Terms And Conditions Of Use and Privacy Statement
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AGREEMENT TO THESE TERMS OF USE; AMENDMENT

Your use of: (a) the Bank of America Merrill Lynch (as defined below) GLOBAL MARKETS PORTAL Web site (the "GLOBAL MARKETS PORTAL Web Site"); (b) any Bank of America Merrill Lynch product web pages or applications which contain links to these Terms of Use (as defined below) even if the website containing such pages is separately branded (including, but not limited to, any website, application, platform, service and/or system branded BofA Merrill Lynch); (c) Bank of America Merrill Lynch's Liquidity Management System Wireless service ("GLOBAL MARKETS PORTAL Wireless"); (d) any Bank of America Merrill Lynch content that is accessed by a hyperlink from any non-Bank of America Merrill Lynch website, application, platform, service and/or system (e.g. TheMarkets.com, SyndicateHub, BondHub.com, etc.) that is linkable to or from the GLOBAL MARKETS PORTAL Web Site (collectively or separately, as the context may require, "GLOBAL MARKETS PORTAL") and (e) any application you may use or download from the GLOBAL MARKETS PORTAL Web site is subject to these Terms and Conditions of Use, Privacy Statement and Product Disclaimers (collectively, these "Terms of Use"). As used herein, the terms "you" and "your" refer to each user of GLOBAL MARKETS PORTAL or, as the context requires, the legal entity on whose behalf a user is granted access to GLOBAL MARKETS PORTAL ("Employer" or "Firm"). Unless otherwise provided, each defined term used within GLOBAL MARKETS PORTAL shall have the meaning ascribed in these Terms of Use.

BY USING GLOBAL MARKETS PORTAL, YOU ACCEPT THESE TERMS OF USE, AGREE TO BE BOUND BY THEM AND BIND YOUR EMPLOYER TO THEM. PLEASE READ THESE TERMS OF USE CAREFULLY.

You hereby represent and warrant that you are authorized, to accept this agreement on behalf of your employer, and that in doing so you are acting within the scope of your duties.

These Terms of Use may be amended or supplemented by Bank of America Merrill Lynch from time-to-time in its sole discretion. Each time these Terms of Use are modified in any way, the Last Updated date set forth on the first page of these Terms of Use will be changed so that such date always sets forth the most recent revision date. During each use of GLOBAL MARKETS PORTAL you are responsible for being familiar with, and are bound by, the then current version of these Terms of Use, including the Privacy Statement and Product Disclaimers sections, posted on the GLOBAL MARKETS PORTAL Web Site. Bank of America Merrill Lynch reserves the right to terminate access to GLOBAL MARKETS PORTAL at any time, in whole or in part, in its sole discretion.

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PRESENTATION OF GLOBAL MARKETS PORTAL TO YOU BY BANK OF AMERICA MERRILL LYNCH

The operators of GLOBAL MARKETS PORTAL are Bank of America, N.A. ("BANA"), member FDIC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), a broker-dealer registered in the United States of America ("U.S.") and a member of FINRA and SIPC. However, GLOBAL MARKETS PORTAL operates as a portal and may contain information and offerings presented by branches and affiliates of BANA and MLPF&S located or authorized to do business elsewhere. Please see the Country Legends section of these Terms of Use for specific disclaimers applicable to certain jurisdictions.

"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 globally by banking affiliates of Bank of America Corporation, including BANA. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, MLPF&S, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.



All of the information on GLOBAL MARKETS PORTAL is directed at, and is intended for distribution to and use by, corporate, institutional, professional and other qualified investors in jurisdictions where such distribution and use is permitted. The information on GLOBAL MARKETS PORTAL is not directed at or intended for distribution to or use by any person or entity in any jurisdiction or country where: (a) its distribution or use would be contrary to law or regulation; or (b) there is no Bank of America Merrill Lynch affiliate authorized to distribute such information.

In the U.S. and certain other jurisdictions, applicable laws may prevent investors from effecting transactions except through entities licensed in such jurisdiction. The information provided to you by GLOBAL MARKETS PORTAL is made available to you by the Bank of America Merrill Lynch affiliate(s) authorized to make such information available to you in your jurisdiction. If you wish to effect a transaction, you must use the services of a Bank of America Merrill Lynch affiliate authorized to effect such a transaction for you.

Within GLOBAL MARKETS PORTAL you have the ability to access contact information on certain Bank of America Merrill Lynch personnel. This information is intended to help you reach the right people with whom to address your inquiries. If a listed contact person is not employed by a Bank of America Merrill Lynch entity that is licensed or passported in your country, then such person will help direct your inquiry to another person that is permitted by applicable law and regulation to address it.

Unless a Product is exempt from filing with, or authorization, approval, registration or qualification by, a governmental authority or regulatory agency under the law and regulations in each jurisdiction in which the Product is offered, any required documentation has been or will be filed in compliance with applicable law and regulations. We may not sell Products that are required to be approved, registered or otherwise qualified until the necessary approvals, registrations or qualifications have been obtained or are deemed effective. You should read the preliminary prospectus or other relevant offering or disclosure documents for complete information about an issue.

Bank of America Merrill Lynch may trade for its own accounts as odd-lot dealer, market maker, block positioner, specialist and/or arbitrageur in any Product or in related investments, and may be on the opposite side of orders or trades. Bank of America Merrill Lynch, its directors, officers, employees and employee benefit programs may have a long or short position in any Product or in related investments. Bank of America Merrill Lynch may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any entity mentioned on GLOBAL MARKETS PORTAL.

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OTHER AGREEMENTS WITH BANK OF AMERICA MERRILL LYNCH

These Terms of Use supplement, but do not supersede, the provisions of any applicable existing agreements between you and Bank of America Corporation or any of its affiliates, direct and indirect subsidiaries and related companies (collectively or separately, as the context may require, "Bank of America Merrill Lynch" or "we"), all of which otherwise remain in effect.

To the extent that you have a contractual relationship with a Bank of America Merrill Lynch entity and such relationship extends to any security, futures contract, options contract or other financial instrument or any other good, product or service available through or referenced on GLOBAL MARKETS PORTAL (each a "Product" and collectively, "Products"), the communications made hereby with respect to such Products covered by such agreement are and shall be deemed made, as the context may require, by such entity.

The terms of any Product is governed by applicable documents establishing such terms. In the event of any inconsistency between the information on GLOBAL MARKETS PORTAL regarding a particular Product and the terms specified in, or determined pursuant to, the documents establishing the terms of issue or contract, the terms so specified or determined shall prevail.

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"VIEW ONLY" DISPLAY; PRODUCT DISCLAIMERS

If you are not entitled to trade a financial instrument via GLOBAL MARKETS PORTAL, then: (a) any prices and quantities displayed with respect to such financial instrument, even if labeled "firm," should not be deemed by you to constitute a bid or offer by Bank of America Merrill Lynch and (b) even if the price or quantity with respect to such financial instrument is labeled as a "firm" price or quantity, you should deem such price or quantity to be indicative. As further explained in these Terms of Use, (x) indicative prices and quantities are suitable only for information purposes and should not be considered suitable for trading purposes; (y) all indicative prices and quantities displayed with respect to such financial instrument are subject to market conditions and negotiation; and (z) there is no assurance that indicative prices or quantities will be equal to actual trading prices or quantities.

The Product Disclaimers set forth in these Terms of Use contain Product-specific terms and conditions of use that are applicable to the related Product. Product Disclaimers are accessible from links within the GLOBAL MARKETS PORTAL Web Site that are located in close proximity to the Products to which they relate. You should read applicable Product Disclaimers carefully prior to accessing information on the related Product. You also should carefully read and familiarize yourself with all instructions and help pages located within GLOBAL MARKETS PORTAL.

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DISCLAIMER OF WARRANTY AND LIMITATION OF LIABILITY

The information on GLOBAL MARKETS PORTAL is provided "AS IS". Although the information on GLOBAL MARKETS PORTAL is obtained or compiled from sources Bank of America Merrill Lynch believes to be reliable, BANK OF AMERICA MERRILL LYNCH CANNOT AND DOES NOT GUARANTEE OR MAKE ANY REPRESENTATION OR WARRANTY, EITHER EXPRESS OR IMPLIED, AS TO: (A) THE VALIDITY, SEQUENCE, TIMELINESS, COMPLETENESS OR CONTINUED AVAILABILITY OF ANY INFORMATION OR DATA MADE AVAILABLE ON OR THROUGH GLOBAL MARKETS PORTAL; OR (B) THE PERFORMANCE, SETTINGS, FEATURES, COMPATIBILITY, LACK OF CONFLICT, FUNCTIONALITY OR CONTINUED AVAILABILITY OF ANY SOFTWARE MADE AVAILABLE ON OR THROUGH GLOBAL MARKETS PORTAL, AND EXPRESSLY DISCLAIMS, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW OR REGULATIONS, ANY WARRANTY OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT.

You understand and agree that Bank of America Merrill Lynch utilizes a variety of electronic systems and networks, including the Internet, to transport data. Transmission of data on any electronic system or network may be subject to: delay; interruption; interference; blackout; failure; systems or service unavailability or failure; hardware or software malfunction or failure; encryption failure; interception by third parties; unauthorized access; theft; modification; or inaccuracy (collectively, "Failure Events"). You agree that neither Bank of America Merrill Lynch nor any third party working with Bank of America Merrill Lynch to provide software, information, products or services hereunder shall be responsible for any expense, loss, liability, damage or cost (including costs of investigation and legal fees) of any kind whatsoever (collectively, "Damages"), even if Bank of America Merrill Lynch or such third party had been advised of the possibility thereof, arising from: (a) any Failure Event, whether or not the circumstances giving rise to such event may have been within the control of Bank of America Merrill Lynch or any such third party; or (b) any other event or occurrence beyond the control of Bank of America Merrill Lynch or any such third party, including force majeure. In no event will Bank of America Merrill Lynch or any third party working with Bank of America Merrill Lynch to provide software, information, products or services hereunder be liable to you for any special, indirect, consequential or incidental Damages, even if Bank of America Merrill Lynch or any such third party has been advised of the possibility thereof.

GLOBAL MARKETS PORTAL may display certain real-time and/or delayed quotes, news or other financial market information (collectively "Market Information") that has been independently obtained from third party financial market information services, financial publishers, various financial markets including stock exchanges and their affiliates and other providers (collectively "Market Information Providers") and has been provided to GLOBAL MARKETS PORTAL via various third party market information transmitters ("Market Information Transmitters"). We do not guarantee or certify the accuracy, completeness, timeliness or correct sequencing of the Market Information made available on or through GLOBAL MARKETS PORTAL. You agree that neither Bank of America Merrill Lynch nor the Market Information Providers nor the Market Information Transmitters shall be liable in any way for the accuracy, completeness, timeliness or correct sequencing of any Market Information, or for any decision made or action taken by you relying upon any Market Information. To receive Market Information you may need to have or enter into separate agreements with certain Market Information Providers and/or Market Information Transmitters.

You may need to load certain third party software onto your access device in order to utilize certain functionality within GLOBAL MARKETS PORTAL. In certain instances, for convenience, GLOBAL MARKETS PORTAL may provide links to the Web sites where such software may be available. Bank of America Merrill Lynch can not assure the performance, settings, features, compatibility, lack of conflict, functionality or continued availability of any such software. If you wish to download any such software, please follow the directions on the third party Web site where such software is available as well as your Firm's software download policies. We strongly urge that you perform such download in consultation with your system administrator or IT service person. Bank of America Merrill Lynch shall not be liable for any Damages arising out of your downloading or using any such software.

SYSTEM RESPONSE TIMES MAY VARY DUE TO MARKET CONDITIONS, SYSTEM PERFORMANCE, ACCESS DEVICE LOCATION OR OTHER FACTORS. During times of heavy trading volume, orders placed through GLOBAL MARKETS PORTAL may take longer than normal to execute. The farther your access device is located from GLOBAL MARKETS PORTAL servers, the slower your response time may be. In the event of system delay or failure, you are responsible for contacting Bank of America Merrill Lynch by alternative means, such as telephone, facsimile or telex.

The information available on or through GLOBAL MARKETS PORTAL is subject to change without notice. Bank of America Merrill Lynch expressly disclaims any obligation to keep the information available on or through GLOBAL MARKETS PORTAL up to date, free of errors or viruses or to maintain uninterrupted access. Bank of America Merrill Lynch may stop producing or updating any part of GLOBAL MARKETS PORTAL without notice.

Some of the screens on GLOBAL MARKETS PORTAL do not automatically refresh themselves. Information may change at any time while you are viewing a screen, but your screen view may not be updated to reflect a change in information. You are responsible for ensuring that you are viewing the most current data on any and all screens. Bank of America Merrill Lynch shall not be responsible for the display on your access device screen of the information contained on GLOBAL MARKETS PORTAL. At all times, you should be aware of the possibility of, and be responsible for, incomplete screen views or printouts. You are responsible for scrolling your viewing screens up, down and sideways to ensure that you are viewing or printing all portions of pertinent pages. You must be particularly careful when viewing GLOBAL MARKETS PORTAL through a link from any third party or through any frames, and should be mindful that the default viewing preferences of your browser or your access device may not show entire pages. Bank of America Merrill Lynch assumes no responsibility to provide any training regarding the use of GLOBAL MARKETS PORTAL. If any training is provided, it shall be for convenience purposes only and without liability.

Each time you wish to end a session on the GLOBAL MARKETS PORTAL Web Site, you should use the "Logout" command, close all open GLOBAL MARKETS PORTAL Web browser windows and close your Web browser.

IN NO EVENT WILL BANK OF AMERICA MERRILL LYNCH BE LIABLE FOR ANY DECISION, ACTION OR INACTION MADE OR TAKEN BY YOU IN RELIANCE ON ANY INFORMATION OR DATA ON GLOBAL MARKETS PORTAL.

NOTHING CONTAINED HEREIN SHALL LIMIT, OR IN ANY WAY EFFECT, ANY LIABILITY BANK OF AMERICA MERRILL LYNCH MAY OTHERWISE HAVE UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES EXCHANGE ACT OF 1934, EACH AS AMENDED, OR THE RULES AND REGULATIONS PROMULGATED THEREUNDER, OR UNDER ANY OTHER APPLICABLE REGULATION, RULE OR LAW.

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ENTITLED ACCESS; SECURITY PROCEDURES; YOUR OBLIGATIONS WITH RESPECT TO INSTRUCTIONS

BANA and/or MLPF&S, acting in their capacity of operators of GLOBAL MARKETS PORTAL, and at the request of one or more of its operating units, affiliates, direct and indirect subsidiaries or related companies, may grant access to certain portions of GLOBAL MARKETS PORTAL exclusively on an entitlement basis ("Entitled Access"). If BANA and/or MLPF&S provides you with Entitled Access, BANA and/or MLPF&S will issue to you, or direct that you be issued, one or more User Ids, passwords, Digital Certificates, access codes, tokens or other identification or security device (collectively "Security Procedures") as means to authenticate your identity. You agree to abide by and use whatever Security Procedures and requirements BANA and/or MLPF&S deems necessary and appropriate.

You are the only person authorized to use your Security Procedures in order to access GLOBAL MARKETS PORTAL, and you shall be responsible at all times for exercising security controls over all Security Procedures entrusted to you. You are expected to control access to, and monitor use of, any and all hardware and software which are part of, or used in connection with, the Security Procedures, including changing passwords as necessary. You agree to refrain from disseminating any and all Security Procedures. Where possible, we recommend that you password protect your Security Procedures. You also agree not to use any information or applications that you have not been authorized to use. Bank of America Merrill Lynch shall not be liable for any Damages arising from any unauthorized use of your access device or from the installation on your access device of any software not approved by Bank of America Merrill Lynch. If your access device is lost or stolen, or if your security becomes otherwise compromised, please contact GLOBAL MARKETS PORTAL Client Services immediately.

You are responsible for any and all forms of interaction by electronic means through GLOBAL MARKETS PORTAL associated with your Security Procedures ("Instruction"), and such Instructions shall be conclusive, final and binding on your part. Instructions shall be subject to applicable federal, state, national and local laws, the regulations of all applicable federal, state, national, local and self-regulatory agencies or authorities, including, but not limited to, the various exchanges and the constitution, rules and customs of the exchange or contract market (and its clearing house, if any) to which an Instruction may relate (collectively, "Applicable Law").

Bank of America Merrill Lynch is entitled to rely upon the assumption that all Instructions from a user authorized to access GLOBAL MARKETS PORTAL on behalf of a Firm ("Authorized User") will originate from the country (including state, province or other jurisdiction) that we have associated with such user on our records.

By designating an Authorized User, a Firm represents and warrants that each Instruction is and will be: (a) appropriate in view of such Firm's sophistication, security controls and financial status; (b) in compliance with all Applicable Law; and (c) conducted in accordance with the Firm's applicable governance requirements, and all applicable internal policies or procedures.

Each Firm agrees to designate one or more persons to be responsible for notifying Bank of America Merrill Lynch immediately: (a) if the level of Entitled Access granted or available to an Authorized User is not appropriate; or (b) of any changes in Authorized Users or the permissible level of Entitled Access for any Authorized User. No modification or termination of Entitled Access to the Firm or an Authorized User shall invalidate, retract or supersede any Instruction entered into before such modification or termination becomes effective. You agree to hold Bank of America Merrill Lynch, its directors, officers, employees, agents and consultants (collectively, "Other Persons") harmless and to indemnify Bank of America Merrill Lynch and all Other Persons against any Damages arising from any Instruction, whether authorized or unauthorized by you. The obligations under this paragraph shall be in addition to, and not a limitation of, any and all obligations arising under Applicable Law and any and all agreements you may have with Bank of America Merrill Lynch.

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SINGLE SIGN-ON

You may be logging onto GLOBAL MARKETS PORTAL from a third party site via single sign on functionality. If this is the case, you acknowledge and agree that (i) you have full legal right and authority to access GLOBAL MARKETS PORTAL; (ii) GLOBAL MARKETS PORTAL Terms and Conditions of Use apply to all use of GLOBAL MARKETS PORTAL; and (iii) Bank of America Merrill Lynch provides no warranties of any kind with respect to such functionality. You hereby agree that these acknowledgments are renewed each time you access GLOBAL MARKETS PORTAL.

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RESERVATION OF RIGHTS

All content and information contained within GLOBAL MARKETS PORTAL or delivered to you in connection with your use of GLOBAL MARKETS PORTAL (including all text, data, graphics, audio, video, icons, software code and trade secrets, as well as the overall organization, design, look, feel and appearance of GLOBAL MARKETS PORTAL ) (collectively, "GLOBAL MARKETS PORTAL Content") is protected, whether or not marked with a notice, under applicable patent, copyright, trademark and other proprietary (including intellectual property) rights, including, U.S. and international copyright laws, both as individual works and as a compilation. Bank of America Merrill Lynch does not waive any of its proprietary rights in GLOBAL MARKETS PORTAL or in any GLOBAL MARKETS PORTAL Content, including copyrights, trademarks and other intellectual property rights. The availability of any GLOBAL MARKETS PORTAL Content shall not under any circumstance constitute a transfer of any copyrights, trademarks or other intellectual property rights of Bank of America Merrill Lynch or any of its licensor's to any GLOBAL MARKETS PORTAL user or any third party.

You may not sell, publish, reproduce, distribute, re-transmit, sublicense, assign, time-share, lease, convey, copy, translate, convert to another programming language, decompile, disassemble, modify or change (by use of an html "frame" or otherwise), including postings to newsgroups, mail lists or electronic bulletin boards, any portion of GLOBAL MARKETS PORTAL or any GLOBAL MARKETS PORTAL Content without the prior written consent of Bank of America Merrill Lynch. You may, however, without conveying any broader rights than the rights you are conveyed hereunder, on an occasional and irregular basis, disseminate an insubstantial portion of the information from GLOBAL MARKETS PORTAL and you may display, store and print data, statistics, views, recommendations, reports, account information or other information received through or in connection with your use of GLOBAL MARKETS PORTAL, in each case without charge, provided that, in each case, such information is only for your internal business use, is subject to applicable law and regulations, is transmitted to a limited number of individuals within your organization or firm and includes all copyright and other proprietary rights notices in the same form in which the notices appear on GLOBAL MARKETS PORTAL, with original source attribution, accompanied with the phrase "Used with permission from Bank of America Merrill Lynch." You shall not remove or obscure any copyright or other notices or legends contained in any information, content or software downloaded from GLOBAL MARKETS PORTAL.

GLOBAL MARKETS PORTAL is delivered by means of software and electronic access products or services made available to you by Bank of America Merrill Lynch and various unaffiliated vendors. By accepting and using such software and electronic access products or services, you agree to the non-exclusive, non-transferable software licenses and service agreements to use, for your internal business purposes only, such software and electronic access services. In certain cases, software licenses and service agreements may appear on screen when you install or sign on to specific applications or download software in order to access specific functionality. Bank of America Merrill Lynch bears no responsibility or liability for your use of any third party vendor's software, products, services or equipment.

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RISK RATINGS; QUALITY RATINGS; INVESTMENT OPINIONS

A risk rating is not a recommendation to purchase, hold or sell any Product. A risk rating displayed on GLOBAL MARKETS PORTAL may be changed, superseded or withdrawn at any time. You should independently check current risk ratings before making any decision relying upon a risk rating displayed on GLOBAL MARKETS PORTAL.

GLOBAL MARKETS PORTAL may contain BofA Merrill Lynch Research's quality ratings and investment opinions. Such quality ratings and investment opinions, as well as any other ratings or opinions which may appear on GLOBAL MARKETS PORTAL, constitute the judgment of certain individuals, are subject to change without notice, and do not constitute legal, accounting, tax or investment advice, or a solicitation or recommendation by Bank of America Merrill Lynch for the purchase or sale of any Product, or a representation that any investment strategy or Product is suitable for you. In preparing such quality ratings and investment opinions, Bank of America Merrill Lynch did not take into account the investment objectives, financial situation or particular needs of any particular person.

You should consider whether an investment strategy or the purchase or sale of any Product is appropriate for you in the light of your particular investment needs, objectives and financial circumstances. Questions regarding the suitability of an investment for your specific financial and tax situation should be referred to your financial and tax advisers. Certain investment strategies and Products featured on GLOBAL MARKETS PORTAL may not be available or suitable to all persons. Levels and bases of taxation may change. Past performance is not indicative of future results.

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CREDIT RATINGS

This Section of these Terms of Use relates to the display of and your use of all credit ratings, including those of Moody's and S&P, within GLOBAL MARKETS PORTAL (collectively, “Credit Ratings”).  If any provision of this Section of  these Terms of Use is inconsistent with any other provision of these Terms of Use, then the provision contained within this Section shall control.  You agree that Credit Ratings displayed on GLOBAL MARKETS PORTAL are proprietary to the owners thereof, and are provided for your use in accordance with these Terms of Use.

NO CREDIT RATINGS FURNISHED ON GLOBAL MARKETS PORTAL MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, DISTRIBUTED, REDISTRIBUTED, SOLD, RESOLD, LEASED, RENTED, LICENSED, SUBLICENSED, ALTERED, MODIFIED, ADAPTED, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY YOU OR ANY OTHER PERSON OR ENTITY, WITHOUT  THE PRIOR WRITTEN CONSENT OF ITS LICENSOR; PROVIDED, HOWEVER, THAT YOU MAY DISPLAY, STORE, DOWNLOAD, MANIPULATE AND PRINT CREDIT RATINGS DISPLAYED ON GLOBAL MARKETS PORTAL,  PROVIDED THAT, IN EACH INSTANCE: (A) YOU USE ONLY LIMITED PORTIONS OF SUCH CREDIT RATINGS; (B) SUCH USE IS ALWAYS INCIDENTAL AND ANCILLARY TO YOUR USE OF OTHER BANK OF AMERICA MERRILL LYNCH DATA; (C) SUCH CREDIT RATINGS ALWAYS STAY ASSOCIATED WITH RELATED BANK OF AMERICA MERRILL LYNCH PRICING AND/OR OTHER CONTENT; (D) SUCH USE IS SOLELY FOR YOUR INTERNAL BUSINESS PURPOSES AND NOT FOR REDISTRIBUTION OR REPUBLICATION OF ANY KIND; AND (E) YOU INCLUDE ALL COPYRIGHT AND OTHER PROPRIETARY RIGHTS NOTICES IN THE SAME FORM IN WHICH THE NOTICES APPEAR ON GLOBAL MARKETS PORTAL.

Credit Ratings are obtained from sources believed by Bank of America Merrill Lynch to be accurate and reliable.  Because of the possibility of human and mechanical error as well as other factors, however,  Credit Ratings are provided "AS IS” without warranty of any kind, and BANK OF AMERICA MERRILL LYNCH  AND THE CREDIT RATING LICENSORS MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO YOU OR ANY OTHER PERSON OR ENTITY AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATINGS.

Under no circumstance shall Bank of America Merrill Lynch or the Credit Rating licensors  have any liability to you or any other person or entity for (a) any loss, damage or other injury in whole or in part caused by, resulting from or relating to, any error (negligent or otherwise), or any other circumstance or contingency within or outside the control of Bank of America Merrill Lynch or any of its directors, officers, employees or agents, or licensors, in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any Credit Ratings, or (b) any  indirect, special, consequential, incidental or compensatory damages whatsoever (including, without limitation, lost profits), even if BANK OF AMERICA MERRILL LYNCH or the licensors shall have been advised in advance of the possibility of such damages, in either case caused by, resulting from or relating to the use of, or inability to use, any CREDIT RATING.  Notwithstanding anything herein, you expressly agree that the aggregate amount payable to you for any Damages arising out of your use of the Credit Ratings provided on GLOBAL MARKETS PORTAL shall not exceed the price paid by you for the service.

Credit Ratings displayed on GLOBAL MARKETS PORTAL are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell, or hold any securities.  Each Credit Rating or other opinion must be weighted solely as one factor in any investment decision made by or on behalf of you, and you must accordingly make your own study and evaluation of each security and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding, or selling.

You agree and acknowledge that Credit Ratings are and shall remain the valuable intellectual property owned by, or licensed to, the provider thereof,  and that no proprietary rights are being transferred to you in such materials or in any of the information contained therein.  You agree that in the event of any misappropriation or misuse, Bank of America Merrill Lynch and/or the respective Credit Ratings licensors, as applicable, shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which they may be entitled.

You agree and acknowledge that the CUSIP Database is and shall remain the valuable intellectual property owned by, or licensed to, Standard & Poor's CUSIP Service Bureau (“CSB”) and the American Bankers Association (“ABA”), and that no proprietary rights are being transferred to you in such materials or in any of the information contained therein.  You agree that misappropriation or misuse of such materials shall cause serious damage to CSB and ABA and that in such event money damages may not constitute sufficient compensation to CSB and ABA; consequently, you agree that in the event of any misappropriation or misuse, Bank of America Merrill Lynch and/or CSB and ABA shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which they may be entitled.

The status of any Credit Rating provided within GLOBAL MARKETS PORTAL may be changed at any time. Credit Ratings are not updated on a real-time basis and you should verify the current status of any Credit Rating before relying on it to make an investment decision. The Credit Rating information shown within GLOBAL MARKETS PORTAL does not reflect any "watch" status that may be associated with the Credit Ratings.

Pursuant to Rule 204-3 promulgated by the Securities and Exchange Commission under the Invest­ment Advisers Act of 1940, Moody's hereby offers to deliver without charge to each of its customers, upon written request, either: (a) a copy of Part II of its Form ADV complying with §275.204-1(b) under said Act; or (b) a written document containing at least the informa­tion then so required by Part II of Form ADV. Pursuant to Section 17(b) of the Securities Act of 1933, Moody's hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's have, prior to assignment of any rating, agreed to pay to Moody's for the appraisal and rating services rendered by it fees ranging from $1,500 to $1,500,000.  To request such information, please contact Moody's directly.

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CUSIP DATABASE

You agree and acknowledge that the CUSIP Database is and shall remain valuable intellectual property owned by, or licensed to, CUSIP Service Bureau, Standard & Poor's ("CSB") and the American Bankers Association ("ABA"), and that no proprietary rights are being transferred to you by virtue of the availability of the CUSIP Database contained in GLOBAL MARKETS PORTAL. Any use by you outside of the clearing and settlement of transactions requires a license from the CSB, along with an associated fee based on usage. Specifically, you shall not publish or distribute in any medium the CUSIP Database or any information contained therein to any person or entity except in connection with the normal clearing and settlement of security transactions. You further agree that the use of CUSIP numbers and descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a master file or database of CUSIP descriptions or numbers for itself or any third party recipient of such service and is not intended to create and does not serve in any way as a substitute for the services provided by CSB.

Neither CSB, ABA nor any of their affiliates make any warranties, express or implied, as to the accuracy, adequacy or completeness of any of the CUSIP Database contained in GLOBAL MARKETS PORTAL, including, without limitation, any warranties of merchantability or fitness for a particular purpose or use. In no event shall the CSB, ABA or any of their affiliates pursuant to any cause of action have any liability for any errors or omissions in the CUSIP Database nor shall they be liable for any damages, whether direct or indirect, special or consequential resulting there from.

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COPYRIGHT & TRADEMARK INFORMATION

All BANA and MLPF&S registered service marks and trademarks that are displayed or cited within GLOBAL MARKETS PORTAL are the property of Bank of America Corporation. All non-Bank of America Merrill Lynch registered service marks and trademarks displayed or cited within GLOBAL MARKETS PORTAL are the property of their respective owners.

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USE OF CALCULATORS AND RELATED TOOLS

Some GLOBAL MARKETS PORTAL applications may contain calculators or similar analytical tools (each a "Calculator," collectively "Calculators") to facilitate your consideration of hypothetical scenarios. The use of Calculators is entirely at your discretion, under your control and at your own risk. Calculators are not intended to replace your own internal business processes for evaluating proposed transactions. Calculators may not reflect analytical models or assumptions actually used by Bank of America Merrill Lynch or other market participants, and may not be representative of internal valuations employed, or trading decisions made, by Bank of America Merrill Lynch for its own purposes. Therefore, calculations may not represent fair market values for any instruments. There is no assurance that hypothetical results will be equal to actual performance under any market conditions. Bank of America Merrill Lynch makes no representation or warranty regarding Calculators, or the appropriateness of calculations obtained by you. Bank of America Merrill Lynch will not be responsible or liable for any Damages that arise from your use of, or reliance on, a Calculator.

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RESEARCH LIBRARY & ANALYTICS

Research reports, analytics and other information contained in the BofA Merrill Lynch Research Library & Analytics site ("Research Library") are for the use of Bank of America Merrill Lynch clients and may not be redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express consent of Bank of America Merrill Lynch. Access to and use of all reports and other information on the Research Library are subject to the Terms and Conditions and to the disclosures, agreements, disclaimers and other terms and conditions set forth in such reports or other information on the site.

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USER LINKING FROM OR TO GLOBAL MARKETS PORTAL

Should you leave GLOBAL MARKETS PORTAL via a link contained within GLOBAL MARKETS PORTAL and view content that is not provided by Bank of America Merrill Lynch you shall do so at your own risk. Bank of America Merrill Lynch provides links only as a convenience and without liability. In particular, and without limitation, you understand and agree that the ability to link to another Web site and the fact that a link exists does not mean that Bank of America Merrill Lynch endorses or guarantees such site, the site sponsor or the site contents. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by Bank of America Merrill Lynch. Bank of America Merrill Lynch is not responsible for any Damages arising from any delays, defects or omissions that may exist in the services, information or other content provided in such site. Bank of America Merrill Lynch makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality, sequence or timeliness of any electronic content. Your reliance on any information contained on any site reached through a link shall be your own responsibility. In addition, be aware that when you leave the GLOBAL MARKETS PORTAL Web Site, unless otherwise indicated, you will be subject to the terms of use and privacy policies of the new Web site which you are visiting. If such new Web site is a non-Bank of America Merrill Lynch Web site then Bank of America Merrill Lynch will have no control over the terms of use or privacy policies of such new Web site.

