Financial Service Cash Management Account - … ® Financial Service Cash Management Account ......

Cash Management Account | 1

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AGREEMENT AND PROGRAM DESCRIPTION . . 2

1. Introduction . . . . . . . . . . . . . . . . . . . . . . 2

2. Definitions . . . . . . . . . . . . . . . . . . . . . . . 3

3. Subscription to the Service . . . . . . . . . 5

4. Securities Brokerage Services . . . . . . . 6

A) General . . . . . . . . . . . . . . . . . . . . . . . 6

B) Direct Reinvestment Service . . . . . 6

C) Custody of Securities . . . . . . . . . . . . 6

D) Delivery of Securities and Payments . . . . . . . . . . . . . . . . . . . . . 6

E) Security Interest . . . . . . . . . . . . . . . . 7

F) Privacy . . . . . . . . . . . . . . . . . . . . . . . . 7

5. Lending Services . . . . . . . . . . . . . . . . . . 8

A) Margin Lending Program . . . . . . . . . 8

6. Cash Management Services . . . . . . . 13

A) General . . . . . . . . . . . . . . . . . . . . . . 13

B) Account Linking to Bank of America,N.A., Debit Card . . . . . . . . . . . . . . . 13

C) Statement Link Service . . . . . . . . . 13

D) Tier Assignment and Account Valuation . . . . . . . . . . . . . . . . . . . . . 14

E) Sweep Program . . . . . . . . . . . . . . . 15

F) Other Considerations When Choosing a Sweep Option . . . . . . . 18

G) Availability, Deposits and Application of Funds . . . . . . . . . . . 21

H) Purchasing Power and Overdraft . . . . . . . . . . . . . . . . . . . . . 23

I) Debit Balances and DisbursementPriority . . . . . . . . . . . . . . . . . . . . . . . 25

J) Directed Reserve Program . . . . . . 26

K) Check and Card Usage . . . . . . . . . 26

L) Electronic Funds Transfers . . . . . . 30

M) Automated Investing . . . . . . . . . . . 35

N) Electronic Bill Payment . . . . . . . . . 35

O) Direct Deposit Service . . . . . . . . . 35

P) MyMerrill . . . . . . . . . . . . . . . . . . . . . 36

7. Termination of the Service . . . . . . . . . 36

8. Fees and Charges . . . . . . . . . . . . . . . . 37

9. Authorization with Respect to Consumer Information . . . . . . . . . . . . 38

10. Confirmations, Periodic Statements and Notices . . . . . . . . . . . . . . . . . . . . . 38

11. Account Information . . . . . . . . . . . . . . 39

12. Extraordinary Events . . . . . . . . . . . . . . 39

13. Amendments and AdditionalDocumentation . . . . . . . . . . . . . . . . . . 39

14. Miscellaneous . . . . . . . . . . . . . . . . . . . 39

A) Severability . . . . . . . . . . . . . . . . . . . 39

B) Joint Accounts and Joint SeveralLiability . . . . . . . . . . . . . . . . . . . . . . 39

C) Ownership Changes on Joint Accounts . . . . . . . . . . . . . . . . 40

D) Costs of Collection . . . . . . . . . . . . . 41

E) Applicable Rules and Regulations 41

F) Disputes . . . . . . . . . . . . . . . . . . . . . 41

G) Special Accounts . . . . . . . . . . . . . . 41

H) Third-Party Research . . . . . . . . . . . 41

I) Substitute Payments . . . . . . . . . . . 42

J) Non-U.S.-Issued Securities . . . . . . 42

K) Referral Policy . . . . . . . . . . . . . . . . 42

L) Compliance with Applicable Laws . 43

M) Investment Policy Statement — Responsibility to Review and Monitor . . . . . . . . . . . . . . . . . . . . . . 43

N) Exercising Employee Stock Options . . . . . . . . . . . . . . . . . . . . . . 43

O) Non-U.S. Individual Clients and U.S. Citizens Living Abroad . . . . . . 44

P) Successors . . . . . . . . . . . . . . . . . . . 44

Q) Headings . . . . . . . . . . . . . . . . . . . . . 44

R) Integration . . . . . . . . . . . . . . . . . . . 44

CMA® Financial ServiceCash Management Account®

Disclosures and Account Agreement

Contents

2 | Cash Management Account

15. Representations as to Ownership and Capacity to Enter into Agreement . . . 44

16. Applicable Laws . . . . . . . . . . . . . . . . . . 44

17. Customer Information and Due Diligence . . . . . . . . . . . . . . . . . . . 44

About the CMA Annual Account Fee Waiver Program . . . . . . . . . . . . . . . . 46

About the Merrill Lynch Bank DepositProgram . . . . . . . . . . . . . . . . . . . . . . . . . . 50

Margin Truth-in-Lending DisclosureStatement . . . . . . . . . . . . . . . . . . . . . . . . 58

Securities-Based Loan DisclosureStatement . . . . . . . . . . . . . . . . . . . . . . . . 61

Appendix - CMA Account Fees . . . . . . . . 64

The following pages contain the disclosures andagreement governing your CMA Account, includingdisclosures required by federal law.

Agreement and ProgramDescription

1. INTRODUCTION

մեis Agreement and Program Description(“Agreement”), as amended from time to timeby Merrill Lynch, Pierce, Fenner & SmithIncorporated (“Merrill Lynch”), sets forth theterms and conditions governing the CashManagement Account® (CMA®) financialservice (“Service”). Aer you open anaccount, you will receive a welcome kit,which includes confirmation about theaccount features and services you haveselected as well as other importantdisclosures. մեe Service is an integratedfinancial service linking two components: (1)securities brokerage services; and (2) CashManagement Services including the Visa®deferred debit card and check writingfeatures. Although these Cash ManagementServices are intended to provide you withaccess to assets in the account, CMAAccounts are not bank accounts. In addition,the Service includes the CMA MasterFinancial Service consisting of: (1) a Master

CMA Account established with the servicesdescribed above; and (2) one or more CMASubAccounts®. CMA SubAccounts have thesame investment capabilities as CMAAccounts, but do not offer Visa cards, checkwriting and certain optional services. CMASubAccounts are also charged a differentannual account fee and may be used tosegregate investments (for another familymember, for instance, or for a specificpurpose such as college funding). For moreinformation on fees, see the Appendix.

Certain aspects of the Service, such asChecks, Cards, and/or the Margin LendingProgram, may not be available for Accountsthat are enrolled in an investment advisoryprogram or are in the process of enrolling inan investment advisory program. Additionally,your ability to direct trades and purchasesecurities in your Account may be limited ifyour Account is enrolled in an investmentadvisory program or in the process ofenrolling in an investment advisory program.մեe services provided by, and the terms andconditions of, the investment advisoryprogram you select will be described inseparate documentation.

Once you have established a CMA Accountand we have your signed and returned ClientRelationship Agreement, you may be eligibleto open additional CMA Accounts and/orenroll in optional services at a later datewithout completing a new Client RelationshipAgreement. Please see the ClientRelationship Agreement for more details.

You agree to read this Agreement and retaina copy for your records. You acknowledgereceipt of the Merrill Lynch Bank DepositProgram Disclosure Statement, MoneyMarket Mutual Funds’ prospectuses,Appendix: CMA Account Fees, the MarginTruth-in-Lending Disclosure Statement andthe Securities-Based Loan DisclosureStatement, if applicable, all of which arereferred to as the “Documents” for purposesof this Agreement. մեe Documents, whichcontain additional terms governing the


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Service, are incorporated into this Agreementand made a part hereof. Unless the contextotherwise requires, the term “Agreement”shall include the Documents, as amendedfrom time to time by Merrill Lynch. You certifythat all information you provide in connectionwith the establishment of your accounts,including in reference to checks and Visa cards, is true and correct and thatMerrill Lynch, the Banks and UMB Bank, n.a.,may rely on and verify such information.Unless otherwise indicated, the Agreementapplies to CMA Accounts. Merrill Lynch offersCMA Accounts, as well as various productsand services, through different servicemodels, including the client self-directed andfull-service channels. Based on the servicemodel, the same or similar account, productor service may vary in its price or feescharged to clients.

2. DEFINITIONS

In this Agreement:

“Account Value” means the value of cash,bank deposits, Money Market Mutual Fundsand long market value of securities held aspart of the Statement Link.

“ACH” means Automated Clearing House. մեeACH Network is a nationwide electronicpayment system used to transfer fundsbetween participating financial institutions.

“Agreement” means the CMA FinancialService Cash Management AccountDisclosures and Account Agreement and theDocuments as amended from time to time.

“Authorized cardholder(s)” means thecardholder(s) selected by you on theAdditional check and/or Visa cardAuthorization and Agreement Form to have aVisa card that is attached to your CMAAccount. Authority includes the power, onyour behalf, to use credit/charge cards andexecute sales dras or cash advance drason your CMA Accounts and borrow moneyfrom Merrill Lynch’s affiliate should anoverdra advance be made through yourCMA Account.

“Availability Delay” means the amount oftime before a deposit to your CMA Accountwill become available for the Sweep Programor to pay Disbursements and other amountsdue.

“BA-CA” means Bank of America California,N.A., its successors or assigns.

“BANA” means Bank of America, N.A., itssuccessors or assigns.

“Banks” means BANA, BA-CA, MLBTC andany other affiliated depository institutionsparticipating from time to time.

“BIF Funds” means the following MoneyMarket Mutual Funds: BIF Money Fund andBIF Treasury Fund.

“BTA” means Bank Transaction Account.

“Business Day” means any day in whichboth the New York Stock Exchange and NewYork banks are open for business.

“Card” or “Card(s)” means a Merrill LynchCMA Access® Visa® Debit card(s) issued byBANA for use with the CMA Account.

“Cash Balance” means any uninvested cashbalance resulting from incoming receiptssuch as check deposits, cash deposits, ACHdeposits, Fedwire® receipts or the proceedsfrom the sale of securities. մեis is also knownas your free credit balance.

“Cash Management Services” meansservices such as bank deposit programsavailable through the Sweep Program, checkwriting, Visa debit card and ACH.

“Checks” means checks provided by Merrill Lynch for use with the CMA Account by Merrill Lynch’s third-party processinginstitution.

“CMA Account” means a Cash ManagementAccount established for you, which is either acash account or, if you elect, a marginaccount.

“CMA Master Financial Service” means theservice that consists of a Master CMA


Account and one or more related CMASubAccounts.

“CMA SubAccount” means the underlyingaccounts, tied to a CMA Master Account,established as part of the CMA MasterFinancial Service.

“CMAT” means CMA for Trust. A CMA for TrustAccount is a CMA Account that holdspersonal trust assets.

“Customer,” “Client,” “You,” “Your” or“Yours” means the individual(s) entering intothis Agreement.

“DDA” means Demand Deposit Account.

“Deposit Account” means the BTA andMMDAs established through the Merrill LynchBank Deposit Program.

“Disbursement Priority” means the order inwhich available cash, Money Accountbalances or credit facilities are used to payfor Disbursements.

“Disbursements” means the items paid fromthe CMA Account and includes Visatransactions, checks, cash advances,Fedwire and ACH transactions and similaritems.

“FDIC” means the Federal Deposit InsuranceCorporation.

“FTS” means “մեe Funds Transfer Service.”FTS provides clients a way to move money byphone or through MyMerrill® at no charge.Clients can move money between eligibleMerrill Lynch accounts or between eligibleMerrill Lynch accounts and non-Merrill Lynchaccounts such as checking, savings or moneymarket deposit accounts at their bank,savings association or credit union.

“Investment Advisory Service” means oneof the managed money services madeavailable from time to time by or throughMerrill Lynch or an affiliated company.

“ISA” or “ISA Program” means the InsuredSavings Account.

“LMA” means the Loan ManagementAccount® credit facility provided by BANA.

