2025年展望：在25年大展宏圖

BofASECURITIES

Accessibleversion

BofAGLOBALRESEARCH

TheThunderingWord

YearAhead2025:GoBIGin‘25

26November2024

2025:TheYearAhead

Booms,Busts&Tails:bigpolicies,bigmoves,bigtails:investmentbackdropheading

into’25oneofbigUS-RoWeconomicdecouplingbetweenaggressiveUSgrowth/trade

policiessettoexacerbateUSboom/globalbust(Chart2),aFedeasingwith3%inflation,

comingpolicypanicinEU/China,allatatimeofexpensivecorporatebond&equity

prices.25%assetovershoots/undershootsin’25morelikelythanyearofmean

reversion.

GoBIGin‘25:ourplaybook:long“USboom”,short“globalbust”playsinQ1=bigUS

dollar&equityovershoot;buyInternationalstocksinQ2onEurope&Asiapolicypanic;

inflationtosurprisetoupside…longgold&commodities;morehawkishFed=US

Treasuriesbigbuyat5%;“bubble”risksbesthedgedwithcrypto&Chinastocks;we

forecastcontrarianoutperformanceofBonds,Internationalstocks,GoldvsUS

exceptionalismconsensus.

BofAin‘25:BofAeconomistsforecastglobal“goldilocks”(3?%GDPgrowth,2?%

inflation),bigbudgetdeficits(6-7%inUS),and124globalinterestratecuts(Chart3);

BofAstrategistsforecast4-4?%USTreasuryyields,tightcorporatebondspreads(US

IG80-100bps),globalstocksup,S&P500at6666,goldhitting$3000/oz.

InvestmentStrategy

Global

MichaelHartnett

InvestmentStrategist

BofAS

+16468551508

ElyasGalou>>

InvestmentStrategist

BofASE(France)

+33187700087

michael.hartnett@

elyas.galou@

Myung-JeeJung

InvestmentStrategist

BofAS

+16468550389

myung-jee.jung@

AnyaShelekhin

InvestmentStrategist

BofAS

+16468553753

anya.shelekhin@

Chart1:Macro/marketcyclesettoshiftfrom“recovery”in’24to“boom”in‘25

BofAInvestmentClock

bullsteepenins

Rates

EPS

Rates

EPS

Recession

Bonds

Stagflation

Cash

Recovery

Stocks

Boom

Commodities

Rates

EPS

Rates

EPS

beorflottening

Tradingideasandinvestmentstrategiesdiscussedhereinmaygiverisetosignificantriskandare

notsuitableforallinvestors.Investorsshouldhaveexperienceinrelevantmarketsandthefinancial

resourcestoabsorbanylossesarisingfromapplyingtheseideasorstrategies.

>>Employedbyanon-USaffiliateofBofASandisnotregistered/qualifiedasaresearchanalyst

undertheFINRArules.

Referto"OtherImportantDisclosures"forinformationoncertainBofASecuritiesentitiesthattake

responsibilityfortheinformationhereininparticularjurisdictions.

BofASecuritiesdoesandseekstodobusinesswithissuerscoveredinitsresearch

reports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictof

interestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthis

reportasonlyasinglefactorinmakingtheirinvestmentdecision.

Refertoimportantdisclosuresonpage7to9.

Source:BofAGlobalInvestmentStrategy

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

2TheThunderingWord|26November2024

YearAhead2025

Bigpolicies,bigmoves,bigtails…investmentbackdropheadinginto’25oneofbigUS-RoWeconomicdecouplingbetweenaggressiveUSgrowth/tradepoliciessetto

exacerbateUSboom/globalbust,aFedeasingwith3%inflation,comingpolicypanicinEU/China,allatatimeofexpensivecorporatebond&equityprices…25%overshoots&undershootsinassetmarketsmuchmorelikelythanayearofmeanreversion.

