• Almost 200% growth at Rs 442 crores
• IT services saw steep rise of over 200% in comparison to Q1-14

Murex, the leading provider of cross-asset trading, risk management and processing solutions, is pleased to announce that it has been voted Overall Number One Technology Vendor in Asia Risk Magazine’s Technology Rankings 2015.

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For the past 10 years, the survey has reflected the adequacy of vendors’ offerings to the requirements of Asian derivatives trading and risk management users, 2015 marking the third year in a row that Murex is acknowledged as the Technology vendor of choice.

With a new hit record of 15 N°1 positions, Murex’s MX.3 platform dominates the Technology Rankings by far, coming first in each of the three main sections: Trading Systems front to back office, Derivatives Pricing & Risk Analytics, and Risk Management, at the same time topping the After-sales service category.

“This new recognition comes as an additional endorsement of our modular platform model which balances the breadth of a Front-to-Back-to-Risk platform with the functional depth of best-of-breed business solutions,” comments Guy Otayek, CEO of Murex Asia Pacific.
“We recently introduced our standalone market risk and collateral management solutions to address the increased scrutiny stemming from regulations such as Basel 3, and are therefore particularly proud to have those innovations saluted in the survey.” Clients can leverage on the native integration of the Risk-to-Front value chain of the MX.3 platform and benefit from a consolidated enterprise-wide risk management approach, enhanced by the latest innovations in XVA management and liquidity and a set of pre-packaged functions making the platform ready to evolve as new requirements appear.

Murex entered the Asia Pacific market 20 years ago applying the same guiding principles that are the core of the group strategy: a unique platform model combined with a long-term strategy and a keen understanding of our clients’ businesses.

“Recently listed in Asia Risk Magazine’s Anniversary issue as one of the “Firms of the Future” to be reckoned with, we intend to continue to support Asia Pacific financial institutions as they transform their IT and rely on our expertise to introduce change and innovation, ” concludes Stella Clarke, Murex Chief Marketing Officer.

About Murex
Since its creation in 1986, Murex has played a key role in proposing effective technology as a catalyst for growth and innovation in capital markets, through the design and implementation of integrated trading, portfolio management, risk management, processing and post-trade solutions.
Driven by innovation, Murex’s MX.3 Front-to-Back-to-Risk platform leverages the firm’s collective experience and expertise, accumulated through its strategic client partnerships, to offer an unrivalled asset class coverage and best-of-breed business solutions at every step of the financial trade lifecycle.
Clients worldwide benefit from the MX.3 platform’s modular set of business solutions, specifically designed to solve the multi-faceted challenges of a transforming financial industry, while relying on the strength of 2,000 dedicated specialists.
To learn more, please visit https://www.murex.com/ or follow us on Twitter @Murex_Group.

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Moody's Analytics, a leader in risk measurement and management, today announced that it has again topped Asia Risk Magazine’s 2015 Technology Rankings. The firm was ranked number one for the second consecutive year for its Regulatory Capital Calculation and Management solutions, and also achieved the first place ranking for its Economic Capital Calculation and Management solutions.

Based on a survey of risk management professionals in banks, hedge funds, pension funds and corporate treasuries, the awards recognize the excellence of Moody’s Analytics RiskAuthority™ and RiskFrontier™ solutions, which combine sophisticated analysis with robust technology to help clients develop deep portfolio risk and capital management insight.

For the second year running, Asia Risk’s readers recognized the outstanding performance and extensive capabilities of Moody’s Analytics RiskAuthority solution for regulatory capital calculation and management. RiskAuthority streamlines the processes banks use to manage regulatory capital, and consolidate and report credit risk, market risk, operational risk, concentration risk and liquidity risk information for compliance with the Basel capital adequacy directives.

“We are gratified that Asia Risk’s readers have again ranked Moody’s Analytics RiskAuthority as a leader in regulatory capital calculation and management, in recognition of our extensive capabilities and deep commitment to help clients meet evolving regulatory requirements,” said Andrew Bockelman, a Managing Director at Moody’s Analytics.

In addition, Asia Risk’s readers recognized Moody’s Analytics RiskFrontier solution for its strong portfolio management and reporting capabilities. The RiskFrontier solution helps clients determine the appropriate level of economic capital, and allows for granular analysis of a portfolio’s credit risk drivers to manage concentration risk, quantify risk appetite and improve strategic decision making.

“We are pleased that the readers of Asia Risk have recognized the strength of our RiskFrontier solution for economic capital calculation and management, and its ability to provide insight into portfolio exposures,” said Jacob Grotta, a Managing Director at Moody’s Analytics.

Moody’s Analytics has received numerous awards for its risk management products. For a complete list, visit www.moodys.com/awards. For more information on Moody’s Analytics solutions, visit www.moodysanalytics.com.

For more information about the 2015 Asia Risk Technology Rankings, visit www.risk.net.

About Moody’s Analytics

Moody’s Analytics helps capital markets and risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services, and research, including the proprietary analysis of Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges. Moody's Analytics is a subsidiary of Moody's Corporation (NYSE: MCO), which reported revenue of $3.3 billion in 2014, employs approximately 10,200 people worldwide and maintains a presence in 35 countries. Further information is available at www.moodysanalytics.com.

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• Gateway Terminals India facility at JNP sets an Indian National Maritime Record for containers handled in FY2014-15.
• Recognition as India’s best performing container terminal for sixth consecutive year

Boehringer Ingelheim and BioMed X announced today that they have successfully applied a crowdsourcing approach to establish a research team of outstanding scientists from around the world with bright ideas, who will endeavor to identify new approaches for the treatment of patients with chronic obstructive pulmonary disease (COPD).

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COPD is a chronic, progressive, treatable but incurable lung disease affecting 210 million people worldwide. It is a growing world health priority and is predicted to become the 3rd leading cause of death by 2030. Boehringer Ingelheim has been a leader in the treatment of respiratory disease for over 90 years and continues to explore a pipeline of unique compounds to help patients with COPD, asthma, idiopathic pulmonary fibrosis (IPF), lung cancer and other respiratory diseases.

The interdisciplinary team will focus on the characterization of epigenetic regulators driving hallmarks of the COPD pathophysiology, as recent evidence indicates that epigenetic mechanisms could be major drivers of this devastating disease. Epigenetics is defined as heritable changes in gene expression or phenotype that do not involve a change in the underlying DNA sequence, Renata Jurkowska will head the research team that will be established in the BioMed X Innovation Center located on the campus of the University of Heidelberg, Germany.

Christian Tidona, founder and Managing Director of BioMed X explained: “the newly formed research team will build on our strong scientific networks in Heidelberg and the Biotech Cluster Rhine-Neckar. The team will be guided by experienced mentors from academia and Boehringer Ingelheim and will receive an intensive entrepreneurship and leadership training”.

Michel Pairet, Senior Corporate Vice President of Research and Non-clinical Development at Boehringer Ingelheim said “we are very enthusiastic about working with this highly motivated team of talented scientists at the BioMed X Innovation Center”. He continued, “we firmly believe that crowd sourcing is an exciting and refreshing way to find unconventional solutions based on the diversity of talents and ideas. This project is ideally suited to integrate breakthrough science in epigenetics research and emerging insights into the pathophysiology of COPD. Understanding epigenetic mechanisms will allow us to discover unknown drivers of the disease and accelerate the discovery of new medicines for treating patients with COPD”.

The research team will be sponsored by Boehringer Ingelheim for two years with the option to extend the funding period up to a total of four years. Further details of the agreement are not disclosed.

http://www.boehringer-ingelheim.com/news/news_releases/press_releases/2015/21_september_2015_collaboration.html

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TSYS (NYSE: TSS) announced today that The Premier Bank Limited (Premier Bank), a leading commercial bank in Bangladesh, has signed an agreement to upgrade to PRIME 4, the latest version of TSYS’ PRIME payment solutions platform.

A TSYS client since 2003, Premier Bank will leverage PRIME 4’s payment application data security standard (PA-DSS) compliant licensed software solution to manage its MasterCard and Visa card portfolios, covering retail credit, debit and prepaid cards and multi-channel acquiring. Following the upgrade, the bank will also launch a new Premier Bank dual-currency card product – with dual TAKA and USD billing accounts – for international transactions.

“Our main focus at Premier Bank is on how much value we can bring to our clients’ lives in terms of innovation by continually developing our range of products and services,” said M. Imran Iqbal, vice chairman, The Premier Bank Limited. “PRIME 4’s future-ready technology and business functionality will provide us with the technological agility to be successful in our market and make a difference to our customers.”

“TSYS is delighted to extend its relationship with Premier Bank. PRIME is a licensed payments solution that enables our clients to bring innovation and greater payment choice to their respective markets,” said Jaffar Agha-Jaffar, managing director, PRIME Licensing and group executive, TSYS International. “Through PRIME and our valued client relationships, TSYS remains committed to helping drive the Bangladesh payments market forward with broader products and services for financial inclusion.”

TSYS supports approximately 400 clients in more than 80 countries around the globe, and its history of providing licensed software to the Asian market spans more than 20 years.