“Master CMA Account” means the CMAAccount designated as the Master Account inthe CMA Master Financial Service.

“Merrill Lynch” means Merrill Lynch, Pierce,Fenner & Smith Incorporated, its successorsand/or assigns.

“Merrill Lynch Bank Deposit Program,”“MLBDP” or “MLBD Program” is a choicethrough the Sweep Program. Cash Balancesare tiered based on the value of a StatementLink and held in specified deposit accountsestablished for you by Merrill Lynch as youragent with BANA and/or BA-CA for the CMAAccount. Deposits in the Merrill Lynch BankDeposit Program are insured by the FDIC forup to $250,000 per depositor, per ownershipcategory, per bank.

“MLBTC” means Merrill Lynch Bank and TrustCompany (Cayman) Limited, an affiliatedbank incorporated in the Cayman Islands.

“MMDA” means Money Market DepositAccount.

“Money Accounts” means the Merrill LynchBank Deposit Program, the BIF Funds andthe ISA Program. For non-U.S. residents/non-U.S. citizens, “Money Accounts” means theInternational Bank Variable Rate DepositFacility and the Dollar Assets Portfolio.

“Money Market Mutual Funds” is a choicethrough the Sweep Program and means theBIF Funds. For non-U.S. residents/non-U.S.citizens, “Money Market Mutual Funds”means the Dollar Assets Portfolio.

“PIN” means personal identification number.

“Primary Money Account” means the MoneyAccount you designate for automatic sweepof Cash Balances under the Sweep Program.

“Purchasing Power” means the amountavailable for cash management transactions,securities purchases or Disbursements, andmanual investments in the Money Accounts.


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“Secondary Money Account” means aMoney Account that is available forinvestment or deposit by contacting yourfinancial advisor. A Secondary MoneyAccount provides automatic withdrawal tocover Visa charges, checks and other cashmanagement transactions, including securitypurchases when your Primary Money Accountis depleted.

“Securities and Other Property” includes,but is not limited to, money, securities,securities entitlements, financial assets,investment property, financial instrumentsand commodities of every kind and nature,and all contracts and options relatingthereto, whether for present or futuredelivery. մեis includes Securities and OtherProperty currently or in the future held,carried or maintained by us or by any of ouraffiliates, in our possession or control (or thepossession or control of our affiliates) for anypurpose, for any of your accounts now or inthe future opened, including any accounts inwhich you may have an interest.

“Service” means the CMA Financial Service.

“SIPC” means the Securities InvestorProtection Corporation.

“SMDIA” means the Standard MaximumDeposit Insurance Amount.

“Statement Link” means the accounts that have been linked for valuation andmailing purposes. You are able to link eligibleMerrill Lynch accounts together for valuationand other purposes, such as the ability tohave all of your statements packaged in oneenvelope, offering convenience and effectiveaccount management.

“Stock Borrow Charge” or “SB Charge”refers to a premium charged for borrowingcertain securities in connection with shortsale transactions.

“Sweep Program” means the automaticinvestment or deposit of available CashBalances into the Primary Money Account.You have the option to have Cash Balances in

your CMA Account automatically deposited ina bank deposit program or invested in aMoney Market Mutual Fund (collectively,“Sweep Program”).

“TMA account” means Trust ManagementAccount.

“UMB Bank n.a.” means United MissouriBank, n.a., its successors or assigns.

3. SUBSCRIPTION TO THE SERVICE

To open an account (includes CMA Account,CMA SubAccount or CMAT), you must providecertain information about yourself and otheraccount holders. Once you have provided this information and completed a ClientRelationship Agreement, you may be eligibleto open or activate new accounts or certainservices without completing additionaldocumentation. If you need a copy of ourClient Relationship Agreement, call yourfinancial advisor or 800.MERRILL(800.637.7455), or visit your nearest Merrill Lynch branch office. You may open aCMA Account with a minimum of $20,000 inany combination of cash and securities($2,000 for CMA SubAccounts). For certaingroup plans and special accounts, theminimums may be different.

You may only open CMA SubAccounts foryourself or with members of your householdwho reside at your address and share aMerrill Lynch financial advisor. Unless youindicate otherwise, all CMA SubAccountstatements and notices will go to the mailingaddress we have on record for your MasterCMA Account. In addition, to the extentconfirmed to you when your CMA SubAccountwas established, you authorize Merrill Lynchto accept instructions from the CMA Accountholder for the transfer of any cash andsecurities between such accounts. If anerroneous transfer is made, you authorize usto initiate appropriate corrections. մեeseauthorizations will remain in effect until weare notified otherwise in writing. Merrill Lynchwill establish accounts for you with BANA forcards and with Merrill Lynch’s third-party


processing institutions and Bank of Americafor check clearing, incoming Fedwires andreceiving ACH transactions. Merrill Lynchreserves the right to alter or waive theconditions of subscription to the Service and also reserves the right to reject anyapplication to subscribe to the Service or any of its features for any reason.

CMA ACCOUNT FOR TRUST

Merrill Lynch understands that trustees have unique needs. մեrough the U.S. TrustCompany division of BANA, we offer a fullrange of fiduciary services. We also offer trustservices directly to our CMAT clients. You canenroll your CMAT in the Trust AdministrativeAdvantage service. մեrough this service, U.S.Trust Company provides trust accounting,fiduciary income tax preparation and bill payment services, as well as other trust-related services. You can access theU.S. Trust Company’s elder care servicesprovider at preferred prices. մեrough thisservice you can gain access to a nationalprovider of comprehensive long-term-careservices for beneficiaries. You can access ourhistorical pricing and valuation service(described within) to assist you in thevaluation of trust assets for gi, estate tax orother administrative purposes. Call yourfinancial advisor for more information aboutthese services.

4. SECURITIES BROKERAGESERVICES

(A) GENERAL

մեe CMA Account may be used to purchase,sell and hold securities and otherinvestments available from or through Merrill Lynch. Trades are made through yourfinancial advisor upon your instructions. Ifthe CMA Account includes the MarginLending Program, it may also be used topurchase and sell securities on credit or toobtain loans based on the current marginloan value of securities in the CMA Account.Whether or not the Account is a marginaccount, Merrill Lynch shall have all of thelegal rights of secured credit with respect to

the CMA Account, including the rightsdescribed in Section 5(A).

(B) DIRECT REINVESTMENT SERVICE

By enrolling in the Direct ReinvestmentService, you can have dividends from all New York Stock Exchange, American StockExchange and Nasdaq Stock Market-listedstocks and most mutual funds automaticallyreinvested into more shares of the samestock or fund without commission charges.Call your financial advisor or 800.MERRILL(800.637.7455) for more information on thisservice.

(C) CUSTODY OF SECURITIES

Merrill Lynch will hold all securities for theCMA Account in a control location acceptableto the U.S. Securities and ExchangeCommission (SEC), which may include, but isnot limited to: (i) a securities depository, suchas the federally regulated Depository TrustCompany for U.S. issuers and Euroclear forEuropean issuers; (ii) a Federal Reservemember bank; or (iii) a mutual fund’s transferagent. Securities are commingled in a Merrill Lynch book-entry account, generallyheld in nominee name at the control location,along with securities belonging to otherMerrill Lynch customers. Your securities willat all times be separately identified on thebooks and records of Merrill Lynch asbelonging to you, and Merrill Lynch willprovide you with statements that reflect yourholdings. մեis method of custody, which hassignificantly increased efficiencies andreduced the risks associated with holdingcustomer securities, is used by all majorbanks, trust companies and brokerage firms,and has been recognized as providingunsurpassed safety for holders of securities.With regard to the custody of your securities,Merrill Lynch acts as your agent andtransmits your instructions through theappropriate control location. Wheresecurities are not held in nominee name, theissuer or control location, as appropriate,recognizes Merrill Lynch as your agent andhonors instructions provided by Merrill Lynchon your behalf.


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(D) DELIVERY OF SECURITIES ANDPAYMENTS

When buying or selling securities, there aretwo key dates involved in the transaction. մեefirst date is the trade date, which is the datethat the order is executed. մեe second is thesettlement date, at which time the transfer ofownership passes from the seller to thebuyer. Typically, the settlement date is theday when payment is due for purchases orwhen securities are due for sales. Unless youare enrolled in our Margin Lending Program,trades must be conducted on a “fully paidbasis,” meaning they must be paid in full onthe settlement date. If you wish to trade onmargin, your account must be enrolled in ourMargin Lending Program. If payment is notreceived promptly, Merrill Lynch will liquidatethe position unless an extension is obtained.Under exceptional circumstances andsubject to Merrill Lynch’s rights to liquidate,Merrill Lynch, on your behalf, may (in its solediscretion) apply for an extension from aregulatory organization. If Merrill Lynch doesso, you will be charged an extension fee. Ifthe position is liquidated, you will beresponsible for any resulting deficiency, feesand late charges. Fees will be automaticallydebited from the CMA Account and aresubject to change. If you elect to take deliveryof securities, the account statement willevidence delivery once they have beenmailed to you. If you do not receive them, youagree to notify Merrill Lynch promptly so thatreplacement proceedings can begin. If youfail to notify Merrill Lynch within six months ofthe delivery date shown on the accountstatement, you will be responsible forreplacing the securities through the transferagent and will have to pay all costs.

Securities purchased will be held in the CMAAccount unless you request delivery to you oryour designee, in which case Merrill Lynchwill forward your instructions to thecompany’s transfer agent aer payment isreceived. Delivery normally takes severalweeks aer the purchase has been settledand fully paid for. Delivery of securities may

not be available for issues that are held inbook-entry form. Depending on the issuer,you may have the option of taking delivery ofa security to be held in direct registrationwith the issuer’s transfer agent.

(E) SECURITY INTEREST

Whether or not the CMA Account is a marginaccount, all Securities and Other Property inany account, now or hereaer held, carriedor maintained by Merrill Lynch or by any of itsaffiliates in Merrill Lynch’s possession andcontrol, or in the possession and control ofany such affiliate, for any purpose, in or forany account of yours, now or hereaeropened, including any account in which youmay have an interest (other than retirementaccounts, such as IRAs), shall be subject to alien for the discharge of all the indebtednessand other obligations of you to Merrill Lynchand are held by Merrill Lynch as security forthe payment of any liability or indebtednessof you to Merrill Lynch in any of saidaccounts. Securities and Other Property heldin retirement accounts, such as IRAs, are notsubject to this lien and are not used assecurity for the payment of your obligationsor indebtedness for other accounts youmaintain with Merrill Lynch. Merrill Lynch,subject to applicable laws, without giving youprior notice, shall have the right to useand/or transfer Securities and Other Propertyso held by Merrill Lynch from or to any of theaccounts of yours whenever, in its judgment,Merrill Lynch considers such a transactionnecessary for its protection. In enforcing itslien, Merrill Lynch shall have the discretion todetermine which Securities and OtherProperty are to be sold and which contractsare to be closed. All Securities and OtherProperty will be treated as financial assetsunder Article 8 of the New York UniformCommercial Codes.

(F) PRIVACY

You understand that Merrill Lynch sharesinformation with its affiliates and the Banksin accordance with our privacy policies. Formore information on how and why we can


share information, please read our “U.S.Consumer Privacy Notice” by visitingml.com/privacy. You may also ask yourfinancial advisor or read the ClientRelationship Agreement for moreinformation.

5. LENDING SERVICES

(A) MARGIN LENDING PROGRAM

(i) Margin requirements and creditcharges. Our Margin Lending Program

allows you to borrow against the value ofeligible securities in your CMA Account.We may refer to the program as theMargin Lending Program. You can use amargin loan to buy securities or sellsecurities “short,” or as a source ofcredit for purchases using your CMAVisa card or checks. If enrolled in theMargin Lending Program, you agree tomaintain such Securities and OtherProperty in your account as required byMerrill Lynch.