If you reached GLOBAL MARKETS PORTAL via a link, please be advised that the ability to link to GLOBAL MARKETS PORTAL and the fact that a link exists does not mean that Bank of America Merrill Lynch necessarily endorses, supports, sanctions, encourages, verifies, or agrees with the comments, opinions, or statements posted on the Web site from which you linked to GLOBAL MARKETS PORTAL (the "Linking Site"). Content within the Linking Site may not have been developed, checked for accuracy, or otherwise reviewed by Bank of America Merrill Lynch. Bank of America Merrill Lynch is not responsible for any Damages arising from any delays, defects or omissions that may exist in the services, information or other content provided in the Linking Site. Bank of America Merrill Lynch makes no guarantees or representations as to, and shall have no liability for, any content on any Linking Site, including, without limitation, the accuracy, subject matter, quality, sequence or timeliness of any such content. Your reliance on any information contained on any Linking Site shall be your own responsibility. In addition, be aware that when you enter and use GLOBAL MARKETS PORTAL you are subject to these Terms of Use.

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ESTABLISHING AND MAINTAINING LINKS TO GLOBAL MARKETS PORTAL

Absent a written agreement specifically related to establishing links to GLOBAL MARKETS PORTAL, this Section governs all links to GLOBAL MARKETS PORTAL. By establishing a link to GLOBAL MARKETS PORTAL, you represent that you have read these Terms of Use and agree to be bound by them. Your continued use of link(s) to GLOBAL MARKETS PORTAL will constitute your acceptance to these Terms of Use, including this Section. If you do not wish to accept these Terms of Use, you must discontinue your link(s) to GLOBAL MARKETS PORTAL.

Without limiting any of the provisions contained in these Terms of Use, and without granting you any other licenses or rights, we hereby grant you the limited, revocable right and license to include one or more textual link(s) on your Web site to the GLOBAL MARKETS PORTAL home page, currently located at http://www.baml.ml.com ("Home Page"); provided that you notify GLOBAL MARKETS PORTAL Client Services in writing (via mail at 4 WFC, 15th Floor, New York, NY 10080, USA or via e-mail at e-clientservices@bankofamerica.com) of the proposed link(s) at least 30 days prior to use (please include your name, address, telephone number, email address, the URL of your Web site and a screen shot(s) of the Web page(s) containing the proposed link(s)). Notwithstanding the foregoing, no one may place links to the Home Page from any Web page or Web site containing inappropriate, profane, defamatory, infringing, obscene, indecent or unlawful topics, names, material or information, or material or information that violates any applicable intellectual property, proprietary, privacy or publicity rights.

Bank of America Merrill Lynch reserves the right to deny or revoke permission at any time to link, including disabling existing links, to GLOBAL MARKETS PORTAL from any other Web page or Web site that Bank of America Merrill Lynch, in its sole discretion, deems inappropriate, and if such permission is denied or revoked you agree to discontinue your link(s) to GLOBAL MARKETS PORTAL. Other than links to the Home Page as specifically set forth above, we expressly prohibit any other links from any non-Bank of America Merrill Lynch Web pages or Web sites to GLOBAL MARKETS PORTAL, any framing of GLOBAL MARKETS PORTAL within any non-Bank of America Merrill Lynch Web page or Web site, and any attempt to gain access to GLOBAL MARKETS PORTAL or GLOBAL MARKETS PORTAL servers by any means. You agree not to disrupt, modify, impede or interfere with GLOBAL MARKETS PORTAL or its associated software, hardware and/or servers in any way, and you agree not to disrupt, modify, impede or interfere with others' use of GLOBAL MARKETS PORTAL in any way. You further agree not to alter or tamper with any information or materials on or associated with GLOBAL MARKETS PORTAL.

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USE OF APPLETS

To provide you with increased functionality and enable you to use certain applications within certain entitled portions of GLOBAL MARKETS PORTAL, an "applet" (a Java software program which runs on your computer, launched by your browser) may need to be downloaded onto your computer. Some applets downloaded onto your computer from GLOBAL MARKETS PORTAL will, by reading from and writing to your computer's hard drive, collect information from your computer necessary to facilitate your use of the related application. Downloading applets may also modify some of your computer's settings. Please note that you can modify your browser settings to restrict how your computer interacts with applets, however, this may affect your use of the related application. While we have taken reasonable precautions to ensure that the applets you download from GLOBAL MARKETS PORTAL will not cause harm to your computer or files, you are responsible for your computer's settings and security. If you have any questions about how to restrict the access of applets to your computer or any other questions regarding applets or the settings or security of your access device, please contact your system administrator or other technical reference source.

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ONLINE POST TRADE INFORMATION

GLOBAL MARKETS PORTAL allows authorized users to view online data, including trade history and account allocations, relating to accounts maintained by Bank of America Merrill Lynch. In Balances, prices reflect their value as of prior day's close of business. Account values reflect settled and unsettled transactions except for Margin Balance, Payout Balance, and Settled Cash Balance. In Holdings, prices reflect their value as of prior day's close of business. Account values reflect settled and unsettled transactions. All transactions cleared and settled by Broadcort Correspondent Clearing Division of MLPF&S. All account data shown is provided as a convenience and for your information, but is not the official notice or record of a customer's account activity with Bank of America Merrill Lynch. Your Bank of America Merrill Lynch account notices and account statements remain the official form of notice or record. Bank of America Merrill Lynch does not guarantee delivery of notices or statements through GLOBAL MARKETS PORTAL, or the completeness of the information provided therein. Therefore, any and all account data provided through GLOBAL MARKETS PORTAL is subject to adjustment and correction, and should not be relied upon for taking any action without prior confirmation of its accuracy with your Bank of America Merrill Lynch representative. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result from your taking any action without confirming the accuracy of the account data provided via GLOBAL MARKETS PORTAL.

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COMMUNICATIONS WITH BANK OF AMERICA MERRILL LYNCH

E-mail, instant messaging and SMS messaging functionality is provided to you through GLOBAL MARKETS PORTAL only as a convenience and to enhance communications between you and Bank of America Merrill Lynch. Because of the current limitations on such communications (such as reliability of delivery, timeliness, security, etc.), you agree that you will use your judgment in utilizing these methods of communication with Bank of America Merrill Lynch and will not request, authorize or effect any transactions, to send fund transfer instructions or account information or for any other communications that require more formal written authorization in accordance with applicable law or Bank of America Merrill Lynch policies. Any such requests, orders, or instructions that you send in contravention of the foregoing may not be accepted or processed by Bank of America Merrill Lynch, and Bank of America Merrill Lynch will not be responsible for any Damages arising from your requests, orders or instructions not being so accepted or processed.

You acknowledge and agree that Bank of America Merrill Lynch, in its sole discretion, may monitor and tape record any and all telephone conversations from or to you concerning GLOBAL MARKETS PORTAL and that such monitoring and recording may be done in the regular course of business. Electronic communications and Instructions transmitted by you onto or via GLOBAL MARKETS PORTAL, including e-mail, instant messages, SMS messages and clickstream information will be: (a) recorded and archived in accordance with applicable laws and regulations and Bank of America Merrill Lynch policies; and (b) available for review by Bank of America Merrill Lynch managers and compliance personnel as well as by regulatory examiners. You agree to hold harmless and to indemnify Bank of America Merrill Lynch and all Other Persons against any Damages arising from the unauthorized use or misappropriation of any and all information that you so transmit.

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MACHINE READABLE DOWNLOADS

Certain applications within GLOBAL MARKETS PORTAL may allow you to download on-screen information or reports in machine-readable formats, including Adobe® Portable Document Format (PDF), Microsoft ® Excel or CSV. Such downloads may comprise the results of product database searches, indicative pricing information or summary information about your accounts with Bank of America Merrill Lynch. All downloadable information is provided for your information and convenience, and it is neither an offer to buy or sell at any particular price nor an official statement or record of your account activity with Bank of America Merrill Lynch. While the information offered in downloadable formats is believed to be accurate when posted, Bank of America Merrill Lynch does not assume responsibility for the accuracy, completeness or timeliness of such information at any particular time. Indicative pricing information is not suitable for trading and should not be relied on for marking to market product holdings. In all cases, your Bank of America Merrill Lynch account statement remains the official record of your account activity with Bank of America Merrill Lynch. You must not rely upon downloaded data without first confirming its accuracy and completeness with your designated Bank of America Merrill Lynch representative. Bank of America Merrill Lynch will not be responsible for any Damages arising from your reliance on any downloaded data provided through GLOBAL MARKETS PORTAL.

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PROCEDURES FOR MAKING CLAIMS OF COPYRIGHT INFRINGEMENT

Bank of America Merrill Lynch respects the intellectual property of others and asks that those posting content to GLOBAL MARKETS PORTAL do the same. It is the policy of Bank of America Merrill Lynch to respond expeditiously to claims of intellectual property infringement by promptly processing and investigating notices of alleged infringement and taking appropriate actions under the Digital Millennium Copyright Act ("DMCA") and other applicable intellectual property laws.

If you believe that your copyrighted work is accessible on GLOBAL MARKETS PORTAL in a way that constitutes copyright infringement, you may notify us by providing our Copyright Agent with the following information: (a) the electronic or physical signature of the owner of the copyright or of the person authorized to act on the owner's behalf; (b) identification of the copyrighted work or other intellectual property that you claim is being infringed; (c) identification of the material that you claim is infringing; (d) identification of the URL or other specific location on GLOBAL MARKETS PORTAL where the material that you claim is infringing is located (please be as specific as possible); (e) your name, address, telephone number, and email address; (f) a statement by you that you have a good faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law; and (g) a statement by you, made under penalty of perjury, that the information in your Notice is accurate and that you are the copyright owner or are authorized to act on the copyright owner's behalf.

Bank of America Merrill Lynch's Agent for Notice of claims of copyright infringement on GLOBAL MARKETS PORTAL can be reached as follows (please put "notice of alleged infringement" in the subject line of all such notifications): (a) By mail: Bank of America Corporation, Legal Department-Intellectual Property, 101 S. Tryon St., Charlotte, NC 28255-0001, USA; (b) By phone: +1-(980) 387-5705; or (c) By email: keith.agisim@bankofamerica.com.

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GOVERNING LAW

ALTHOUGH CERTAIN PRODUCTS AVAILABLE ON OR THROUGH GLOBAL MARKETS PORTAL ARE PROVIDED BY AND AVAILABLE ONLY FROM BANK OF AMERICA MERRILL LYNCH AFFILIATES LOCATED OUTSIDE THE U.S., BANK OF AMERICA MERRILL LYNCH OPERATES GLOBAL MARKETS PORTAL IN ITS OFFICES IN THE U.S. THOSE WHO CHOOSE TO ACCESS GLOBAL MARKETS PORTAL DO SO ON THEIR OWN INITIATIVE AND ARE RESPONSIBLE FOR COMPLIANCE WITH ALL APPLICABLE LAWS AND REGULATIONS. THESE TERMS OF USE WILL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, U.S., WITHOUT REGARD TO ITS CONFLICTS OF LAW PROVISIONS.

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INTERPRETATION OF THESE TERMS OF USE; TRANSLATIONS; P3P POLICY

These Terms of Use and any other agreements relating to your use of GLOBAL MARKETS PORTAL shall be interpreted by reference to the English language versions thereof, even if you were provided with a version of such writing translated into a language other than English. You understand and agree that any and all non-English language translated versions of these Terms of Use and any other agreements relating to your use of GLOBAL MARKETS PORTAL may not be up to date or exact translations of the English language version, and, even if accepted by you, are intended for convenience purposes only and not as controlling versions of such writings.

Any P3P compact privacy policy ("P3P Policy") posted on GLOBAL MARKETS PORTAL is posted solely for your convenience. We have used reasonable efforts to ensure that P3P Policies posted on GLOBAL MARKETS PORTAL conform to the English language Online Privacy Statement contained within the Terms of Use (the "Online Privacy Statement"). However, any P3P policy has certain limitations you should understand. P3P is, by its nature, merely a high level approximation and/or summary of certain limited aspects of the Online Privacy Statement. Moreover, the P3P standard is relatively new and still evolving, and different P3P translators may produce different English language translations of any P3P Policy. As a result, you understand and agree that the Online Privacy Statement is the definitive statement of GLOBAL MARKETS PORTAL privacy policies and practices and that, as between any P3P Policy posted on GLOBAL MARKETS PORTAL and the Online Privacy Statement, the Online Privacy Statement shall control on all such issues.

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SEVERABILITY; HEADINGS; USAGE

If any specific term or condition of these Terms of Use is held to be invalid, void or unenforceable, that determination shall not affect the validity of the remaining provisions of these Terms of Use. Headings used in these Terms of Use are for convenience, are not substantive and shall not be used to interpret or construe any of the provisions contained in these Terms of Use. When used in these Terms of Use the words "include", "includes", and "including" shall be deemed to be followed by the phrase "without limitation".

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COUNTRY LEGENDS

None of the Products referred to on GLOBAL MARKETS PORTAL are available, and offering documentation in respect of them will not be distributed, to persons resident in any jurisdiction where: (a) its distribution or use would be contrary to law or regulation; or (b) there is no Bank of America Merrill Lynch affiliate authorized to distribute such information. Registration and account opening requirements will vary among jurisdictions and will be conducted only in compliance with applicable local law and regulations. The information contained within the publicly accessible portions of GLOBAL MARKETS PORTAL is general in nature, and is not intended to, and does not, constitute an offer or a solicitation to enter into any type of financial transaction. The following information is directed at users in each respective jurisdiction:

Argentina. Bank of America Merrill Lynch acts in Argentina through Merrill Lynch Sociedad de Bolsa as its authorized broker-dealer.

Australia. The information on this website is approved for issue in Australia by Merrill Lynch Equities (Australia) Pty Limited ACN006 276 795, a licensed dealer in Australia. Securities, strategic advisory, and corporate advisory services are performed in Australia by Merrill Lynch International (Australia) Limited which holds an Australian Financial Services License, but is not an Authorized Deposit-taking Institution authorized under the Banking Act 1959 of Australia.

Austria. All transactions initiated or executed through this website with Austrian investors will be effected by Merrill Lynch International, as contractual counterpart. In this regard, other Bank of America Merrill Lynch entities which are not authorized to provide the respective services in Austria will become active only in the name and for the account of Merrill Lynch International. As far as the information in the publicly accessible portion of this website contains information on specific investment products, this information does not constitute an offer or an invitation to make an offer for the acquisition of such products by Austrian investors nor are such products available to Austrian investors. The investment products described on in the restricted portion of this website are exclusively addressed to a limited number of institutional investors, and are therefore not subject to the public offering requirements of the Austrian Capital Markets Act (section 3 para 1 subpara 11 of the Austrian Capital Markets Act). Institutional investors are persons whose ordinary business activities involve the acquisition of the respective securities for the purpose of their business and who are interested in the securities not with the purpose to offer such securities to third parties in Austria. Such securities are not offered and will not be made available to any other persons in Austria.

Bahamas. By using this website, persons hereby confirm that they are either non-resident for purposes of the Exchange Control provisions contained in the Bahamas Central Bank Exchange Control Regulations, or if resident for purposes of such regulations, that such persons have the written approval of the Exchange Control Department of the Central Bank of the Bahamas to enter into transactions contemplated by the Site.

Brazil. The information contained on this website does not constitute a public offer of any securities in Brazil or to investors domiciled in Brazil, and has not been and will not be registered with the Brazilian Securities & Exchange Commission ("Comissăo de Valores Mobiliários - CVM") as a public offer. Other than with respect to when Merrill Lynch S.A. Corretora de Titulos Valores Mobiliarios ("Merrill Lynch S.A. Corretora") is acting in its capacity as a broker-dealer registered under the laws, rules and regulations of Brazil: (a) the services rendered by Merrill Lynch S.A. Corretora through this website are limited to the presentation of financial services related products and information of MLPF&S and its affiliates (other than Merrill Lynch S.A. Corretora), and Merrill Lynch S.A. Corretora is not responsible for the investment decisions taken by the users of this website based on the presentation of such products and information; and (b) Merrill Lynch S.A. Corretora does not participate, in any manner, through this website in the rendering of services and/or negotiation of financial products of MLPF&S and its affiliates, and Merrill Lynch S.A. Corretora is not responsible for any eventual problems and/or losses associated with such financial services and/or products.

Canada. For those clients with a contractual relationship with Merrill Lynch Canada Inc., the communications made hereby with respect to the products and services covered by such relationship are and shall be deemed to be made by Merrill Lynch Canada Inc. and governed by the laws of Ontario and Canada, as applicable.

The parties acknowledge that they have required that these Terms & Conditions and all screen pages, documents, notices, waivers, consents or other communications under or in connection with these Terms & Conditions are to be prepared in the English language only. The parties further acknowledge that they have required that all transactions be conducted in the English language only.

Les parties aux présentes ont requis que les termes et conditions ainsi que toutes les pages à l'écran et tout document, avis, renonciation, consentement ou autre communication qui se rattachent aux présents termes et conditions soient rédigés en langue anglaise seulement et s'en déclarent satisfaites. Les parties aux présentes ont requis aussi que toutes les opérations soient réalisées en langue anglaise seulement et s'en déclarent satisfaites.

Finland. This website is made available in Finland by Merrill Lynch International which is regulated by the Securities and Futures Authority in the UK.

France. All portions of this website, as well as all services provided through this website, which are required to be provided by an investment service provider duly authorized in France, are provided by, and you agree to these terms with, Merrill Lynch International, an investment firm regulated in the United Kingdom by The Financial Services Authority, and authorized by the Comité des Etablissements de Crédit et des Entreprises d'Investissement to provide investment services in France. The information available on this Site is presented and approved for distribution in France by Merrill Lynch International.

This website does not constitute a solicitation to enter into a transaction involving financial instruments, is not being distributed in the context of a public offer in France within the meaning of Article L 411-1 of the Monetary and Financial Code, and has thus not been submitted to the COB for prior approval and clearance procedure. This website is made available with the understanding that users will make investment decisions for their own account with the conditions set out in décret no.98-880 dated 1st October 1998. By using this website, users undertake not to transfer, directly or indirectly, any financial instrument acquired through this website to the public in France, other than in compliance with applicable laws and regulation.

Any offers, sales or distribution of financial instruments through this website shall only be made in the Republic of France to (a) qualified investors (investisseurs qualifiés) and/or (b) a limited circle of investors (cercle restreint d'investisseurs), all as defined in and in accordance with Article L 411-2 of the Monetary and Financial Code and décret no.98-880 dated 1st October, 1998. Users of this website represent and agree that they, directly or indirectly, have not offered or sold and will not offer or sell (and have not distributed or cause to be distributed, and will not distribute or caused to be distributed) to the public in the Republic of France, this website, any offering material on this website, or any financial instruments acquired through this website.

Investors in the Republic of France may only participate in the issue of the securities for their own account in accordance with the conditions set out in décret no.98-880 dated 1st October 1998. Securities may only be issued, directly or indirectly, to the public in the Republic of France in accordance with Articles L 412-1 and L 621-8 of the Monetary and Financial Code. Where an offering of a new issue is effected as an exception to the rules relating to an appel public á l'épargne in the Republic of France (public offer rules) by way of an offer to a restricted circle of investors, such investors must be able to provide such certification as required by Bank of America Merrill Lynch from time to time to ensure compliance with applicable law and regulation.

Hong Kong. This website has been approved for publication in Hong Kong by Merrill Lynch (Asia Pacific) Ltd, which is regulated by the Hong Kong SFC.

India. In India, Bank of America Merrill Lynch offers certain services through DSP Merrill Lynch Limited.

Ireland. The information on this website is issued and approved for distribution in the Republic of Ireland by Merrill Lynch International Bank Limited. Merrill Lynch International Bank is regulated by the Financial Regulator, Ireland. The information on this website does not constitute the giving of any investment advice by any Merrill Lynch affiliate. Foreign markets involve different risks from Irish markets. In some cases, the risks may be greater. The profit or loss in transactions on foreign markets or in foreign denominated investments or contracts will be affected by fluctuations in exchange rates. The value of investments may go down as well as up. The market in some investments featured may be restricted. Investors in certain instruments may not only lose the amount originally invested, but also have to pay more later.

Israel. This website does not constitute an offer to the Israeli public to acquire or sell securities or other financial instruments; nor is it intended to induce or solicit members of the Israeli public to acquire or sell securities (within the meaning of the Israeli Securities Law 5728-2968). Nothing in the content of the information contained on this website should be construed as investment advice, advice relating to portfolio management or portfolio management as such terms are defined under the Engagement in Investment Consultation and Investment Portfolio Management Law 5757-1995. The information contained on this website is not intended to be taken (and should not be so taken) as specific advice, nor does it qualify as a substitute for investment counseling which takes into account certain information relevant to a particular clients' needs. You should be aware, that Bank of America Merrill Lynch representative(s) or other Bank of America Merrill Lynch entity(ies) may stand to benefit, financially or otherwise, if securities or other financial instruments are acquired or sold through their/its offices.

Japan. The information on this website that is available to users located in Japan is provided by Merrill Lynch Japan Securities Co., Ltd., a registered securities company in Japan. The information contained in the public portion of this website is limited to general information (including, but not limited to, record of past transactions) about Bank of America Merrill Lynch. Certain transactions mentioned in the public portion of this website were not available to all investors in all jurisdictions. The information contained in the public portion of this website is not intended to provide specific details relating to specific securities, futures contracts, option contracts, or financial instruments, nor to solicit transactions with persons located in Japan. Regardless of what securities, futures contracts, option contracts, or financial instruments may be referred to on this website, any actual trade, transaction or provision of services shall be effected by a Bank of America Merrill Lynch entity which has a proper legal capability to do so with the relevant person in Japan. In particular, pursuant to the securities legislation, an investor or customer (other than financial institutions and certain institutional investors specified in the Law Concerning Foreign Securities Firms) may only enter into a transaction of securities or other financial instruments with Merrill Lynch Japan Securities Co., Ltd. Due to legal, commercial or other reasons, such Bank of America Merrill Lynch entity may not offer one or more of the securities, futures contracts, option contracts, or financial instruments or services as described in anywhere on this website.


Luxembourg. The securities distributed on this website are not for public offer in Luxembourg and may not be offered to the public in the Grand Duchy of Luxembourg, unless the applicable legal and regulatory requirements, in particular the rules set forth in the 28 December 1990 Grand Ducal Regulation on the requirements for the drawing-up, scrutiny and distribution of prospectuses to be published where transferable securities are offered to the public or of listing particulars to be published for the admission of transferable securities to official stock exchange listing as amended, have been complied with.

Mexico. Securities that have not been registered with the National Registry of Securities and Intermediaries may not be offered in Mexico. The information contained in the public portion of this website does not constitute an offer or solicitation of securities.

Netherlands. The securities featured on this website will not be offered, transferred, or sold, whether directly or indirectly, to any individual or legal entity, other than to individuals or legal entities who or which trade or invest in securities in their conduct of a profession or trade (which includes banks, brokers, dealers, insurance companies, pension funds, other institutional investors and commercial enterprises, which regularly, as an ancillary activity, invest in securities). Any dealings in securities will be undertaken exclusively by Merrill Lynch International, a securities institution registered with the STE as a securities institution having the benefit of a European passport.

New Zealand. In relation to the buying and selling of shares in New Zealand, Bank of America Merrill Lynch acts as adviser only and the sale and purchase of shares in New Zealand will be undertaken by a licensed sharebroker on behalf of the client.

Portugal. Unless expressly stated otherwise, the information contained on this website is not directed at Portuguese investors, does not constitute an offer of any securities or services in Portugal, and has not been and will not be registered under the Portuguese Securities Code as a public offering, and no securities will be offered or sold, directly or indirectly, in Portugal.

Singapore. This website is made available in Singapore by Merrill Lynch International Bank Ltd (Merchant Bank) and Merrill Lynch (Singapore) Pte Ltd, which are regulated by the Monetary Authority of Singapore.

Spain. Unless expressly stated otherwise, the information contained on this website does not constitute an offer of any securities or services in Spain, and has not been and will not be registered under the Spanish Securities Market law and no securities will be offered or sold, directly or indirectly, in Spain. The contractual counterpart of the Spanish investors for the services provided is a Spanish licensed entity within the Bank of America Merrill Lynch group or a passported entity, such as Merrill Lynch International, which is regulated by the SFA in the UK.

Sweden. The services on this website are provided to Swedish investors by Merrill Lynch International, a UK entity passported under the Investment Services Directive to conduct securities business in Sweden.

Turkey. Merrill Lynch will be under no obligation or responsibility for any and all requirements under Turkish law and regulations, including without limitation Turkish foreign exchange regulations, applicable to Turkish residents regarding transactions through this website. Unless expressly stated otherwise, the information contained on this website does not constitute a public offer of any securities in Turkey, and has not and will not be registered under the Turkish Capital Market Law (Law No.2499).

U.A.E. By using this website, users in the United Arab Emirates represent, warrant and agree that they will use this website only as a tool to view prices and will not take any trading action in relation to the relevant securities either on this website or otherwise save as permitted under local laws and regulations.

U.K. The information on this website is directed, in relation to the United Kingdom, only to persons whose ordinary business activities involve them in acquiring, holding, managing or disposing of investments (as principals or agents) for the purposes of their businesses. The information on this website is issued and approved for distribution in the United Kingdom by, where indicated, Merrill Lynch International, Bank of America Securities Limited or Merrill Lynch, Pierce, Fenner & Smith Limited. Nothing in these Terms of Use shall exclude or restrict any duty or liability which is owed under the Financial Services Act or regulatory system of the U.K. or require you to indemnify Bank of America Merrill Lynch against any breach of such obligations. Foreign markets involve different risks from U.K. markets. In some cases, the risks may be greater. The profit or loss in transactions on foreign markets or in foreign denominated investments or contracts will be affected by fluctuations in exchange rates. Bank of America Merrill Lynch may not be required to provide best execution (as defined in The Financial Services Authority's Conduct of Business Sourcebook) in relation to certain transactions executed through this website. The value of investments may go down as well as up. The market in some investments featured may be restricted. Investors in certain instruments may not only lose the amount originally invested, but also have to pay more later.

The following information applies to trading applications within this website where Merrill Lynch International is the provider of the service concerned:

  1. Service Provider
    The services are provided to you (in this section hereinafter the "client") by Merrill Lynch International ("MLI") whose registered office is at Merrill Lynch Financial Centre, 2 King Edward Street, London EC1A 1HQ, United Kingdom. MLI is authorised by the UK Financial Services Authority ("FSA") and is entered in the FSA's register (Register Number 147150). MLI's VAT number is GB245122493. General enquiries about the day to day operation of the services by MLI should be sent to eproduct_admin@ml.com <mailto:eproduct_admin@ml.com> or such other address as MLI may notify to you in writing. MLI is subject to the FSA rules and guidance access to which can be gained via the following link: www.fsa.gov.uk <http://www.fsa.gov.uk/>.
  2. Prices
    Unless otherwise stated, prices and/or quotes displayed on this system are exclusive of applicable taxes and delivery costs.
  3. Technical Steps required to place an order
    Information made available by this website as to the prices or other terms on which MLI may execute transactions with the client is indicative only, is subject to change and shall not be regarded as an offer or agreement to execute any transaction with the client or a solicitation of the client to make any such offer to MLI.

    If the client wishes MLI to execute a transaction with the client through the system, it shall use the system to transmit instructions to MLI including full details of the transaction but excluding any price. On receipt of the instructions MLI may send to the client a summary of the proposed terms of the transaction including the price at which it may be prepared to execute the transaction. This price is only valid for a limited period of time.

    If the client:-

    1. Accepts the price communicated by MLI within the relevant time period:

      the acceptance notified by the client to MLI shall be an irrevocable offer from the client to MLI which is accepted upon confirmation by MLI to the client;

    2. Accepts the price communicated by MLI outside of the relevant time period:
      1. MLI shall determine whether the price is still valid;
      2. in the event that the price is still valid, the acceptance notified to MLI by the client shall be an irrevocable offer which is accepted upon confirmation by MLI to the client;
      3. in the event that the price is no longer valid, MLI may send to the client a summary of the proposed terms of the new transaction including an updated price at which it may be prepared to execute the transaction. The client may accept or reject the price offered by MLI;
    3. Rejects the price offered by MLI:
      no contract will exist between MLI and client.

      For the avoidance of doubt references above to circumstances in which the client “accepts” or transmits notification of “acceptance” to MLI shall be construed as references to circumstances in which the client has agreed by hitting the relevant key on GLOBAL MARKETS PORTAL to the terms of the transaction proposed by MLI. A transaction shall only be treated as having been executed at the time when the GLOBAL MARKETS PORTAL transmits notification of it to the client.

      MLI will maintain records of all transactions executed via the system for a period of 7 years. Transactions executed in the last 30 days are available via the ‘Transaction History’ button.

      All transactions executed on this site are negotiated and concluded in the English language.

  4. Code of conduct

    MLI is subject to the following rules, regulations and codes of conduct insofar as they are relevant to transactions executed via this website:

    • FSA rules and guidance.
    Access to the above rules, regulations and codes of conduct can be gained online at: www.fsa.gov.uk http://www.fsa.gov.uk/



U.S. All areas of this website which are required to be provided to you by a U.S. registered broker-dealer are deemed to be provided to you by MLPF&S or another Merrill Lynch U.S. registered broker-dealer. All transactions executed through GLOBAL MARKETS PORTAL which are required to be transacted through a U.S. registered broker-dealer will be transacted through MLPF&S or another Bank of America Merrill Lynch U.S. registered broker-dealer. MLPF&S is a broker-dealer registered in all 50 states as well as in the District of Columbia, Guam, Puerto Rico and the Virgin Islands, and is a member of the New York Stock Exchange, Inc., the National Association of Securities Dealers, Inc. and the Securities Investor Protection Corporation (SIPC).

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PRIVACY STATEMENT
To view our Online Privacy Statement, which is incorporated herein by reference, please see click here.

By (a) agreeing to the Terms of Use, which include the Online Privacy Statement, or (b) by using GLOBAL MARKETS PORTAL, and, in either case, providing any personal information that may be required, invited or otherwise collected by us, you freely consent to Bank of America Merrill Lynch processing your personal information for the purposes set out in the Online Privacy Statement, and you also consent to the transfer of your personal information for such purposes to any Bank of America Merrill Lynch entity wherever such entity may from time to time be located and to any third parties as described in the Online Privacy Statement.

If you do not wish to have your personal information processed for any or all of such purposes, you should not use GLOBAL MARKETS PORTAL.

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EU LEGAL ENTITY INFORMATION

The list of entities below is provided solely for the purposes of compliance with the UK Companies (Registrar, Languages and Trading Disclosures) Regulations 2006 and Art 4 of the First Council "Company" Directive 68/151/EEC of 9 March 1968 as amended by Directive 2003/58/EC as implemented in local law (as applicable) and does not itself imply any cross-liability between any of the entities listed below with regard to any business relationships or otherwise between those entities and users of this website.

