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650-153 - ESFE Cisco Email Security Field Engineer(R) Specialist - BrainDump Information

Vendor Name : Cisco
Exam Code : 650-153
Exam Name : ESFE Cisco Email Security Field Engineer(R) Specialist
Questions and Answers : 140 Q & A
Updated On : April 20, 2018
PDF Download Mirror : 650-153 Braindumps
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650-153 Certification Brain Dumps Source : ESFE Cisco Email Security Field Engineer(R) Specialist

Test Code : 650-153
Test Name : ESFE Cisco Email Security Field Engineer(R) Specialist
Vendor Name : Cisco
Q&A : 140 Brain Dump Questions

ESFE Cisco Email Security

Pass4sure 650-153 dumps | Killexams 650-153 real questions | [HOSTED-SITE]

Cisco announces new endpoint and e mail security services | killexams.com real questions with brain dumps

To fight the upward push of advanced threats focused on employees, Cisco is saying new electronic mail security capabilities at RSA convention 2018, to give protection to clients from fraudulent emails, in addition to new capabilities to give protection to personnel’ gadgets from ransomware, cryptomining, and fileless malware.

email security services

Endpoint insurance plan

well-nigh all endpoint protection solutions in the marketplace declare to dam 99 % of malware. however what about the one percent of threats that keep away from detection using sophisticated ideas? Cisco advanced Malware insurance policy (AMP) for Endpoints, a cloud-managed endpoint protection solution, prevents assaults and helps uncover the one % of threats that may cripple a enterprise. Cisco is adding a couple of new capabilities to AMP for Endpoints, including:

  • refined detection and coverage mechanisms: Cisco is now bolstering its hazard insurance policy even when a consumer is offline. the brand new AMP for Endpoints make the most prevention helps protect in opposition t fileless attacks, together with folks that stay entirely in reminiscence. Cisco AMP’s new malicious recreation coverage stops ransomware execution, killing the techniques and preventing propagation.
  • Cisco probability researchers analyzed ransomware versions to identify the standard concepts used for encryption. The outcome: a new engine that normally protects towards ransomware encryption and propagation to preserve companies secure from ransomware.
  • Fileless malware has lately won recognition partially as a result of the difficulty in detecting it. built at once into the groundwork of Cisco AMP is a brand new insurance plan mechanism that requires no tuning or changes to cease these threats. It protects against unpatched application vulnerabilities and continues working around the clock, even when clients are offline.
  • risk investigation with Cisco Visibility, a new cloud application built into the endpoint console which simplifies and hastens safety investigations so security analysts can all of a sudden investigate incidents with self assurance, immediately and at scale. It ingests, normalizes, and enriches safety activities and provides a visual representation of the extent of a compromise spanning from endpoints to network to cloud.
  • Cisco Visibility combines probability intelligence from Cisco Talos and third events with internal safety experience and alert records from throughout a firm’s protection infrastructure to simplify investigations, in the reduction of complexity, and shorten incident triage and remediation time.
  • Visibility minimizes the deserve to change between varied consoles to function usual initiatives. With a few elementary clicks, a person can dive deeper into the information from Talos, Cisco Umbrella examine, possibility Grid, AMP, and different sources to without delay keep in mind how observables exist in an atmosphere and how they relate to every different.
  • New e-mail security functions

    groups ought to give protection to their personal company domains from being misused because the start mechanism of malicious emails, as well as give protection to their inner users from phishing and spoofing attacks from emails with suspect senders.

    Cisco is assisting address these concerns and more effortlessly prevent e-mail identity deception used in phishing attacks. Cisco has concluded an oem contract with Agari to market and sell new features that enhance its e mail safety product. the new e-mail safety functions brought include:

  • Cisco area insurance plan: Automates the procedure of the usage of email authentication to steer clear of phishing, protect manufacturers from fraud, and preserve e mail governance by analyzing, updating, and taking action against senders misusing their area to send malicious e mail. This provider makes use of area-primarily based Message Authentication, Reporting, and Conformance (DMARC), an e mail authentication average, and true-time reporting back to area clients about noncompliant emails being sent from their domains. This could be a requirement for many organizations in the future, and as of October 2017, the U.S. department of fatherland protection ordered federal agencies with .gov e-mail domains to totally put into effect strict DMARC policies by means of October 2018.
  • Cisco advanced Phishing insurance policy: adds computer getting to know capabilities to Cisco email safety to dam superior identity deception attacks for inbound e-mail through assessing its probability posture. It additionally uses both international and native telemetry statistics mixed with analytics and modeling to validate the acceptance and authenticity of senders. This helps organizations understand which emails elevate targeted phishing and company email compromise (BEC) assaults so handiest legitimate emails reach an employee inbox.
  • Deployment through managed safety services

    To allow clients of all sizes to recognize the benefits of those new capabilities, Cisco is increasing its relationship with ConnectWise so managed service suppliers (MSP) can present Cisco protection as part of their portfolio.

    The elevated relationship will offer the new ConnectWise superior safety Dashboard. This cloud management platform absolutely integrates with the ConnectWise control company administration solution and complements ConnectWise Unite with Cisco, the present portal for MSPs in keeping with Cisco cloud-managed products.

    the brand new ConnectWise advanced security Dashboard gives MSPs with the skill to bring managed security capabilities with Cisco’s protection portfolio together with Cisco AMP for Endpoints, Cisco Umbrella, Cisco Stealthwatch Cloud, Cisco Adaptive security home equipment, Cisco subsequent-era Firewall, and Cisco Meraki MX home equipment.

    RSA Conference 2018


    Cisco Updates AMP for Endpoints to improve e mail security, Visibility | killexams.com real questions with brain dumps

    First name: remaining name: e-mail address: Password: verify Password: Username:

    Title: C-level/President manager VP personnel (associate/Analyst/and so on.) Director

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    Cisco brings new email protection features to its AMP endpoint platform | killexams.com real questions with brain dumps

    Cisco brings new email security services to its AMP endpoint platform© ZDNet Cisco brings new e-mail security services to its AMP endpoint platform

    Cisco is updating its AMP endpoint safety platform with new e mail security services, and expanded capabilities designed to give protection to worker gadgets from ransomware, cryptomining, and fileless malware.

    AMP for Endpoint combines prevention, detection and response technologies the usage of Cisco's risk-centric safety architecture. launched in 2016, the platform is pitched as a replacement for ineffective coverage-only technologies.

    With the newest updates, Cisco is adding new detection and protection mechanisms to block fileless attacks and ramsomware execution before propagation.

    Cisco is also releasing a brand new cloud application constructed into the endpoint console that presents visible representation of a compromise spanning from endpoints to community to cloud. Dubbed Cisco Visibility, the app combines facts from Talos, Cisco Umbrella, threat Grid, AMP, and other sources with inside security data as a way to simplify investigations and cut back incident triage and remediation instances.

    in the meantime, Cisco has inked an aftermarket settlement with Agari to market and promote new services that boost its e mail safety product. the new e-mail safety capabilities include domain protection and superior phishing coverage.

    Cisco is additionally expanding its partnership with ConnectWise to present managed provider suppliers (MSP) a means to sell Cisco safety services as part of their portfolio.

    "We convey greater employee coverage the usage of cloud-delivered protection in opposition t threats hosted on the web," pointed out Jeff Reed, SVP of product for Cisco's protection enterprise community. "Cisco is also now probably the most few organizations paving theway toward removing e-mail identity deception. via our increased partnership, investments, and know-how improvements, we're dedicated to providing to our consumers the most appropriate e mail and endpoint protection."




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    650-153 Certification Brain Dumps Source : ESFE Cisco Email Security Field Engineer(R) Specialist

    Test Code : 650-153
    Test Name : ESFE Cisco Email Security Field Engineer(R) Specialist
    Vendor Name : Cisco
    Q&A : 140 Brain Dump Questions

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    RUBBER-Tokyo futures fees after night session 29 feb | killexams.com real questions with brain dumps

    Following are expenditures for Tokyo rubber futures on the end of the Tokyo market's night session on FEB 2016.

    Contract Day volume evening volume

    * Feb 146.3 9 147.4 1

    * Mar 149.1 fifty seven 149.eight 12

    * Apr 151.four 139 152.3 three

    * may additionally 152.7 650 153.three forty

    * Jun 154.0 4343 154.8 123

    * Jul 155.1 5407 one hundred fifty five.eight 653

    *The evening session is regarded a part of the following day's buying and selling by way of TOCOM, so expenditures on the end of the day session at 0630 GMT are the day's reputable closing expenses.

    * The Tokyo Commodity exchange launched a brand new buying and selling platform on might also 7 and brought an evening session between 0800 GMT and 1400 GMT. For rubber, the evening session is 0800-one thousand GMT.

    * For outdated rubber stories, click on on

    For morning and afternoon expenses at Thailand's state-run important rubber market, click on on (RUB-BKK3).

    For other actual rubber fees in Thailand, click on on (RUB-BKK1) (RUB-BKK2). For extra particulars on Indonesian and Malaysian fees click on on and. * Reuters Terminal users can see cash and futures rubber prices by means of double clicking on the codes in the brackets: - Tokyo rubber futures -- <0#JRU:> - crucial Japan rubber futures -- <0#JRI:><0#JOS:> - Shanghai rubber futures -- <0#SNR:> - Singapore rubber futures -- <0#SRS:><0#SRU:>

    <0#STF:> - Thai rubber futures <0#ARU:><0#ASR20:> - All rubber information - Tokyo rubber record - Shanghai rubber report - Thailand rubber document - Asian rubber file - Indonesian rubber file


    MERRILL LYNCH & CO., INC. – 10-Q – administration’s dialogue and analysis of economic circumstance and consequences of Operations | killexams.com real questions with brain dumps

    forward-looking Statements

    This file on form 10-Q, the documents that it accommodates with the aid of reference and the files into which it may well be incorporated by using reference may additionally include, and on occasion Merrill Lynch & Co., Inc. ("ML & Co. and, in conjunction with its subsidiaries, "Merrill Lynch," the "business," "we," "our" or "us") and its management may be sure statements that constitute ahead-searching statements within the that means of the deepest Securities Litigation Reform Act of 1995. When used during this report, "we," "us" and "our" might also check with ML & Co. personally, ML & Co. and its subsidiaries, or definite of ML & Co.'s subsidiaries or affiliates. These statements can also be identified by way of the indisputable fact that they don't relate strictly to ancient or current facts. ahead-looking statements commonly use phrases corresponding to "expects," "anticipates," "believes," "estimates," "targets," "intends," "plans," "purpose" and different equivalent expressions or future or conditional verbs akin to "will," "may," "may," "should still," "would" and "could." The forward-looking statements made represent the existing expectations, plans or forecasts of Merrill Lynch concerning its future consequences and revenues and future business and financial circumstances greater often, together with statements concerning: the expectation that we would listing a can charge to revenue tax price of approximately $four hundred million if the income tax cost have been decreased to 22 p.c via 2014 as cautioned in uk ("U.okay.") Treasury announcements and assuming no trade within the deferred tax asset balance; that the Merrill Lynch international wealth management sale (the "international Sale") is anticipated to close in tiers starting in the first quarter of 2013; the estimates of legal responsibility and latitude of possible loss for quite a lot of representations and warranties claims; the resolution of representations and warranties repurchase and other claims; the perception that the representations and warranties liability currently has supplied for a considerable component of Merrill Lynch's representations and warranties exposures; the chance that future representations and warranties losses may additionally take place in extra of the amounts recorded for these exposures; the estimated range of possible loss for representations and warranties publicity as of September 30, 2012 of up to $1.2 billion over present accruals; the expectation that unresolved repurchase claims will proceed to boost; Merrill Lynch's expected response to repurchase requests for which it concludes that a valid basis for repurchase doesn't exist; liquidity; the salary affect resulting from, and any mitigation movements taken in accordance with, the Dodd-Frank Wall street Reform and purchaser coverage Act (the "fiscal Reform Act"), together with the impact of latest regulation of the derivatives markets, requiring definite swap buyers to register with the U.S. Commodity Futures buying and selling fee; that it is our aim to retain amazing credit score ratings; the estimated range of possible loss from and the affect on Merrill Lynch of various criminal complaints mentioned in notice 14 to the Condensed Consolidated monetary Statements; our activity rate risk management techniques and models; our buying and selling risk management methods; and other matters regarding Merrill Lynch. The foregoing isn't an exclusive checklist of all forward-looking statements we make. These statements are not guarantees of future outcomes or performance and involve definite risks, uncertainties and assumptions that are problematic to foretell and sometimes are beyond our control. genuine consequences and outcomes may also range materially from those expressed in, or implied through, any of these ahead-searching statements. you should definitely now not area undue reliance on any ahead-searching observation and should consider here uncertainties and hazards, as well as the dangers and uncertainties extra wholly mentioned in different places in this report, below item 1A. "chance elements" in our Annual report on form 10-k for the 12 months ended , and in any of ML & Co.'s subsequent Securities and exchange commission ("SEC") filings: property below management at the time of the foreign Sale; the delight of the closing situations of the international Sale, including regulatory approvals; Merrill Lynch's means to get to the bottom of representations and warranties claims made with the aid of inner most-label and different traders, including as a result of any adversarial court docket rulings, and the probability that Merrill Lynch could face linked securities, fraud, indemnity or different claims from one or more of the deepest-label and different buyers; if future representations and warranties losses ensue in excess of Merrill Lynch's recorded legal responsibility and estimated range of viable loss for representations and warranties exposures; uncertainties concerning the economic balance of several nations within the European Union (the "european"), the increasing chance that these international locations may default on their sovereign debt or exit the european and linked stresses on monetary markets, the Euro and the european and Merrill Lynch's exposures to such risks, including direct, indirect and operational; the poor have an effect on of the monetary Reform Act on Merrill Lynch's business and salary, together with because of extra regulatory interpretation 87

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    and rulemaking and the success of Merrill Lynch's movements to mitigate such impacts; antagonistic adjustments to Merrill Lynch's credit scores from the essential credit standing corporations; estimates of the fair price of definite of Merrill Lynch's belongings and liabilities; and surprising claims, damages and fines because of pending or future litigation and regulatory lawsuits.

    ahead-searching statements communicate simplest as of the date they are made, and Merrill Lynch undertakes no responsibility to update any ahead-searching statement to mirror the have an impact on of instances or pursuits that arise after the date the forward-searching commentary become made.

