q merrill edge guided investing strategy profile CIO Moderately Conservative ETF Core Tax Aware

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1 Overview This Strategy seeks to provide diversified exposure among three major asset classes for a client's account with a moderately conservative target asset allocation. In normal market conditions, the Strategy's portfolio is managed to be the same or similar to a mix of the equity, fixed income and cash asset classes in the percentages shown in the accompanying chart at the right. Merrill Lynch may change these percentages at any time in its sole discretion which may include in response to market risks and opportunities and/or to reflect the current outlook for the global economy and financial markets. Merrill Lynch regularly evaluates and adjusts the Strategy's risk profile based on market expectations. This Strategy's portfolio is designed for investors who are willing to absorb some level of portfolio volatility and principal loss. The Strategy is also designed to balance the need for both income and growth. The Strategy's investments are expected to be readily convertible to cash without experiencing a significant loss due to the lack of a ready market or incurring significant costs or penalties. Investment Process Merrill Lynch seeks to provide exposure to the equity and fixed-income asset classes and their corresponding sub asset classes in this Strategy by selecting exchange-traded funds ("ETFs") that it believes best represent a particular exposure. For the fixed income allocation, this Strategy may use a variety of taxable and/or municipal ETFs. The Strategy's portfolio consists of ETFs that are the same or similar to those shown in the accompanying table at the right. Merrill Lynch only selects ETFs that have met the requirements of its due diligence process. Merrill Lynch utilizes a robust, disciplined approach to select ETFs and evaluates several factors including how well the ETF tracks its underlying index, market liquidity, as well as fees associated with an ETF (ETF expense ratios, trading costs, etc.), while seeking to diversify effectively to balance portfolio risk and return. Merrill Lynch may change the ETFs in the Strategy at any time as part of its management of the Strategy's portfolio. The Strategy's allocation to cash and any cash balances in a client's Account, including funds pending investment, will automatically be invested or "swept" in accordance with the cash sweep program described in the underlying Merrill Lynch securities (brokerage) account agreement relating to your Account. Managed Account Advisors LLC (MAA), Merrill Lynch's affiliate, is the overlay portfolio manager for implementing this Strategy for client accounts. Merrill Lynch provides its recommendations of ETFs and related percentage allocations for the Strategy to MAA and updates the ETFs in the Strategy or percentage allocations whenever its recommendations change. MAA implements Merrill Lynch's Strategy recommendations for a client's account in the Program, subject to any reasonable client-imposed restrictions, cash flow and other considerations. MAA actively manages your Account's investments and may rebalance these investments to the Strategy's target allocations at any time. Important Note(s): The Strategy is available with a minimum investment of $5,000. Cash and cash alternatives are included in the assets on which the Merrill Edge Guided Investing (MEGI) Program fee is calculated. The Strategy may be offered through other investment advisory programs or services sponsored by Merrill Lynch or affiliate channels, at a lower or higher cost than the MEGI program. The services that you receive by investing in such investment strategy through a different program may or may not be similar to the services you receive through the MEGI program. You should consider the investment strategies, services and arrangements available to you to determine which may be most appropriate for you. In this program, Merrill Lynch selects ETFs as part of an overall portfolio construction process. You should not view the selection of an individual ETF for the Strategy as an independent recommendation to invest in that ETF apart from the MEGI Program. Please see the MEGI Program website or contact us at the phone number listed in the General Information section of this Profile for additional information or if you have questions. General Information Account Maintenance: Website: merrilledge.com/guided-investing Asset Class/Style Allocation Ranges Asset Class/Style Min-Max (%) Current Asset Allocation U.S. Equity 26% Intl Equity 11% EM Equity 4% Fixed Income 56% Cash 3% Passive Exchange Traded Funds Style Target (%) Composition Cash 3% Cash Emerging Markets 4% Vanguard Emerging Markets ETF High Yield Muni 1% Market Vectors High Yield Municipal Index ETF International Bond 2% Vanguard International Bond Investment Grade Corp 7% ishares iboxx IG Corporate ETF Muni National 32% ishares S&P National Muni Bond US Govt/Agency 9% ishares Treasury Bond Fund US Govt/Agency 5% Vanguard Mortgage-Backed Sec International Core 11% Vanguard FTSE Developed Market Large Cap Growth 8% ishares Core US Growth Large Cap Value 15% ishares Core US Value Small Cap Core 3% ishares Core S&P Small-Cap 56% 32 3% % 4% 11% Prior to selecting a Strategy, you should review the entire Profile. The securities identified in this Profile, if any, do not represent all of the securities purchased, sold or recommended for MEGI clients. Securities shown should not be considered recommendations or solicitations and may not have been, or in the future be, profitable. See the disclosure in this Profile regarding other important information. Please contact us at the phone number listed in the General Information section of this Profile for more information. Page 1 of 7