Weforecastcontrarianoutperformanceof“BIG”…Bonds,International,Gold.Ourplaybook…

?Long“USboom,”short“globalbust”playsinQ1

?BuyinternationalstocksinQ2

?Longgold&commoditiesin2025

?Buy5%USTreasuries

?Longcrypto&Chinaas“bubble”hedges

LongUSInflationBoom,shortGlobalDeflationBustinQ1

“USinflationboom”&“globaldeflationbust”likelytocauseQ1overshootinUSdollar&stocks;investorsalreadyheavilypositionedforTrumptradesofhigherUSdollar,

higherUSstocks,higherbondyields;webelieveUSsmallcap(Russell2000)isthebesttradetopositionforovershoots(e.g.Eurobreakingparity,S&P500bullthatbeganat

666in’09meltsupto6666)oninflationarycombinationofUStariffs,immigrationcontrols,deregulation,taxcuts;incontrast,Europe,Asia&EmergingMarketsenter

2025withnotablyweakeconomicmomentum,particularlyinmanufacturing(PMIs45-50),andthat’sbeforeanytradewar;banks/financialshavebeenbest-performing’24equitysectorinEurope,Japan,China,andnowmostvulnerable/bestshortopportunityintoQ1asinvestorsforcedtofullyprice“globaldeflationbust”;noteEMFXatmulti-decadelowsapproaching“creditevent”territory(BofAforecastsfurther5%

depreciationinQ1),atatimewhenfewareanticipatingcreditevents.

LongInternationalinQ2

Byspring,wepredictacomboofFedturninghawkish(WallStinflation,MainStboom)and“policypanic”inEurope&Asia;“USexceptionalism”peaksinQ2signallinga.majorcorrectioninUSstocks(strongUS$+weakworld=nobuenowhen30%ofS&P500

revenuescomefromoverseas)andb.assetallocationintocheapinternationalstocks¤ciesluredbymoreChinafiscaleasing,newEuropeanfiscaleasing(German

election/Russia-Ukrainepeace),aggressiveECBratecuts,allinanticipationof“AmericaFirst”tariffs;combooflowerrates,cheapercurrencies,loweroilprice=hugeQ2easingoffinancialconditionsinAsia&EuroperelativetoUS,supportsrotationintoEuropeancyclicals,EMcurrencies.

LongCommoditiesin2025

Secularinflationthemesoffiscalexcess,economicisolationism,AI(spendingbefore

productivity)tocontinuetooverwhelmanydisinflationfromderegulation&ending-warsin‘25;wouldbepoliticalmalpracticeforTrumpadministrationtoallow2ndwaveof

inflation,butbooms=highernotlowerinflation,andUSstarts2025withfull

employmentandanadministrationthatbelieves:a.bestwaytoreduceUSbudgetdeficit

of6-7%ofGDP($2tn)isviaverystrongGDP-maximizingtaxrevenues,andb.bestwaytoboostcorporate&household“animalspirits”isviaassetpriceinflation;BofA

InvestmentClocksaysthat’24equity-bullish“recovery”phaseoflowerratesandhigherEPSwilllikelybefollowedby’25commodity-bullish“boom”phaseofhigherEPSand

higherrates;“bearsteepening”ofyieldcurveinQ1tosignaltransitionasbondspricein“inflationboom”andpriceoutrate“cuts”(Chart1);webelievegold(buyonany

BofAGLOBALRESEARCH

TheThunderingWord|26November20243

weakness<$2500/oz),crypto&theunlovedassetclassofcommoditiesoutperformin’25asinflationsurprisestoupside,bestplayedviacopper,materials,LatAm,commoditycurrenciesonce“policypanic”visibleinAsia&Europe.