    The Notes to the Condensed Consolidated economic Statements referred to in administration's dialogue and analysis of fiscal situation and effects of Operations (the "MD&A") are integrated by way of reference into MD&A. certain prior-length amounts have been reclassified with the intention to conform with the existing duration presentation.

    Introduction Merrill Lynch changed into centered in 1914 and have become a publicly traded enterprise on June 23, 1971 . In 1973, the holding company ML & Co. become created. through our subsidiaries, we're some of the world's main capital markets, advisory and wealth management organizations. we are a number one international dealer and underwriter of securities and derivatives throughout a broad latitude of asset courses, and we function a strategic consultant to companies, governments, associations and individuals international.

    bank of the usa Acquisition

    On January 1, 2009 , Merrill Lynch become got via financial institution of america agency ("bank of america") during the merger of a unconditionally-owned subsidiary of financial institution of the usa with and into ML & Co. with ML & Co. continuing as the surviving corporation and a wholly-owned subsidiary of bank of america.

    company Segments

    Pursuant to Accounting necessities Codification ("ASC") 280, phase Reporting, operating segments symbolize add-ons of an commercial enterprise for which separate economic information is attainable it is continually evaluated via the executive operating determination maker in settling on a way to allocate resources and in assessing efficiency. The business actions of Merrill Lynch are blanketed inside definite of the operating segments of bank of the usa. specified economic tips regarding the operations of Merrill Lynch, besides the fact that children, isn't provided to Merrill Lynch's chief operating determination maker. consequently, Merrill Lynch doesn't contain any identifiable working segments beneath segment Reporting, and hence the economic guidance of Merrill Lynch is introduced as a single phase.

    form 10-Q Presentation

    on account of the acquisition of Merrill Lynch via financial institution of the usa, certain guidance is not covered in this Quarterly record on form 10-Q as accepted with the aid of conventional guideline H of form 10-Q. we now have additionally abbreviated the MD&A as accredited by using widely wide-spread instruction H.

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    desk of Contents government OVERVIEW We stated web losses of $1.2 billion and $2.0 billion for the three and 9 months ended September 30, 2012, respectively, in comparison with net profits of $133 million and a internet lack of $903 million for the three and 9 months ended September 30, 2011, respectively. Revenues, internet of activity rate ("web revenues") for the three and 9 months ended September 30, 2012 were $four.5 billion and $14.3 billion, respectively, in comparison with $5.9 billion and $20.6 billion for the three and 9 months ended September 30, 2011, respectively. Our pre-tax losses have been $1.0 billion and $2.7 billion for the three and nine months ended September 30, 2012, respectively, in comparison with pre-tax losses of $390 million and $2.2 billion for the three and 9 months ended September 30, 2011, respectively. Our outcomes for the three months ended September 30, 2012 included lower net revenues, primarily pushed via the valuation of certain of our liabilities as in comparison with the prior year duration. during the quarter ended September 30, 2012, we recorded net losses of $832 million because of the affect of the narrowing of Merrill Lynch's credit spreads on the carrying value of definite of our lengthy-term debt liabilities, basically structured notes, as in comparison with net positive aspects of $2.9 billion recorded in the three months ended September 30, 2011 from such long-term debt liabilities because of the widening of our credit score spreads. We also recorded losses of $252 million in the quarter ended September 30, 2012 because of web valuation alterations linked to the honor of our personal creditworthiness in the reasonable value of certain derivative liabilities (i.e., the debit valuation adjustment or "DVA") as compared with features from DVA of $765 million in the prior 12 months period. Our outcomes additionally mirrored a less favorable valuable salary tax price in the quarter ended September 30, 2012 as in comparison with the prior 12 months duration. These gadgets have been partially offset by greater revenues from our fastened profits buying and selling activities, higher different revenues as in comparison with the prior 12 months as a result of a loss recorded in the quarter ended September 30, 2011 from the sale of a private equity investment, and reduce non-interest charges. Our effects for the nine months ended September 30, 2012 also were impacted by decrease web revenues pushed by the valuation of certain of our liabilities as compared with the prior year period. right through the nine months ended September 30, 2012, we recorded internet losses of $three.0 billion due to the have an impact on of the narrowing of Merrill Lynch's credit spreads on the carrying price of definite of our long-term debt liabilities, primarily structured notes, whereas within the 9 months ended September 30, 2011, we recorded internet beneficial properties of $2.7 billion because of the widening of our credit score spreads. in addition, we recorded losses from DVA of $1.0 billion in the 9 months ended September 30, 2012 as in comparison with features from DVA of about $650 million within the prior year length. Our effects for the nine months ended September 30, 2012 have been additionally adversely littered with a much less favorable helpful income tax expense, as well as by using a decline in funding banking and commissions revenues. These items have been partly offset by using higher revenues from our fixed earnings buying and selling activities, as well as a discount in non-hobby prices, which was pushed by the provision for representations and warranties involving our repurchase exposure on definite deepest-label securitizations. within the 9 months ended September 30, 2012, we reduced our representations and warranties legal responsibility by $769 million, because recent ranges of claims and file requests with certain counterparties were significantly less than originally predicted and, because of this, a portion of the loss was now not deemed likely. in the 9 months ended September 30, 2011, we recorded a $2.7 billion provision for representations and warranties exposures as a result of our choice that we had adequate journey related to our exposure on certain private-label securitizations because of financial institution of the usa's contract with the financial institution of manhattan Mellon all the way through that length. See "Off stability Sheet Exposures - Representations and Warranties" for additional tips.

    Transactions with bank of america

    we've entered into a lot of transactions with financial institution of the us, including transactions in connection with definite income and buying and selling and financing activities, as well because the allocation of certain shared functions. complete net revenues and non-interest fees concerning transactions with financial institution of the usa for the three months ended September 30, 2012 had been $324 million and $471 million, respectively. Such web revenues and non-pastime expenses for the nine months ended September 30, 2012 were $821 million and $1,553 million, respectively. total net revenues and non-interest fees regarding transactions with bank of america for the three months ended September 30, 2011 had been $288 million and $581 million, respectively. Such internet revenues and non-pastime costs for the 9 months ended 89

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    September 30, 2011 had been $822 million and $1,926 million, respectively. web revenues and non-pastime expenses for both intervals covered intercompany service payment revenues and prices from bank of the usa associated with allocations of definite centralized or shared company activities between Merrill Lynch and bank of america. See notice 2 to the Condensed Consolidated economic Statements for additional guidance.

    different movements

    U.ok. company revenue Tax fee alternate

    On July 17, 2012 , the U.k. 2012 Finance bill turned into enacted, which reduced the U.okay. corporate earnings tax price by using two percent to 23%. the first one % discount turned into effective on April 1, 2012 and the second reduction may be useful April 1, 2013. These rate reductions favorably have an effect on income tax rate on future U.okay. profits, but additionally required us to remeasure our U.okay. internet deferred tax assets using the lower tax fees. The salary tax provision (improvement) for the three and 9 months ended September 30, 2012 protected a cost of $781 million for the remeasurement. If the U.k. corporate income tax expense is reduced to 22% through 2014 as cautioned in U.k. Treasury announcements and assuming no exchange in the deferred tax asset steadiness, we would list a can charge to earnings tax cost for about $four hundred million in the period of enactment.

    Regulatory concerns

    The monetary Reform Act provides for new Federal legislation of the derivatives markets. As of October 12, 2012 , swaps buyers conducting dealing activity with U.S. folks above a definite threshold should be required to register with the U.S. Commodity Futures trading fee ("CFTC") on or before December 31, 2012. Upon registration, swap buyers will become area to extra CFTC rules as and when such suggestions take impact. those suggestions encompass, however are not restrained to, measures that require clearing and alternate trading of certain derivatives, new capital and margin necessities for definite market individuals, new reporting necessities and new business habits requirements for derivatives beneath the jurisdiction of the CFTC. There is still some uncertainty as as to if non-U.S. entities might be required to register as swap buyers because the CFTC has not yet adopted closing go-border information. The most advantageous have an impact on of those regulations, and the time it will take to conform, continues to remain doubtful. The ultimate regulations will impose additional operational and compliance prices on us and may require us to restructure certain companies and negatively impact our revenues and consequences of operations.

    Sale of international Wealth administration agencies

    within the quarter ended September 30, 2012 , financial institution of the usa entered into an settlement to sell Merrill Lynch's international wealth management enterprise based outside of the U.S. with approximately $eighty four billion in client balances. The sale is field to regulatory approvals in numerous jurisdictions, with the primary of a sequence of closings expected within the first quarter of 2013.

    climate pursuits

    in the remaining few days in October, the mid-Atlantic and northeast areas of the U.S. skilled a tremendous storm leading to frequent flooding, energy outages, transportation and telecommunication carrier interruptions and other influences including, but no longer restrained to, closures of the new york metropolis based securities exchanges. definite functions were restored and others would require longer intervals of recuperation time. Our operations in the affected areas had been impacted. we're carrying on with to guide the needs of our valued clientele and shoppers right through this complicated time. Subsequent adventure On November 1, 2012, in reference to an intragroup reorganization involving financial institution of the usa and a number of its subsidiaries, Merrill Lynch got two affiliated corporations and their respective subsidiaries from bank of the usa. The acquisition was financed through a capital contribution from bank of the us. in accordance with ninety

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    ASC 805, enterprise combinations, Merrill Lynch's consolidated financial statements in intervals subsequent to the acquisition will include the old outcomes of the received entities as if the transaction had came about on January 1, 2009 , the date on which all the entities were first under the usual manage of financial institution of the united states. The assets and liabilities obtained in reference to the transaction might be recorded at their ancient carrying values. 91

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    table of Contents outcomes OF OPERATIONS (greenbacks in hundreds of thousands) % exchange % alternate between between the the Three 9 Months Months Ended Ended Sept. 30, Sept. 30, 2012 and 2012 and the Three the 9 Months Months For The Three Months For The 9 Months For The Three For The 9 Ended Ended Ended September 30, Ended September 30, Months Ended Months Ended Sept. 30, Sept. 30, 2012 2012 September 30, 2011 September 30, 2011 2011 2011 Revenues fundamental transactions $ 193 $ 1,989 $ 2,781 $ 6,125 (93) (68) Commissions 1,209 3,804 1,441 four,478 (sixteen) (15) Managed account and different fee-based revenues 1,349 four,035 1,354 three,976 - 1 funding banking 1,262 three,519 1,016 four,162 24 (15) income from equity formula investments 21 149 70 328 (70) (fifty five) Intercompany provider payment income from bank of the usa 278 650 153 555 82 17 other revenues(1) 243 1,265 (1,057 ) 1,733 N/M (27) Subtotal four,555 15,411 5,758 21,357 (21) (28) hobby and dividend revenues 1,694 four,379 2,314 6,220 (27) (30) much less activity cost 1,732 5,495 2,202 6,945 (21) (21) net hobby (price) earnings (38 ) (1,116 ) 112 (725 ) N/M fifty four Revenues, web of interest fee four,517 14,295 5,870 20,632 (23) (31) Non-hobby expenses: Compensation and merits 3,429 eleven,511 3,638 12,146 (6) (5) Communications and expertise 351 1,a hundred and eighty 432 1,338 (19) (12) Occupancy and linked depreciation 300 901 385 1,056 (22) (15) Brokerage, clearing, and alternate costs 213 738 279 882 (24) (sixteen) promoting and market construction 112 349 122 358 (eight) (three) knowledgeable fees 220 641 266 718 (17) (11) office materials and postage 22 78 31 ninety five (29) (18) Representations and warranties 60 (769 ) 17 2,736 253 N/M Intercompany provider payment price from bank of the united states 356 1,288 561 1,793 (37) (28) different 445 1,068 529 1,742 (16) (39) complete non-pastime fees 5,508 sixteen,985 6,260 22,864 (12) (26) Pre-tax loss (991 ) (2,690 ) (390 ) (2,232 ) 154 21 profits tax provision (improvement) 191 (735 ) (523 ) (1,329 ) N/M (forty five) web (loss) income $ (1,182 ) $ (1,955 ) $ 133 $ (903 ) N/M 117

    (1) amounts include different revenue and different-than-transient impairment losses on

    accessible-for-sale debt securities. The other-than-transient impairment

    losses had been $0 million and $6 million for the three and nine months ended

    September 30, 2012, respectively, and were $5 million and $49 million for the

    three and 9 months ended September 30, 2011.

    N/M = now not significant.

    Quarterly Consolidated effects of Operations

    Our internet loss for the quarter ended September 30, 2012 became $1.2 billion in comparison with internet salary of $133 million for the quarter ended September 30, 2011. web revenues for the quarter ended September 30, 2012 have been $four.5 billion in comparison with $5.9 billion in 2011.