2 Annualized Performance (%) Ended September 30, Return Information (%) Strategy Composite Strategy Composite Style Year (Gross) (Net) Index* 2Q17-3Q Q Year Strategy Composite (Gross) Strategy Composite (Net) Style Index* *Style Index: From 03/01/2017 through current quarter end: 9% MSCIWRLDxUSA_N, 9% Russell 1000G, 14% Russell 1000V, 3% MSCI EM Net, 2% BofAML US TBill 3m Unhdg, 2% Russell 2000, 61% BofAML Muni Master. See important disclosure below and the User's Guide to Profiles for Style Index composition for prior periods. Strategy Composite = Strategy Composite return of the mix of Current Style Manager(s)/Fund(s) and/or Previous Style Manager(s)/Fund(s) (if applicable). See below disclosure for additional information. Prior to selecting a Strategy, you should review the entire Profile. The securities identified in this Profile, if any, do not represent all of the securities purchased, sold or recommended for MEGI clients. Securities shown should not be considered recommendations or solicitations and may not have been, or in the future be, profitable. See the disclosure in this Profile regarding other important information. Please contact us at the phone number listed in the General Information section of this Profile for more information. Page 2 of 7

3 Strategy Performance Update The Strategy Composite returned 2.63% (before fees) outperforming the Style Index by 0.07%. The Strategy Composite returned 2.52% (after fees) underperforming the Style Index by 0.04%. Year To Date Highlights Year-To-Date performance is not available. Prior to selecting a Strategy, you should review the entire Profile. The securities identified in this Profile, if any, do not represent all of the securities purchased, sold or recommended for MEGI clients. Securities shown should not be considered recommendations or solicitations and may not have been, or in the future be, profitable. See the disclosure in this Profile regarding other important information. Please contact us at the phone number listed in the General Information section of this Profile for more information. Page 3 of 7

4 This Strategy was initially made available to clients in the Merrill Edge Guided Investing Program (the "Program") in November, Strategy Composite performance does not reflect any Program account's performance prior to this above date and may not reflect any Program account's performance for a time period following this date. A Program account's performance is reflected in the Strategy Composite performance when it meets the criteria for inclusion in the MAA Composite. For additional information about the MAA composite, refer to the User's Guide to Profiles. MAA, an affiliate of Merrill Lynch, actively manages your account's investments and may rebalance these investments to the Strategy's target allocations at any time. In addition, the Components of the Strategy and the allocation among Components may be changed by Merrill Lynch at any time without prior notice to clients. These changes could have a negative impact for clients. For example, changes to the allocations of Components in the Strategy or changes to the types of Components could result in unexpected tax liabilities depending on client circumstances. In addition, over time, the allocations to Components in the Strategy could materially differ from the allocations at the time of investment. Strategy Composite performance results shown, if any, are affected by the methodology used by MAA or a Style Manager (if applicable) to select accounts and the size and number of accounts in the Strategy Composite, which can vary. All performance results reflect realized and unrealized appreciation and the reinvestment of dividends and interest. Taxes have not been deducted. Mutual fund performance (if any) is based upon the net asset value of each fund, which is net of fees and expenses. ETF/ETN (Exchange Traded Funds/Exchange Traded Notes) performance (if any) is based on the change in market value and includes dividend income net of fees. The performance of a client's Program account and other Strategy Composite characteristics generally summarized on this Profile may differ from the Strategy Composite performance results or characteristics shown due to factors such as: timing of enrollment in the Program, changes in the securities included in the Strategy; accounts holding fewer securities than larger institutional accounts or mutual funds, the results of which may be included in the performance results shown of the Style Manager Composite (if applicable); changes over time in the number, types, availability and diversity of securities held; economies of scale, regulations and other factors applicable to large institutional accounts and the management of mutual funds; past economic and market conditions which could have changed asset allocation and rebalancing decisions; and gains and losses caused by currency transactions and client imposed restrictions, including restrictions related to investing in equity, fixed income or other securities issued, sponsored, or underwritten by Bank of America, Merrill Lynch and other affiliates of Bank of America or Merrill Lynch. Client account