Buy5%USTreasuries

Thehistoryofequityperformanceafterrareeventoftwoconsecutive20%+gainsin

S&P500showsbigdeclineinyieldsin’25neededtopreventbigequityreversal(see

1929/30,1937/38,1956/57),andcatalyzefurtherbiggains(aswasseenin1997/98-

Table1);‘longbonds’understandinglyunlovedheadingintonewyear(82%ofinvestorspredictasteeperyieldcurve&just8%expectaneconomichardlanding);wethink

bondsbigopportunityin2025,wouldbebigbuyerofUSTreasuryyieldovershootto5%,

alevelthatwouldinducea.volatility&riskassetlosses,b.peak“inflationboom,”c.innovativesolutionstoreduceUSbudgetdeficit(e.g.newGovernmentSponsoredEnterprisetoboostUShomeequitylending,increasetaxrevenues,reduceinterestpayments–Chart4);disorderlyriseinbondyieldsbiggestthreattostocksbutwebelieveTreasuriesmorelikelytoend-25<4%than>5%...allowingH1globalequityvolatilitytomorphinto5-10%gainsinglobalequitiesbyend-year.

LongCrypto/China=best“bubble”hedges

investorsmusthedgeforunanticipated“tailrisks”e.g.endofHKcurrencypeg,‘AmericaFirst’policiesinducingEurobreak-uporEUpivottoEast,TrumptariffscausingsnapUScontraction,2ndwaveofinflationforcingFedhikes,USdollardebasementonnew

inflationaryFedChairin2026,classicWallStbubbleinAI,andsoon;webelievea

AI/Magnificent7“bubble”mostobvious“tail”(Chart5)asmanyinvestorsanticipate

capitulationfrom$7tnofmoneymarketfunds(Chart6)intoUSstocks(andiftighterQ1financialconditionsfailtorestrainanimalspirits,youknowit’s1999);webelievelong

cryptoandChinastocks(distressedvalue/tech-exposure)bestplaysinaMagnificent7bubble.

Chart2:USboomvsglobalbust…USstocksat75-yearhighvsRoWUSvsGlobalequities(US$terms)

3.3

"Magnificent7"

USvs.Globalequities(US$terms)

2.8

2.3

1.8

Nifty50bubble

+1St.Dev

Internetbubble

-1St.Dev

1.3

0.8

0.3'50'55'60'65'70'75'80'85'90'95'00'05'10'15'20'25

BofAGLOBALRESEARCH

Source:BofAGlobalInvestmentStrategy,Bloomberg.

Chart3:BofAforecasting124ratecutsbycentralbanksin'25Globalpolicyratecuts

92

50

4039

273032

6

108

89

95

78

70

35

162

92

1313

153*

124

72

4444

65

205

200

150

100

50

22

0

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Source:BofAGlobalResearch,Bloomberg.

*basedonBofAEconomicsprojectionsfor2024and2025.

BofAGLOBALRESEARCH

4TheThunderingWord|26November2024

Table1:Happybonds=happystocksin2025

Chart4:BuyBonds…USneedsinnovativesolutionstoreduce$36tndebt

USresidentialhomeequity($tn)&USnationaldebt($tn)

40$36tn

——USresidentialhomeequity($tn)

35$35tn

30

25

20

15

10

USnationaldebt($tn)

ReturnsinyearsfollowingS&P500up>20%for2yearsinarow

S&P500up>20%for2yearsinarow

19271928

31%1935

38%1936

42%1954

28%1955

45%1995

26%1996

34%2023

20%2024

24%

24%

S&P500returnsTreasuryreturns

infollowing2yearsinfollowing2years

→1929193019291930

-12%-28%4%5%

→1937193819371938

-39%25%1%4%

→1956195719561957

3%-14%-3%6%

→1997199819971998

31%27%12%14%

→2025202620252026

----

Source:BofAGlobalInvestmentStrategy,GFDFineaon,Bloomberg

5

BofAGLOBALRESEARCH

0

'50'55'60'65'70'75'80'85'90'95'00'05'10'15'20'25'30

Source:BofAGlobalInvestmentStrategy,GFDFinaeon,Bloomberg

BofAGLOBALRESEARCH

Chart5:“Magnificent7”BubbleAsset‘bubbles’inthepast50years

Chart6:CashBubble

MoneymarketfundAUM($tn)

