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Equity Investment Rating Distribution: Financial Services Group (as of 30 Sep 2016)
Coverage Universe
Count
Percent
Inv. Banking Relationships*
Count
Percent
Buy
113
46.89%
Buy
89
78.76%
Hold
66
27.39%
Hold
55
83.33%
Sell
62
25.73%
Sell
40
64.52%

Equity Investment Rating Distribution: Global Group (as of 30 Sep 2016)
Coverage Universe
Count
Percent
Inv. Banking Relationships*
Count
Percent
Buy
1553
49.44%
Buy
1130
72.76%
Hold
730
23.24%
Hold
538
73.70%
Sell
858
27.32%
Sell
514
59.91%

* Issuers that were investment banking clients of BofA Merrill Lynch or one of its affiliates within the past 12 months. For purposes of this Investment Rating Distribution, the coverage universe includes only stocks. A
stock rated Neutral is included as a Hold, and a stock rated Underperform is included as a Sell.

FUNDAMENTAL EQUITY OPINION KEY: Opinions include a Volatility Risk Rating, an Investment Rating and an Income Rating. VOLATILITY RISK RATINGS, indicators of potential
price fluctuation, are: A - Low, B - Medium and C - High. INVESTMENT RATINGS reflect the analyst's assessment of a stock's: (i) absolute total return potential and (ii)
attractiveness for investment relative to other stocks within its Coverage Cluster (defined below). There are three investment ratings: 1 - Buy stocks are expected to have a total
return of at least 10% and are the most attractive stocks in the coverage cluster; 2 - Neutral stocks are expected to remain flat or increase in value and are less attractive than
Buy rated stocks and 3 - Underperform stocks are the least attractive stocks in a coverage cluster. Analysts assign investment ratings considering, among other things, the 0-12
month total return expectation for a stock and the firm's guidelines for ratings dispersions (shown in the table below). The current price objective for a stock should be
referenced to better understand the total return expectation at any given time. The price objective reflects the analyst's view of the potential price appreciation (depreciation).

Investment rating
Total return expectation (within 12-month period of date of initial rating)
Ratings dispersion guidelines for coverage cluster*
Buy
≥ 10%
≤ 70%
Neutral
≥ 0%
≤ 30%
Underperform
N/A
≥ 20%

* Ratings dispersions may vary from time to time where BofA Merrill Lynch Research believes it better reflects the investment prospects of stocks in a Coverage Cluster.

INCOME RATINGS, indicators of potential cash dividends, are: 7 - same/higher (dividend considered to be secure), 8 - same/lower (dividend not considered to be secure) and 9 - pays
no cash dividend. Coverage Cluster is comprised of stocks covered by a single analyst or two or more analysts sharing a common industry, sector, region or other classification(s). A stock's
coverage cluster is included in the most recent BofA Merrill Lynch report referencing the stock.