TABLE 1. ELIGIBLE SECURITIES, BORROWING LIMITS AND MAINTENANCE REQUIREMENTS*

Security Initial Equity Borrowing Power Maintenance Requirement

At Least Up To At Least

Common stock 50% of purchase cost 50% of long-market value 30% of long-market value

State and 20% of purchase cost or 80% of long-market value 15% of long-market value or 7%

municipal bonds 7% of principal, whichever or any amount over 7% of of principal, whichever is greater

is greater principal, whichever is less

Most Merrill Lynch- 100% of purchase cost 50% of long-market value 30% of long-market value,

sponsored unit once fund has been owned regardless of share price

investment trusts for 31 days

Other approved unit 100% of purchase cost 50% of long-market value 30% of long-market value,

investment trusts once fund has been owned regardless of share price

for 31 days

Approved open-end 100% of purchase cost 50% of long-market value 30% of long-market value,

mutual funds† once fund has been owned regardless of share price

for 31 days

Convertible bonds 50% of purchase cost 50% of long-market value 30% of long-market value or 7%

or any amount over 7% of of principal, whichever is greater

principal, whichever is less

Non-convertible bonds 30% of purchase cost or 70% of long-market value 30% of long-market value or 7%

7% of principal, whichever or any amount over 7% of of principal, whichever is greater

is greater principal, whichever is less

U.S. Treasury notes

and bills 5% of purchase cost‡ 95% of long-market value 5% of long-market value‡

U.S. Treasury bonds 8% of purchase cost‡ 92% of long-market value 6% of long-market value‡

Other government

agency issues 10%–15% of purchase cost‡ 90% of long-market value 6%–10% of long-market value‡

* մեis chart is only intended as a general guide. Please speak to your financial advisor or call 800.MERRILL (800.637.7455) for more completeinformation on margin eligibility, initial equity and maintenance requirements.

† Credit is not extended on Money Market Mutual Funds.‡ Minimum requirement is 3% of principal amount.


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You agree that your monthly margin loanbalance shall be charged interest at arate permitted by the laws of the State ofNew York. If interest charges are notpaid at the close of a charge period, theywill be added to the opening balance forthe next charge period. Interest will thenbe charged upon the entire openingbalance of that next charge period.Currently, you can borrow up to 50% ofthe market value of most exchange-listed stocks in your CMA Account orCMA SubAccount. A greater or lesserpercentage of the value of bonds andother types of investments is available.With margin lending, you pay interestonly on the amount you borrow.Payments are not required as long asyour account meets minimum equityrequirements. մեere are no filing fees,application fees or points.

You must keep a minimum of $2,000 inequity in your CMA Account to remaineligible for margin lending. In general,you may enroll only one account. Certainfiduciary accounts, such as custodialaccounts, are not eligible for thisprogram. Margin requirements aresubject to change and may varydepending upon factors such as securitytype, market price and concentration.Certain internet-related and othervolatile securities and holders ofcontrolled and restricted securities may be subject to higher initial equityand maintenance requirements. Merrill Lynch may change initial equityand maintenance requirements at anytime without notice. Borrowing againsttax-exempt bonds, tax-exempt municipalfunds and tax-exempt unit investmenttrusts may involve the loss of theinterest deduction from taxable income.You should check with your tax advisorbefore borrowing against tax-exemptinvestments or having them priced inyour account.

If the account holders have enrolled inthe Margin Lending Program, all account

holders further agree that all Securitiesand Other Property that Merrill Lynchmay be holding for any of them, either inthis account or otherwise, shall besubject to a lien for the discharge of obligations of this account to Merrill Lynch. Such lien is in addition toany rights and remedies Merrill Lynchmay otherwise have.

(ii) Security interest in favor of Merrill Lynch. Whether you enroll in theMargin Lending Program or not, thefollowing additional provisions will applyto your account.

• You agree that at all times you areliable for the payment of, and agreeto pay on demand, any debitbalance or other obligations owingin any of your accounts at Merrill Lynch. You are liable for anydeficiency remaining in suchaccounts in the event of theliquidation thereof, in whole or inpart, by us or by you.

• You agree that to the extentpermitted by New York law, Merrill Lynch shall collect from youreasonable costs and expenses ofcollection of any such debitbalance(s) and any unpaiddeficiency in your account,including but not limited toattorneys’ fees, that Merrill Lynchincurs or pays in connection withsuch efforts.

• You agree that all Securities andOther Property in any account —margin or cash — in which you havean interest, or which at any time arein your possession or under yourcontrol (other than retirementaccounts, such as IRAs), shall besubject to a lien for the discharge ofall your indebtedness and any otherobligations that you may owe toMerrill Lynch and are held by us orour affiliates as security forpayment of any indebtedness or

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obligations to Merrill Lynch in any of your accounts with us, includingaccounts in which you have aninterest.

• Securities and Other Property heldin retirement accounts, such asIRAs, are not subject to this lien andare not used as security for thepayment of your obligations orindebtedness for other accounts,cash or margin you maintain withMerrill Lynch.

• Merrill Lynch, subject to applicablelaws, retains the right to transferSecurities and Other Propertybetween accounts without givingprior notice whenever, in ourjudgment, we consider it necessaryfor our protection.

• In enforcing our lien, we shall havethe discretion to determine whichSecurities and Other Property are tobe sold and which contracts are tobe closed.

• All Securities and Other Propertywill be treated as financial assetsunder Article 8 of the New YorkCommercial Codes.

(iii) Calls for additional collateral-liquidation rights

(a) Merrill Lynch has the right tomake a margin or maintenancecall and require additionalcollateral:

1. In accordance with our generalpolicies on maintenancerequirements for marginlending, which may bemodified, amended orsupplemented from time totime;

2. If in our discretion we considerit necessary for our protectionat an earlier or later time thancalled for in the generalpolicies;

3. In the event that a petition inbankruptcy or for appointmentof a receiver is filed by oragainst you;

4. If an attachment is leviedagainst your accounts; or

5. In the event of your death.

(b) If you do not provide additionalcollateral as we may require for 1and 2 within section 5(A) (iii) (a),or should an event described in 3, 4 or 5 within section 5(A) (iii)(a) occur (whether or not Merrill Lynch elects to requireadditional collateral), you agreethat Merrill Lynch may:

1. Sell any or all Securities andOther Property in youraccounts with us or any of ouraffiliates, whether carriedindividually or jointly withothers;

2. Buy any or all Securities andOther Property which may beshort in such accounts; and

3. Cancel any open orders andclose any or all outstandingcontracts.

We may exercise any or all of these rightswithout further demand for additionalcollateral, or notice of sale or purchase, orother notice or advertisement. Any suchsales or purchases may be made at ourdiscretion on any exchange or othermarket where such business is usuallytransacted, or at public auction or privatesale; and we may be the purchaser for ourown account.

You agree that our giving of any priordemand or call or prior notice of the timeand place of such sale or purchase shallnot be considered a waiver of our right tosell or buy without any such demand, callor notice as provided in this agreement.

(iv) Payment of indebtedness upondemand. You agree that at all times you


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are liable for the payment of, and agreeto pay on demand, any debit balance orother obligations owing in any of youraccounts at Merrill Lynch. You are liablefor any deficiency remaining in suchaccounts in the event of the liquidationthereof, in whole or in part, by us or byyou.

(v) Liability for costs of collection. To theextent permitted by the laws of the State of New York, you agree to payMerrill Lynch the reasonable costs andexpenses of collection, includingattorneys’ fees, for any debit balanceand any unpaid deficiency that you owe.You agree that to the extent permittedby New York law, Merrill Lynch shallcollect from you reasonable costs andexpenses of collection of any such debitbalance(s) and any unpaid deficiency inyour account, including but not limitedto attorneys’ fees, that Merrill Lynchincurs or pays in connection with suchefforts.

(vi) Pledging and lending assets. If youenroll in the Margin Lending Program,you agree that we have the right, subjectto limitations under applicable laws,rules and regulations, to pledge or re-pledge Securities and Other Property inyour accounts, either separately or incommon with other such Securities orOther Property, and for any amount duein your account, or a greater amount. Wemay do so without notice to you andwithout retaining in our possession orunder our control for delivery a likeamount of similar Securities or OtherProperty. In return for extending credit toyou under the Margin Lending Program,you acknowledge and agree that we maylend, either to Merrill Lynch or to others,the securities in your account (alongwith all attendant rights of ownership),to the extent not prohibited byapplicable laws, rules and regulations.You understand that we may receive andretain certain benefits to which you will

not be entitled in connection with suchloans. You agree that, in certaincircumstances, such loans could limityour ability to exercise voting rights, inwhole or in part, with respect to thesecurities lent. In addition, youacknowledge that, in using certainsecurities in your account for, amongother things, settling short sales andlending the securities for short sales, wemay receive compensation inconnection therewith.

(vii) Stock Borrow Charges. Effective August7, 2017, if you short a stock that is inlimited supply (i.e., “in demand”), youmay be charged a SB Charge forborrowing that security. Whether there isa SB Charge for a particular security,and the relevant rate for the SB Charge,depend on various factors, including, butnot limited to, the availability of thatstock based on supply and demand inthe lending market at that time, the sizeof the transaction, rates charged bycounterparty lenders, days tocover/short-interest ratio of the stock,the percentage of the issuer’s float thatis held short and the number of daysthat the position is held short (i.e.,borrowed). Securities that are “indemand”, and any corresponding SBCharges, are determined by marketparticipants, and may fluctuate on adaily basis. It is important to note thatthe SB Charges may be substantial. Insome instances, where the demandfor the security borrowed is extremelyhigh, the SB Charge, on an annualizedbasis, may exceed the principal valueof the security. It is also important tonote that, even if a security is not “indemand” at the time of your shortsale, it may become “in demand” atany time based on market factors, andat that point, it would be subject to aSB Charge. մեe SB Charge rate canfluctuate daily without prior notice.

(viii) SB Charges Assessed. If you short “indemand” securities, Merrill Lynch may


charge you all SB Charges assessed inconnection with your short sales with uson a daily basis starting on thesettlement date of the trade. մեecharges may reflect work done by MerrillLynch on your behalf in connection withthese transactions to establish andmaintain a short position in youraccount, which may result in a profit toMerrill Lynch. Short stock positionsopened and closed intraday (not heldovernight) will not be subject to an SBCharge.

Please note that you may obtainupdated information with respect to thestatus of your short positions (includingany applicable SB Charges) bycontacting your financial advisor, aMerrill Edge Financial Solutions Advisoror an Investment Center representativeat any time.

In addition, all applicable SB Chargesassessed will be displayed under a “SBCHARGE” debit entry on your monthlyaccount statement, including thosepositions that incurred charges aer theinitial settlement date as described inthe prior paragraph. մեis will show, onan aggregated basis, the charges for allshorted securities that incurred a SBCharge during the applicable period(described below), as well as a detailedbreakdown of each SB Charge, includingthe applicable borrowing rate for each“in demand” position for the applicableperiod. A daily breakdown can also beprovided upon request by contactingyour financial advisor, a Merrill EdgeFinancial Solutions Advisor or anInvestment Center representative.

Any SB Charge entry on your accountstatement represents the debit of suchcharges, which are made one BusinessDay aer each applicable SB Charge isincurred. Applicable SB Charges in youraccount will then be posted online oneBusiness Day aer the charge isdebited. մեus, if you incur SB Charges on

weekend days, such charges will bedebited on the next Business Day (i.e.,Monday, unless Monday is a holiday),and the charges will be visible in youraccount online on Tuesday (orWednesday, if Monday is a holiday).

Your account statement will include allSB Charges debited in your account in acalendar month, except that any SBCharge debits that occur on the lastBusiness Day of a month will bereflected on the following month’saccount statement.