UK Legal Entities

Entity Registered Address Company Number VAT Number Activities
Citygate Nominees Limited MLFC, 2 King Edward Street, London EC1A 1HQ 2189028 N/A Financial services related activities
Wave Lending Holdings Limited MLFC, 2 King Edward Street, London EC1A 1HQ 05757596 GB245 1224 93 Mortgage Lending
Wave Lending Limited Crown House, Manchester Road, Wilmslow, Cheshire SK9 1AX 3312246 N/A Mortgage Lending
Merrill Lynch Europe PLC MLFC, 2 King Edward Street, London EC1A 1HQ 00238151 GB245 1224 93 Financial services related activities
Merrill Lynch Global Asset Management Limited MLFC, 2 King Edward Street, London EC1A 1HQ 2022661 GB245 1224 93 Management of investment portfolios
Merrill Lynch International MLFC, 2 King Edward Street, London EC1A 1HQ 02312079 GB245 1224 93 Institutional sales and trading, investment banking advisory and capital raising services
Merrill Lynch Portfolio Managers Limited MLFC, 2 King Edward Street, London EC1A 1HQ 00933211 GB245 1224 93 Private banking and investment, global banking, marketing investment and wealth management, retirement and direct services
Merrill Lynch International Bank Limited (London Branch) The Treasury Building, Lower Grand Canal Street, Dublin 2, Ireland FC026157 GB245 1224 93 Financial services activities Private banking and investment, wealth management, institutional and trading, investment banking advisory and capital raising services
Merrill Lynch Commodities (Europe) Limited MLFC, 2 King Edward Street, London EC1A 1HQ 03563500 GB245 1224 93 Commodities sales and trading services and related financial services
Merrill Lynch Commodities GmbH (London Branch) MLFC, 2 King Edward Street, London EC1A 1HQ FC025389 GB245 1224 93 Commodities sales and trading services and related financial services
Merrill Lynch Pierce, Fenner & Smith Limited MLFC, 2 King Edward Street, London EC1A 1HQ 00670251 GB245 1224 93 Institutional sales and research
Mership Nominees Limited MLFC, 2 King Edward Street, London EC1A 1HQ 01147640 N/A Financial services related activities
Mortgages 1 Limited MLFC, 2 King Edward Street, London Ec1A 1HQ 3186649 GB245 1224 93 Mortgage Loan Origination
Mortgages PLC MLFC, 2 King Edward Street, London EC1A 1HQ 3320975 GB245 1224 93 Providing management services to affiliated companies dealing in the sub-prime mortgage market
N.Y. Nominees Limited MLFC, 2 King Edward Street, London EC1A 1HQ 01057583 N/A Financial services related activities
Paramount Nominees Limited MLFC, 2 King Edward Street, London EC1A 1HQ 02189031 N/A Financial services related activities
S.N.C. Nominees Limited MLFC, 2 King Edward Street, London EC1A 1HQ 02098139 N/A Financial services related activities
Chetwynd Nominees Limited MLFC, 2 King Edward Street, London EC1A 1HQ 02098132 N/A Financial services related activities
Merrill Lynch Nominees Limited MLFC, 2 King Edward Street, London EC1A 1HQ 01900010 N/A Financial services related activities


Irish Legal Entity

Entity Registered Address Company Number VAT Number Activities
Merrill Lynch International Bank Limited Treasury Building, Grand Canal Street, Dublin 2, Ireland No. 229165 IE8229165F Institutional sales and trading, investment banking advisory and capital raising services


Italian Legal Entity

Entity Registered Address Company Number VAT Number Activities
Merrill Lynch International - Sede di Milano (branch of the UK legal entity) Via Manzoni, 5, Milano, Italy Registro delle imprese di Milano 97267590152 REA n. 1649209 13183410151 Investment banking, Institutional Sales
Merrill Lynch International Bank Limited - Milan Branch (branch of the Irish legal entity) Via Manzoni, 5, Milano, Italy Registro delle imprese di Milano 36880/1997 Rea 1518654 12018960158 Private banking and investment, wealth management, institutional sales, Lending


German Legal Entity

Entity Registered Address Company Number VAT Number Activities
Merrill Lynch International Bank Limited Neue Mainzer Strasse 52, 60311 Frankfurt am Main, Germany No. HRB 41879 DE812102264 Financial Services Activities


French Legal Entity

Entity Registered Address Company Number VAT Number Activities
Merrill Lynch Capital markets (France) SAS 112 avenue Kléber, 75116 Paris, France No. RCS Paris B 345 167 324 FR18345167324 Institutional sales and trading, investment banking advisory and capital raising services
Merrill Lynch Pierce Fenner & Smith SAS 112 avenue Kléber, 75116 Paris, France RCS Paris B 592 035 356 FR93592035356 Private banking and investment, global banking, marketing investment and wealth management, retirement and direct services


Spanish Legal Entity

Entity Registered Address Company Number VAT Number Activities
Merrill Lynch Capital Markets España, S.A, S.V Edificio Torre Picasso, planta 40, Plaza Pablo Ruiz Picasso, 1, Madrid, 28020, Spain No. A-81479586 Madrid Commercial Registry, Book 11062, general, section 8, sheet 121, page M-174376, entry 1 A - 28097459 Institutional sales and trading, investment banking advisory and capital raising services


Luxembourg Legal Entity

Entity Registered Address Company Number VAT Number Activities
Merrill Lynch (Luxembourg) S.à r.l., 4, rue Albert Borschette, L-1246 Luxembourg Commercial Register B 31.070. LU14483734 Institutional sales and trading, investment banking advisory and capital raising services

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PRODUCT DISCLAIMERS


ABS Investor

Bank of America Merrill Lynch provides the information on the ABS Investor Web Site as a convenience and courtesy for the benefit of current and prospective certificate holders. Bank of America Merrill Lynch is under no legal obligation to provide such information via the Internet and reserves the right, at any time and without prior notice, to discontinue such publication. The information on the ABS Investor Web Site is based upon information provided to Bank of America Merrill Lynch by various third parties. While Bank of America Merrill Lynch attempts to present accurate information, Bank of America Merrill Lynch is unable to guarantee or certify accuracy of any information provided on the ABS Investor Web Site. Bank of America Merrill Lynch is not required to verify certain information provided on the ABS Investor Web Site and expressly does not warrant or make any representations regarding the accuracy, timeliness, or completeness of any information provided herein. Users should not rely upon the information in this application to take any action. The information in this application does not constitute investment or financial advice, and we make no representation as to the suitability of any particular security for your investment needs. Bank of America Merrill Lynch will not be responsible or liable for any damage, or loss that could result from your taking or omitting to take any action in reliance on this information. Nothing herein shall constitute an offer to sell or an offer to purchase any securities shown herein which can only be made through a Bank of America Merrill Lynch sales person and the trading desk. The past performance of any securities or other instruments may not accurately indicate or predict future returns.

The status of any credit rating provided in this application may be changed at any time. Credit ratings are not updated on a real-time basis and you should verify the current status of any credit rating before relying on it to make an investment decision. The credit rating information shown in this application does not reflect any "watch" status that may be associated with the credit ratings.

This information is not and shall not be deemed to be part of any prospectus or registration statement or other offering materials relating to any offering of any securities.

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Broadcort Trade Allocation System Disclaimer

This application enables you to view on-line proprietary data regarding accounts for your firm and its clients that are carried by Broadcort, a Division of MLPF&S.

Account data is provided through this application as a convenience and for your information but is not the official record of the account activity with Bank of America Merrill Lynch. The Bank of America Merrill Lynch account statement remains such official record and all account data provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action. Information displayed in this application will be updated immediately following each user action. Account statements detailing your trade activity through this application will be mailed to you monthly. MLPF&S will not be responsible or liable for any damages that could result from your taking any action without confirming the accuracy of the account data provided through this application.

In the event any portion of a trade remains unallocated as of settlement date, all such portions of such trades will be placed in the proprietary account of the Introducing Firm designated for this purpose for further action.

In utilizing this application, MLPF&S has an expectation that such activities shall be carried out by you and your employees, agents or representatives in a manner consistent with your duties to your clients and regulatory requirements.

After your acceptance of this initial agreement on the GLOBAL MARKETS PORTAL web site, we will confirm your agreement to the Trade Allocation System Product Disclaimer on or about January 1 and July 1 of each year and as and when these terms of this Agreement are amended.

You can always access the latest version of such terms by clicking on the tab labeled "Product Disclaimers" at the bottom of each page within this GLOBAL MARKETS PORTAL application

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Broadcort Product Disclaimer

The Broadcort, a Division of MLPF&S ("Broadcort") provides correspondent clearing services to broker-dealers and certain other financial institutions.

This application enables authorized clients of Broadcort (i.e., Introducing Firms) and their customers to view on-line data for your Broadcort accounts. Account data is provided as a convenience and for your information, but is not the official record of a customer's account activity with Broadcort. Your account statement remains such official record. Any and all account data provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with your registered representative at your Introducing Firm. Broadcort will not be responsible or liable for any Damage that could result from your taking any action without confirming the accuracy of the account data provided.
Unless otherwise indicated the following definitions apply within this application: (a) quantity with respect to equities means the number of shares; (b) quantity with respect to options means the number of contracts; and (c) quantity with respect to fixed income represents units of $1000 face amount of bonds. Within the Broadcort application the term "Money Manager" means an individual or entity identified by the introducing firm to Broadcort or MLPF&S as a money manager or investment adviser; and the term "Registered Representative" or "RR" means an individual registered representative or a pool of registered representatives responsible for the account at the introducing firm.

    Broadcort Application for Entry of Mutual Fund Sales by Introducing Firms

    Entry of an order to purchase mutual fund shares constitutes an express representation that the Introducing Firm has in place with the mutual fund, fund manager or fund management complex an effective distribution agreement. Compliance with all applicable representations and warranties relative to purchases and sales of such funds shall be exclusively the responsibility of the Introducing Firm. The role of the Clearing Firm shall be limited to the clearing and settlement of such trades, distribution of proxy and corporate action materials where necessary as contemplated by this Agreement. All sales and supervisory practices shall be exclusively the responsibility of the Introducing Firm. No Introducing Firm may rely on a distribution agreement between MLPF&S and the mutual fund, fund manager or fund management complex.

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Business Unit Homepage Product Disclaimer

This Business Unit Homepage Product Disclaimer applies to each Business Unit Homepage within GLOBAL MARKETS PORTAL which has a link to this disclaimer. Business unit homepages provide links to applications of interest to specific segments of Bank of America Merrill Lynch institutional clients. Some information shown within subsidiary screens on Business Unit Homepages in the form of summaries or headlines are for convenience purposes. Such displays are intended to facilitate your navigation to the specific underlying applications and are qualified in their entirety by the information and disclaimers contained within the underlying applications.

Indicative Pricing: You should deem all price or quantities shown to be indicative. The information displayed with respect to all products, including prices and quantities, is suitable only for information purposes and should not be considered suitable for trading purposes or marking assets to the market. Actual trading price levels and quantities are subject to market conditions and negotiation. There is no assurance that screen prices or quantities will be equal to actual trading prices or quantities.

Market Commentary. Business Unit Homepages also provide informal, subjective comments, market and pricing observations, and other information relating to the global markets ("Market Commentary"). The information on Business Unit Homepages does not constitute offers to sell or buy any security, futures contract, options contract, derivative or any other financial instrument (each an "Instrument" and collectively, "Instruments") at any particular price. The Market Commentary in Business Unit Homepages should not be considered anything more than observations of the trading desks making them. Bank of America Merrill Lynch may take or hold positions in Instruments, or provide information to other investors regarding Instruments, which may be inconsistent with or contrary to the information contained in Business Unit Homepages. The information contained on Business Unit Homepages does not purport to contain all of the information available in relation to the Instruments and markets mentioned. The Market Commentary is not and should not be interpreted as fact, fundamental research or as constituting market, investment or financial advice that may be relied upon. Bank of America Merrill Lynch is not responsible for the completeness or appropriateness for any particular purpose of the Market Commentary.

Additional Considerations. Investments in many of the Instruments mentioned in Business Unit Homepages are subject to important and specific risks that are not discussed in this application. Some Instruments are either unrated or are rated below investment grade. Even where rated, investments in certain Instruments may be significantly riskier than investments in other comparably rated assets and may be subject to more price volatility than other asset classes. The returns on certain Instruments, including, but not limited to Instruments relating to emerging markets countries or emerging markets corporate issuers, and Instruments denominated in foreign currency, also are subject to numerous economic, political, monetary, cultural and other risks, including the risk of nationalization, exchange or capital controls, wars, acts of God and other force majeure, and other events or crises that could yield a total or near-total loss on your investment. You should consider all relevant risks before making any investment decision with respect to any Instrument mentioned in Business Unit Homepages.

Business Unit Homepages also include analytical tools or "Calculator" functions. Please click on the preceding hyperlink to read important disclaimers relating to your use of Calculators.

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Convertibles Product Disclaimer

This application contains Global Convertible Research Reports (the "Reports") prepared for Bank of America Merrill Lynch clients and is made available for information purposes only. The Reports herein were compiled based on information obtained from various sources. We do not guarantee the accuracy or completeness of the Reports or the information on which they are based. Access to and use of the reports is subject to the terms set forth therein.

This application does not take into account the specific investment objectives, financial situation or particular needs of any person who may access this application. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in the Reports and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities, if any, may fluctuate and that each security's price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not a guarantee of future performance.

Foreign currency rates of exchange may adversely affect the value, price or income of any security or related investment mentioned in the Reports. In addition, investors in securities such as convertible bonds, whose values are influenced by the currency of the underlying security, effectively assume currency risk.

Bank of America Merrill Lynch or one of its affiliates may make a market in the convertible bonds of the companies mentioned in the Reports. Rule 144A securities may only be offered or sold to persons in the U.S. who are Qualified Institutional Buyers ("QIBs") within the meaning of Rule 144A of the Securities Act of 1933, as amended.

To calculate theoretical values and return profiles, Bank of America Merrill Lynch uses a proprietary arbitrage model to value the convertible as a combination of embedded options. The model is sensitive to, among other factors, the following inputs: stock volatility, dividend yield, interest rate levels and credit spreads, all of which we hold constant. Further, we assume a similar discount/premium persists over the entire investment horizon. Our theoretical valuation in no way constitutes a fundamental opinion, nor does a theoretical discount constitute a recommendation.

This application also includes "Calculator" functions. Please click on the preceding hyperlink to read important disclaimers relating to your use of Calculators. Bank of America Merrill Lynch and its affiliates shall have no liability in connection with any use of the Calculator.

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Corporate Bond Market View Product Disclaimer

Offers to sell or solicitations of offers to buy securities or other financial instruments are not final and are subject to change until you receive a trade execution notification on your screen. Bank of America Merrill Lynch and any of its affiliates may buy or sell securities or financial instruments posted in this application for their own account or for the accounts of others.

The following concepts are fundamental to this application:

"Firm" vs. "Subject" Offerings: Where applicable, offerings are displayed as either "Firm" or "Subject". "Firm" offerings can be executed electronically at the price, or the corresponding yield or spread indicated, as long as the "Firm" status is maintained by the trader. "Subject" offerings can not be executed electronically. The prices, yields or spreads shown for "Subject" offerings are indicative. To inquire about executing a trade on a "Subject" offering, please contact your Bank of America Merrill Lynch Sales Representative.

Credit Ratings: The status of any credit rating provided in this application may be changed at any time. Credit ratings are not updated on a real-time basis and you should verify the current status of any credit rating before relying on it to make an investment decision. The credit rating information shown in this application does not reflect any "watch" status that may be associated with the credit ratings.

Trading hours: Trading hours will be as shown on the Hours Of Operation screen, Monday through Friday, except market Holidays and unscheduled system downtimes.

On-The-Wire timer: This trading application has an On-The-Wire ("OTW") timer. Once the trading system delivers a live price, the user is required to submit the trade within the time remaining in order to successfully execute at that price. If the OTW timer expires, the price will be stale and the user will have to re-submit the transaction to receive a fresh price which will restart the OTW timer.

View-Only-Access: If you are not entitled to trade a product via GLOBAL MARKETS PORTAL, then: (a) any prices and quantities displayed with respect to such product, even if labeled "firm," should not be deemed by you to constitute a bid or offer by Bank of America Merrill Lynch; (b) even if the price or quantity with respect to such product is labeled as a "firm" price or quantity, you should deem such price or quantity to be indicative; (c) the information displayed with respect to such product, including prices and quantities, is suitable only for information purposes and should not be considered suitable for trading purposes; (d) all prices and quantities displayed with respect to such product are subject to market conditions and negotiation with your local account executive; and (e) there is no assurance that screen prices or quantities will be equal to actual trading prices or quantities.

Market Commentary. This application also provides informal, subjective comments, market and pricing observations, and other information relating to the global debt markets ("Market Commentary"). The information herein does not constitute offers to sell or buy any security, futures contract, options contract, derivative or any other financial instrument (each an "Instrument" and collectively, "Instruments") at any particular price. The Market Commentary in this application should not be considered anything more than observations of the trading desks making them. Bank of America Merrill Lynch may take or hold positions in Instruments, or provide information to other investors regarding Instruments, which may be consistent with or contrary to the information contained in this application. The information contained herein does not purport to contain all of the information available in relation to the Instruments and markets mentioned. The Market Commentary is not and should not be interpreted as fact, fundamental research or as constituting market, investment or financial advice that may be relied upon. Bank of America Merrill Lynch is not responsible for the completeness or appropriateness for any particular purpose of the Market Commentary.

Additional Considerations. Investments in many of the Instruments mentioned in this application are subject to important and specific risks that are not discussed in this application. Some Instruments are either unrated or are rated below investment grade. Even where rated, investments in certain Instruments may be significantly riskier than investments in other comparably rated assets and may be subject to more price volatility than other asset classes. The returns on certain Instruments, including, but not limited to Instruments relating to emerging markets countries or emerging markets corporate issuers, and Instruments denominated in foreign currency, also are subject to numerous economic, political, monetary, cultural and other risks, including the risk of nationalization, exchange or capital controls, wars, acts of God and other force majeure, and other events or crises that could yield a total or near-total loss on your investment. You should consider all relevant risks before making any investment decision with respect to any Instrument mentioned in this application.

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Credit Derivatives Product Disclaimer

This application provides current and historical pricing and other information for certain credit derivatives (the "Information") as an information service to Bank of America Merrill Lynch institutional clients. Bank of America Merrill Lynch is not soliciting any action based upon it. The Information is indicative only and does not constitute bids or offers to enter into the types of transactions shown at any particular price. Any historical pricing data is estimated by Bank of America Merrill Lynch on the basis of available market data and such other information as Bank of America Merrill Lynch deems appropriate. All pricing information is subject to adjustment and correction.

Bank of America Merrill Lynch acts on an arm's length basis and not in the capacity of your financial adviser or fiduciary in connection with the Information and the types of transactions shown herein. Bank of America Merrill Lynch and its affiliates may from time-to-time take proprietary positions and/or make a market in instruments identical or economically related to over-the-counter ("OTC") derivative transactions entered into with you, or may have an investment banking or other commercial relationship with and access to information from the issuer(s) of securities, financial instruments, or other interests underlying OTC derivative transactions. We may also undertake proprietary activities, including hedging transactions related to the initiation or termination of an OTC derivative transaction with you, that may adversely affect the market price, rate index or other market factor(s) underlying an OTC derivative transaction entered into with you and consequently the value of the transaction.

Credit derivative transactions, like other financial transactions, involve a variety of significant risks, including: the risk of loss due to the default or potential default by a reference issuer with respect to its obligations, market risk, illiquidity risk, credit risk, funding risk and operational risk. By using this application, you, as an authorized representative of your organization, certify, on behalf of that organization, that you have read and understood the COVER STATEMENT ON THE CLIENT/COUNTERPARTY RELATIONSHIP and the GENERIC RISKS ASSOCIATED WITH OVER-THE-COUNTER DERIVATIVE TRANSACTIONS , each of which is available by clicking on the preceding hyperlinks.

OTC derivatives transactions are individually negotiated and may only be engaged in by institutions and other persons that meet certain business or asset qualifications. Depending in part on your creditworthiness, other Bank of America Merrill Lynch internal criteria and current market conditions, OTC derivatives transactions may be entered with you which may be subject to various credit-related provisions, including the requirement for initial and variation margin and rights of termination. Any information provided by e-mail shall be indicative and subject to market conditions and availability. The contents of e-mails will not constitute the terms under which an actual trade may be executed. Only representatives of the relevant trading desks at Bank of America Merrill Lynch can enter into such transactions, and these transactions will be required to be evidenced by one or more trade confirmations and a master agreement.

From time-to-time Bank of America Merrill Lynch derivatives marketing or sales representatives may provide informal, subjective comments, market and pricing observations, and other observations regarding the credit derivatives markets in general. These comments do not necessarily constitute the official views of Bank of America Merrill Lynch and do not constitute market, investment, or financial advice that may be relied upon.

This application also includes "Calculator" functions. Please click on the preceding hyperlink to read important disclaimers relating to your use of Calculators.

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Data Transfer Facility Product Disclaimer

This application permits you: (i) to view information of Bank of America Merrill Lynch that relates to one or more securities accounts you maintain with Bank of America Merrill Lynch; and/or (ii) to transmit information that you provide for purposes of, but not limited to, updating your account(s).

The Bank of America Merrill Lynch information that is displayed by means of this application is provided to you for your information and convenience, but is not the official record of your account (s) activity with Bank of America Merrill Lynch or any other parties. The Bank of America Merrill Lynch account statement that is provided to you remains such official record. You should understand that any and all account information provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action. Bank of America Merrill Lynch will not be responsible or liable for any Damages that could result from your taking any such action in reliance on account information provided via this application.

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E-Citation Product Disclaimer

This application enables authorized clients of The Citation Group of MLPF&S or of Merrill Lynch Canada Inc., to view on-line data for their Citation accounts. This data is provided as a convenience and for your information, but is not the official record of a customer's account activity. Please remember that securities trading takes place away from the Citation account. The Citation account is used to reconcile research and other applicable services with trading activity that defrays Citation's expenses associated with providing such services. The Bank of America Merrill Lynch account statement remains the official record of a customer's securities transactions. Any and all account data provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with the trader handling your account and your Citation Soft Dollar service representative. Citation will not be responsible or liable for any loss or damage that could result from your taking any action without confirming the accuracy of the account data provided.

Unless otherwise indicated the following definitions apply within this application: (a) quantity with respect to equities means the number of shares; (b) quantity with respect to options means the number of contracts; and (c) quantity with respect to fixed income represents units of $1000 face amount of bonds.

Service verification this application is designed to present products and services to clients to confirm their receipt of such products and services. These are products and services provided by Bank of America Merrill Lynch predominantly originated by third party vendors. Bank of America Merrill Lynch may have a contract commitment to the vendor that extends beyond the time period that the client desires to receive the service. (not applicable for Merrill Lynch Canada Inc. clients)

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Equity Linked Products Product Disclaimer

Your use of GLOBAL MARKETS PORTAL is subject to Terms and Conditions of Use, Privacy Statement and Product Disclaimers. By clicking below and proceeding to use this application, you agree to be bound by them. Please read all applicable terms of use carefully.

None of the information in this application constitutes or is intended to constitute an offer (to the public or otherwise) in any jurisdiction of any of the products listed or described herein.

The information provided through this application is made available in your country by a Bank of America Merrill Lynch company authorized to make such information available in your country. If you wish to obtain further information on a security described in this application, you must (in the absence of an exemption) use the services of a Bank of America Merrill Lynch affiliate authorized to provide such information to you. The securities described in this application are not available to investors in certain countries (including the United States) where applicable laws restrict (in the absence of an exemption or approval by the relevant local authorities) the securities available to such investors or the broker-dealers through whom investors may engage in transactions in such securities.For more information, please see the applicable Country Disclaimer included in these Terms of Use.

Australia. This application is approved for issue in Australia by Merrill Lynch Equities (Australia) Limited ACN 006 276 795, a licensed dealer in Australia. To the extent the information constitutes investment advice under the Corporations Law of Australia such advice is that of Merrill Lynch Equities (Australia) Limited. The information in this application is not intended to be and does not constitute a recommendation, solicitation or invitation by Merrill Lynch Equities (Australia) Limited for applications to engage in any investment activity mentioned or for the purchase or sale of any securities or other financial instruments and is provided as information only. Some information, products and services mentioned in this application are not available in Australia.

Austria. The information is directed, in relation to Austria - for securities not admitted to be publicly offered in Austria - only to persons whose ordinary business activities involve the acquisition of the respective securities for the purpose of their business according to section 3 para 1 no 11 KMG and who are interested in the securities not with the purpose to offer such securities to third parties in Austria. Such securities are not offered and will not be made available to any other persons in Austria.

Belgium. The information in this application is directed, in relation to Belgium, only to corporate and institutional investors, as defined by article 25, § 1 of the Royal Decree of December 20, 1995 relating to foreign investment firms (amended by article 14, (1º) of the Royal Decree of July 7, 1999 on the public character of financial transactions). The securities available in this application are not, unless otherwise indicated, available to any other persons in Belgium. Foreign markets involve different risks from Belgian markets. In some cases, the risks may be greater. The profit or loss in transactions on foreign markets or in foreign denominated investments or contracts will be affected by fluctuations in exchange rates. The value of investments may go down as well as up. The market in some investments featured may be restricted. Investors in certain instruments may not only lose the amount originally invested, but also have to pay more later.

France. Unless otherwise specified with respect to a particular product, the financial instruments referenced in this application have not been registered with the Commission des Opérations de Bourse and are not being offered to the public in France. The information contained in this application is aimed at qualified investors only (investisseurs qualifiés within the meaning of the ordinance nº 67-833 dated September 28, 1967 and of the decree nº 98-880 dated October 1, 1998). Investors are required to conduct their own independent verifications and assessment before taking any decision concerning the financial instruments referenced in this application.

Germany. Some information, products and services are not available in all jurisdictions. The information in this application is directed at, and is intended for distribution to, and use by, institutional investors in permitted jurisdictions only.

Greece. The products described in this application do not have a guaranteed performance and previous performance does not guarantee future performance.

Hong Kong. This application is being made available in Hong Kong only to persons who are institutions whose ordinary business it is to buy and sell shares or debentures, whether as principal or as agent (within the meaning of the Companies Ordinance (Cap.32) of Hong Kong) and only for the private information of, and use by, such persons. The information set out in this application is provided by or through Merrill Lynch (Asia Pacific) Limited acting through its Hong Kong registered dealer's representatives and investment representatives. Unless otherwise specified in respect of any securities described in this application, no action has been taken by Bank of America Merrill Lynch that would permit an offer of securities to the public or the providing of any information relating to securities, in Hong Kong, where action for such purposes is required under Hong Kong laws and regulations.

Ireland. The information in this application is directed only at certain persons in Ireland whose ordinary business it is to buy or sell securities and to whom the securities are offered in the context of their trade, profession or occupation.

Israel. This application does not constitute an offer to the public in Israel and is not intended to induce the Israeli public to acquire securities. Nothing in this application is intended to be or should be construed as investment advice within the meaning of any relevant Israeli securities laws. Potential investors should consult their own advisers as to the suitability of any such products for their own purposes.

Italy. The information in this application is directed, in relation to Italy, only to `professional investors', as defined in Article 31, paragraph 2 of CONSOB Regulation no. 11522 of 1 July 1998, e.g. (i) banks and financial companies (societa finanziarie); (ii) investment firms; (iii) mutual funds and SICAVs; (iv) pension funds; (v) insurance companies; (vi) issuers of securities traded on regulated markets; and (viii) fondazioni banacarie (banks' foundations). If you are not a professional investor then (a) you are not authorized to access or use the restricted portion of the GLOBAL MARKETS PORTAL Web Site application (b) you should refrain from misrepresenting any professional investor status or otherwise violate the permissioning mechanism giving access to those restricted portions (c) you will not be entitled to the protection granted by Italian laws to consumers or retail investors when unduly accessing or using the GLOBAL MARKETS PORTAL Web Site; and (d) you agree to hold harmless and to indemnify Bank of America Merrill Lynch against any Damage arising out of your unauthorized access and use of any restricted portion of the GLOBAL MARKETS PORTAL Web Site, you do not enter into any contractual arrangement for the provision of investment or financial services. The information contained in this Site is not intended to solicit the carrying out of any investment transaction.

Luxembourg. Some information, products and services are not available in all jurisdictions. The information in this application is directed at, and is intended for distribution to, and use by, institutional investors in permitted jurisdictions only.

Portugal. Unless expressly stated otherwise, the information contained in this application is not directed at Portuguese investors, does not constitute an offer of any securities or services in Portugal, and has not been and will not be registered under the Portuguese Securities Code as a public offering, and no securities will be offered or sold, directly or indirectly, in Portugal.

Spain. The information in this application is solely and exclusively intended and targeted to pension funds, insurance companies, collective investment schemes, credit entities, brokers and dealers and any other entities which invest in products or securities similar to those indicated in this application, on a professional and regular basis. Hence, if you are an individual or a legal entity which would acquire, enjoy or use, as final addressee, those products or securities (and the related investments services) for purposes other than professional and regular investment, then (i) you are not authorised to access or use the restricted portion of the GLOBAL MARKETS PORTAL Web Site; (ii) you should refrain from misrepresenting any other institutional investor status or otherwise violate the access mechanism to those restricted portions; (iii) you will not be entitled to the protection granted by the laws of your jurisdiction to consumers when unduly accessing or using the GLOBAL MARKETS PORTAL Web Site and (iv) you agree to hold harmless and to indemnify Bank of America Merrill Lynch and all Other Persons against any Damage arising out of your unauthorised access and use of any restricted portion of the GLOBAL MARKETS PORTAL Web Site.

Sweden. This offer is for the intended recipient only and may not in any way be forwarded to the public in Sweden.

Switzerland. Some information, products and services are not available in all jurisdictions. The information in this application is directed at, and is intended for distribution to, and use by, institutional investors in permitted jurisdictions only.

The Netherlands. Some information, products and services are not available in all jurisdictions. The information in this application is directed at, and is intended for distribution to, and use by, institutional investors in permitted jurisdictions only.

United Kingdom. This application is directed only at (a) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the “Order”) or (b) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order (all such persons together being referred to as “relevant persons”). This application must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this application relates is only available to relevant persons and will be engaged in only with relevant persons.

This application also includes "Calculator" functions. Please click on the preceding hyperlink to read important disclaimers relating to your use of Calculators.

After your initial agreement, we will confirm your agreement to this Product Disclaimer on or about January 1 and July 1 of each year and any time these terms are amended. You can always access the latest version of these terms by clicking on the tab labeled "Product Disclaimers" at the top or bottom of each page within this application.

A summary of Bank of America Merrill Lynch's policies to ensure that research produced by its Research Analysts complies with the U.K. Financial Services Authority's standards for the management of conflicts of interest, is available from Freya Hone, Research Counsel on +44 207 995 0506.

You may print this Product Disclaimer by using your browser's Print function.

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Equity Stock Loan Global Composite Page Product Disclaimer

This application provides information on the availability of certain securities for borrowing as a service to Bank of America Merrill Lynch institutional clients. The information herein does not constitute an offer to lend or a commitment to lend any securities. Only representatives of Bank of America Merrill Lynch Stock Loan Sales can make such commitments or agreements.

All securities listed in this application are subject to availability and they may be removed at any time without notice.

Bank of America Merrill Lynch may borrow or lend securities posted in this application for their own accounts or for the accounts of others.

In addition, from time-to-time Stock Loan Sales may provide informal, subjective comments regarding the stock loan market and the availability of certain securities or lack thereof. Those comments should not be considered anything more than observations of Stock Loan Sales. They do not and should not be interpreted as fact, fundamental research or as constituting market, investment or financial advice that may be relied upon. Bank of America Merrill Lynch is not responsible for the accuracy, completeness or appropriateness of any information provided in these informational documents.

Questions regarding your specific financial and tax situation should be referred to your financial and tax advisers.

This application includes certain closing price information as of the date and for the market specified. Any pricing information is estimated by Bank of America Merrill Lynch on the basis of available market data and such other information as Bank of America Merrill Lynch deems appropriate. All information in this application is indicative only and is subject to adjustment and correction at any time without notice. Such information is not suitable for trading or valuation purposes. Bank of America Merrill Lynch is not soliciting any action based upon it. Indicative pricing information should not be construed as firm bids or offers to enter into any transaction at any particular price. Firm pricing will only be offered through channels other than this application and will vary according to market conditions and size of transaction. Users should not rely upon the pricing information in this application to take any action.

The information in this application does not constitute investment or financial advice, and we make no representation as to the suitability of any particular security for your investment needs.. Bank of America Merrill Lynch will not be responsible or liable for any damage that could result from your taking any action in reliance on this information.