About The Premier Bank Limited

The Premier Bank Limited is incorporated in Bangladesh as a banking company on June 10, 1999 under Companies Act. 1994. Bangladesh Bank, the central bank of Bangladesh, used the banking license on June 17, 1999 under the Banking Companies Act. 1991. The Head office of the Premier Bank Limited is located at Banani, one of the fast growing commercial and business areas of Dhaka City. The Premier Bank Limited is licensed as a first principal member of Visa International among local private commercial banks and has both domestic and international Visa Credit Cards. We have extended our services with a firm commitment to turn our company motto of “service first” into a reality. We are committed to providing genuine value to our valued customers, partners, employees and communities.

About TSYS

At TSYS^® (NYSE: TSS), we believe payments should revolve around people, not the other way around. We call this belief People-Centered Payments^®. By putting people at the center of every decision we make, TSYS supports financial institutions, businesses and governments in more than 80 countries. Through NetSpend^®, A TSYS Company, we empower consumers with the convenience, security, and freedom to be self-banked. TSYS offers issuer services and merchant payment acceptance for credit, debit, prepaid, healthcare and business solutions.

TSYS’ headquarters are located in Columbus, Ga., U.S.A., with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS is a member of The Civic 50 and was named one of the 2015 World's Most Ethical Companies by Ethisphere magazine. TSYS routinely posts all important information on its website. For more, please visit us at www.tsys.com.

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A survey of 900 cybersecurity experts shows an overwhelming majority (87%) expect an increase in mobile payment data breaches over the next 12 months, yet 42% have used this payment method in 2015. The 2015 Mobile Payment Security Study from global cybersecurity association ISACA suggests that cybersecurity professionals are willing to balance benefits with perceived security risks of mobile payments:

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• Only 23% believe that mobile payments are secure in keeping personal information safe.
• Nearly half (47%) say mobile payments are not secure.
• At 89%, cash was deemed the most secure payment method, but only 9% prefer to use it.

“Mobile payments represent the latest frontier for the choice we make to balance security and privacy risk and convenience,” said John Pironti, risk advisor with ISACA and president of IP Architects. “ISACA members, who are some of the most cyber-aware professionals in the world, are using mobile payments while simultaneously identifying and contemplating their potential security risks. This shows that fear of identity theft or a data breach is not slowing down adoption—and it shouldn’t—as long as risk is properly managed and effective and appropriate security features are in place.”

The global mobile payment transaction market, including Apple Pay, Google Wallet, PayPal and Venmo, will be worth US $2.8 trillion by 2020, according to Future Market Insights.

Survey respondents ranked major vulnerabilities associated with mobile payments:

1. Use of public WiFi (26%)

2. Lost or stolen devices (21%)

3. Phishing/shmishing (phishing attacks via text messages) (18%)

4. Weak passwords (13%)

Consumer Awareness

The most effective way to make mobile payments more secure is using two ways to authenticate their identity (66%), and requiring short-term authentication codes (18%). Less popular was installing phone-based security apps (9%).

“People using mobile payments need to educate themselves so they are making informed choices. You need to know your options, choose an acceptable level of risk, and put a value on your personal information,” said Christos Dimitriadis, Ph.D., international president of ISACA and group director of information security for INTRALOT. “Embrace and educate about new services and technologies.”

Security Governance

In the emerging mobile payment landscape, there is no accepted understanding of who is responsible for keeping mobile payments secure—consumers, payment providers or retailers. One approach is to use the COBIT governance framework to involve key stakeholders in deciding on an acceptable balance of fraud rate vs. revenue.

ISACA established Cybersecurity Nexus (CSX) to help address the global cyber security skills gap. For information on the CSX 2015 cybersecurity conference and the new CSX Practitioner certification, visit https://cybersecurity.isaca.org.

ISACA

ISACA^® (isaca.org) helps global professionals lead in an evolving digital world through standards, networking, credentialing and career development. ISACA is a global nonprofit association of 140,000 professionals in 180 countries.

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SevOne, the leading global provider of digital infrastructure management solutions, announced a $50 million Series C financing round led by Westfield Capital Management and Bain Capital Ventures. Brookside Capital, HarbourVest, VT Technology Ventures, and Osage Venture Partners also participated in this round. SevOne will use the financing to accelerate its growth through new technologies and markets, meeting the growing demands of organizations transforming their business for the always-on mobile economy and the Internet of Things (IoT).

The funding comes at a time when mobility sits at the heart of a new and vibrant ecosystem that is uniting the digital and physical worlds. New mobile and broadband connectivity, coupled with ever-expanding virtualized cloud services, are driving the mobile economy and creating a flood of data. Organizations are continually under pressure to interpret this data to unlock real-time business opportunities, reveal competitive differentiators, or optimize everyday operations. Legacy management solutions weren’t built for the mobile economy, and simply can’t provide the power required to deliver real-time insight and business value. The patented SevOne Cluster™ architecture solves this fundamental problem, arming the world’s top carriers and enterprises with solutions to harness the power of their digital infrastructure and deliver on the promise of the mobile economy.

“We are thrilled to invest in SevOne and help them continue on their rapid growth trajectory,” said Will Muggia, CEO of Westfield Capital Management. “We believe their massively scalable data aggregation platform, which is being used by the world’s largest enterprises and service providers, is highly differentiated and disruptive to the digital infrastructure management market.”

Bain Capital Ventures originally invested in SevOne in 2012. The funding fueled the expansion of the company’s alliance network and product ecosystem to support the customer journey to new mobile technologies (4G LTE) and the rapid adoption of virtualization technologies such as software-defined networks (SDN), network functions virtualization (NFV), and software-defined data centers (SDDC). Since that time, SevOne has matured its global leadership position in several key markets, including:

• 40% of the top technology companies
• 50% of the top fixed and mobile broadband carriers
• 60% of the top investment services firms
   

“SevOne’s patented architecture is transforming the way the world’s largest enterprises and service providers are managing their digital infrastructure,” said Ben Nye, Managing Director at Bain Capital Ventures. “The company’s rapid growth is driven by forward-thinking companies needing to collect all the data across their end-to-end digital infrastructure in support of mission-critical services.”

SevOne is poised for another year of rapid growth. The company continues to invest in its Delaware roots, constructing a 48,000 square foot, state-of-the-art research and development center on the University of Delaware's Science, Technology and Advanced Research (STAR) Campus in Newark, Delaware. The STAR campus facility opens in October, and will build upon the company’s vision of developing next-generation technologies and pushing the boundaries of digital infrastructure management for SevOne customers.

“The opportunities and challenges of managing digital infrastructures have never been greater,” said Jack Sweeney, SevOne CEO. “SevOne is uniquely positioned to capitalize upon this demand, allowing the world’s largest datacenter and network operators to unlock the true business potential of their digital infrastructure.”

For more information, please visit www.sevone.com.

About SevOne
SevOne is the leading global provider of digital infrastructure management solutions. The patented SevOne Cluster™ architecture arms today’s largest data center and network operators with solutions to harness the power of their digital infrastructure and deliver real-time knowledge and insights. With a new state-of-the-art research and development center on the University of Delaware's Science, Technology and Advanced Research (STAR) Campus, SevOne has additional offices in Boston, Philadelphia, London and Bulgaria. Backed by Westfield Capital Management, Bain Capital Ventures, Brookside Capital, HarbourVest, VT Technology Ventures, Osage Venture Partners, SevOne was named a Visionary in Gartner's 2015 Magic Quadrant for Network Performance Monitoring and Diagnostics. More information can be found at www.sevone.com. Follow SevOne on Twitter at @SevOneInc.

About Westfield Capital Management Company, L.P.
Westfield Capital Management Company, L.P., founded in 1989, is an SEC-registered investment adviser that specializes in providing quality investment management services to institutions and wealthy individuals. The firm supervises domestic growth equities, with products focusing on each segment of the capitalization spectrum. Its investment professionals employ a disciplined fundamental approach to research, yet the investment process is designed to be flexible and responsive to changes and opportunities in the market.

Bain Capital Ventures
Bain Capital Ventures (BCV) provides seed through growth capital for companies focused on technology and technology-enabled services primarily for enterprise customers. BCV invests across stages in leading infrastructure and application software businesses. Select BCV investments include BloomReach, BillTrust, Docusign, Gainsight, Infusionsoft, Kiva Systems, LinkedIn, Optimizely, Rapid7, SolarWinds, SurveyMonkey. TellApart and VMTurbo. As the venture capital affiliate of Bain Capital, a leading global alternative assets firm, BCV has partnered with more than 200 companies since 1984 to start, build, commercialize and grow their businesses. BCV has approximately $3 billion of assets under management and has offices in the Bay Area, New York City and Boston. Follow BCV at @BainCapVC or visit the website at www.baincapitalventures.com.

About Brookside Capital
Founded in 1996, Brookside Capital is one of the world’s leading global long/short hedge funds and is part of Bain Capital. Our experienced team consists of industry oriented professionals, many of whom bring management consulting or direct operating experience as part of their experience set.

We are principal investors and we employ a fundamental bottom-up research process to identify the best long-term investment opportunities across the globe. Our analysis focuses on industry attractiveness, competitive positioning and overall management capability.

About Osage Venture Partners
Osage Venture Partners (OVP) is a venture capital firm located just outside of Philadelphia, PA that invests in early-stage business-to-business (B2B) software companies headquartered on the East Coast. OVP raised its first fund in 2005, and has invested almost exclusively in B2B software companies since that time. With over $100M under management, OVP seeks to invest in determined and creative entrepreneurs and provide them with the assistance required to build high growth businesses. For more information, visit www.osagepartners.com/ventures.