    Quarter Ended September 30, 2012 compared With Quarter Ended September 30, 2011

    major transactions revenues include both realized and unrealized positive factors and losses on trading assets and trading liabilities and funding securities labeled as buying and selling. foremost transactions revenues had been $193 million for the quarter ended September 30, 2012 in comparison with $2.eight billion for the quarter ended September 30, 2011. The 92

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    decline covered the affect of lessen revenues linked to the valuation of certain of our liabilities. in the quarter ended September 30, 2012 , we recorded web losses of $832 million as a result of the affect of the narrowing of Merrill Lynch's credit spreads on the carrying cost of certain of our long-time period debt liabilities, basically structured notes, as in comparison with web good points of $2.9 billion recorded in the quarter ended September 30, 2011 from such long-term debt liabilities because of the widening of our credit score spreads. We additionally recorded losses from DVA of $252 million in the quarter ended September 30, 2012 as in comparison with features from DVA of $765 million within the prior year period. These decreases in foremost transactions revenues had been partially offset by using bigger fastened revenue trading revenues as compared with the prior 12 months duration, basically in our mortgage and credit score products companies. Revenues from mortgage products benefited from greater market conditions as in comparison with the prior yr, including narrowing credit spreads. Revenues from credit score items additionally benefited from stronger market conditions, as the results for the quarter ended September 30, 2011 were adversely impacted through huge tiers of volatility within the credit markets and reduced customer recreation as a result of heightened issues over European sovereign debt that came about throughout that period. Revenues from our charges and currencies business additionally more desirable. internet interest (expense) earnings is a function of (i) the stage and mix of complete property and liabilities, including trading belongings, deposits, financing and lending transactions, and buying and selling innovations linked to our corporations, and (ii) the present stage, term structure and volatility of hobby quotes. net activity (fee) salary is an crucial element of buying and selling activity. In assessing the profitability of our client facilitation and trading actions, we view foremost transactions and internet activity (rate) salary within the mixture as web trading revenues. alterations within the composition of trading inventories and hedge positions can cause the mix of fundamental transactions and web pastime (rate) earnings to fluctuate from length to duration. web interest fee was $38 million for the quarter ended September 30, 2012 in comparison with internet hobby income of $112 million within the quarter ended September 30, 2011. The fluctuation was basically as a result of lessen net interest revenues generated from our trading actions, partially offset by lessen financing expenses. reduce net hobby revenues from our international wealth management company also contributed to the decrease in internet hobby salary. Commissions revenues basically arise from company transactions in listed and over-the-counter ("OTC") equity securities and commodities and alternatives. Commissions revenues also encompass distribution prices for promotion and distributing mutual money. Commissions revenues were $1.2 billion for the quarter ended September 30, 2012, a decrease of 16% from the prior yr. The decline become basically as a result of our global fairness products business, and included the have an impact on of lower single-stock trading volumes within the U.S. and the Europe, middle East and Africa ("EMEA") place, which declined by means of 17% and forty%, respectively, from the prior 12 months length. Commissions revenues from our international wealth administration business also declined because of decrease transaction volumes as compared with the prior 12 months period. Managed account and other payment-based mostly revenues basically consist of asset-priced portfolio carrier prices earned from the administration of separately managed and other funding debts for retail traders, annual account expenses, and certain different account-connected expenses. Managed account and other fee-based mostly revenues were $1.3 billion for the quarter ended September 30, 2012, a marginal decrease from the prior yr length. investment banking revenues consist of expenses for the underwriting and distribution of debt, equity and personal loan products, and fees for advisory functions and tailor-made risk administration solutions. complete investment banking revenues have been $1.three billion for the quarter ended September 30, 2012, a rise of 24% from the prior 12 months, basically due to effective performance in capital markets underwriting exercise all the way through the quarter. Underwriting revenues increased 38% to $1.0 billion, as higher expenses from debt underwritings have been partly offset by using lower fairness underwriting charges. fairness underwriting charges within the quarter ended September 30, 2011 covered approximately $one hundred twenty five million of revenues from bank of america in connection with the sale of a component of its interest in China building financial institution. Revenues from advisory services decreased 16% to $218 million. income from equity formula investments encompass our seasoned rata share of earnings and losses associated with investments accounted for under the fairness system of accounting. profits from equity formula investments had been $21 million for the quarter ended September 30, 2012 compared with $70 million for the prior yr duration. The reduce mirrored reduce revenues from definite equity formula investments. seek advice from word eight to the Consolidated economic Statements protected in our 2011 Annual file on form 10-ok for extra counsel on fairness formula 93

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    investments.

    Intercompany carrier charge revenues from bank of the usa include revenues linked to the availability of certain shared enterprise actions with financial institution of the usa. Intercompany service price revenues from bank of the usa were $278 million within the quarter ended September 30, 2012 compared with $153 million in the prior 12 months period. The raise became pushed by way of greater costs earned from financial institution of the united states in reference to certain shared brokerage and trading actions. other revenues consist of positive factors and losses on investment securities, including certain obtainable-for-sale securities, good points and losses on inner most fairness investments, and beneficial properties and losses on loans and other miscellaneous objects. different revenues had been $243 million within the quarter ended September 30, 2012 as compared with a lack of $1.1 billion recorded in the quarter ended September 30, 2011. The boost in other revenues as compared with the prior 12 months became primarily driven through a loss of about $975 million recorded in the quarter ended September 30, 2011, which resulted from the sale of the majority of our stake in a personal fairness funding. Compensation and merits costs have been $3.four billion within the quarter ended September 30, 2012, a decrease of 6% from the prior yr duration. The decrease turned into basically as a result of decrease charges for revenue and other worker compensation expenses. Amortization expense linked to inventory-primarily based compensation awards and severance costs also declined. Non-compensation charges were $2.1 billion in the quarter ended September 30, 2012 compared with $2.6 billion in the prior yr length. Communications and technology prices lowered 19% to $351 million due essentially to reduce technology machine and programs consulting costs. Occupancy and related depreciation fees were $300 million, a reduce of twenty-two%, reflecting reduce condo and other occupancy charges. Brokerage, clearing and trade costs have been $213 million, a reduce of 24%, which reflected lessen brokerage and different costs due to lower transaction volumes. knowledgeable costs were $220 million, a reduce of 17%, basically reflecting decrease felony and consulting expenses. Intercompany provider charge prices from bank of the us had been $356 million within the quarter ended September 30, 2012 compared with $561 million in the prior yr duration. The lower reflected a lessen stage of allocated charges from financial institution of the us. other expenses were $445 million, a reduce of sixteen% from the prior year duration. The reduce mirrored lessen litigation-related charges as well as certain other fees, partly offset through decrease fee in the prior 12 months associated with non-controlling pastimes of certain most important investments. The salary tax provision for the quarter ended September 30, 2012 changed into $191 million in comparison with an earnings tax improvement of $523 million for the quarter ended September 30, 2011. The valuable tax cost turned into (19.3%) for the quarter ended September 30, 2012 compared with 134.1% within the prior year. The useful tax expense for the quarter ended September 30, 2012 changed into essentially driven by using the affect of the U.okay. corporate earnings tax rate reduction (see "executive Overview - U.okay. corporate salary Tax rate change"), partially offset with the aid of tax merits concerning definite non-U.S. jurisdictions, including a rise in our accumulated salary presumed to be permanently reinvested in non-U.S. subsidiaries. The constructive tax fee for the quarter ended September 30, 2011 was driven by means of a $593 million benefit for capital loss deferred tax property identified in connection with the liquidation of certain subsidiaries, a $255 million unencumber of a valuation allowance provided for capital loss carryforward tax advantages and by way of the focus of $234 million of prior to now unrecognized tax merits linked to certain jurisdictions. These merits were partially offset by a can charge of $774 million involving a 2% discount to the U.k. company profits tax expense that turned into enacted in July 2011 and required us to remeasure our U.okay. internet deferred tax assets the usage of the lower tax quotes.

    yr-To-Date Consolidated results of Operations

    For the 9 months ended September 30, 2012, our internet loss turned into $2.0 billion compared with a net lack of $903 million in the prior 12 months length.

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    9 Months Ended September 30, 2012 in comparison With nine Months Ended September 30, 2011

    Our net revenues for the 9 months ended September 30, 2012 have been $14.three billion in comparison with $20.6 billion for the nine months ended September 30, 2011. The decrease essentially reflected lessen main transactions, commissions, funding banking, and other revenues. fundamental transactions revenues have been $2.0 billion for the 9 months ended September 30, 2012 as in comparison with $6.1 billion in the prior yr length. The decline become driven by greater losses associated with the valuation of certain of our liabilities. within the nine months ended September 30, 2012, we recorded web losses of $3.0 billion due to the have an impact on of the narrowing of Merrill Lynch's credit score spreads on the carrying price of certain of our long-time period debt liabilities, essentially structured notes, as compared with web beneficial properties of $2.7 billion recorded within the prior 12 months length due to the widening of our credit score spreads. We also recorded losses from DVA of $1.0 billion in the nine months ended September 30, 2012 as compared with DVA beneficial properties of about $650 million in the prior year duration. additionally, as discussed beneath, important transactions revenues from proprietary buying and selling declined by way of $418 million as a result of the exit of our stand-on my own proprietary buying and selling business as of June 30, 2011. These decreases in essential transactions revenues were partly offset by means of bigger revenues generated by using our personal loan product company, because the results for the 9 months ended September 30, 2011 mirrored much less favorable market circumstances and protected losses from credit score valuation alterations related to monetary guarantors. Revenues from our fees and currencies and credit items corporations additionally elevated. Commissions revenues were $3.8 billion for the nine months ended September 30, 2012, a decrease of 15% from the prior yr. The decline was basically as a result of our global equity products business due to lessen buying and selling volumes. Commissions revenues from our international wealth management company also declined. investment banking revenues had been $three.5 billion, a reduce of 15% from the prior 12 months length, basically reflecting decrease expenses from equity underwritings and advisory services because of an standard decline in international charge pools. different revenues had been $1.three billion in the 9 months ended September 30, 2012 compared with $1.7 billion within the prior year length. The decline protected lessen revenues from definite funding securities. different revenues for the 9 months ended September 30, 2012 blanketed positive aspects of $405 million due to the repurchase and retirement of definite of our long-term borrowings and a benefit of $one hundred forty five million from the sale of an office constructing. other revenues for the nine months ended September 30, 2011 blanketed a gain of $377 million from the sale of our remaining funding in BlackRock, Inc. protected in essential transactions revenues for the 9 months ended September 30, 2011 were net revenues associated with actions we identified as "proprietary buying and selling," which turned into conducted one by one from our customer trading activities. Our stand-by myself proprietary buying and selling operations engaged in trading actions in plenty of products, including shares, bonds, currencies and commodities. along side regulatory reform measures and our initiative to optimize our stability sheet, we exited our stand-on my own proprietary buying and selling business as of June 30, 2011. The revenues from these operations for the 9 months ended September 30, 2011 had been $442 million, of which $418 million had been blanketed inside foremost transactions revenues. The the rest of the revenues for these operations have been essentially recorded inside web pastime revenues. See additionally "MD&A - govt Overview - different activities - financial Reform Act - obstacles on Proprietary trading" in our 2011 Annual file on kind 10-okay. Compensation and advantages prices had been $11.5 billion for the nine months ended September 30, 2012, a lessen of 5% from the prior yr length. The decline protected decrease revenue and other compensation fees and reduce amortization rate associated with stock-based compensation awards, together with decrease price for retirement-eligible personnel due to a decline in award can provide. These decreases in compensation and merits price had been partially offset via better incentive-based compensation accruals, reflecting a rise in internet revenues (after giving impact to the adjustments in net revenues associated with the valuation of our long-time period debt and DVA). Non-compensation charges have been $5.5 billion for the nine months ended September 30, 2012 in comparison with $10.7 billion in the prior year length. Non-compensation costs for the 9 months ended September 30, 2012 included a $769 million reduction of our legal responsibility for representations and warranties, whereas the prior year duration included a provision for representations and warranties of $2.7 billion. See "Off steadiness Sheet Exposures - Representations and Warranties" for additional tips. with the exception of the affect of these objects, non-compensation expenses have been $6.2 billion and $eight.0 billion for the 9 months ended September 30, 2012 and September 30, 2011, ninety five

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    respectively. Communications and expertise charges diminished 12% to $1.2 billion due primarily to reduce technology machine charges. Occupancy and linked depreciation costs were $901 million, a decrease of 15%, reflecting lower condo and other occupancy prices. Brokerage, clearing and change costs were $738 million, a lower of 16%, which reflected decrease brokerage and other charges due to reduce transaction volumes. skilled fees had been $641 million, a lessen of eleven%, primarily reflecting decrease legal and consulting fees. Intercompany service price costs from financial institution of america were $1.three billion within the 9 months ended September 30, 2012 in comparison with $1.8 billion within the prior year duration. The decline reflected a lessen level of allocated costs from financial institution of america. different costs have been $1.1 billion, a lower of 39% from the prior year length. The decrease mirrored reduce litigation-connected prices as well as certain other charges. The income tax benefit changed into $735 million for the nine months ended September 30, 2012 compared with an income tax advantage of $1.three billion for the nine months ended September 30, 2011, leading to positive tax charges of 27.three% and 59.5%, respectively. The positive tax cost for the 9 months ended September 30, 2012 was essentially driven with the aid of the equal factors described within the three-month dialogue above. The advantageous tax rate for the 9 months ended September 30, 2011 changed into additionally pushed by means of the equal factors described within the three-month discussion above, partially offset with the aid of the institution of a valuation allowance for a portion of certain non-U.S. deferred tax property that become recorded in the second quarter of 2011.

