HOUSE_OVERSIGHT_023608.jpg

RYDAF Price Chart
1-Jun N
Kuplent
PO:2420p
31-Oct
PO:2550p
16-Jan
PO:2180p
16-Feb B
PO:2135p
15-Jul
PO:2350p
24-Jan
PO:2420p
11-May
PO:2400p

[Chart data points and labels visible: 21-Jul PO:2460p, 8-Sep PO:2550p, 15-Oct PO:2500p, 25-Nov PO:2520p, 5-Dec PO:2400p, 11-Dec PO:2315p, 5-May PO:2000p, 27-May PO:1950p, 8-Jun PO:2050p, 20-Jul PO:2230p, 19-Oct PO:2380p, 9-Dec PO:2400p, 3-Feb PO:2490p, 10-Mar PO:2500p, 5-May PO:2530p]

RYDAF
Review
Restricted
No Coverage
1-Jan-15
1-Jan-16
1-Jan-17

B: Buy, N: Neutral, U: Underperform, PO: Price Objective, NA: No longer valid, NR: No Rating
The Investment Opinion System is contained at the end of the report under the heading 'Fundamental Equity Opinion Key'. Dark grey shading indicates the security is restricted with the opinion suspended. Medium grey shading indicates the security is under review with the opinion withdrawn. Light grey shading indicates the security is not covered. Chart is current as of May 31, 2017 or such later date as indicated.

Equity Investment Rating Distribution: Energy Group (as of 31 Mar 2017)
Coverage Universe Count Percent Inv. Banking Relationships* Count Percent
Buy 109 49.77% Buy 84 77.06%
Hold 52 23.74% Hold 43 82.69%
Sell 58 26.48% Sell 34 58.62%

Equity Investment Rating Distribution: Telecommunications Group (as of 31 Mar 2017)
Coverage Universe Count Percent Inv. Banking Relationships* Count Percent
Buy 78 52.00% Buy 53 67.95%
Hold 30 20.00% Hold 20 66.67%
Sell 42 28.00% Sell 14 33.33%

Equity Investment Rating Distribution: Utilities Group (as of 31 Mar 2017)
Coverage Universe Count Percent Inv. Banking Relationships* Count Percent
Buy 60 48.39% Buy 39 65.00%
Hold 35 28.23% Hold 26 74.29%
Sell 29 23.39% Sell 17 58.62%

Equity Investment Rating Distribution: Global Group (as of 31 Mar 2017)
Coverage Universe Count Percent Inv. Banking Relationships* Count Percent
Buy 1578 51.33% Buy 979 62.04%
Hold 690 22.45% Hold 434 62.90%
Sell 806 26.22% Sell 381 47.27%
* 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.
One or more analysts responsible for covering the securities in this report owns options on the financial instrument
The issuer is or was, within the past 12 months, an investment banking client of MLPF&S and/or one or more of its affiliates: Deutsche Telekom, Enel SpA, Iberdrola, Royal Dtch Shell.
MLPF&S or an affiliate has received compensation from the issuer for non-investment banking services or products within the past 12 months: Deutsche Telekom, Enel SpA, Iberdrola, Royal Dtch Shell.
The issuer is or was, within the past 12 months, a non-securities business client of MLPF&S and/or one or more of its affiliates: Deutsche Telekom, Enel SpA, Iberdrola, Royal Dtch Shell.
In the US, retail sales and/or distribution of this report may be made only in states where these securities are exempt from registration or have been qualified for sale: Deutsche Telekom, Enel SpA, Iberdrola.
MLPF&S or an affiliate has received compensation for investment banking services from this issuer within the past 12 months: Deutsche Telekom, Enel SpA, Iberdrola.

34 Global Equity Volatility Insights | 06 June 2017 Bank of America Merrill Lynch
HOUSE_OVERSIGHT_023608