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Options Risk Statement Potential Risk at Expiry & Options Limited Duration Risk Unlike owning or shorting a stock, employing any listed options strategy is by definition governed by a finite duration. The most severe risks associated with general options trading are total loss of capital invested and delivery/assignment risk... all of which can occur in a short period. Investor suitability The use of standardized options and other related derivatives instruments are considered unsuitable for many investors. Investors considering such strategies are encouraged to become familiar with the "Characteristics and Risks of Standardized Options" (an OCC authored white paper on options risks). U.S. investors should consult with a FINRA Registered Options Principal. For detailed information regarding the risks involved with investing in listed options: http://Awww.theocc.com/about/publications/character-risks.jsp Analyst Certification We, James Barty, Abhinandan Deb, Barnaby Martin, Benjamin Bowler, Claudio Piron, David Hauner, CFA, Hans Mikkelsen, lan Gordon, loannis Angelakis, Kamal Sharma, Mark Capleton, Ritesh Samadhiya, CFA, Shusuke Yamada, CFA and Shyam S.Rajan, hereby certify that the views each of us has expressed in this research report accurately reflect each of our respective personal views about the subject securities and issuers. We also certify that no part of our respective compensation was, is, or will be, directly or indirectly, related to the specific recommendations or view expressed in this research report. Special Disclosures BofA Merrill Lynch is currently acting as Financial Adviser to Anima Holding SpA in connection with its proposed bid, as part of a consortium including Poste Italiane SpA and Cassa Depositi e Prestiti SpA, for the acquisition of the asset management business, Pioneer Global Asset Management SpA, currently owned by Unicredt SpA, which was announced on 10 November 2016. BofA Merrill Lynch is currently acting as Financial Advisor to Mediobanca SPA in connection with its proposed acquisition of 50% of Banca Esperia from Mediolanum Group, which was announced on 17 November 2016. Bankof America Merrill Lynch Global Cross Asset Strategy - Year Ahead | 30 November 2016 25 HOUSE_OVERSIGHT_014456