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ation. Fac pa | ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, rec

the United Kingdom (UK) to professional clients and eligible counterparties (as each is defined in the rules of the FCA and the PRA) by MLI (UK) and Bank of America Merrill Lynch International Limited, which are authorized by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to retail clients (as defined in the rules of the

other busi his re ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, rec

the United Kingdom (UK) to professional clients and eligible counterparties (as each is defined in the rules of the FCA and the PRA) by MLI (UK) and Bank of America Merrill Lynch International Limited, which are authorized by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to retail clients (as defined in the rules of the

ofessionals in other business areas of BofA Merri Research and certain business groups. As a resul BofA res

the United Kingdom (UK) to professional clients and eligible counterparties (as each is defined in the rules of the FCA and the PRA) by MLI (UK) and Bank of America Merrill Lynch International Limited, which are authorized by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to retail clients (as defined in the rules of the

am, I/B/E/S, Bloomberg, BofA Merrill Lynch Global Research OS Merrill Lynch GEMs Paper #26|30 June 2016 43

the United Kingdom (UK) to professional clients and eligible counterparties (as each is defined in the rules of the FCA and the PRA) by MLI (UK) and Bank of America Merrill Lynch International Limited, which are authorized by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to retail clients (as defined in the rules of the

other busi his re ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, rec

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