Separately Managed Accounts

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1 Fourth Quarter 2017 Separately Managed Accounts Fayez Sarofim & Co. Large Cap Equity Portfolios Not FDIC-Insured. Not Bank-Guaranteed. May Lose Value.

2 The following additional disclosures are provided at the request of Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated: Bank of America Corporation ( Bank of America ) is a financial holding company that, through its subsidiaries and affiliated companies, provides banking and investment products and other financial services. Merrill Lynch, Pierce, Fenner & Smith Incorporated is a wholly owned subsidiary of Bank of America Corporation, and a registered broker-dealer and member of FINRA and SIPC. Investment products provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated: Are Not FDIC-Insured. Are Not Bank-Guaranteed. May Lose Value. The views and opinions expressed in this presentation are not necessarily those of Bank of America Corporation, Merrill Lynch, Pierce, Fenner & Smith Incorporated, or any affiliates. Nothing discussed or suggested in these materials should be construed as permission to supersede or circumvent any Bank of America, Merrill Lynch, Pierce, Fenner & Smith Incorporated policies, procedures, rules and guidelines. Merrill Lynch, Pierce, Fenner & Smith Incorporated is not a tax or legal advisor. Clients should consult a personal tax or legal advisor prior to making any tax- or legal-related investment decisions. 1

3 Fayez Sarofim & Co. A Focused Firm Focused on One Strategy: Sustainable Growth Potential We invest in companies we believe to be dominant in structurally attractive industries with sustainable long-term earnings growth trading at attractive valuations Aligned With Its Clients The firm s retained earnings and pension and profit-sharing plans are invested in the strategy Experienced and Stable Team 59-year history Low staff turnover Long-tenured senior management Business Management Driven by Investors Long-Term Interests No pressure to proliferate products No short-term profit pressure Research advantage AUM by Client 16% 33% 51% Independent/employee-owned $21.8B assets under management Strong capital base Located in Houston, TX 20 investment professionals Institutional Individual Mutual Funds Data as of 12/31/17. 2

4 A Differentiated Strategy Sustainable Growth Strategy Name Fayez Sarofim & Co. Large Cap Equity Portfolios Philosophy Singular focus on what we believe are high-quality growth companies AUM $21.8B Portfolio Management Team Approach Number of Stocks* Key Exposures Quality Growth, Dividend Growth, Mega-Cap Growth, Emerging Markets Growth Weighted Avg. Market Cap* $259B Historical Beta** 0.88 Investment Products Separate Accounts, Mutual Funds, Unified Management Account Data as of 12/31/17. * Based on a Fayez Sarofim & Co. SMA model portfolio and subject to change; actual individual accounts may vary. ** 15-year beta based on monthly numbers. 3

5 Fayez Sarofim & Co. Research Organization Coverage Universe Closely Followed U.S International Global Per Analyst Analyst Team (Staff of 11) Financials Health Care Consumer Tech & Telecom Industrials & Materials Energy & Utilities Matt Altenau Doug Alder Nick Zdeblick Dan Connally AJ Gracely Ken Burke Doug Alder Matt Altenau AJ Gracely Brian Lemasters Nick Zdeblick Doug Alder Ken Burke Dan Connally Andrew Dickerman Rey Reza Alan Christensen Andrew Dickerman Brian Lemasters Cody Dick AJ Gracely Data as of 12/31/17. 4

6 Investment Process 1 BROAD SECTOR VIEW Influences portfolio decisions; gives analysts direction and perspective INITIAL COMPANY RESEARCH Structurally attractive industry, dominant company analysis, valuation analysis ONGOING RESEARCH Thesis validation; accounts for a majority of our work STOCK SELECTION AND PORTFOLIO MANAGEMENT Investment Committee synthesizes Steps 1 3 Structurally Attractive Industry Are we confident that the company s profit pool can grow at a sustainable, attractive rate? Dominant Company Analysis Do we believe the company is positioned to grow and capture the lion s share of the profit pool? Valuation Analysis Do we believe the company is selling at a reasonable valuation? Multidimensional view. 5

7 Fayez Sarofim & Co. Large Cap Equity Portfolios The Five Forces That Shape Industry Competition Structurally Attractive Industry Do we believe the company s profit pool can grow at a sustainable, attractive rate? Threat of New Entrants Identify favorable/unfavorable secular trends affecting the profit pool Understand industry profit drivers and how they are changing (Porter s Five Forces Analysis) Bargaining Power of Suppliers Rivalry Among Existing Competitors Bargaining Power of Buyers Examine industry trends and how margins and capital requirements have changed over the last 3, 5 and 10 years Examine competitive positions of industry companies. Are positions stable? Do #1 and #2 competitors have sustainable competitive advantages? Threat of Substitute Products or Services 6

8 Dominant Company Analysis Do we believe the company is positioned to potentially grow and capture the majority of the profit pool? Industry Global Management Financial Leadership Prominence Expertise Strength #1 or #2 market share Define industry standard Sustainable competitive advantage International brand recognition Customer loyalty Global infrastructure and sourcing Diversified earnings stream Shareholder orientation Global expertise base Top-tier human capital Redeployment of cash flow Solid financial base Financial transparency Financial flexibility Fayez Sarofim & Co. s Robust Growth and Return Projections Detailed bottom-up proprietary analysis In-house estimates for earnings per share, dividends per share and free cash flow Three-year total return forecast drives investment decisions 7

