is triggered: 2.8x (5.0%/1.75%) = Gross max payoff if knock-in is not triggered: 5.6x (9.9%/1.75%) — you have upside up to 114.9% Regards, Amanda Amanda Ens Director | Global Equities HOUSE_OVERSIGHT_012044 --- PAGE BREAK --- Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorpor

Research. Based on daily data since 1962. —— 4-day return of a 30yr UST futures investment ee 14-Nov-16 Source: BofA Merrill Lynch Global Research Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 The power

pan Stocks Net Flows ¥TD) Copyright® 2016 Bloomberg Finance L.P. Source: Bloomberg L7-Hov-2016 14210730 HOUSE_OVERSIGHT_014398 --- PAGE BREAK --- Amanda Ens Director | Global Equities Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated Japan Investment Strategy Nikkei to

ory or legal statements made herein. Not a product of Bank of America Merrill Lynch (BofAML) Research and should not be viewed as a research report Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 HOUSE_OV

supported. However, a toxic mix of much faster-than-anticipated US interest rate hikes, a much stronger USD, and a trade war with China pose risks. Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 Phone: V

n the right, to raise revenue in a way that supports economic growth. But the prospect of any new taxes has long drawn skepticism from Republicans. Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 HOUSE_OV