Press Release

Merrill Lynch Wealth Management and EDHECBusinessSchool
Join Forces toAdvance Goals-Based Wealth Management

New York – March 20 – Merrill Lynch Wealth Management is teaming up with France’s EDHEC Business School todevelop new research on risk allocation and goals based investing, the organizations announced today.

The initiative involves the pursuit of fundamental research on risk allocation and goals-based wealth managementthrough a collaboration between Merrill Lynch’s Investment Management and Guidance group and the EDHEC-Risk Institute.

The aim of the research project is to deliver a mathematically rigorous approach to investing for goals such as capital preservation, retirement income, maintenance of minimum wealth levels and preferences regarding risk and liquidity, according to Professor Lionel Martellini, scientific director of EDHEC-Risk Institute, who will lead its participation in the partnership.

“We are delighted to be able to work on the industry-relevant and intellectually stimulating subject of risk and goal allocation, thanks to our collaboration with Merrill Lynch on this research chair,” said Professor Martellini, who is based in Nice, France.

The leader of the initiative for Merrill Lynch is Anil Suri, head of Portfolio Construction and Investment Analytics for Investment Management and Guidance.

Ashvin Chhabra, chief investment officer for Merrill Lynch Wealth Management and head of Investment Management and Guidance, said he was delighted with the collaboration.“This research is fundamental to delivering a client-centric, goals-based approach to investing,” said Chhabra, a pioneer in goals-based wealth management as the architect of the Wealth Allocation Framework.

About EDHEC-Risk Institute

EDHEC Business School launched the EDHEC-Risk Institute in 2001 to leverage its critical mass of expertise in asset and risk management. The institute now boasts a team of more than 95 permanent professors, engineers and support staff, as well as 48 research associates from the financial industry and affiliate professors.

EDHEC-Risk Institute is located at campuses in Singapore; the City of London; Nice and Paris in France, and New York. It distributes its research to the industry through a Web site, a monthly newsletter and annual conferences held in London, Singapore and New York.

The Institute offers a PhD in Finance programme that includes an executive track with affiliate faculty from universities such as Princeton, Wharton, Oxford, Chicago and CalTech.

In 2012, it signed strategic partnership agreements with the Operations Research and Financial Engineering department of Princeton University to set up a joint research programme in risk and investment management, and with Yale School of Management to set up joint certified executive training courses in North America and Europe in the area of investment management.

About Merrill Lynch Wealth Management

Merrill Lynch Global Wealth Management is a leading provider of comprehensive wealth management and investment services for individuals and businesses globally. With over 13,700 Financial Advisors and $1.9 trillion in client balances as of December 31, 2013, it is among the largest businesses of its kind in the world. Within Merrill Lynch Global Wealth Management, the Private Banking and Investment Group provides tailored solutions to ultra affluent clients, offering both the intimacy of a boutique and the resources of a premier global financial services company. These clients are served by more than 150 Private Wealth Advisor teams, along with experts in areas such as investment management, concentrated stock management and intergenerational wealth transfer strategies. Merrill Lynch Global Wealth Management is part of Bank of America Corporation.

Source: Bank of America. Merrill Lynch Global Wealth Management (MLGWM) represents multiple business areas within Bank of America’s wealth and investment management division including Merrill Lynch Wealth Management (North America and International), Merrill Lynch Trust Company,and Private Banking and Investments Group.As of December 31, 2013,MLGWM entities had approximately$1.9 trillion in client balances.Client Balances consists of the following assets of clients held in their MLGWM accounts: assets under management (AUM) of MLGWM entities, client brokerage assets, assets in custody of MLGWM entities, loan balances and deposits of MLGWM clients held at Bank of America, N.A. and affiliated banks.

Press Contacts

EDHEC-Risk Institute

Maud Gauchon

+33 493187 887

Merrill Lynch

Susan Atran

+1-646-743-0791

EDHEC-Risk InstituteEDHEC Risk Institute—EuropeEDHEC Risk Institute—Asia

393 promenade des Anglais10 Fleet Place, Ludgate1 George Street

BP 3116 - 06202 Nice Cedex 3London EC4M 7RB#07-02

FranceUnited KingdomSingapore 049145

Tel: +33 493187 824Tel: +44 207 871 6740Tel: +65 6631 8501

EDHEC Risk Institute—North AmericaEDHEC Risk Institute—France

One Boston Place, 201 Washington Street16-18 rue du 4 septembre

Suite 2608/264075002 Paris

Boston – MA 02108France

United States of AmericaTel: +33 153327630

Tel: +1857239 8891

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