this report may be used or reproduced or quoted in any manner whatsoever in Taiwan by t
This research report provides general information on
other financial instrument or any derivative related to such
personal investment advice and it does not take into financial advice regarding the a that statements regarding future prospects may not security or the information in the prospectus or ot! Securities and other financial instruments discussed deposits or other obligations of any insured depos among others, market risk, counterparty default risk instruments may be difficult to value or sell and relia income from such securities and ose their entire principal inves This report may contain a shor short-term price impact on the e reflects both a longer term total be more or less positive than as BofA Merrill Lynch is aware that acti executing any short idea contained in this repo! For incl UK ocated outsi u ime, hold a BofA Merrill Ww methods of recipient of In the event therewith
quity securities o
he implementation
rt.
°o
uding ADRs, effectively assume currency risk.
de of the United Kingdom. BofA Merrill
h h
@ persons who prepared them, and Bo is report.
LPF&S may be deemed
beyond the delivery of this report (unless otherwise agreed 5|
transactions, including transactions in any securities Copyright and General Information regarding Res Copyright 2017 Bank of America Con
iOcustom®, iQdatabase® are registered service marks of Ban or in part, or in any form and client websites and other por
retransmitted or disclosed, in whole simultaneously to interna review of this research report consti (including any investmen Materials prepared by BofA Merrill Lynch Global Rese
utes your agree
information known to, professionals in other business areas of BofA Merri
BofA researc hould
erri Research and certain busin h re consult their own ny BofA Merrill Lynch en n public information. Fac rofessionals in other busi his re ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, recom ormation relating to the tax s ax advice based The information herein (o may contain links to third- contained on such third-party websites is not part o any affiliation with BofA Merrill Lynch. Access to any submitting any personal information to them. BofA Subject to the quiet period applicable under laws of
| Lynch Global
ou
ity and/or its directors, off
mendation or in atus of financial
recent research report rela nsome cases, an issuer may be classified as Restric its security and/or financia inancial instruments) nor should the analyses or opi
ppropriateness of investing her offer’
itory institution (including, Bank o
other financial instrumen ment. Past performance is not necessarily a guide to erm trading idea or recommendation, which highlights a specific near-term catalyst or even the issuer. Short-term trading ideas and recommendations are dif return expectation and attractiveness for investmen ock's fundamental equi
eign currency rates of exchange 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 report pursuant to a contract o be acting as an investment adviser, such status relates, if at all, solely to the person with whom MLPF&S writing by MLPF&S). MLPF&S is and continues to act solely as a broker-dealer in connection
5 and views presented in this material that rela
on their particular circumstances from an independent tax professional. her than disclosure information relating to BofA Merrill Lynch and its affiliates) was obtained from various sources and we do not guaran party websites. BofA Merri
publication of research reports, fundamental equity reports are produced on a regular basis as necessary to kee Certain outstanding reports may contain discussions and/or investment opinions relating to securities, 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.
ly. Neither the information nor any op account the specific investment o in financial instruments and im ized. Any decision to purchase or subscribe for secu ing document issued in connection with such offeri report, or recommended, 0 America, N.A}. Investmen and liquidity risk. No security, financia ble information about the value or risks related to the secu s, if any, may fluctuate and tha u
be rea
in this
y rating. of the ideas expressed in this re
port may depend upon an
on may be limited by regulations prohibiting or restricting "shortselling" in many jurisdictions. Investors are urged
Readers: The protections provided by the U.K. regulatory regime, including the Financial Services Scheme, co not a h policies relating to conflicts of interest are described at http://go.bofa.com/cci. ments linked to securities that may ha
Lynch Global Researc es and financial instruments discussed in this report. ‘A Merrill Lynch Global Research, may have issued and his report. Such ideas or recommend der no obligation to ensure that such
fA Merrill Lynch is un
pecifically in mentioned in this re earch Reports:
port.
poration. All rights reserved. iQmethod, iQmethod 2.0, iQprofile, iQtoolkit, iQworks are service marks of Ban of America Corporation. This research report is prepared for the use of BofA Merri
or manner, without the express written consent o als by BofA Merrill Lynch and are not publicly-avail ment not to redistribute, retransmi
arch personnel are based on public information. Facts and | Lynch, including investment bankin
ess groups. As a result, BofA Merrill Lynch does not disclos
icers and employees may be plaintif e to any such
vestment thesis. | instruments discussed herein is not intended to provide
ill Lynch is not responsible for the content of any third-par this report and is not incorporated by reference into this r third-party website is at your own risk, and you should alw
errill Lynch is not responsible for such terms and privacy he various jurisdictions in which we distribute research re
fered or sold by Merrill Lynch, are not instrument or deriva
price or value of such securities and instruments may rise or fal ure performance. Levels and basis for taxation may change.