performance will be reduced by the deduction of the Program Fee which covers, among other things, Merrill Lynch transaction and other account related services and Merrill Lynch's investment management services. The Style Index is designed to provide a relevant market comparison to the performance of the Strategy. It can be either a single market index benchmark or a combination of indexes. It is constructed by combining the performance of indexes identified above according to the percentage allocations noted. The Style Index is determined by Merrill Lynch based on several factors such as the investment philosophy for this Strategy, the asset mix over time, the range and average market cap of stock holdings over time, and maturities and duration of fixed income holdings. The Style Index is unmanaged and results shown are not reduced by fees. Securities contained in the Style Index will vary from those in the account. It is not possible to invest directly in a Style Index. The Russell Indexes are trademarks of the Frank Russell Company. MSCI Indexes are trademarks of Morgan Stanley Capital International. The Style Index is composed as follows: From 03/01/2017 through current quarter end: 9% MSCIWRLDxUSA_N 9% Russell 1000G 14% Russell 1000V 3% MSCI EM Net 2% BofAML US TBill 3m Unhdg 2% Russell % BofAML Muni Master composition and allocation provides an appropriate performance comparison to the Strategy's performance in light of the manner by which the GWIM CIO manages the Strategy's model. This change does not impact the implementation of this investment style in your account. For additional information regarding the change, please contact your advisor. Managed Account Advisors LLC (MAA), an affiliate of Merrill Lynch, is responsible for allocating the assets as described on the first page of this Profile, rebalancing (if any) as applicable, and administering client accounts. This Strategy is managed according to overall asset allocation targets and ranges for the equity/fixed income asset class/asset classes. Exposure to cash and cash alternatives in this Strategy will generally be the result of the overall asset allocation determined by Merrill Lynch. Additionally, this Strategy may have a temporary allocation to cash alternative investments to facilitate client contributions or withdrawals and fees. Managed Account Advisors LLC (MAA), an affiliate of Merrill Lynch, is the overlay portfolio manager for this Strategy. Merrill Lynch will furnish investment recommendations to MAA for the Strategy based on the Strategy's model, which includes the specific securities and the percentage allocation of each security to be held in Program client accounts. These investment recommendations are updated by Merrill Lynch whenever its recommendations change. MAA generally implements the investment advice without change, subject to any reasonable client-imposed restrictions, cash flow and other considerations. MAA, Merrill Lynch and its advisors do not provide tax, accounting or legal advice. You should review any planned financial transactions or arrangements that may have tax, accounting or legal implications with your personal professional advisors. Certain data and other information shown on this Profile have been supplied by outside sources and are believed to be reliable as of the date indicated. For a full description of the Program and its fees, see the Client Agreement and the Program Brochure. Investments have varying degrees of risk. While this strategy will be comprised of ETFs, there may be exposure to other types of securities within the ETF/ETN that involve unique risks. Some of the risks involved with equities include the possibility that the value of the stocks may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the U.S. or abroad. Bonds are subject to interest rate, inflation and credit risks. Investments in high-yield bonds may be subject to greater market fluctuations and risk of loss of income and principal than securities in higher rated categories. Investments in foreign securities (including ADRs) involve special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are magnified for investments made in emerging markets. Investments in a certain industry or sector may pose additional risk due to lack of diversification and sector concentration. Investments in real estate securities can be subject to fluctuations in the value of the underlying properties, the effect of economic conditions on real estate values, changes in interest rates, and risk related to renting properties, such as rental defaults. There are special risks associated with an investment in commodities, including market price fluctuations, regulatory changes, interest rate changes, credit risk, economic changes and the impact of adverse political or financial factors. Certain ETF holdings may include exposure to certain municipal security holdings which carry unique risks. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal security holders. Budgetary constraints of local, state, and federal governments upon which the issuers may be relying for funding may also impact municipal securities. In addition, changes in the financial condition of an individual municipal insurer can affect the overall municipal market, and market conditions may directly impact the liquidity and valuation of municipal securities. Income from investing in municipal bonds is generally exempt from Federal and state taxes for residents of the issuing state. While the interest income is tax-exempt, any capital gains distributed are taxable to the investor. Income for some investors may be subject to the Federal Alternative Minimum Tax (AMT). Investment management and related fees associated with ETFs and/or ETNs are generally paid by the ETF and/or ETN from its assets and are in addition to the Program Fee. Clients are responsible for the Merrill Lynch Program Fees as well as their Starting 2/1/17, Merrill Lynch is aligning the Strategy's Style Index composition and allocations with the strategic asset proportionate share of all fees and expenses incurred by ETFs and/or ETNs in their account, including commissions and other allocation guidelines approved by the GWIM CIO. The GWIM CIO believes the Style Index and this approach to Style Index Disclosure information continued on page 5 Page 4 of 7

