0%/1.75%) " Gross max payoff if knock-in is not triggered: 5.6x (9.9%/1.75%) — you have upside up to 114.9% Regards, Amanda Amanda Ens Director | Global Equities Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park | 5th Floor | New York, NY 10036 Phone: i Mobile

not triggered: 5.6x (9.9%/1.75%) — you have upside up to 114.9% HOUSE_OVERSIGHT_011280 --- PAGE BREAK --- Regards, Amanda Amanda Ens Director | Global Equities Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park | 5th Floor | New York, NY 10036 Phone: Mobil: ii

D) Copyright® 2016 Bloomberg Finance L.P. Source: Bloomberg L7-Hov-2016 14210730 HOUSE_OVERSIGHT_014398 --- PAGE BREAK --- Amanda Ens Director | Global Equities Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated Japan Investment Strategy Nikkei to 20,000: Inventory cycle uptu

rrent environment and are geared into the upside when rates begin to recover... ING, KBC, Intesa, Unicredit, SocGen, Erste, BKIR are all Buy rated. Global Equities Z Bank of America Specialist Sales — European Financials Merrill Lynch MAR disclosure EU BANKS: BIG EQUITY OUTFLOWS BUT REMAIN UPBEAT ON REFLATIO