Options Risk Statement Potential Risk at Expiry & Options Limited Duration Risk Unlike owning or shorting a stock, employing any listed options strategy is by definition governed by a finite duration. The most severe risks associated with general options trading are total loss of capital invested and delivery/assignment risk, all of which can occur in a short period. Investor suitability The use of standardized options and other related derivatives instruments are considered unsuitable for many investors. Investors considering such strategies are encouraged to become familiar with the "Characteristics and Risks of Standardized Options" (an OCC authored white paper on options risks). U.S. investors should consult with a FINRA Registered Options Principal. For detailed information regarding the risks involved with investing in listed options: http://Awww.theocc.com/about/publications/character-risks.jsp Analyst Certification |, Benjamin Bowler, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject securities and issuers. | also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or view expressed in this research report. Special Disclosures BofA Merrill Lynch is currently acting as Financial Adviser to Glencore PLC in connection with its proposed acquisition in consortium with Qatar Investment Authority, of a 19.5% stake on Rosneft PJSC, which was announced 10th December 2016. BofA Merrill Lynch is currently acting as financial adviser to Intesa Sanpaolo Group, Banco Santander SA, Warburg Pincus LLC and General Atlantic LLC in connection with the proposed sale of their entire stake in Allfunds Bank to Hellman & Friedman and GIC, which was announced on 7 March 2017. forint @ Global Equity Volatility Insights |20 June 2017-27 HOUSE_OVERSIGHT_014998