michael Bloomberg
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Frankfurt
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Merrill Lynch Global Wealth Management
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BofA Merrill Lynch
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