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eutsche 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 ved , Deutsche Bi hin the last ysts responsible for covering iliate was a manager of a pub compensa compensa ceive or in ntesa,

tions you have about our market views. Sincerely, Paul This material was prepared by the Chief Investment Office (CIO) and is not a publication of BofA Merrill Lynch Global Research. The views expressed are those of the CIO only and are subject to change. This information should not be construed as investment

ons, conclusion, or information con an authorized officer of BofA Merrill Lynch. ed in this material | Lynch, including investment banking personnel. BofA Merrill jons that are inconsistent rames, assumptions, views and analytical ‘0 the attention of any and in connection ly and does not extend with the execu

or generating robust and executable trade ideas through cross referencing our macro and equity research with positioning and flow data. Greg joined BofA Merrill in Sydney, Australia in 1985 and has spent the following 30 years in a range of leadership roles across fixed income and currencies; trading and str

generating robust and executable trade ideas through cross referencing=our macro and equity research with positioning and flow data. Greg =oined BofA Merrill in Sydney, Australia in 1985 and has spent the followin= 30 years in a range of leadership roles across fixed income and currencies; trading and str

high while the NKY 2M-1M term structure (1.5%) is at its 9=th percentile 4 EFTA_R1_01558039 EFTA02455431 gspan><=span> =/span><=span> Source: BofA Merrill=Lynch Global Research. Daily data from 5-Jan-16 to 5-Aug-16<=span> Source: BofA Merrill Lynch Global Research. Current NKY Sep-Oct ATM volatility i

his material was prepared by =ash Equity Trading of Merrill Lynch, Pierce, Fenner & Smith, =ncorporated ("ML"). The material is not a publication of BofA Merrill =ynch Global Research, and it has not been reviewed or approved by BofA =errill Lynch Global Research. Any summary of ML Research notes and =eports,