9 Global Revenue Exposure Our core portfolio holdings have historically had significant non-u.s. revenues and earnings that we expect to grow substantially over the next 10 years. PORTFOLIO EXPOSURE 2016 NON-U.S. vs. U.S. REVENUES 2016 Non-U.S. Revenues U.S. Revenues Non-U.S. Revenues U.S. Revenues 52% 48% Abbott 67% 33% McDonald s 63% 37% Apple 64% 36% Nestlé 69% 31% BlackRock 42% 58% Philip Morris International 97% 3% Non-U.S. Revenues U.S. Revenues Source: Company reports. Fayez Sarofim & Co. analysis based on 2016 annual results. The companies listed herein are portfolio holdings of the Fayez Sarofim & Co. SMA model portfolio as of 12/31/17 and subject to change; actual individual accounts may vary. These companies comprise 39.75% of the entire SMA model portfolio in the aggregate. This list illustrates the global breadth and diversification of the strategy s holdings. There can be no assurance that the securities purchased remain in the portfolio or that other securities have not been purchased. The holdings listed should not be considered recommendations to purchase or sell a particular security. It should not be assumed that securities bought or sold in the future will be profitable or will equal the performance of the securities in this list. Fayez Sarofim & Co. will provide a list of all securities purchased and sold during the past year upon request. Chubb 34% 66% Praxair 43% 57% Coca-Cola 50% 50% Roche 58% 42% ExxonMobil 58% 42% Facebook 49% 51% Texas Instruments United Technologies 87% 13% 44% 56% 8

10 Regional Earnings Exposure Fayez Sarofim & Co. Large Cap Equity Portfolios Portfolio Philip Morris International 2 Apple 2 Coca-Cola 2 Estée Lauder 2 BlackRock 2 Nestlé 2 Facebook 2 North America 50.2% 2.1% 36.1% 25.1% 16.1% 57.8% 30.9% 49.9% Europe 20.4% 53.9% 20.8% 28.9% 60.0% 27.6% 25.0% 25.0% Middle East/Africa 2.8% 9.0% 2.3% 6.0% 0.8% 0.0% 4.2% 2.3% Japan 4.2% 13.8% 7.9% 10.0% 3.2% 1.2% 3.3% 6.7% Asia ex Japan 18.9% 14.9% 28.8% 10.9% 19.0% 3.7% 23.0% 8.5% Latin America 3.5% 6.3% 4.0% 19.1% 0.8% 9.7% 13.8% 7.6% Emerging Markets % % 33.8% 36.0% 12.0% 14.3% 40.9% 24.0% 1. Aggregate emerging markets exposure represents a subset of the regional totals shown above. 2. Percentages below represent revenues derived from each region; the emerging markets percentages are an aggregate subset of the regional totals. Source: Company reports. Fayez Sarofim & Co. analysis based on 2016 annual results. Data as of 12/31/17. Portfolio composition is subject to change at any time; actual individual accounts may vary. The companies listed should not be considered recommendations to buy or sell a security and are portfolio holdings of the Fayez Sarofim & Co. SMA model portfolio as of 10/16/17. These companies comprise 24.50% of the entire SMA model portfolio in the aggregate. There can be no assurance that the securities purchased remain in the portfolio or that other securities have not been purchased. It should not be assumed that securities bought or sold in the future will be profitable or will equal the performance of the securities in this list. Fayez Sarofim & Co. will provide a list of all securities purchased and sold during the past year upon request. Totals may not be exact due to rounding. 9

11 Portfolio Construction Sector Allocation as of 12/31/ % 23.8% 20.4% 12.2% 14.7% 14.8% 10.8% 13.8% 10.3% 8.3% 8.2% 7.7% 6.1% 5.1% 2.6% 3.0% 3.9% 0.0% Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Cash Fayez Sarofim & Co. SMA Portfolio S&P 500 Index Source: Fayez Sarofim & Co. Based on a Fayez Sarofim & Co. SMA model portfolio and subject to change; actual individual accounts may vary. Sectors are defined according to the Global Industry Classification Standard (GICS). The S&P 500 Index also had a 2.9% sector weighting in Real Estate, 2.1% in Telecommunications and 2.9% in Utilities. 10