relative to other stocks within i
he value, price or income of any security or financial instrument mentioned in this report. Inves
between the recipient and MLPF&S for the provision of research services for a separate fee,
, or disclose to others the contents, opinions, co recommendations, estimates or price targets) without first obtaining expressed permission from an authorized officer of BofA Merrill Lynch. have not been reviewed by, and may not reflect
has established information barriers between
h, or compensation received from, such issuers in ports. To the extent this report discusses any legal proceeding or issues, it has not been prepared as nor is it intended to express any legal conclusion, opinion or advice. Investors egal advisers as to Issues of law relating to the subject matter of this report. BofA Merrill Lynch Global Research personnel’s knowledge of legal proceedings in which s, defendants, co-defendants or co-plaintiffs wi proceedings have not been reviewed by, discussed wit ness areas of BofA Merrill Lynch in connection with the legal proceedings or matters relevant to such proceedings. port has been prepared independently of any issuer of securities mentioned herein and not in connection with any proposed offering of securities or as agent of s affiliates or their research analysts has any authority whatsoever to make any representation or warranty on behalf of the issuer(s}. Bo arch personnel from disclosing a recommendation, investment rating, or investment thesis for review by an issuer prior to the pub
rities in any 0 ng, and not on this report.
insured by the Federal Deposi ts in general and, derivatives, in particular, in tive is suitable for all investors. In some cases, securi rity or financial instrument may be difficult to obtain.
jes and
impacting the issuer or the market tha erent from and do not affect a stoc
s Coverage Cluster. Short-term trad
her financia bility of suc
investor's ability to "short" securities or ot o seek advice regarding the applica
n regu
pply in general to business coordinated by BofA Merrill
ve been recommended in this report. MLPF&S or one of its
may in the future issue trading ideas or recommendations t ations reflect the different time frames, assumptions,
other trading ideas or recommendations are brought to the a
has contracted direct
of America Corpora
f BofA Merrill Lynch. BofA Merri able materials. Any unautl
nclusion, or information con
views presented in this material g personnel. BofA Merrill Lynch é certain client relationships wit
hor involving issuers mentioned in h, and may not reflect in
ax advice or to be used by anyone to provide tax advice. Inves ec | y website or any linked content contained in a third-par' eport. The inclusion of a link in this report does not imply any ays review the terms and privacy policies at third-party websi policies and expressly disclaims any liability for them. ports and other legal and BofA Merrill Lynch policy-re p the investment recommendation current.
ated res
a
he press or any other person without the express written consent of BofA Merrill Lynch.
inion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or securities or instruments (e.g., options, futures, warrants, and contracts for differences). This report is not intended to provide bjectives, financial situation and the particular needs of any specific plementing investment strategies discussed or recommended in
person. Investors should seek this report and should understand fering must be based solely on existing public information on such
Insurance Corporation and are not volve numerous risks, including,
other financial
nvestors should note that and, in some cases, investors may
is anticipated to have a 's fundamental equity rating, which ing ideas and recommendations may
instruments and that such a
ions prior to
ors in such securities and instruments,
Lynch entities
filiates may, at any
hat are inconsistent views and analytical
tention of any
and in connection ly and does not extend with the execution of any
jon. iQanalytics®,
| Lynch clients and may not be redistributed, Lynch Global Research reports are distributed horized use or disclosure is prohibited. Receipt and ained in this report
this report is based
ormation known to,
any issuer of any
A Merrill Lynch
ication of a research
ors are urged to
ts accuracy. This report y website. Content
endorsement by or es before
rictions on the
ed or may be Under Review or Extended Review. In each case, investors should consider any investment opinion relating to such issuer (or
instruments) to be suspended or withdrawn and should not rely on the analyses and investment opinion(s) pertaining to such issuer (or its securities and/or
nion(s) be considered a solicitation of any kind. Sales persons and financial advisors affiliated with MLPF&S or any of its affiliates may not
solicit purchases of securities or financial instrumen
his report or its contents.
s that are Restricted or Under Review and may only solicit securities under Extended Review in accordance with firm policies.
either BofA Merrill Lynch nor any officer or employee of BofA Merrill Lynch accepts any liability whatsoever for any direct, indirect or consequential damages or losses arising from any use of
30 Top 10 US Ideas Quarterly | 03 Janua
ry 2017
BankofAmerica <2” Merrill Lynch
HOUSE_OVERSIGHT_014651