Price charts for the securities referenced in this research report are available at http://pricecharts.baml.com, or call 1-800-MERRILL to have them mailed.
MLPF&S or one of its affiliates acts as a market maker for the equity securities recommended in the report: AllianceBernstein, Amer Express, Ares Management, Assoc Banc-Corp, Banc of
California, Bank Hawaii Corp, BankUnited, BB&T, Blackstone Group, Capital Bank Fin., Carlyle, Citigroup, Citizens Financial G, Comerica, Commerce Bancs, Cullen/Frost Bankers, East-West, Eaton
Vance, FCB Financial Holdin, Fifth Third, First Bancorp PR, First Hawaiian Inc., First Horizon, Franklin Financial N, Goldman Sachs, Great Western Bancor, Hancock, Huntington Banc, IBERIABANK,
Invesco, JP Morgan Chase, KeyCorp, KKR, Legg Mason, Morgan Stanley, New York Community B, PNC, Prosperity Bancshare, Regions Bank, Signature Bank, SunTrust Banks, SVB Financial,
Synovus, TCF, Texas Capital, U.S. Bancorp, UMB Financial Corp, Wells Fargo, Zions.
MLPF&S or an affiliate was a manager of a public offering of securities of this issuer within the last 12 months: Ares Management, Assoc Banc-Corp, Banc of California, BB&T, Citigroup, First
Hawaiian Inc., Franklin Financial N, Goldman Sachs, Huntington Banc, IBERIABANK, KKR, Legg Mason, Regions Bank, SunTrust Banks, Wells Fargo.
The issuer is or was, within the last 12 months, an investment banking client of MLPF&S and/or one or more of its affiliates: AllianceBernstein, Amer Express, Ares Management, Assoc Banc-
Corp, Banc of California, Bank Hawaii Corp, BankUnited, BB&T, Blackstone Group, Capital Bank Fin., Carlyle, Citigroup, Citizens Financial G, Comerica, East-West, Eaton Vance, FCB Financial Holdin,
Fifth Third, First Bancorp PR, First Hawaiian Inc., First Horizon, Franklin Financial N, Goldman Sachs, Great Western Bancor, Hancock, Huntington Banc, IBERIABANK, Invesco, JP Morgan Chase,
KeyCorp, KKR, Legg Mason, Morgan Stanley, New York Community B, PNC, Prosperity Bancshare, Regions Bank, Signature Bank, SunTrust Banks, SVB Financial, Synovus, TCF, Texas Capital, U.S.
Bancorp, UMB Financial Corp, Wells Fargo, Zions.
MLPF&S or an affiliate has received compensation from the issuer for non-investment banking services or products within the past 12 months: AllianceBernstein, Amer Express, Ares
Management, Assoc Banc-Corp, Banc of California, Bank Hawaii Corp, BankUnited, BB&T, Blackstone Group, Capital Bank Fin., Carlyle, Citigroup, Citizens Financial G, Comerica, Commerce Bancs,
Cullen/Frost Bankers, East-West, Eaton Vance, Fifth Third, First Bancorp PR, First Hawaiian Inc., First Horizon, Goldman Sachs, Hancock, Huntington Banc, IBERIABANK, Invesco, JP Morgan Chase,
KeyCorp, KKR, Legg Mason, Morgan Stanley, New York Community B, PNC, Regions Bank, Signature Bank, SunTrust Banks, SVB Financial, Synovus, TCF, Texas Capital, U.S. Bancorp, UMB Financial
Corp, Wells Fargo, Zions.
The issuer is or was, within the last 12 months, a non-securities business client of MLPF&S and/or one or more of its affiliates: AllianceBernstein, Amer Express, Ares Management, Assoc Banc-
Corp, Banc of California, Bank Hawaii Corp, BankUnited, BB&T, Blackstone Group, Capital Bank Fin., Carlyle, Citigroup, Citizens Financial G, Comerica, Commerce Bancs, Cullen/Frost Bankers, East-
West, Eaton Vance, Fifth Third, First Hawaiian Inc., First Horizon, Goldman Sachs, Hancock, Huntington Banc, Invesco, JP Morgan Chase, KeyCorp, KKR, Legg Mason, Morgan Stanley, New York
Community B, PNC, Regions Bank, Signature Bank, SunTrust Banks, SVB Financial, Synovus, TCF, Texas Capital, U.S. Bancorp, UMB Financial Corp, Wells Fargo, Zions.
MLPF&S or an affiliate has received compensation for investment banking services from this issuer within the past 12 months: AllianceBernstein, Amer Express, Ares Management, Assoc Banc-