Hong Kong Shares. In relation to shares listed on the Hong Kong Stock Exchange ("Hong Kong Shares"), the information displayed in this application does not constitute any representation or confirmation of the availability of Hong Kong Shares to any person for the purposes of Hong Kong laws and regulations concerning short sales of such Hong Kong Shares. Clients contemplating short sales of Hong Kong Shares are reminded that contravention of Hong Kong laws and regulations concerning short sales of Hong Kong Shares is a criminal offence in Hong Kong. Clients should therefore be clear as to their obligations as short sellers of Hong Kong Shares under applicable Hong Kong laws and regulations, and/or seek independent Hong Kong law legal advice thereon, prior to proceeding with any such short sales.

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Equity Trading Product Disclaimer

Your use of GLOBAL MARKETS PORTAL is subject to Terms and Conditions of Use , Privacy Statement and Product Disclaimers. By clicking below and proceeding to use this application, you agree to be bound by them. Please read all applicable terms of use carefully.

We,Bank Of America Merrill Lynch, are pleased to offer you (the "Client"), the use of this GLOBAL MARKETS PORTAL Equity Trading Application (the "Application") located within the Money Manager Services Application. By using the Application, the Client can send us orders electronically to buy or sell certain equity securities for execution. Also by using the Application, the Client agrees to the terms and conditions in this agreement, and the Client further agrees that this agreement supplements any existing agreement between us.

  1. Our acceptance of the Client's electronic delivery of orders will be subject to limitations that we may establish and revise from time to time. These limitations may relate to the size of the Client's orders, the type of order or the securities to which such orders relate. Whether or not such limitations are applicable to the Client's order, we may at any time in our discretion decline to accept any particular order.

  2. The Client's electronically transmitted order will only be deemed to be accepted by MLPF&S when evidenced by our electronic acknowledgement. We shall then effect the Client's order only during the normal hours of the exchange or marketplace that we consider to represent the primary exchange or marketplace for the security. We or one of our affiliates will clear and settle any transactions resulting from the Client's orders, provided that the Client or the Client's agent has taken all necessary steps for us to clear and settle such transactions. All orders sent to us electronically, and the execution of such orders, shall be subject to the applicable rules, customs and usages of the exchange or market, and its clearinghouse, on which orders are executed by or through us or our affiliates. Commissions and other transaction charges, as agreed by us and as required by applicable law, shall apply to executions of the Client's electronically transmitted orders.

  3. Bank of America Merill Lynch and the Client further agree:

    1. All orders sent to MLPF&S electronically by means of the Application are transmitted at the Client's risk and the Client hereby authorizes us to rely and act on the Client's electronically transmitted instructions and treat them as fully authorized and binding upon the Client. The Client shall be responsible for the accuracy and the adequacy of the data and information input by it and the resultant consequences thereof. In no event will we or our affiliates be responsible for any orders as to which we have not acknowledged receipt by electronic means or otherwise, or be liable for any performance or failure to perform in connection with such orders.

    2. The Client shall be responsible for designating any of the Client's short sales as such and for locating the Client's borrow of shares prior to placing any short sale orders with us, as required by applicable law. Further, the Client shall execute any required agreement (e.g., a margin agreement) prior to borrowing securities from us and placing any order to sell short such securities.

    3. When the Client places a long sale with us, the Client is representing the following: the Client (or the accounts over which the Client exercises discretionary trading authority) own the securities to be sold, free of any lien, pledge, security interest or other encumbrance, that the securities are held in good deliverable form, and that the Client will deliver, or cause the delivery of, the securities against payment.

    4. Through the Application, the Client can enter market and limit orders on a "not held" basis only. "Not held" orders are often referred to as "working orders". This means that we may, in our discretion, effect or execute the Client's orders over time during the day, consistent with best execution principles and prevailing market conditions.

    5. Limit "not held" orders that are directed to our Nasdaq desks permit us to trade for our own account at various prices without us being required to execute the Client's order. More specifically, when we accept an order on a "not held" basis, we may trade for our own account at the same or different price than that ultimately received by the Client upon execution of the Client's order.

    6. The Client shall be responsible for compliance with applicable laws, rules and regulations of any relevant authorities, including short sale rules.

    7. The Client understands that MLPF&S does not provide real time market trade and quotation data in conjunction with this Application.

  4. Either we or the Client, at either's discretion, may immediately terminate the electronic access contemplated hereunder. This agreement shall be governed by the law of the State of New York, without giving effect to the law relating to conflict of laws. Please acknowledge your understanding of, and agreement to, the foregoing, by clicking on the "I accept" box below.

After your initial agreement, we will confirm your agreement to this Product Disclaimer on or about January 1 and July 1 of each year and any time these terms are amended. You can always access the latest version of these terms by clicking on the tab labeled "Product Disclaimers" at the top or bottom of each page within this application.

You may print this Product Disclaimer by using your browser's Print function.

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European Corporates Composite Page Product Disclaimer

Offers to sell or solicitations of offers to buy securities or other financial instruments are not final and are subject to change until you receive a trade execution notification on your screen. Bank of America Merrill Lynch and any of its affiliates may buy or sell securities or financial instruments posted in this application for their own account or for the accounts of others.

The following concepts are fundamental to this application:

"Firm" vs. "Subject" Offerings:Where applicable, offerings are displayed as either "Firm" or "Subject". "Firm" offerings can be executed electronically at the price, or the corresponding yield or spread indicated, as long as the "Firm" status is maintained by the trader. "Subject" offerings can not be executed electronically. The prices, yields or spreads shown for "Subject" offerings are indicative. To inquire about executing a trade on a "Subject" offering, please contact your Bank of America Merrill Lynch Sales Representative.

Credit Ratings:The status of any credit rating provided in this application may be changed at any time. Credit ratings are not updated on a real-time basis and you should verify the current status of any credit rating before relying on it to make an investment decision. The credit rating information shown in this application does not reflect any "watch" status that may be associated with the credit ratings.

Trading hours: Trading hours will be as shown on the Hours Of Operation screen, Monday through Friday, except market Holidays and unscheduled system downtimes.

On-The-Wire Timer:This trading application has an On-The-Wire ("OTW") timer. Once the trading system delivers a live price, the user is required to submit the trade within the time remaining in order to successfully execute at that price. If the OTW timer expires, the price will be stale and the user will have to re-submit the transaction to receive a fresh price which will restart the OTW timer.

View-Only-Access:: If you are not entitled to trade a product via GLOBAL MARKETS PORTAL, then: (a) any prices and quantities displayed with respect to such product, even if labeled "firm," should not be deemed by you to constitute a bid or offer by Bank of America Merrill Lynch; (b) even if the price or quantity with respect to such product is labeled as a "firm" price or quantity, you should deem such price or quantity to be indicative; (c) the information displayed with respect to such product, including prices and quantities, is suitable only for information purposes and should not be considered suitable for trading purposes; (d) all prices and quantities displayed with respect to such product are subject to market conditions and negotiation with your local account executive; and (e) there is no assurance that screen prices or quantities will be equal to actual trading prices or quantities.

By using this application, you agree that, for any debt instrument which is listed on a French regulated market, you will not submit proposals to Bank of America Merrill Lynch for any single transaction involving a volume with an aggregate price of less than Euros 30,000.

Market Commentary: This application also provides informal, subjective comments, market and pricing observations, and other information relating to the global debt markets ("Market Commentary"). The information herein does not constitute offers to sell or buy any security, futures contract, options contract, derivative or any other financial instrument (each an "Instrument" and collectively, "Instruments") at any particular price. The Market Commentary in this application should not be considered anything more than observations of the trading desks making them. Bank of America Merrill Lynch may take or hold positions in Instruments, or provide information to other investors regarding Instruments, which may be consistent with or contrary to the information contained in this application. The information contained herein does not purport to contain all of the information available in relation to the Instruments and markets mentioned. The Market Commentary is not and should not be interpreted as fact, fundamental research or as constituting market, investment or financial advice that may be relied upon. Bank of America Merrill Lynch is not responsible for the completeness or appropriateness for any particular purpose of the Market Commentary.

Additional Considerations: Investments in many of the Instruments mentioned in this application are subject to important and specific risks that are not discussed in this application. Some Instruments are either unrated or are rated below investment grade. Even where rated, investments in certain Instruments may be significantly riskier that investments in other comparably rated assets and may be subject to more price volatility than other asset classes. The returns on certain Instruments, including, but not limited to Instruments relating to emerging markets countries or emerging markets corporate issuers, and Instruments denominated in foreign currency, also are subject to numerous economic, political, monetary, cultural and other risks, including the risk of nationalization, exchange or capital controls, wars, acts of God and other force majeure, and other events or crises that could yield a total or near-total loss on your investment. You should consider all relevant risks before making any investment decision with respect to any Instrument mentioned in this application.

Governing Law: Transactions executed through this application shall be governed by and shall be construed in accordance with English law. By using this application, you hereby irrevocably submit to the non-exclusive jurisdiction of the English courts.

The following 2 paragraphs apply to French clients only:

For the purposes of executing with Bank of America Merrill Lynch, through this Application, a transaction in financial instruments which are listed on a French regulated market within the meaning of law number 96-597 of 2 July 1996, upon acceptance of these [Terms], and at the time of execution of each transaction in such financial instruments, you hereby submit a written request pursuant to article 4-1-32 of the General Regulation of the Conseil des Marches Financiers, and shall be deemed to have submitted a written request in respect of each such transaction, to have the transaction executed other than on a regulated market within the European Economic Area.

By using this application, you represent and warrant to Bank of America Merrill Lynch upon execution of each trade that: you are an investisseur qualifié (a "Qualified Investor") within the meaning of Ordinance 67-833 of 28 September 1967, investing for its own account or, in the case of a Qualified Investor coming within article 1(l) of Decree no.998-880 of 1 October 1998 or a "societe de gestion" within the meaning of article 12 of Law no. 88-1201 of 23 December 1988, either investing for its own account or, for the account of another Qualified Investor or an "organisme de placement collectif en valeurs mobilieres" (a collective investment scheme ie a UCITS) and you recognise that the information displayed on the screen is for information purposes only and does not constitute an offer of securities.

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Global Alternative Investments

The performance analysis contained herein is neither an offer to sell nor a solicitation of an offer to buy any securities described herein. Bank of America Merrill Lynch makes no representation or warranty as to the accuracy or completeness of the risk and performance information contained herein. Past performance is no guarantee of future results.

The following is important information for you to consider before investing in a hedge fund or portfolio of hedge funds:

By subscribing for interests in a hedge fund or fund of funds, each investor must represent, among other things, that: (a) an investment in such a Fund is suitable for such investor; (b) the investor is able to bear the risk of an investment in the Fund, including the risks of losing the investor's entire investment and of the limited liquidity of the Fund interests; and (c) the investor, either alone or together with the persons advising the investor in connection with the purchase of the Fund interests, understands the risks of, and other considerations relating to, such investment.

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Global Commission Manager Product Disclaimer

This application enables authorized clients of selected global Bank of America Merrill Lynch corporate entities to view on-line account data for soft dollar and commission sharing arrangements for services of the Global Commission Management Group. Each relationship is subject to the pertinent terms and conditions set forth in the agreement between the client and the applicable Bank of America Merrill Lynch affiliate. The information in the application is organized according to the agreement and the Bank of America Merrill Lynch affiliate through which the relationship was established. The data in this application is provided as a convenience and for your information, but is neither the official record of a customer's account activity nor of securities transactions with or through Bank of America Merrill Lynch. Global Commission Management accounts are employed to reconcile research and other applicable services against the trading activity that defrays the Bank of America Merrill Lynch entity's expenses associated with providing those services. The account statement for the respective Bank of America Merrill Lynch entities remains the official record of a customer's securities transactions. Any and all account data provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with the Bank of America Merrill Lynch Sales or Trading representative handling your account and your Global Commission Management service representative. Bank of America Merrill Lynch Global Commission Management and its respective legal entities will not be responsible or liable for any loss or damage that could result from your taking any action without confirming the accuracy of the account data provided.

IN RESPECT OF COMMISSION MANAGEMENT/SOFT DOLLAR SERVICES OPERATED IN THE US:

Certain portions of this application have a Service Verification feature. This feature is designed to present products and services to enable clients to confirm that they have received the pertinent products and services. These are products and services provided by Global Commission Management but predominantly originate with third party vendors. Because the products and services are rendered directly from the vendor to the client, it is necessary for Global Commission Management to confirm that the client has actually received the pertinent product or service. If the client has not already done so, we ask you to identify a product or service as a "mixed use" item and to arrange for payment of all or a part of the invoice from the client's own funds where relevant. In order to provide some of the services requested by a client, Bank of America Merrill Lynch may be required to undertake a contractual commitment to the vendor that extends beyond the time period that the client would ideally desire to receive the service. When considering the value of such services, each client must take into consideration the economic commitment made by Bank of America Merrill Lynch for services for which Bank of America Merrill Lynch would not otherwise undertake a contractual commitment. Please be aware that the contractual commitments you, and by extension BAML on your behalf, must make with vendors may vary considerably in length of time commitment, purchasing quotas and in other measures. Please understand the scope of the commitments that will be paid for by the commissions generated by your clients' commissions before you request that BAML engage in a contract with a vendor for such service.

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Global Custody Services Trade Allocations Product Disclaimer

This application enables you to view on-line proprietary data regarding accounts for you (and, as appropriate, your clients) that are carried by BANA and/or MLPF&S. The data includes trade-day orders and executions placed through one or more of Bank of America Merrill Lynch's debt and equity trading systems and the trading systems of other qualifying broker-dealers. Account data is provided through this application as a convenience and for your information, but is not the official record of the account activity with Bank of America Merrill Lynch. The Bank of America Merrill Lynch account statement remains such official record and all account data provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with your Bank of America Merrill Lynch representative. Account statements detailing your allocation activity through this application will be mailed to you monthly. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result from your taking any action without confirming the accuracy of the account data provided through this application.

Further, the aggregation and allocation of executions is and remains your responsibility. In utilizing this application, Bank of America Merrill Lynch has an expectation that such activities shall be carried out by you and your employees, agents or representatives in a manner consistent with your duties as a fiduciary. Bank of America Merrill Lynch does not assume responsibility or liability for any aggregation or allocation decision made by you.

After your initial agreement, we will confirm your agreement to this Product Disclaimer on or about January 1 and July 1 of each year and any time these terms are amended. You can always access the latest version of these terms by clicking on the tab labeled "Product Disclaimers" at the top or bottom of each page within this application.

You may print this Product Disclaimer by using your browser's Print function.

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Global Foreign Exchange Composite Page Product Disclaimer

This application may provide current and historical pricing and other information for certain foreign exchange ("FX") spot, forward and options transactions, securities, currency derivatives (including futures) and other FX-market related instruments (the "Information") as an information service to Bank of America Merrill Lynch institutional clients. The Information is indicative only and does not constitute an offer to enter into the types of transaction shown at any particular price. Any historical pricing data is estimated by Bank of America Merrill Lynch on the basis of available market data and such other information as Bank of America Merrill Lynch deems appropriate. All pricing information is subject to adjustment and correction.

Indicative exchange rates shown are based on up to a $2,000,000 USD notional amount. Indicative exchange rates are suitable only for information purposes and should not be considered suitable for trading purposes. All indicative exchange rate information is subject to market conditions and negotiation. The size of a bid request and other credit factors will affect actual trading levels. There is no assurance that indicative exchange rates or quantities will be equal to executable exchange rates or quantities. To see a firm quotation for a specific quantity, click on the indicative rate, indicate quantity and select "submit".

Bank of America Merrill Lynch acts on an arm's length basis and not in the capacity of your financial adviser or fiduciary in connection with the Information and the types of transactions shown herein. Bank of America Merrill Lynch and its affiliates may from time-to-time take proprietary positions and/or make a market in instruments identical or economically related to the types of over-the-counter ("OTC") derivative transactions which are shown in this application or may have an investment banking or other commercial relationship with and access to information from the issuers(s) of securities, financial instruments, or other interests underlying OTC derivative transactions. We also may undertake proprietary activities, including hedging transactions related to the initiation or termination of an OTC derivative transaction shown, that may adversely affect the market price, rate index or other market factor(s) underlying such OTC derivative transaction.

By using this application, you, as an authorized representative of your organization, certify, on behalf of that organization, that you have read and understood the COVER STATEMENT ON THE CLIENT/COUNTERPARTY RELATIONSHIP and the GENERIC RISKS ASSOCIATED WITH OVER-THE-COUNTER DERIVATIVE TRANSACTIONS , each of which is available by clicking on the preceding hyperlinks.

OTC derivatives transactions are individually negotiated and may only be engaged in by institutions and other persons that meet certain business or asset qualifications. Depending in part on your creditworthiness, other Bank of America Merrill Lynch internal criteria and current market conditions, OTC derivatives transactions may be entered with you which may be subject to various credit-related provisions, including the requirement for initial and variation margin and rights of termination. Any information provided by e-mail shall be indicative only and subject to market conditions and availability. The contents of e-mail communications directed through this application will not constitute the terms under which an actual trade may be executed. Only representatives of the relevant trading desks at Bank of America Merrill Lynch can enter into such transactions, and these transactions will be required to be evidenced by one or more trade confirmations and a master agreement executed between you and us.

This application provides informal, subjective commentary, market and pricing observations, trade ideas and other information relating to the FX markets. Such material does not constitute offers to sell or buy any FX spot, forward or option transaction, security, futures contract, currency derivative or any other FX-market related instrument, good, product or service at any particular price. The information in this Application should not be considered anything more than observations of the trading and sales desks making them. They do not and should not be interpreted as fact, or constituting market, investment or financial advice that may be relied upon.

FX-market related instruments are subject to numerous economic, political, monetary, and other risks, including the risk of nationalization, exchange, currency or capital controls, wars, acts of God and other force majeure, and other events or crises that could result in a total or near-total loss on your investment. Furthermore, while purchasers of options will lose their entire premium if the option is not in-the-money, sellers of options may have an unlimited risk.

In addition, many FX-market related instruments are "deliverable transactions," meaning that delivery must be received or made in a non-dollar currency through non-U.S. settlement channels, including settlement channels in emerging markets countries. Deliverable transactions are subject to various political, economic, legal and other local risks prevailing in the market of the currency delivery, including the risk of currency controls, transfer restrictions, account blockages and force majeure.

Bank of America Merrill Lynch does not accept any liability relating to the completeness or appropriateness for any particular purpose of the information displayed in this application. Bank of America Merrill Lynch makes no representation as to the suitability of any particular transaction for your investment or hedging needs. Matters which require an understanding of your specific purposes should be discussed with your professional financial, tax or other advisers.

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Global Foreign Exchange Post Trade Product Disclaimer

Master Trade Terms and Conditions

By clicking the "Confirm" button, the Customer agrees with Bank of America, N.A., Merrill Lynch International Bank Limited and Merrill Lynch Capital Services, Inc. (each, including any successor thereto by merger or by law, a “BAML Entity”) that:


(a)  

Subject to the provisions of Part (b) below, in respect of each foreign exchange transaction that the Customer confirms through Post-Trade Services, and which transaction is a spot, a deliverable forward or a non-deliverable forward with a "Reference Currency" identified in any of clauses 11 through 20 of Section B below in this Part (a) and settled in United States Dollars, the terms and conditions set out below in this Part (a) that are expressly applicable to such transaction shall govern such transaction:


 

  1. The following terms and conditions in this Section A shall apply to and govern each transaction that is a spot or a deliverable forward:

    1. The commercial terms applicable to such transaction as set out in the “Summary Drill Down View” page for such transaction, together with the terms and conditions set out below in this Section A, will constitute a “Confirmation” for all purposes under any master agreement that may have been entered into by the Customer and the BAML Entity that is party to such transaction (the “Relevant BAML Entity”).

    2. Such transaction will be deemed to have been made in the State of New York and shall be construed, and the rights and liabilities of the parties determined, in accordance with the laws of the State of New York.

    3. The Customer represents to the Relevant BAML Entity that the Customer has, prior to confirming such transaction, reviewed the commercial terms applicable to such transaction as set out on the “Summary Drill Down View” page for such transaction and accepts such terms.

    4. The Relevant BAML Entity will use ordinary care to have proper instructions forwarded to our correspondents to make the payment it is required to make under such transaction. The Customer will assume all risks of transmission, acts or omissions of our correspondents or agents, failure to locate or error in identifying the named payee, or non-payment due to other factors beyond our control, including not only normal risks, but abnormal risks occasioned by war, revolution, civil commotion, law or compulsion of any nature.

    5. While delivery of amounts by the Relevant BAML Entity under such transaction is not intended to involve an extension of credit, until full, final and irrevocable payments has been received by us, we shall have the right to reclaim any such amounts or if such reclamation is not permitted by applicable law, a purchase money security interest in favor of the Relevant BAML Entity shall attach to such amounts (including any instruments, accounts or contract rights relating thereto) and the proceeds of such amounts.

    6. If the Relevant BAML Entity concludes (based on the commercial terms of such transaction (such as the currencies involved in such transaction) and/or the terms of any relevant agreement between the Relevant BAML Entity and the Customer) that the Relevant BAML Entity will require the Customer to post an Independent Amount or upfront collateral in respect of such transaction, the amount thereof will be calculated by the Relevant BAML Entity in accordance with its customary approach in the calculation thereof and will be included in the total upfront collateral amount set out in any margin call notice delivered by the Relevant BAML Entity to the Customer and the Customer agrees to post to the Relevant BAML Entity collateral acceptable to the Relevant BAML Entity that is not less than such amount.

    7. An electronic and/or printed record of the commercial terms applicable to such transaction as set out in the “Summary Drill Down View” page for such transaction and the terms and conditions set out above in this Section A and the indication of the Customer’s agreement therewith will be retained by the Relevant BAML Entity and such record shall serve as evidence of the terms and conditions of such transaction and the Customer’s agreement therewith and the Customer’s intention to be legally bound thereby.

  2. The following terms and conditions shall apply to and govern each transaction that is a non-deliverable forward with a “Reference Currency” identified in any of clauses 11 through 20 of this Section B and that will be settled in United States Dollars:

    1. The commercial terms applicable to such transaction as set out on the “Summary Drill Down View” page for such transaction, together with the relevant terms and conditions set out below in this Section B, will constitute a “Confirmation” for all purposes under any master agreement that may have been entered into by the Customer and the BAML Entity party to such transaction (the “Relevant BAML Entity”).

    2. Such transaction will be deemed to have been made in the State of New York and shall be construed, and the rights and liabilities of the parties determined, in accordance with the laws of the State of New York.

    3. The Customer represents to the Relevant BAML Entity that the Customer has, prior to confirming such transaction, reviewed the commercial terms applicable to such transaction as set out on the “Summary Drill Down View” page for such transaction and accepts such terms.

    4. The definitions and provisions contained in the 1998 FX and Currency Option Definitions (as published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association and The Foreign Exchange Committee) (the “Definitions”) are incorporated into the terms and conditions governing such transaction. In the event of any inconsistency between any master agreement entered into by the Customer and the Relevant BAML Entity and the Definitions, such master agreement shall govern. In the event of any inconsistency between such master agreement or the Definitions and the Confirmation in respect of such transaction, such Confirmation shall govern.

    5. The Settlement Date applicable to such transaction will be as set out on the “Summary Drill Down View” page for such transaction, provided, however, that if the Scheduled Valuation Date is adjusted in accordance with the Following Business Day Convention, then the Settlement Date shall be as soon as practicable after the Valuation Date, but in no event later than two Business Days after such date (except that if the Reference Currency for such transaction is PHP or RUB, then in no event later than one Business Day after such date).

    6. “Non-Deliverable” shall apply to such transaction, and the “Settlement Currency” applicable to such transaction shall be USD.

    7. The Valuation Date applicable to such transaction will be as set out on the “Summary Drill Down View” page for such transaction (the “Scheduled Valuation Date”), subject to adjustment in accordance with the Preceding Business Day Convention, and, in the event of an Unscheduled Holiday (as defined below), subject to adjustment in accordance with the Following Business Day Convention; provided, however, and notwithstanding the foregoing, if the Reference Currency for such transaction is BRL, and if the parties have specified a Scheduled Valuation Date for such transaction that falls on a date that, as at the Trade Date of such transaction, is not a scheduled Business Day in New York , no adjustment shall be made on account of the fact that such date is not a Business Day in New York.

    8. As used in this Section B, the term “Unscheduled Holiday” shall mean for the purposes of such transaction, that a day is not a Business Day and the market was not aware of such fact (by means of a public announcement or by reference to other publicly available information) until a time later than 9:00 am local time in the Principal Financial Center(s) of the Reference Currency under such transaction two Business Days prior to the Scheduled Valuation Date for such transaction.

    9. The Business Days applicable to the Settlement Date in respect of such Transaction will be Business Days occurring in New York.

    10. The “Calculation Agent” for such transaction shall be the Customer and the Relevant BAML Entity, and if the Customer and the Relevant BAML Entity are unable to agree on a determination within one Business Day, each party agrees to be bound by the determination of an independent leading dealer in Reference Currency/Settlement Currency Transactions not located in the Reference Currency jurisdiction (“independent leading dealer”), mutually selected by such parties, who shall act as the substitute Calculation Agent, with the fees and expenses of such substitute Calculation Agent (if any) to be met equally by such parties If such parties are unable to agree on an independent leading dealer to act as substitute Calculation Agent, each party shall select an independent leading dealer and such independent dealers shall agree on an independent third party who shall be deemed to be the substitute Calculation Agent.

    11. If the Reference Currency applicable to such transaction is Argentine Peso (ARS), then the following provisions set out in this clause 11 shall apply to such transaction:
       
      Settlement Rate Option:   EMTA ARS Industry Survey Rate (ARS03)
       
      Disruption Events:  Price Source Disruption: Applicable
       
      Disruption Fallbacks:   1.Valuation Postponement
          2. Fallback Reference Price: EMTA ARS Indicative Survey Rate (ARS04)
          3. Calculation Agent Determination of Settlement Rate
       
      Deferral Period for Unscheduled Holiday   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention after the occurrence of an Unscheduled Holiday, and if the Valuation Date has not occurred on or before the 30th consecutive day after the Scheduled Valuation Date (any such 30 consecutive day period after a Scheduled Valuation Date wherein a Valuation Date fails to occur being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      Definition of “Valuation Postponement” for Price Source Disruption  “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the first succeeding Business Day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for consecutive calendar days equal in number to the Maximum Days of Postponement. In that case, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the applicable Disruption Fallback.
       
      Cumulative Events:  Notwithstanding anything herein to the contrary, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 30 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 30-day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 30-day period, a Price Source Disruption shall have occurred or be continuing on the day following such period, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Maximum Days of Postponement: 30 calendar days
       
      Relevant Cities for Business Day for Valuation Date:  Buenos Aires and New York

    12. If the Reference Currency applicable to such transaction is Brazilian Real (BRL), then the following provisions set out in this clause 12 shall apply to such transaction:
       
      Settlement Rate Option:   BRL PTAX - (BRL09)
       
      Deferral Period for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 30th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      Disruption Events:
       
            Price Source Disruption:   Applicable
       
            Price Materiality:   Applicable
       
            Primary Rate:   BRL 09
       
      Secondary Rate:   EMTA BRL Industry Survey Rate (BRL12), or EMTA BRL Indicative Survey Rate (BRL13), as the case may be.
       
      Price Materiality Percentage:   3%, provided however, that if there are insufficient responses on the Valuation Date to the EMTA BRL Industry Survey or the EMTA BRL Indicative Survey, as the case may be, the Price Materiality Percentage will also be deemed to have been met.
       
      Disruption Fallback:
       
        1. First Fallback Reference Price: EMTA BRL Industry Survey Rate (BRL 12)
       
        2. Valuation Postponement
       
        3. Second Fallback Reference Price: EMTA BRL Indicative Survey Rate (BRL 13)
       
        4. Calculation Agent Determination of Settlement Rate
       
      Valuation Postponement for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date, that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      Cumulative Events:   Notwithstanding anything herein to the contrary, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 30 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 30 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 30 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Maximum Days of Postponement:   Thirty (30) calendar days
       
      Relevant Cities for Business Day(s) for Valuation Date:   Any of Rio de Janeiro, Brasilia or Săo Paulo and New York City

    13. If the Reference Currency applicable to such transaction is Chinese Renminbi (CNY), then the following provisions set out in this clause 13 shall apply to such transaction:
       
      Settlement Rate Option:   CNY SAEC (CNY01)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (i) Valuation Postponement
          (ii) Fallback Reference Price: SFEMC CNY Indicative Survey Rate (CNY02)
          (iii) Fallback Survey Valuation Postponement
          (iv) Calculation Agent Determination of Settlement Rate
       
      Other Terms:  
       
      “Deferral Period” for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      “Fallback Survey Valuation Postponement”:   “Fallback Survey Valuation Postponement” means that, in the event that the Fallback Reference Price is not available on or before the 3rd Business Day (or day that would have been a Business Day but for an Unscheduled Holiday) succeeding the end of either (i) Valuation Postponement for Price Source Disruption, (ii) Deferral Period for Unscheduled Holiday, or (iii) Cumulative Events, then the Settlement Rate will be determined in accordance with the next applicable Disruption Fallback on such day. For the avoidance of doubt, Cumulative Events, if applicable, does not preclude postponement of valuation in accordance with this provision.
       
      Cumulative Events:   Except as provided below, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period on which the Spot Rate otherwise would be determined, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant City for Business Day for Valuation Date:   Beijing
       
      Maximum Days of Postponement:   14 calendar days

    14. If the Reference Currency applicable to such transaction is Indian Rupee (INR), then the following provisions set out in this clause 14 shall apply to such transaction:
       
      Settlement Rate Option:   INR RBIB (INR01)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (i) Valuation Postponement
          (ii) Fallback Reference Price: SFEMC INR INDICATIVE SURVEY RATE (INR02)
          (iii) Fallback Survey Valuation Postponement
          (iv) Calculation Agent Determination of Settlement Rate
       
      Other Terms:  
       
      “Deferral Period” for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      “Fallback Survey Valuation Postponement”:   “Fallback Survey Valuation Postponement” means that, in the event that the Fallback Reference Price is not available on or before the 3rd Business Day (or day that would have been a Business Day but for an Unscheduled Holiday) succeeding the end of either (i) Valuation Postponement for Price Source Disruption, (ii) Deferral Period for Unscheduled Holiday, or (iii) Cumulative Events, then the Settlement Rate will be determined in accordance with the next applicable Disruption Fallback on such day. For the avoidance of doubt, Cumulative Events, if applicable, does not preclude postponement of valuation in accordance with this provision.
       
      Cumulative Events:   Except as provided below, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period on which the Spot Rate otherwise would be determined, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant City for Business Day for Valuation Date:   Mumbai
       
      Maximum Days of Postponement:   14 calendar days

    15. If the Reference Currency applicable to such transaction is Indonesian Rupiah (IDR), then the following provisions set out in this clause 15 shall apply to such transaction:
       
      Settlement Rate Option:   IDR ABS (IDR01)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (i) Valuation Postponement
          (ii) Fallback Reference Price: SFEMC IDR INDICATIVE SURVEY RATE (IDR02)
          (iii) Fallback Survey Valuation Postponement
          (iv) Calculation Agent Determination of Settlement Rate
       
      Other Terms:  
       
      “Deferral Period” for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      “Fallback Survey Valuation Postponement”:   “Fallback Survey Valuation Postponement” means that, in the event that the Fallback Reference Price is not available on or before the 3rd Business Day (or day that would have been a Business Day but for an Unscheduled Holiday) succeeding the end of either (i) Valuation Postponement for Price Source Disruption, (ii) Deferral Period for Unscheduled Holiday, or (iii) Cumulative Events, then the Settlement Rate will be determined in accordance with the next applicable Disruption Fallback on such day. For the avoidance of doubt, Cumulative Events, if applicable, does not preclude postponement of valuation in accordance with this provision.
       
