Disclosures Important Disclos
ures
Price charts for One or more anal F&S orana issuer is or was, within the
F&S or an affiliate has recei ander. issuer is or was, within the e US, retail sales and/or dis F&S or an affiliate has received F&S or an affiliate expects to re ibas, Deutsche 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, San
ander,
ank, ING Group.
Other Important Disclosures
Prices are indicative and for information purposes only. Except as otherwise stated in the report, for the purpose of any recommendation in relation to: (i) an equity security, the price referenced is the publicly traded price of the security as of close of business on the day prior to the date of the report or, if the report is published during intraday trading, the price referenced is indicative of the traded price as of the date and time of the report; or (ii) a debt security (including equity preferred and CDS), prices are indicative as of the date and time of the report and are from various sources including Bank of America Merrill Lynch trading desks. The date and time of completion of the production of any recommendation in this report shall be the date and time of dissemination of this report as recorded in the report timestamp.
he securities referenced in this research report are available at http://pricecharts.baml.com, or call 1-800-M he securities in this report owns options on the financial instrument
ic offering of securities of this issuer within the last 12 months: BNP Paribas ast 12 months, an investment banking client of MLPF&S and/or one or more of its affiliates ion from the issuer for non-investment banking services or
ast 12 months, a non-securities business client of MLPF&S and/or one or more of its affiliat ribution of this report may be made only in states where these securities are exempt from registra ion for investment banking services from this issuer wit ends to seek compensation for investment banking serv
beneficially owns one percent or more of the common stock of this he last day of the previous month. Reports issued before the 9th day of amont
2 months, a securities business client (non-investment banking) o
Lynch Research Personnel (including the analyst(s) responsible for this report) receive com
ERRILL to have them mailed. , Santander. products within the pas
es: BNP
hin ices
he past 12 months: BN from this issuer or ana
P Paribas, Deutsc filiate of the issu
h reflect the ownership position at the end o
MLPF&S and/or one or more of its affiliates:
pensation based upon, among other factors,
: BNP Paribas, Deutsche Bank, ING Group, Intesa, Santander. 12 months: BNP Paribas, Deutsche Bank, ING Group, Intesa,
Paribas, Deutsche Bank, ING Group, Intesa, Santander.
ion or have been qualified for sale: BNP Paribas, Intesa. he Bank, ING Group, Intesa, Santander. er within the next three months: BNP
issuer. If this report was issued on or after the 9th day of the month, it reflects the the second month preceding the date of
BNP Paribas, Deutsche Bank, ING Group, he overall profitability of Bank of America
uding profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, among other factors, the overall profitability of the Bank’s sales and trading businesses relating to the class of securities or financial instruments for which such analyst is responsible.
Officers of MLPF&S or one or more
BofA Merrill Lynch Global Research
"BofA Merrill Lynch" includes Mer
0
ri
its affiliates (other than research analysts) may have a financial interest in securities of the issuer(s) or in related investments. policies relating to conflicts of interest are described at http://go.bofa.com/coi. | Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or
Merrill Lynch Global Wealth Management financial advisor if they have questions concerning this report. "BofA Merrill Lynch” and "Merrill Lynch” are each global brands for BofA
Merrill Lynch Global Research.
Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports:
LPF&S distributes, or may in the fi South Africa ( PRA}; Merrill Lynch (Australia):
Pacific) Limited, regulated by th Singapore (MAS); Merrill Lynch
CV, Casa de Bolsa, regulated by
japan): Merri Financial Supervisory Service; regulated by the Securities and Excl Lynch Israel Limited, regulated by Is DIFC): Merril Comisidn Nacional del Mercado De errill Lynch Kingdom of Saudi Ara This researe FCA and the retail clients imited regu
h Pl (as defined in the rules ation by the FCA and P
by HKSFC is issued and distributed i
Singapore) (Company Registration 064 874 531), AFS License 412901 ‘Wholesale’ clients as d Authorised Deposit-Tal report in Brazil and its pre Frankfurt Branch (BAMLI Frankfurt) This research report has been prepa responsibility for research reports o security discussed in the report sho!