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Oberthur Technologies (OT), a world leader in digital security solutions for the mobility space, announced its selection by Allstar, UK’s leading fuel card provider, to support the migration of their fuel cards from magnetic stripe to EMV chip cards. Allstar’s 1.1 million cardholders will benefit from payment security and ease-of-use over more than 7,600 filling stations all across the UK.

In Europe, EMV migration is completed for payment cards issued by banks, thus protected against fraud, including in the UK where EMV has proven its efficiency. But there are still a lot of other payment cards, issued by various types of retail players (fuel/fleet, supermarkets, luncheon vouchers, etc.) that are still using magstripe technology. Those issuers thus become at risk and are the potential next targets for fraudsters.

This is why Allstar has decided to improve the security and enhance the capability of their cards by choosing to implement EMV in their new generation of fuel cards. OT is assisting for EMV setup and artwork design, and provides the cards and personalization from its WISE offering. This range of OT services will contribute to reinforce the security of Allstar cards against fraud as well as simplifying the deployment and the shopping experience throughout the network.

With WISE (White label, Independent, Secure, EMV), OT offers products and solutions dedicated to domestic payment or ATM schemes, retailers, fuel retailers, etc. wishing to migrate from magnetic stripe to chip cards to take advantage of all the benefits of EMV (security and interoperability) to enjoy a simplified, safer shopping experience.

“OT is delighted to bring its experience in the smartcard industry to help EMV projects become a reality, as we do in the US market where we are leading EMV migration. We are proud to support the enhancement of fuel card features such as Allstar’s. We are convinced this is a step forward to fight against payment fraud and to enhance customer experience including contactless payment,” said Eric Duforest, Managing Director of OT’s Financial Services Institutions activity.

Peter Bridgen, Managing Director Fleetcor UK Fuel Cards. “This is a major change for us, our network and our customers. By partnering with OT we will be able to offer safe and simple payment means across our extensive portfolio of products and services. OT has a great track record in EMV migration and will be able to support us with its complete solution to allow for a smooth transition.”

The migration is expected to be completed by the end of the year.

ABOUT OBERTHUR TECHNOLOGIES

OT is a world leader in digital security solutions for the mobility space. OT has always been at the heart of mobility, from the first smart cards to the latest contactless payment technologies which equip millions of smartphones. Present in the Payment, Telecommunications and Identity markets, OT offers end-to-end solutions in the Smart Transactions, Mobile Financial Services, Machine-to-Machine, Digital Identity and Transport & Access Control fields. OT employs over 6 000 employees worldwide, including almost 700 R&D people. With more than 50 sales offices across 5 continents and 1 manufacturing hub by region, OT’s international network serves clients in 140 countries. For more information: www.oberthur.com

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• Tata Capital introduces new wedding loan product
• Contest Winners get a chance to meet Shahid Kapoor and Alia Bhatt!

Presenting ‘Har Shaadi Hai Shaandaar’ Contest in association with the highly anticipated Bollywood film ‘Shaandaar’!

One of the greatest challenges in the years to come will be to turn city centres into smart, connected, secure places. Today, 250 of the world's cities are testing out innovative projects that are optimising their urban services and improving their inhabitants' or users' living conditions. Barcelona, New York, London, Singapore and Nice, France were some of the smartest cities in 2015¹. They have been pioneers, implementing a new rationalised environmental design concept that is turning out beneficial to all.

The "Smart Cities" concept is riding high. In it, technologies are put to work for a specific purpose: to turn city centres into connected, smart places, which in turn foster better quality of living, for individuals and for communities at large. "Smart Cities" have set a new standard, providing for consistency between all of the modes that connect citizens up with the rest of the municipal environment and the public authorities.

The massive penetration of new technologies in our everyday lives (Internet, Smartphones, notebooks, computers, mobile applications, NCF - Near Field Communication - or the spread of "contactless" payment) has sparked the public authorities to re-think all of their services to citizens. In this new environment, protecting the security and privacy of citizens remains no less a priority.

1.1 Telecommunications: Building Social Bonds

The mobile telephone sector is also in the throes of expansion: as of late-2014, there were 7.1 billion SIM registered card connections across the world, as well as 243 million machine-to-machine connections (M2M)². It is expected that there will be another one billion subscribers by 2020, raising the global penetration rate to approximately 60%.

This level of world-wide coverage offers a number of benefits to society: those living in isolation will enjoy better access to services and mobility, from which they were previously cut off. If, in 2050, 75% of the population will indeed be living in urban areas, the rural areas will be even more reliant on such technologies to bring them out of their isolation.

Receiving care via telemedicine, sharing individual health data or being monitored remotely by a healthcare provider -- all of this is now possible via cell phone, thanks to mobile health, or mHealth.

The INNOVATION PLAYGROUND at CARTES SECURE CONNEXIONS will allow you to test:
Connected Temperature Sensor
In the field of healthcare, one of the major challenges in sensitive product transport remains the transfer of liability between players at each stage of the logistics chain. Connected temperature sensors offer proof of product temperature, at any time and in a glance, thanks to ongoing communication between sensor and Smartphone.
Key advantages:

• Guaranteed liability transfer at each stage of the delivery process
• Real-time history, even on sealed packages
• Checks for thermal, physical or other impacts
• No equipment cost to the user

M2M communications (machine-to-machine) and the Internet of Things are further mega-trends. In 2015, Smart Cities will use 1.1 billion connected objects; by 2020, that figure will reach 9.7 billion³. Smart Homes and Smart Office Buildings will account for 45% of connected objects in 2015. Boosted by investments and service potential, the rate is expected to reach 81% in 2020.
Accounting for 42% of connections world-wide, Asia is now the largest market in terms of M2M systems, followed by Europe (28%), North America (18%), Latin America (8%), Africa (4%) and Oceania (1%).

The INNOVATION PLAYGROUND at CARTES SECURE CONNEXIONS will allow you to test:

Connected Screens
Think&Go is revolutionising screens, making them fully "ready to communicate" with all connected objects (telephones, cards, watches, etc.), and creating new customer pathways for 100% of the consumer population, including paywalls. Each pixel on the screen interacts with the connected objects, and as data move in both directions, this enables a tailored experience and consumer engagement in under one second.

Examples of applications:

• Drive-to-store: consumers use their Smartphone or contactless card to download discount coupons

1.2Smart electricity grids: managing electricity use more intelligently

Smart electricity grids, a major advance for industry, enable use that is better-suited to electrical resources, all the while trimming expenditure and improving infrastructure efficiency. Homes and public buildings will be both interconnected and smart-"enabled", thanks to their integrated services environment, and will be able to deliver better-tailored services.
By 2019, the annual cost-savings generated by smart grid projects, thanks in particular to lower energy and CO₂ emissions will reach $10.7 billion⁴. Emissions reductions are on par with those generated by annual use, i.e., 130 million barrels of oil⁵.

The INNOVATION PLAYGROUND at CARTES SECURE CONNEXIONS will allow you to test:

Gazpar, the Communicating Gas Metre

Gazpar is GrDF's communicating gas metre, set to equip 11 million natural gas customers, including both individual users and businesses. The concept: customers will be addressed a reading of their gas use levels daily, so that they can save energy.
Not only will this usher in a new era in metering, customers will also be able to take concrete action on their power use using data that is accurate to the day.

Key advantages:

• Monitors and analyses natural gas use daily
• Monthly use data sent out automatically
• Simplifies technical line works

Electricity infrastructure settings

Legrand's electrical energy metres simplify settings, maintenance and diagnostics, before and after power-up Smart data are sent straight to the Smartphone, making adjustments and updates that much simpler. Citizens will enjoy easy access to their everyday use, broken down by type of usage, while technical work will be simplified, making for lower costs overall

Key advantages:

• Settings secured at time of installation
• Optimised installation time
• Lower operating costs

1.3Payment: The Central Role of Contactless

Payment systems play a major part in smart cities. They make consumers' lives easier by offering them services that can be directly accessed from their mobile devices. Transparent, simple payment methods mean improved quality of living, whether in terms of liveability, practicability and sustainability.
By 2016, over 2 billion US dollars (or 1.7 billion⁶ d’euros) in e-commerce will have been generated by mobile digital assistants. The engagement of American consumers in the mobile sector is so high that M-commerce revenues are expected to amount to 50% of total digital commerce in the United States by 2017⁷.
The major demand for "contactless" will be heightened by the arrival of new players on the market, such as Apple Pay (in the United States), Samsung Pay, or Android Pay, which use NFC paired up a Magnetic Secure Technology, or Host Card Emulation.

1.4e-Government

Many of Europe's countries have become pioneers in creating secure identification. Governments have invested millions in building highly-secure, reliable identification systems, both physical and electronic, based on biometrics. According to a report on the e-identification market, by 2018, 127 countries will have rolled out nationwide e-identification systems, delivering over 740 million e-identifications annually, generating over €49.1 billion⁸ in revenue between 2013 and 2018⁹
The identity-related projects run by governments help them better pinpoint their populations' characteristics in order to provide them with improved services. Secure identification is guaranteed by smart card, which issues electronic certificates, to be used during on-line identification. As a result, citizens can access government services, such as tax payments, document signature or document access; meanwhile, governments can make their services more efficient and better manage their resources.
Digital or electronic identification help narrow the gap between citizens and their government, and are a key component in society's move toward greater environmental friendliness.

