ialist Sales Team: Russell Quelch - European Banks - London Juliette Nichols — European Insurance, Div Fins and Real Estate - i 27 ee Scott Smith - US Financials - New York [aa The power of global connections™ HOUSE_OVERSIGHT_014863 --- PAGE BREAK --- Bank of America Merrill Lynch This material was prepar

spec positions on Nikkei are drifting lower, suggesting that overseas investors have started taking profit on the Japanese equity trade. Credit • US Financials have outperformed Non-Financials recently and are now only I I bp wider in spread, close to the 8bp multi- year tight reached in May. We expect conti

sitions on Nikkei are =rifting lower, suggesting that overseas investors have started taking prof=t on the Japanese equity trade. Credit<=span> * US Financials have outperformed Non=F inancials recently and are now only 1 lbp wider in spread, close to the 8b= multi-year tight reached in May. We expect conti