    OFF-balance SHEET EXPOSURES

    As a part of our general operations, we enter into various off-steadiness sheet preparations that may require future funds. The table and discussion under outline our gigantic off-stability sheet preparations, as well as their future expirations, as of September 30, 2012 . refer to observe 14 to the Condensed Consolidated monetary Statements for extra counsel. (greenbacks in tens of millions) Expiration maximum lower than 1 - three three - 5 Over 5 Payout 1 year Years Years Years Standby liquidity facilities $ 783 $ 764 $ - $ 3 $ sixteen Residual price guarantees 320 206 114 - - Standby letters of credit and other ensures 412 323 62 27 -

    Standby Liquidity amenities

    We give standby liquidity amenities basically to definite unconsolidated municipal bond securitization variable hobby entities ("VIEs"). In these preparations, we are required to fund these standby liquidity facilities if definite contingent routine take area (e.g., a failed remarketing) and in certain circumstances if the fair value of the property held through the VIE declines under the cited volume of the liquidity duty. The skills exposure under the facilities is mitigated by way of economic hedges and/or other contractual preparations entered into with the aid of Merrill Lynch. consult with notice 9 to the Condensed Consolidated monetary Statements for additional information. Residual value guarantees At September 30, 2012 , residual value ensures of $320 million include quantities associated with definite power plant facilities. funds below these guarantees can be required only if the fair price of such property declined below their guaranteed cost. Standby Letters of credit At September 30, 2012, we supplied guarantees to certain counterparties in the variety of standby letters of credit in the volume of $0.4 billion.

    Representations and Warranties

    historical past

    In prior years, Merrill Lynch and certain of its subsidiaries, together with First Franklin monetary company ("First Franklin"), sold swimming pools of first-lien residential personal loan loans and home equity loans as inner most-label securitizations (in a constrained variety of these securitizations, monolines insured all or one of the most securities) or in the form of entire loans. lots of the loans sold within the variety of complete loans have been in consequence pooled into private-label securitizations sponsored by using the third-birthday party purchaser of the entire loans. in addition, Merrill Lynch and First Franklin securitized first-lien residential mortgage loans commonly in the type of personal loan-backed securities guaranteed by means of the executive subsidized companies (the "GSEs"). In reference to these transactions, we made quite a few representations and warranties. Breaches of these representations and warranties may result within the requirement to repurchase loan loans or to otherwise make complete or supply different remedies to the GSEs, complete-loan investors, securitization trusts or monoline insurers (at the same time, "repurchases"). In all such situations, Merrill Lynch can be exposed to any credit score loss on the repurchased personal loan loans after accounting for any personal loan insurance or loan guarantee payments that it might probably receive. subject to the requirements and limitations of the relevant revenue and securitization agreements, these representations and warranties can be enforced via the GSEs, the whole-mortgage traders, the securitization trustees, or others as governed by the relevant settlement or, in a limited variety of first-lien and residential fairness securitizations where monoline insurers have insured all or one of the crucial securities issued, by using the monoline insurer. in the case of loans sold to events aside from the GSEs, the contractual legal responsibility to repurchase typically arises simplest if there's a breach of the representations and warranties that materially and adversely affects the hobby of the investor or traders within the mortgage or of the monoline insurer (as applicable). Contracts with the GSEs do not include equal language. For additional info about accounting for representations and warranties and our representations and warranties claims and exposures, see notice 14 to the Condensed Consolidated fiscal Statements and item 1A. "possibility factors" in Merrill Lynch's 2011 Annual document on kind 10-k. we have vigorously contested any request for repurchase once we conclude that a sound groundwork for repurchase doesn't exist and may continue to do so sooner or later. We may attain settlements in the future if opportunities arise on terms we agree with to be effective.

    contemporary tendencies regarding the financial institution of the united states BNY Mellon settlement

    as a result of bank of america's settlement (the "BNY Mellon agreement") with the financial institution of ny Mellon, as trustee (the "Trustee") in the second quarter of 2011, Merrill Lynch decided that it had adequate event to record a liability of $2.7 billion in that length concerning its exposure on definite inner most-label securitizations. fresh ranges of claims and file requests with definite counterparties had been enormously below initially predicted, and consequently the liability for representations and warranties become reduced by way of $769 million in the nine months ended September 30, 2012 as a element of the loss was now not deemed likely. The BNY Mellon agreement is area to last court docket approval and certain other conditions. beneath an order entered with the aid of the state court docket in connection with the BNY Mellon contract, probably interested humans had the opportunity to supply observe of intent to object to the agreement (together with on the foundation that more suggestions changed into necessary) until August 30, 2011. about 44 companies or entities looked ahead of the deadline; seven of those businesses or entities have due to this fact withdrawn from the continuing and one motion to intervene become denied. certain of those corporations or entities filed notices of intent to object, made motions to intervene, or each filed notices of intent to object and made motions to intervene. The events filing motions to intervene include the Attorneys regularly occurring of the states of long island and Delaware; the Attorneys ordinary's motions have been granted on June 6, 2012. ninety six

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    definite of the motions to intervene and/or notices of intent to object allege quite a few purported bases for opposition to the agreement. These encompass challenges to the character of the courtroom proceeding and the shortcoming of an choose-out mechanism, alleged conflicts of interest on the part of the institutional investor group and/or the Trustee, the inadequacy of the settlement quantity and the components of allocating the contract amount among the 525 legacy country wide first-lien and five 2nd-lien non-GSE securitization trusts, while different motions don't make substantial objections but state that they want greater information about the contract. events who filed notices mentioning that they wished to obtain more guidance in regards to the agreement consist of the Federal Deposit insurance corporation and the Federal Housing Finance company. An investor opposed to the settlement removed the proceeding to federal district courtroom, and the federal district courtroom denied the Trustee's action to remand the proceeding to state court. On February 27, 2012, the U.S. court docket of Appeals issued an opinion reversing the district courtroom denial of the Trustee's action to remand the continuing to state court and ordered that the proceeding be remanded to state court docket. On April 24, 2012, a listening to become held on threshold issues, at which the courtroom denied the objectors' action to convert the proceeding to a plenary continuing. a few popularity hearings on discovery and different case administration concerns have taken vicinity. On August 10, 2012, the courtroom issued an order environment a time table for discovery and other proceedings, and set might also 2, 2013 because the date for the ultimate courtroom hearing on the agreement to start. financial institution of the usa and Merrill Lynch aren't events to the proceeding. It is not at present possible to foretell how many of the parties who've looked in the courtroom proceeding will ultimately object to the BNY Mellon agreement, whether the objections will avoid receipt of final court docket approval or the optimum outcomes of the court approval manner, which may consist of appeals and could take a considerable period of time. In selected, conduct of discovery and the resolution of the objections to the agreement and any appeals could take a substantial duration of time and these factors might materially delay the timing of last courtroom approval. therefore, it is not feasible to predict when the court docket approval method may be achieved.

    Unresolved Repurchase Claims

    Unresolved representations and warranties repurchase claims symbolize the notional amount of repurchase claims made with the aid of counterparties, usually the impressive most important balance or the unpaid main steadiness at the time of default. within the case of first-lien mortgages, this quantity is significantly more advantageous than the anticipated loss quantity because of the improvement of collateral and, in some situations, mortgage insurance or personal loan assure funds. Claims got from a counterparty continue to be stunning unless the underlying loan is repurchased, the claim is rescinded through the counterparty, or the declare is otherwise resolved. The notional amount of unresolved claims from inner most-label securitization trustees, entire-loan traders and others multiplied to $four.three billion at September 30, 2012 compared with $1.1 billion at December 31, 2011. The boost within the notional volume of unresolved claims is essentially because of increases in submissions of claims by using private-label securitization trustees, claim nice and the inability of an established manner to get to the bottom of disputes involving these claims. We anticipated a rise in combination non-GSE claims on the time of the BNY Mellon settlement in June 2011, and such increase in aggregate non-GSE claims was considered in constructing the raise in our representations and warranties liability at the moment. besides the fact that children recent claims exercise has been reduce than expected, we expect unresolved repurchase claims involving inner most-label securitizations to continue to increase as claims continue to be submitted by using deepest-label securitization trustees, and there is not an established manner for the optimum decision of claims on which there is a disagreement. The files governing private-label securitizations require repurchase claimants to display that a breach of representations and warranties had a fabric antagonistic impact on the claimant. We consider this to imply that the claimant is required to show that the breach brought about a loss to investors within the trust (or in definite circumstances, to the monoline insurer or other economic guarantor). We also trust that most of the defaults observed in private-label securitizations have been, and proceed to be, driven by means of exterior components, such as the enormous depreciation in home costs, constantly excessive unemployment and other negative economic trends, diminishing the likelihood that breaches of illustration and warranties, where existing, brought about a loss. 97

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    The desk beneath presents unresolved representations and warranties claims through counterparty at September 30, 2012 and December 31, 2011. The unresolved repurchase claims consist of best claims where we agree with that the counterparty has a basis to publish claims. during the three and nine months ended September 30, 2012, we bought $0.8 billion and $3.three billion of latest repurchase claims primarily from deepest-label securitization trustees. Unresolved Repurchase Claims via Counterparty (bucks in hundreds of thousands) September 30, 2012 December 31, 2011 GSEs $ 74 $ sixty five Monoline 147 136 whole-mortgage traders, deepest-label securitization trustees and other 4,344 1,101 complete $ four,565 $ 1,302 At September 30, 2012, the notional volume of unresolved repurchase claims was $four,565 million. we now have carried out an preliminary overview with respect to $4,500 million of these claims and don't agree with a valid foundation for repurchase has been based with the aid of the claimant. we're nonetheless within the technique of reviewing the final $sixty five million of these claims. When a declare has been denied and there has now not been communication with the counterparty for six months, Merrill Lynch views these claims as inactive; although, they remain within the unresolved repurchase claims stability until decision. besides the claims above, all through the first quarter of 2012, we bought $1.four billion in repurchase calls for from a master servicer the place we consider the claimant has not satisfied the contractual thresholds to direct the securitization trustee to take motion and/or that these demands are in any other case procedurally or substantively invalid. We do not accept as true with the $1.four billion in demands obtained are valid repurchase claims, and hence it is not feasible to foretell the decision with recognize to such calls for.

    cash Settlements

    As offered within the table beneath, during the three and nine months ended September 30, 2012 , Merrill Lynch paid $19 million and $forty eight million to unravel $22 million and $53 million of repurchase claims via repurchase or reimbursement to buyers or securitization trusts for losses they incurred, resulting in a loss on the connected loans at the time of repurchase or repayment of $sixteen million and $39 million. all over the three and 9 months ended September 30, 2011, Merrill Lynch paid $sixteen million and $forty one million to unravel $26 million and $fifty one million of repurchase claims through repurchase or compensation to traders or securitization trusts for losses they incurred, leading to a loss on the connected loans at the time of repurchase or repayment of $11 million and $36 million. cash paid for personal loan repurchases includes the unpaid major steadiness of the mortgage plus overdue activity. The volume of loss for personal loan repurchases is decreased by way of the fair price of the underlying loan collateral. The repurchase of loans and indemnification payments related to repurchase claims generally resulted from fabric breaches of representations and warranties concerning the loans' cloth compliance with the applicable underwriting requisites, together with borrower misrepresentation, credit exceptions without sufficient compensating components and non-compliance with underwriting tactics. The specific representations and warranties made in a income transaction and the ensuing repurchase and indemnification pastime can vary by means of transaction or investor. an immediate relationship between the class of defect that reasons the breach of representations and warranties and the severity of the realized loss has no longer been observed. ninety eight

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    desk of Contents bucks in millions 2012 2011 Three Months Three Months Ended September 9 Months Ended Ended September 9 Months Ended 30 September 30 30 September 30 Claims resolved (1) $ 22 $ 53 $ 26 $ 51 Repurchases $ four $ 11 $ 6 $ 6 Indemnification funds 15 37 10 35 total $ 19 $ forty eight $ 16 $ forty one

    (1) Represents unpaid main steadiness.

    liability for Representations and Warranties

    The liability for representations and warranties is covered in hobby and other payables on the Condensed Consolidated steadiness Sheets, and the connected provision is protected in Non-pastime costs on the Condensed Consolidated Statements of (Loss) profits. Our estimates of the liability for representations and warranties exposures and the corresponding latitude of possible loss are in response to presently available assistance, huge judgment, and a number of different elements, that are subject to change. changes to anyone of these factors could drastically have an effect on the estimate of the liability and will have a fabric adversarial impact on our results of operations for any certain period. For more information, see observe 14 to the Condensed Consolidated economic Statements. The legal responsibility for representations and warranties exposures and the corresponding estimated range of feasible loss for these representations and warranties exposures do not believe any losses involving litigation matters disclosed in word 14 to the Condensed Consolidated economic Statements or in notice 14 to the Consolidated economic Statements protected in our 2011 Annual report on form 10-k, nor do they encompass any capabilities securities law or fraud claims or advantage indemnity or other claims against us. We are not able to fairly estimate the quantity of any possible loss with admire to this kind of securities law (apart from to the extent mirrored in the mixture range of feasible loss for litigation and regulatory matters disclosed in notice 14 to the Condensed Consolidated monetary Statements), fraud or other claims towards us; although, such loss can be fabric. At September 30, 2012 and December 31, 2011, the legal responsibility for representations and warranties became $2.0 billion and $2.8 billion. because of the BNY Mellon contract within the second quarter of 2011, we determined that we had satisfactory adventure to record a legal responsibility of $2.7 billion in that length involving our exposure on definite deepest-label securitizations. contemporary stages of claims and file requests with definite counterparties have been tremendously lower than firstly expected and, due to this fact, the liability for representations and warranties changed into decreased by means of $769 million within the 9 months ended September 30, 2012, as a component of the loss changed into now not deemed likely.