The INNOVATION PLAYGROUND at CARTES SECURE CONNEXIONS will allow you to test:

Autonomous Access Control

Secure identification remains the cornerstone of access control systems. Smartphones or badges have replaced keys and simplify everyday living. Autonomous access control has major implications for high-security military and industrial sites, airports, and service sector players requiring high levels of security (banks, head offices of major companies, ministries, etc.)

Key advantages:

• Remote administration for access rights
• Secure and autonomous access control
• Door lock and unlock history
• Access rights and authorisation management for regular or one-time visitors
• Few users constraints

• ESTONIA: e-Identification in Estonia is one of the country's key public infrastructures, making it possible for citizens to use secured services on-line. Estonia has also opened up a mobile ID which uses the same PKI (Public Key Infrastructure) as for the eID card, except that the data are stored on a secure SIM card inside the telephone.
• EUROPE: The European Union has created eIDAS, which includes electronic identification recognition and covers all trusted electronic services between its 28 Member States.
• INDIA: The Aadhaar Card, authorised by the UIDAI (The Indian Identification Authority), provides each of the country's residents with a unique identification number. This is a major tool that makes it possible to avoid misappropriation of subsidies and successfully add new financial programmes.
• UAE: The United Arab Emirates' identification card has become the standard in authenticating transactions that are run via the departments of government websites and different private organisations.

2.5 Examples of Smart Cities

Detailed analysis of all the ways in which cities show "smart behaviour" highlights what it means to make intelligent use of power grids, manage traffic and light up streets, along with other aspects such as technological capacity and social cohesion.

2.1 Barcelona, Spain

The orthogonal bus system, a bicycle exchange programme, the contactless "tap-and-go" payment programme based on NFC technology and the new urban sensors all make this city a living, breathing laboratory.
After reviewing a range of options, Barcelona chose to invest in a sophisticated tool that remotely controls the street lighting system. It has also rolled out more than 19,500 smart metres. Urban transport was designed to include an orthogonal bus system with "smartquesinas" stops (interconnected and sustainable bus stops, equipped with technologies that improve the user experience).

2.2New York, United States

New York, one of the world's most heavily-populated metropolises, has been a devotee of new technologies for years, making it a city on the cutting edge. One prime example is its interactive "City 24/7" Platform, which includes information about government programmes, local companies and New York citizens. The tool is capable of providing data on anyone, anywhere, any time and on any device. Furthermore, the City is considering building the United States' largest Wi-Fi network, and gradually replacing all of its phone booths with Wi-Fi hotspots.

2.3London, United Kingdom

The road and passenger transport management system in London is one of the most efficient worldwide. Some of its innovative features include: traffic-based pricing, which uses license plate recognition technologies to calculate how heavily-loaded the roads are, thus lowering the number of vehicles per day in The City by over 70,000 - the smart road system tested during the Olympic Games, the Barclays Cycle Hire Scheme (self-service bicycle rental) and Wi-Fi in 150 Underground stations in 2014. The Oyster contactless card in use at TfL (Transport for London), which can be filled up in advance using a credit or debit card, offers users the option of instant payment to travel. It has paved the way for a digital wallet system, which would make for considerably greater efficiency.
London will invest more than £200 million (or €281.2 million) in order to become an even smarter city by 2018.

2.4Nice, France

Working in conjunction with Think Global¹⁰, the City of Nice and Cisco have produced the "Connected Boulevard". Boulevard Victor Hugo, in the centre of Nice, is home to the first proof of concept project for the "Internet of Everything", creating a smart city zone, complete with 200 sensors and detection system. The data collected are reviewed and analysed in order to provide the city and its residents with contextual information about: parking, traffic, street lighting, waste treatment and, last but not least, environmental quality, as tested in real time. The first pilot tests, conducted on intelligent parking, showed that automobile density could be cut by at least 30%, making for a drop in air pollution, as well as an increase in parking revenue.

2.5Singapore

In 2014, Singapore's Infocomm Development Authority (IDA) unveiled the city's new smart platform, the SNP-Smart Nation Platform. Designed around three key capabilities - connection, collection and comprehension - it provides an operational system into which all public agencies can log. The system will activate the key data collected via sensors placed intentionally at the outer edges of the city, so that they can remain anonymous, secure, managed and shared. The data will then be used to foster greater responsiveness and anticipation in services to residents.
Singapore's eCitizen portal offers access to a one-stop shop including 400 governmental e-services, which deliver content gathered by different agencies. Over 100 mobile-only services from government agencies, or non-governmental entities such as hospitals and universities, along with applications co-designed by the private sector, using government data, are available at mGov@SG.

¹ Juniper Research (2015) – "Global Smart City – 2015".
² Ibid.
³ "Smart cities will Include 10 Billion Things by 2020" – Smart Insights Report (2015).
⁴ Exchange rate as at 15 June 2015
⁵ Juniper Research - “Smart Cities: Strategies, Energy, Emissions & Cost Savings 2014-2019”.
⁶ Exchange rate as at 15 June 2015
⁷ Gartner Study 2015 - "Top 10 Strategic Predictions for 2015 and Beyond: Digital Business is driving Big change".
⁸ Exchange rate as at 25 June 2015
⁹ Acuity Market Intelligence (2014) – "The Global national eID Industry Report".
¹⁰ A collaborative project that has brought together start-ups and major corporations, working together to achieve optimal flexibility and provide smart cities with the urban solutions they need.

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Believing that small efforts can make a big difference, Wells Fargo Enterprise Global Services (EGS) successfully completed its fourth annual volunteering month in Hyderabad, Bengaluru and Chennai throughout September. As part of this year’s event, more than 2,150 employees partnered with several non-government charitable institutions to contribute more than 12,000 hours of service to positively impact their communities.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=51196719&lang=en

A Wells Fargo volunteer teaching students at the Kothaguda School in Hyderabad as part of the volunteering month. (Photo: Business Wire)

Throughout the volunteering month, Wells Fargo employees supported causes such as community development, education and the environment. Whether it was a conversation to build a career, a helping hand for a community kitchen, or supporting education for children, Wells Fargo EGS volunteers actively took part in more than 100 projects to improve their local communities.

“In Wells Fargo, we encourage our team members to volunteer and support causes they are passionate about. We believe that working together and contributing in small ways collectively makes a big difference to the communities we are part of,” said Vishnupriya Saksena, Head of Corporate Sustainability for EGS.

Some of the highlights from this year’s volunteering month included:

• Planting trees: More than 2,500 saplings planted across Bengaluru and Hyderabad
• Recording of audio books for blind students: More than 150 books recorded for blind students in Hyderabad
• Eye screening, health camp, career orientation for youth, and interaction with and learning sessions for special children
• Participating on in the Swachh Bharat campaign in Chennai
• Collecting and distributing of food to the needy and the homeless

Volunteers felt they gained more than they gave.

“It was a wonderful experience to be with the kids. The unconditional love I experienced was just unmatchable,” said Vijay Ravuri, who volunteered to teach at a school in Hyderabad.

Some of the Wells Fargo volunteers also promised to do more.

“It was a great experience to contribute towards cleaning the Kowdenahalli Lake precincts. I would love to go back and do much more,” said Lina Nair, who took part in a project to clean this natural resource and improve the environment.

The volunteering month gives Wells Fargo team members an incredible opportunity to get involved in our communities — by volunteering time, giving financially, or both — to help them grow strong and to bring our Culture of Caring^SM way to life.

Social Responsibility at Wells Fargo

Wells Fargo’s social responsibility efforts are focused on five strategic areas: ethical business practices, product and service responsibility, team member engagement, environmental stewardship and community investment. These areas form the foundation of its Corporate Social Responsibility strategy and are brought to life through its initiatives. Wells Fargo EGS - India continuously works towards ensuring that while doing business, the company considers the environmental, social and economic needs as part of its everyday decisions.

Wells Fargo wants all its team members to be community leaders. Team members, regardless of rank or title, are the eyes and ears of the company in the community, helping to identify and decide how Wells Fargo should respond to community needs. Team members pledge their time and money to teach, build schools, work on environmental projects, raise funds and serve in non-profit organizations. The work is driven by genuine social impact brought about by contributing resources and time through volunteering efforts

About Wells Fargo Enterprise Global Services India

Wells Fargo Enterprise Global Services (EGS) is a critical component of the Wells Fargo’s (Wells Fargo Bank N.A.) strategy to leverage distinct advantages in doing business in a global environment. Wells Fargo EGS - India (Wells Fargo India Solutions Private Limited and Wells Fargo International Services Private Limited) is primarily an extension of the technology, operations, knowledge services, and corporate support teams of Wells Fargo. It engages in application development and support, testing, other technology functions, international operations, knowledge support, middle and back-end banking process solutions for a wide spectrum of Wells Fargo’s needs. The entities currently have an 8500+ strong team across their offices in Hyderabad, Bengaluru and Chennai.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives and stories are also available at blogs.wellsfargo.com and at stories.wellsfargobank.com.

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Murex, the leading provider of capital markets solutions, announces a new release of MX.3 for Investment Management, a fully integrated solution for cross-asset portfolio management. The solution is tailored to the requirements of asset managers while leveraging the power and functionality of Murex's market leading front-to-back-to-risk platform.