      Cumulative Events:   Except as provided below, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period on which the Spot Rate otherwise would be determined, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant City for Business Day for Valuation Date:   Jakarta and Singapore
       
      Maximum Days of Postponement:   14 calendar days

    16. If the Reference Currency applicable to such transaction is Korean Won (KRW), then the following provisions set out in this clause 16 shall apply to such transaction:
       
      Settlement Rate Option:   KRW KFTC18 (KRW02)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (i) Valuation Postponement
          (ii) Fallback Reference Price: SFEMC KRW INDICATIVE SURVEY RATE (KRW04)
          (iii) Fallback Survey Valuation Postponement
          (iv) Calculation Agent Determination of Settlement Rate
       
      Other Terms:  
       
      “Deferral Period” for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      “Fallback Survey Valuation Postponement”:   “Fallback Survey Valuation Postponement” means that, in the event that the Fallback Reference Price is not available on or before the 3rd Business Day (or day that would have been a Business Day but for an Unscheduled Holiday) succeeding the end of either (i) Valuation Postponement for Price Source Disruption, (ii) Deferral Period for Unscheduled Holiday, or (iii) Cumulative Events, then the Settlement Rate will be determined in accordance with the next applicable Disruption Fallback on such day. For the avoidance of doubt, Cumulative Events, if applicable, does not preclude postponement of valuation in accordance with this provision.
       
      Cumulative Events:   Except as provided below, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period on which the Spot Rate otherwise would be determined, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant City for Business Day for Valuation Date:   Seoul
       
      Maximum Days of Postponement:   14 calendar days

    17. If the Reference Currency applicable to such transaction is Philippine Peso (PHP), then the following provisions set out in this clause 17 shall apply to such transaction:
       
      Settlement Rate Option:   PHP PHPESO (PHP01)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (i) Valuation Postponement
          (ii) Fallback Reference Price: SFEMC PHP INDICATIVE SURVEY RATE (PHP05)
          (iii) Fallback Survey Valuation Postponement
          (iv) Calculation Agent Determination of Settlement Rate
       
      Other Terms:  
       
      “Deferral Period” for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      “Fallback Survey Valuation Postponement”:   “Fallback Survey Valuation Postponement” means that, in the event that the Fallback Reference Price is not available on or before the 3rd Business Day (or day that would have been a Business Day but for an Unscheduled Holiday) succeeding the end of either (i) Valuation Postponement for Price Source Disruption, (ii) Deferral Period for Unscheduled Holiday, or (iii) Cumulative Events, then the Settlement Rate will be determined in accordance with the next applicable Disruption Fallback on such day. For the avoidance of doubt, Cumulative Events, if applicable, does not preclude postponement of valuation in accordance with this provision.
       
      Cumulative Events:   Except as provided below, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period on which the Spot Rate otherwise would be determined, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant City for Business Day for Valuation Date:   Manila
       
      Maximum Days of Postponement:   14 calendar days

    18. If the Reference Currency applicable to such transaction is Taiwan Dollar (TWD), then the following provisions set out in this clause 18 shall apply to such transaction:
       
      Settlement Rate Option:   TWD TAIFX1(TWD03)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (i) Valuation Postponement
          (ii) Fallback Reference Price: SFEMC TWD INDICATIVE SURVEY RATE (TWD04)
          (iii) Fallback Survey Valuation Postponement
          (iv) Calculation Agent Determination of Settlement Rate
       
      Other Terms:  
       
      “Deferral Period” for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      “Fallback Survey Valuation Postponement”:   “Fallback Survey Valuation Postponement” means that, in the event that the Fallback Reference Price is not available on or before the 3rd Business Day (or day that would have been a Business Day but for an Unscheduled Holiday) succeeding the end of either (i) Valuation Postponement for Price Source Disruption, (ii) Deferral Period for Unscheduled Holiday, or (iii) Cumulative Events, then the Settlement Rate will be determined in accordance with the next applicable Disruption Fallback on such day. For the avoidance of doubt, Cumulative Events, if applicable, does not preclude postponement of valuation in accordance with this provision.
       
      Cumulative Events:   Except as provided below, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period on which the Spot Rate otherwise would be determined, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant City for Business Day for Valuation Date:   Taipei
       
      Maximum Days of Postponement:   14 calendar days

    19. If the Reference Currency applicable to such transaction is Chilean Peso (CLP), then the following provisions set out in this clause 19 shall apply to such transaction:
       
      Settlement Rate Option:   CLP Observado or CLP04
       
      Deferral Period for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 30th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Fallback Reference Price:   (1) CURRENCY-REFERENCE DEALERS
       
          Three prime dealers in the market as determined by the parties
       
          (2) Calculation Agent Determination of Settlement Rate.
       
      Relevant City for Business Day for Valuation Date:   Santiago

    20. If the Reference Currency applicable to such transaction is Russian Ruble (RUB), then the following provisions set out in this clause 20 shall apply to such transaction:
       
      Settlement Rate Option:   RUB CME-EMTA (RUB03)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (1) Valuation Postponement
       
        (2) Fallback Reference Price: EMTA RUB Indicative Survey Rate (RUB04)
       
        (3) Calculation Agent Determination of Settlement Rate
       
      "Deferral Period" for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      Cumulative Events:   Notwithstanding anything herein to the contrary, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant Cities for Business Day for Valuation Date:   New York and Moscow
       
      Maximum Days of Postponement:   14 calendar days

    21. An electronic and/or printed record of the commercial terms applicable to such transaction as set out in the “Summary Drill Down View” page for such transaction and the applicable terms and conditions set out above in this Section B and the indication of the Customer’s agreement therewith will be retained by the Relevant BAML Entity and such record shall serve as evidence of the terms and conditions of such transaction and the Customer’s agreement therewith and the Customer’s intention to be legally bound thereby.

(b)  

In respect of each transaction that the Customer confirms through Post-Trade Services, and which transaction the BAML Entity party thereto determines (by taking into consideration the terms of such transaction and the general transaction type classification that such BAML Entity customarily accords to a transaction with such terms) is not a spot, a deliverable forward or a non-deliverable forward with a "Reference Currency" identified in any of clauses 11 through 20 of Section B in Part (a) above and settled in United States Dollars, the commercial and other terms applicable to such transaction will be evidenced by a written confirmation that such BAML Entity will subsequently prepare and send to the Customer separately and such written confirmation will constitute a "Confirmation" for all purposes under any master agreement that may have been entered into by the Customer and such BAML Entity, and, in that connection, the Customer acknowledges and agrees that by confirming such transaction through Post-Trade Services, the Customer will be only confirming the correctness of the commercial terms thereof and not the complete terms and conditions that will govern such transaction.

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Global Foreign Exchange Prime Brokerage Product Disclaimer

This application permits you: (A) to notify Bank of America Merrill Lynch in respect of any foreign exchange transaction that you have executed with any executing broker under the foreign exchange prime brokerage arrangement you have with Bank of America Merrill Lynch; (B) to instruct Bank of America Merrill Lynch on any applicable aggregations or allocations of foreign exchange transactions executed under the foreign exchange prime brokerage arrangement you have with Bank of America Merrill Lynch; (C) to monitor the status of trade terms matching in respect of foreign exchange transactions you have executed with executing brokers under the foreign exchange prime brokerage arrangement you have with Bank of America Merrill Lynch; (D) to monitor your compliance with any applicable trading limits (e.g., net open position limits, net daily settlement limits, etc.) under the foreign exchange prime brokerage arrangement you have with Bank of America Merrill Lynch, and (E) to monitor your positions in respect of foreign exchange transactions executed under the foreign exchange prime brokerage arrangement you have with Bank of America Merrill Lynch.

This application is being made available to you for your convenience and for your information only, and the information provided through such application does not necessarily reflect and does not constitute the official records of Bank of America Merrill Lynch or the final definitive determinations made by Bank of America Merrill Lynch with respect to any prime brokerage account you maintain with us or any of the activities conducted through such account. The Bank of America Merrill Lynch account statements provided to you from time to time remain such official record. You should understand that any and all information provided through this application is subject to adjustment and correction, and hence should not be relied upon when you are making a decision whether to take or to refrain from taking any action. Bank of America Merrill Lynch shall not be responsible for any damages or other consequences that result from any action or omission in reliance upon any information provided through this application.

You will be solely responsible for the correctness and adequacy of any information or instruction that you provide to Bank of America Merrill Lynch through this application and the resulting consequences therefrom. You hereby authorize Bank of America Merrill Lynch to rely and to act upon any and all instructions and information that you provide to Bank of America Merrill Lynch through this application and you hereby agree that Bank of America Merrill Lynch shall not be responsible for any damages or other consequences that result therefrom. You will also be solely responsible for ensuring your compliance with any applicable agreements (e.g., the foreign exchange prime brokerage agreement you have entered into with Bank of America Merrill Lynch) and the laws, rules and regulations of any applicable governmental authorities.

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Global Foreign Exchange Trading Product Disclaimer

Bank of America Merrill Lynch is pleased to offer you (the "Client"), the use of this foreign exchange ("FX") trading application (the "Application"). By using the Application, the Client can inquire as to the terms on which Bank of America Merrill Lynch would agree to enter into a variety of FX spot and forward transactions, and if such terms are accepted by the Client within the time limits prescribed in the Application, the Client is able to indicate its acceptance and enter into the transactions. Also by using the Application, the Client agrees to the terms and conditions in this agreement, and the Client further agrees that this agreement supplements any existing agreement between us.

  1. In response to a Client's electronic inquiry regarding the potential execution of FX transactions, Bank of America Merrill Lynch may provide price information or other transaction terms that will be subject to limitations established and revised from time to time. These limitations may relate to the notional value of the transaction, the transaction type or the currencies to which such inquiries relate. Whether or not such limitations are applicable to the Client's inquiry, we may at any time in our discretion decline to provide terms in relation to any particular inquiry.
  2. The Client's electronically transmitted instructions to execute a particular FX transaction will be deemed to be accepted by Bank of America Merrill Lynch only when evidenced by our electronic acknowledgement. All such instructions sent to us electronically, and the execution of such instructions, shall be subject to the applicable rules, customs and usages of the market, on which such transactions are executed by or through us or our affiliates. Any additional transaction charges, as agreed by us and as required by applicable law, shall apply to executions of the Client's electronically transmitted instructions.
  3. Any FX transaction executed through this Application will be required to be evidenced by a trade confirmation (delivered over normal back-office communication modes) and shall be subject to the terms of a master agreement executed between you and us. In the event that no master agreement exists between Bank of America Merrill Lynch and you, all transactions executed through this application will be deemed to supplement, form part of, and be subject to an agreement in the form of the ISDA Master Agreement (Multicurrency-Cross Border) entered into between us as if we had executed an agreement in such form (but without any Schedule except for the election of the laws of the State of New York as the governing law and US Dollar as the Termination Currency) on the date of the first trade transacted between us.
  4. Bank of America Merrill Lynch and the Client further agree:
    1. All instructions or orders sent to Bank of America Merrill Lynch electronically by means of the Application are transmitted at the Client's risk and the Client hereby authorizes us to rely and act on the Client's electronically transmitted instructions and treat them as fully authorized and binding upon the Client. The Client shall be responsible for the accuracy and the adequacy of the data and information input by it and the resultant consequences thereof. In no event will we or our affiliates be responsible for any orders as to which we have not acknowledged receipt by electronic means or otherwise, or be liable for any performance or failure to perform in connection with such orders.
    2. The Client shall be responsible for compliance with applicable laws, rules and regulations of any relevant authorities.
    3. The Client understands that Bank of America Merrill Lynch does not provide real time market trade and quotation data in conjunction with this Application.
    4. In respect of any transaction executed through this Application, the Client understands that such transaction may only be terminated by mutual agreement between Bank of America Merrill Lynch and the Client. Cancellations of trades executed over this Application will not be noted on the trade history monitor.
  5. Either we or the Client, at either's discretion, may immediately terminate the electronic access contemplated hereunder. This agreement shall be governed by the law of the State of New York, without giving effect to the law relating to conflict of laws.
  6. This application also enables you to view trade history relating to your on-line trading activity through this application. Trade history and account data are provided as a convenience and for your information, but are not the official record of your account activity with Bank of America Merrill Lynch. Your Bank of America Merrill Lynch account statement remains such official record. Any and all trade history and account data provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with your Bank of America Merrill Lynch representative. Bank of America Merrill Lynch will not be responsible or liable for any damage that could result from your taking any action without confirming the accuracy of the account data provided through this application.

This application also includes "Calculator" functions. Please click on the preceding hyperlink to read important disclaimers relating to your use of Calculators.

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Global Futures & Options Market Insights Product Disclaimer

This Application provides informal, subjective comments, market and pricing observations, and other information relating to the global futures and options markets. The information herein is not and should not be interpreted as comments constituting market, investment or financial advice upon which you may rely. The information in this Application does not constitute an offer to buy or sell any security, futures contract, options contract, derivative or any other financial instrument, (each an "Instrument" and collectively, "Instruments"). Bank of America Merrill Lynch may take or hold positions in Instruments, or provide information to other investors regarding Instruments, which may be consistent with or contrary to the information contained in this Application. The information contained herein does not purport to contain all of the information available in relation to the Instruments and markets mentioned.

If you wish to effect a transaction in Instruments described in this application, you must (in the absence of execution services available to you on this site) contact your local Bank of America Merrill Lynch representative. Any pricing observations or commentary available in this application are historical or indicative in nature, and do not constitute offers to effect any transaction at any particular price. You should have no expectation that you will be able to enter into any transaction at or near any particular price mentioned in this application. The Instruments described in this application are not available to all investors in every country. The information provided in this application is made available to you in the United States by Bank of America Merrill Lynch solely in connection with its business as a registered futures commission merchant.

This application contains links to Web pages produced by the Institute for Financial Markets (the "IFM Pages"). The IFM Pages contain content that is not produced or controlled by Bank of America Merrill Lynch. Bank of America Merrill Lynch is not responsible for the accuracy or completeness of the IFM Pages.

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Global Index Systems Product Disclaimer

This application contains index information and data (the "Indices") prepared for Bank of America Merrill Lynch clients and is made available for information purposes only. Bank of America Merrill Lynch reserves the right to make adjustments, at any time and without prior notice, to the Indices, their composition, rules of construction and/or calculation methodology. Bank of America Merrill Lynch may discontinue providing the Indices at any time without prior notice. The Indices herein were compiled based on information obtained from various sources. We do not guarantee the accuracy or completeness of the Indices or the information on which they are based and assume no liability in connection with your use thereof.

This application does not take into account the specific investment objectives, financial situation or particular needs of any person who may access this application. Investors should seek financial advice regarding the appropriateness of investing in any securities included in the Indices or mentioned in this application and should understand that statements regarding future performance of the Indices or the prospects of securities included in them may not be realized. Investors should note that income, if any, from the securities included in the Indices may fluctuate and that each security's price or value may rise or fall. Accordingly, investors in such securities may receive back less than originally invested. Past performance is not necessarily a guide to future performance. It is not possible to invest directly in an index.

Foreign currency rates of exchange may adversely affect the value, price or income of any security or related investment mentioned in the Indices.

This application also includes "Calculator" functions. Please click on the preceding hyperlink to read important disclaimers relating to your use of Calculators. Bank of America Merrill Lynch and its affiliates shall have no liability in connection with any use of the Calculator.

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Global Leveraged Finance Composite Page Product Disclaimer

This application provides indicative pricing and related information for a variety of debt products. The information is estimated by Bank of America Merrill Lynch on the basis of available market data and such other information as Bank of America Merrill Lynch deems appropriate. All information in this application is indicative only and is subject to adjustment and correction at any time without notice. Such information is not suitable for trading purposes. Bank of America Merrill Lynch is not soliciting any action based upon it. Indicative pricing information should not be construed as firm bids or offers to enter into any transaction at any particular price. An actual trade, if any, of a financial instrument included in this application will be executed at a price that will be separately agreed upon, and such price normally differs from the pricing data in this application.

Users should not rely upon the information in this application to take any action. The information in this application does not constitute investment or financial advice, and we make no representation as to the suitability of any particular security for your investment needs. Bank of America Merrill Lynch is not responsible for the accuracy, completeness or appropriateness for any particular purpose of the information in this application. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result form your taking any action in reliance on this information.

Credit Ratings: The status of any credit rating provided in this application may be changed at any time. Credit ratings are not updated on a real-time basis and you should verify the current status of any credit rating before relying on it to make an investment decision. The credit rating information shown in this application does not reflect any "watch" status that may be associated with the credit ratings.
Additional Considerations. Investments in many of the Instruments mentioned in this application are subject to important and specific risks that are not discussed in this application. Some Instruments are either unrated or are rated below investment grade. Even where rated, investments in certain Instruments may be significantly riskier than investments in other comparably rated assets and may be subject to more price volatility than other asset classes. The returns on certain Instruments, including, but not limited to Instruments relating to emerging markets countries or emerging markets corporate issuers, and Instruments denominated in foreign currency, also are subject to numerous economic, political, monetary, cultural and other risks, including the risk of nationalization, exchange or capital controls, wars, acts of God and other force majeure, and other events or crises that could yield a total or near-total loss on your investment. You should consider all relevant risks before making any investment decision with respect to any Instrument mentioned in this application.

This application also includes "Calculator" functions. Please click on the preceding hyperlink to read important disclaimers relating to your use of Calculators.

View-Only Access:

If you are not entitled to trade a financial instrument via GLOBAL MARKETS PORTAL, then: (a) any prices and quantities displayed with respect to such financial instrument, even if labeled "firm," should not be deemed by you to constitute a bid or offer by Bank of America Merrill Lynch; (b) even if the price or quantity with respect to such financial instrument is labeled as a "firm" price or quantity, you should deem such price or quantity to be indicative; (c) the information displayed with respect to such financial instrument, including prices and quantities, is suitable only for information purposes and should not be considered suitable for trading purposes; (d) all prices and quantities displayed with respect to such financial instrument are subject to market conditions and negotiation; and (e) there is no assurance that screen prices or quantities will be equal to actual trading prices or quantities.

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Global Money Wire Product Disclaimer

All data is provided through this application as a convenience and for your information, but is not the official record of any account activity with Bank of America Merrill Lynch. The Bank of America Merrill Lynch account statement remains such official record and all account data provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with your Bank of America Merrill Lynch representative. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result from your taking any action without confirming the accuracy of the account data provided through this application. Please refer to the executed copy of the Global Money Wires Legal Agreement for a full list of the terms & conditions for usage of this product.

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International Equities Product Disclaimer

This application includes market information about select international equity securities. All bids and offers, regardless of Quote Time, are indicative only and are subject to change without notice. There is no assurance that indicative prices will be equal to actual trading prices. Security identification information such as symbol, name and cusip are obtained from sources we believe to be reliable but we cannot guarantee the information is accurate or complete. Bank of America Merrill Lynch is not responsible for the accuracy, completeness or appropriateness for any particular purpose of the information in this application. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result form your taking any action in reliance on this information.

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Listed Futures & Options Allocations Product Disclaimer

This Application permits you to view on-line data for your Bank of America Merrill Lynch futures account, including, but not limited to, same day trade information.

In addition, this Application permits you to communicate information, including, but not limited to, preliminary trade acceptance or rejection and aggregation and allocation of trades, electronically to your Bank of America Merrill Lynch Representative. This information communicated by you to Bank of America Merrill Lynch is preliminary information only and does not constitute final action by you or agreement by Bank of America Merrill Lynch as to the final terms of a trade. Such final action will continue to occur only through oral communications between you and Bank of America Merrill Lynch.

Account data is provided through this Application as a convenience and for your information, but is not the official record of your account activity with Bank of America Merrill Lynch. Your Bank of America Merrill Lynch account statement remains such official record. Any and all account data or other information provided through this Application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with your Bank of America Merrill Lynch Representative.

Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result from your taking any such action in reliance on account data or other information provided via this Application.


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GLOBAL MARKETS PORTAL FIRST ClearSM (Futures & Options) Product Disclaimer

This Application permits you to view on-line data for your Bank of America Merrill Lynch futures account, including, but not limited to, same day trade information.

In addition, this Application permits you to communicate information, including, but not limited to, preliminary trade acceptance or rejection and aggregation and allocation of trades, electronically to your Bank of America Merrill Lynch Representative. This information communicated by you to Bank of America Merrill Lynch is preliminary information only and does not constitute final action by you or agreement by Bank of America Merrill Lynch as to the final terms of a trade. Such final action will continue to occur only through oral communications between you and Bank of America Merrill Lynch.

Account data is provided through this Application as a convenience and for your information, but is not the official record of your account activity with Bank of America Merrill Lynch. Your Bank of America Merrill Lynch account statement remains such official record. Any and all account data or other information provided through this Application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with your Bank of America Merrill Lynch Representative.

Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result from your taking any such action in reliance on account data or other information provided via this Application.


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FXtransact® Pro Product Disclaimer

Download of files Necessary to Utilize FXtransact® : Your use of FXtransact® is subject to the Terms and Conditions of Use, Privacy Statement, and Product Disclaimers. Please read all applicable terms of use carefully. Your use of FXtransact® will require you to download from GLOBAL MARKETS PORTAL certain program and application files. From time to time, you may also be asked to download and install updates or modifications to programs necessary to utilize FXtransact® . Bank of America Merrill Lynch does not assume responsibility, and will not be liable, for the performance of any program or application file that is accessed, downloaded, or installed on your computer or computing systems. Bank of America Merrill Lynch does not assume responsibility, and will not be liable, for any damage or breach of security to your computer or computing system, whether or not caused, in full or in part, by the downloading, installation, accessing, updating or other usage of a program available from GLOBAL MARKETS PORTAL including without limitation programs or applications necessary to utilize FXtransact® .

Information and Content: FXtransact® provides downloadable foreign exchange pricing information to you (the “Content and Information”). Any Content and Information is provided by Bank of America Merrill Lynch on the basis of available market data provided by third party providers and such other information as Bank of America Merrill Lynch deems appropriate. All Content and Information in this application is indicative only and is subject to adjustment and correction at any time without notice. While the Content and Information offered is believed to be accurate when posted, Bank of America Merrill Lynch does not assume responsibility for or guarantee the accuracy, completeness or timeliness of Content and Information at any particular time. Bank of America Merrill Lynch has no obligation to update the Content and Information and it is subject to adjustment or correction at any time without notice. In all cases, your Bank of America Merrill Lynch transaction confirmations remain the official record of your transactions with Bank of America Merrill Lynch. Bank of America Merrill Lynch will not be responsible for any damages arising from your reliance on Content or Information provided through this Application. This application includes third party code, including code developed or provided by Incors GmbH and such other third party providers whose code may be used in this application, and your right to download this FXtransact® application includes the right to download such third party code integrated into the FXtransact® application only to the extent that it is used solely in relation to your use of this application.

Indicative Pricing: The Content and Information is provided for your information and convenience, and constitutes neither an offer to sell, nor a solicitation of any offer to buy any foreign currency or financial product. You should deem all price or quantities shown to be indicative. The information displayed with respect to all currencies and products, including prices, is suitable only for information purposes and should not be considered suitable for trading purposes. An actual trade, if any, based on information provided in this application will be executed at a price that will be separately agreed upon, and such price may differ from the indicative prices shown in this application. There is no assurance that screen prices or quantities will be equal to actual trading prices or quantities. Actual trading price levels and quantities are subject to market conditions and negotiation.

No Representations: This application, and all Content and Information, is provided "as is". BANK OF AMERICA MERRILL LYNCH MAKES NO REPRESENTATIONS OF ANY KIND, EXPRESS OR IMPLIED, WITH RESPECT TO THE APPLICATION AND BANK OF AMERICA MERRILL LYNCH EXPRESSLY DISCLAIMS ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, OR NON-INFRINGEMENT. There is no assurance that the receipt, installation, download, use and output of the application will meet your requirements, be error-free, free of loss or corruption of data in transmission, or operate without interruption.
The Content and Information provided in this application does not constitute investment or financial advice, and we make no representation as to the suitability of any particular investment for your investment needs. Bank of America Merrill Lynch is not responsible for the accuracy, completeness or appropriateness for any particular purpose of the Content and Information in this application. Bank of America Merrill Lynch will not be Content and Information.

Permitted Use Of Content and Information: FOREIGN EXCHANGE PRICING INFORMATION PROVIDED BY MLFX IS OBTAINED BY BANK OF AMERICA MERRILL LYNCH FROM THIRD PARTY PROVIDERS INCLUDING EBS, REUTERS AND SUCH OTHER THIRD PARTIES AS BANK OF AMERICA MERRILL LYNCH MAY NOTIFY TO YOU FROM TIME TO TIME. FOREIGN EXCHANGE PRICING INFORMATION PROVIDED TO YOU ON MLFX MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, DISTRIBUTED, REDISTRIBUTED, SOLD, RESOLD, LEASED, RENTED, LICENSED, SUBLICENSED, ALTERED, MODIFIED, ADAPTED, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY YOU OR ANY OTHER PERSON OR ENTITY, WITHOUT THE PRIOR WRITTEN CONSENT OF THE RELEVANT THIRD PARTY PROVIDER OF SUCH INFORMATION; PROVIDED, HOWEVER, THAT YOU MAY DISPLAY, STORE, DOWNLOAD, AND PRINT FOREIGN EXCHANGE PRICING INFORMATION DISPLAYED ON THIS APPLICATION, PROVIDED THAT, IN EACH INSTANCE SUCH USE IS ALWAYS FOR YOUR INTERNAL BUSINESS AND TRADING PURPOSES AND NOT FOR REDISTRIBUTION OR REPUBLICATION OF ANY KIND.


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XportSM Product Disclaimer

This application contains calculators or similar analytical tools (each a "Calculator," collectively "Calculators") to facilitate your consideration of hypothetical scenarios. The use of Calculators is entirely at your discretion, under your control and at your own risk. Calculators are not intended to replace your own internal business processes for evaluating proposed transactions. Calculators may not reflect analytical models or assumptions actually used by Bank of America Merrill Lynch or other market participants, and may not be representative of internal valuations employed, or trading decisions made, by Bank of America Merrill Lynch for its own purposes. Therefore, calculations may not represent fair market values for any instruments. There is no assurance that hypothetical results will be equal to actual performance under any market conditions. Bank of America Merrill Lynch makes no representation or warranty regarding Calculators, or the appropriateness of calculations obtained by you. Bank of America Merrill Lynch will not be responsible or liable for any Damages that arise from your use of, or reliance on, a Calculator.

This application may allow you to view, and to download, on-screen information, reports, spreadsheets, templates or other information in machine-readable formats, including Adobe® Portable Document Format (PDF), Microsoft ® Excel or CSV (collectively, the "Content"). Such Content may comprise the results of product database searches that include historical, indicative, intraday, closing pricing (including spread and yield) information, or information obtained from third-party vendors or other summary information (the "Information"). The Content and all Information is provided for your information and convenience, and it is neither an offer to sell, or a solicitation of any offer to buy, any security or other financial product. An actual trade, if any, of a financial instrument included in this application will be executed at a price that will be separately agreed upon, and such price may differ from the indicative spreads and yields shown in this application. There is no assurance that screen prices or quantities will be equal to actual trading prices or quantities. Actual trading price levels and quantities are subject to market conditions and negotiation. While the Content and Information offered is believed to be accurate when posted, Bank of America Merrill Lynch does not assume responsibility for or guarantee the accuracy, completeness or timeliness of Content and Information at any particular time Bank of America Merrill Lynch has no obligation to update the Content and Information and it is subject to adjustment or correction at any time without notice. Content and Information is not suitable for trading and may not be relied on for marking to market product holdings. In all cases, your Bank of America Merrill Lynch transaction confirmations remain the official record of your transactions with Bank of America Merrill Lynch. Bank of America Merrill Lynch will not be responsible for any Damages arising from your reliance on Content or Information provided through XportSM.

This application also contains index information and data (the "Indices") prepared for general circulation and is made available for information purposes only. Bank of America Merrill Lynch reserves the right to make adjustments, at any time and without prior notice, to the Indices, their composition, rules of construction and/or calculation methodology. Bank of America Merrill Lynch may discontinue providing the Indices at any time without prior notice. The Indices herein were compiled based on information obtained from various sources. We do not guarantee the accuracy or completeness of the Indices or the information on which they are based.

Xport, and all Content and Information, is provided "as is". BANK OF AMERICA MERRILL LYNCH MAKES NO REPRESENTATIONS OF ANY KIND, EXPRESS OR IMPLIED, WITH RESPECT TO THE APPLICATION AND BANK OF AMERICA MERRILL LYNCH EXPRESSLY DISCLAIMS ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE OR NON-INFRINGEMENT. There is no assurance that the receipt, installation, use and output of the application will meet your requirements, be error-free, free of loss or corruption of data in transmission, or operate without interruption.

The information in this application does not constitute investment or financial advice, and we make no representation as to the suitability of any particular security for your investment needs. Bank of America Merrill Lynch acts on an arm's length basis and not in the capacity of your financial adviser or fiduciary in connection with the information contained in or derived from this application. Bank of America Merrill Lynch and its affiliates may from time-to-time take proprietary positions and/or make a market in instruments identical or economically related to over-the-counter ("OTC") derivative transactions entered into with you, or may have an investment banking or other commercial relationship with and access to information from the issuer(s) of securities, financial instruments, or other interests underlying OTC derivative transactions. We may also undertake proprietary activities, including hedging transactions related to the initiation or termination of an OTC derivative transaction with you, that may adversely affect the market price, rate index or other market factor(s) underlying an OTC derivative transaction entered into with you and consequently the value of the transaction. This application does not take into account the specific investment objectives, financial situation or particular needs of any person who may access this application. Investors should seek financial advice regarding the appropriateness of investing in any securities included in the Indices or mentioned in this application and should understand that statements regarding future prospects of the Indices or the securities included in them may not be realized. Investors should note that income, if any, from the securities included in the Indices may fluctuate and that each security's price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily a guide to future performance.

Credit Ratings are obtained from sources believed by Bank of America Merrill Lynch to be accurate and reliable. Because of the possibility of human and mechanical error as well as other factors, however, credit ratings are provided "AS IS" without warranty of any kind, and BANK OF AMERICA MERRILL LYNCH AND THE CREDIT RATING LICENSORS MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO YOU OR ANY OTHER PERSON OR ENTITY AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATINGS. Under no circumstance shall Bank of America Merrill Lynch or the credit rating licensors have any liability to you or any other person or entity for (a) any loss, damage or other injury in whole or in part caused by, resulting from or relating to, any error (negligent or otherwise), or any other circumstance or contingency within or outside the control of Bank of America Merrill Lynch or any of its directors, officers, employees or agents, or licensors, in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any credit ratings, or (b) any indirect, special, consequential, incidental or compensatory damages whatsoever (including, without limitation, lost profits), even if BANK OF AMERICA MERRILL LYNCH or the licensors shall have been advised in advance of the possibility of such damages, in either case caused by, resulting from or relating to the use of, or inability to use, any CREDIT RATING. Notwithstanding anything herein, you expressly agree that the aggregate amount payable to you for any Damages arising out of your use of the credit ratings provided on Xport shall not exceed the price paid by you for the service.

Credit ratings displayed on Xport are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell, or hold any securities. Each credit rating or other opinion must be weighted solely as one factor in any investment decision made by or on behalf of you, and you must accordingly make your own study and evaluation of each security and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding, or selling. You agree and acknowledge that credit ratings are and shall remain the valuable intellectual property owned by, or licensed to, the provider thereof, and that no proprietary rights are being transferred to you in such materials or in any of the information contained therein. You agree that in the event of any misappropriation or misuse, Bank of America Merrill Lynch and/or the respective credit ratings licensors, as applicable, shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which they may be entitled.

