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Chart 84: Now that we've defined “big data”, how far do you think financial institutions are at embracing the use of big data today? 60% 50% 40% 30% 20% 10% 0% Fully committed to Fully committed to Fully committed to = Somewhat Not at all using big datato using bigdatato —_using big data committed committed generate improve cost or across the investment alpha / process efficiency, — organization revenue growth risk management, regulatory compliance Source: BofA Merrill Lynch Global Research Chart 85: After this conversation, have you changed your mind on how financial institutions are adopting big data in their businesses? 60% 55% 50% 40% 30% 23% 23% 20% 10% 0% Financial institutions are more Financial institutions are less No change committed to allocating committed to allocating resources to bigdata than! resources to big data than | thought thought Source: BofA Merrill Lynch Global Research The Future of Financials M&A and Regulation We hosted a panel to discuss the state and outlook of M&A and regulation. Given the results of the US election and the potential for easing of regulations, the panel discussed a timely topic on the mind of investors. Our panelists included Rodgin Cohen, Senior Chairman of Sullivan & Cromwell; Richard Kim, partner at Wachtell, Lipton, Rosen & Katz, and Ed Hill, Senior Vice President, Government Affairs, Bank of America Corporation. = Regulation is about tone: Our panelists agreed that the scope and strength of regulation comes from the tone and attitude of regulators rather than from legislation. They noted that an attempt to repeal legislation such as Dodd-Frank would be misplaced as most direction derives from the tops of regulatory bodies. They also felt Senator Hensarling’s Financial Choice Act would not be a better alternative to Dodd-Frank given the 10% leverage ratio is not a Federal Reserve definition of leverage. Utilizing a Fed definition would likely lead to leverage north of 10%. The inclusion of CAMEL ratings with the leverage ratio would also allow regulatory sway over institutions. 58 2016 Future of Financials Conference | 17 November 2016 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014372