1 A Defined Approach to Wealth Management Giving UWI access to the combined resources of one of the world s largest financial services firms. The Caribbean Group
2 The information in this presentation is intended to be a general introduction of Merrill Lynch s approach to wealth management. The Merrill Lynch wealth management process is used to refer to the broad range of brokerage, investment advisory (including financial planning), banking, trust, mortgage and other financial services and products offered by Merrill Lynch. The material herein is not directed at, nor intended for distribution to or use by, any person or entity in any country where such distribution or use would be contrary to law or regulation or which would subject Bank of America Corporation or its subsidiaries, including Merrill Lynch, to any licensing or registration requirement within such country. This is not intended to be either a specific offer by any Bank of America or Merrill Lynch entity to sell or provide, or a specific invitation to apply for, any particular financial account, product or service. Bank of America and Merrill Lynch do not offer accounts, products or services in jurisdictions where they are not permitted to do so, and, therefore, the Merrill Lynch Wealth Management business is not available in all countries or markets. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill Lynch s obligations will differ among these services. Neither Merrill Lynch nor its Financial Advisors provide individual tax, accounting or legal advice. Clients should review any planned financial transactions and strategies that may have tax, accounting or legal implications with their personal tax, accounting or legal advisors. L Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and other subsidiaries of Bank of America Corporation. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Are Not Deposits Are Not Insured by Any Federal Government Agency Are Not a Condition to Any Banking Service or Activity MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of Bank of America Corporation. Merrill Lynch Life Agency Inc. is a licensed insurance agency and a wholly owned subsidiary of Bank of America Corporation. Banking products are provided by Bank of America, N.A. and affiliated banks. Members FDIC and wholly owned subsidiaries of Bank of America Corporation. MyMerrill.comM is a registered trademark of Merrill Lynch & Co., Inc. Visa is a registered trademark of Visa International Service Association and is used by FIA Card Services and Merrill Lynch pursuant to license from Visa U.S.A. Inc Bank of America Corporation. All rights reserved Code
3 Time-tested process for creating a personalized strategy that integrates the pieces of your financial life Establish Objectives We help you look at your financial life in total and establish objectives that balance several goals simultaneously, such as a child s education, your retirement t and your wealth transfer plan. Set Strategyt We ll work with you to build an investment strategy that allows the different pieces of your financial life to work together, taking into consideration not only your various goals, but also the levels of risk you re prepared to take to reach them. Review Progress Your relationship with us should be based on accountability. That means we ll meet with you to help you review your progress, measure results against your objectives and make adjustments as necessary. Implement Solutions The strength of your strategy will mean little if it falls short at execution. We draw from a vast array of proprietary and nonproprietary products to help you customize integrated solutions.
4 Bringing you the right solution at the right time Our ability to leverage the combined resources of Merrill Lynch and Bank of America to offer you customized financial strategies and solutions makes us valuable. But our commitment to taking the time to fully understand who you are and what matters most to you can make us essential. Let us help you achieve the right solution at the right time. Advice & Guidance One point of contact delivering customized wealth management services Access to specialists in many disciplines Wealth Management Process Disciplined financial management philosophy and tools Products and Services Extensive offerings that include a broad array of products and services
5 Components of a Diversified Portfolio
6 The Advantage of a Diversified Portfolio You can potentially achieve a more efficient portfolio that can enhance total returns and potentially lower portfolio risk Annualized Arithmetic Average e (%) 27% 10% 63% 30% 70% 72% 10% 18% 54% 10% 36% 60% 40% 80% 20% 90% Diversified Equities, 10% Real Estate 100% Diversified Equities 100% U.S Equities U.S. Equities & Bonds Diversified Equities & Bonds 100% Bonds Diversified Equities, Bonds & Real Estate t Annualized Standard Deviation (%) Past performance is no guarantee of future results. Results shown are based on indexes and are illustrative; they assume reinvestment of income and no transaction costs or taxes. Direct investment cannot be made in an index. U.S. Equities are represented by the Standard & Poor s 500, which is an unmanaged group of securities and considered to be representative of the stock market in general; International Stocks by MSCI EAFE Index; Bonds by Ibbotson's US Long Term Govt Bond Index; Real Estate is represented by the National Association of Real Estate Investment Trusts ("NAREIT") Equity REIT Index. In addition to the normal risks associated with investing, narrowly focused investments typically exhibit higher volatility. REIT investments are subject to changes in economic conditions, credit risk and interest rate fluctuations. Standard deviation gives an indication of the range of returns to be expected in an average year. Source: Bloomberg, Ibbotson, 04/10. See glossary for index definitions. Please refer to the slides entitled Notes to Performance and Important Index Disclosure for additional disclosures and index definitions. Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.