NO CREDIT RATINGS FURNISHED ON GLOBAL MARKETS PORTAL MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, DISTRIBUTED, REDISTRIBUTED, SOLD, RESOLD, LEASED, RENTED, LICENSED, SUBLICENSED, ALTERED, MODIFIED, ADAPTED, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY YOU OR ANY OTHER PERSON OR ENTITY, WITHOUT THE PRIOR WRITTEN CONSENT OF ITS LICENSOR; PROVIDED, HOWEVER, THAT YOU MAY DISPLAY, STORE, DOWNLOAD, MANIPULATE AND PRINT CREDIT RATINGS DISPLAYED ON XPORT, PROVIDED THAT, IN EACH INSTANCE: (A) YOU USE ONLY LIMITED PORTIONS OF SUCH CREDIT RATINGS; (B) SUCH USE IS ALWAYS INCIDENTAL AND ANCILLARY TO YOUR USE OF OTHER BANK OF AMERICA MERRILL LYNCH DATA; (C) SUCH CREDIT RATINGS ALWAYS STAY ASSOCIATED WITH RELATED BANK OF AMERICA MERRILL LYNCH PRICING AND/OR OTHER CONTENT; (D) SUCH USE IS SOLELY FOR YOUR INTERNAL BUSINESS PURPOSES AND NOT FOR REDISTRIBUTION OR REPUBLICATION OF ANY KIND; AND (E) YOU INCLUDE ALL COPYRIGHT AND OTHER PROPRIETARY RIGHTS NOTICES IN THE SAME FORM IN WHICH THE NOTICES APPEAR ON Xport.

The status of any credit rating provided within Xport may be changed at any time. Credit ratings are not updated on a real-time basis and you should verify the current status of any Credit Rating before relying on it to make an investment decision. The Credit Rating information shown within Xport does not reflect any "watch" status that may be associated with the Credit Ratings.

CUSIP Database is and shall remain valuable intellectual property owned by, or licensed to, Standard & Poor's CUSIP Service Bureau ("CSB") and the American Bankers Association ("ABA"), and that no proprietary rights are being transferred to you by virtue of the availability of the CUSIP Database contained in Xport. Any use by you outside of the application requires a license from the CSB, along with an associated fee based on usage. Specifically, you shall not publish or distribute in any medium the CUSIP Database or any information contained therein to any person or entity. You further agree that the use of CUSIP numbers and descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a master file or database of CUSIP descriptions or numbers for itself or any third party recipient of such service and is not intended to create and does not serve in any way as a substitute for the services provided by CSB.

Neither CSB, ABA nor any of their affiliates make any warranties, express or implied, as to the accuracy, adequacy or completeness of any of the CUSIP Database contained in Xport including, without limitation, any warranties of merchantability or fitness for a particular purpose or use. In no event shall the CSB, ABA or any of their affiliates pursuant to any cause of action have any liability for any errors or omissions in the CUSIP Database nor shall they be liable for any damages, whether direct or indirect, special or consequential resulting therefrom.


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GLOBAL MARKETS PORTAL Property Derivatives Product Disclaimer

The above estimated levels are as of the date indicated and do not represent actual bids or offers by Bank of America Merrill Lynch. There can be no assurance that actual trades could be completed at such levels. Unless otherwise specified, the above levels are based on annual payments on the IPD leg and quarterly on the LIBOR leg. The bid side is the estimated amount Bank of America Merrill Lynch would pay to receive the index.

Reference to trade levels in general, and indicative or firm quotations and actual trade levels in particular, may vary significantly from these written estimated levels as a result of various factors, which may include (but are not limited to) actual and expected property returns, market liquidity, position size, transaction and financing costs, hedging costs and risks and use of capital and profit. These estimates may not be representative of any theoretical or actual internal valuations employed by us for our own purposes, may vary during the course of any particular day and may vary significantly from the estimates or quotations that would be given by another dealer. You should consult with your own accounting or other advisors as to the adequacy of this information for your purposes. Past performance is not a guide to future performance. As a condition for providing these estimates, you agree that Bank of America Merrill Lynch makes no representation and shall have no liability in any way arising therefrom to you or any other entity for any loss or damage, direct or indirect, arising from the use of this information.

Market Commentary. This application also provides informal, subjective comments, market and pricing observations, and other information relating to the property derivatives markets ("Market Commentary"). The information herein does not constitute offers to sell or buy any security, futures contract, options contract, derivative or any other financial instrument (each an "Instrument" and collectively, "Instruments") at any particular price. The Market Commentary in this application consists only of observations of the trading desks making them and nothing more. Bank of America Merrill Lynch may take or hold positions in Instruments, or provide information to other investors regarding Instruments, which may be consistent with or contrary to the information contained in this application. The information contained herein does not purport to contain all of the information available in relation to the Instruments and markets mentioned. The Market Commentary is not and should not be interpreted as fact, fundamental research or as constituting market, investment or financial advice that may be relied upon. Bank of America Merrill Lynch is not responsible for the completeness or appropriateness for any particular purpose of the Market Commentary.


GLOBAL MARKETS PORTAL Property Derivatives - US Home Product Disclaimer

Indicative Pricing. You should deem all price or quantities shown to be indicative and as of the specified date. The information displayed with respect to all products, including prices and quantities, is suitable only for information purposes and should not be considered suitable for trading purposes or marking assets to the market. Actual trading price levels and quantities are subject to market conditions and negotiation. There is no assurance that screen prices or quantities will be equal to actual trading prices or quantities.

Market Commentary. The Property Derivatives – US Home page provides informal, subjective comments, market and pricing observations, and other information relating to the global markets ("Market Commentary"). This information does not constitute offers to sell or buy any security, futures contract, options contract, derivative or any other financial instrument (each an "Instrument" and collectively, "Instruments") at any particular price. The Market Commentary on the page should not be considered anything more than observations of the trading desks making them. Bank of America Merrill Lynch may take or hold positions in Instruments, or provide information to other investors regarding Instruments, which may be inconsistent with or contrary to the information contained in the Property Derivatives – US Home page. The information contained this page does not purport to contain all of the information available in relation to the Instruments and markets mentioned. The Market Commentary is not and should not be interpreted as fact, fundamental research or as constituting market, investment or financial advice that may be relied upon. Bank of America Merrill Lynch is not responsible for the completeness or appropriateness for any particular purpose of the Market Commentary.

Additional Considerations. Investments in many of the Instruments mentioned on the Property Derivatives – US Home page is subject to important and specific risks that are not discussed in this application. Some Instruments are either unrated or are rated below investment grade. Even where rated, investments in certain Instruments may be significantly riskier than investments in other comparably rated assets and may be subject to more price volatility than other asset classes. The returns on certain Instruments, including, but not limited to Instruments relating to emerging markets countries or emerging markets corporate issuers, and Instruments denominated in foreign currency, also are subject to numerous economic, political, monetary, cultural and other risks, including the risk of nationalization, exchange or capital controls, wars, acts of God and other force majeure, and other events or crises that could yield a total or near-total loss on your investment. You should consider all relevant risks before making any investment decision with respect to any Instrument mentioned on the Property Derivatives – US Home page.

NCREIF Index. None of the products described herein is sponsored, endorsed, sold or promoted by the National Council of Real Estate Investment Fiduciaries (“NCREIF”). NCREIF's only relationship to Bank of America Merrill Lynch is the licensing of certain trademarks of NCREIF (the “Trademarks”) and the NCREIF family of indices (the “NCREIF Index”) which is determined, composed and calculated by NCREIF without regard to Bank of America Merrill Lynch or the product. NCREIF has no obligation to take the needs of Bank of America Merrill Lynch or the owners of the product into consideration in determining, composing or calculating the NCREIF Index. NCREIF SHALL NOT BE A PARTY TO ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND IS NOT PROVIDING ANY ADVICE, RECOMMENDATION, REPRESENTATION OR WARRANTY REGARDING THE ADVISABILITY OF ANY TRANSACTION OR THE PRODUCT OR THE ABILITY OF THE NCREIF INDEX TO TRACK INVESTMENT PERFORMANCE. NCREIF HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESS, STATUTORY OR IMPLIED, REGARDING THIS TRANSACTION AND ANY USE OF THE TRADEMARKS AND THE NCREIF INDEX, INCLUDING BUT NOT LIMITED TO ALL WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR USE, AND ALL WARRANTIES ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING AND USAGE OF TRADE OR THEIR EQUIVALENTS UNDER THE LAWS OF ANY JURISDICTION. UNDER NO CIRCUMSTANCES AND UNDER NO THEORY OF LAW, TORT, CONTRACT, STRICT LIABILITY OR OTHERWISE, SHALL NCREIF OR ANY OF ITS AFFILIATES BE LIABLE TO ANY PERSON FOR ANY DAMAGES, REGARDLESS OF WHETHER THEY ARE DIRECT, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES OF ANY CHARACTER, INCLUDING DAMAGES FOR TRADING LOSSES OR LOST PROFITS, OR FOR ANY CLAIM OR DEMAND BY ANY THIRD PARTY, EVEN IF NCREIF KNEW OR HAD REASON TO KNOW OF THE POSSIBILITY OF SUCH DAMAGES, CLAIM OR DEMAND.

Business Unit Homepages also include analytical tools or "Calculator" functions. Please click on the preceding hyperlink to read important disclaimers relating to your use of Calculators.


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ML Analytical Plotting System Product Disclaimer

This application includes certain closing price information as of the date specified. Any pricing information is estimated by Bank of America Merrill Lynch on the basis of available market data and such other information as Bank of America Merrill Lynch deems appropriate. All information in this application is indicative only and is subject to adjustment and correction at any time without notice. Such information is not suitable for trading purposes. Bank of America Merrill Lynch is not soliciting any action based upon it. Indicative pricing information should not be construed as firm bids or offers to enter into any transaction at any particular price. An actual trade, if any, of a financial instrument included in this application will be executed at a price that will be separately agreed upon, and such price normally differs from the closing price data in this application.

Users should not rely upon the information in this application to take any action. The information in this application does not constitute investment or financial advice, and we make no representation as to the suitability of any particular security for your investment needs. Bank of America Merrill Lynch is not responsible for the accuracy, completeness or appropriateness for any particular purpose of the information in this application. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result form your taking any action in reliance on this information.

This application also includes "Calculator" functions. Please click on the preceding hyperlink to read important disclaimers relating to your use of Calculators.

Credit Ratings: The status of any credit rating provided in this application may be changed at any time. Credit ratings are not updated on a real-time basis and you should verify the current status of any credit rating before relying on it to make an investment decision. The credit rating information shown in this application does not reflect any "watch" status that may be associated with the credit ratings.

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ML Structured Products Product Disclaimer

Your use of GLOBAL MARKETS PORTAL is subject to the Terms and Conditions of Use, Privacy Statement, and Product Disclaimers. Please read all applicable terms of use carefully.

None of the information in this application constitutes or is intended to constitute an offer (to the public or otherwise) in any jurisdiction of any of the products listed or described herein. The information provided through this application is made available in your country by a Bank of America Merrill Lynch company authorized to make such information available in your country. If you wish to obtain further information on a security described in this application, you must (in the absence of an exemption) use the services of a Bank of America Merrill Lynch affiliate authorized to provide such information to you. The securities described in this application are not available to investors in certain countries (including the United States) where applicable laws restrict (in the absence of an exemption or approval by the relevant local authorities) the securities available to such investors or the broker-dealers though whom investors may engage in transactions in such securities.

Information and Content: This application may allow you to view, and to download, on-screen information, reports, spreadsheets, templates or other information in machine-readable formats, including Adobe® Portable Document Format (PDF), Microsoft ® Excel or CSV (collectively, the "Content"). Such Content may comprise the results of product database searches that include historical, indicative, intraday, closing pricing (including spread and yield) information, or information obtained from third-party vendors or other summary information (the "Information"). While the Content and Information offered is believed to be accurate when posted, Bank of America Merrill Lynch does not assume responsibility for or guarantee the accuracy, completeness or timeliness of Content and Information at any particular time. Bank of America Merrill Lynch has no obligation to update the Content and Information and it is subject to adjustment or correction at any time without notice. Content and Information is not suitable for trading and may not be relied on for marking to market product holdings. In all cases, your Bank of America Merrill Lynch transaction confirmations remain the official record of your transactions with Bank of America Merrill Lynch. Bank of America Merrill Lynch will not be responsible for any Damages arising from your reliance on Content or Information provided through this Application.

Indicative Pricing: The Content and all Information is provided for your information and convenience, and constitutes neither an offer to sell, nor a solicitation of any offer to buy, any security or other financial product. You should deem all price or quantities shown to be indicative. The information displayed with respect to all products, including prices and quantities, is suitable only for information purposes and should not be considered suitable for trading purposes or marking assets to the market. An actual trade, if any, of a financial instrument included in this application will be executed at a price that will be separately agreed upon, and such price may differ from the indicative prices shown in this application. There is no assurance that screen prices or quantities will be equal to actual trading prices or quantities. Actual trading price levels and quantities are subject to market conditions and negotiation.

Indices: This application also contains index information and data (the "Indices") prepared for general circulation and is made available for information purposes only. Bank of America Merrill Lynch reserves the right to make adjustments, at any time and without prior notice, to the Indices, their composition, rules of construction and/or calculation methodology. Bank of America Merrill Lynch may discontinue providing the Indices at any time without prior notice. The Indices herein were compiled based on information obtained from various sources. We do not guarantee the accuracy or completeness of the Indices or the information on which they are based.

No Representations: This application, and all Content and Information, is provided "as is". BANK OF AMERICA MERRILL LYNCH MAKES NO REPRESENTATIONS OF ANY KIND, EXPRESS OR IMPLIED, WITH RESPECT TO THE APPLICATION AND BANK OF AMERICA MERRILL LYNCH EXPRESSLY DISCLAIMS ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, OR NON-INFRINGEMENT. There is no assurance that the receipt, installation, use and output of the application will meet your requirements, be error-free, free of loss or corruption of data in transmission, or operate without interruption.

Market Commentary: The information in this application does not constitute investment or financial advice, and we make no representation as to the suitability of any particular financial product or other transaction for your investment needs. Bank of America Merrill Lynch acts on an arm's length basis and not in the capacity of your financial adviser or fiduciary in connection with the information contained in or derived from this application. Bank of America Merrill Lynch and its affiliates may from time-to-time undertake activities which may be perceived as conflicts of interest, or may have an investment banking or other commercial relationship with and access to information from the issuer(s) of securities, financial instruments, or other interests relating to the financial products and other transactions mentioned in this application. We may also undertake proprietary activities, including hedging transactions, that may adversely affect the market price, indices or market factor(s) relevant to any of such financial products and other transactions. This application does not take into account the specific investment objectives, financial situation or particular needs of any person who may access this application. Investors should seek financial advice regarding the appropriateness of investing in any of the financial products and other transactions mentioned in this application and should understand that statements regarding future prospects of any of such financial products and transactions may not be realized. Investors should note that income, if any, from such financial products and transactions may fluctuate and that their respective prices or values may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily a guide to future performance.

Additional Considerations. Investments in many of the financial products and transactions mentioned in this application are subject to important and specific risks that are not discussed in this application. Some of the financial products and other transactions mentioned in this application may be either unrated or rated below investment grade. Even where rated, investments in certain financial products or other transactions mentioned in this application may be significantly riskier than investments in other comparably rated assets and may be subject to more price volatility than other asset classes. The returns on certain financial products and other transactions mentioned in this application, including, but not limited to, financial products and other transactions relating to emerging markets countries or emerging markets corporate issuers, also are subject to numerous economic, political, monetary, cultural and other risks, including the risk of nationalization, exchange or capital controls, wars, acts of God and other force majeure, and other events or crises that could yield a total or near-total loss on your investment. You should consider all relevant risks before making any investment decision with respect to any financial product or other transaction mentioned in this application.

Credit Ratings: Credit ratings are obtained from sources believed by Bank of America Merrill Lynch to be accurate and reliable. Because of the possibility of human and mechanical error as well as other factors, however, credit ratings are provided "AS IS" without warranty of any kind, and BANK OF AMERICA MERRILL LYNCH AND THE CREDIT RATING LICENSORS MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO YOU OR ANY OTHER PERSON OR ENTITY AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY, OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATINGS. Under no circumstance shall Bank of America Merrill Lynch or the credit rating licensors have any liability to you or any other person or entity for (a) any loss, damage or other injury in whole or in part caused by, resulting from or relating to, any error (negligent or otherwise), or any other circumstance or contingency within or outside the control of Bank of America Merrill Lynch or any of its directors, officers, employees or agents, or licensors, in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication, or delivery of any credit ratings, or (b) any indirect, special, consequential, incidental, or compensatory damages whatsoever (including, without limitation, lost profits), even if Bank of America Merrill Lynch or the licensors shall have been advised in advance of the possibility of such damages, in either case caused by, resulting from, or relating to the use of, or inability to use, any credit rating. Notwithstanding anything herein, you expressly agree that the aggregate amount payable to you for any Damages arising out of your use of the credit ratings provided on this application shall not exceed the price paid by you for the service.

Credit ratings displayed on this application are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell, or hold any securities. Each credit rating or other opinion must be weighted solely as one factor in any investment decision made by or on behalf of you, and you must accordingly make your own study and evaluation of each security and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding, or selling. You agree and acknowledge that credit ratings are and shall remain the valuable intellectual property owned by, or licensed to, the provider thereof, and that no proprietary rights are being transferred to you in such materials or in any of the information contained therein. You agree that in the event of any misappropriation or misuse, Bank of America Merrill Lynch and/or the respective credit ratings licensors, as applicable, shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which they may be entitled.

NO CREDIT RATINGS FURNISHED ON GLOBAL MARKETS PORTAL MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, DISTRIBUTED, REDISTRIBUTED, SOLD, RESOLD, LEASED, RENTED, LICENSED, SUBLICENSED, ALTERED, MODIFIED, ADAPTED, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY YOU OR ANY OTHER PERSON OR ENTITY, WITHOUT THE PRIOR WRITTEN CONSENT OF ITS LICENSOR; PROVIDED, HOWEVER, THAT YOU MAY DISPLAY, STORE, DOWNLOAD, MANIPULATE AND PRINT CREDIT RATINGS DISPLAYED ON THIS APPLICATION, PROVIDED THAT, IN EACH INSTANCE: (A) YOU USE ONLY LIMITED PORTIONS OF SUCH CREDIT RATINGS; (B) SUCH USE IS ALWAYS INCIDENTAL AND ANCILLARY TO YOUR USE OF OTHER BANK OF AMERICA MERRILL LYNCH DATA; (C) SUCH CREDIT RATINGS ALWAYS STAY ASSOCIATED WITH RELATED BANK OF AMERICA MERRILL LYNCH PRICING AND/OR OTHER CONTENT; (D) SUCH USE IS SOLELY FOR YOUR INTERNAL BUSINESS PURPOSES AND NOT FOR REDISTRIBUTION OR REPUBLICATION OF ANY KIND; AND (E) YOU INCLUDE ALL COPYRIGHT AND OTHER PROPRIETARY RIGHTS NOTICES IN THE SAME FORM IN WHICH THE NOTICES APPEAR ON THIS APPLICATION.

The status of any credit rating provided within this application may be changed at any time. Credit ratings are not updated on a real-time basis and you should verify the current status of any credit rating before relying on it to make an investment decision. The credit rating information shown within this application does not reflect any "watch" status that may be associated with the credit ratings.

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MLCI CustWeb Product Disclaimer

This application enables you to view on-line proprietary data relating to your activity with Bank of America Merrill Lynch Commodities, Inc. Activity information is provided through this application as a convenience and for your information, but is not the official record of your activity with Bank of America Merrill Lynch. Any and all activity information provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with your Bank of America Merrill Lynch representative. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result from your taking any action without confirming the accuracy of the activity information.

In addition, this application provides informal, subjective comments, market and pricing observations, and other information relating to the commodities markets. The information herein does not constitute an offer to enter into any agreement or sell or buy any commodity or financial instrument (all, collectively, "Instruments") at any particular price. The information in this application should not be considered anything more than observations of the trading desks making them. Bank of America Merrill Lynch may take or hold positions in Instruments, or provide information to other investors regarding Instruments, which may be consistent with or contrary to the information contained in this application. The information contained herein does not purport to contain all of the information available in relation to the Instruments and markets mentioned. The information in this application is not and should not be interpreted as fact, fundamental research or as constituting market, investment or financial advice that may be relied upon.

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MLMarkets Agency Offerings Product Disclaimer

Offers to sell or solicitations of offers to buy securities or other financial instruments are not final and are subject to change until you receive a trade execution notification on your screen. Bank of America Merrill Lynch and any of its affiliates may buy or sell securities or financial instruments posted in this application for their own account or for the accounts of others.

The following concepts are fundamental to this application:

"Firm" vs. "Subject" Offerings: Where applicable, offerings are displayed as either "Firm" or "Subject". "Firm" offerings can be executed electronically at the price, or the corresponding yield or spread indicated, as long as the "Firm" status is maintained by the trader. "Subject" offerings can not be executed electronically. The prices, yields or spreads shown for "Subject" offerings are indicative. To inquire about executing a trade on a "Subject" offering, please contact your Bank of America Merrill Lynch Sales Representative.

Credit Ratings: The status of any credit rating provided in this application may be changed at any time. Credit ratings are not updated on a real-time basis and you should verify the current status of any credit rating before relying on it to make an investment decision. The credit rating information shown in this application does not reflect any "watch" status that may be associated with the credit ratings.

Trading hours: Trading hours will be as shown on the Hours Of Operation <<https://www.mlmarkets.ml.com/public/content/hoursofoperation.htm>> screen, Monday through Friday, except market Holidays and unscheduled system downtimes.

On-The-Wire timer: This trading application has an On-The-Wire ("OTW") timer. Once the trading system delivers a live price, the user is required to submit the trade within the time remaining in order to successfully execute at that price. If the OTW timer expires, the price will be stale and the user will have to re-submit the transaction to receive a fresh price which will restart the OTW timer.

View-Only Access. If you are not entitled to trade a product via GLOBAL MARKETS PORTAL, then: (a) any prices and quantities displayed with respect to such product, even if labeled "firm," should not be deemed by you to constitute a bid or offer by Bank of America Merrill Lynch; (b) even if the price or quantity with respect to such product is labeled as a "firm" price or quantity, you should deem such price or quantity to be indicative; (c) the information displayed with respect to such product, including prices and quantities, is suitable only for information purposes and should not be considered suitable for trading purposes; (d) all prices and quantities displayed with respect to such product are subject to market conditions and negotiation with your local account executive; and (e) there is no assurance that screen prices or quantities will be equal to actual trading prices or quantities.

This application also enables you to view trade history and monitor account allocations relating to your on-line trading activity. Trade history and account data are provided as a convenience and for your information, but are not the official record of your account activity with Bank of America Merrill Lynch. Your Bank of America Merrill Lynch account statement remains such official record. Any and all trade history and account data provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with your Bank of America Merrill Lynch representative. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result from your taking any action without confirming the accuracy of the account data provided through this application.

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MLMarkets Canada Homepage Product Disclaimer

For those clients with a contractual relationship with Merrill Lynch Canada Inc., the communications made hereby with respect to the products and services covered by such relationship are and shall be deemed to be made by Merrill Lynch Canada Inc. and governed by the laws of Ontario and Canada, as applicable.

The parties acknowledge that they have required that these Terms & Conditions and all screen pages, documents, notices, waivers, consents or other communications under or in connection with these Terms & Conditions are to be prepared in the English language only. The parties further acknowledge that they have required that all GLOBAL MARKETS PORTAL transactions be conducted in the English language only.

Les parties aux présentes ont requis que les termes et conditions ainsi que toutes les pages à l'écran et tout document, avis, renonciation, consentement ou autre communication qui se rattachent aux présents termes et conditions soient rédigés en langue anglaise seulement et s'en déclarent satisfaites. Les parties aux présentes ont requis aussi que toutes les opérations GLOBAL MARKETS PORTAL soient réalisées en langue anglaise seulement et s'en déclarent satisfaites. "

This Business Unit Homepage Product Disclaimer applies to each Business Unit Homepage within GLOBAL MARKETS PORTAL which has a link to this disclaimer. Business unit homepages provide links to applications of interest to specific segments of Bank of America Merrill Lynch institutional clients. Some information shown within subsidiary screens on Business Unit Homepages in the form of summaries or headlines are for convenience purposes. Such displays are intended to facilitate your navigation to the specific underlying applications and are qualified in their entirety by the information and disclaimers contained within the underlying applications.

Indicative Pricing: You should deem all price or quantities shown to be indicative. The information displayed with respect to all products, including prices and quantities, is suitable only for information purposes and should not be considered suitable for trading purposes or marking assets to the market. Actual trading price levels and quantities are subject to market conditions and negotiation. There is no assurance that screen prices or quantities will be equal to actual trading prices or quantities.

Market Commentary. Business Unit Homepages also provide informal, subjective comments, market and pricing observations, and other information relating to the global markets ("Market Commentary"). The information on Business Unit Homepages does not constitute offers to sell or buy any security, futures contract, options contract, derivative or any other financial instrument (each an "Instrument" and collectively, "Instruments") at any particular price. The Market Commentary in Business Unit Homepages should not be considered anything more than observations of the trading desks making them. Bank of America Merrill Lynch may take or hold positions in Instruments, or provide information to other investors regarding Instruments, which may be inconsistent with or contrary to the information contained in Business Unit Homepages. The information contained on Business Unit Homepages does not purport to contain all of the information available in relation to the Instruments and markets mentioned. The Market Commentary is not and should not be interpreted as fact, fundamental research or as constituting market, investment or financial advice that may be relied upon. Bank of America Merrill Lynch is not responsible for the completeness or appropriateness for any particular purpose of the Market Commentary.

Additional Considerations. Investments in many of the Instruments mentioned in Business Unit Homepages are subject to important and specific risks that are not discussed in this application. Some Instruments are either unrated or are rated below investment grade. Even where rated, investments in certain Instruments may be significantly riskier than investments in other comparably rated assets and may be subject to more price volatility than other asset classes. The returns on certain Instruments, including, but not limited to Instruments relating to emerging markets countries or emerging markets corporate issuers, and Instruments denominated in foreign currency, also are subject to numerous economic, political, monetary, cultural and other risks, including the risk of nationalization, exchange or capital controls, wars, acts of God and other force majeure, and other events or crises that could yield a total or near-total loss on your investment. You should consider all relevant risks before making any investment decision with respect to any Instrument mentioned in Business Unit Homepages.

Business Unit Homepages also include analytical tools or "Calculator" functions. Please click on the preceding hyperlink to read important disclaimers relating to your use of Calculators.

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MLMarkets United States Home Page Product Disclaimer

This application includes market information about a variety of debt product. Any pricing information is estimated by Bank of America Merrill Lynch on the basis of available market data and such other information as Bank of America Merrill Lynch deems appropriate. All information in this application is indicative only and is subject to adjustment and correction at any time without notice. Such information may not be suitable for trading purposes. Bank of America Merrill Lynch is not soliciting any action based upon it. Indicative pricing information should not be construed as firm bids or offers to enter into any transaction at any particular price. An actual trade, if any, of a financial instrument included in this application will be executed at a price that will be separately agreed upon, and such price normally differs from the closing price data in this application.

Any prices and quantities displayed with respect to any Product should not be deemed by you to constitute a bid or offer by Bank of America Merrill Lynch. You should deem all prices, yields, and inventory amounts shown to be indicative. The information displayed is suitable only for information purposes and should not be considered suitable for trading purposes. All prices and quantities displayed are subject to market conditions and negotiation with your local account executive. There is no assurance that screen prices or quantities will be equal to actual trading prices or quantities.

The information in this application does not constitute investment or financial advice, and we make no representation as to the suitability of any particular security for your investment needs. Bank of America Merrill Lynch is not responsible for the accuracy, completeness or appropriateness for any particular purpose of the information in this application. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result form your taking any action in reliance on this information.

The information in this application does not constitute investment or financial advice, and we make no representation as to the suitability of any particular security for your investment needs. Bank of America Merrill Lynch is not responsible for the accuracy, completeness or appropriateness for any particular purpose of the information in this application. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result form your taking any action in reliance on this information.

Credit Ratings: The status of any credit rating provided in this application may be changed at any time. Credit ratings are not updated on a real-time basis and you should verify the current status of any credit rating before relying on it to make an investment decision. The credit rating information shown in this application does not reflect any "watch" status that may be associated with the credit ratings.

Trading hours: Trading hours will be as shown on the Hours Of Operation screen, Monday through Friday, except market Holidays and unscheduled system downtimes.

Market Commentary. This application also provides informal, subjective comments, market and pricing observations, and other information relating to the global debt markets ("Market Commentary"). The information herein does not constitute offers to sell or buy any security, futures contract, options contract, derivative or any other financial instrument (each an "Instrument" and collectively, "Instruments") at any particular price. The Market Commentary in this application should not be considered anything more than observations of the trading desks making them. Bank of America Merrill Lynch may take or hold positions in Instruments, or provide information to other investors regarding Instruments, which may be consistent with or contrary to the information contained in this application. The information contained herein does not purport to contain all of the information available in relation to the Instruments and markets mentioned. The Market Commentary is not and should not be interpreted as fact, fundamental research or as constituting market, investment or financial advice that may be relied upon. Bank of America Merrill Lynch is not responsible for the completeness or appropriateness for any particular purpose of the Market Commentary.

Additional Considerations. Investments in many of the Instruments mentioned in this application are subject to important and specific risks that are not discussed in this application. Some Instruments are either unrated or are rated below investment grade. Even where rated, investments in certain Instruments may be significantly riskier than investments in other comparably rated assets and may be subject to more price volatility than other asset classes. The returns on certain Instruments, including, but not limited to Instruments relating to emerging markets countries or emerging markets corporate issuers, and Instruments denominated in foreign currency, also are subject to numerous economic, political, monetary, cultural and other risks, including the risk of nationalization, exchange or capital controls, wars, acts of God and other force majeure, and other events or crises that could yield a total or near-total loss on your investment. You should consider all relevant risks before making any investment decision with respect to any Instrument mentioned in this application.

This application also enables you to view trade history and monitor account allocations relating to your on-line trading activity through this application. Trade history and account data are provided as a convenience and for your information, but are not the official record of your account activity with Bank of America Merrill Lynch. Your Bank of America Merrill Lynch account statement remains such official record. Any and all trade history and account data provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with your Bank of America Merrill Lynch representative. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result from your taking any action without confirming the accuracy of the account data provided through this application.

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MLPro Mainframe Access Product Disclaimer

Bank of America Merrill Lynch Professional Clearing Corporation (“MLPro”) provides clearing and settlement services to broker-dealers, hedge funds and certain other institutional clients.

This application enables authorized clients of MLPro, including introducing firms and their customers, to view on-line data for their MLPro accounts. Account data is provided only as a convenience and for your information, but it is not the official record of a customer's account activity with MLPro. Your account statement remains such official record. Any and all account data provided through this application is subject to adjustment and correction and therefore should not be relied upon for taking any action without prior confirmation of its accuracy with your registered representative at MLPro and/or your introducing firm. MLPro will not be responsible or liable for any damages that could result from your taking any action without confirming the accuracy of the account data provided.

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MLPro TRAQCS Product Disclaimer

Bank of America Merrill Lynch Professional Clearing Corporation (“MLPro”) provides clearing and settlement services to broker-dealers, hedge funds and certain other institutional clients.

This application enables authorized clients of MLPro, including introducing firms and their customers, to view on-line data for their MLPro accounts. Account data is provided only as a convenience and for your information, but it is not the official record of a customer's account activity with MLPro. Your account statement remains such official record. Any and all account data provided through this application is subject to adjustment and correction and therefore should not be relied upon for taking any action without prior confirmation of its accuracy with your registered representative at MLPro and/or your introducing firm. MLPro will not be responsible or liable for any damages that could result from your taking any action without confirming the accuracy of the account data provided.

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Money Manager Services Product Disclaimer

This application enables authorized Money Managers to view on-line data for their accounts held with Bank of America Merrill Lynch. All account data shown is provided as a convenience and for your information, but is not the official notice or record of a customer's account activity with Bank of America Merrill Lynch. Your Bank of America Merrill Lynch account notices and account statements remain the official form of notice or record. Bank of America Merrill Lynch does not guarantee delivery of notices or statements through this application, or the completeness of the information provided herein. Therefore, any and all account data provided through this application is subject to adjustment and correction, and should not be relied upon for taking any action without prior confirmation of its accuracy with your Bank of America Merrill Lynch representative. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result from your taking any action without confirming the accuracy of the account data provided.