In the current economic and regulatory environment, asset managers are having to diversify their investments to meet clients' needs and to improve performance. Both regulators and investors are demanding greater transparency, with fuller reporting and explanation of results. Securities and cash inventories need to be consolidated in a timely manner and managed more proactively to meet the evolving margining requirements for cleared and non-cleared products.

Randa Saghieh, head of Murex Asset Management, comments: “More sophisticated risk analytics are required, not only to comply with new rules, but also to enable managers to include risk more effectively in their investment decisions. Our new solution has evolved to support clients in all these challenges.”

Among the extended features of the new release is an enhanced version of the Investment Management Risk & Performance Attribution module. The module takes advantage of the extensive cross-asset coverage and sophisticated pricing and risk analytics capabilities of the MX.3 platform with detailed decomposition of risk and performance by effects, at any aggregate or detailed level.
This makes it easier for managers to monitor their sources of risk ex-ante, and how their bets are placed, as well as to explain the risk/return decisions ex-post to investors. Managers can now also rebalance their portfolio against an optimal portfolio so that it aligns with their ex ante risk expectations.
The release also benefits from major investments in the Collateral space: managers can now rely on full collateral management and transformation capacity including securities and cash, margining, and margin call processing.

MX.3 for Investment Management provides full automation throughout the investment lifecycle, integrating performance attribution and other dedicated portfolio management functionality with order management, compliance and risk. Asset managers can rely on MX.3 strong instruments offering to diversify their investments to meet clients' return expectations and improve performance.

With the new release of MX.3 for Investment Management, Murex is demonstrating its commitment to the buy side and continuing to grow its market share.

About Murex

Since its creation in 1986, Murex has played a key role in proposing effective technology as a catalyst for growth and innovation in capital markets, through the design and implementation of integrated trading, portfolio management, risk management, processing and post-trade solutions.
Driven by innovation, Murex’s MX.3 Front-to-Back-to-Risk platform leverages the firm’s collective experience and expertise, accumulated through its strategic client partnerships, to offer an unrivalled asset class coverage and best-of-breed business solutions at every step of the financial trade lifecycle.
Clients worldwide benefit from the MX.3 platform’s modular set of business solutions, specifically designed to solve the multi-faceted challenges of a transforming financial industry, while relying on the strength of 2,000 dedicated specialists.
To learn more, please visit https://www.murex.com/ or follow us on Twitter @Murex_Group.

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Bank of America Corporation today reported net income of $4.5 billion, or $0.37 per diluted share, for the third quarter of 2015, compared to a net loss of $232 million, or $0.04 per share, in the year-ago period.

"We saw solid results this quarter by continuing to execute our long-term strategy," said Chief Executive Officer Brian Moynihan. “The key drivers of our business -- deposit taking and lending to both our consumer and corporate clients -- moved in the right direction this quarter and our trading results on behalf of clients remained fairly stable in challenging capital markets conditions. Our balanced approach to serving customers and clients is on track as the economy continues to move forward."

"Our results this quarter reflect our ongoing efforts to improve operating leverage while continuing to invest in our business," said Chief Financial Officer Paul Donofrio. "We built capital and liquidity to record levels and grew total loans for the second consecutive quarter while continuing to operate within our risk framework."

^{1 Fully taxable-equivalent (FTE) basis for the corporation is a non-GAAP financial measure. For more information, see endnote G. Net interest income on a GAAP basis was $9.5 billion, $10.5 billion and $10.2 billion for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively. Total revenue, net of interest expense, on a GAAP basis was $20.7 billion, $22.1 billion and $21.2 billion for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively.
2 Noninterest expense includes litigation expense of $231 million, $175 million and $6.0 billion for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively.}

Revenue, net of interest expense, on an FTE basis, was $20.9 billion^(G), down $521 million from the third quarter of 2014. This was largely driven by higher negative market-related adjustments on the company's debt securities portfolio due to lower long-term interest rates, partially offset by higher positive net debit valuation adjustments (DVA), compared to the year-ago quarter. The current quarter included $597 million in negative market-related adjustments and $313 million in positive net DVA.

Net interest income, on an FTE basis, was $9.7 billion in the third quarter of 2015, down 7 percent, or $702 million, from the year-ago quarter. Excluding the impact of market-related adjustments, net interest income was $10.3 billion in the third quarter of 2015, compared to $10.0 billion in the prior quarter and $10.5 billion in the year-ago quarter^(G). The decline from the third quarter of 2014 was driven by lower consumer loan balances and lower yields, partially offset by commercial loan growth and lower long-term debt balances.

Noninterest income was up 2 percent, or $181 million, from the year-ago quarter to $11.2 billion. Results for the most recent quarter reflected year-over-year increases in mortgage banking and card income, higher asset management fees and other income, partially offset by lower capital markets revenue and lower equity investment income.

The provision for credit losses increased $170 million from the third quarter of 2014 to $806 million. Net charge-offs were $932 million in the third quarter of 2015, compared to $1.1 billion in the second quarter of 2015 and $1.0 billion in the third quarter of 2014. The net charge-off ratio improved to 0.42 percent in the third quarter of 2015 from 0.46 percent in the year-ago quarter. The decline in net charge-offs was driven primarily by an improvement in consumer portfolio trends, partially offset by higher commercial charge-offs. The net reserve release was $126 million in the third quarter of 2015, compared to a net reserve release of $407 million in the third quarter of 2014.

Noninterest expense declined $6.3 billion, or 31 percent, from the third quarter of 2014 to $13.8 billion. Excluding litigation expense of $231 million in the third quarter of 2015 and $6.0 billion in the year-ago quarter, noninterest expense decreased 4 percent from the year-ago quarter to $13.6 billion, reflecting lower Legacy Assets and Servicing (LAS) expense^(A). Continued cost management efforts allowed the company to continue to invest in growth opportunities while keeping expenses relatively flat from the prior quarter.

The effective tax rate for the third quarter of 2015 was 26 percent, which included benefits related to the restructuring of certain non-U.S. subsidiaries.

Business Segment Results

The company reports results through five business segments: Consumer Banking, Global Wealth and Investment Management (GWIM), Global Banking, Global Markets, and Legacy Assets and Servicing (LAS), with the remaining operations recorded in All Other.

^{1 Return on average allocated capital is a non-GAAP financial measure. The company believes the use of this non-GAAP financial measure provides additional clarity in assessing the results of the segments. Other companies may define or calculate this measure differently. For reconciliation to GAAP financial measures, refer to pages 22-24 of this press release.}

Business Highlights

• Average deposit balances increased $34.3 billion, or 7 percent, from the year-ago quarter to $548.9 billion.
• The company originated $13.7 billion in first-lien residential mortgage loans and $3.1 billion in home equity loans in the third quarter of 2015, compared to $11.7 billion and $3.2 billion, respectively, in the year-ago quarter.
• Client brokerage assets increased $8.7 billion, or 8 percent, from the year-ago quarter to $117.2 billion, driven primarily by strong account flows, partially offset by lower market valuations.
• The company issued 1.3 million new consumer credit cards in the third quarter of 2015, up from 1.2 million cards issued in the year-ago quarter.

Financial Overview

Consumer Banking reported net income of $1.8 billion, up 5 percent from the year-ago quarter. The business saw increased customer activity during the quarter with year-over-year increases in deposits, mortgage originations, credit card issuance and brokerage assets. In addition, the number of mobile banking users increased 14 percent from the year-ago quarter to 18.4 million users.

Revenue was up 1 percent from the third quarter of 2014 to $7.8 billion, as higher noninterest income was largely offset by lower net interest income. Net interest income declined as the benefit from higher deposits was more than offset by the impact of the company's allocation of asset liability management (ALM) activities and lower card yields. Noninterest income was up 6 percent to $2.8 billion, driven by gains on divestitures and higher card income, partially offset by lower service charges.

The provision for credit losses decreased $20 million from the year-ago quarter to $648 million, driven by continued improvement in credit quality, primarily related to the small business and credit card portfolios.

Noninterest expense decreased 1 percent from the third quarter of 2014 to $4.4 billion, as the company continued to optimize its delivery network and invest some of the savings from these initiatives back into the business by adding sales specialists. Over the last 12 months, the company has added more than 300 mortgage loan officers, financial solutions advisors and small business bankers to help serve customers and deepen relationships.

Driven by the continued growth in mobile banking and other self-service customer touchpoints, the company closed or divested 244 locations and added 38 locations since the third quarter of 2014, resulting in a total of 4,741 financial centers at the end of the third quarter of 2015.

Return on average allocated capital was 24 percent in the third quarter of 2015, compared to 22 percent in the third quarter of 2014.

^{1 Return on average allocated capital is a non-GAAP financial measure. The company believes the use of this non-GAAP financial measure provides additional clarity in assessing the results of the segments. Other companies may define or calculate this measure differently. For reconciliation to GAAP financial measures, refer to pages 22-24 of this press release.
2 Total client balances are defined as assets under management, client brokerage assets, assets in custody, client deposits and loans (including margin receivables).}

Business Highlights

• The number of wealth advisors increased by 998 advisors from the year-ago quarter to 18,037, due to continued investment within the Advisor Development program, improved competitive recruiting and near historically low advisor attrition levels. This increase includes 174 advisors in Consumer Banking as the company continues to expand its specialist network to broaden and deepen client relationships.
• Third-quarter 2015 long-term assets under management (AUM) flows of $4.4 billion were the 25^th consecutive quarter of positive flows.
• Average deposit balances increased 2 percent, or $4.6 billion, from the year-ago quarter to $244.0 billion, and average loan balances increased 10 percent from the year-ago quarter to $133.2 billion, marking the 22^nd consecutive quarter of loan balance growth.
• Asset management fees increased 2 percent from the third quarter of 2014 to $2.1 billion.