7 Asset Class Winners and Losers Positioning your portfolio to reduce risk is about more than just looking for a less risky investment. Annual Total Returns of Key Indexes ( ) Ranked in Order of Performance High % 9.10% 51.19% % 32.56% 7.78% 38.36% 23.12% 35.18% 38.71% 43.09% 22.83% 14.02% 10.41% 48.54% 22.25% 13.54% 26.34% 11.81% 6.20% 37.21% Cash Cash Cash Cash 25.19% 8.42% % 13.58% % 4.19% 37.18% 21.64% % 19.94% 33.16% 11.73% 8.32% 1.78% 46.03% 20.25% 7.05% 23.48% 11.17% 2.06% 34.47% Div. Portfolio Div. Portfolio Cash Div. Portfolio Div. Portfolio Div. Portfolio 21.40% -0.26% 41.27% 7.77% 18.07% 2.62% 31.04% % 30.49% 17.31% 27.02% 7.01% 4.42% % 38.59% 16.49% 5.59% 22.25% 7.17% % 31.78% Returns Div. Div. Div. Div. Div. Div. Div. Div. Div. Cash Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio 20.17% -3.02% 26.09% 7.58% 13.37% -0.20% 27.24% 13.48% 20.35% 15.63% 13.09% 6.18% -4.73% % 30.03% 14.31% 5.26% 13.35% 7.05% % 20.72% Div. Portfolio Div. Portfolio 14.18% -8.08% 24.55% 7.41% 13.28% % % 11.26% 12.95% 8.87% 7.35% -0.93% -5.59% % 29.75% 10.48% 4.71% 12.88% 6.15% % 20.58% Div. Portfolio Div. Portfolio Div. Portfolio Div. Portfolio Cash Cash Div. Portfolio Cash % % 15.85% 4.99% 10.02% 02% -1.98% 18.52% 6.05% 9.65% 5.23% 485% 4.85% % 17% -9.23% 923% % 22.90% 630% 6.30% 415% 4.15% 907% 9.07% 500% 5.00% % 19.69% Cash Cash Cash Cash Cash Cash 10.54% % 12.13% 3.93% 3.19% -2.43% 11.21% 5.31% 5.33% 1.23% -0.96% % % % 4.12% 4.34% 3.07% 4.85% -0.17% % 5.24% Low Cash Cash Cash 8.99% % 6.38% % 2.87% -2.82% 6.03% 3.59% 1.78% -6.45% -1.49% % % % 1.15% 1.33% 2.55% 4.32% -9.78% % 0.21% Cash Cash Cash * Diversified Portfolio is composed of 22.50% of the Russell 1000 Index; 22.50% of the Russell 1000 Index; 5.00% of the Russell 2000 Index; 5.00% of the Russell 2000 Index; 10.00% of the MSCI Europe, Australasia and Far East (EAFE ) Index; 35.00% ML Domestic Broad Bond Index. Illustration of the annual performance of various asset classes in relation to one another. This chart is for illustrative purposes only. It does not reflect the performance of any specific investment. Results shown are based on indexes and are illustrative; they assume reinvestment of income and no transaction costs or taxes. Past performance is no guarantee of future results. Diversification and asset allocation do not ensure a profit nor protect against a loss in a declining market. Index sources: Russell 2000 Index; Russell 2000 Index; Russell 1000 Index; Russell 1000 Index; Int l MSCI Europe, Australasia and Far East (EAFE ) Index; ML Domestic Broad Bond Index; Cash-ML U.S. Treasury 3 Month Index. Indexes are unmanaged. Direct investment cannot be made in an index. Source: Bloomberg. See glossary for index definitions.
8 The Benefit of Diversification
9 Stocks, Bonds, Bills and Inflation 1926 to 2010
10 Asset Classes and Inflation
11 Stocks and Bonds: Risk vs Return 1970 to 2010
12 Annual Returns of Merrill Lynch Asset Allocation Models 1950 to 2010
13 Reduction of Risk Over Time 1926 to 2010
14 Long-Term Dangers of Market Timing $1 Invested from 1926 to 2010
15 10 Key Ideas for 2011 The firm s research expects the following developments this year The U.S. economy will improve modestly. Global economic growth will slow modestly from income returns will be slightly negative, led by Treasuries. High-quality munis will provide decent fixed income returns in Investment-grade and high-yield debt credit spreads tighten further. Source: BofA Merrill Lynch Global Research, The RIC Report, December 7, BofA Merrill Lynch Global Research, The RIC Report: Asset Allocation for 2011, January 11, 2011.
