Bank of America a Merrill Lynch Instinct’ Equities Market Structure Update — SEC Adopts T+2 Settlement Highlights e Asyou are aware, there has been an ongoing industry initiative towards shortening the trade settlement cycle to T+2 for several years. See U.S. T+2 Industry Steering Committee (ISC) website here. e Earlier today, the Commission voted unanimously (2-0) to adopt an amendment to Rule 15c6-1 (Settlement Cycle) that would shorten the settlement cycle to T+2. e The adoption of this rule amendment was widely expected and represented a critical milestone in the ISC Timeline (see below) to implement the T+2 settlement cycle by the end of Q3 2017. © The amended rule applies the T+2 settlement cycle to the same securities transactions currently covered by the T+3 settlement cycle which includes: stocks, bonds, municipal securities, ETFs, certain mutual funds, and limited partnerships that trade on an exchange. e The compliance date for the amendment to Rule 15c6-1 is September 5, 2017, which is consistent with the target implementation date previously set by the ISC. * Product in scope can be found here iia Source: https://www.sec.gov/news/press-release/2017-68-0 Chart Source: ae AMRS Execution Consulting | Brad Johmann | 1.646.855.3535 | Brian Liu | 1.646.855.0623 EFTA00621315

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AMRS Market Structure News March 2017 Industry Road to T+2 implementation Activity Recommend proposed rule changes to regulators Regulators offer regulatory support for the move to T+2 Self-Regulatory Organization (SRO} and SEC notification of proposed rule changes it period on proposed SRO and SEC rule changes Submission of SRO rules to the SEC for comment and approval Projected Regulatory Actions Release of final SRO and SEC rules “Shortening the Settlement Cycle: The Move to T+2” White Paper published 5 T+2 Industry Implementation Playbook socialization Fag Financial advisor and client T+2 education ISC considers T+2 migration date lOngoing ISC governance, oversight of industry T+2 implementation, and creation of project management office (PMO) ISC establishes T+2 Command Center Development of individual market participant's implementation Industry Acti Development of DTCC high-level industry test approach Publication of DTCC requirements and interface changes = Development of DTCC detailed industry test plans oordination of vendor and service bureau test plans with clients Round-trip industry testing with DTCC +2 Command Center prepares for migration b-§ Industry migration to T+2 settlement essment of post-migration activities Non-dependent Dependent 777 Implementation Activity a implementation Activity Migration l | l 6 2017 yh | AMRS Execution Consulting | Brad Johmann | 1.646.855.3535 | Brian Liu | 1.646.855.0623 2 EFTA00621316

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AMRS Market Structure News March 2017 Global Market Structure Contacts Americas EMEA Asia Pacific Rim Brad Johmann Lara Shevchenko Murat Atamer a ee a 1.646.855.3535 44.20.7996.3179 852.3508.7363 Adam Inzirillo Yuhang Wang Kevin Xu a a 1.646.743.0189 44.20.7995.1059 852.3508.3018 Brian Liu 1.646.855.0623 Lc La 212.449.6090 44.20.7995.1059 852.3508.7550 Important Notice and Disclaimer BofAML Instinct x* Bank of America Merril Lynch ("SafAML") operates instinct X*, an Alternative Trading System |"ATS"} in the US and as a Broker Crassing Network ("BCN") in other eographies. BofAML seeks to operate its ATS/BCNs in accordance with applicable regulations, and in accordance with reasonable expectations of faimess. However, potential execution counterparties in BofAML's ATS/BCNs and in external venues may have tracing objectives and/ or expectations that may be adverse to your own, and so execution outcomes may vary. 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