local distribu
erril
Va bia Company, regu report: has been approved for publication and is dis RA) by MLI (UK) and Bank of America Merrill Lynch | the FCA and the PRA) by RA - details about Lynch (Japan), a registered securities dea
investors and/or accredited investors
pared and issued by Merrill Lynch
U
rael Securities Aut
ores; Merrill Lyn
0 hee er under the wan by Merri
n Tai ea
(BANA Australia} and
efined by s./61G of the Corporation ing Institution under the Banking Act 1959 nor regu Brazil) in accordance with DIFC) are done so in accordance wit distributes this report in Germany and
jon is by Merrill Lynch
red and issued by MLP its non-US affiliates d uld do so through MLPI
xten
Financial I Lynch (Ti ch as defined under the jos F 06872E and 198602883D respec Lynch Equi 2001. Wi
erril is Ac
ures Co ne, regu
ure distribute, research reports 0 Pty) Ltd., regulated by The Financial Service Board; MLI (U Lynch Equities (Australia) Limite e Hong Kong Securities and Fu Canada): Merrill Lynch Canada he Comisién Nacional Bancaria
y de Va
ne
n
Lynch Japan Securities Co., Ltd, regulated by the Financi errill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regul hange Board of India; Merri hority; Lynch International (DIFC Branch), regulated by t ch (Brazi ated by
Lynch
Capi
errill
of our regu struments alwan)}; is issued and
Financia
F&S and/or one or more o istributed to F&S and not such
ributed in the Uni ntern
K): Merrill Lynch In d, regulated by the A mmission (HKSFC); ated by the Investm ores; Merrill Lynch al Services Agency;
of America Merrill al Market Authori ed K ational Limited, w
Ly y.
Lynch Interna ation by and Excl
the
dist dvisers Regu ively). MLIBL| ies (Austral he exception o ated by
rib
A ati
h | a he requiremen regulated
h
S
sno F&S clients int foreign afi
LPI
the following non-US affi ernati
Merri
Argent
ndonesia): PT Merrill Lyn errill Lynch (Russia}: O00 Dubai }: Bank he
errill Financial Services Authority
ingdom (UK) to professional clients and eligible counterparties hich are authorized tional Bank Limi FCA and PRA are availab| hange Act in Japan; is issued
Band Merrill Lynch (S ia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribu affiliates involved in preparing this research report is an ion or distribution of this the DFSA. Research re
he Australian Prudential Regulation Authority. pplicable regulations. Merrill Lynch (DIFC) is au
by BaFin.
lates in the nal, regulate
oO ustral | ndustry Regu na}: Merrill Lynch (Seou
ent | atory Organization of Canada; Merrill Lynch (Mexico Lynch Argentina SA, regulated by Comisién Nacional ): Merrill Lynch International Incorporated (Seoul Br: ated by the Securities and Futures Bureau; DSP Merrill Lynch (Ind ch Sekuritas Indonesia, regulated by Otoritas Lynch Securities, Moscow, regulated by the Central Bank DFSA); Merrill Lynch (Spain): Merrill Lynch Capital nch Banco Multiplo SA., regulated by Comissdo de
erril
as each i
by tl ed, London
he PRA and regulated by the Branch, which is authorized by the Cen
ral Bank
and distributed in H
errill Lynch (India}; International Bank L ingapore) are regula
long Kong by Merrill Lynch (H and is issued and distribu imited (Merchant Bank} (ML ed by MAS. Bank of America e
uted in In ons) by
dia by DSP errill Lynch
its jo approval is required for pu horized and regulated by s of the DFSA conduct of business rules. Bank of America Merrill Ly
BANA Australia, neither MLEA nor any 0
nea
n-US affiliates. MLPF&S is the distributor of this research report in he US. Any US person receiving this research report and wishing to ef
iliates. Hong Kong recipients of this research report should contact Merrill
respect of any matters relating to dealing in securities or provision of specific advice on securities or any other matters arising from, or in connection with, this re
this research report should contact with, this research report.
errill Lynch International Bank Limited
Merchant Ban
US (short name: legal name, regulator): Merrill Lynch (Sou d by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority ian Securities and Investments Commission; Merrill Lynch (Hong Kong}: Merrill Lynch (Asia
Lynch (Singapore): Merrill Lynch (Singapore) Pte Ltd, regulated by the
asa Keuangan (OJ}K); Merri of the Russian arkets Espana, S.ASV,, Valores Mobiliarios;
e from us on request; has been considered and distri
ed in Singapore
h Africa}: Me
joneta }: Merrill Lyne de Valores; anch) regulated by ia}: DSP Merri
ry Au
Federa regu
Merrill Lynch
5 defined int
of Ireland and subje
KSA Comp
he rules of FCA and the PRA, and is distributed in the UK to
rill Lynch
hority of
h Mexico, SA de errill Lynch
he
| Lynch Limited, ll Lynch (Israel}: ion; Merril
errill Lynch by any,
ated
he
ct to
buted in Japan Kong) which is
ong
BL! NA,
B) and
blica
h International Limi
he US and accepts ful
ect any transaction Lynch (Asia Pacific}
to ins errill Lynch
Australian Branch (ARBN his report in Austra
by Merrill regulated itutional
ia only to
ports ed,
in any Limited in
port. Singapore recipients of ) and/or Merrill Lynch (Singapore) Pte Ltd in respect of any matters arising from, or in connection
28
Global Equity Volatility Insights | 20 June 2017
BankofAmerica Merrill Lynch
HOUSE_OVERSIGHT_014999