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Disclosures Important Disclosures Equity Investment Rating Distribution: Electronics Group (as of 31 Mar 2017) Coverage Universe Count Percent Inv. Banking Relationships* Count Percent Buy 29 59.18% Buy 14 48.28% Hold 5 10.20% Hold Z 40.00% Sell 15 30.61% Sell 5 33.33% Equity Investment Rating Distribution: Media & Entertainment Group (as of 31 Mar 2017) Coverage Universe Count Percent Inv. Banking Relationships* Count Percent Buy 40 56.34% Buy 21 52.50% Hold 16 22.54% Hold 6 37.50% Sell 15 21.13% Sell 6 40.00% Equity Investment Rating Distribution: Technology Group (as of 31 Mar 2017) Coverage Universe Count Percent Inv. Banking Relationships* Count Percent Buy 126 59.43% Buy 70 55.56% Hold 35 16.51% Hold 7 48.57% Sell 51 24.06% Sell 17 33.33% Equity Investment Rating Distribution: Global Group (as of 31 Mar 2017) Coverage Universe Count Percent Inv. Banking Relationships* Count Percent Buy 1578 51.33% Buy 979 62.04% Hold 690 22.45% Hold 434 62.90% Sell 806 26.22% Sell 381 47.27% * Issuers that were investment banking clients of BofA Merrill Lynch or one of its affiliates within the past 12 months. For purposes of this Investment Rating Distribution, the coverage universe includes only stocks. A stock rated Neutral is included as a Hold, and a stock rated Underperform is included as a Sell. FUNDAMENTAL EQUITY OPINION KEY: Opinions include a Volatility Risk Rating, an Investment Rating and an Income Rating. VOLATILITY RISK RATINGS, indicators of potential price fluctuation, are: A - Low, B - Medium and C - High. INVESTMENT RATINGS reflect the analyst’s assessment of a stock’s: (i) absolute total return potential and (ii) attractiveness for investment relative to other stocks within its Coverage Cluster (defined below). There are three investment ratings: 1 - Buy stocks are expected to have a total return of at least 10% and are the most attractive stocks in the coverage cluster; 2 - Neutral stocks are expected to remain flat or increase in value and are less attractive than Buy rated stocks and 3 - Underperform stocks are the least attractive stocks in a coverage cluster. Analysts assign investment ratings considering, among other things, the 0-12 month total return expectation for a stock and the firm’s guidelines for ratings dispersions (shown in the table below). The current price objective for a stock should be referenced to better understand the total return expectation at any given time. The price objective reflects the analyst’s view of the potential price appreciation (depreciation). Investment rating Total retum expectation (within 12-month period of date of initial rating) Ratings dispersion guidelines for coverage cluster* Buy = 10% < 10% Neutral 20% <= 30% Underperform NIA = 20% *Ratings dispersions may vary from time to time where BofA Merrill Lynch Research believes it better reflects the investment prospects of stocks in a Coverage Cluster. INCOME RATINGS, indicators of potential cash dividends, are: 7 - same/higher (dividend considered to be secure), 8 - same/lower (dividend not considered to be secure) and 9 - pays no cash dividend. Coverage Cluster is comprised of stocks covered by a single analyst or two or more analysts sharing a common industry, sector, region or other classification(s). A stock’s coverage cluster is included in the most recent BofA Merrill Lynch report referencing the stock. Price charts for the securities referenced in this research report are available at http://pricecharts.baml.com, or call 1-800-MERRILL to have them mailed. LPF&S or one of its affiliates acts as a market maker for the equity securities recommended in the report: Alphabet, Amazon.com, Bankrate, Care.com, eBay, Expedia Inc, Facebook, Fitbit, GoPro, GrubHub, LendingTree, Match Group, Netflix, OnDeck Capital, Pandora, priceline.com, Quotient, Snap, TripAdvisor, Trivago, Twitter, Wayfair, Yahoo!, Yelp, Zillow, ZYNGA. LPF&S or an affiliate was a manager of a public offering of securities of this issuer within the last 12 months: Match Group, priceline.com, Trivago. The issuer is or was, within the last 12 months, an investment banking client of MLPF&S and/or one or more of its affiliates: Alphabet, Amazon.com, Bankrate, eBay, Expedia Inc, Facebook, Fitbit, LendingTree, Match Group, OnDeck Capital, priceline.com, Trivago, Yahoo!, Zillow. LPF&S or an affiliate has received compensation from the issuer for non-investment banking services or products within the past 12 months: Alphabet, Amazon.com, Bankrate, Care.com, eBay, Expedia Inc, Facebook, Fitbit, GrubHub, LendingTree, Match Group, Netflix, OnDeck Capital, priceline.com, Quotient, Snap, TripAdvisor, Twitter, Wayfair, Yahoo!, Yelp, Zillow, ZYNGA. The issuer is or was, within the last 12 months, a non-securities business client of MLPF&S and/or one or more of its affiliates: Alphabet, Amazon.com, Care.com, eBay, Expedia Inc, Facebook, Fitbit, GrubHub, LendingTree, Match Group, Netflix, OnDeck Capital, priceline.com, Quotient, Snap, TripAdvisor, Twitter, Wayfair, Yahoo!, Yelp, Zillow, ZYNGA. LPF&S or an affiliate has received compensation for investment banking services from this issuer within the past 12 months: Alphabet, Amazon.com, Bankrate, eBay, Expedia Inc, Match Group, priceline.com, Trivago, Yahoo!, Zillow. LPF&S or an affiliate expects to receive or intends to seek compensation for investment banking services from this issuer or an affiliate of the issuer within the next three months: Alphabet, Amazon.com, eBay, Expedia Inc, Facebook, Fitbit, LendingTree, OnDeck Capital, priceline.com, Trivago, Yahoo!. PF&S together with its affiliates beneficially owns one percent or more of the common stock of this issuer. If this report was issued on or after the 9th day of the month, it reflects the ownership position on the last day of the previous month. Reports issued before the 9th day of amonth reflect the ownership position at the end of the second month preceding the date of he report: eBay, Match Group, Pandora, Yahoo!. LPF&S or one of its affiliates is willing to sell to, or buy from, clients the common equity of the issuer on a principal basis: Alphabet, Amazon.com, Bankrate, Care.com, eBay, Expedia Inc, Facebook, Fitbit, GoPro, GrubHub, LendingTree, Match Group, Netflix, OnDeck Capital, Pandora, priceline.com, Quotient, Snap, TripAdvisor, Trivago, Twitter, Wayfair, Yahoo!, Yelp, Zillow, ZYNGA. The issuer is or was, within the last 12 months, a securities business client (non-investment banking) of MLPF&S and/or one or more of its affiliates: Alphabet, Amazon.com, Bankrate, Care.com, eBay, Expedia Inc, Facebook, Fitbit, GrubHub, LendingTree, Match Group, Netflix, priceline.com, Quotient, TripAdvisor, Twitter, Wayfair, Yahoo!, Yelp, Zillow, ZYNGA. BofA Merrill Lynch Research Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America Corporation, including profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, among other factors, the overall profitability of the Bank’s sales and trading businesses relating to the class of securities or financial instruments for which such analyst is responsible. BankofAmerica <2” 62 Internet/e-Commerce | 06 April 2017 Merrill Lynch HOUSE_OVERSIGHT_014948