    Estimated range of feasible Loss

    Our estimated legal responsibility at September 30, 2012 for duties beneath representations and warranties is necessarily elegant on, and restricted by way of, a couple of components, including the implied repurchase adventure in line with the BNY Mellon settlement, as well as definite different assumptions and judgmental components. for this reason, future provisions linked to obligations below representations and warranties and/or the corresponding levels of possible loss could be materially impacted if genuine experiences are distinct from our old adventure or our understandings, interpretations or assumptions.

    We consider that our representations and warranties liability recorded as of September 30, 2012 provides for a considerable element of our representations and warranties exposures. however, it within reason viable that future representations and warranties losses can also turn up in excess of the quantities recorded for these exposures. in addition,

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    we haven't recorded any representations and warranties liability for definite inner most-label securitizations subsidized via total-mortgage investors. We at the moment estimate that the range of feasible loss for all representations and warranties exposures could be up to $1.2 billion over accruals at September 30, 2012, a rise of $0.7 billion from December 31, 2011. The increase in the range of feasible loss was basically as a result of the discount in our legal responsibility for representations and warranties exposures discussed above. This estimated range of possible loss related to representations and warranties exposures does not represent a in all likelihood loss and is based on presently available information, significant judgment, and a number of assumptions, including these set forth beneath, that are field to alternate. For additional info about the methodology used to estimate the representations and warranties legal responsibility and the corresponding latitude of viable loss, see observe 14 to the Condensed Consolidated economic Statements. Future provisions and/or ranges of viable loss for representations and warranties exposures may well be enormously impacted if actual experiences are different from our assumptions in our predictive fashions, including, with out predicament, those involving the most reliable resolution of the BNY Mellon settlement, estimated repurchase costs, economic circumstances, estimated domestic expenses, buyer and counterparty behavior, and a variety of different judgmental elements. opposed traits with respect to 1 or extra of the assumptions underlying the legal responsibility for representations and warranties and the corresponding estimated range of viable loss could outcomes in giant raises to future provisions and/or this estimated range of viable loss. as an example, if courts, in the context of claims brought by private-label securitization trustees, were to disagree with our interpretation that the underlying agreements require a claimant to prove that the representations and warranties breach become the cause of the loss, it could drastically have an impact on the estimated range of feasible loss. additionally, if court docket rulings concerning monoline litigation, including one concerning an affiliate of ours, that have allowed sampling of personal loan information as an alternative of requiring a personal loan-through-loan evaluate to determine if a representations and warranties breach has happened are followed often by means of the courts, inner most-label securitization counterparties may view litigation as a greater desirable choice as in comparison to a personal loan-via-mortgage review. finally, besides the fact that children we consider that the representations and warranties customarily given in non-GSE transactions are less rigorous and actionable than these given in GSE transactions, we do not need massive journey resolving mortgage-level claims in non-GSE transactions to measure the have an impact on of those alterations on the probability that a loan will be required to be repurchased.

    adventure with Non-GSE buyers

    As presented in the desk beneath, Merrill Lynch, including First Franklin, bought loans originated from 2004 to 2008 (essentially subprime and alt-A) with an common essential stability of $132 billion to investors other than the GSEs (youngsters the GSEs are investors in certain deepest-label securitizations), of which approximately $sixty five billion in essential has been paid off and $forty five billion has defaulted or is severely delinquent (i.e., 180 days or greater past due) at September 30, 2012. because it relates to inner most-label securitizations, a contractual legal responsibility to repurchase mortgage loans frequently arises most effective if counterparties show there's a breach of the representations and warranties that materially and adversely influences the interest of the investor or all investors in a securitization trust or of the monoline insurer (as applicable). We consider that the longer a mortgage performs, the much less possible it's that an alleged representations and warranties breach had a cloth have an impact on on the loan's efficiency or that a breach even exists. since the majority of the borrowers in this population would have made a significant number of funds if they don't seem to be yet 180 days or more past due, we believe that the major steadiness at the most effective chance for repurchase claims during this inhabitants of inner most-label securitization investors is a combination of loans that already have defaulted and people that are presently severely delinquent. additionally, the responsibility to repurchase loans additionally requires that counterparties have the contractual appropriate to demand repurchase of the loans (presentation thresholds). inner most-label securitization investors generally won't have the contractual correct to demand repurchase of loans directly or the correct to access mortgage data. whereas we believe the agreements for personal-label securitizations often include much less rigorous representations and warranties and vicinity better burdens on investors looking for repurchases than the explicit provisions of the related agreements with the GSEs, devoid of regard to any adaptations that may also have arisen as a result of dealings with the a hundred

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    GSEs, the agreements frequently consist of a illustration that underwriting practices have been prudent and frequent.

    right here table particulars the inhabitants of loans originated between 2004 and 2008 and the population of loans sold as total loans or in non-GSE private-label securitizations by means of entity together with the defaulted and severely delinquent loans stratified by means of the number of funds the borrower made prior to default or fitting severely delinquent at September 30, 2012 . In connection with these transactions, we supplied representations and warranties, and the complete-mortgage traders may additionally maintain those rights even when the complete loans had been aggregated with other collateral into deepest-label securitizations subsidized by using the complete-loan traders. as a minimum 25 payments have been made on about 60% of the defaulted and severely delinquent loans. in the present yr, we've got about $three.2 billion of representations and warranties claims from deepest-label securitization trustees involving these vintages, and about $12.9 million from complete-mortgage traders involving these vintages. We accept as true with that many of the defaults followed in these securitizations had been, and proceed to be, driven with the aid of exterior factors, such as the great depreciation in domestic costs, constantly excessive unemployment and other bad financial developments, diminishing the probability that any personal loan defect (assuming one exists in any respect) was the cause of a mortgage's default. As of September 30, 2012, about 34% of the loans bought to non-GSE counterparties that had been originated between 2004 and 2008 have defaulted or are severely delinquent. (dollars in billions) principal steadiness fundamental in danger marvelous surprising Borrower Borrower usual important principal Defaulted Defaulted Made much less Borrower Borrower Made greater fundamental balance stability fundamental or Severely than 13 Made 13 to Made 25 to Than 36 Entity balance September 30, 2012 Over a hundred and eighty Days balance Delinquent payments 24 funds 36 payments payments Merrill Lynch (with the exception of First Franklin) $ 50 $ 14 $ four $ 13 $ 17 $ 3 $ 4 $ three $ 7 First Franklin eighty two 18 6 22 28 5 6 4 13 total (1) $ 132 $ 32 $ 10 $ 35 $ forty five $ 8 $ 10 $ 7 $ 20

    (1) Excludes transactions backed via Merrill Lynch where no representations or warranties have been made.

    legal matters Merrill Lynch has been named as a defendant in a number of legal movements, including arbitrations, category moves, and different litigation coming up in connection with its actions as a world diverse fiscal services establishment. discuss with notice 14 to the Condensed Consolidated financial Statements for additional information, including the estimated mixture range of feasible loss.

    Derivatives

    We record all by-product transactions at reasonable value on our Condensed Consolidated steadiness Sheets. We do not computer screen our publicity to derivatives in accordance with the notional volume because that amount is not a principal indicator of our chance to those contracts, because it is commonly not indicative of the quantity that we might owe on the contract. in its place, a possibility framework is used to define risk tolerances and set up limits to aid to make sure that certain chance-connected losses take place inside perfect, predefined limits. Derivatives that meet the accounting definition of a assure and credit score derivatives are included in be aware 6 to the Condensed Consolidated monetary Statements. Involvement with VIEs We transact with VIEs in a variety of capacities, together with people that we help establish as well as those firstly dependent by third parties. We utilize VIEs within the regular direction of enterprise to guide our personal and our customers' financing and investing needs. Merrill Lynch securitizes loans and debt securities the use of VIEs as a supply of funding and a way of transferring the financial chance of the loans or debt securities to third events. We additionally administer, structure or put money into or enter into derivatives with different VIEs, including multi-seller conduits, one zero one

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    municipal bond trusts, collateralized debt obligations ("CDOs") and other entities. Our involvement with VIEs can fluctuate and we're required to always reassess prior consolidation and disclosure conclusions (seek advice from observe 9 to the Condensed Consolidated fiscal Statements). refer to note 1 to the Condensed Consolidated fiscal Statements for a dialogue of our consolidation accounting policy. Contractual obligations we've contractual duties to make future payments of debt, hire and other agreements. additionally, within the average direction of enterprise, we enter into contractual preparations whereby we commit to future purchases of products or features from unaffiliated events. other duties include our contractual funding duties concerning our worker advantage plans. See Notes 12, 14 and 15 to the Condensed Consolidated economic Statements. within the usual path of business, we periodically guarantee the responsibilities of associates in a variety of transactions including foreign Swaps and Derivatives affiliation, Inc. ("ISDA") -connected and non ISDA-related transactions comparable to buying and selling, repurchase agreements, major brokerage agreements and different transactions. we have also entered into an settlement with a non-U.S. regulator that could allow it, in its capacity as regulator, to request funds from us to aid tasks to shoppers of the regulated non-U.S. department. We believe the probability of price below the phrases of this agreement to be far flung. FUNDING AND LIQUIDITY Funding We fund our belongings primarily with a mix of secured and unsecured liabilities via a globally coordinated funding approach with bank of the us. We fund a element of our trading belongings with secured liabilities, together with repurchase agreements, securities loaned and different short-time period secured borrowings, which might be much less sensitive to our credit score rankings due to the underlying collateral. confer with note 12 to the Condensed Consolidated monetary Statements for more information related to our borrowings. starting late in the third quarter of 2009, in connection with the replace or renewal of certain Merrill Lynch foreign securities providing classes, financial institution of america agreed to assure debt securities, warrants and/or certificates issued with the aid of certain subsidiaries of ML & Co. on a going forward foundation. All existing ML & Co. ensures of securities issued by using these equal Merrill Lynch subsidiaries below quite a few international securities offering classes will stay in full drive and effect provided that those securities are mind-blowing, and financial institution of the united states has no longer assumed any of these prior ML & Co. ensures or otherwise certain such securities. there were about $6.6 billion of securities certain by using financial institution of the us at September 30, 2012. moreover, financial institution of the united states has assured the efficiency of Merrill Lynch on definite by-product transactions. The mixture volume of such derivative liabilities became approximately $1.3 billion at September 30, 2012. Following the completion of financial institution of the united states's acquisition of Merrill Lynch, ML & Co. became a subsidiary of bank of the usa and dependent intercompany lending and borrowing preparations to facilitate centralized liquidity administration. included in these intercompany agreements is a $seventy five billion one-year revolving unsecured line of credit score that enables ML & Co. to borrow money from bank of the us at a diffusion to the London Interbank provided fee ("LIBOR") it truly is reset periodically and is per different intercompany agreements. This credit line turned into renewed effective January 1, 2012 with a maturity date of January 1, 2013. The credit line will immediately be prolonged by means of 365 days to the succeeding January 1st unless financial institution of the us provides written notice now not to lengthen at least 45 days prior to the maturity date. The agreement does not contain any economic or different covenants. there have been no stunning borrowings against the road of credit score at September 30, 2012. apart from the $75 billion unsecured line of credit, there is also a revolving unsecured line of credit score that enables ML & Co. to borrow as much as $25 billion from financial institution of the united states. activity on borrowings under the road of credit score is according to prevailing brief-time period market quotes. the line of credit score doesn't include any economic or different covenants. the line of credit matures on February 12, 2013. At September 30, 2012, there became about $4.1 billion 102

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    awesome under the line of credit.

    Merrill Lynch Pierce Fenner & Smith incorporated ("MLPF&S") additionally has the following borrowing agreements with financial institution of america:

    • A $four billion one-12 months revolving unsecured line of credit - activity on the

    line of credit score is based on prevailing short-term market costs. The credit

    line matures on November 1, 2013 and might instantly be extended with the aid of one

    year to the succeeding November 1st unless bank of the us provides written

    note not to prolong as a minimum 45 days ahead of the maturity date. At

    September 30, 2012, there have been no surprising borrowings under the road of

    credit score.

    • A $15 billion 364-day revolving unsecured line of credit - activity on the

    line of credit is in line with prevailing short-term market quotes. the road of

    credit score matures on February 19, 2013. At September 30, 2012, about

    $0.9 billion was outstanding under the line of credit score.

    throughout the quarter ended June 30, 2012 , $2.6 billion that changed into marvelous below the following MLPF&S borrowing agreements with bank of the united states become repaid and the agreements have been terminated. The terminated agreements have been replaced by means of intercompany funding arrangements between MLPF&S and ML & Co.

    • A subordinated mortgage contract for approximately $1.5 billion - hobby

    below this contract was calculated in keeping with a selection to LIBOR.