Corp, Banc of California, Bank Hawaii Corp, BankUnited, BB&T, Blackstone Group, Carlyle, Citigroup, Citizens Financial G, Comerica, Eaton Vance, Fifth Third, First Bancorp PR, First Hawaiian Inc.,
Franklin Financial N, Goldman Sachs, Great Western Bancor, Hancock, Huntington Banc, IBERIABANK, Invesco, JP Morgan Chase, KeyCorp, KKR, Legg Mason, Morgan Stanley, New York
Community B, PNC, Regions Bank, Signature Bank, SunTrust Banks, Synovus, TCF, UMB Financial Corp, Wells Fargo, Zions.
MLPF&S or an affiliate expects to receive or intends to seek compensation for investment banking services from this issuer or an affiliate of the issuer within the next three months:
AllianceBernstein, Amer Express, Ares Management, Banc of California, Bank Hawaii Corp, BankUnited, BB&T, Blackstone Group, Capital Bank Fin., Carlyle, Citigroup, Citizens Financial G, East-
West, Eaton Vance, FCB Financial Holdin, Fifth Third, First Hawaiian Inc., First Horizon, Goldman Sachs, Great Western Bancor, Huntington Banc, IBERIABANK, Invesco, JP Morgan Chase, KeyCorp,
KKR, Legg Mason, Morgan Stanley, New York Community B, PNC, Prosperity Bancshare, Regions Bank, SunTrust Banks, SVB Financial, Synovus, Texas Capital, U.S. Bancorp, UMB Financial Corp,
Wells Fargo, Zions.
MLPF&S together with its affiliates beneficially owns one percent or more of the common stock of this issuer. If this report was issued on or after the 9th day of the month, it reflects the
ownership position on the last day of the previous month. Reports issued before the 9th day of a month reflect the ownership position at the end of the second month preceding the date of
the report: AllianceBernstein, BB&T, Blackstone Group, Carlyle, Citigroup, Citizens Financial G, Cullen/Frost Bankers, Eaton Vance, Fifth Third, Goldman Sachs, Great Western Bancor, Huntington
Banc, Invesco, JP Morgan Chase, KeyCorp, KKR, Legg Mason, Morgan Stanley, PNC, Regions Bank, SunTrust Banks, SVB Financial, TCF, U.S. Bancorp, Wells Fargo.
MLPF&S or one of its affiliates is willing to sell to, or buy from, clients the common equity of the issuer on a principal basis: AllianceBernstein, Amer Express, Ares Management, Assoc Banc-
Corp, Banc of California, Bank Hawaii Corp, BankUnited, BB&T, Blackstone Group, Capital Bank Fin., Carlyle, Citigroup, Citizens Financial G, Comerica, Commerce Bancs, Cullen/Frost Bankers, East-
West, Eaton Vance, FCB Financial Holdin, Fifth Third, First Bancorp PR, First Hawaiian Inc., First Horizon, Franklin Financial N, Goldman Sachs, Great Western Bancor, Hancock, Huntington Banc,
IBERIABANK, Invesco, JP Morgan Chase, KeyCorp, KKR, Legg Mason, Morgan Stanley, New York Community B, PNC, Prosperity Bancshare, Regions Bank, Signature Bank, SunTrust Banks, SVB
Financial, Synovus, TCF, Texas Capital, U.S. Bancorp, UMB Financial Corp, Wells Fargo, Zions.
The issuer is or was, within the last 12 months, a securities business client (non-investment banking) of MLPF&S and/or one or more of its affiliates: AllianceBernstein, Amer Express, Ares
Management, Assoc Banc-Corp, Bank Hawaii Corp, BankUnited, BB&T, Blackstone Group, Capital Bank Fin., Carlyle, Citigroup, Citizens Financial G, Comerica, Commerce Bancs, Cullen/Frost
Bankers, East-West, Eaton Vance, Fifth Third, First Bancorp PR, First Hawaiian Inc., First Horizon, Goldman Sachs, Great Western Bancor, Hancock, Huntington Banc, IBERIABANK, Invesco, JP
Morgan Chase, KeyCorp, KKR, Legg Mason, Morgan Stanley, New York Community B, PNC, Regions Bank, Signature Bank, SunTrust Banks, SVB Financial, Synovus, TCF, Texas Capital, U.S. Bancorp,

Bank of America
Merrill Lynch

2016 Future of Financials Conference | 17 November 2016 79

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