Bitcoin

900%800%700%600%500%400%300%200%100%

ARKK

China

Gold

Internet

FAANG

Magnificent7

Housing

Asia

Biotech

Japan

0%

'14'18'22'26'30

'78'82'86'90'94'98'02'06'10

Source:BofAGlobalInvestmentStrategy,Bloomberg

BofAGLOBALRESEARCH

Moneymarketfunds($tn)

7.06.56.05.55.04.54.03.53.02.52.0

'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'22'23'24'25

Source:BofAGlobalResearch,Bloomberg

BofAGLOBALRESEARCH

May'20QE2

Nov'24$6.6tn

Jan'09QE

BofAonMacro&Marketsin2025

BofAeconomistsandstrategistsforecast“goldilocks”fortheglobaleconomyin’25

(3?%GDPgrowth,2?%inflation),anotheryearofmonetaryeasing&bigbudget

deficits,aweakerUSdollar(down2-3%byend-25),abigdropinoilprices(-20%),goldpriceshitting$3000/oz(Table2).

?Onmacro:BofAforecasts“softlanding”inboththeUS(2?%GDPgrowth)andChina(4?%),modestaccelerationinEurope&Japan(GDPgrowth1-1?%);globalinflationratesareforecasttofall,thoughUScoreCPIexpectedtoriseabove3%;

?Onpolicy:BofAforecasts124ratecutsbycentralbanks(Chart3)takingtheglobalpolicyratefrom5%to4%;theFedpredictedtocutrates2moretimesinH1’25

andthenenditseasingcycleinJun’25;fiscalpoliciessettoease(Germandeficitto3%GDP)orstayaccommodative(USdeficit6-7%ofGDP);

?Onbonds:BofAforecastsrange-boundgovernmentbondyields(e.g.USTreasuries4-4?%),range-boundcorporatebondspreads(USIGbonds80-100bps),andwiderEmergingMarketbondspreads(wideningbyupto100bps);

BofAGLOBALRESEARCH

TheThunderingWord|26November20245

?Onstocks:BofAforecaststheS&P500toend‘25at6666,gainsof5-10%forglobalstocks,rotationfromUStoInternationalmarketsinQ2;

?Oncurrencies:BofAforecastspeakinUSdollarinQ1;US$toremainstrongvs.Asiancurrencies(end-yearforecastforJapaneseyenis160,forChineserenminbi7.4),butEurotoappreciateto1.15byyear-end;

?Oncommodities:BofAexpectscommoditypricestoultimatelyrisein2025;base&preciousmetalpricesforecasttojump(copperup17%,goldto$3000/oz);butoilpricestobucktrend(Brenttoaverage$65/bbl,down20%from‘24).

Table2:BofAMacro&MarketForecastsfor2024and2025BofAGlobalResearchforecasts

2024F2025F

GlobalrealGDP(%)USrealGDP(%)

EuroarearealGDP(%)ChinarealGDP(%)

JapanrealGDP(%)

GlobalCPI(%)USCPI(%)

UScoreCPI(%)

USunemploymentrate(%)Interestrates

FedFunds*

ECBrefirate*BoJpolicyrate*

UST2-yearTreasury*UST10-yearTreasury*

CurrenciesEUR-USD*USD-JPY*USD-CNY*EquitiesS&P500*

Commodities

Gold,$/ounce*

Oil(Brent)$/barrelCopper,$/t*

Economy

3.1%2.7%0.7%4.8%0.0%3.1%2.9%3.4%4.0%

4.25%-4.50%3.00%

0.25%4.30%4.40%

1.051517.30

6000

2700

80

9500

3.3%2.4%1.1%4.5%1.3%2.6%2.4%3.0%4.3%

3.75%-4.0%1.50%

0.75%4.00%4.25%

1.101607.40

6666

3,000

65

10500

Source:BofAGlobalResearch;noteallmacroforecastsareannualaverages,exceptotherwisenoted.*BofAforecastsforinterestrates,FXrates,equities,andmetalsareyear-endtargets.

