Buyback (not yet executed) Buffer+ Divi + Buyback (not executed) Source: BofA Mernll Lynch Global Research estimates Kind regards, Russell Quelch European Financials Specialist Sales Bank of America Merrill Lynch Global Financials Specialist Sales Team: Russell Quelch - European Banks - London Juliette Nichols —

6%, and its high weight on Financials. Credit • The news flow from the Cypriot bailout continued to push spreads wider and vol higher this week, with European Financials underperforming as creditor bail-in risks returned to the forefront. iTraxx senior and subordinated financials indices widened 20bp as investors soug

6%, and its high weight on Financials. Credit • The news flow from the Cypriot bailout continued to push spreads wider and vol higher this week, with European Financials underperforming as creditor bail-in risks returned to the forefront. iTraxx senior and subordinated financials indices widened 20bp as investors soug

6%, and its high weight on Financials. Credit • The news flow from the Cypriot bailout continued to push spreads wider and vol higher this week, with European Financials underperforming as creditor bail-in risks returned to the forefront. iTraxx senior and subordinated financials indices widened 20bp as investors soug