LPF&S or an
L
he U
Cor pro
=
a
| Dtch Shell. of its affiliates is wil
he Bank’s sales and
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) adebt security (including equity preferred and CDS), prices are indicative as of the date and time of the report and are rom various sources including Bank of America Merrill Lynch trading desks.
filiate expects to receive or intends to seek compensation for investment banking services from Telekom, Enel SpA, Iberdrola, Royal Dtch Shell. PF&S together with its affiliates beneficially owns one percent or more of the common stock of this issuer. If t ownership posi report: Roya PF&S or one The issuer is or was, within the last Royal Dtch Shell. BofA Merrill Lyn poration, inc! itability of tl
ing to sell to, or buy from, clients the common equity of the issuer ona princi 2 months, a securities business client (non-investment banking) of MLPF&S and/or one or more of its affiliates: Deutsche Telekom, Enel SpA, lberdrola,
his issuer or an affiliate of the issuer within the next three months: Deutsche
his report was issued on or after the 9th day of the month, it reflects the
ion on the last day of the previous month. Reports issued before the 9th day of amonth reflect the ownership position at the end of the second month preceding the date of
pal basis: Deutsche Telekom.
ch Research Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the 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 rading businesses relating to the class of securities or financial instruments for which such analyst is responsible.
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.
Officers of MLPF&S or one or more o BofA Merrill Lynch Global Research "BofA Merrill Lynch" includes Merri
Merrill Lynch
Global Research.
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
Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: ure distribute, research reports 0
South Africa ( PRA); Merrill Pacific) Limite
japan): Merri
regulated by
DIFC): Merril Comisidn Naci
FCA and the retail clients
LPF&S distributes, or may in Pty) Ltd., regulated by The Financial Service Board; MLI (U Lynch (Australia): d, regulated by th Singapore (MAS); Merrill Lynch CV, Casa de Bolsa, regulated by
Financial Supervisory Service; he Securities and
onal del Mercado De ertill Lynch Kingdom of Saudi Ara This research report: has been approved
imited regula
by HKSFC is
Singapore) 064 874 53
),
‘Wholesale’ clients as d horised Deposit-Ta report in Brazil and its pared and issued by
Aut
pre
Frankfurt Branch (BA\ This research report has been prepai responsibility for research reports o security discussed in t
respect of any
instruments and implemen
his research report shou with, this research report. General Investment Related Disclosures: Taiwan Readers: Neither
expressed constitutes an of! options, futures, warrants, a inancial situation and the p
he fu
erril
Lynch Equities (Australia) Limite
e Hong Kong Securities and Fu Canada}: Merrill Lynch Canada he Comisi6n Nacional Bancaria
ures Co ne, regu y de Va
Lynch Japan Securities Co,, Ltd, regulated by the Financi
Exc
Va
jon by the FCA and PI
Registration
AFS License 412901 (B,
ocal distribu errill Lynch Frankfurt)
L
ne matters re
report sho!
ld contact
ea
los F 06872E
A
efined by s.761G of the Cor ing Institution under the Banking Act 1959 nor regu ion is by Merri DIFC) are done so in accordance wit distributes this report i red and issued
its non-US aff uld do so through MLPI
ated or publicatio
the FCA and the PRA) by RA - details about Lynch (Japan), a registered securities dea issued and distributed in Tai investors and/or accredited investors Company
hee er under the wan by Merri ch as defi
A Australia) and
poration
ILynch
by MLP iliates d
hority;
Lynch International (DIFC Branch), regulated by t ores; Merrill Lynch (Brazi bia Company, regu n and is d PRA) by MLI (UK) and Bank of America Merrill Lynch Intern (as defined in the rules o
Financial | Lynch (Ti ned under the Financia and 198602883D respec
Lynch
}: Bank he Capi
by
Merrill
xtent of our
alwan)
erril Ss Ac
Lynch
Brazil} in ac
errill Lynch International Bank Limited
errill Lynch (Russia}: O00 he Dubai
istributed in the Uni
nstruments
2001. Wi
n Germany and F&S and/or one or more o istributed to F&S and not such
K): Merrill Lynch In d, regulated by the A mmission (HKSFC); ated by the Investm ores; Merrill Lynch al Services Agency;
errill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regul hange Board of India; Merri Lynch Israel Limited, regulated by Israel Securities Aut!
ndonesia): PT Merril
Financial Services A of America Merrill al Market Authori ed K ational Limited, w Lynch Interna regulation by and Excl - is issued and cist Advisers Regu ively). MLIBL| ies (Austral he exception o lated by cordance witha h
y.