(ix) Calculation of SB Charge. SB Chargesare calculated on an annualized basisbased on the value of a short positionand the SB rate for that position. SBCharges for a particular position arecharged daily on a pro-rated basisdepending on how many calendar daysyou hold the position short.

Below is an example of the calculation ofan SB Charge. Please note that theexample below is for illustrativepurposes only and does not reflect theactual SB Charges that you may incur onany given short position, which may besignificantly higher than the chargesreflected in the example below. Pleasealso note that in addition to SB Chargesyou may also be charged commissionsand incur other expenses in connectionwith a short sale of securities that arenot captured in the following example.Please note, the SB Charge amount for agiven day is determined by multiplyingthe trade value of the stock borrowed bythe applicable SB Charge rate, dividedby 360. մեerefore, the effective SBCharge rate for a given day can beobtained by multiplying the SB Chargeamount by the number of days in a givenyear (e.g., 365 days) and dividing by thetrade value of the stock borrowed.

• current price of stock = $11.00number of shares sold short =10,000SB Charge rate = 20%


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• (market price of stock) x (sharequantity) = trade value of stockborrowed$11.00 x 10,000 = $110,000

• (trade value of stock borrowed) x(SB Charge rate) = annual SBCharge amount$110,000 x 0.20 = $22,000

• (annual SB Charge) / (360 days) =daily SB Charge amount$22,000 / 360 = $61.11

• ((daily SB Charge amount) x (365 days)) / (trade value of stock borrowed) = effective SB Charge rate($61.11 x 365) / $110,000 =20.28%

6. CASH MANAGEMENT SERVICES

(A) GENERAL

մեe CMA Account may be used to managedeposits, payments and investments. YourCash Balances are automatically swept intothe Primary Money Account you choose andare automatically redeemed/withdrawn topay for securities and cash managementtransactions including Disbursements andother amounts due. մեis automation allowsyou to keep Cash Balances in MoneyAccounts, which may earn dividends orinterest. Although your CMA Account hasCash Management Services, it is not a bankaccount.

Merrill Lynch is a registered broker-dealerand a wholly owned subsidiary of Bank of America Corporation. Merrill Lynchis not a bank and is separate from its FDIC-insured affiliates, which include BANA and BA-CA, and is also separate fromMerrill Lynch Bank and Trust (Cayman)Limited, or other depository institutions.Merrill Lynch Bank and Trust (Cayman)Limited is an affiliate of Merrill Lynch;however, deposits within Merrill LynchBank and Trust (Cayman) Limited are notFDIC insured. Banking services availablethrough the CMA Account are provided by

or through licensed Banks. Except wherespecifically indicated, securities andproducts sold, offered or recommended byMerrill Lynch are not insured by the FDICand are not obligations of, or endorsed orguaranteed in any way by, any bank, andmay lose value.

Merrill Lynch is solely responsible for itsown contractual obligations andcommitments.

(B) ACCOUNT LINKING TO BANK OF AMERICA, N.A., DEBIT CARD

Certain Merrill Lynch CMA Accounts can be linked to a Bank of America debitcard. Linking your CMA Account to your Bank of America debit card allows you to access your CMA Account at most Bank of America ATMs. If you choose to linkyour CMA Account to your Bank of Americadebit card and you also have a Merrill LynchVisa deferred debit card for your CMAAccount, both cards will remain active with their respective PINs; however, your Visadeferred debit card will not be able to accessyour Bank of America deposit accounts.Please note that any limitations applicable tothe card being used (such as daily cashwithdrawal limits) will apply when that card isused — regardless of the account beingaccessed. Linking of a CMA Account to aBank of America debit card will allow you totransfer funds between your CMA Accountsat Merrill Lynch and your deposit accounts atBank of America when using your Bank ofAmerica debit card. Point of sale transactionswith your Merrill Lynch Visa deferred debitcard will continue to clear against your CMAAccount, and point of sale transactions withyour Bank of America debit card will continueto clear against your primary bank accountlinked to that card. Certain accounts may notyet have this ability. Please contact yourfinancial advisor or call 800.MERRILL(800.637.7455) if you have any questions.

(C) STATEMENT LINK SERVICE

մեe Statement Link Service allows certainMerrill Lynch accounts to be “linked”


together for statement delivery purposesand, in some instances, to establish higherlevels of eligible assets and a potentiallyhigher interest rate tier within the MLBDP.Linking accounts may also result in waiversof certain fees. For more information, seeCMA Fee Waiver Program, page 46 and forFedwire fees page 64. For regulatory or otherreasons, certain types of accounts that canbe linked for statement delivery purposescannot be counted for the purpose ofdetermining your total eligible client assetsfor tier assignment, the CMA Fee WaiverProgram and Fedwire fee benefits. If you haveany questions about linking your accounts orlinking eligibility, please contact yourfinancial advisor.

Statements for linked accounts are sent tothe primary account holders, who will receivetheir periodic statements. Please note, allaccount holders remain responsible forverifying the accuracy of their individualstatements, reading notices and directingactivity in their individual accounts. մեeassets of linked accounts are notcommingled, and each account holderretains control over his or her individualaccount.

(D) TIER ASSIGNMENT AND ACCOUNTVALUATION

(i) Tier assignments. Every month, Merrill Lynch will perform a valuationprocess on the eligible account typeswithin the Statement Link or on theCMA Account not in a Statement Linkand will assign each CMA Account a tierbased on its Account Value. Tiers andtier assignments may be changed byMerrill Lynch without prior notice.

CMA Accounts

Tier 1 – Less than $250,000

Tier 2 – $250,000 to $999,999

Tier 3 – $1,000,000 to $9,999,999

Tier 4 – $10,000,000 or more

(ii) Effect of tier assignment. մեe tier towhich a CMA Account is assigned willdetermine the yield earned on depositsheld in the Merrill Lynch Bank DepositProgram. Clients with higher totaleligible assets generally receive a higheryield on their bank deposits than clientswith lower total eligible assets.

(iii) Valuation. մեe valuation is determinedby the value of cash, bank deposits,Money Market Mutual Funds and thelong-market value of securities heldwithin eligible Statement Linkedaccounts as of the “valuation date”(currently toward the end of eachmonth). For clients with CMA Accountsthat are not in a Statement Link, the tierassignment for each account will bebased on the value of cash, bankdeposits, Money Market Mutual Fundsand the long-market value of securitieswithin the account as of the valuationdate. CMA Accounts enrolled in anInvestment Advisory Service, irrevocabletrusts and certain fiduciary accounts willbe assigned to Tier 4 for the purposes ofdetermining the interest rate.

Valuation procedures may be changedby Merrill Lynch without prior notice.Securities and other assets will bevalued in a manner determined byMerrill Lynch, in its sole discretion, andin some cases may be based onestimates, which are obtained fromvarious sources. Values may vary fromprices achieved in actual transactions,especially for thinly traded securities,and are not firm bids or offers orguarantees of any type with respect tothe value of securities and other assets.

(iv) Historical pricing and valuationservice. You can request a reportshowing the securities held in your CMAor CMAT Account as of a specific date.You may also request that we providehistorical values for publicly tradedsecurities for gi, estate tax or other


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planning purposes. Call your financialadvisor for more information about thisservice.

(v) Change in tier assignments. Once aCMA Account has been assigned to atier, the tier assignment may change onthe first Business Day of the month dueto valuation changes as described inSection 6(C) (iii). If a tier changes, thenew tier assignment may affect theinterest earned for the Merrill LynchBank Deposit Program. մեe asset tier forany of your accounts will not changebetween valuation dates, even if youopen new accounts or link accounts.New accounts are not used to determineasset tiers until the next applicablevaluation date.

(vi) Newly opened accounts. New CMAAccount(s) will be assigned to Tier 2during the month of enrollment. At theend of the month of enrollment andeach month thereaer, the new CMAAccounts will be valued and assigned toa tier based on the value of the accountitself or eligible account types within theStatement Link, if linked.

(E) SWEEP PROGRAM

(i) General. մեe deposit of checks, the saleof securities and other activity generateCash Balances in your CMA Account.Once you complete and return the ClientRelationship Agreement to us, availableCash Balances in a CMA Account of $1or more (whole dollars only) areautomatically swept to the PrimaryMoney Account on the Business Dayaer the funds are received, providedthe funds are received before ourcashiering deadline. However, if youhave pending transactions in your CMAAccounts on the Business Day funds areto be swept into your Primary MoneyAccount, the amount of thosetransactions may be deducted from thesweep amount. Until that time, your

Cash Balances will not earn interest ordividends. Additionally, if your account isenrolled in a Merrill Lynch investmentadvisory program, you shouldunderstand that Merrill Lynch maycharge an asset-based advisory fee onthe cash in the account even though youare not earning any interest or dividendson that cash. You may only establish onePrimary Money Account for theautomatic investment or deposit of CashBalances in your account. With thePrimary Money Account, you do notneed to contact your financial advisor todeposit or withdraw funds — it happensautomatically.

You initially select your Primary MoneyAccount by designating it on the ClientRelationship Agreement or, for accountsyou establish aer signing a ClientRelationship Agreement, by speaking toyour financial advisor. If you ever want tochange your Primary Money Account,you must contact your financial advisor.Your Merrill Lynch account statementindicates where your Cash Balances arecurrently deposited or invested, as wellas certain yield information.

In addition to the Primary MoneyAccounts, you may make a manualinvestment or deposit into a SecondaryMoney Account by contacting yourfinancial advisor. If you choose aSecondary Money Account for youraccount, you will be required to contactyour financial advisor each time youwant to invest or deposit your cash inthat particular Secondary MoneyAccount. Otherwise, available cash willcontinue to sweep to the Primary MoneyAccount that you have selected. If youhave established Secondary MoneyAccounts in addition to your PrimaryMoney Account, and you do not havesufficient balances in your PrimaryMoney Account, your Secondary MoneyAccount balances will be withdrawn orredeemed to satisfy securities and cash


management transactions, includingcheck writing and Visa card activity, in orthrough your account. If you choose toestablish more than one SecondaryMoney Account, you may designate theorder in which the Secondary MoneyAccount balances will be automaticallywithdrawn or redeemed to satisfytransactions in or through your accountby speaking to your financial advisor.

մեere may be minimum dollarrequirements for investments ordeposits into the available MoneyAccounts. Ask for the applicable MoneyMarket Mutual Fund prospectus ordeposit account program disclosures fordetails on investments or deposits. Yourfinancial advisor will be available todiscuss alternatives for your cash orbank deposit account balances.However, neither your financial advisornor Merrill Lynch undertakes anyobligation to ensure you receive anyparticular rate of interest, or to adviseyou to invest your cash or bank depositbalances in higher-yielding cashalternatives. Balances in a SecondaryMoney Account are included in your“Purchasing Power,” as described inSection 6(H).

(ii) Considerations when choosing aPrimary and/or a Secondary MoneyAccount:

• մեink about your needs, goals, risktolerance, investment time horizonand liquidity requirements.

• Yields may differ between MoneyMarket Mutual Funds and bankdeposit programs.

• Money Market Mutual Funds andbank deposit programs havedifferent types of insurancecoverage.

• Money Market Mutual Funds haveinvestment risk of various degrees

and are not guaranteed or insuredas to principal.

մեe Money Accounts available aredescribed below. Merrill Lynch maychange the Money Account optionsunder the Sweep Program at any time.Your Merrill Lynch financial advisor isalways available to discuss your MoneyAccount options as the yields maychange, depending on marketconditions, at different times throughoutthe year.

YOU ARE ADVISED TO READ, ASAPPLICABLE, THE MONEY MARKETMUTUAL FUND PROSPECTUS OR THEMERRILL LYNCH BANK DEPOSITPROGRAM DISCLOSURES THAT BEGINON PAGE 50.

(iii) For customers who are residents ofthe United States of America (U.S. andnon-U.S. citizens).