Financial Overview

Global Wealth and Investment Management reported net income of $656 million, compared to $812 million in the third quarter of 2014. Revenue was down $198 million to $4.5 billion, as higher asset management fees were more than offset by lower transactional revenue and the impact of the company's allocation of ALM activities on net interest income. This is the continuation of a trend in transactional revenue as clients continue to migrate from brokerage to managed relationships, compounded by lower markets and muted new issue activity.

The third-quarter 2015 pretax margin was 23 percent, down from 27 percent in the year-ago quarter.

Noninterest expense increased slightly from the year-ago quarter to $3.4 billion, as litigation-related costs were higher and the number of wealth advisors grew by 6 percent from the year-ago quarter.

The benefit in the provision for credit losses decreased $13 million from the year-ago quarter to a benefit of $2 million, driven by higher recoveries recorded in the year-ago quarter.

Return on average allocated capital was 22 percent in the third quarter of 2015, compared to 27 percent in the year-ago quarter.

^{1 Return on average allocated capital is a non-GAAP financial measure. The company believes the use of this non-GAAP financial measure provides additional clarity in assessing the results of the segments. Other companies may define or calculate this measure differently. For reconciliation to GAAP financial measures, refer to pages 22-24 of this press release.}

Business Highlights

• Bank of America Merrill Lynch generated firmwide investment banking fees of $1.3 billion, excluding self-led deals, in the third quarter of 2015, maintaining its No. 3 global ranking^(H).
• Bank of America Merrill Lynch was ranked among the top three global financial institutions in high-yield corporate debt, leveraged loans, mortgage-backed securities, asset-backed securities, convertible debt, investment grade corporate debt, syndicated loans, and debt capital markets during the third quarter of 2015^(H).
• Firmwide advisory fees of $391 million were the second-highest results since the Merrill Lynch merger.
• Average loan and lease balances increased $26.8 billion, or 9 percent, from the year-ago quarter, to $310 billion, largely due to growth in the commercial and industrial loan portfolio and in the commercial real estate portfolio.

Financial Overview

Global Banking reported net incomeof $1.3 billion in the third quarter of 2015, compared to $1.5 billion in the third quarter of 2014, as strong loan and deposit growth and higher advisory fees were offset by lower net interest income and lower underwriting fees in line with lower industry volumes.

Net interest income was down $105 million, reflecting the impact of the company's allocation of ALM activities and liquidity costs, as well as compression in loan spreads. This was offset in part by loan growth. Firmwide investment banking fees, excluding self-led deals, decreased to $1.3 billion in the third quarter from the year-ago quarter of $1.4 billion, with higher advisory fees more than offset by a decline in equity issuance fees.

The return on average allocated capital was 14 percent in the third quarter of 2015, compared to 18 percent in the year-ago quarter.

The provision for credit losses increased $243 million from the year-ago quarter to $179 million, associated with higher loan balances and higher reserve releases in the prior year. Noninterest expense was relatively unchanged from the year-ago quarter at $2.0 billion.

^{1 Represents a non-GAAP financial measure. Net DVA gains were $313 million, $102 million and $205 million for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively.
2 Return on average allocated capital is a non-GAAP financial measure. The company believes the use of this non-GAAP financial measure provides additional clarity in assessing the results of the segments. Other companies may define or calculate this measure differently. For reconciliation to GAAP financial measures, refer to pages 22-24 of this press release.}

Business Highlights

• Equities sales and trading revenue, excluding net DVA, increased 12 percent from the year-ago quarter to $1.2 billion, driven by a strong performance in derivatives, reflecting favorable market conditions^(I).
• Bank of America Merrill Lynch’s U.S. Equity Research Team was ranked No. 1 in the 2015 All-America Institutional Investor survey.

Financial Overview

Global Markets reported net income of $1.0 billion in the third quarter of 2015, compared to $371 million in the year-ago quarter, as lower noninterest expense, principally litigation, was partially offset by lower Fixed Income, Currencies and Commodities (FICC) sales and trading revenues.

Revenue decreased $90 million, or 2 percent, from the year-ago quarter to $4.1 billion. Excluding net DVA, revenue decreased $198 million, or 5 percent, to $3.8 billion^(J). Net DVA gains were $313 million, compared to $205 million in the year-ago quarter.

Sales and trading revenue was relatively unchanged from the year-ago quarter at $3.5 billion. Excluding net DVA, sales and trading revenue was down 4 percent from the third quarter of 2014 to $3.2 billion as higher equities sales and trading revenue was more than offset by lower FICC sales and trading revenue^(I).

Fixed Income, Currencies and Commodities sales and trading revenue, excluding net DVA, decreased 11 percent from the year-ago quarter, due to declines in credit-related businesses, offset in part by improvement in rates products^(I). Equities sales and trading revenue, excluding net DVA, increased 12 percent from the year-ago quarter, led by a strong performance in derivatives, reflecting favorable market conditions^(I).

Noninterest expense of $2.7 billion decreased $674 million from the year-ago quarter, driven by lower litigation expense. The year-ago quarter included approximately $600 million in litigation expense, the majority of which was non-deductible for tax purposes. Excluding litigation, noninterest expense declined 4 percent, driven by lower revenue-related expenses^(K).

Return on average allocated capital was 11 percent in the third quarter of 2015.

^{1 Noninterest expense includes litigation expense of $228 million, $59 million and $5.3 billion for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014.}

Business Highlights

• The number of 60+ days delinquent first-mortgage loans serviced by LAS declined to 114,000 loans at the end of the third quarter of 2015, down 18,000 loans, or 14 percent, from the prior quarter and down 107,000 loans, or 48 percent, from the year-ago quarter.
• Noninterest expense, excluding litigation, was approximately $0.9 billion in the third quarter of 2015, compared to $0.9 billion in the second quarter of 2015 and $1.3 billion in the third quarter of 2014^(B).

Financial Overview

Legacy Assets and Servicing reported a net loss of $196 million in the third quarter of 2015, compared to a net loss of $5.1 billion for the same period in 2014, driven by lower litigation expense. Revenue increased in the third quarter of 2015 as mortgage servicing rights (MSR) net-of-hedge performance improved and the representations and warranties provision declined, partially offset by lower mortgage servicing fees. Mortgage servicing fees were down 27 percent from the year-ago quarter to $345 million as the number of first-lien and second-lien loans serviced by LAS declined from the third quarter of 2014.

The provision for credit losses decreased $261 million from the third quarter of 2014 to $6 million, driven primarily by costs related to the consumer relief portion of the U.S. Department of Justice (DoJ) settlement in the year-ago quarter.

Noninterest expense decreased $5.5 billion from the year-ago quarter to $1.1 billion primarily due to a decrease in litigation expense of $5.1 billion and lower default-related servicing expenses. Excluding litigation, noninterest expense was $0.9 billion in the third quarter of 2015, relatively unchanged from the prior quarter and down $430 million, or 32 percent, from the third quarter of 2014 as the number of 60+ days delinquent first-mortgage loans serviced by LAS declined 48 percent to 114,000 loans^(B).

^{1 All Other consists of ALM activities, equity investments, the international consumer card business, liquidating businesses, residual expense allocations and other. ALM activities encompass residential mortgages, debt securities, interest rate and foreign currency risk management activities including the residual net interest income allocation, the impact of certain allocation methodologies and accounting hedge ineffectiveness. Beginning with new originations in 2014, we retain certain residential mortgages in Consumer Banking, consistent with where the overall relationship is managed; previously such mortgages were in All Other. Additionally, certain residential mortgage loans that are managed by Legacy Assets and Servicing are held in All Other. The results of certain ALM activities are allocated to our business segments. Equity investments include our merchant services joint venture as well as Global Principal Investments which is comprised of a portfolio of equity, real estate and other alternative investments.}

All Other reported net income of $4 million in the third quarter of 2015, compared to $509 million for the same period a year ago.

Net interest income decreased $570 million from the year-ago quarter, driven by the negative impact of the market-related adjustments on the company's debt securities due to lower long-term interest rates. Noninterest income rose $123 million from the year-ago quarter to $12 million, driven primarily by approximately $400 million in gains on sales of consumer real estate loans, compared to approximately $230 million in gains in the year-ago quarter. Noninterest income for the third quarter of 2015 also included a charge of $303 million for the payment protection insurance provision (PPI) in the U.K. card business and $385 million in gains of the sale of debt securities. This compares with a PPI charge of $298 million and gains on debt securities of $410 million in the third quarter of 2014.

The provision for credit losses was a benefit of $67 million, compared to a benefit of $265 million in the third quarter of 2014, as the company released reserves at a slower pace compared to the year-ago quarter.

Noninterest expense declined $174 million, reflecting improved litigation and lower personnel and infrastructure costs, partially offset by higher professional fees. The third quarter of 2015 included tax benefits of $507 million, compared with tax benefits of $541 million in the third quarter of 2014.