    • A $7.0 billion revolving subordinated line of credit score - hobby beneath this

    settlement was calculated in keeping with a diffusion to LIBOR.

    financial institution of the usa and Merrill Lynch have entered into certain intercompany lending and borrowing preparations to facilitate centralized liquidity administration. blanketed in these arrangements is a $50 billion extendible one-year revolving credit score facility that enables financial institution of the united states to borrow money from Merrill Lynch at a spread to LIBOR that is reset periodically and is consistent with other intercompany agreements. The credit score facility matures on January 1, 2013 and should automatically be prolonged by using 12 months to the succeeding January 1st until Merrill Lynch provides written note not to extend at least forty five days prior to the maturity date. there have been no quantities spectacular at both September 30, 2012 and December 31, 2011 beneath this credit facility. there's also a brief-time period revolving credit facility that enables bank of the usa to borrow up to an additional $25 billion. activity on borrowings beneath the credit facility is based on prevailing brief-time period market fees. the road of credit matures on February 12, 2013. At September 30, 2012, there have been no quantities superb below this credit facility. credit score scores Our borrowing expenses and capacity to elevate cash are impacted by way of our credit score ratings. furthermore, credit score scores may be essential to customers or counterparties when we compete in definite markets and after we searching for to interact in certain transactions, together with OTC derivatives. hence, it's our objective to maintain tremendous credit ratings. credit ratings and outlooks are opinions on our creditworthiness and that of our obligations or securities, including lengthy-term debt, short-term borrowings and different securities, including asset securitizations. Following the acquisition of Merrill Lynch through bank of the us, the primary credit standing groups have indicated that the fundamental drivers of Merrill Lynch's credit score ratings are financial institution of the us's credit scores. financial institution of the united states's credit score rankings are subject to ongoing review by the rating businesses, which agree with a few elements, including bank of the us's financial electricity, performance, possibilities and operations in addition to components not beneath financial institution of the us's handle. The rating agencies might make changes to our rankings at any time and they supply no assurances that they will maintain our rankings at current stages.

    different elements that have an impact on bank of the united states's and our credit score scores include changes to the score agencies' methodologies for our business or definite safety kinds, the ranking organizations' assessment of the widespread operating atmosphere for fiscal functions agencies, our mortgage exposures, our relative positions in the markets in

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    which we compete, popularity, liquidity position, range of funding sources, funding costs, the degree and volatility of profits, corporate governance and possibility administration policies, capital place, capital administration practices, and current or future regulatory and legislative initiatives. On October 10, 2012 , Fitch rankings ("Fitch") announced the effects of its periodic evaluation of its rankings for 12 tremendous, complex, securities trading and regularly occurring banks, together with financial institution of america. As part of this motion, Fitch affirmed financial institution of the us's and ML & Co.'s credit rankings. On June 21, 2012, Moody's investors service, Inc. ("Moody's") completed its in the past-announced evaluation for feasible downgrade of monetary institutions with global capital markets operations, downgrading the scores of 15 banks and securities establishments, including the rankings of financial institution of the us and ML & Co. financial institution of america's and ML & Co.'s long-time period debt credit score scores were downgraded one notch as a part of this motion. The Moody's downgrade has now not had a material impact on our financial circumstance, outcomes of operations or liquidity. each of the three principal ranking agencies, Moody's, standard & negative's scores functions ("S&P") and Fitch, downgraded the ratings of financial institution of the us and ML & Co. in late 2011. at present, bank of america's and ML & Co.'s lengthy-term/brief-time period senior debt ratings and outlooks expressed by means of the score groups are as follows: Baa2/P-2 (negative) by Moody's; A-/A-2 (bad) by using S&P; and A/F1 (sturdy) through Fitch. MLPF&S's lengthy-term/short-term senior debt rankings and outlooks are A/A-1 (poor) by using S&P and A/F1 (strong) by way of Fitch. Merrill Lynch international, a U.okay.-primarily based registered funding enterprise and subsidiary of ML & Co., has a long-time period/brief-time period senior debt score and outlook of A/A-1 (terrible) by means of S&P. Merrill Lynch overseas bank confined, an ireland-based mostly bank subsidiary of ML & Co., has an extended-time period/brief-time period senior debt ranking and outlook of A/F1 (reliable) through Fitch. The predominant rating organizations have each indicated that, as a systemically crucial economic establishment, financial institution of the united states's (and subsequently ML & Co.'s) credit score scores presently replicate their expectation that, if vital, bank of america would acquire giant help from the U.S. government, and that they will continue to examine such assist within the context of sovereign fiscal electricity and regulatory and legislative developments. an extra reduction in certain of our credit scores might also have a cloth adversarial effect on our liquidity, abilities lack of entry to credit markets, the linked charge of funds, our agencies and on certain buying and selling revenues, above all in these organizations where counterparty creditworthiness is essential. additionally, beneath the phrases of definite OTC derivative contracts and different buying and selling agreements, the counterparties to those agreements might also require us to supply further collateral, or to terminate these contracts or agreements, which may cause us to maintain losses and/or adversely have an impact on our liquidity. If bank of the us's or ML & Co.'s brief-time period credit score rankings, or these of our financial institution or broker-broker subsidiaries, were downgraded through one or greater stages, the talents loss of entry to brief-term funding sources, reminiscent of repurchase settlement financing, and the impact on our incremental can charge of dollars can be material. At September 30, 2012, if the ranking organizations had downgraded their lengthy-time period senior debt rankings for ML & Co. or certain subsidiaries with the aid of one incremental notch, the amount of additional collateral contractually required with the aid of such derivative contracts and different trading agreements would were about $0.5 billion. If the ranking organizations had downgraded their lengthy-term senior debt scores for ML & Co. or definite subsidiaries via a 2d incremental notch, approximately $four.0 billion in additional collateral would have been required. also, if the rating corporations had downgraded their lengthy-time period senior debt scores for ML & Co. or definite subsidiaries via one incremental notch, the derivative legal responsibility that would be subject to unilateral termination by using counterparties as of September 30, 2012 became $2.7 billion, against which $2.0 billion of collateral had been posted. additional, if the rating businesses had downgraded their long-term debt rankings for ML & Co. or certain subsidiaries with the aid of a 2d incremental notch, the derivative liability that would be field to unilateral termination via counterparties as of September 30, 2012 become an incremental $1.3 billion, towards which $0.7 billion of collateral had been posted.

    while definite advantage affects are contractual and quantifiable, the full scope of consequences of a credit ratings downgrade to a monetary institution is inherently doubtful, because it is determined by numerous dynamic, complicated and inter-linked factors and assumptions, together with no matter if any downgrade of a firm's long-time period credit score ratings

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    precipitates downgrades to its brief-term credit ratings, and assumptions concerning the advantage behaviors of quite a few consumers, traders and counterparties.

    For information regarding the additional collateral and termination funds that would be required in reference to certain OTC by-product contracts and different buying and selling agreements as a result of any such credit score ratings downgrade, see be aware 6 to the Condensed Consolidated fiscal Statements and item 1A. "risk components" of Merrill Lynch's 2011 Annual document on form 10-ok.

    U.S. Sovereign credit score scores

    On June 8, 2012 , S&P affirmed its 'AA+' long-term and 'A-1+' brief-time period sovereign credit standing on the U.S. The outlook continues to be poor. On July 10, 2012, Fitch affirmed its 'AAA' long-term and 'F1+' brief-term sovereign credit rating on the U.S. The outlook remains negative. All three rating agencies have indicated that they'll proceed to verify fiscal projections and consolidation measures, as neatly as the medium-term financial outlook for the U.S. 105

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    For advice about our credit score possibility management actions, seek advice from item 7A, "Quantitative and Qualitative Disclosures About Market chance - credit score chance administration" blanketed in our 2011 Annual report on kind 10-k.

    European Exposures

    definite European countries, together with Greece , eire, Italy, Portugal and Spain, have skilled varying degrees of economic stress. risks from the continuing debt crisis in these countries could continue to disrupt the fiscal markets, which might have a hazardous affect on world financial conditions and sovereign and non-sovereign debt in these nations. in the third quarter of 2012, European policymakers continued to make incremental growth towards greater fiscal and financial team spirit; youngsters, fundamental issues of competitiveness, boom and monetary solvency remain as challenges. due to this fact, volatility is expected to continue. We expect to continue to assist customer actions in the area, and our exposures may additionally range over time as we computer screen the condition and manage our possibility profile. The desk below items our direct sovereign and non-sovereign exposures in these nations at September 30, 2012. Our complete sovereign and non-sovereign exposure to those countries turned into $three.7 billion at September 30, 2012 compared with $2.7 billion at December 31, 2011. Our total exposure to those international locations, net of all hedges, changed into $2.three billion at September 30, 2012 in comparison with $1.1 billion at December 31, 2011. At September 30, 2012 and December 31, 2011, the reasonable cost of hedges and net credit score default insurance policy bought became $1.three billion and $1.6 billion, respectively. 106

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    desk of Contents select European countries country Hedges and net country Funded Loans Unfunded internet Securities/ exposure credit publicity and loan mortgage Counterparty other September 30, Default September 30, (dollars in millions) Equivalents Commitments exposure (1) Investments (2) 2012 insurance policy (three) 2012 (four) nation Greece Sovereign $ - $ - $ - $ 3 $ 3 $ - $ 3 economic associations - - 1 - 1 (14 ) (13 ) Corporates - - 1 fifty five 56 (1 ) 55 complete Greece $ - $ - $ 2 $ fifty eight $ 60 $ (15 ) $ 45 eire Sovereign $ 12 $ - $ 24 $ 6 $ forty two $ - $ forty two economic institutions sixty one 12 137 18 228 (10 ) 218 Corporates - - 5 33 38 (5 ) 33 complete ireland $ 73 $ 12 $ 166 $ 57 $ 308 $ (15 ) $ 293 Italy Sovereign $ - $ - $ 560 $ 739 $ 1,299 $ (667 ) $ 632 fiscal associations - - 363 263 626 (5 ) 621 Corporates - - 162 210 372 (279 ) ninety three complete Italy $ - $ - $ 1,085 $ 1,212 $ 2,297 $ (951 ) $ 1,346 Portugal Sovereign $ - $ - $ 34 $ 2 $ 36 $ (25 ) $ 11 economic institutions - - 2 33 35 (eight ) 27 Corporates - - 9 116 125 (one hundred ) 25 total Portugal $ - $ - $ 45 $ 151 $ 196 $ (133 ) $ 63 Spain Sovereign $ - $ - $ fifty seven $ 297 $ 354 $ (59 ) $ 295 monetary associations 9 - seventy two 77 158 (53 ) 105 Corporates 8 21 forty five 204 278 (seventy nine ) 199 total Spain $ 17 $ 21 $ 174 $ 578 $ 790 $ (191 ) $ 599 complete Sovereign $ 12 $ - $ 675 $ 1,047 $ 1,734 $ (751 ) $ 983 monetary associations 70 12 575 391 1,048 (ninety ) 958 Corporates 8 21 222 618 869 (464 ) 405 total $ 90 $ 33 $ 1,472 $ 2,056 $ 3,651 $ (1,305 ) $ 2,346 (1)web counterparty publicity includes the fair price of derivatives including counterparty possibility associated with credit score default insurance policy and secured financing transactions. Derivatives have been decreased through all eligible collateral pledged beneath legally enforceable netting agreements. Secured financing transactions have been reduced by way of eligible cash or securities pledged. The notional volume of reverse repurchase transactions was $647 million at September 30, 2012. Counterparty publicity has no longer been decreased through hedges or credit score default protection. 107

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    (2)long securities exposures have been netted on a single-name basis to however now not under zero via hedges and brief positions. (three)Represents credit score default coverage bought, internet of credit score default insurance plan offered, which is used to mitigate our possibility to exposures that comprise "nation publicity" as listed, together with ($481 million ) in internet credit score default insurance plan purchased to hedge loans and securities and short positions, and ($824 million) in additional credit default insurance policy bought to hedge derivative property. quantities are calculated in line with the credit default insurance policy notional quantity assuming zero restoration adjusted for any fair cost receivable or payable. (four)Represents country publicity much less hedges and credit default coverage. We hedge certain of our chosen European nation publicity with credit default coverage, primarily within the type of single-identify in addition to index and tranche credit score default swaps ("CDS"). The exposures associated with these hedges characterize the volume that would be realized upon the remoted default of an individual company within the critical nation assuming a 0 recovery rate for that individual company. adjustments in the assumption of an isolated default can produce diverse outcomes in a particular tranche. the vast majority of our CDS contracts are with incredibly-rated monetary institutions basically outside of the Eurozone and we work to restrict or dispose of correlated CDS. as a result of our engagement in market-making actions, our CDS portfolio consists of contracts with a lot of maturities to a diverse set of counterparties. We work to limit mismatches in maturities between our exposures and the CDS we use to hedge them. however, there may be cases the place the protection bought has a distinct maturity from the publicity for which the insurance plan became bought, through which case those exposures and hedges are field to greater energetic monitoring and administration. At September 30, 2012, the gross notional amount of single-name CDS insurance policy purchased and offered on reference assets was $eighty five million and $sixty two million in Greece, $596 million and $890 million in ireland, $eight.3 billion and $6.four billion in Italy, $997 million and $726 million in Portugal and $1.9 billion and $2.2 billion in Spain. After the dignity of legally-enforceable counterparty master netting agreements, the gross notional CDS insurance plan purchased and bought on those identical reference assets at September 30, 2012 became $forty seven million and $24 million in Greece, $548 million and $892 million in ireland, $four.3 billion and $2.4 billion in Italy, $408 million and $137 million in Portugal, and $853 million and $1.1 billion in Spain. At September 30, 2012, the gross reasonable value of single-name CDS insurance plan purchased and offered became $15 million and $11 million in Greece, $107 million and $86 million in ireland, $852 million and $730 million in Italy, $a hundred million and $seventy three million in Portugal, and $166 million and $199 million in Spain. After the dignity of legally-enforceable counterparty master netting agreements, the gross fair price of CDS protection purchased and bought on these equal reference belongings become $6 million and $1 million in Greece, $a hundred and five million and $eighty five million in ireland, $500 million and $379 million in Italy, $36 million and $8 million in Portugal, and $63 million and $ninety six million in Spain. Losses might nonetheless influence despite the fact that there's credit score default protection purchased because the bought credit score insurance policy contracts most effective pay out beneath definite eventualities and for that reason now not all losses may well be coated by way of the credit score insurance policy contracts. The effectiveness of our CDS coverage as a hedge of these risks is influenced through a couple of components, together with the contractual phrases of the CDS. commonly, simplest the incidence of a credit score adventure as described by way of the CDS terms (which can also consist of, amongst different events, the failure to pay via, or restructuring of, the reference entity) effects in a price under the purchased credit coverage contracts. The choice as as to if a credit score experience has came about is made by the central ISDA determination Committee (made out of a lot of ISDA member businesses) based on the phrases of the CDS and records and cases for the experience. for that reason, uncertainties exist as as to if any specific approach or policy action for addressing the european debt disaster would represent a credit score experience below the CDS. A voluntary restructuring may additionally now not set off a credit experience beneath CDS terms and consequently may also not set off a payment under the CDS contract. in addition to our direct sovereign and non-sovereign exposures, a major deterioration within the European debt disaster could result in fabric discounts within the value of sovereign debt and different asset courses, disruptions in capital markets, widening of credit spreads of U.S. and different monetary institutions, loss of investor self belief in the economic capabilities industry, a slowdown in global economic recreation and other adverse traits. 108

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    For more information on the debt disaster in Europe, see item 1A. "risk elements" in our 2011 Annual document on kind 10-ok.