մեe Primary Money Accounts generallyavailable through the Sweep Programare:

(a) մեe Merrill Lynch Bank DepositProgram; or

(b) մեe BIF Funds

մեe Secondary Money Accountsgenerally available are:


(b) մեe BIF Funds; or

(c) մեe ISA Program

(iv) For customers who are non-residentsof the United States of America (non-U.S. citizens).

մեe Primary Money Accounts generallyavailable through the Sweep Programare:


(b) մեe International Bank Variable RateDeposit Facility;1 or


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(c) մեe Dollar Assets Portfolio2

մեese choices are also available asSecondary Money Account options.մեese Primary and Secondary MoneyAccount options are not available to allclients. Jurisdictional restrictions apply.Please contact your financial advisor todetermine if you are eligible toparticipate before selecting your PrimaryMoney Account on the ClientRelationship Agreement.

(v) For customers who are non-residentsof the United States of America (U.S.citizens).

մեe Primary Money Account generallyavailable through the Sweep Program is:

(a) մեe Merrill Lynch Bank DepositProgram

(vi) No sweep. All customers may elect thatCash Balances do not sweep to one ofthe Primary Money Accounts available.Cash Balances will not earn interest ordividends. մեese balances will be part ofthe assets held in your securitiesaccount, which are protected by SIPCcoverage (up to $500,000 for securitiesand cash per customer, inclusive of$250,000 for cash) and excess-SIPCcoverage, as described in Section (6) (E)(iii), but will not be covered by FDICinsurance.

1 Account holders who, according to our records, are or could be a resident for tax purposes in the United Statesare unable to participate in this Primary Money Account. Deposits in this Primary Money Account are placed withMLBTC.

MLBTC (Registration Number: 26981) is regulated by the Cayman Islands Monetary Authority (“CIMA”) andcurrently maintains a Category A bank license, an unrestricted trust license and a securities investmentbusiness license. Details about the extent of our regulation by CIMA are available on request. Our registeredoffice is at: 4th Floor Harbour Center, P.O. Box 1164 GT, North Church Street, Grand Cayman, KY1-1102, CaymanIslands. A list of names and personal details of every director of the company is available for inspection to thepublic at the company’s registered office for a nominal fee.

Deposits held at MLBTC are not deposits within the meaning of the Federal Deposit Insurance Act (12 U.S.C.1813(I)); are not insured or guaranteed by the U.S. Government, the FDIC or any other government agency, orcovered by any other deposit protection program.

Note: U.S. persons (including U.S. residents) who have an economic interest in, or signature authority over,foreign financial accounts, including an account with MLBTC, may be required to file a Report of ForeignFinancial Accounts (“FBAR”) with the U.S. Department of the Treasury in respect of such foreign financialaccounts. In addition, U.S. persons (and non-U.S. persons obligated to file U.S. federal income tax returns) whohave an economic interest in foreign financial assets, including an account with MLBTC, may also be required toreport such foreign financial assets on IRS Form 8938 to be filed with their U.S. federal income tax return.Clients should consult their own independent legal and/or tax advisor for further guidance regarding any U.S.disclosure and reporting obligations that clients may have with respect to their accounts, assets and otherfinancial decisions.

2 Dollar Assets Portfolio (the Fund) is an offshore entity offered only to non-U.S. citizens who are not residents ofthe United States. It is not offered for sale or sold in the United States, its territories or possessions. մեe Fundmay only be offered in jurisdictions in which such offer or sale is permitted. մեe Fund is a no-load open endedinvestment company incorporated as an exempted company under the laws of the Cayman Islands. մեe Fund isa money market mutual fund seeking current income consistent with the preservation of capital and liquidity byinvesting in a diversified portfolio of United States dollar denominated short term money market instruments ofhigh quality issuers. մեere can be no assurance that the investment objective of the Fund will be realized.BlackRock Investment Management, LLC acts as the investment adviser (the Investment Adviser) for the Fund,with full responsibility for the selection and management of the Fund’s portfolio investments. մեe InvestmentAdviser is registered with the U.S. Securities and Exchange Commission pursuant to the U.S. InvestmentAdvisers Act of 1940, as amended.

BlackRock Investment Management, LLC, acts as the investment adviser (the “Investment Adviser”) for theFund, with full responsibility for the selection and management of the Fund’s portfolio investments. մեeInvestment Adviser is registered with the U.S. Securities and Exchange Commission pursuant to the U.S.Investment Advisers Act of 1940, as amended.

մեe information is provided for informational purposes only and does not constitute an offer of shares in theFund. Before selecting the Fund, clients should consider the investment objectives, risks, and fees and chargesof the Fund. մեis and other information may be found in the Fund’s prospectus. Clients should always read theFund’s prospectus carefully before selecting the Fund. Although the Fund seeks to preserve the value of aninvestment at US$1 per share, it is possible to lose money by investing in the Fund. An investment in the Fund isnot a bank deposit. մեe Fund is not insured or guaranteed by any bank or governmental agency. Shares aredenominated in the currency specified and are subject to exchange rate fluctuations, which can affect the returnto the investor.


Merrill Lynch is permitted to use CashBalances in our business, and suchbalances are not segregated. You havethe right to receive any available CashBalances, subject to any opencommitments in the CMA Account.

(F) OTHER CONSIDERATIONS WHENCHOOSING A SWEEP OPTION

(i) Money Market Mutual Funds. մեeMoney Market Mutual Funds aredescribed in the prospectus, whichincludes information concerning risks,fees and expenses.

Investing involves risk. For morecomplete information on any MoneyMarket Mutual Fund, please request aprospectus and/or, if available, asummary prospectus from your Merrill Lynch financial advisor andread it carefully. Before investing,carefully consider the investmentobjectives, risks, and charges andexpenses of the fund. մեis and otherinformation can be found in the fund’sprospectus and/or, if available,summary prospectus.

մեe Money Market Mutual Funds weoffer to customers who are residentsof the United States of America (U.S.and non-U.S. citizens) as a PrimaryMoney Account are characterized as“government money market funds”under Rule 2a-7 under the InvestmentCompany Act of 1940, as amended,and have chosen not to rely on theability to impose liquidity fees andsuspend redemptions (each, the“Government Money Market Fund”).You could lose money by investing inthe Government Money Market Fund.Although the Government MoneyMarket Fund seeks to preserve thevalue of your investment at $1.00 pershare, it cannot guarantee it will doso. An investment in the GovernmentMoney Market Fund is not insured orguaranteed by the FDIC or any other

government agency. մեe GovernmentMoney Market Fund’s sponsor has nolegal obligation to provide financialsupport to the fund, and you shouldnot expect that the sponsor willprovide financial support to theGovernment Money Market Fund atany time.

Shares will be bought at the current netasset value of the applicable MoneyMarket Mutual Fund. We reserve theright to change, or add to, the availableMoney Market Mutual Funds from timeto time.

For current yields on the Money MarketMutual Funds available as your PrimaryMoney Account, call your financialadvisor or visit mymerrill.com® (see the“Deposit Account & Money Fund Rates”link at the bottom of each page).

(a) Benefits of Money Market MutualFunds to Merrill Lynch. Assets held in the Money Market MutualFunds are financially beneficial toMerrill Lynch and its affiliates.Merrill Lynch provides the platforminfrastructure related to the use ofthese Money Market Mutual Fundsas the automatic cash sweepoption in accounts at Merrill Lynchas well as distribution, marketingsupport and other services withrespect to the Money MarketMutual Funds.

In consideration of the provision ofthe infrastructure, marketingsupport and/or other services,Merrill Lynch receivescompensation of up to 0.41%annually of the value of MoneyMarket Mutual Fund shares held in Merrill Lynch accounts.

մեe Money Market Mutual Fundsmay include an annual asset-basedsales charge and/or service fee(oen referred to as a “distribution”or “service” or “12b-1” fee) up to a


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maximum of 0.125%. մեis andother important information can befound in the fund’s prospectus.

Certain of the Money MarketMutual Funds have also retainedFinancial Data Services, LLC(“FDS”), an affiliate of Merrill Lynch,as the transfer agent to such funds.As compensation for theseservices, FDS receives either up to$15 annually for each position orup to 0.10% annually of the value of Money Market Mutual Fundshares held in a client’s account atMerrill Lynch. Each Money MarketMutual Fund’s operating costsinclude its allocable share of thefees and expenses of such outsideservice providers.

Merrill Lynch financial advisors arecompensated based on clients’total assets held in the MoneyMarket Mutual Funds.

(b) SIPC protection. As with anyinvestment in securities,investments in Money MarketMutual Funds may fluctuate invalue. Investments in the MoneyMarket Mutual Funds are notinsured or guaranteed by the FDICor any other government agency.Although the Money MarketMutual Funds seek to preservethe value of your investments at$1 per share, it is possible to losemoney by investing in the funds.

մեe securities and cash that Merrill Lynch holds in your accountare protected by the SIPC. If a U.S.broker-dealer fails, SIPC funds areavailable to make up for anyshortfall of clients’ assets that thebroker-dealer was required tomaintain — up to a maximum of$500,000 per client for securities,inclusive of up to $250,000 perclient for cash. In addition, Merrill Lynch has obtained “excess-

SIPC” coverage from a Lloyd’s ofLondon syndicate for large clientaccounts. մեis policy providesfurther protection (including up to$9 million for cash) for customerswho have received full SIPC limits,subject to an aggregate loss limit of$1 billion for all customer claims.Please note that Money MarketMutual Funds and Merrill Lynchbank deposits are not “cash” forpurposes of account protection.Rather, Money Market MutualFunds receive SIPC and excess-SIPC protection as securities andMerrill Lynch bank deposits areprotected by FDIC insurance. SIPCand the excess-SIPC coverage donot protect against investmentlosses from market action. You mayobtain further information aboutthe SIPC, including the SIPCbrochure, via the SIPC’s website atsipc.org or by calling the SIPC at202.371.8300.

Each account held by a separatecustomer (as defined by applicablelaw) is treated separately forpurposes of SIPC protection.

(ii) Bank Deposit Programs. մեere areseveral different bank deposit programsavailable through your CMA Account.մեese deposit programs offer differentsweep features and levels of FDICinsurance. It’s important to understandthese differences. For example, theMerrill Lynch Bank Deposit Program isavailable as a Primary Money Accountoption and the ISA Program is availableas a Secondary Money Account option.For more information regarding how thePrimary or Secondary Money Accountoption works, please see Section 6 (E)(i).

(a) ISA Program. մեe ISA Programoffers MMDAs, each opened onyour behalf by Merrill Lynch, at oneor more banks and savingsassociations (depository


institutions), whose deposits areinsured by the FDIC up toapplicable limits, includingdepository institutions affiliatedwith Merrill Lynch and its parentcompany, Bank of AmericaCorporation, whose deposits areinsured by the FDIC, up toapplicable limits. մեe FDIC’s SMDIAis $250,000 per depositor, perownership category, per insuredbank. If you select the ISA Programas a Secondary Money Account,you may direct a deposit of fundsfrom your CMA Account through theISA Program by calling yourfinancial advisor. Deposits may bemade only in whole dollar amountsof $1,000 or more.

մեe ISA Program is not appropriatefor clients who anticipate effectingfrequent third-party payments ortransfers, including payments ortransfers by check or through theFunds Transfer Service (FTS).Certain withdrawals from your CMAAccount, such as transactionsrelated to your card/check account,if applicable, may be subject to alimit of six (6) withdrawals permonth.

Merrill Lynch will receive a feedirectly from each depositoryinstitution of no more than 2%annually of the average dailydeposit balance held by thedepository institution in MMDAsestablished at the depositoryinstitution through the ISA Program.մեe amount of the fee varies fromtime to time and from depositoryinstitution to depository institution,and Merrill Lynch may waive all orpart of this fee.