^{1 Excludes write-offs of PCI loans of $148 million, $290 million and $246 million for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively.
2 Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases during the period.
3 Nonperforming loans, leases and foreclosed properties ratios are calculated as nonperforming loans, leases and foreclosed properties divided by outstanding loans, leases and foreclosed properties at the end of the period.
4 Allowance for loan and lease losses ratio is calculated as allowance for loan and lease losses divided by loans and leases outstanding at the end of the period.
Note: Ratios do not include loans accounted for under the fair value option.}

Credit quality remained strong in the third quarter of 2015 with net charge-offs declining across most major portfolios when compared to the year-ago quarter. The balance of 30+ days performing delinquent loans, excluding fully insured loans, declined across most consumer portfolios from the year-ago quarter. Additionally, nonperforming loans, leases and foreclosed properties were down 27 percent from the year-ago period.

Net charge-offs were $932 million in the third quarter of 2015, compared to $1.1 billion in the second quarter of 2015 and $1.0 billion in the third quarter of 2014. The net charge-off ratio improved to 0.42 percent in the third quarter of 2015 from 0.46 percent in the year-ago quarter. The decline in net charge-offs was driven by an improvement primarily in consumer portfolio trends, partially offset by higher commercial charge-offs. The provision for credit losses increased $170 million from the third quarter of 2014 to $806 million. In the third quarter of 2015, the net reserve release was $126 million compared to a net reserve release of $407 million in the third quarter of 2014.

The allowance for loan and lease losses to annualized net charge-off coverage ratio was 3.42 times in the third quarter of 2015, compared with 3.65 times in the third quarter of 2014. Nonperforming loans, leases and foreclosed properties were $10.3 billion at September 30, 2015, a decrease from $11.6 billion at June 30, 2015 and $14.2 billion at September 30, 2014.

Within the commercial loan portfolio, reservable criticized loans increased 15 percent from the year-ago quarter due to certain downgrades in the company's oil and gas portfolio. However, the reservable criticized rate is still below pre-financial crisis levels.

^{1 Regulatory capital ratios are preliminary. Common equity tier 1 (CET1) capital, Tier 1 capital, risk-weighted assets (RWA), CET1 ratio and supplementary leverage ratio (SLR) as shown on a fully phased-in basis are non-GAAP financial measures. For more information, refer to Endnote (C) on page 13. For a reconciliation to GAAP financial measures, refer to page 18 of this press release.
2 Bank of America received approval to begin using the Advanced approaches capital framework to determine risk-based capital requirements beginning in the fourth quarter of 2015. As previously disclosed, with the approval to exit parallel, U.S. banking regulators requested modifications to certain internal analytical models including the wholesale (e.g., commercial) credit models which will increase our risk-weighted assets in the fourth quarter of 2015. Including these modifications, the estimated pro-forma CET1 ratio under the Basel 3 Advanced approaches on a fully phased-in basis would be 9.7 percent and 9.3 percent at September 30, 2015 and June 30, 2015, respectively. For more information, refer to Endnote (C) on page 13.
3 Basel 3 Advanced approaches estimates assume approval by U.S. banking regulators of our internal analytical models, including approval of the internal models methodology (IMM). As of September 30, 2015, BAC had not received IMM approval.
4 Tangible common equity ratio and tangible book value per share are non-GAAP financial measures. For reconciliations to GAAP financial measures, refer to pages 22-24 of this press release.}

The Common equity tier 1 capital ratio under the Basel 3 Standardized Transition approach was 11.6 percent at September 30, 2015 and 11.2 percent at June 30, 2015.

While the Basel 3 fully phased-in Standardized and fully phased-in Advanced approaches do not go into effect until 2018, the company is providing the following estimates for comparative purposes.

• The estimated Common equity tier 1 capital ratio under the Basel 3 Standardized approach on a fully phased-in basis was 10.8 percent at September 30, 2015 and 10.3 percent at June 30, 2015^(C).
• The estimated Common equity tier 1 capital ratio under the Basel 3 Advanced approaches on a fully phased-in basis was 11.0 percent at September 30, 2015 and 10.4 percent at June 30, 2015^(C).

On September 3, 2015 the Federal Reserve Board and the Office of the Comptroller of the Currency announced that Bank of America received approval to begin using the Advanced approaches capital framework to determine risk-based capital requirements beginning in the fourth quarter of 2015.

As previously disclosed, with the approval to exit parallel run, U.S. banking regulators requested modifications to certain internal analytical models including the wholesale (e.g., commercial) credit models which increased risk-weighted assets as of October 1, 2015. If the modifications to these models were included, the estimated CET1 ratio under the Basel 3 Advanced approaches on a fully phased-in basis would be approximately 9.7 percent and 9.3 percent, at September 30, 2015 and June 30, 2015, respectively^(C).

At September 30, 2015, the estimated fully phased-in supplementary leverage ratio (SLR)^(L) for the Bank Holding Company was approximately 6.4 percent, which exceeds the 5.0 percent minimum for bank holding companies, and the estimated fully phased-in SLR for the company's primary banking entity was approximately 7.0 percent at September 30, 2015, which exceeds the 6.0 percent "well capitalized" level.

At September 30, 2015, Global Excess Liquidity Sources totaled $499 billion, compared to $484 billion at June 30, 2015 and $429 billion at September 30, 2014^(D). Time-to-required funding was 42 months at September 30, 2015, compared to 40 months at June 30, 2015 and 38 months at September 30, 2014^(D). The U.S. Liquidity Coverage Ratio estimate at September 30, 2015 exceeds the fully phased-in 2017 minimum requirement^(M).

Period-end common shares issued and outstanding were 10.43 billion at September 30, 2015, 10.47 billion at June 30, 2015 and 10.52 billion at September 30, 2014. The company repurchased approximately $800 million in common stock during the third quarter.

Tangible book value per share^(E) was $15.50 at September 30, 2015, compared to $15.02 at June 30, 2015 and $14.09 at September 30, 2014. Book value per share was $22.41 at September 30, 2015, compared to $21.91 at June 30, 2015 and $20.99 at September 30, 2014.

------------------------------

^{End Notes}

^{(A) Noninterest expense, excluding litigation expense, is a non-GAAP financial measure. Noninterest expense on a GAAP basis was $13.8 billion, $13.8 billion and $20.1 billion for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively. Litigation expense was $231 million, $175 million and $6.0 billion for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively.}

^{(B) Legacy Assets and Servicing (LAS) noninterest expense, excluding litigation, is a non-GAAP financial measure. LAS noninterest expense was $1.1 billion, $961 million and $6.6 billion for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively. LAS litigation expense was $228 million, $59 million and $5.3 billion in the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively.}

^{(C) Fully phased-in estimates are non-GAAP financial measures. For a reconciliation to GAAP financial measures, refer to page 18 of this press release. On January 1, 2014, the Basel 3 rules became effective, subject to transition provisions primarily related to regulatory deductions and adjustments impacting Common equity tier 1 (CET1) capital and Tier 1 capital. Bank of America received approval to begin using the Advanced approaches capital framework to determine risk-based capital requirements beginning in the fourth quarter of 2015. As previously disclosed, with the approval to exit parallel, U.S. banking regulators requested modifications to certain internal analytical models including the wholesale (e.g., commercial) credit models which will increase our risk-weighted assets in the fourth quarter of 2015. Including these modifications, the estimated pro-forma CET1 ratio under the Basel 3 Advanced approaches on a fully phased-in basis would be 9.7 percent and 9.3 percent at September 30, 2015 and June 30, 2015, respectively. Basel 3 Advanced approaches estimates assume approval by U.S. banking regulators of our internal analytical models, including approval of the internal models methodology (IMM). As of September 30, 2015, BAC had not received IMM approval.}

^{(D) Global Excess Liquidity Sources include cash and high-quality, liquid, unencumbered securities, limited to U.S. government securities, U.S. agency securities, U.S. agency MBS, and a select group of non-U.S. government and supranational securities, and are readily available to meet funding requirements as they arise. It does not include Federal Reserve Discount Window or Federal Home Loan Bank borrowing capacity. Transfers of liquidity from the bank or other regulated entities are subject to certain regulatory restrictions. Time-to-required funding is a debt coverage measure and is expressed as the number of months unsecured holding company obligations of Bank of America Corporation can be met using only the parent company’s Global Excess Liquidity Sources without issuing debt or sourcing additional liquidity. We define unsecured contractual obligations for purposes of this metric as maturities of senior or subordinated debt issued or guaranteed by Bank of America Corporation. We have included in the amount of unsecured contractual obligations the $8.6 billion liability, including estimated costs, for settlements, primarily for the previously announced BNY Mellon private-label securitization settlement.}

^{(E) Tangible book value per share of common stock is a non-GAAP financial measure. For more information, refer to pages 22-24 of this press release.}

^{(F) Return on average tangible common equity is a non-GAAP financial measure. For more information, refer to pages 22-24 of this press release.}