BofAGLOBALRESEARCH

2024in4Themes

ABP“AnythingbutPopulism”:40%ofworld’spopulationwenttothepollsin’24;inanticipationpolicymakerseasedfiscal,monetary,energypoliciestomaintainfull

employmentandinhopesofmaintainingpoliticalstatusquo;“ABP”easingsentBitcoin(up161%annualized–Table3)&gold(35%–Table3)toall-timehighs,butfailed

politicallyaselectoratesangeredbyinflation&inequalitypunishedincumbentparties(80%lost),andvotedforpopulists,culminatingwithbigTrumpvictoryinUS;in’25wesayTrump2.0=USinflationaryboom=bidforcrypto&goldcontinues;

ABB“AnythingbutBonds”:inflationfell,centralbankscutrates153times;shiftfrom“easyfiscal-tightmoney”in’23to“easyfiscal-easymoney”in’24…riskassetssoared(stocks+20%);strongUSgrowth=noglobalrecession;bondyieldsrange-boundaslowinflation&ratecutsoffsetbyriseinUSgovernmentdebt($36tn,+$1tnin100days)&deficits(7%ofGDP)…investorshadnoexcusetoabandontheir2020s“Anythingbut

Bonds”stance(govtbondsfell4%–Table3),rotatefromstocks&credit;in’25wearebuyersofTreasuriesabove5%...triggersassetlosses/growthslowdown;

AI“ArtificialIntelligence”:can’tbuybonds,can’tbuy“l(fā)everage”or“duration”(e.g.smallcap,China,biotech);liquiditypouredintohighqualityassetse.g.companieswith

BofAGLOBALRESEARCH

6TheThunderingWord|26November2024

strongmonopolisticpositions,particularlythoseinUSdriving/benefitingfromAI“armsrace”;SPXtrailingP/Enow26.5x(4thhighestinpast125years),USstocksat75-year

highvs.RoW(Chart2),recordUSindexconcentration(top10stocks=37%ofS&P500marketcap),marketcapofthe“Magnificent7”stocksup$4tnin2024;USsecularAI

winner,butweexpectQ1“USexceptionalism”topeak/allocationtoInternationaltotrough,asUSfinancialconditionstighten,andAsia&Europeforcedtoeasebig.

ABC“AnywherebutChina”:investorsin’24remainedresolutelynegativeonChina,

reducedportfoliosensitivitytoChineseeconomyplaguedbyrealestatedeflation,weakconsumption,geopolitics;Chinastocksfellto51-yearlowsvsUS,Chinabondstoall-

timehighsvsTreasuries;butABCtradereversedinH2’24asChinesepolicymakers

begansurpriseeasing…Chinastocksralliedbigwhileequitybeneficiariesof“ABC”

(Japan,Mexico,India)notablypeakedinH2’24,andChinarealestate¯odata

improved;wesayChinaoutperforms’25…ChinaunlovedbutnotablyChinatech(26%

YTD)hasbeenpacingUStechgains(34%YTD)in’24,afterbigunderperformancesince2022.

Table3:2024YTDrankedreturnsYear-to-daterankedcrossassetreturns

RankedReturns,USD-terms(2024)