By choosing the ISA Program as aSecondary Money Account, youagree to the terms and conditionsin the ISA Fact Sheet, which will be

sent to you when you make youropening deposit. You may also askyour financial advisor for an ISAFact Sheet.

(b) Benefits of bank deposits toMerrill Lynch. Merrill Lynchreceives deposit brokerage feesbased on the number of accountsthat sweep to the Merrill LynchBank Deposit Program and totaldeposit balances in the ISAProgram. Your financial advisor mayreceive compensation based ontotal deposit balances. In addition,other Merrill Lynch affiliates mayreceive fees for providing servicesin connection with the Merrill LynchBank Deposit Program.

In connection with Visa cards, ouraffiliates may receive fees fromsources other than Merrill Lynchcustomers.

For more specific information onthe fees that Merrill Lynch receives,please see the Merrill Lynch BankDeposit Program Disclosures andthe ISA Program for moreinformation regarding ISA.

(c) FDIC insurance. Deposits in theMerrill Lynch Bank Deposit Programand ISA Program are protected byFDIC insurance, up to applicablelimits. մեe FDIC’s SMDIA is$250,000 per depositor, perownership category, per insuredbank. Any accounts or depositsmaintained with the Banks in thesame legal ownership category,whether directly, through otherMerrill Lynch accounts or throughany other intermediary, would beaggregated for FDIC insurance limitpurposes. You are responsible formonitoring the total amount ofdeposits held at the Banks in orderto determine the extent of FDICinsurance coverage available tosuch deposits. Merrill Lynch is not


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amounts due will depend on the type ofdeposit. Merrill Lynch also reserves theright to impose additional availabilitydelays under certain circumstancesincluding, among others, (i) if a questionexists about whether a depositinstrument will be paid; (ii) if anemergency exists such as a failure ofcommunications or computerequipment; and (iii) other mattersbeyond the control of Merrill Lynch.

You can request more specificinformation about availability by callingyour financial advisor or 800.MERRILL(800.637.7455).

(ii) Check deposits and electronictransfers. We reserve the right not toeffect redemptions or withdrawals ofMoney Account balances within eightdays of the receipt of checks and,subject to applicable law, within six daysof the receipt of funds credited to youraccount electronically. However, fundsfrom electronic fund transfers and fundsfrom deposits of many types of checks,such as mobile check deposits, ATMcheck deposits and check depositsmade through a local Merrill Lynchbranch office, frequently can bewithdrawn the next Business Dayfollowing their receipt by Merrill Lynch.Longer delays generally apply, amongother things, to larger dollar depositsand deposits to new accounts.

(iii) ATM cash deposit availability. Cashdeposited at any Bank of America ATMwill be immediately available andreflected in your Purchasing Power. SeeSection 6(H).

(iv) Sales of securities ordividend/interest payments. For allCMA Accounts, Cash Balances from theproceeds of sales of securities ordividend/interest payments becomeavailable on the next Business Dayfollowing receipt.

responsible for any insured oruninsured portion of such deposits.For additional information on theFDIC, visit fdic.gov.

Deposits placed with the MLBTCare not insured or guaranteed bythe FDIC.

(iii) Right to change/suspend MoneyAccounts. Merrill Lynch may change theMoney Accounts available under theSweep Program at any time. If aparticular Money Account is no longergenerally available in the Service or is no longer available, you authorizeMerrill Lynch to transfer, exchangeand/or convert any existingshares/balances in such Money Account into another Money Account.Merrill Lynch will provide you withwritten notice in advance of suchtransfer, exchange and/or conversion. Ifthe offering of any particular MoneyAccount is suspended for any reason,Merrill Lynch is authorized, but notobligated, to cause available CashBalances in the CMA Account to beinvested in another Money Account. Ifsuch suspension is of a nature thatmakes prior notice unfeasible, Merrill Lynch will give subsequent noticewithin a reasonable time.

(iv) Money Account dividends/interest.Dividends will be declared daily onMoney Market Mutual Fund shares andwill be reinvested daily in additionalshares and credited to your accountmonthly. Interest for the Merrill LynchBank Deposit Program and ISA Programwill be compounded on a daily basis andcredited to your account monthly.

(G) AVAILABILITY, DEPOSITS ANDAPPLICATION OF FUNDS

(i) Availability delays. մեe availability ofCash Balances for investment in aMoney Account, to pay for securities andcash management transactions,including Disbursements or other


(v) Ways to make a deposit. You maydeposit funds into your CMA Accountthrough the following:

• Merrill Lynch branch office. Merrill Lynch branch offices,however, cannot accept cashdeposits.

• By U.S. mail. Cash will not beaccepted via the mail.

Merrill LynchAttn: CMA Deposits FL9-801-01-024802 Deer Lake Drive EJacksonville, FL 32246

• Any deposit-taking Bank of America ATM. Deposit-taking Bank of America ATMs canaccept both check and cashdeposits (40-bill maximum). Checkdeposits greater than $1,000,000will not be accepted at any Bank of America ATMs. Note: մեe40-bill limit is “per insertion,” not“per transaction,” because this is aphysical limitation of the ATMhardware. Clients can choose to“Add Cash” throughout thetransaction and insert additionalcash (e.g., 10 more bills, 20 morebills, etc.).

• Mobile deposit. You may makecheck deposits to your CMAAccount by using the MyMerrillmobile application with your mobile device. Please be advised,Merrill Lynch may impose limits onthe amount you can deposit usingthis service. մեere is no fee to download and to use the Merrill Lynch application but youmay be charged fees by yourwireless service provider. Pleasecontact your service provider fordetails on specific fees. For moreinformation regarding thisapplication, please call yourfinancial advisor or visitmymerrill.com.

• Direct deposit

• Fedwire

• Funds Transfer Service

• Other electronic transfers

Deposits to your CMA Accounts cannotbe accepted by Bank of Americafinancial center tellers.

All checks delivered to us (via a Bank of America ATM or otherwise) forcredit to your account must be in U.S.dollars and drawn on a U.S. bank orother financial institution, and aresubject to final collection.

մեe deposit of checks followed by theprompt withdrawal of funds, for theprimary purpose of earning dividends orinterest on Money Account balancesfrom the time Merrill Lynch advancesfunds on your behalf until checks sodeposited are collected, is inconsistentwith the Service. Merrill Lynch mayterminate your subscription to theService if, in its sole judgment, itappears to Merrill Lynch that this ishappening.

(vi) Manual investments/manual deposits.You may make “manual investments” or “manual deposits” in the MoneyAccounts by contacting your Merrill Lynch financial advisor. Subjectto the availability delays described inSection 6(G)(i), manual deposits of $1 ormore may be made in the Merrill LynchBank Deposit Program at any time;manual deposits of $1,000 or more maybe made in the ISA Program at any time.Also subject to the availability delaysdescribed in Section 6(G)(i), manualinvestments may be made in MoneyMarket Mutual Funds as outlined in thefund’s prospectus. Automatic andmanual investments in Money MarketMutual Fund shares are made under thecircumstances described in theprospectuses of the Money MarketMutual Funds under the caption “How toBuy, Sell and Transfer Shares.”


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(vii) Automatic application of funds.Subject to the availability delaysdescribed in Section 6(G)(i), anyavailable balances will generally beapplied as follows:

(a) To pay for any purchases oramounts due in the CMAAccount.

(b) To pay for manual subscriptionsto Money Accounts.

(c) To pay for cash managementtransactions or disbursements.

(d) To sweep on the next BusinessDay to the Primary MoneyAccount.

(H) PURCHASING POWER AND OVERDRAFT

(i) General. մեe amount available for cashmanagement transactions, securitiespurchases or disbursements andmanual investments in the MoneyAccounts is called “Purchasing Power.”Purchasing Power equals the total of:

(a) any available Cash Balances inthe CMA Account;

(b) the available value of the MoneyAccounts; and

(c) for margin accounts, the unusedloan value of eligible securitiesin the CMA Account.

Since your Purchasing Power isdependent upon a variety offactors, such as card usage and, ifyou participate in the MarginLending Program, the price of thesecurities held in your account,your Purchasing Power willfluctuate from day to day.

Purchasing Power is reduced at thefollowing times:

(a) At the time the Banks andMerrill Lynch are notified of card,check, ACH and Fedwiretransactions, not when thecharges are paid;

(b) On the trade date of securitiestransactions, not the settlementdate;

(c) At the time of request foroutgoing transfers through theFunds Transfer Service.

(d) Two Business Days prior to therelease of any future or recurringtransfers through the FundsTransfer Service.

(ii) Transactions exceeding PurchasingPower. You agree that you will not incurcharges with your checks and cards thatexceed the Purchasing Power. If atransaction exceeds the PurchasingPower, Merrill Lynch may elect to declinesuch a transaction and you will be indefault, which may result in, amongother things, termination of yoursubscription to the Service. However,BANA may, but is not obligated to,accept such transaction as an overdraand advance funds to you in the amountexceeding the Purchasing Power. IfBANA does so, you will be notified, andyou agree to immediately pay theamount of the overdra together withany applicable finance charges. BANAoverdra loans incur finance charges onthe average daily balance at an annualrate specified in this Agreement.Additional fees and charges may apply.

You may remit payment for youroverdra in one of the followingmanners:

(a) Contact your financial advisor totransfer funds from anotherMerrill Lynch account or a BANAaccount (if applicable).

(b) Send a check or money orderpayable to Merrill Lynch:CMA Deposit OperationsP.O. Box 43247Jacksonville, FL 32231-3247

Include your account number onyour check or money order to


ensure proper credit to youraccount. You may not use aMerrill Lynch check drawn onthe same account that has thedebit balance.

(c) Make a deposit at any Merrill Lynch branch office orBank of America deposit-takingATM.

(d) Wire funds from an externalaccount at another institution toyour Merrill Lynch account.

(e) Liquidate securities held in theaccount.

(f) Consider upgrading to a marginaccount and transfer the debitfor an interest rate lower thanoverdra. Contact your financialadvisor for current margin rates.

Please note that in the eventthere has been any nonrelateddebit activity in your accountsince the overdra occurred,any deposits made to youraccount will be used to satisfythat activity before beingcredited to the overdra.

Alternatively, if you haveestablished an LMA account,you may elect to use your LMAaccount for overdra purposes.մեe terms of the LMA loan aregoverned by the LMA agreementand related documents. LMAloan proceeds may not be used,directly or indirectly, topurchase, carry or tradesecurities in any brokerageaccount with Merrill Lynch. LMAloans charge interest and maybe subject to fees and othercharges, all as set forth in theLMA agreement and documents.

(iii) Overdra. In each overdra statementcycle, finance charges are figured byapplying a daily periodic rate of.049315% (18% annual percentage

rate) to the average daily balance ofoverdras and by multiplying theresulting figure by the number of days inthat statement cycle. A daily overdrabalance is calculated by starting withthe beginning balance of amounts owed,adding any new overdras and unpaidfinance charges and subtracting anypayments or credits received that day.մեe average daily balance is thencalculated by adding all of the dailybalances of overdras in that statementcycle and dividing the total by thenumber of days in the overdrastatement cycle. Finance chargesaccrue from the date BANA accepts anoverdra until the date payment ismade. Any payments you make will beapplied on the date of receipt, first toany accrued and unpaid finance chargesand then to the balance of overdras inthe order they were incurred.

You will be notified in writing if BANA hasaccepted your transaction as anoverdra and advanced funds to you.You will receive a periodic overdrabilling statement from BANA that willdetail, among other disclosures, anyoverdra(s) plus finance charges on theoverdra(s), payments and credits, andthe balance due.

(iv) Billing rights and overdras.

YOUR BILLING RIGHTS. KEEP THISNOTICE FOR FUTURE USE.

մեis notice contains importantinformation about your rights and ourresponsibilities under the Fair CreditBilling Act.

