Industry Outlook Summaries – No Direct Leads to Influential Actors

Energy: Refiners: What’s going on with Refining in 2017: potential benefits in a Trump administration 05 January 2017 Industrials / Materials: Industrials/Multi-Industry: DEM#217: The Year Ahead; Resetting for higher US growth and inflation 09 January 2017 Engineering & Construction: 2017 view: energy backlog more 2H story, own infrastructure & federal 12 January 2017 Transportation - Railroads: 2017 Rail Year Ahead: Macro factors favor group; 1H comps set stage for growth 12 January 2017 Business, Education & Professional Services: 2017 year ahead: INFO top pick in Business Services 12 January 2017 Basic Materials & Industrials 2017 Year Ahead: Buy America and inflation, but watch the US dollar and interest rates 12 December 2016 Global Chemicals: Potential tax reform could be more meaningful than infrastructure spending 15 December 2016 Tech: Apple Inc.: Deep Dive - Benefit from lower U.S. tax rate, but border tax could be onerous 13 January 2017 Server & Enterprise Software: Tax reform +ve for INTU, CRM; Cash repatriation +ve for ORCL, MSFT, VMW_12 December 2016 Semiconductor Capital Equipment: Tax sensitivity analysis. Repatriation a bigger deal than taxes for Semicaps, EDA 02 December 2016 Telecom Equipment: New administration appears likely to drive spending on infrastructure & cyber security 18 January 2017 Internet/e-Commerce: Top 2017 US Internet Sector Drivers — Trump Act One 17 January 2017 Telecom: Wireline & Wireless Telecom Services: For AT&T, Verizon and CenturyLink, the telco tax trade could be ‘Huge’ 19 December 2016 Wireline & Wireless Telecom Services: 2017 Year Ahead — Fiscal forces, regulation, and video migration to mobile 10 January 2017 Media: Media & Entertainment: 2017 year ahead - living the stream 11 January 2017 Cable/Satellite: 2017 year ahead - reform, relief_and resilience 11 January 2017 Utilities: Utilities: 2017 Year Ahead: Washington DC will likely cast a long shadow on utilities 06 January 2017 Bankof America <> Merrill Lynch Equity Strategy Focus Point | 29 January 2017.23 HOUSE_OVERSIGHT_023091