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    Materialise reviews Fourth Quarter 2016 results | killexams.com real questions with brain dumps

    LEUVEN, Belgium--(enterprise WIRE)--Materialise NV (NASDAQ:MTLS), a number one provider of additive manufacturing utility and of refined 3D printing services, today introduced its financial effects for the fourth quarter and the 12 months ended December 31, 2016.

    Highlights – Fourth Quarter 2016

  • complete earnings expanded 12.3% from the fourth quarter of 2015 to 31,477 kEUR, with raises in all three business segments.
  • complete deferred salary from annual application earnings and protection contracts expanded three,663 kEUR from 13,136 kEUR for the fourth quarter of 2015 to 16,799 kEUR.
  • Adjusted EBITDA improved 50% from 2,979 kEUR for the fourth quarter of 2015 to 4,455 kEUR.
  • web earnings became 620 kEUR, or 0.01 EUR per diluted share.
  • government Chairman Peter Leys commented, “In a challenging atmosphere, Materialise had a great quarter, contributing to a powerful year. complete revenues for the yr multiplied 12% to 114,477 kEUR and Adjusted EBITDA grew 157% to 9,458 kEUR. Strategically, we also made giant progress right through 2016, stepping into a number of partnerships that place us to benefit from the anticipated growth of additive manufacturing of conclusion constituents in normal and, extra primarily, from the expertise increase of particular vertical markets. Operationally, all three of our segments enhanced the focal point and effectiveness of their inner operations, contributing to our a success yr.”

    Fourth Quarter 2016 results

    complete salary for the fourth quarter of 2016 increased 12.3% to 31,477 kEUR compared to 28,032 kEUR for the fourth quarter of 2015, with good points in all three of our segments, exceptionally Materialise Manufacturing. Adjusted EBITDA expanded to 4,455 kEUR from 2,979 kEUR on account of the aggregate of persisted income growth (12.3%) and a greatly reduce enhance in operational fees (three.6%) as in comparison to the identical period within the prior year. The Adjusted EBITDA margin (Adjusted EBITDA divided through total profits) in the fourth quarter turned into 14.2% compared to 10.6% in the fourth quarter of last 12 months.

    earnings from our Materialise application phase, which offers a proprietary utility spine that allows for and enhances the performance of 3D printers and 3D printing operations worldwide, accelerated 10.6% to eight,078 kEUR for the fourth quarter of 2016 from 7,301 kEUR for a similar quarter remaining yr. Recurrent sales from annual and renewed licenses and upkeep fees grew 37.7% from the equal length in the prior yr. section EBITDA rose to 2,949 kEUR from 2,706 kEUR whereas the phase EBITDA margin become 36.5% compared to 37.1% within the prior-yr duration.

    earnings from our Materialise medical section, which offers a special platform along with clinical planning and design utility, medical engineering functions and patient particular devices, increased 5.1% to 10,061 kEUR for the fourth quarter of 2016 in comparison to 9,570 kEUR for a similar duration in 2015. compared to the equal quarter in 2015, revenue of our clinical software grew 29.8%, and direct earnings of complex surgery options grew eighty two.9%. segment EBITDA changed into 656 kEUR in comparison to 747 kEUR while the phase EBITDA margin reduced to six.5% from 7.8% within the fourth quarter of 2015.

    revenue from our Materialise Manufacturing phase, which presents an built-in suite of 3D printing and engineering capabilities to industrial and industrial shoppers, elevated 19.4% to 13,326 kEUR for the fourth quarter of 2016 from eleven,161 kEUR for the fourth quarter of 2015. end half manufacturing revenue elevated 26.4% in comparison to the final quarter in 2015. segment EBITDA rose to 1,438 kEUR from 1,033 kEUR whereas the phase EBITDA margin improved to 10.8% from 9.3% for the 2015 quarter. These numbers encompass the effects of i.materialise and RapidFit, whose activities were entirely integrated into the Materialise Manufacturing business lines throughout the fourth quarter in an effort to create further synergies.

    Gross profit changed into 18,619 kEUR, or 59.2% of complete revenue, for the fourth quarter of 2016 in comparison to sixteen,576 kEUR, or 59.1% of total profits, for the fourth quarter of 2015.

    research and construction (“R&D”), sales and advertising (“S&M”) and general and administrative (“G&A”) costs elevated, within the combination, 3.6% to 18,483 kEUR for the fourth quarter of 2016 from 17,849 kEUR for the fourth quarter of 2015. R&D prices lowered from 4,742 kEUR to four,161 kEUR while S&M expenses increased a bit of from 9,340 kEUR to 9,506 kEUR. G&A prices improved from 3,767 kEUR to four,816 kEUR. As within the first three quarters of 2016, these adjustments in comparison to last year primarily reflected the managerial constitution and guide we have carried out inside our S&M and R&D companies to help their enormous boom in view that our initial public providing (“IPO”). a number of employees with combined roles within these groups have evolved into more managerial/administrative roles, and their can charge in addition to certain different expenses are actually labeled into G&A.

    internet different operating profits reduced through 426 kEUR to 1,779 kEUR in comparison to 2,205 kEUR for the fourth quarter of 2015. internet other working income consists primarily of withholding tax exemptions for qualifying researchers, building grants, partial funding of R&D projects and forex exchange results on buy and sales transactions.

    working profit extended to 1,915 kEUR from 932 kEUR for the prior-yr duration. This improvement is the effect of a combination of a 12.3% profits increase and a rise of simplest 3.6% in operational charges of R&D, S&M and G&A, partly offset by means of a 426 kEUR reduce of net different operating profits compared to the equal quarter last yr.

    net economic result become 253 kEUR compared to 356 kEUR for the prior-yr period, reflecting smaller variances in the forex trade fees, basically on the portion of the company’s IPO proceeds held in U.S. greenbacks versus the euro.

    internet earnings for the fourth quarter of 2016 changed into 620 kEUR compared to net profit of two,a hundred forty five kEUR for the same duration within the prior yr. The prior-12 months duration contained salary tax revenue of 1,010 kEUR primarily from deferred taxes in comparison to an rate of 898 kEUR this quarter. The variance of 1,908 kEUR in earnings tax and a 497 kEUR boost in the share within the loss of a joint venture offset the increase of 983 kEUR in working earnings. total complete revenue for the fourth quarter of 2016, which comprises exchange differences on translation of international operations, turned into 685 kEUR compared to 2,010 kEUR for the same duration in the prior year.

    At December 31, 2016, we had cash and equivalents of fifty five,912 kEUR in comparison to 50,726 kEUR at December 31, 2015. money circulation from working activities within the fourth quarter of 2016 was 4,180kEUR compared to 724 kEUR within the same period closing yr.

    net shareholders’ equity at December 31, 2016 turned into seventy nine,033 kEUR in comparison to 82,955 kEUR at December 31, 2015.

    Full yr 2016 consequences

    complete revenues for the year ended December 31, 2016 extended 12.2% to 114,477 kEUR in comparison to 102,035 kEUR for the yr ended December 31, 2015. Adjusted EBITDA for the yr ended December 31, 2016 turned into 9,458 kEUR, a rise of 156.5% in comparison to three,687 kEUR for the yr ended December 31, 2015. The Adjusted EBITDA margin increased to eight.three% for the year ended December 31, 2016 from 3.6% for the yr ended December 31, 2015. This boost was primarily the effect of the mixture of a 12.2% earnings increase, a 14.7% development in gross income and an increase of most effective 5.4% in operational costs in R&D, S&M and G&A, which become offset partly with the aid of a decrease in net different working revenue of 890 kEUR.

    Revenues from our Materialise utility phase expanded 16.eight% to 30,122 kEUR for the yr ended December 31, 2016 in comparison to 25,798 kEUR for the year ended December 31, 2015. This growth become driven with the aid of a 24.6% raise in recurrent earnings from annual and renewed licenses and upkeep charges. The segment EBITDA margin changed into 33.6% in 2016, in comparison to 35.2% in 2015.

    Revenues from our Materialise medical segment grew by means of eight.8% for the 12 months ended December 31, 2016 to 37,910 kEUR from 34,856 kEUR for the year ended December 31, 2015. scientific application increase become 7.4%, partner earnings increase four.2%, and direct revenue growth forty five.2%. The phase EBITDA margin extended to 2.4% from 1.2% basically because of the combination of income growth of 8.eight% and restrained raises in working fees, partly offset by using lessen web different working earnings, primarily due to reduce income from task offers.

    Revenues from our Materialise Manufacturing phase improved 12.1% to forty six,406 kEUR for the 12 months ended December 31, 2016 from forty one,381 kEUR for the 12 months ended December 31, 2015. earnings from end materials increased by means of 27.7%. The segment EBITDA margin accelerated from four.0% in 2015 to 8.three% in 2016, essentially because of consistent creation efficiency improvements.

    internet loss elevated from (2,860) kEUR for 2015 to a net lack of (3,019) kEUR for 2016.

    2017 tips

    Mr. Leys concluded, “The additive manufacturing market continues to adapt, mainly within the route of conclusion half production, and we intend to continue positioning Materialise to advantage from this promising increase market in the coming years. Our strategic priorities for 2017 are to preserve our management position in software through endured innovation and strategic partnerships; to power the next stage of growth in our medical division through our center of attention on the medical institution market; to continue expanding our manufacturing of conclusion elements; and to permit the construction of additive manufacturing in specific vertical markets. We expect providing revenue and Adjusted EBITDA margin enlargement in 2017 whereas reinvesting effectivity gains in chosen enterprise building initiatives.

    “For fiscal 2017, we expect to file consolidated revenue between 128,000 - 134,000 kEUR and Adjusted EBITDA between 10,500 - 13,500 kEUR. as the seasonality of our Materialise Manufacturing segment and our utility corporations are anticipated to combine with the consequences of the ramp up of the partnerships we entered into during the past months, we predict our economic effects to be in particular mighty in the third quarter and even more desirable within the fourth quarter. We expect the volume of deferred earnings that Materialise generates from annual licenses and upkeep in 2017 to enhance through an quantity between 4,000 - 5,000 kEUR.”

    Non-IFRS Measures

    Materialise makes use of EBITDA and Adjusted EBITDA as supplemental monetary measures of its economic performance. EBITDA is calculated as web income plus earnings taxes, economic fees (much less financial revenue), shares of loss in a three way partnership and depreciation and amortization. Adjusted EBITDA is determined by adding non-money stock-primarily based compensation expenses to EBITDA. management believes these non-IFRS measures to be crucial measures as they exclude the outcomes of gadgets which primarily replicate the have an impact on of long-time period funding and financing choices, as opposed to the performance of the company's every day operations. As in comparison to net earnings, these measures are limited in that they do not reflect the periodic costs of definite capitalized tangible and intangible property used in generating revenues in the business's enterprise, or the charges linked to impairments. management evaluates such objects via other financial measures comparable to capital expenses and cash movement provided through working activities. The company believes that these measurements are helpful to measure an organization's potential to develop or as a valuation dimension. The business's calculation of EBITDA and Adjusted EBITDA may additionally no longer be similar to in a similar fashion titled measures mentioned through different agencies. EBITDA and Adjusted EBITDA should still no longer be considered as alternate options to web income or every other efficiency measure derived based on IFRS. The company's presentation of EBITDA and Adjusted EBITDA may still now not be construed to suggest that its future consequences could be unaffected through bizarre or non-recurring objects.

    change expense

    This press release carries translations of definite euro amounts into U.S. bucks at exact prices entirely for the convenience of readers. until otherwise mentioned, all translations from euros to U.S. bucks in this press release were made at a expense of EUR 1.00 to USD 1.0541, the reference cost of the eu important bank on December 30, 2016.

    conference call and Webcast

    Materialise will hold a conference name and simultaneous webcast to discuss its monetary outcomes for the fourth quarter of 2016 nowadays, February 24, 2017, at 8:30 a.m. ET/14:30 CET. enterprise contributors on the call will consist of Wilfried Vancraen, Founder and Chief government Officer; Peter Leys, govt Chairman; and Johan Albrecht, Chief economic Officer. a question-and-reply session will follow administration’s remarks.