Notify us in case of errors or questions

If you think any transaction on youraccount statement or a BANA overdranotice is wrong, or if you need moreinformation about a transaction, youshould write to BANA, c/o Merrill Lynch,as soon as possible at:


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Bank of America N.A. c/o Merrill LynchAttn: Billing InquiriesP.O. Box 43247Jacksonville, FL 32231-3247

In your letter, provide the followinginformation:

• Your name, address and accountnumber;

• մեe dollar amount of the suspectederror;

• A description of the item inquestion; and

• Why you believe there is an error.

You must contact BANA:

• Within 60 days aer the error firstappeared on your statement oroverdra notice;

• At least 3 business days before anautomated payment is scheduled, ifyou want to stop payment on theamount you think is wrong.

BANA must hear from you no later than60 days aer we send you the firstaccount statement or overdra noticeon which the error or problem appeared.You may also call us at 800.MERRILL(800.637.7455), but doing so will notpreserve your rights. Outside the U.S.,call collect at 609.818.8000.

Your rights and our responsibilitiesaer we receive your written notice

BANA must acknowledge your letterwithin 30 days unless it has correctedthe error by then. Within 90 days, itmust either correct the error or explainwhy it believes the statement oroverdra notice is correct. Aer BANAreceives your letter, it cannot try tocollect an amount you question or reportyou as delinquent. It can continue to billyou for the amount, including financecharges, and can apply any unpaidamount against your Purchasing Power.

You do not have to pay any amount inquestion while BANA is investigating, butyou are still obligated to pay any amountthat is not in question. If it is determinedthat a mistake was made on youroverdra notice, you will not have to payany related finance charges. If BANAfinds that a mistake was not made onyour statement or overdra notice, youwill have to pay the questioned amount,including any overdra finance charges.BANA will notify you in writing, throughus, of the amount owed and due date forpayment.

If you fail to pay the amount that BANAthinks that you owe, it may report you asdelinquent. However, if you receiveBANA's explanation but still believe yourbill is wrong, you must write to Bank ofAmerica, N.A. within 10 days telling itthat you still refuse to pay. If you do so,BANA cannot report you as delinquentwithout also reporting that you arequestioning your bill. BANA must tell youthe name of anyone to whom it reportedyou as delinquent, and BANA must letthose organizations know when thematter has been settled. If BANA doesnot follow these rules, it cannot collectthe first $50 of the amount in question,even if your statement or overdranotice is correct.

(I) DEBIT BALANCES AND DISBURSEMENTPRIORITY

(i) Debit balances. Merrill Lynch maysatisfy amounts you owe in connectionwith your CMA Account(s) (includingdebit balances in Visa card debits orcharges, checks presented, orinvestments or deposits later reversed)from your assets, including MoneyAccount balances, or through marginlending (if applicable).

(ii) Disbursement priority. Amounts due inconnection with the Service, includingbut not limited to margin calls or otherobligations, will be automatically


redeemed or withdrawn in the followingorder of priority:

From available Cash Balances;

2. From any remaining balances in thePrimary Money Account and thenfrom balances in the SecondaryMoney Accounts, if any, based onthe order designated by thecustomer, until depleted;

3. Customers with margin accounts,from extensions of credit in thesecurities account within itsavailable loan value.

մեis system avoids cost of a margin loanuntil available Cash Balances and fundsin your Primary and Secondary MoneyAccounts are fully used. Funds in theDirected Reserve Program are excluded.See Section 6 (J) for more informationon the Directed Reserve Program.

(J) DIRECTED RESERVE PROGRAM

(i) General. If you have a margin loan, youmay elect to maintain a minimumMoney Accounts balance by designatingan amount to be invested or depositedand maintained in your MoneyAccounts. If you elect to maintain aminimum Money Accounts balance, youshould note that interest expense(including on any margin loan) may besubject to disallowance for tax purposes.Merrill Lynch does not offer advice onthese tax issues except to recommendthat you consult a qualified tax advisor.

(a) If a minimum Money Accountsbalance is selected, then advancespursuant to margin loans may bemade while you maintain a MoneyAccounts balance. When selectingthe minimum Money Accountsbalance option and designating anamount, you should be aware thatthe rates at which interest will becharged with respect to marginloans will generally exceed the yieldrepresented by dividends paid onthe shares of the Money Market

Mutual Funds and by interest paidon balances in the Merrill LynchBank Deposit Program or the ISAProgram.

(b) If at any time the amounts in theMoney Market Mutual Fundsand/or the balances in the Merrill Lynch Bank Deposit Programor the ISA Program are less thanthe selected minimum MoneyAccounts balance, then availableCash Balances and, if applicable, amargin loan will be automaticallymade to re-establish the minimumMoney Accounts balance.

(K) CHECK AND CARD USAGE

(i) General.

(a) Accounts for cards and checks.You authorize Merrill Lynch to openaccounts with Merrill Lynch’sprocessing institutions for checkclearing and ACH transactions, andwith the Banks for cards. You agreethat checks and cards, if any, shallbe used solely in conjunction withthe CMA Account. checks and cards may be issued for use withCMA Accounts (but not CMASubAccounts). մեe cards are issuedto you by BANA, and may only beissued to account holders with anofficial address located in theUnited States. Checks are drawn onUMB Bank, n.a., or BANA, or suchother banks as selected from timeto time by Merrill Lynch. checktransactions are processed throughan account established by Merrill Lynch with UMB Bank, n.a.,or BANA, or such other banks asselected from time to time byMerrill Lynch. Checks should bewritten in U.S. dollars only. Youagree to be liable for all authorizedtransactions arising through theuse of cards and checks.

(b) Limitation on use of checks andcards. You may not use CMA


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checks and cards to:

• Purchase securities

• Purchase shares of the MoneyMarket Mutual Funds

• Make deposits through the Merrill Lynch Bank Deposit Programor the ISA Program

• Make payments on outstandingloans from, or overdra advancesextended by, BANA

(c) Safekeeping. You shall, on acontinuing basis, be responsible forthe care and safekeeping of thecards, checks and checkingaccount number information, andshall not permit an unauthorizedperson to have access to them. You shall review the periodicstatements provided by Merrill Lynch within 10 BusinessDays, in order to promptly discoverand report to Merrill Lynch thepossible unauthorized use of saidcards and checks. Unless limited bylaw, you are responsible for any andall losses and damages — direct,indirect or consequential — thatarise from or are attributable to thebreach of your undertaking tosafeguard your cards, checks and checking account numberinformation and for reviewingperiodic statements. You mustnotify Merrill Lynch immediately bycalling one of the phone numbersprovided in Section 6(K)(i)(d) if youbelieve or have reason to believethat your cards, checks or accountnumber information have beenused or signed by an unauthorizedperson. In addition, you will beresponsible for reviewing theperiodic statement in order todiscover and report to Merrill Lynchany possible unauthorized use ofthe cards and checks. You agree tonotify Merrill Lynch immediately ifyou believe or have a reason to

believe there may be or has beenan unauthorized use of the cards orchecks. Inquiries and errorallegations concerning the CMAAccount and the periodic statementshould be directed only throughMerrill Lynch and not through theBanks or the third-party processinginstitution.

(d) Lost/stolen checks/cards. If acard, PIN or checks are lost orstolen, you should report the loss orother actual or possibleunauthorized use of your CMAAccounts, cards, PIN and checksimmediately by calling800.262.LOST (800.637.5678),which can be reached 24 hours aday, seven days a week. Fromoutside the U.S., you should callcollect, at any time, the followingnumber in the U.S.: 609.818.8000.

(ii) Check usage.

(a) մեird-party processing institution.Checks clear through one or moreof Merrill Lynch’s third-partyprocessing institutions.

(b) Signatures. If you request thatchecks be printed with two or moresignature lines for countersignaturepurposes and/or that checks besigned with a signature stamp orsignature plate, you agree that suchrequirements are for your internalpurposes only, and neither Merrill Lynch nor its third-partyprocessing institutions shall haveany responsibility or liability for thepayment of any check signed with asignature stamp/plate, without acountersignature or with anunauthorized countersignature.

(c) Check copies. Original checks willnot be returned to you. You canview, download or print copies ofyour canceled checks throughmymerrill.com, or you can requestcopies by calling your financial


advisor or 800.MERRILL(800.637.7455).

(d) Stop-payment procedures. Youmay request that payment ofchecks drawn on the CMA Accountbe stopped. In order to process astop payment, you must notifyMerrill Lynch of the exact amount ofthe check, the full check number,date and payee, and the fullaccount number for the CMAAccount. If that information is notcorrect, or is untimely, or you do notpromptly comply with a request forother reasonable information aboutthe check, then Merrill Lynch andthe third-party processinginstitution will not be responsible ifthe check cannot be stopped. If acheck was not stopped for anyreason and there was a timely andproper stop-payment order in effectfor such check, then Merrill Lynchmay, without liability, delaycrediting the CMA Account until itdetermines the rights of the partiesinvolved, including the third-partyprocessing institution. In addition,neither Merrill Lynch nor the third-party processing institution will beliable if, through the payment of acheck contrary to a stop-paymentorder, any other items drawn on theCMA Account are returned unpaid.To request a stop payment on acheck, call your financial advisor or800.MERRILL (800.637.7455).

(e) Post-dated and incompletechecks. մեe third-party processinginstitution, the Banks and Merrill Lynch reserve the right topay post-dated checks, although itand we are not obligated to do so.մեe third-party processinginstitution, the Banks and Merrill Lynch also reserve the rightnot to pay checks that itdetermines, in its sole discretion,are incomplete or improperlycompleted.

(iii) Card usage.

(a) General. In connection with yoursubscription to the Service, youmay request that the Banks issueone or more cards. Cards may beused to make purchases at Visaparticipating establishments or toobtain cash and cash advancesfrom ATMs and Visa participatingbanks or branches. Cash advancesmay be limited by banks to $5,000per account per day. ATMwithdrawals and card cashadvances are debited against yourCMA Account when the charge ispresented to us. մեere are no fixedlimits on your card transactions.You are only limited by yourPurchasing Power or spending limit(see “Purchasing Power,” page 23).

(b) Personal identification numbers.Upon receipt of your card(s), youmay need to call Merrill Lynch toobtain a PIN. You should safeguardyour PIN: Do not write it on yourcard or keep it in any place where itmay be found with your card. If youlose or forget your PIN, call800.MERRILL (800.637.7455).

(c) Ownership. մեe card(s) remain theproperty of BANA and may becanceled by BANA at any timewithout prior notice. You agree tosurrender the card(s) immediatelyupon the request of BANA or Merrill Lynch.

(d) Unauthorized card use. Youand/or your authorized cardholderswill not be liable for anyunauthorized use that occurs aerMerrill Lynch or BANA have beennotified orally of loss, the orpossible unauthorized use. Noticeshould be directed to 800.MERRILL(800.637.7455).

(e) International transactions. Merrill Lynch will charge aninternational transaction fee equal


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to 2% of the U.S. dollar amount ofall transactions that occur outsideof the United States, includingpurchases, credits, ATMwithdrawals and cash advancetransactions. մեis fee will only applyto transactions submitted to Visa ina currency other than U.S. dollarsand will be in addition to any otherapplicable transaction fees.

Visa transactions in a foreigncurrency are converted by Visa into a U.S. dollar amount inaccordance with Visa’s operatingregulations and conversionprocedures in effect at the time the transaction is processed. Visa’s regulations and procedurescurrently provide that the currency conversion rate used is a rate selected by Visa from the range of ratesavailable in wholesale currencymarkets. մեe rate may vary fromthe rate Visa itself receives, or agovernment-mandated rate.

մեe method of currency conversionis subject to change by Visa withoutnotice. մեe currency conversionrate in effect on the processingdate may also differ from the rate ineffect on the transaction date orposting date. Transactions made ina foreign currency that aresubmitted to Visa in U.S. dollars willbe posted to your CMA Account inthat U.S. dollar amount.