5 transaction-related charges, and shareholder expenses. Any ETFs and/or ETNs that are included in a client's account should not be considered recommendations or solicitations and may not have been, nor in the future be, profitable. For a current prospectus or offering document of any of the ETFs, and/or ETNs available, which contains more complete information, please contact us at the number provided on the Program website. Before investing, carefully consider the investment objectives, risks, and charges and expenses of the security. This and other information may be found in each prospectus or offering document. Read the prospectus or offering document carefully before you invest. Clients may impose reasonable restrictions on the types of ETFs and/or ETNs that Merrill Lynch can purchase for their accounts, but may not impose investment restrictions on the securities held by any ETF and/or ETN. Certain investments may be classified as alternative investments. Alternative investments are intended to generate returns that are not highly correlated to traditional, long-only stock and bond funds. These may include investments in asset classes such as commodities and real estate, as well as investments in non-traditional funds ("NTFs"). NTFs are investments such as mutual funds and ETFs that we classify as alternative investments because of the investment strategies used and/or the alternative asset exposure they provide. Though stocks and bonds may be held in NTFs, they may also hold other asset classes and may use short selling, leverage and derivatives. The strategies employed by NTFs are often used by hedge funds and other alternative investment vehicles. In addition, Merrill Lynch believes that these investment vehicles can provide diversification benefits to traditional stock and bond strategies, particularly for those clients who are currently ineligible to invest in hedge funds or have a strong preference for liquidity. Clients must carefully review the prospectus or offering materials for any particular fund/pooled vehicle and consider your ability to bear these risks before any decision to invest. Diversification and asset allocation do not guarantee a profit or protect against a loss in declining markets. Merrill Lynch may classify NTFs, as 'Alternative Investments' on your asset allocation reporting because we believe that may be a more accurate characterization of the risk/return attributes of these investments than classifying them as equity and/or fixed income. It is important to note that because NTFs are registered under the Investment Company Act of 1940 (the "'40 Act"), they are subject to certain restrictions imposed by the '40 Act, which cause them to be an imperfect substitute for unregistered alternative investments. Cash alternatives are not federally guaranteed and it is possible to lose money with the investment. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Merrill Edge, available through Merrill Lynch, Pierce, Fenner & Smith incorporated ("MLPF&S"), consists of Merrill Edge Advisory Center (investment guidance) or self-directed online investing. Merrill Edge investment advisory programs are offered by MLPF&S. MAA and MLPF&S are registered investment advisers. Investment adviser registration does not imply a certain level of skill or training. Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated, a registered broker-dealer and Member SIPC, and other subsidiaries of Bank of America Corporation. Investment products: Are NOT FDIC Insured Are Not Bank Guaranteed May Lose Value Page 5 of 7

6 Definitions Returns-Based Style Analysis The returns-based style analysis is a type of multi-factor style analysis in which the multiple factors are the returns of benchmark indexes. It is a method of evaluating a portfolio's style and determining a fund's exposure to changes in the returns of its benchmark indexes. An optimizer is used to determine the minimum variance between a manager's set of returns and a composite of index returns. Annualized Performance The returns are displayed for each of the time periods (as available) on an annualized or annual equivalent basis. The Annualized Performance chart displays the historical returns of the Manager's performance composite on both a gross and net of fee basis. Gross Manager performance composite returns are returns before the deduction of MEGI fees. Net Manager performance composite returns are returns after the deduction of the MEGI fees. The Annualized Performance chart also provides the Style Index for performance comparisons. Standard Deviation Standard Deviation is the measure of the amount of risk present in a portfolio. Standard Deviation gives