Portfolio Summary Data

For Fixed Income Products: The highest rating is usually AAA, and the lowest is D. Ratings information is received from various sources we deem reliable and is subject to errors and omissions. Neither Bank of America Merrill Lynch nor its various data sources guarantee the accuracy of this information.
For Equities and Closed-End Funds: Opinions include a Volatility Risk Rating, an Investment Rating and an Income Rating.
VOLATILITY RISK RATINGS, indicators of potential price fluctuation, are: A - Low; B - Medium; and C - High.
INVESTMENT RATINGS, indicators of expected total return (price appreciation plus yield) within the 12-month period from the date of the initial rating, are: 1 - Buy (10% or more for Low and Medium Volatility Risk securities - 20% or more for High Volatility Risk securities); 2 - Neutral (0-10% for Low and Medium Volatility Risk securities - 0-20% for High Volatility Risk securities); 3 - Sell (negative return); and 6 - No Rating.
INCOME RATINGS, indicators of potential cash dividends, are: 7 - same/higher (dividend considered to be secure); 8 - same/lower (dividend not considered to be secure); and 9 - pays no cash dividend.

Insurance Cash Values and Annuity Contract Values (if applicable) are used to calculate Total Portfolio Value. These values are as of Close of Business one business day prior to the 'as of' date shown above. Insurance Cash Values may not reflect immediately available funds due to loan balances and/or policy charges. Annuity Contract Values may not reflect immediately available funds due to contract charges. Annuities and life insurance products are not held in your account. Their values are listed here for your convenience.

Holdings Data

For Fixed Income Products: The highest rating is usually AAA, and the lowest is D. Ratings information is received from various sources we deem reliable and is subject to errors and omissions. Neither Bank of America Merrill Lynch nor its various data sources guarantee the accuracy of this information.
For Equities and Closed-End Funds: Opinions include a Volatility Risk Rating, an Investment Rating and an Income Rating.
VOLATILITY RISK RATINGS, indicators of potential price fluctuation, are: A - Low; B - Medium; and C - High.
INVESTMENT RATINGS, indicators of expected total return (price appreciation plus yield) within the 12-month period from the date of the initial rating, are: 1 - Buy (10% or more for Low and Medium Volatility Risk securities - 20% or more for High Volatility Risk securities); 2 - Neutral (0-10% for Low and Medium Volatility Risk securities - 0-20% for High Volatility Risk securities); 3 - Sell (negative return); and 6 - No Rating.
INCOME RATINGS, indicators of potential cash dividends, are: 7 - same/higher (dividend considered to be secure); 8 - same/lower (dividend not considered to be secure); and 9 - pays no cash dividend.

Insurance Cash Values and Annuity Contract Values (if applicable) are used to calculate Total Portfolio Value. These values are as of Close of Business one business day prior to the 'as of' date shown above. Insurance Cash Values may not reflect immediately available funds due to loan balances and/or policy charges. Annuity Contract Values may not reflect immediately available funds due to contract charges. Annuities and life insurance products are not held in your account. Their values are listed here for your convenience.

Balances Data

Insurance Cash Values and Annuity Contract Values (if applicable) are used to calculate Total Portfolio Value. These values are as of Close of Business one business day prior to the 'as of' date shown above. Insurance Cash Values may not reflect immediately available funds due to loan balances and/or policy charges. Annuity Contract Values may not reflect immediately available funds due to contract charges. Annuities and life insurance products are not held in your account. Their values are listed here for your convenience.

Unrealized Profit/Loss Screen Data

If the security is not acquired in a transaction with Bank of America Merrill Lynch, the cost basis will be derived from information provided by the investment manager or client; Bank of America Merrill Lynch accepts no responsibilities for such information or any calculation based on such information.

Information will not appear if a cost basis is not known, a security price is not currently available, or the Profit/Loss calculations are not appropriate for the type of holding.
All values are based on Settled trades.

The P/L% is provided to help you monitor the performance of your specific holdings; because the figure is effected by your particular holding period and transaction history, it should not be used to compare mutual fund performance. Please refer to the fund's Profile for standardized performance information on each mutual fund in your account. Past performance is no guarantee of future returns.

Realized Profit/Loss Data

If the security is not acquired in a transaction with Bank of America Merrill Lynch, the cost basis will be derived from information provided by the investment manager or client; Bank of America Merrill Lynch accepts no responsibilities for such information or any calculation based on such information.

Information will not appear if a cost basis is not known, a security price is not currently available, or the Profit/Loss calculations are not appropriate for the type of holding.
All values are based on Settled trades.

The P/L% is provided to help you monitor the performance of your specific holdings; because the figure is effected by your particular holding period and transaction history, it should not be used to compare mutual fund performance. Please refer to the fund's Profile for standardized performance information on each mutual fund in your account. Past performance is no guarantee of future returns.

Asset Allocation Data

Mutual Funds are classified by predominant asset class. Fixed Annuities are classified as Fixed Income and Variable Annuities are classified as Equities. Life Insurance Products are classified as Other.

Our current allocation models are based on BofA Merrill Lynch Research and investment strategy and are subject to change as market conditions change in the future. For more information on developing an asset allocation strategy, speak with your Financial Advisor or refer to the Diversification and Risk chapter of the Investor Education section.

Insurance Cash Values and Annuity Contract Values (if applicable) are used to calculate Total Holdings. These values are as of Close of Business one business day prior to the 'as of' date shown above. Insurance Cash Values may not reflect immediately available funds due to loan balances and/or policy charges. Annuity Contract Values may not reflect immediately available funds due to contract charges. Annuities and life insurance products are not held in your account. Their values are listed here for your convenience.

Sector Distribution Data

Sector Distribution reflects only domestic common stock holdings.

Our current allocation models are based on BofA Merrill Lynch Research and investment strategy and are subject to change as market conditions change in the future. For more information on developing an asset allocation strategy, speak to your Financial Advisor or refer to the Diversification and Risk chapter of the Investor Education section.

Sector Classifications based on Global Industry Classification Standard ("GICS"). Source: Morgan Stanley Capital International ("MSCI") and Standard and Poor's ("S&P"), a division of the McGraw Hill Companies, Inc.

Product Class Bar Chart Data

Insurance Cash Values and Annuity Contract Values (if applicable) are used to calculate Total Holdings. These values are as of Close of Business one business day prior to the 'as of' date shown above. Insurance Cash Values may not reflect immediately available funds due to loan balances and/or policy charges. Annuity Contract Values may not reflect immediately available funds due to contract charges. Annuities and life insurance products are not held in your account. Their values are listed here for your convenience.

Performance Data

Note that various factors, including unpriced securities and certain adjustments, holdings or activity, may cause report results to differ from actual performance. Report results may also differ from results reported by other Bank of America Merrill Lynch services. Past performance does not guarantee future results. The Users Guide to Performance Reporting at Bank of America Merrill Lynch can provide additional information about this report.

For Informational Purposes only. Account Statement is Official Record of Holdings and Balances.

Check Image Data

Check images are maintained online for a two-year period. To obtain copies of checks that cleared more than two years prior to the current date, please call (800) MERRILL (637-7455)

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Money Manager Services Trade Allocations Product Disclaimer

This application enables you to view on-line proprietary data regarding Bank of America Merrill Lynch accounts that you manage. The data includes, trade-day orders and executions placed through one or more of Bank of America Merrill Lynch’s debt and equity trading systems and the trading systems of other qualifying broker-dealers. In some cases, you will be able to average price these executions, and allocate filled orders electronically.

Account data is provided through this application as a convenience and for your information, but is not the official record of the account activity with Bank of America Merrill Lynch. The Bank of America Merrill Lynch account statement remains such official record and all account data provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with your Bank of America Merrill Lynch representative. Account statements detailing your allocation activity through this application will be mailed to you monthly. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result from your taking any action without confirming the accuracy of the account data provided through this application.

Further, the aggregation and allocation of executions is and remains your responsibility. In utilizing this application, Bank of America Merrill Lynch has an expectation that such activities shall be carried out by you, as investment adviser, and your employees, agents or representatives in a manner consistent with your duties as a fiduciary. Bank of America Merrill Lynch does not assume responsibility or liability for any aggregation or allocation decision made by you.

After your initial agreement, we will confirm your agreement to this Product Disclaimer on or about January 1 and July 1 of each year and any time these terms are amended. You can always access the latest version of these terms by clicking on the tab labeled "Product Disclaimers" at the top or bottom of each page within this application.

You may print this Product Disclaimer by using your browser's Print function.

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Municipal Bond Composite Page Product Disclaimer

Offers to sell or solicitations of offers to buy securities or other financial instruments are not final and are subject to change until you receive a trade execution notification on your screen. Bank of America Merrill Lynch and any of its affiliates may buy or sell securities or financial instruments posted in this application for their own account or for the accounts of others.

The following concepts are fundamental to this application:

"Firm" vs. "Subject" Offerings: Where applicable, offerings are displayed as either "Firm" or "Subject". "Firm" offerings can be executed electronically at the price, or the corresponding yield or spread indicated, as long as the "Firm" status is maintained by the trader. "Subject" offerings can not be executed electronically. The prices, yields or spreads shown for "Subject" offerings are indicative. To inquire about executing a trade on a "Subject" offering, please contact your Bank of America Merrill Lynch Sales Representative.

Credit Ratings: The status of any credit rating provided in this application may be changed at any time. Credit ratings are not updated on a real-time basis and you should verify the current status of any credit rating before relying on it to make an investment decision. The credit rating information shown in this application does not reflect any "watch" status that may be associated with the credit ratings.

Trading hours: Trading hours will be as shown on the Hours Of Operation screen, Monday through Friday, except market Holidays and unscheduled system downtimes.

On-The-Wire timer: This trading application has an On-The-Wire ("OTW") timer. Once the trading system delivers a live price, the user is required to submit the trade within the time remaining in order to successfully execute at that price. If the OTW timer expires, the price will be stale and the user will have to re-submit the transaction to receive a fresh price which will restart the OTW timer.

View-Only Access: If you are not entitled to trade a product via GLOBAL MARKETS PORTAL, then: (a) any prices and quantities displayed with respect to such product, even if labeled "firm," should not be deemed by you to constitute a bid or offer by Bank of America Merrill Lynch; (b) even if the price or quantity with respect to such product is labeled as a "firm" price or quantity, you should deem such price or quantity to be indicative; (c) the information displayed with respect to such product, including prices and quantities, is suitable only for information purposes and should not be considered suitable for trading purposes; (d) all prices and quantities displayed with respect to such product are subject to market conditions and negotiation with your local account executive; and (e) there is no assurance that screen prices or quantities will be equal to actual trading prices or quantities.

Market Commentary. This application also provides informal, subjective comments, market and pricing observations, and other information relating to the global debt markets ("Market Commentary"). The information herein does not constitute offers to sell or buy any security, futures contract, options contract, derivative or any other financial instrument (each an "Instrument" and collectively, "Instruments") at any particular price. The Market Commentary in this application should not be considered anything more than observations of the trading desks making them. Bank of America Merrill Lynch may take or hold positions in Instruments, or provide information to other investors regarding Instruments, which may be consistent with or contrary to the information contained in this application. The information contained herein does not purport to contain all of the information available in relation to the Instruments and markets mentioned. The Market Commentary is not and should not be interpreted as fact,fundamental research or as constituting market, investment or financial advice that may be relied upon. Bank of America Merrill Lynch is not responsible for the completeness or appropriateness for any particular purpose of the Market Commentary.

Additional Considerations.Investments in many of the Instruments mentioned in this application are subject to important and specific risks that are not discussed in this application. Some Instruments are either unrated or are rated below investment grade. Even where rated, investments in certain Instruments may be significantly riskier than investments in other comparably rated assets and may be subject to more price volatility than other asset classes. The returns on certain Instruments, including, but not limited to Instruments relating to emerging markets countries or emerging markets corporate issuers, and Instruments denominated in foreign currency, also are subject to numerous economic, political, monetary, cultural and other risks, including the risk of nationalization, exchange or capital controls, wars, acts of God and other force majeure, and other events or crises that could yield a total or near-total loss on your investment. You should consider all relevant risks before making any investment decision with respect to any Instrument mentioned in this application.

This application also enables you to view trade history and monitor account allocations relating to your on-line trading activity through this application. Trade history and account data are provided as a convenience and for your information, but are not the official record of your account activity with Bank of America Merrill Lynch. Your Bank of America Merrill Lynch account statement remains such official record. Any and all trade history and account data provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with your Bank of America Merrill Lynch representative. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result from your taking any action without confirming the accuracy of the account data provided through this application.

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Municipal Bond Trading Product Disclaimer

Offers to sell or solicitations of offers to buy securities or other financial instruments are not final and are subject to change until you receive a trade execution notification on your screen. Bank of America Merrill Lynch and any of its affiliates may buy or sell securities or financial instruments posted in this application for their own account or for the accounts of others.

The following concepts are fundamental to this application:

"Firm" vs. "Subject" Offerings: Where applicable, offerings are displayed as either "Firm" or "Subject". "Firm" offerings can be executed electronically at the price, or the corresponding yield or spread indicated, as long as the "Firm" status is maintained by the trader. "Subject" offerings can not be executed electronically. The prices, yields or spreads shown for "Subject" offerings are indicative. To inquire about executing a trade on a "Subject" offering, please contact your Bank of America Merrill Lynch Sales Representative.

Credit Ratings: The status of any credit rating provided in this application may be changed at any time. Credit ratings are not updated on a real-time basis and you should verify the current status of any credit rating before relying on it to make an investment decision. The credit rating information shown in this application does not reflect any "watch" status that may be associated with the credit ratings.

Trading hours: Trading hours will be as shown on the Hours Of Operation screen, Monday through Friday, except market Holidays and unscheduled system downtimes.

On-The-Wire timer: This trading application has an On-The-Wire ("OTW") timer. Once the trading system delivers a live price, the user is required to submit the trade within the time remaining in order to successfully execute at that price. If the OTW timer expires, the price will be stale and the user will have to re-submit the transaction to receive a fresh price which will restart the OTW timer.

View-Only Access: If you are not entitled to trade a product via GLOBAL MARKETS PORTAL, then: (a) any prices and quantities displayed with respect to such product, even if labeled "firm," should not be deemed by you to constitute a bid or offer by Bank of America Merrill Lynch; (b) even if the price or quantity with respect to such product is labeled as a "firm" price or quantity, you should deem such price or quantity to be indicative; (c) the information displayed with respect to such product, including prices and quantities, is suitable only for information purposes and should not be considered suitable for trading purposes; (d) all prices and quantities displayed with respect to such product are subject to market conditions and negotiation with your local account executive; and (e) there is no assurance that screen prices or quantities will be equal to actual trading prices or quantities.

This application also enables you to view trade history and monitor account allocations relating to your on-line trading activity through this application. Trade history and account data are provided as a convenience and for your information, but are not the official record of your account activity with Bank of America Merrill Lynch. Your Bank of America Merrill Lynch account statement remains such official record. Any and all trade history and account data provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with your Bank of America Merrill Lynch representative. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result from your taking any action without confirming the accuracy of the account data provided through this application.

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New Issue Product Disclaimer

Your use of GLOBAL MARKETS PORTAL is subject to Terms and Conditions of Use, Privacy Statement and Product Disclaimers. By clicking below and proceeding to use this application, you agree to be bound by them. Please read all applicable terms of use carefully.

The terms below hereby become part of any existing agreements you may have with BofA Merrill Lynch relating to the products and services offered in this application, which otherwise remain in full force and effect.

Unless a security offered in this application is exempt from filing with, or authorization, approval, registration or qualification by a governmental authority or agency under the laws and regulations in each jurisdiction in which the security is offered, any required documentation has been or will be filed with the relevant authorities. We may not sell securities that are required to be approved, registered or otherwise qualified until the necessary approvals or qualifications have been obtained or the registration is effective. The information contained in this application is not an offer to sell securities or the solicitation of an offer to buy securities in any jurisdiction where the offer or sale is not permitted.

You should read the preliminary prospectus or other relevant offering document for complete information about an offering. If the offering document is available to you through this application, you will be able to access and download it by clicking on the icon marked "Prospectus".

All information contained in this application is subject to availability, may not be updated on a real-time basis, and may be changed at any time without notice.

Offers to sell or solicitations of offers to buy securities or other financial instruments are not final and are subject to change until you receive an order execution confirmation on your screen.

BofA Merrill Lynch and its affiliates may buy or sell securities or financial instruments posted in this application for their own accounts or for the accounts of others. In the ordinary course of their business, BofA Merrill Lynch and its affiliates may have performed and may in the future perform financial advisory, investment banking, and/or general financing services for an issuer of securities offered through this application.

After your initial agreement, we will confirm your agreement to this Product Disclaimer on or about January 1 and July 1 of each year and any time these terms are amended. You can always access the latest version of these terms by clicking on the tab labeled "Product Disclaimers" at the top or bottom of each page within this application.

You may print this Product Disclaimer by using your browser's Print function.

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Online Corporate Actions Product Disclaimer


All data is provided through this application as a convenience to the Customer and shall not be construed to create a duty to Bank of America Merrill Lynch with respect to the delivery, viewing, and election of the Corporate Actions. Bank of America Merrill Lynch will not be held responsible or liable for any damages that could result from interruptions of service or other technical difficulties.

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GFX eConfirmation Product Disclaimer


By clicking the "Yes I Accept" button below, the Customer agrees with Bank of America, N.A., Merrill Lynch International Bank Limited, Merrill Lynch Capital Services, Inc. and Bank of America, N.A. (each, including any successor thereto by merger or by law, a “BAML Entity”) that:


(a)  

Subject to the provisions of Part (b) below, in respect of each foreign exchange transaction that the Customer confirms through Post-Trade Services, and which transaction is a spot, a deliverable forward or a non-deliverable forward with a “Reference Currency” identified in any of clauses 11 through 20 of Section B below in this Part (a) and settled in United States Dollars, the terms and conditions set out below in this Part (a) that are expressly applicable to such transaction shall govern such transaction:


 

  1. The following terms and conditions in this Section A shall apply to and govern each transaction that is a spot or a deliverable forward:

    1. The commercial terms applicable to such transaction as set out in the “Summary Drill Down View” page for such transaction, together with the terms and conditions set out below in this Section A, will constitute a “Confirmation” for all purposes under any master agreement that may have been entered into by the Customer and the BAML Entity that is party to such transaction (the “Relevant BAML Entity”).

    2. Such transaction will be deemed to have been made in the State of New York and shall be construed, and the rights and liabilities of the parties determined, in accordance with the laws of the State of New York.

    3. The Customer represents to the Relevant BAML Entity that the Customer has, prior to confirming such transaction, reviewed the commercial terms applicable to such transaction as set out on the “Summary Drill Down View” page for such transaction and accepts such terms.

    4. The Relevant BAML Entity will use ordinary care to have proper instructions forwarded to our correspondents to make the payment it is required to make under such transaction. The Customer will assume all risks of transmission, acts or omissions of our correspondents or agents, failure to locate or error in identifying the named payee, or non-payment due to other factors beyond our control, including not only normal risks, but abnormal risks occasioned by war, revolution, civil commotion, law or compulsion of any nature.

    5. While delivery of amounts by the Relevant BAML Entity under such transaction is not intended to involve an extension of credit, until full, final and irrevocable payments has been received by us, we shall have the right to reclaim any such amounts or if such reclamation is not permitted by applicable law, a purchase money security interest in favor of the Relevant BAML Entity shall attach to such amounts (including any instruments, accounts or contract rights relating thereto) and the proceeds of such amounts.

    6. If the Relevant BAML Entity concludes (based on the commercial terms of such transaction (such as the currencies involved in such transaction) and/or the terms of any relevant agreement between the Relevant BAML Entity and the Customer) that the Relevant BAML Entity will require the Customer to post an Independent Amount or upfront collateral in respect of such transaction, the amount thereof will be calculated by the Relevant BAML Entity in accordance with its customary approach in the calculation thereof and will be included in the total upfront collateral amount set out in any margin call notice delivered by the Relevant BAML Entity to the Customer and the Customer agrees to post to the Relevant BAML Entity collateral acceptable to the Relevant BAML Entity that is not less than such amount.

    7. An electronic and/or printed record of the commercial terms applicable to such transaction as set out in the “Summary Drill Down View” page for such transaction and the terms and conditions set out above in this Section A and the indication of the Customer's agreement therewith will be retained by the Relevant BAML Entity and such record shall serve as evidence of the terms and conditions of such transaction and the Customer's agreement therewith and the Customer's intention to be legally bound thereby.

  2. The following terms and conditions shall apply to and govern each transaction that is a non-deliverable forward with a “Reference Currency” identified in any of clauses 11 through 20 of this Section B and that will be settled in United States Dollars:

    1. The commercial terms applicable to such transaction as set out on the “Summary Drill Down View” page for such transaction, together with the relevant terms and conditions set out below in this Section B, will constitute a “Confirmation” for all purposes under any master agreement that may have been entered into by the Customer and the BAML Entity party to such transaction (the “Relevant BAML Entity”).In the event that the Customer has not entered into a master agreement with the Relevant BAML Entity as of the trade date for such transaction, then the Customer and the Relevant BAML Entity will use all reasonable efforts promptly to negotiate, execute and deliver a master agreement in the form of the ISDA Master Agreement (Multicurrency-Cross Border) (the “Master Form”), with such modification as the Customer and the Relevant BAML Entity will in good faith agree. Upon the execution and delivery of such master agreement, the commercial terms applicable to such transaction as set out on the “Summary Drill Down View” page for such transaction, together with the relevant terms and conditions set out below in this Section B, will constitute a “Confirmation” under, and will supplement, form a part of, and be subject to, such master agreement. Until the Customer and the Relevant BAML Entity execute and deliver such a master agreement, the commercial terms applicable to such transaction as set out on the “Summary Drill Down View” page for such transaction, together with the relevant terms and conditions set out below in this Section B, together with all other transactions the terms of which refer to the Master Form, shall supplement, form a part of, and be subject to, a master agreement in the form of the Master Form as if the Customer and the Relevant BAML Entity had executed a master agreement in such form (but without any schedule thereto except for the election of the laws of the State of New York as the governing law and US Dollars as the “Termination Currency” thereunder) on the trade date under the first of such transactions between the Customer and the Relevant BAML Entity.

    2. Such transaction will be deemed to have been made in the State of New York and shall be construed, and the rights and liabilities of the parties determined, in accordance with the laws of the State of New York.

    3. The Customer represents to the Relevant BAML Entity that the Customer has, prior to confirming such transaction, reviewed the commercial terms applicable to such transaction as set out on the “Summary Drill Down View” page for such transaction and accepts such terms.

    4. The definitions and provisions contained in the 1998 FX and Currency Option Definitions (as published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association and The Foreign Exchange Committee), as amended, supplemented or otherwise modified from time to time (the “Definitions”), are incorporated into the terms and conditions governing such transaction. In the event of any inconsistency between any master agreement entered into by the Customer and the Relevant BAML Entity and the Definitions, such master agreement shall govern. In the event of any inconsistency between such master agreement or the Definitions and the Confirmation in respect of such transaction, such Confirmation shall govern.

    5. The Settlement Date applicable to such transaction will be as set out on the “Summary Drill Down View” page for such transaction, provided, however, that if the Scheduled Valuation Date is adjusted in accordance with the Following Business Day Convention, then the Settlement Date shall be as soon as practicable after the Valuation Date, but in no event later than two Business Days after such date (except that if the Reference Currency for such transaction is PHP or RUB, then in no event later than one Business Day after such date).

    6. “Non-Deliverable” shall apply to such transaction, and the “Settlement Currency” applicable to such transaction shall be USD.

    7. The Valuation Date applicable to such transaction will be as set out on the “Summary Drill Down View” page for such transaction (the “Scheduled Valuation Date”), subject to adjustment in accordance with the Preceding Business Day Convention, and, in the event of an Unscheduled Holiday (as defined below), subject to adjustment in accordance with the Following Business Day Convention; provided, however, and notwithstanding the foregoing, if the Reference Currency for such transaction is BRL, and if the parties have specified a Scheduled Valuation Date for such transaction that falls on a date that, as at the Trade Date of such transaction, is not a scheduled Business Day in New York , no adjustment shall be made on account of the fact that such date is not a Business Day in New York.

    8. As used in this Section B, the term “Unscheduled Holiday” shall mean for the purposes of such transaction, that a day is not a Business Day and the market was not aware of such fact (by means of a public announcement or by reference to other publicly available information) until a time later than 9:00 am local time in the Principal Financial Center(s) of the Reference Currency under such transaction two Business Days prior to the Scheduled Valuation Date for such transaction.

    9. The Business Days applicable to the Settlement Date in respect of such Transaction will be Business Days occurring in New York.

    10. The “Calculation Agent” for such transaction will be as specified in the master agreement entered into between the Customer and the BAML Entity party to such transaction. If the Customer and such BAML Entity have not entered into a master agreement as of the trade date under such transaction, or if the Customer and such BAML Entity hereto have entered into a master agreement on or prior to such trade date but such master agreement either does not specify the Calculation Agent applicable to such transaction or refers to the confirmation for such transaction for the terms specifying the Calculation Agent for such transaction, then the Calculation Agent for such transaction will be the BAML Entity party to such transaction.

    11. If the Reference Currency applicable to such transaction is Argentine Peso (ARS), then the following provisions set out in this clause 11 shall apply to such transaction:
       
      Settlement Rate Option:   EMTA ARS Industry Survey Rate (ARS03)
       
      Disruption Events:  Price Source Disruption: Applicable
       
      Disruption Fallbacks:   1.Valuation Postponement
          2. Fallback Reference Price: EMTA ARS Indicative Survey Rate (ARS04)
          3. Calculation Agent Determination of Settlement Rate
       
      Deferral Period for Unscheduled Holiday   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention after the occurrence of an Unscheduled Holiday, and if the Valuation Date has not occurred on or before the 30th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      Definition of “Valuation Postponement” for Price Source Disruption  “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date, that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      Cumulative Events:  Notwithstanding anything herein to the contrary, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 30 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 30-day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 30-day period, a Price Source Disruption shall have occurred or be continuing on the day following such period, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Maximum Days of Postponement: 30 calendar days
       
      Relevant Cities for Business Day for Valuation Date:  Buenos Aires and New York

    12. If the Reference Currency applicable to such transaction is Brazilian Real (BRL), then the following provisions set out in this clause 12 shall apply to such transaction:
       
      Settlement Rate Option:   BRL PTAX - (BRL09)
       
      Deferral Period for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 30th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      Disruption Events:
       
            Price Source Disruption:   Applicable
       
            Price Materiality:   Applicable
       
            Primary Rate:   BRL 09
       
      Secondary Rate:   EMTA BRL Industry Survey Rate (BRL12), or EMTA BRL Indicative Survey Rate (BRL13), as the case may be.
       
      Price Materiality Percentage:   3%, provided however, that if there are insufficient responses on the Valuation Date to the EMTA BRL Industry Survey or the EMTA BRL Indicative Survey, as the case may be, the Price Materiality Percentage will also be deemed to have been met.
       
      Disruption Fallback:
       
        1. First Fallback Reference Price: EMTA BRL Industry Survey Rate (BRL 12)
       
        2. Valuation Postponement
       
        3. Second Fallback Reference Price: EMTA BRL Indicative Survey Rate (BRL 13)
       
        4. Calculation Agent Determination of Settlement Rate
       
      Valuation Postponement for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date, that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      Cumulative Events:   Notwithstanding anything herein to the contrary, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 30 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 30 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 30 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Maximum Days of Postponement:   Thirty (30) calendar days
       
      Relevant Cities for Business Day(s) for Valuation Date:   Any of Rio de Janeiro, Brasilia or Săo Paulo and New York City

    13. If the Reference Currency applicable to such transaction is Chinese Renminbi (CNY), then the following provisions set out in this clause 13 shall apply to such transaction:
       
      Settlement Rate Option:   CNY SAEC (CNY01)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (i) Valuation Postponement
          (ii) Fallback Reference Price: SFEMC CNY Indicative Survey Rate (CNY02)
          (iii) Fallback Survey Valuation Postponement
          (iv) Calculation Agent Determination of Settlement Rate
       
      Other Terms:  
       
      “Deferral Period” for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      “Fallback Survey Valuation Postponement”:   “Fallback Survey Valuation Postponement” means that, in the event that the Fallback Reference Price is not available on or before the 3rd Business Day (or day that would have been a Business Day but for an Unscheduled Holiday) succeeding the end of either (i) Valuation Postponement for Price Source Disruption, (ii) Deferral Period for Unscheduled Holiday, or (iii) Cumulative Events, then the Settlement Rate will be determined in accordance with the next applicable Disruption Fallback on such day. For the avoidance of doubt, Cumulative Events, if applicable, does not preclude postponement of valuation in accordance with this provision.
       
      Cumulative Events:   Except as provided below, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period on which the Spot Rate otherwise would be determined, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant City for Business Day for Valuation Date:   Beijing
       
      Maximum Days of Postponement:   14 calendar days

    14. If the Reference Currency applicable to such transaction is Indian Rupee (INR), then the following provisions set out in this clause 14 shall apply to such transaction:
       
      Settlement Rate Option:   INR RBIB (INR01)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (i) Valuation Postponement
          (ii) Fallback Reference Price: SFEMC INR INDICATIVE SURVEY RATE (INR02)
          (iii) Fallback Survey Valuation Postponement
          (iv) Calculation Agent Determination of Settlement Rate
       
      Other Terms:  
       
      “Deferral Period” for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      “Fallback Survey Valuation Postponement”:   “Fallback Survey Valuation Postponement” means that, in the event that the Fallback Reference Price is not available on or before the 3rd Business Day (or day that would have been a Business Day but for an Unscheduled Holiday) succeeding the end of either (i) Valuation Postponement for Price Source Disruption, (ii) Deferral Period for Unscheduled Holiday, or (iii) Cumulative Events, then the Settlement Rate will be determined in accordance with the next applicable Disruption Fallback on such day. For the avoidance of doubt, Cumulative Events, if applicable, does not preclude postponement of valuation in accordance with this provision.
       
      Cumulative Events:   Except as provided below, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period on which the Spot Rate otherwise would be determined, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant City for Business Day for Valuation Date:   Mumbai
       
      Maximum Days of Postponement:   14 calendar days

    15. If the Reference Currency applicable to such transaction is Indonesian Rupiah (IDR), then the following provisions set out in this clause 15 shall apply to such transaction:
       
      Settlement Rate Option:   IDR ABS (IDR01)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (i) Valuation Postponement
          (ii) Fallback Reference Price: SFEMC IDR INDICATIVE SURVEY RATE (IDR02)
          (iii) Fallback Survey Valuation Postponement
          (iv) Calculation Agent Determination of Settlement Rate
       
      Other Terms:  
       
      “Deferral Period” for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      “Fallback Survey Valuation Postponement”:   “Fallback Survey Valuation Postponement” means that, in the event that the Fallback Reference Price is not available on or before the 3rd Business Day (or day that would have been a Business Day but for an Unscheduled Holiday) succeeding the end of either (i) Valuation Postponement for Price Source Disruption, (ii) Deferral Period for Unscheduled Holiday, or (iii) Cumulative Events, then the Settlement Rate will be determined in accordance with the next applicable Disruption Fallback on such day. For the avoidance of doubt, Cumulative Events, if applicable, does not preclude postponement of valuation in accordance with this provision.
       