AssetsEquities

1Gold30.9%1TaiwanEquities

2USEquities27.1%2SingaporeEquities

3PacificRimxJapan10.1%3USEquities

4EMEquities9.0%4CanadaEquities

5UKEquities8.7%5ChinaEquities

6HighYieldBonds7.5%6IndiaEquities

7IndustrialMetals6.3%7GermanyEquities

8JapanEquities6.3%8AustraliaEquities

9USDollar6.1%9UKEquities

10EMSovereignBonds4.9%10JapanEquities

11EuropeEquities3.1%11SwitzerlandEquities

12IGBonds1.6%12HongKongEquities

13Oil-0.6%13FranceEquities

14BrazilEquities

15MexicoEquities

Source:BofAGlobalInvestmentStrategy,Bloomberg.Asof22nd

33.5%

1

33.4%

2

27.1%

3

18.7%

4

15.7%

5

14.0%

6

9.3%

7

9.3%

8

8.7%

9

6.3%10

1.2%11

-0.8%12

-5.9%13

-18.4%-24.8%

November

Sectors

ACWIInfoTechACWITelecomsACWIFinancialsACWIBanks

ACWIIndustrialsACWIUtilities

ACWICons.DiscretionaryACWIEnergy

ACWIRealEstate

ACWIConsumerStaples

ACWIHealthcare

ACWIBioTechnologyACWIMaterials

29.5%

1

25.2%

2

24.8%

3

22.3%

4

16.4%

5

14.9%

6

14.6%

7

8.2%

8

5.7%

9

5.0%10

3.9%11

1.1%12

-2.5%13

15

FixedIncomeCCCHY

USCorpHY

EMCorporateEMSovereign

3-MonthTreasuryBills

2-yearTreasuryUSCorpIG

TIPS

USMortgageMaster

EuropeanHY

TreasuryMasterUKGovt

30-yearTreasuryJapanGovt

17.6%

1

8.2%

2

6.3%

3

4.9%

4

4.7%

5

3.1%

6

3.1%

7

2.7%

8

1.7%

9

1.6%10

0.8%11

-4.4%12

-5.6%13

-12.0%14

FXvs.USDBitcoin

SouthAfricanrandIndianrupee

Britishpound

ChineserenminbiAustraliandollarCanadiandollarEuro

TaiwanesedollarSwissfranc

NZdollar

Koreanwon

JapaneseyenMexicanpeso

Commodities

137.1%11.4%2-1.5%3-1.6%4-2.0%5-4.6%6-5.3%7-5.6%8-5.8%

-5.9%-7.7%-8.4%-8.9%

-17.0%

GoldSilver

NaturalGas

CommoditiesCopper

WTICrudeOilPlatinum

BrentCrudeOil

30.9%30.1%24.5%4.7%4.7%

-0.6%-2.0%-2.4%

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

TheThunderingWord|26November20247

Disclosures

ImportantDisclosures

FUNDAMENTALEQUITYOPINIONKEY:OpinionsincludeaVolatilityRiskRating,anInvestmentRatingandanIncomeRating.VOLATILITYRISKRATINGS,indicatorsofpotentialpricefluctuation,are:A-Low,B-MediumandC-High.INVESTMENTRATINGSreflecttheanalyst’sassessmentofbothastock’sabsolutetotalreturnpotentialaswellasitsattractivenessforinvestmentrelativetootherstockswithinitsCoverageCluster(definedbelow).Ourinvestmentratingsare:1-Buystocksareexpectedtohaveatotalreturnofatleast10%andarethemostattractivestocksinthecoveragecluster;2-Neutralstocksareexpectedtoremainflator

increaseinvalueandarelessattractivethanBuyratedstocksand3-Underperformstocksaretheleastattractivestocksinacoveragecluster.Aninvestmentratingof6(NoRating)indicatesthatastockisnolongertradingonthebasisoffundamentals.Analystsassigninvestmentratingsconsidering,amongotherthings,the0-12monthtotalreturnexpectationforastockandthefirm’sguidelinesforratingsdispersions(showninthetablebelow).Thecurrentpriceobjectiveforastock

shouldbereferencedtobetterunderstandthetotalreturnexpectationatanygiventime.Thepriceobjectivereflectstheanalyst’sviewofthepotentialprice

appreciation(depreciation).

