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Chart 67: How knowledgeable are you with blockchain technology? 60% 50% 40% 30% 20% 10% 0% Very knowledgeable Moderately knowledgeable Not at all knowledgeable Source: BofA Merrill Lynch Global Research Chart 68: After this panel, how do you feel about the applicability of Chart 69: How long do you think it will take for financial sevices blockchain technology in financial services? industries to broadly adapt blockchain technology? 80% 71% 45% 40% 35% 30% 29% 20% 15% 10% 70% 60% 50% 40% 30% 20% 10% ae 5% Asignificant | A modest opportunity Overhyped ° opportunity for _for financial service technology 0% financial service firms firms 12-24 months 3-5 years 5+ years 10+ years Source: BofA Merrill Lynch Global Research Source: BofA Merrill Lynch Global Research The Future of Clearing: Understanding the Options e Guest speakers in this panel included Brian Ruane (CEO, Broker Dealer Services, BNY Mellon), Lee Betsill (Chief Risk Officer, CME Group), Michael C. Bodson (President & CEO, DTCC), John Horkan (Head of North America and Global COO, Rates & FX, LCH, LSE Group) and Marcus Denne (Director, Global Clearing, BofA Merrill Lynch). ¢ With the start of the Uncleared Margin Rule (UMR) on September 1st, we asked investors what was the primary challenge related to the new clearing rules. Most investors (95%) thought the rising cost, particularly in the amount of collateral required (50%) and the complexity around infrastructure and different country rules (45%) were the main issues. Bankof America 2 2016 Future of Financials Conference | 17 November 2016 47 Merrill Lynch HOUSE_OVERSIGHT_014361