Related BofAML research on US tax reform

Related BofAML research on US tax reform Below we provide links to reports from our BofAML Global Research colleagues that address this topic. Economics: Global Watch: Will border adjustment lead to border battles? 18 January 2017 US Economic Weekly: Cutting taxes could be taxing 02 December 2016 Credit strategy: Situation Room: Corporate tax reform=less debt 28 November 2016 The HY Wire: ‘A Better Way’: tax proposals could affect HY issuance O09 December 2016 FX: FX Watch: Ten thoughts on Border Adjustments 18 January 2017 FX Viewpoint: Homeland Investment redux? 17 October 2016 Autos: Automotive Industry: The Trump trade — implications for the automotive value chain 18 January 2017 Consumer/Retail: Retailing - Hardlines: A taxing set of proposals for Hardline Retailers 14 December 2016 Specialty Retail and Department Stores: Border adjustment seems unlikely but would decimate retail earnings 14 December 2016 US Consumer Staples: Policy changes: what to watch for 18 January 2017 Cosmetics, Household & Personal Care: 2017 — The Year Ahead: a few diamonds in the rough 10 January 2017 Consumer Staples: 2017 - the year ahead: sector rotation puts fundamentals in focus 13 December 2016 Tobacco: Tobacco Year Ahead 2017: see domestic players having more upside potential this yr 04 January 2017 Homebuilders and Building Products: State of the union 12 December 2016 Financials / Real Estate: 2017 Banks Year Ahead: T-R-U-M-P: Find out what it means for “E” (20% potential upside) 10 January 2017 US Banks Chart of the Week: Muni exposure will mute benefit from lower corporate taxes 11 December 2016 Insurance: Tax changes could have mixed implications 18 January 2017 Brokers, Asset Managers & Exchanges: 2017 Year Ahead: An attractive outlook, with 12- 20%+ upside, with catalysts 12 January 2017 U.S. REITs: Regulatory changes are coming: A REIT analyst guidebook 17 January 2017 Health Care: Managed Care: MCO rally has just begun; beneficiaries of the non-Health Care upside from Trump 02 December 2016 Biotechnology: On the road to recovery 04 January 2017 Healthcare: 2017 — the year ahead: the only constant is change 15 December 2016 : : Bankof America 22 Equity Strategy Focus Point | 29 January 2017 Merrill Lynch HOUSE_OVERSIGHT_023090