InvestmentratingTotalreturnexpectation(within12-monthperiodofdateofinitialrating)

Buy≥10%

Neutral≥0%

UnderperformN/A

Ratingsdispersionguidelinesforcoveragecluste

rR1

≤70%≤30%≥20%

R1RatingsdispersionsmayvaryfromtimetotimewhereBofAGlobalResearchbelievesitbetterreflectstheinvestmentprospectsofstocksinaCoverageCluster.INCOMERATINGS,indicatorsofpotentialcashdividends,are:7-same/higher(dividendconsideredtobesecure),8-same/lower(dividendnotconsideredtobesecure)and9-paysnocashdividend.CoverageClusteriscomprisedofstockscoveredbyasingleanalystortwoormoreanalystssharingacommonindustry,sector,

regionorotherclassification(s).Astock’scoverageclusterisincludedinthemostrecentBofAGlobalResearchreportreferencingthestock.

Duetothenatureofstrategicanalysis,theissuersorsecuritiesrecommendedordiscussedinthisreportarenotcontinuouslyfollowed.Accordingly,investorsmustregardthisreportasprovidingstand-aloneanalysisandshouldnotexpectcontinuinganalysisoradditionalreportsrelatingtosuchissuersand/orsecurities.

BofAGlobalResearchpersonnel(includingtheanalyst(s)responsibleforthisreport)receivecompensationbasedupon,amongotherfactors,theoverallprofitabilityofBankofAmericaCorporation,includingprofitsderivedfrominvestmentbanking.Theanalyst(s)responsibleforthisreportmayalsoreceivecompensationbasedupon,amongotherfactors,theoverallprofitabilityoftheBank’ssalesandtradingbusinessesrelatingtotheclassofsecuritiesorfinancialinstrumentsforwhichsuchanalystisresponsible.

BofASecuritiesfixedincomeanalystsregularlyinteractwithsalesandtradingdeskpersonnelinconnectionwiththeirresearch,includingtoascertainpricingandliquidityinthefixedincomemarkets.

OtherImportantDisclosures

Pricesareindicativeandforinformationpurposesonly.Exceptasotherwisestatedinthereport,foranyrecommendationinrelationtoanequitysecurity,thepricereferencedisthepubliclytradedpriceofthesecurityasofcloseofbusinessonthedaypriortothedateofthereportor,ifthereportispublishedduringintradaytrading,thepricereferencedisindicativeofthetradedpriceasofthedateandtimeofthereportandinrelationtoadebtsecurity(includingequitypreferredandCDS),pricesareindicativeasofthedateandtimeofthereportandarefromvarioussourcesincludingBofASecuritiestradingdesks.

Thedateandtimeofcompletionoftheproductionofanyrecommendationinthisreportshallbethedateandtimeofdisseminationofthisreportasrecordedinthereporttimestamp.

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Rule144AsecuritiesmaybeofferedorsoldonlytopersonsintheU.S.whoareQualifiedInstitutionalBuyerswithinthemeaningofRule144AundertheSecuritiesActof1933,asamended.SECURITIESOROTHERFINANCIALINSTRUMENTSDISCUSSEDHEREINMAYBERATEDBELOWINVESTMENTGRADEANDSHOULDTHEREFOREONLYBECONSIDEREDFORINCLUSIONIN

ACCOUNTSQUALIFIEDFORSPECULATIVEINVESTMENT.

Recipientswhoarenotinstitutionalinvestorsormarketprofessionalsshouldseektheadviceoftheirindependentfinancialadvisorbeforeconsideringinformationinthisreportinconnectionwithanyinvestmentdecision,orforanecessaryexplanationofitscontents.

Thesecuritiesorotherfinancialinstrumentsdiscussedinthisreportmaybetradedover-the-counter.Retailsalesand/ordistributionofthisreportmaybemadeonlyinstateswheretheseinstrumentsareexemptfromregistrationorhavebeenqualifiedforsale.

OfficersofBofASoroneormoreofitsaffiliates(otherthanresearchan