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ould be able to retain half of the benefit ($8) and the remainder would be passed on to customers or competed away. For instance, a lasting impact to Utilities’ profits is unlikely, as the benefit would be passed on via regulated pricing. Repatriation: Buybacks could boost EPS by 3% Both Trump and the Blue
Page: HOUSE_OVERSIGHT_023069 →ill 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 Comisidn Nacional Bancaria y de Valores; Merrill Lynch (Argentina): Merrill Lynch Argentina SA, regulated by Comisién Nacional de V
Page: HOUSE_OVERSIGHT_023094 →BofA ML turned neutral in EM in the short-term Close positions from trades that have benefited thus far from the rally in Financials and weakness in Utilities; monetize view that Fed will not hike in September Take advantage of low near term vol and a steep term structure Unwind Oct/Jan spread and maintai
Page: HOUSE_OVERSIGHT_023599 →butes, or may in Pty) Ltd., regulated by The Financial Service Board; MLI (U Lynch (Australia): d, regulated by th Singapore (MAS); Merrill Lynch CV, Casa de Bolsa, regulated by Financial Supervisory Service; he Securities and onal del Mercado De ertill Lynch Kingdom of Saudi Ara This research report: has been
Page: HOUSE_OVERSIGHT_023609 →ahead of closing the Rite Aid acquisition Cheap hedge against a bond tantrum Cheap equity upside in a bond / equity melt-up Record outperformance of Utilities vs. Financials + FMS positioning + central bank catalysts = potential for cyclicals / defensives mean reversion SX7E 1M 25d call / SX5E 1M 25d call p
Page: HOUSE_OVERSIGHT_025997 →ill Lynch Canada Inc, regulated by the Investment Industry Regulatory Organization of Canada; errill Lynch (Mexico): Merrill Lynch Mexico, SA de CV, Casa de Bolsa, regulated by the Comisién Nacional Bancaria y de Valores; Merrill Lynch (Argentina): Merrill Lynch Argentina SA, regulated by Comisién Nacional de V
Page: HOUSE_OVERSIGHT_026002 →Entities connected to both Casa de Bolsa and Utilities

Bill Clinton
PERSON
Bloomberg L.P.
ORGANIZATION
Donald Trump
PERSON
United States
LOCATION
Bank of America
ORGANIZATION
U.S. Treasury
ORGANIZATION
United Kingdom
LOCATION
Barack Obama
PERSON
Marc Rich
PERSON
Frankfurt
LOCATION
Merrill Lynch
ORGANIZATION
Philippines
LOCATION
Malaysia
LOCATIONDoug Band
PERSON
Michael Bloomberg
PERSONthe Dubai Financial Services Authority
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONBaFin
ORGANIZATIONMerchant Bank
ORGANIZATION