Disclosures Important Disclosures HES Price Chart 1-Apr B 21-Sep 13-Apr 28-Jan 30-Jun 8-Dec Legaate PO:US$135 PO:US$100 PO:US$80 PO:US$85 PO:US$80 PoUsst 16 1-May 5-Qct 16-gun 5-Feb _ PO:US$1P0 HO:US$130 PO:US$105 POUS$75 30-Nlay 5-Dec 24-Aug 100-|—Po-Usw7s PO:US$105 PO:US$85 80 30-Jun 1-Jan PO:S$130 POrpésa5 60 40 20 0 {-Jan-15 ‘-Jan-16 {-Jan-17 HES Review Restricted | No Coverage B: Buy, N: Neutral, U: Underperform, PO: Price Objective, NA: No longer valid, NR: No Rating The Investment Opinion System is contained at the end of the report under the heading "Fundamental Equity Opinion Key’. Dark grey shading indicates the security is restricted with the opinion suspended. Medium grey shading indicates the security is under review with the opinion withdrawn. Light grey shading indicates the security is not covered. Chart is current as of March 31, 2017 or such later date as indicated. Equity Investment Rating Distribution: Energy Group (as of 31 Mar 2017) Coverage Universe Count Percent Inv. Banking Relationships* Count Percent Buy 109 49.77% Buy 84 17.06% Hold 52 23.14% Hold 43 82.69% Sell 58 26.48% Sell 34 58.62% Equity Investment Rating Distribution: Global Group (as of 31 Mar 2017) Coverage Universe Count Percent Inv. Banking Relationships* Count Percent Buy 1578 51.33% Buy 979 62.04% Hold 690 22.45% Hold 434 62.90% Sell 806 26.22% Sell 381 47.27% * Issuers that were investment banking clients of BofA Merrill Lynch or one of its affiliates within the past 12 months. For purposes of this Investment Rating Distribution, the coverage universe includes only stocks. A stock rated Neutral is included as a Hold, and a stock rated Underperform is included as a Sell. FUNDAMENTAL EQUITY OPINION KEY: Opinions include a Volatility Risk Rating, an Investment Rating and an Income Rating. VOLATILITY RISK RATINGS, indicators of potential price fluctuation, are: A - Low, B - Medium and C - High. INVESTMENT RATINGS reflect the analyst’s assessment of a stock’s: (i) absolute total