an indication of the range of returns to be expected in an average year. For example, if a portfolio has an average annual return of 10% and a Standard Deviation of 6%, 2/3 of the time, returns were between 4% and 16% in a year. Standard Deviation is a measure of the dispersion (variability) of a portfolio's quarterly rates of return around its mean rate for the period. Generally, the higher the Standard Deviation, the higher the variability or risk. Downside Risk Downside risk identifies volatility only on the down (negative) side. In the analysis, extreme low returns are considered risky and high returns, no matter how extreme, are deemed to be desirable, as compared to standard deviation which attributes volatility in either direction to risk. Therefore, a high (or low) downside risk number relative to a benchmark indicates more (less) downside volatility. Sharpe Ratio The Sharpe ratio indicates the return per unit of total risk. It is a ratio of the arithmetic average of excess returns to the standard deviation. It is a measure of the premium earned for the risk (as measured by the standard deviation) incurred by the portfolio. Alpha Alpha measures the investment manager's risk adjusted excess return over the Style Index. In calculating the Alpha, Standard Deviation (total risk) is used as the risk measure. Alpha may be positive or negative. A positive Alpha indicates the risk-adjusted performance is above the Style Index. Graphically, Alpha is the vertical distance between the portfolio composite and the Market Line. Beta Beta is used to measure market risk. Beta defines the average relationship, over time, of the rate of return of a portfolio or security to the rate of return of the Style Index. A manager that is equally as volatile as the market index has a beta of 1.0, a manager half as volatile as the market index has a beta of 0.5. Managers with a beta higher that 1.0, such as 1.2 are more volatile than the market index. R-Squared Page 6 of 7 The diversification measure, R2, indicates the percentage of volatility in portfolio returns which can be explained by market volatility. The greater the value of R2, the greater the diversification of the portfolio or comparative index. This statistic is derived from the regression equation and indicates the degree to which the observed values of one variable, such as the returns of a managed portfolio, can be explained by, or are associated with the values of another variable, such as a market index. R2 values range from 0.0 to 1.0. A completely diversified manager will be perfectly correlated with the market, for example to the S&P 500, and will have an R2 of 1.0. A non-diversified manager will behave independently of the market and will have an R2 of 0.0. An R2 between 0.9 and 1.0 shows the degree of association is very close. An R2 of 0.95, for example, implies that 95% of the fluctuations in a portfolio are explained by fluctuations in the market. Tracking Error The tracking error is a measure of how closely a manager's returns track the returns of the Style Index. It is the annualized standard deviation of the differences between the manager's and the Style Index's quarterly returns. If a manager tracks a Style Index closely, then tracking error will be low. If a manager tracks a Style Index perfectly, then tracking error will be zero. Information Ratio The information ratio is a measure of value added by the manager. It is the ratio of (annualized) excess return above the Style Index to (annualized) tracking error. Excess return is calculated by linking the difference of the manager's return for each period minus the Style Index's return for each period, then annualizing the result. Capture Ratio - Up Market The capture ratio - up market is a measure of the portfolio's performance during up markets relative to the style index (S&P 500, for example). The higher the capture ratio, the better the portfolio has performed in a rising market. For example, an Up-Market Capture ratio of 110 indicates that the portfolio captured 110% of the market's performance (the portfolio returns were 10% greater than the market). A negative ratio indicates that the portfolio had negative returns when the market had positive returns. Capture Ratio - Down Market The capture ratio - down market is a measure of the portfolio's performance during down markets relative to the style index (S&P 500, for example). The lower the capture ratio, the better the portfolio performed in a declining market. For example, a Down-Market Capture ratio of 90 indicates that the portfolio's losses were only 90% of the market's losses when the market was down. A negative ratio indicates the portfolio had positive returns when the market had negative returns. Note: The magnitude of the ratio may be deceiving if the return figures are small. For example, if the market returned -0.1% and the portfolio returned -0.3%, the result is a down market capture ratio of 300. Style Index The style index for MEGI strategies is selected by the Investment Manager to provide a relevant market comparison to the performance of their Strategy. It can be either a single index or a combination of indexes. The Style Index for each of the MEGI strategies is determined by Merrill Lynch based on various factors. MAA "MAA" means Managed Account Advisors LLC. Merrill Lynch, Pierce, Fenner & Smith Incorporated

7 ("MLPF&S") and Managed Account Advisors LLC. ("MAA") are indirect wholly-owned subsidiaries of Bank of America Corporation. Page 7 of 7