      Cumulative Events:   Except as provided below, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period on which the Spot Rate otherwise would be determined, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant City for Business Day for Valuation Date:   Jakarta and Singapore
       
      Maximum Days of Postponement:   14 calendar days

    16. If the Reference Currency applicable to such transaction is Korean Won (KRW), then the following provisions set out in this clause 16 shall apply to such transaction:
       
      Settlement Rate Option:   KRW KFTC18 (KRW02)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (i) Valuation Postponement
          (ii) Fallback Reference Price: SFEMC KRW INDICATIVE SURVEY RATE (KRW04)
          (iii) Fallback Survey Valuation Postponement
          (iv) Calculation Agent Determination of Settlement Rate
       
      Other Terms:  
       
      “Deferral Period” for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      “Fallback Survey Valuation Postponement”:   “Fallback Survey Valuation Postponement” means that, in the event that the Fallback Reference Price is not available on or before the 3rd Business Day (or day that would have been a Business Day but for an Unscheduled Holiday) succeeding the end of either (i) Valuation Postponement for Price Source Disruption, (ii) Deferral Period for Unscheduled Holiday, or (iii) Cumulative Events, then the Settlement Rate will be determined in accordance with the next applicable Disruption Fallback on such day. For the avoidance of doubt, Cumulative Events, if applicable, does not preclude postponement of valuation in accordance with this provision.
       
      Cumulative Events:   Except as provided below, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period on which the Spot Rate otherwise would be determined, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant City for Business Day for Valuation Date:   Seoul
       
      Maximum Days of Postponement:   14 calendar days

    17. If the Reference Currency applicable to such transaction is Philippine Peso (PHP), then the following provisions set out in this clause 17 shall apply to such transaction:
       
      Settlement Rate Option:   PHP PDSPESO (PHP06)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (i) Valuation Postponement
          (ii) Fallback Reference Price: SFEMC PHP INDICATIVE SURVEY RATE (PHP05)
          (iii) Fallback Survey Valuation Postponement
          (iv) Calculation Agent Determination of Settlement Rate
       
      Other Terms:  
       
      “Deferral Period” for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      “Fallback Survey Valuation Postponement”:   “Fallback Survey Valuation Postponement” means that, in the event that the Fallback Reference Price is not available on or before the 3rd Business Day (or day that would have been a Business Day but for an Unscheduled Holiday) succeeding the end of either (i) Valuation Postponement for Price Source Disruption, (ii) Deferral Period for Unscheduled Holiday, or (iii) Cumulative Events, then the Settlement Rate will be determined in accordance with the next applicable Disruption Fallback on such day. For the avoidance of doubt, Cumulative Events, if applicable, does not preclude postponement of valuation in accordance with this provision.
       
      Cumulative Events:   Except as provided below, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period on which the Spot Rate otherwise would be determined, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant City for Business Day for Valuation Date:   Manila
       
      Maximum Days of Postponement:   14 calendar days

    18. If the Reference Currency applicable to such transaction is Taiwan Dollar (TWD), then the following provisions set out in this clause 18 shall apply to such transaction:
       
      Settlement Rate Option:   TWD TAIFX1(TWD03)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (i) Valuation Postponement
          (ii) Fallback Reference Price: SFEMC TWD INDICATIVE SURVEY RATE (TWD04)
          (iii) Fallback Survey Valuation Postponement
          (iv) Calculation Agent Determination of Settlement Rate
       
      Other Terms:  
       
      “Deferral Period” for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      “Fallback Survey Valuation Postponement”:   “Fallback Survey Valuation Postponement” means that, in the event that the Fallback Reference Price is not available on or before the 3rd Business Day (or day that would have been a Business Day but for an Unscheduled Holiday) succeeding the end of either (i) Valuation Postponement for Price Source Disruption, (ii) Deferral Period for Unscheduled Holiday, or (iii) Cumulative Events, then the Settlement Rate will be determined in accordance with the next applicable Disruption Fallback on such day. For the avoidance of doubt, Cumulative Events, if applicable, does not preclude postponement of valuation in accordance with this provision.
       
      Cumulative Events:   Except as provided below, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period on which the Spot Rate otherwise would be determined, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant City for Business Day for Valuation Date:   Taipei
       
      Maximum Days of Postponement:   14 calendar days

    19. If the Reference Currency applicable to such transaction is Chilean Peso (CLP), then the following provisions set out in this clause 19 shall apply to such transaction:
       
      Settlement Rate Option:   CLP DOLAR OBS (CLP10)
       
      Deferral Period for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention after the occurrence of an Unscheduled Holiday, and if the Valuation Date has not occurred on or before the 30th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (1) Valuation Postponement
       
          (2) Fallback Reference Price: EMTA CLP INDICATIVE SURVEY RATE (CLP11)
       
          (3) Calculation Agent Determination of Settlement Rate.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      Cumulative Events:   Notwithstanding anything herein to the contrary, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 30 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 30 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 30 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Maximum Days of Postponement:   Thirty (30) calendar days
       
      Relevant City for Business Day for Valuation Date:   New York and Santiago

    20. If the Reference Currency applicable to such transaction is Russian Ruble (RUB), then the following provisions set out in this clause 20 shall apply to such transaction:
       
      Settlement Rate Option:   RUB CME-EMTA (RUB03)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (1) Valuation Postponement
       
        (2) Fallback Reference Price: EMTA RUB Indicative Survey Rate (RUB04)
       
        (3) Calculation Agent Determination of Settlement Rate
       
      "Deferral Period" for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention after the occurrence of an Unscheduled Holiday, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      Cumulative Events:   Notwithstanding anything herein to the contrary, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant Cities for Business Day for Valuation Date:   New York and Moscow
       
      Maximum Days of Postponement:   14 calendar days

    21. If the Reference Currency applicable to such transaction is Colombian Peso (COP), then the following provisions set out in this clause 21 shall apply to such transaction:
       
      Settlement Rate Option:   COP TRM (COP02)
       
      Deferral Period for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention after the occurrence of an Unscheduled Holiday, and if the Valuation Date has not occurred on or before the 30th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (1) Valuation Postponement
       
        (2) Fallback Reference Price: EMTA COP INDICATIVE SURVEY RATE (COP03)
       
        (3) Calculation Agent Determination of Settlement Rate.
       
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      Cumulative Events:   Notwithstanding anything herein to the contrary, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 30 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 30 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 30 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Maximum Days of Postponement:   Thirty (30) calendar days
       
      Relevant Cities for Business Day for Valuation Date:   New York and Bogota

    22. If the Reference Currency applicable to such transaction is Malaysian Ringgit (MYR), then the following provisions set out in this clause 22 shall apply to such transaction:
       
      Settlement Rate Option:   MYR ABS (MYR01)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (i) Valuation Postponement
       
        (ii) Fallback Reference Price: SFEMC MYR INDICATIVE SURVEY RATE (MYR02)
       
        (iii) Fallback Survey Valuation Postponement
       
        (iv) Calculation Agent Determination of Settlement Rate
       
      Other Terms:  
       
      “Deferral Period” for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      “Fallback Survey Valuation Postponement”:   “Fallback Survey Valuation Postponement” means that, in the event that the Fallback Reference Price is not available on or before the 3rd Business Day (or day that would have been a Business Day but for an Unscheduled Holiday) succeeding the end of either (i) Valuation Postponement for Price Source Disruption, (ii) Deferral Period for Unscheduled Holiday, or (iii) Cumulative Events, then the Settlement Rate will be determined in accordance with the next applicable Disruption Fallback on such day. For the avoidance of doubt, Cumulative Events, if applicable, does not preclude postponement of valuation in accordance with this provision.
       
      Cumulative Events:   Except as provided below, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period on which the Spot Rate otherwise would be determined, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant Cities for Business Day for Valuation Date:   Kuala Lumpur and Singapore
       
      Maximum Days of Postponement:   14 calendar days

    23. If the Reference Currency applicable to such transaction is Vietnamese Dong (VND), then the following provisions set out in this clause 23 shall apply to such transaction:
       
      Settlement Rate Option:   VND ABS (VND01)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (i) Valuation Postponement
       
        (ii) Fallback Reference Price: SFEMC VND INDICATIVE SURVEY RATE (VND03)
       
        (iii) Fallback Survey Valuation Postponement
       
        (iv) Calculation Agent Determination of Settlement Rate
       
      Other Terms:  
       
      “Deferral Period” for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      “Fallback Survey Valuation Postponement”:   “Fallback Survey Valuation Postponement” means that, in the event that the Fallback Reference Price is not available on or before the 3rd Business Day (or day that would have been a Business Day but for an Unscheduled Holiday) succeeding the end of either (i) Valuation Postponement for Price Source Disruption, (ii) Deferral Period for Unscheduled Holiday, or (iii) Cumulative Events, then the Settlement Rate will be determined in accordance with the next applicable Disruption Fallback on such day. For the avoidance of doubt, Cumulative Events, if applicable, does not preclude postponement of valuation in accordance with this provision.
       
      Cumulative Events:   Except as provided below, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period on which the Spot Rate otherwise would be determined, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant Cities for Business Day for Valuation Date:   Hanoi and Singapore
       
      Maximum Days of Postponement:   14 calendar days

    24. If the Reference Currency applicable to such transaction is Pakistani Rupee (PKR), then the following provisions set out in this clause 24 shall apply to such transaction:
       
      Settlement Rate Option:   PKR SBPK (PKR01)
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (i) Valuation Postponement
       
        (ii) Fallback Reference Price: SFEMC PKR INDICATIVE SURVEY RATE (PKR02)
       
        (iii) Fallback Survey Valuation Postponement
       
        (iv) Calculation Agent Determination of Settlement Rate
       
      Other Terms:  
       
      “Deferral Period” for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 14th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      “Fallback Survey Valuation Postponement”:   “Fallback Survey Valuation Postponement” means that, in the event that the Fallback Reference Price is not available on or before the 3rd Business Day (or day that would have been a Business Day but for an Unscheduled Holiday) succeeding the end of either (i) Valuation Postponement for Price Source Disruption, (ii) Deferral Period for Unscheduled Holiday, or (iii) Cumulative Events, then the Settlement Rate will be determined in accordance with the next applicable Disruption Fallback on such day. For the avoidance of doubt, Cumulative Events, if applicable, does not preclude postponement of valuation in accordance with this provision.
       
      Cumulative Events:   Except as provided below, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 14 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period that otherwise would have been a Business Day, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 14 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period on which the Spot Rate otherwise would be determined, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Relevant Cities for Business Day for Valuation Date:   Karachi
       
      Maximum Days of Postponement:   14 calendar days

    25. If the Reference Currency applicable to such transaction is Peruvian Sol (PEN), then the following provisions set out in this clause 25 shall apply to such transaction:
       
      Settlement Rate Option:   PEN INTERBANK AVE (PEN05)
       
      Deferral Period for Unscheduled Holiday:   In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention after the occurrence of an Unscheduled Holiday, and if the Valuation Date has not occurred on or before the 30th consecutive day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.
       
      Disruption Events:   Price Source Disruption: Applicable
       
      Disruption Fallbacks:   (1) Valuation Postponement
       
        (2) Fallback Reference Price: EMTA PEN INDICATIVE SURVEY RATE (PEN04)
       
        (3) Calculation Agent Determination of Settlement Rate
       
      “Valuation Postponement” for Price Source Disruption:   “Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
       
      Cumulative Events:   Notwithstanding anything herein to the contrary, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 30 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 30 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 30 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
       
      Maximum Days of Postponement:   Thirty (30) calendar days
       
      Relevant Cities for Business Day for Valuation Date:   New York and Lima

    26. An electronic and/or printed record of the commercial terms applicable to such transaction as set out in the “Summary Drill Down View” page for such transaction and the applicable terms and conditions set out above in this Section B and the indication of the Customer's agreement therewith will be retained by the Relevant BAML Entity and such record shall serve as evidence of the terms and conditions of such transaction and the Customer's agreement therewith and the Customer's intention to be legally bound thereby.

(b)  

In respect of each transaction that the Customer confirms through Post-Trade Services, and which transaction the BAML Entity party thereto determines (by taking into consideration the terms of such transaction and the general transaction type classification that such BAML Entity customarily accords to a transaction with such terms) is not a spot, a deliverable forward or a non-deliverable forward with a “Reference Currency” identified in any of clauses 11 through 25 of Section B in Part (a) above and settled in United States Dollars, the commercial and other terms applicable to such transaction will be evidenced by a written confirmation that such BAML Entity will subsequently prepare and send to the Customer separately and such written confirmation will constitute a “Confirmation” for all purposes under any master agreement that may have been entered into by the Customer and such BAML Entity, or if the Customer and such BAML Entity have not entered into a master agreement on or prior to the trade date under such transaction, a “Confirmation” subject to a master agreement in the form of the Master Form (as defined in clause 1 of Section B in Part (a) above) in accordance with the terms set out in such written confirmation, and, in that connection, the Customer acknowledges and agrees that by confirming such transaction through Post-Trade Services, the Customer will be only confirming the correctness of the commercial terms thereof and not the complete terms and conditions that will govern such transaction.

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Portfolio Trading Product Disclaimer

Any information that you send to Bank of America Merrill Lynch in connection with your use of this application will be kept confidential by Bank of America Merrill Lynch, will be used solely to provide you with functionality within this application and will not be used by Bank of America Merrill Lynch for any other purpose. Users also should be aware that while access to this application requires presentation of the GLOBAL MARKETS PORTAL User Id and password combination, and uses Secure Socket Layer ("SSL") protection, unlike applications that permit trading or access to actual account information, this application does not require presentation of a digital certificate as an additional means to authenticate users.

This application is designed to provide liquidity and other reports on user-defined lists of equity securities for analytical purposes only. The reports are based on user lists and other user data inputs, market data feeds and Bank of America Merrill Lynch derived information. The composition of each user-defined list of equities is subject to initial user definition, ongoing user monitoring, and user adjustment from time-to-time. There is no assurance that reports derived using this application will reflect the actual performance of any given portfolio or customer holding under present or future market conditions. By using this application, users agree to assume all risk of defining, monitoring and adjusting their lists of equity securities or other data inputs.

This application includes certain closing price information as of the date specified. Any pricing information is estimated by Bank of America Merrill Lynch on the basis of available market data and such other information as Bank of America Merrill Lynch deems appropriate. All information in this application is indicative only and is subject to adjustment and correction at any time without notice. Such information is not suitable for trading purposes. Bank of America Merrill Lynch is not soliciting any action based upon it. Indicative pricing information should not be construed as firm bids or offers to enter into any transaction at any particular price. An actual trade, if any, of a financial instrument included in this application will be executed at a price that will be separately agreed upon, and such price normally differs from the closing price data in this application.

Users should not rely upon the information in this application to take any action. The information in this application does not constitute investment or financial advice, and we make no representation as to the suitability of any particular security for your investment needs. Bank of America Merrill Lynch is not responsible for the accuracy, completeness or appropriateness for any particular purpose of the information in this application. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result form your taking any action in reliance on this information.

This application also includes "Calculator" functions. Please click on the preceding hyperlink to read important disclaimers relating to your use of Calculators.

In addition, this application provides informal, subjective comments, market and pricing observations, and other information relating to the global equity markets. The information is not intended to be a comprehensive summary of any or all of the equity markets. The sales or trading market commentary in this application should not be considered anything more than observations of the sales or trading desk personnel making them. The commentary should not be interpreted as fact,fundamental research or as constituting market, investment or financial advice that may be relied upon. Bank of America Merrill Lynch is not responsible for the completeness or appropriateness for any particular purpose of the information displayed in this application. It should be recognized that market and pricing observations of sales or trading market personnel on markets generally or any specific security may differ from analyses of our Research Department.

Bank of America Merrill Lynch provides the information in this application as an informational tool to our institutional clients. We make no representation as to the suitability of any particular investment to your needs. Questions regarding the suitability of an investment for your specific financial and tax situation should be referred to your own financial and tax advisers. Bank of America Merrill Lynch makes no representation as to the legality or permissibility of accessing this information. You should consider all relevant risks before making any investment decision with respect to a Product mentioned in this application.

In relation to any report produced from this application, neither the information in the report nor any opinion expressed in it constitutes an offer, or an invitation to make an offer, to buy or sell any securities.

Bank of America Merrill Lynch may trade for its own accounts as odd-lot dealer, market maker, block positioner, specialist and/or arbitrageur in any securities or in related investments mentioned within a report, and may be on the opposite side of public orders. Bank of America Merrill Lynch, its directors, officers, employees and employee benefit programs may have a long or short position in any such securities. Bank of America Merrill Lynch may from time-to-time perform investment banking or other services for, or solicit investment banking or other business from, any entity mentioned in a report.

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Post Trade Reporting Services Product Disclaimer

Bank of America Merrill Lynch Post Trade Services ("Bank of America Merrill Lynch PTS") enables you to view on-line proprietary data for your Bank of America Merrill Lynch PTS accounts, including, but not limited to, same day trade information. Account data is provided through Bank of America Merrill Lynch PTS as a convenience and for your information, but is not the official record of your account activity with Bank of America Merrill Lynch. Your Bank of America Merrill Lynch account statement remains such official record. Any and all account data provided through Bank of America Merrill Lynch PTS is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with your Bank of America Merrill Lynch representative. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result from your taking any action without confirming the accuracy of the account data provided via Bank of America Merrill Lynch PTS.

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Private Stock Valuation Disclaimer

IMPORTANT NOTE: This estimated valuation page is made available solely to "Qualified Institutional Buyers" (QIBs), as defined under Rule 144A of the Securities Act of 1933. If you are not a QIB, or an authorized person acting on behalf of a QIB, you may not view this information and you must exit this page immediately.

TERMS OF USE: Each estimated valuation set forth above is provided as of 5:00 PM on the date indicated. The estimated valuation is not an offer to enter into, transfer, assign or terminate any transaction. There can be no assurance that actual trades could be completed at such values with either Bank of America Merrill Lynch or any other broker-dealer or market participant. The fact that we are providing you with an estimated valuation does not necessarily mean that an active or liquid market exists for the particular financial instrument.

The estimated valuation represents an estimated bid side valuation. Bid side valuations attempt to approximate the amount a person would pay to purchase the financial instrument. Please note that the estimated valuation does not represent an actual bid (or offer) made by Bank of America Merrill Lynch.

As an express condition of Bank of America Merrill Lynch providing the estimated valuation and for your receipt thereof, you agree that Bank of America Merrill Lynch makes no representation, warranty or guarantee regarding the estimated valuation, including its accuracy and completeness. You further agree that Bank of America Merrill Lynch shall have no liability whatsoever to you or any other person for any loss, damage, cost, or expense, whether direct or indirect, that relates to use of the estimated valuation. The estimated valuation contained herein is for your sole use and is not intended for the benefit of, or distribution to, any other entity or person.

Discussions of values, in general, and indicative or firm price quotations and actual trade prices, in particular, may vary significantly from these estimated valuations as a result of various factors, including (but not limited to) market liquidity, position size, transaction and financing costs, hedging costs and risks and use of capital. Estimated valuations may not be representative of any theoretical or actual internal valuations employed by us for our own purposes. Estimated valuations may be derived from proprietary or other pricing models based on certain assumptions regarding past, present and future market conditions. Values based on other models or assumptions may yield different results. Estimated valuations may vary significantly from the estimates or valuations that you may obtain from other broker-dealers or market participants. You should consult with your own accountant or other advisors as to the adequacy of this information for your specific purposes.

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Soft and Introductory Commissions, London Product Disclaimer

This application enables authorised clients of selected Bank of America Merrill Lynch corporate entities to view on-line data relating to their soft and introductory commission accounts. This data is provided as a convenience and for your information, but is neither the official record of your account activity nor of your securities transactions with or through Bank of America Merrill Lynch. Your e-SoftCom account is designed as a monitoring account for purposes of assisting with your reconciliation of payments for allowable soft commission and introductory payments with commissions that qualify in respect of your trading activity with Bank of America Merrill Lynch. Your Bank of America Merrill Lynch account statement remains the official record of your securities transactions with or through us and your Soft and Introductory Commission Statement remains the definitive record of your account. Any and all account data provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with the sales or salestrading representative handling your account and/or your soft and introductory commission service representative. Bank of America Merrill Lynch will not be responsible or liable for any Damage that could result from your taking any action without confirming the accuracy of the account data provided.

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Specialist Hedge Funds Sales Product Disclaimer

Your use of GLOBAL MARKETS PORTAL is subject to Terms and Conditions of Use, Privacy Statement and Product Disclaimers. By clicking below and proceeding to use this application, you agree to be bound by them. Please read all applicable terms of use carefully.

This application provides informal, subjective comments, market and pricing observations, and other information relating to the hedge funds sales markets. The information is not intended to be a comprehensive summary of any or all of the hedge fund or other markets. The sales or trading market commentary in this application should not be considered anything more than observations of the sales or trading desk personnel making them. The commentary should not be interpreted as fact,fundamental research or as constituting market, investment or financial advice that may be relied upon. Bank of America Merrill Lynch is not responsible for the completeness or appropriateness for any particular purpose of the information displayed in this application. It should be recognized that market and pricing observations of sales or trading market personnel on markets generally or any specific security may differ from analyses of our Research Department.

The information herein does not constitute offers or recommendation to sell or buy any hedge fund, security, futures contract, options contract, derivative or any other financial instrument, product or service. Bank of America Merrill Lynch and any affiliate may trade for their own accounts as dealer, market maker, block positioner, specialist and/or arbitrageur in any of the securities of issuers mentioned herein or in related investments and also from time to time perform investment banking or other services for, or solicit investment banking or other services for, or solicit investment banking or other business from, any entity mentioned therein.

The information provided in this application is made available in your country by a Bank of America Merrill Lynch company authorized to make such information available in your country. If you wish to effect a transaction in securities or other financial instruments described on this application, you must (in the absence of an exemption) use the services of a Bank of America Merrill Lynch affiliate authorized to effect such a transaction for you. The securities and other financial instruments described on this site are not available to investors in certain countries, including the United States, where applicable laws restrict (in the absence of an exemption) the securities available to such investors or the broker-dealers through whom investors may engage in transactions in such securities.

Bank of America Merrill Lynch provides the information in this application as an informational tool to our institutional clients. We make no representation as to the suitability of any particular investment to your needs. Questions regarding the suitability of an investment for your specific financial and tax situation should be referred to your own financial and tax advisers. Bank of America Merrill Lynch makes no representation as to the legality or permissibility of accessing this information. You should consider all relevant risks before making any investment decision with respect to a Product mentioned in this application.

Any pricing observations or commentary available in this application are historical and indicative in nature, and do not constitute offers to enter into any transaction at any particular price. Any pricing data has been estimated by Bank of America Merrill Lynch on the basis of available market data and such additional information as Bank of America Merrill Lynch deems appropriate. Any pricing information is dated and subject to adjustment and correction. You should have no expectation that you will be able to enter into any transaction at or near any particular price mentioned in this Application.

After your initial agreement, we will confirm your agreement to this Product Disclaimer on or about January 1 and July 1 of each year and any time these terms are amended. You can always access the latest version of these terms by clicking on the tab labeled "Product Disclaimers" at the top or bottom of each page within this application.

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Standing Reports/Data Product Disclaimer

This application permits you: (i) to view information of Bank of America Merrill Lynch that relates to one or more securities accounts you maintain with Bank of America Merrill Lynch; and/or (ii) to transmit information that you provide for purposes of, but not limited to, updating your account(s). The Bank of America Merrill Lynch information that is displayed by means of this application is provided to you for your information and convenience, but is not the official record of your account(s) activity with Bank of America Merrill Lynch or any other parties. The Bank of America Merrill Lynch account statement that is provided to you remains such official record. You should understand that any and all account information provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action. Bank of America Merrill Lynch will not be responsible or liable for any Damages that could result from your taking any such action in reliance on account information provided via this application.

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US Treasuries and Agencies Composite Page Product Disclaimer

Offers to sell or solicitations of offers to buy securities or other financial instruments are not final and are subject to change until you receive a trade execution notification on your screen. Bank of America Merrill Lynch and any of its affiliates may buy or sell securities or financial instruments posted in this application for their own account or for the accounts of others.

The following concepts are fundamental to this application:

"Firm" vs. "Subject" Offerings: Where applicable, offerings are displayed as either "Firm" or "Subject". "Firm" offerings can be executed electronically at the price, or the corresponding yield or spread indicated, as long as the "Firm" status is maintained by the trader. "Subject" offerings can not be executed electronically. The prices, yields or spreads shown for "Subject" offerings are indicative. To inquire about executing a trade on a "Subject" offering, please contact your Bank of America Merrill Lynch Sales Representative.

Credit Ratings: The status of any credit rating provided in this application may be changed at any time. Credit ratings are not updated on a real-time basis and you should verify the current status of any credit rating before relying on it to make an investment decision. The credit rating information shown in this application does not reflect any "watch" status that may be associated with the credit ratings.

Trading hours: Trading hours will be as shown on the Hours Of Operation screen, Monday through Friday, except market Holidays and unscheduled system downtimes.

On-The-Wire timer: This trading application has an On-The-Wire ("OTW") timer. Once the trading system delivers a live price, the user is required to submit the trade within the time remaining in order to successfully execute at that price. If the OTW timer expires, the price will be stale and the user will have to re-submit the transaction to receive a fresh price which will restart the OTW timer.

View-Only Access: If you are not entitled to trade a product via GLOBAL MARKETS PORTAL, then: (a) any prices and quantities displayed with respect to such product, even if labeled "firm," should not be deemed by you to constitute a bid or offer by Bank of America Merrill Lynch; (b) even if the price or quantity with respect to such product is labeled as a "firm" price or quantity, you should deem such price or quantity to be indicative; (c) the information displayed with respect to such product, including prices and quantities, is suitable only for information purposes and should not be considered suitable for trading purposes; (d) all prices and quantities displayed with respect to such product are subject to market conditions and negotiation with your local account executive; and (e) there is no assurance that screen prices or quantities will be equal to actual trading prices or quantities.

Market Commentary. This application also provides informal, subjective comments, market and pricing observations, and other information relating to the global debt markets ("Market Commentary"). The information herein does not constitute offers to sell or buy any security, futures contract, options contract, derivative or any other financial instrument (each an "Instrument" and collectively, "Instruments") at any particular price. The Market Commentary in this application should not be considered anything more than observations of the trading desks making them. Bank of America Merrill Lynch may take or hold positions in Instruments, or provide information to other investors regarding Instruments, which may be consistent with or contrary to the information contained in this application. The information contained herein does not purport to contain all of the information available in relation to the Instruments and markets mentioned. The Market Commentary is not and should not be interpreted as fact,fundamental research or as constituting market, investment or financial advice that may be relied upon. Bank of America Merrill Lynch is not responsible for the completeness or appropriateness for any particular purpose of the Market Commentary.

Additional Considerations. Investments in many of the Instruments mentioned in this application are subject to important and specific risks that are not discussed in this application. Some Instruments are either unrated or are rated below investment grade. Even where rated, investments in certain Instruments may be significantly riskier than investments in other comparably rated assets and may be subject to more price volatility than other asset classes. The returns on certain Instruments, including, but not limited to Instruments relating to emerging markets countries or emerging markets corporate issuers, and Instruments denominated in foreign currency, also are subject to numerous economic, political, monetary, cultural and other risks, including the risk of nationalization, exchange or capital controls, wars, acts of God and other force majeure, and other events or crises that could yield a total or near-total loss on your investment. You should consider all relevant risks before making any investment decision with respect to any Instrument mentioned in this application.

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Municipal Derivatives Product Disclaimer

This application provides current and historical pricing and other information for certain derivatives (the "Information") as an information service to Bank of America Merrill Lynch institutional clients. Bank of America Merrill Lynch is not soliciting any action based upon it. The Information is indicative only and does not constitute bids or offers to enter into the types of transactions shown at any particular price. Any historical pricing data is estimated by Bank of America Merrill Lynch on the basis of available market data and such other information as Bank of America Merrill Lynch deems appropriate. All pricing information is subject to adjustment and correction.

Bank of America Merrill Lynch acts on an arm's length basis and not in the capacity of your financial adviser or fiduciary in connection with the Information and the types of transactions shown herein. Bank of America Merrill Lynch and its affiliates may from time-to-time take proprietary positions and/or make a market in instruments identical or economically related to over-the-counter ("OTC") derivative transactions entered into with you, or may have an investment banking or other commercial relationship with and access to information from the issuer(s) of securities, financial instruments, or other interests underlying OTC derivative transactions. We may also undertake proprietary activities, including hedging transactions related to the initiation or termination of an OTC derivative transaction with you, that may adversely affect the market price, rate index or other market factor(s) underlying an OTC derivative transaction entered into with you and consequently the value of the transaction.

Derivative transactions, like other financial transactions, involve a variety of significant risks, including: the risk of loss due to the default or potential default by a reference issuer with respect to its obligations, market risk, illiquidity risk, credit risk, funding risk and operational risk. By using this application, you, as an authorized representative of your organization, certify, on behalf of that organization, that you have read and understood the COVER STATEMENT ON THE CLIENT/COUNTERPARTY RELATIONSHIP and the GENERIC RISKS ASSOCIATED WITH OVER-THE-COUNTER DERIVATIVE TRANSACTIONS , each of which is available by clicking on the preceding hyperlinks.

OTC derivatives transactions are individually negotiated and may only be engaged in by institutions and other persons that meet certain business or asset qualifications. Depending in part on your creditworthiness, other Bank of America Merrill Lynch internal criteria and current market conditions, OTC derivatives transactions may be entered with you which may be subject to various credit-related provisions, including the requirement for initial and variation margin and rights of termination. Any information provided by e-mail shall be indicative and subject to market conditions and availability. The contents of e-mails will not constitute the terms under which an actual trade may be executed. Only representatives of the relevant trading desks at Bank of America Merrill Lynch can enter into such transactions, and these transactions will be required to be evidenced by one or more trade confirmations and a master agreement.

From time-to-time Bank of America Merrill Lynch derivatives marketing or sales representatives may provide informal, subjective comments, market and pricing observations, and other observations regarding the credit derivatives markets in general. These comments do not necessarily constitute the official views of Bank of America Merrill Lynch and do not constitute market, investment, or financial advice that may be relied upon.

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Global Commission Manager Product Disclaimer

This application enables authorized clients of selected global Bank of America Merrill Lynch corporate entities to view on-line account data for soft dollar and commission sharing arrangements for services of the Global Commission Manager Group. Each relationship is subject to the pertinent terms and conditions set forth in the agreement between the client and the applicable Bank of America Merrill Lynch affiliate. The information in the application is organized according to the agreement and the Bank of America Merrill Lynch affiliate through which the relationship was established. The data in this application is provided as a convenience and for your information, but is neither the official record of a customer's account activity nor of securities transactions with or through Bank of America Merrill Lynch. Global Commission Manager accounts are employed to reconcile research and other applicable services against the trading activity that defrays the Bank of America Merrill Lynch entity's expenses associated with providing those services. The account statement for the respective Bank of America Merrill Lynch entities remains the official record of a customer's securities transactions. Any and all account data provided through this application is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without prior confirmation of its accuracy with the Bank of America Merrill Lynch Sales or Trading representative handling your account and your Global Commission Manager service representative. Bank of America Merrill Lynch Global Commission Manager and its respective legal entities will not be responsible or liable for any loss or damage that could result from your taking any action without confirming the accuracy of the account data provided.


IN RESPECT OF COMMISSION MANAGEMENT/SOFT DOLLAR SERVICES OPERATED IN THE US:
Certain portions of this application have a Service Verification feature. This feature is designed to present products and services to enable clients to confirm that they have received the pertinent products and services. These are products and services are provided by Global Commission Manager but predominantly originate with third party vendors. Because the products and services are rendered directly from the vendor to the client, it is necessary for Global Commission Manager to confirm that the client has actually received the pertinent product or service. If the client has not already done so, this would also be a convenient time to identify a product or service as a "mixed use" item and to arrange for payment of all or a part of the invoice from the client's own funds where relevant. In order to provide some of the services requested by a client, Bank of America Merrill Lynch may be required to undertake a contractual commitment to the vendor that extends beyond the time period that the client would ideally desire to receive the service. When considering the value of such services, each client must take into consideration the economic commitment made by Bank of America Merrill Lynch for services for which Bank of America Merrill Lynch would not otherwise undertake a contractual commitment.

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Snap Sales Product Disclaimer

Welcome to Snap Sales Product Disclaimer
Please click here to view Product Disclaimers for the Snap Sales Portal.

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