16 10 Key Ideas for 2011 The firm s research expects the following developments this year Global equity prices will rise 15% or more in The S&P 500 will reach Large over small and growth over value. The U.S. dollar will strengthen against major DM trading partners. Commodity prices will rise, led by oil, copper and coal. Source: BofA Merrill Lynch Global Research, The RIC Report, December 7, BofA Merrill Lynch, World at a Glance: G10 Update, 11 January
17 A Defined Approach to Wealth Management Giving UWI access to the combined resources of one of the world s largest financial services firms. The Caribbean Group
19 1. The U.S. Economy Will Slowly Improve The U.S. economy will likely grow 3% in The U.S. economy will continue to improve at a slow pace. Expect to see continued high unemployment. Core inflation projected at about 1.0%. Source: BofA Merrill Lynch Global Research, The RIC Report, December 7, BofA Merrill Lynch Global Research, The RIC Report: Asset Allocation for 2011, January 11, BofA Merrill Lynch Global Economic Weekly: And now for something completely different, 21 January 2011.
20 2. Global Economic Will Slow Modestly Global GDP growth likely to be 4.3%. Our firm expects robust emerging market growth of 6.4%. EM growth should be led by domestic demand. Strong GDP growth led by domestic demand 10% 2% in Europe and Japan 0% projected to be sluggish. 8% 6% 4% * Real GDP Contribution of Domestic Demand Source: BofA Merrill Lynch Global Emerging Markets Research, The RIC Report, December 7, BofA Merrill Lynch Global Economic Weekly: And now for something completely different, January 21, * 2011 data is a forecast as of 12/31/10.
21 3. Returns Will Be Slightly Negative Our firm recommends taking credit risk over duration risk in Expect municipal and corporate bonds to post positive returns. Returns from Treasuries could be negative. Our research projects the 10-year Treasury yield to reach 4% by year-end. Source: BofA Merrill Lynch Global Research, The RIC Report, December 7, BofA Merrill Lynch Global Research, The RIC Report: Asset Allocation for 2011, January 11, 2011.
22 4. High-Quality Munis Will Provide Decent Returns in 2011 Municipal bonds may face headwinds due to state budget woes. But fiscal retrenchment should ultimately benefit this sector. Defaults are highly unlikely, though a risk of downgrades exists. Munis are very attractively valued at present. U.S. federal budget deficit as percentage of GDP 11% 9% 7% 5% 3% 1% -1% -3% Note: Annual data except for 2010, which is for August Source: BofA Merrill Lynch Investment Strategy, Haver.
23 5. Investment-Grade and High-Yield Spreads to Tighten Further Liquidity in the credit markets will likely continue to drive returns. Expect high-yield and emerging market corporate bonds to outperform investment grade. BofA ML Global Research 2011 Forecasts 10.3% 6.7% Investment-grade bond returns are forecast tto be much hlower than in recent years. 2.5% U.S. high yield Emerging market corporate U.S. investment grade Source: BofA Merrill Lynch Global Research, The RIC Report, December 7, 2010.
24 6. Global Equity Prices Will Rise 15% or More The firm s target for the MSCI All Country World Index is raised to 375 from 350. U.S. and emerging markets are forecast to outperform. Core European equities, led by Germany, likely l have another 15% upside. Our research expects low doubledigit gains in Asia. Average price/earnings ratio 10.8x Germany 12.8x U.S. Source: BofA Merrill Lynch Global Research, The RIC Report, December 7, 2010.
25 7. The S&P 500 Will Reach 1400 The firm s target for the S&P 500 Index is 1400 in This assumes estimated earnings per share of $93. The third year of the presidential cycle has average returns of 14%. Big international growth sectors are the most likely outperformers. Cash on the balance sheet by sector (Dollars in billions) IT Health Care Industrials Consumer Disc. Energy Staples Utilities Materials Telecom Svcs. $0 $100 $200 $300 $400 Source: BofA Merrill Lynch US Equity Strategy, The RIC Report, December 7, 2010.
26 8. Large Over Small and Over The firm s research forecasts that large-cap equities will outperform small caps. The exception is the technology sector. Small caps face headwinds including high hvaluations. stocks are likely to outpace value due to high dividend yields and cheaper valuations. Source: BofA Merrill Lynch Global Research, The RIC Report, December 7, 2010.
27 9. The U.S. Dollar Will Strengthen Against Major DM Trading Partners Europe continues to struggle with persistent sovereign debt issues. The euro will come under pressure in the first half of 2011 Fiscal worries in the U.S. may help the euro rebound in the second half of fthe year. The firm expects the Japanese yen to depreciate gradually to 88 by year-end. Source: BofA Merrill Lynch Global Research, The RIC Report, December 7, BofA Merrill Lynch, World at a Glance: G10 Update, January 11, 2011.
28 10. Commodity Prices Will Rise, Led by Oil, Copper and Coal The firm s research anticipates oil reaching $100 per barrel. Crude oil price (Dollars per barrel) Coal faces supply constraints, and demand is fueled by emerging markets Precious metals should continue to benefit fitfrom inflation and 70 sovereign debt fears. Agricultural commodity prices, in 30 contrast, are likely to fall in Source: BofA Merrill Lynch Investment Strategy, Bloomberg, The RIC Report, December 7, 2010.
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