^{(G) Fully taxable-equivalent (FTE) basis for the corporation is a non-GAAP financial measure. For reconciliation to GAAP financial measures, refer to pages 22-24 of this press release. Net interest income on a GAAP basis was $9.5 billion, $10.5 billion and $10.2 billion for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively. Net interest income on an FTE basis, excluding market-related adjustments, represents a non-GAAP financial measure. Market-related adjustments of premium amortization expense and hedge ineffectiveness were ($0.6) billion, $0.7 billion and ($0.1) billion for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively. Total revenue, net of interest expense, on a GAAP basis was $20.7 billion, $22.1 billion and $21.2 billion for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively. Net DVA gains were $313 million, $102 million and $205 million for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively.}

^{(H) Rankings per Dealogic as of October 5, 2015 for the quarter ended September 30, 2015.}

^{(I) Sales and Trading revenue, excluding DVA, is a non-GAAP financial measure. Sales and trading net DVA gains were $313 million and $205 million for the three months ended September 30, 2015 and 2014, respectively. Equities net DVA gains were $35 million and $72 million for the three months ended September 30, 2015 and 2014. FICC net DVA gains were $278 million and $133 million for the three months ended September 30, 2015 and September 30, 2014, respectively.}

^{(J) Global Markets revenue, excluding net DVA, is a non-GAAP financial measure. Net DVA gains were $313 million and $205 million for the three months ended September 30, 2015 and 2014, respectively.}

^{(K) Global Markets noninterest expense, excluding litigation expense, is a non-GAAP financial measure. Global Markets noninterest expense was $2.7 billion and $3.4 billion for the three months ended September 30, 2015 and 2014, respectively. Global Markets litigation expense was $32 million and $601 million for the three months ended September 30, 2015 and 2014, respectively.}

^{(L) The estimated supplementary leverage ratio is measured using quarter-end Tier 1 capital as the numerator, calculated under Basel 3 on a fully phased-in basis. The denominator is supplementary leverage exposure based on the daily average of the sum of on-balance sheet exposures less permitted Tier 1 deductions, as well as the simple average of certain off-balance sheet exposures, as of the end of each month in a quarter. Off-balance sheet exposures include lending commitments, letters of credit, OTC derivatives, repo-style transactions and margin loan commitments. At September 30, 2015, the estimated SLR for the Bank Holding Company on a transition basis was 6.5 percent. Differences between fully phased-in and transitional supplementary leverage exposures are immaterial.}

^{(M) The Liquidity Coverage Ratio (LCR) estimates are based on our current understanding of the final U.S. LCR rules which were issued on September 3, 2014.}

Note: Chief Executive Officer Brian Moynihan and Chief Financial Officer Paul Donofrio will discuss third-quarter 2015 results in a conference call at 8:30 a.m. ET today.

The presentation and supporting materials can be accessed on the Bank of America Investor Relations website at http://investor.bankofamerica.com. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international), and the conference ID is: 79795. Please dial in 10 minutes prior to the start of the call.

A replay will be available via webcast through the Bank of America Investor Relations website. A replay will also be available beginning at noon ET on October 14 through 11:59 p.m. ET on October 22 by telephone at 1.800.753.8546 (U.S.) or 1.402.220.0685 (international).

Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,100 ATMs, and award-winning online banking with 32 million active users and more than 18 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Forward-looking Statements
Bank of America and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent Bank of America's current expectations, plans or forecasts of its future results and revenues, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America's control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.

You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of Bank of America's 2014 Annual Report on Form 10-K, and in any of Bank of America's subsequent Securities and Exchange Commission filings: the Company's ability to resolve representations and warranties repurchase and related claims, including claims brought by investors or trustees seeking to distinguish certain aspects of the ACE Securities Corp. v. DB Structured Products, Inc. (ACE) ruling or to assert other claims seeking to avoid the impact of the ACE ruling; the possibility that the Company could face related servicing, securities, fraud, indemnity, contribution or other claims from one or more counterparties, including trustees, purchasers of loans, underwriters, issuers, other parties involved in securitizations, monolines or private-label and other investors; the possibility that future representations and warranties losses may occur in excess of the Company's recorded liability and estimated range of possible loss for its representations and warranties exposures; the possibility that the Company may not collect mortgage insurance claims; potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory proceedings, including the possibility that amounts may be in excess of the Company’s recorded liability and estimated range of possible losses for litigation exposures; the possibility that the European Commission will impose remedial measures in relation to its investigation of the Company's competitive practices; the possible outcome of LIBOR, other reference rate and foreign exchange inquiries and investigations; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Company's exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, currency exchange rates and economic conditions; the impact on the Company's business, financial condition and results of operations of a potential higher interest rate environment; adverse changes to the Company's credit ratings from the major credit rating agencies; estimates of the fair value of certain of the Company's assets and liabilities; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements, including the potential adoption of total loss-absorbing capacity requirements; the potential for payment protection insurance exposure to increase as a result of Financial Conduct Authority actions; the possible impact of Federal Reserve actions on the Company’s capital plans; the impact of implementation and compliance with new and evolving U.S. and international regulations, including but not limited to recovery and resolution planning requirements, the Volcker Rule, and derivatives regulations; the impact of recent proposed U.K. tax law changes, including a reduction to the U.K. corporate tax rate and the creation of a bank surcharge tax, which together, if enacted, will result in a tax charge upon enactment and higher tax expense going forward, as well as a reduction in the bank levy; a failure in or breach of the Company’s operational or security systems or infrastructure, or those of third parties, including as a result of cyber attacks; and other similar matters.

Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

BofA Global Capital Management Group, LLC (BofA Global Capital Management) is an asset management division of Bank of America Corporation. BofA Global Capital Management entities furnish investment management services and products for institutional and individual investors.

Bank of America Merrill Lynch is the marketing name for the Global Banking and Global Markets businesses of Bank of America Corporation. Lending, derivatives and other commercial banking activities are performed by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, financial advisory and other investment banking activities are performed by investment banking affiliates of Bank of America Corporation (Investment Banking Affiliates), including Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are registered broker-dealers and members of FINRA and SIPC. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. Bank of America Corporation's broker-dealers are not banks and are separate legal entities from their bank affiliates. The obligations of the broker-dealers are not obligations of their bank affiliates (unless explicitly stated otherwise), and these bank affiliates are not responsible for securities sold, offered or recommended by the broker-dealers. The foregoing also applies to other non-bank affiliates.

For more Bank of America news, visit the Bank of America newsroom at http://newsroom.bankofamerica.com.

www.bankofamerica.com

^{(1)The diluted earnings (loss) per common share excludes the effect of any equity instruments that are antidilutive to earnings per share. There were no potential common shares that were dilutive in the third quarter of 2014 because of net loss applicable to common shareholders.
(2)Return on average tangible common shareholders' equity and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of these non-GAAP financial measures provides additional clarity in assessing the results of the Corporation. Other companies may define or calculate non-GAAP financial measures differently. See Reconciliations to GAAP Financial Measures on pages 22-24.
(3)Ratios do not include loans accounted for under the fair value option during the period. Charge-off ratios are annualized for the quarterly presentation.
(4)Balances do not include past due consumer credit card, consumer loans secured by real estate where repayments are insured by the Federal Housing Administration and individually insured long-term stand-by agreements (fully-insured home loans), and in general, other consumer and commercial loans not secured by real estate; purchased credit-impaired loans even though the customer may be contractually past due; nonperforming loans held-for-sale; nonperforming loans accounted for under the fair value option; and nonaccruing troubled debt restructured loans removed from the purchased credit-impaired portfolio prior to January 1, 2010.
(5)Regulatory capital ratios are preliminary.
(6)Common equity tier 1 capital ratios at September 30, 2015 and June 30, 2015 reflect the migration of the risk-weighted assets calculation from the general risk-based approach to the Basel 3 Standardized approach, and Common equity tier 1 capital includes the 2015 phase-in of regulatory capital transition provisions.
(7)Tangible equity ratio equals period-end tangible shareholders' equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders' equity divided by period-end tangible assets. Tangible shareholders' equity and tangible assets are non-GAAP financial measures. We believe the use of these non-GAAP financial measures provides additional clarity in assessing the results of the Corporation. Other companies may define or calculate non-GAAP financial measures differently. See Reconciliations to GAAP Financial Measures on pages 22-24.
(8)Bank of America received approval to begin using the Advanced approaches capital framework to determine risk-based capital requirements beginning in the fourth quarter of 2015. As previously disclosed, with the approval to exit parallel, U.S. banking regulators requested modifications to certain internal analytical models including the wholesale (e.g., commercial) credit models, which will increase our risk-weighted assets in the fourth quarter of 2015. Including these modifications, the estimated pro-forma risk-weighted assets and Common equity tier 1 capital ratio under the Basel 3 Advanced approaches on a fully phased-in basis would be $1,570 billion and 9.7 percent at September 30, 2015.
(9)Fully phased-in estimates are non-GAAP financial measures. For reconciliations to GAAP financial measures, see above. Basel 3 fully phased-in Advanced approaches estimates assume approval by U.S. banking regulators of our internal analytical models, including approval of the internal models methodology. As of September 30, 2015, we had not received internal models methodology approval.}

n/m = not meaningful

Certain prior period amounts have been reclassified to conform to current period presentation.

^{(1) Fully taxable-equivalent basis is a performance measure used by management in operating the business that management believes provides investors with a more accurate picture of the interest margin for comparative purposes.
(2) Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Allocated capital and the related return are non-GAAP financial measures. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in assessing the results of the segments. Other companies may define or calculate these measures differently. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on pages 22-24.)}

n/m = not meaningful

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.