    To entry the conference call, please dial 844-469-2530 (U.S.) or 765-507-2679 (international), passcode #55886457. The conference name will also be broadcast live over the information superhighway with an accompanying slide presentation, which can be accessed on the company’s website at http://buyers.materialise.com.

    A replay of the convention name may be available via telephone starting approximately one hour after the name ends via Saturday, February 25, 2017. U.S. contributors can access the replay through dialing 855-859-2056 and foreign individuals can dial 404-537-3406. The access code for the replay is #55886457. A webcast of the conference call and slide presentation can be archived on the company's site for one year.

    About Materialise

    Materialise contains more than 25 years of 3D printing experience into a range of application solutions and 3D printing services, which Materialise seeks to kind the backbone of the 3D printing business. Materialise’s open and versatile options enable avid gamers in a large choice of industries, together with healthcare, automotive, aerospace, paintings and design, and customer items, to build imaginitive 3D printing purposes that intention to make the realm a better and healthier place. Headquartered in Belgium, with branches global, Materialise combines one of the greatest organizations of application developers within the trade with one of the greatest 3D printing amenities on the earth. For more information, please consult with: www.materialise.com.

    Cautionary commentary on forward-searching Statements

    This press free up contains ahead-looking statements inside the which means of section 27A of the Securities Act of 1933, as amended, and part 21E of the Securities trade Act of 1934, as amended, related to, among other issues, our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations, plans, ambitions, strategies and prospects, each economic and business, including statements regarding, amongst other issues, latest estimates of fiscal 2017 revenues, deferred earnings from annual licenses and protection and Adjusted EBITDA, results of operations, cash wants, capital expenditures, fees, fiscal condition, liquidity, prospects, growth and methods, and the trends and competitors that may additionally affect the markets, business or us. Such statements are area to regularly occurring and unknown uncertainties and risks. When used in this press release, the words “estimate,” “are expecting,” “count on,” “mission,” “plan,” “intend,” “accept as true with,” “forecast,” “will,” “might also,” “might,” “might,” “purpose,” “should,” and diversifications of such phrases or an identical expressions are intended to determine ahead-searching statements. These forward-searching statements are primarily based upon the expectations of management below current assumptions on the time of this press release. These expectations, beliefs and projections are expressed in first rate faith and the enterprise believes there is an inexpensive basis for them. however, the business can't present any assurance that our expectations, beliefs and projections will really be accomplished. by their nature, ahead-looking statements involve risks and uncertainties as a result of they relate to movements, aggressive dynamics and trade exchange, and depend on financial circumstances that may additionally or can also not take place sooner or later or might also happen on longer or shorter timelines than predicted. We warning you that ahead-looking statements are not guarantees of future efficiency and contain ordinary and unknown risks, uncertainties and other components which are in some circumstances beyond our control. the entire forward-searching statements are area to risks and uncertainties that could cause the enterprise's exact outcomes to differ materially from our expectations, including risk factors described within the enterprise's annual document on kind 20-F filed with the U.S. Securities and exchange commission on April 28, 2016. There are a couple of hazards and uncertainties that might trigger the company's specific consequences to vary materially from the ahead-searching statements contained during this press release.

    The business is offering this suggestions as of the date of this press free up and doesn't undertake any duty to update any forward-searching statements contained in this press unlock on account of new suggestions, future hobbies or in any other case, unless it has duties beneath the federal securities laws to replace and expose cloth trends involving previously disclosed counsel.

                        Consolidated salary statements (Unaudited)   For the twelve month For the three months ended duration ended 31 31 December December (in heaps, except EPS) 2016 2016 2015 2016 2015   U.S.$ euros euros euros euros   income 33,a hundred and eighty 31,477 28,032 114,477 102,035 charge of earnings (13,554 ) (12,858 ) (11,456 ) (46,706 ) (forty two,963 ) Gross profit 19,626 18,619 sixteen,576 sixty seven,771 59,072 59.2 % fifty nine.1 % 59.2 % 57.9 %   research and construction prices (four,386 ) (four,161 ) (four,742 ) (17,682 ) (18,186 ) sales and advertising and marketing charges (10,020 ) (9,506 ) (9,340 ) (36,153 ) (36,832 ) normal and administrative charges (5,077 ) (4,816 ) (3,767 ) (20,041 ) (15,045 ) other operating income 1,875 1,779 2,205 6,212 7,102 different working fees -   -   -   -  

    -

      operating profit 2,018 1,915 932 107 (three,889 )   fiscal costs (790 ) (749 ) (362 ) (2,437 ) (2,470 ) economic income 1,056 1,002 718 2,039 3,511 Share in loss of joint venture (685 ) (650 ) (153 ) (1,018 ) (401 )             profit (loss) before taxes 1,599 1,518 1,135 (1,309 ) (three,249 )   profits taxes (947 ) (898 ) 1,010 (1,710 ) 389             net profit (loss) 652   620   2,a hundred forty five   (three,019 ) (2,860 )   internet profit (loss) caused by: The house owners of the parent 652 620 2,a hundred forty five (three,019 ) (2,807 ) Non-controlling activity - - - - (fifty three )   earnings per share attributable to standard house owners of the mum or dad simple .01 .01 .05 (0.06 ) (0.06 ) Diluted .01 .01 .05 (0.06 ) (0.06 )     Weighted average basic

    47,325

    forty seven,325 47,271 forty seven,325 47,224 Weighted average with impact dilution 47,325 forty seven,325 forty seven,779 47,325 forty seven,224                 Consolidated statements of complete income (Unaudited)       (in heaps, apart from EPS) For the twelve month For the three months ended length ended 31 31 December December 2016 2016 2015 2016 2015 U.S.$ euros euros euros euros     internet income (loss) for the length 652 620 2,a hundred forty five   (three,019 ) (2,860 ) different finished income (loss) alternate variations on translation of foreign operations sixty nine sixty five (135 ) (1,834 ) 624  

    other comprehensive earnings (loss), web of taxes

    69 65 (one hundred thirty five ) (1,834 ) 624   complete complete salary (loss) for the duration, internet of taxes 721 685 2,010   (4,853 ) (2,236 )   complete finished profits (loss) attributable to: The house owners of the dad or mum 721 685 2,010 (4,853 ) (2,183 ) Non-controlling pastime - - - - (53 )     Consolidated statements of fiscal place (Unaudited)       31 December 31 December 2016 2015*

    (in thousand euros)

     

    belongings

     

    Non-existing assets Goodwill 8,860 9,664 Intangible property 9,765 9,657 Property, plant & device forty five,063 38,four hundred Investments in joint ventures - 1,018 Deferred tax assets 336 1,092 other fiscal belongings 388   356 total non-current assets sixty four,412 60,187   present assets stock 7,870 5,387 exchange receivables 27,479 22,843 Held to maturity investments - - different latest property 6,247 four,993 money and money equivalents 55,912   50,726 complete latest belongings 97,508 83,949    

    complete assets

    161,920   144,136  

    fairness and liabilities

      equity Share capital 2,729 2,729 Share top class 79,019 78,098 Consolidated reserves (1,603 ) 1,407 Treasury shares - - other finished earnings (1,112 ) 721 equity brought on by the owners of the mum or dad 79,033 eighty two,955 Non-controlling pastime -   - total fairness seventy nine,033 82,955   Non-present liabilities Loans & borrowings 28,267 16,607 Deferred tax liabilities 1,325 2,068 Deferred income* 3,588 1,905 different non-latest liabilities 1,873   2,244

    complete non-latest liabilities

    35,053 22,824   current liabilities Loans & borrowings 5,539 four,482 change payables 13,400 9,712 Tax payables 926 255 Deferred earnings* 17,822 14,696 other latest liabilities 10,147   9,212 total present liabilities forty seven,834 38,357    

    complete equity and liabilities

    161,920   a hundred and forty four,136

     

     

    (*) via September, 30 2016, Materialise NV and its subsidiaries (the "community") introduced all deferred income associated with renovation and license contracts and mission contracts as a present legal responsibility whereas a portion of such deferred profits pertains to contractual periods which are greater than 365 days after the reporting date and for this reason such component may still were introduced as non current. The community has an expanding quantity of software and project contracts with a contractual time period of greater than one year. For the financial reporting yr ended December 31, 2016, the neighborhood is featuring portions of its deferred salary associated with such contracts as existing and non-current liabilities. This presentation has been utilized retroactively for the monetary reporting year ended December 31, 2015.

            Consolidated cash movement statements (Unaudited)   For the twelve month duration ended (in thousand euros) 31 December 2016 2015 euros euros working activities   net income for the period -three,019 -2,860   Non-cash and operational changes Depreciation of property, plant & gadget 6,420 5,122 Amortization of intangible property 1,954 1,585

    Impairment of goodwill

    - 104 Share-primarily based price rate 977 769 Loss (profit) on disposal of property, plant & equipment -149 -sixty two circulate in provisions 18 -116 movement in allowance for dangerous debt 77 254 economic profits -172 -413 monetary cost 983 901 have an effect on of foreign currency -400 -1,530 Share of loss of an associate or joint venture (equity components) 1,018 401 Deferred tax cost (profits) 374 -761 revenue taxes 1,338 373 reasonable price adjustment contingent consideration -455 - other -78 - Working capital alterations boost in change receivables and different receivables -6,465 -6,645 reduce (increase) in inventories -2,482 -1,671 increase in alternate payables and other payables 9,086 7,148 9,025 2,599   revenue tax paid -530 -246     web cash stream from working activities 8,495 2,353   Investing activities   buy of property, plant & equipment -12,824 -eight,907 buy of intangible belongings -1,755 -1,641 Proceeds from the sale of property, plant & machine, net 1,928 338 Acquisition of subsidiary - -1,619

    Investments in joint ventures

    - -1,000 Proceeds from held to maturity investments - 10,000 interest acquired eleven 35     internet money circulation utilized in investing activities -12,640 -2,794   Financing actions   Proceeds from loans & borrowings and convertible debt 14,669 5,672 reimbursement of loans & borrowings -2,796 -four,711 reimbursement of finance leases -1,898 -1,546 Proceeds from the pastime of warrants - 95 purchase of non-controlling pastime - -1,377 Capital raise in mum or dad company - 580 activity paid -630 -589 other fiscal salary / (cost) -seventy nine 88     internet cash stream from financing activities 9,266 -1,788   net boost of money and money equivalents 5,121 -2,229 money and money equivalents at starting of period 50,726 51,019 alternate rate adjustments on money & cash equivalents 65 1,936 cash & cash equivalents at end of period 55,912 50,726     Reconciliation of net income/(Loss) to EBITDA and Adjusted EBITDA (Unaudited)                 For the three months For the twelve months ended ended (in hundreds) 31 December 31 December 2016 2015 2016 2015 euros euros euros euros     net profit / (loss) 620   2,145   (3,019 ) (2,860 )   revenue taxes 898 (1,010 ) 1,710 (389 ) financial charges 749 362 2,437 2,470 monetary profits (1,002 ) (718 ) (2,039 ) (3,511 ) Share in lack of a three way partnership 650 153 1018 401 Depreciation & amortization 2,280 1,933 eight,374 6,810   EBITDA 4,195   2,865   8,481   2,921     Non-money inventory-primarily based compensation charges (1) 260 114 977 766   Adjusted EBITDA four,455   2,979   9,458   3,687  

     

    (1) Non-cash inventory-primarily based compensation fees signify the can charge of fairness-settled and cash-settled share-primarily based funds to employees.

                            section P&L (Unaudited)  

     

    Materialise Materialise Materialise complete alterations &

    In hundreds euros

    application medical Manufacturing segments eliminations Consolidated   For the three month length ended 31 December 2016 Revenues eight,078 10,061 13,326 31,465 12 31,477 section EBITDA 2,949   656   1,438   5,043   (848 ) 4,195   section EBITDA % 36.5 % 6.5 % 10.eight % 16.0 % 13.3 %   For the three month duration ended 31 December 2015 Revenues 7,301 9,570 eleven,161 28,032 - 28,032 segment EBITDA 2,706   747   1,033   4,486   (1,621 ) 2,865   segment EBITDA % 37.1 % 7.eight % 9.three % sixteen.0 % 10.2 %     For the twelve month length ended 31 December 2016 Revenues 30,122 37,910 46,406 114,438 39 114,477 section EBITDA 10,one hundred thirty   894   3,848   14,872   (6,391 ) eight,481   section EBITDA % 33.6 % 2.4 % 8.three % 13.0 % 7.four %   For the twelve month length ended 31 December 2015 Revenues 25,798 34,856 41,381 102,035 - 102,035 phase EBITDA 9,093   422   1,645   11,160   (eight,239 ) 2,921   section EBITDA % 35.2 % 1.2 % four.0 % 10.9 % 2.9 %    

    Reconciliation of internet earnings/(Loss) to phase EBITDA (Unaudited)

                    (in heaps of euros) For the three months ended December 31 For the twelve months ended December 31 2016 2015 2016 2015   internet profit/(loss) 620 2,a hundred forty five -3,019 -2,860   salary taxes 898 -1,010 1,710 -389 Finance costs 749 362 2,437 2,470 Finance income -1,002 -718 -2,039 -3,511 Share in loss of three way partnership 650 153 1,018 401   working income 1,915 932 107 -three,889   Depreciation & amortization 2,280 1,933 eight,374 6,810 company research and construction 472 784 1,673 2,955 corporate headquarter fees 1,781 2,027 8,646 9,seven-hundred different working revenue (rate) -1,405 -1,a hundred ninety -3,928 -4,416   segment EBITDA 5,043 4,486 14,872 eleven,one hundred sixty


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