12 Fayez Sarofim & Co. Large Cap Equity 25 Largest Equity Holdings as of December 31, 2017 Company Percent of Total Portfolio Apple 5.3% Microsoft 4.8% Facebook 4.7% Philip Morris International 4.5% Alphabet 3.7% JPMorgan Chase & Co. 3.0% Texas Instruments 2.9% Coca-Cola 2.8% ExxonMobil 2.8% BlackRock 2.5% Visa 2.5% Altria Group 2.5% Chubb 2.4% Chevron 2.4% Estée Lauder 2.3% Nestlé Sponsored 2.2% Comcast 2.2% McDonald s 2.2% Union Pacific 2.1% State Street 1.9% American Express 1.9% AbbVie 1.9% Novo Nordisk 1.9% UnitedHealth Group 1.7% Walt Disney 1.6% Total 68.7% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 10.1% 9.3% Top 25 Weighted Average S&P 500 Index 4.8% Earnings Compound Annual Growth Rate % 8.8% Corporate Profits Consumer Price Index 1.6% Dividends Compound Annual Growth Rate Top 25 holdings have historically been able to compound earnings and dividends at above-average rates of return. Source: Fayez Sarofim & Co. Data as of 12/31/17. Portfolio composition is subject to change at any time. The holdings listed should not be considered recommendations to buy or sell a security. Large concentrations can increase share price volatility. There is no guarantee that dividend-paying companies will continue to pay, or increase, their dividends. Past performance is no indication of future results. 11

13 Portfolio Construction Characteristics Price/Earnings Ratio as of 12/31/17* Earnings Growth as of 12/31/17* 25x 20x 15x 10x 5x % 25% 20% 15% 10% 5% 17.1% 10.1% 24.7% 14.5% 11.4% 5.3% 0x 2017e 2018e 2019e 0% 2017e 2018e 2019e Ten-Year Compound Annual Growth Rates as of 12/31/16 Capital Ratios as of 12/31/16* 16% 12% 8% 4% 9.0% 9.6% 9.0% 9.3% 13.3% 8.8% 120% 100% 80% 60% 40% 20% 32.2% 13.6% 51.3% 88.1% 0% Cash Flow Per Share Earnings Per Share Dividend Per Share 0% Return on Equity (ROE) Net Debt to Total Equity Fayez Sarofim & Co. S&P 500 Index Source: Fayez Sarofim & Co. The S&P 500 Index is a widely accepted, unmanaged index of U.S. stock market performance. An investor cannot invest directly in any index. The dividend per share figure represents the weighted-average dividends per share of the constituent companies of the model portfolio, not of any actual Fayez Sarofim & Co. account. *Based on a Fayez Sarofim & Co. internal representative SMA account and subject to change. Individual accounts may vary. Based on operating earnings and current prices for the S&P 500 Index and the current portfolio holdings. Price Earnings (P/E) Ratio is a valuation ratio of a company s current share price to its per-share earnings. Return on Equity is a measure of a corporation s profitability calculated as net income divided by shareholders equity. Portfolio composition is subject to change. Past performance is no indication of future results. 12

14 Fayez Sarofim & Co. Is a Firm With a Differentiating Strategy Independent Business Management Driven by Investors Long- Term Interests No pressure to proliferate products. No short-term profit pressure. We rely on our in-depth research advantage. Focused On One Philosophy: Sustainable Growth We invest in companies we believe are dominant in structurally attractive industries with sustainable long-term earnings growth trading at attractive valuations. Stable Over Half a Century of Stability Founded in 1958 while having low staff turnover and long-tenured senior management. Aligned With Clients Interests The firm s retained earnings and pension and profit-sharing plans are invested alongside clients in the strategy. 13

15 Merrill Lynch Profile Product #: 28S

16 Merrill Lynch Profile (continued) Product #: 28S

17 Merrill Lynch Profile (continued) Product #: 28S

18 Merrill Lynch Profile (continued) Product #: 28S

19 Disclosures Past performance is no guarantee of future results. RISKS Equities are subject to market, market sector, market liquidity, issuer, and investment style risks, to varying degrees. Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries. Fayez Sarofim & Co. ( Sarofim ) is an SEC-registered investment adviser and a wholly owned subsidiary of The Sarofim Group, Inc. Sarofim, among other services, provides advisory services for equity portfolios under various agreements related to wrap-fee programs, and is introduced to wrap-fee program sponsors primarily through the efforts of MBSC Securities Corporation (MBSC) under the terms of a solicitation agreement between Sarofim and MBSC. With respect to such wrap-fee programs, MBSC acts as the account administrator and serves as the liaison between Sarofim and the program sponsors and the program sponsors' clients, and receives in consequence a portion of the fee charged by the program sponsor for its account administration services. MBSC plays a similar role with respect to the UMA programs for which Sarofim provides investment management or supervisory services. For such UMA programs, MBSC functions on behalf of Sarofim as the primary administrative contact with program sponsors and acts as account administrator, and receives in consequence a portion of the fee charged by the program sponsor for providing such services. MBSC is a direct subsidiary of The Dreyfus Corporation (Dreyfus) and an indirect subsidiary of BNY Mellon. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon utilizes the Dreyfus brand as a distribution mark for certain investment management products for which it provides investment advisory or administrative services. 18

20 Learn More For more information, please call Dreyfus at This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular investment, strategy, investment manager or account arrangement. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. Please consult a legal, tax or investment advisor in order to determine whether an investment product or service is appropriate for a particular situation. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. The Dreyfus Corporation and MBSC Securities Corporation are companies of BNY Mellon MBSC Securities Corporation, 225 Liberty Street, 19th Floor, New York, NY MARK DSA-FSLCPRS-1217ML 19