Bank of America Merrill Lynch Equity Ratings for European Energy Companies

EMEA - Integrated & Refiners Coverage Cluster BofA Merrill Lynch Investment rating Company ticker Bloomberg symbol Analyst BUY Eni E EUS Hamish Clegg Eni EIPAF ENI IM Hamish Clegg Galp Energia GLPEF GALP PL Hamish Clegg Royal Dutch Shell B RDSB RDS/B US Christopher Kuplent Royal Dutch Shell B RYDBF RDSB LN Christopher Kuplent Royal Dutch Shell PLC Shs A RDSA RDS/A US Christopher Kuplent Royal Dutch Shell PLC Shs A RYDAF RDSA LN Christopher Kuplent Statoil STOHF STL NO Hamish Clegg Statoil STO STO US Hamish Clegg NEUTRAL BP plc BP BP US Christopher Kuplent BP ple BPAQF BP/ LN Christopher Kuplent Repsol REPYY REPYY US Hamish Clegg Repsol REPYF REP SM Hamish Clegg Total TTFNF FP FP Christopher Kuplent Total TOT TOT US Christopher Kuplent UNDERPERFORM Neste NTOIF NESTE FH Georgia Harris OMV OMVJF OMV AV Hamish Clegg OMV OMVKY OMVKY US Hamish Clegg Disclosures Important Disclosures DTEGF Price Chart 1-Jun N 4-Nov B 7-Dec 13-Dec Ristimaki Boulan PO:EUR19 PO:EUR20 PO:EUR12 PO:EUR13 9-DB 23-Heb 12-Jan N 1 PO:BUR15 PO:EUR18 PO:EUR19 18 29-Jan 5-Mpy 6-Mpr | PO:FURAS PO-EYR19 PREURLB 15 12 | : | | 3 p tJan-15 ‘-Jan-16 t-Jan-17 DTEGF Wu Review Restricted a No Coverage B: Buy, N: Neutral, U: Underperform, PO: Price Objective, NA: No longer valid, NR: No Rating The Investment Opinion System is contained at the end of the report under the heading "Fundamental Equity Opinion Key’. Dark grey shading indicates the security is restricted with the opinion suspended. Medium grey shading indicates the security is under review with the opinion withdrawn. Light grey shading indicates the security is not covered. Chart is current as of May 31,2017 or such later date as indicated. deg oes Bankof America 32 Global Equity Volatility Insights | 06 June 2017 Merrill Lynch HOUSE_OVERSIGHT_023606