the
rib ati
Equi h
he requiremen regulated its nol F&S clients int foreign aft
i}
LPI
the following non-US af ernati
Merri
Argent
errill
Oo ustral I Lyn ndus
nal,
ent |
erril jated
I Lyne
uthority
Lynch Banco Multip
ingdom (UK hich are authorized tional Bank Limi FCA and PRA are availab hange Act in Japa
uted in In ons) by
Band Merrill Lynch (S ia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribu BANA Australia, nei he Australian Prudential Regulation Authority.
pplicable regulations. Merrill Lynch (DIFC) is au s of the DFSA conduct of business rules. Bank of America Merri by BaFin.
n-US affil he US. An
iliates. Hong Kong recipients of this research report should contact ating to dealing in securities or provision of specific advice on securities or any other matters arising from, or in connection with,
Merchant Ban
he information nor any opinion expressed herein constitutes an offer or a solicitat his report may be used or reproduced or quoted in any manner whatsoever in Taiwan by the press or any 0 This research report provides general information only, and has been prepared for, and is intended for general distri er or an invitation to make an offer, to buy or sell any securities or other financial instru nd contracts for differences). This report is not intended to provide personal investmen articular needs of, and is not directed to, any specific person(s). This report and i advice for purposes of ERISA, the US tax code, the Investment Advisers Act or otherwise. Investors should seek fina ing investment strategies discussed or recommended in this report and should unders
iates in the ian Securities and Investments Commission; Merrill Lynch (Hong Kong): Merri na): Lynch (Seou
h Sekuritas Lynch Securiti
) and/or Merrill
US (short name: legal name, regulator): Merrill Lynch (South Africa): Merrill Lynch
d by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority | Lynch (Asia
ch (Singapore): Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of try Regulatory Organization of Canada; Merrill Lynch (Mexico): Merrill Lynch Mexico, SA de Merrill Lynch Argentina SA, regulated by Comisién Nacional de Valores; Merrill Lynch
)}: Merrill Lynch International Incorporated (Seoul Branch} regulated by the ecurities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, ndonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill es, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch errill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by
jo SA, regulated by Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company,
regulate
by the S
DFSA):
} to professional clients and eligible counterparties (as each is defined in the rules of the by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to ed, London Branch, which is authorized by the Central Bank of Ireland and subject to e from us on request; has been considered and distributed in Japan by Merrill and distributed in Hong Kong by Merrill Lynch (Hong Kong) which is regulated
errill Lynch (India); and is issued and distributed in Singapore to institutional International Bank Limited (Merchant Bank) (MLIBLMB) and Merrill Lynch ingapore) are regulated by MAS. Bank of America N.A,, Australian Branch (ARBN e this report in Australia only to affiliates involved in preparing this research report is an pproval is required for publication or distribution of this rized and regulated by the DFSA. Research reports Lynch International Limited,
n; is issued dia by DSP errill Lynch
its loa ho
her MLEA nor any o
iates. MLPF&S is the distributor of this research repor y US person recelving this research report and wishing
in the US and accepts ful o effect any transaction in any errill Lynch (Asia Pacific) Limited in his report. Singapore recipients of ers arising from, or in connection
Lynch (Singapore) Pte Ltd in respect of any mat
ion of an offer to transact in any securities or o her person without the express written consent of BofA Merrill Lynch. bution to, BofA Merrill Lynch clients. Neither the information nor any opinion ment or any derivative related to such securities or instruments (e.g.,
advice and it does not take into account the specific investment objectives, '§ content do not constitute, and should not be considered to constitute, investment ncial advice regarding the appropriateness of investing in financial and that statements regarding future prospects may not be realized. Any
her financial instrument. No part of
decision to purchase or subscribe for securities in any offering must be based solely on existing public information on such security or the information in the prospectus or other offering
document issued in connec
ion with such offering, and not on this report. Securities and other financial instruments discussed in this report, or recommended, offered or sold by Merrill Lyne
h, are not insured by the Federal Deposit Insurance Corporation and are not
deposits or other obligations of any insured depository institution (including, Bank of America, N.A.). Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, counterparty default risk and liquidity risk. No security, financial instrument or derivative is suitable for all investors. In some cases, securities and other financial
instruments may be difficul
to value or sell and reliable information about the value or risks related to the security or financial instrument may be difficult to obtain. Investors should note that
income from such securities and other financial instruments, if any, may fluctuate and that price or value of such securities and instruments may rise or fall and, in some cases, investors may
Bankof America Merrill Lynch
Global Equity Volatility Insights |O6 June 2017 35
HOUSE_OVERSIGHT_023609