(f) Automated Teller Machine (ATM)service. Upon the selection of avalid PIN, you may choose to useyour card(s) to access cash andperform other Cash ManagementServices at an ATM. Eachcardholder will have the followingATM capabilities:

Cash withdrawals: Cash

withdrawals may be obtained at anATM. մեe daily ATM cash withdrawallimit is $2,500 per CMA Account,subject to the Purchasing Power ofthe CMA Account. Please note,some ATM operators may havedifferent limits on withdrawals.

Deposits: You may deposit checksand cash at any deposit-takingBank of America ATM. Checkdeposits greater than $1,000,000will not be accepted at any Bank of America ATMs.

Purchasing Power (availablebalance) inquiry: You may view youraccount’s Purchasing Power atmost Bank of America ATMs bychoosing to check your “AvailableBalance” on the ATM screen. YourPurchasing Power will be reflectedat the ATM as noted in “TotalAvailable Funds,” below.

Total Available Funds:1 մեis is thetotal amount of funds available toyou at the time of your ATM balanceinquiry.

Personal identification numberchanges: Authorized cardholderswith a valid PIN will have the ability to change this PIN at mostBank of America ATMs.

(g) Termination of card(s). Your rightto use the card(s) will beautomatically terminated if yoursubscription to the Service isterminated by you or Merrill Lynch.You agree that the cards issued inconnection with the CMA Serviceremain the property of BANA. It isalso understood that BANA mayterminate your right to use thecard(s) at any time in its discretionwithout prior notice. If your right touse the card(s) is terminated forany reason, you shall promptly

1 Total Available Funds is not your account value; it’s the amount available for purchases and/ortransactions in your CMA Account at a particular point in time.


return the card(s) to the Banks orMerrill Lynch.

(h) Deferred debiting of the CMAAccount. You agree to pay BANA forthe card purchases (including directdebits) posted to your card account.You authorize Merrill Lynch to payBANA from the assets in your CMAAccount, including, if applicable,through a margin loan (if you haveenrolled in the Margin LendingService). Card purchases aredebited from your account once amonth. Merrill Lynch will debit yourCMA Account on the Wednesdaybefore the last Friday of the monthfor all purchases posted to yourcard account for that monthlyperiod (“Deferred Debit”).

You may make payments by othermeans provided they arecompatible with our operations andprocedures, and you agree to notifyMerrill Lynch of your intention to do so.

If purchases exceed $100,000 in amonthly cycle, you must execute aStatement of Purpose (FederalReserve Form U-1) for BANA. If theForm U-1 is not on file, the entireamount of outstanding purchaseswill be immediately debited fromyour CMA Account. Any subsequentcharges not exceeding $100,000clearing the CMA Account duringthe same monthly cycle will bedebited on the Wednesday beforethe last Friday of the month.

You agree to waive your rightsunder federal law to be notified inadvance of variable debits providedthe amount does not exceed$500,000.

If for any reason your card iscanceled, you must cease usingyour card(s). Current charges will bedebited to your CMA Account on thenext Business Day, and new items

will be debited on receipt instead ofat the end of the monthly cycle.

Cash advances and ATMtransactions obtained with yourcard(s) at participating financialinstitutions or at ATMs will not bedeferred and will be debited directlyfrom the CMA Account on the datethat the notice of the transaction isreceived by Merrill Lynch.

(i) Disposal of assets. You agree tonot dispose of assets in the CMAAccount or any other securitiesaccount with Merrill Lynch or itsaffiliates if such disposal willnegatively affect your ability to payBANA for card transactions. Youmay continue, however, to tradesecurities in the CMA Account.

(L) ELECTRONIC FUNDS TRANSFERS

(i) General. Requests for transfers of fundswill be transmitted to banks selected byMerrill Lynch as agent for you. Suchbanks and any subsequent banksinvolved in the transfer may use varioussystems, including the federal funds wiretransfer system, when carrying out yourrequest. Your rights and obligations,Merrill Lynch and any banks involved incarrying out your funds transfer requestsare governed by Article 4A of theUniform Commercial Code, and byapplicable rules of ACH associations or,for federal funds wire transfers, bySubpart B of Regulation J of the FederalReserve Board of Governors.

Transfer of funds throughout thebanking system and related fundstransfer and communications systems,including the federal funds wire transfersystem, involve various risks, which youassume in requesting wire transfers.Such risks include, but are not limitedto, the following:

(a) մեe liability of banks with respect tofunds transfers may be limited by


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law and by contract; in particular,their responsibility for processingtransfers may be limited to relyingupon identifying (e.g., account)numbers rather than account partynames;

(b) You may not be able to cancel oramend a funds transfer requestonce transmitted to a bank forprocessing; and

(c) Federal funds wire transfers areirreversible once transmitted by abank and may not be recoverable.

Merrill Lynch shall act as your agent intransmitting funds transfer requests tobanks selected by Merrill Lynch, and youshall be regarded as the “sender” ofsuch transfers. In addition to applicablelaw, your rights and obligations shall begoverned by contracts that Merrill Lynchenters into with banks from time to timefor funds transfers of its own and yourfunds.

You agree that Merrill Lynch’s securityprocedures, which may include aconfidential password to initiateelectronic transfers, and the securityprocedures of banks that Merrill Lynchcontracts with for transfers of funds, are commercially reasonable. If Merrill Lynch notifies you of changes in its own security procedures, or ifMerrill Lynch agrees to modified securityprocedures of such banks from time totime, your continued use of theseservices to request transfers shallconstitute your agreement that suchchanged security procedures arecommercially reasonable. You have aright to request information aboutapplicable security procedures at anytime.

(ii) Additional notes on electronictransfers. Your account may be subjectto the federal law on electronic fundtransfers if you maintain the account asa natural person (as opposed to a

trustee or in another capacity) and haveestablished your account primarily forpersonal, household or family purposes.Your rights and responsibilities will dependon the type of electronic transfer. Fromtime to time, these rights andresponsibilities may change. You will benotified of any changes as required byapplicable law. If the change is necessaryfor security reasons, you do not have to benotified in advance.

Electronic transfers include:

• Visa card cash advances

• Visa point-of-sale transactions

• ATM withdrawals

• Transfers through a direct depositservice

• Transfers through the FTS

• Transfers through an ATM

• Pre-authorized debits through aprogram offered by a third-party orus

• Transfers to and from your accountunder a bank deposit program

• Payments through our Web Bill Payservice or Merrill Lynch standingletters of authorization

(a) Your liability. You are liable for nomore than $50 for unauthorizeduse of your FTS password. You arenot liable for unauthorizedpurchases using your Visa card orfor the unauthorized use of yourVisa card PIN. You are also notliable for any amount for the loss,the or possible unauthorizedtransaction once you have notifiedus or the issuer of the card.

Call immediately if a Visa card islost or stolen, or if you thinksomeone has transferred or maytransfer funds from your CMAAccount without permission:

• 800.262.LOST toll-free(800.262.5678)


• 609.818.8000 from outside theU.S. (collect calls accepted)

Telephoning is the best way ofminimizing your losses, but youmay also notify us in writing at:

Merrill LynchBankcard ProcessingP.O. Box 1519Pennington, NJ 08534-1519

Any funds that are redeemed orwithdrawn in connection with atransaction for which you are notliable will be credited back to you oryour CMA Account.

(b) Limits on electronic transfers. Youare limited to $2,500 a day in ATMwithdrawals using your Visa card.Some ATM transactions thatexceed this limit may be completed.In general, you may make anunlimited number of withdrawals,although some transactions may belimited or not completed forsecurity reasons. Some ATMowners and operators may havelimits on the frequency oftransactions and the amount ofcash withdrawals permitted.

(c) Transaction information. You willbe sent a monthly statement listingall electronic transfers for thepreceding month. In addition, youwill receive a receipt for allelectronic transfers made with aVisa card at ATMs or otherelectronic terminals in the U.S.

You may also check on the status oftransfers at any time by calling800.MERRILL (800.637.7455) oryour financial advisor at thenumber provided on your accountstatement. Information abouttransfers is also available online atmymerrill.com.

(d) Recurring transfers. To stoprecurring electronic payments or

transfers, call 800.MERRILL(800.637.7455) or your financialadvisor at the number provided onyour monthly statement. If youprefer, you may write to us at:

Merrill LynchAttn: CMA OperationsNJ2-800-01-03P.O. Box 1501Pennington, NJ 08534-0671

Your notice to cease paymentsshould be timed to arrive at leastthree Business Days before thepayment is due to be made. If youhave been asked to put a stoppayment request in writing, youmust write to us at the aboveaddress within 14 days of yourtelephone call. Once stopped,recurring payments will not resumeuntil we receive notice from you.Any request to change the title ofan account will be treated as arequest to stop payment ofelectronic transfers. If you requestthat we stop a regular payment atleast three Business Days beforethe electronic payment isscheduled and we do not do so, wewill be liable for your losses ordamages.

If you have arranged with a third-party for recurring transfers fromyour CMA Account of variableamounts, the third-party will notifyyou 10 days before each electronicpayment of the amount and date ofpayment. If you prefer, you maychoose to get this notice only whenthe amount falls outside certainlimits.

If you have a Visa card, you willreceive advance notice of thevarying amounts of the monthlydebit if the amount of the debitexceeds $500,000.


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(e) Our liability for failure to maketransfers. If an electronic transferis not completed on time or in thecorrect amount according toagreements governing the Service,we or the Visa card issuer may beliable for the resulting losses ordamages.

մեere are some exceptions. Merrill Lynch and the Visa cardissuer will not be liable, forinstance, if:

• մեrough no fault on our or itspart, the transfer amount willexceed your Purchasing Poweror spending limit;

• Circumstances beyond our or itscontrol (such as fire or flood)prevent the transfer, despitereasonable precautions thatwere taken;

• մեe ATM, electronic terminal orelectronic system was notworking properly and you knewabout the breakdown when thetransfer started; or

• մեe ATM where you obtainedcash did not have enough cash.

մեere may be other exceptionsstated in this Agreement orprovided by applicable law.

If you see an error or have aquestion about an electronictransfer, including electronic billpayments, call 800.MERRILL(800.637.7455) or write to us atthe address below. We must receivenotice of problems or errors within 60days aer the first statement orreceipt was sent on which theproblem or error appeared.

If you call us, we may ask you toreport the error or problem inwriting within 10 Business Days.

Report errors or problems in writingto:

Merrill LynchAttn: CMA OperationsNJ2-800-01-03P.O. Box 1501Pennington, NJ 08534-0671

Include the following information:

• Your name, address andaccount number

• A description of the error or theelectronic transfer you areunsure about

• մեe amount of the suspectederror

If the electronic transfer in questioninvolved obtaining cash at an ATMor financial institution or was a pre-authorized electronic transfer, thequestion or complaint will beresolved promptly but no more than45 calendar days aer the notice isreceived. If the electronic transferin question took place in a foreigncountry or involved a point-of-saletransfer made with a Visa card, thequestion or complaint will beresolved promptly but no later than90 calendar days aer notice isreceived. If it is decided that noerror occurred, you will be sent awritten explanation within threeBusiness Days aer theinvestigation is finished. You mayask for copies of the documentsused in the investigation.

(f) Disclosure of accountinformation. Subject to applicablelaw, we, the Visa card issuer orBanks holding your depositaccounts, will disclose informationto third parties about your CMAAccount or CMA SubAccounts andVisa card only:

• Where it is necessary tocomplete a transaction;

• To third parties, including ouraffiliates, who have a business


purpose for requestinginformation regarding theaccount or card;

• To credit bureaus and otherconsumer reporting agencies;

• To comply with a governmentagency or court orders;

• If you have given writtenpermission; or

• If you authorize a merchant toautomatically initiate recurringpayments.

(iii) Remittance Transfers. A RemittanceTransfer is a wire transfer initiated by anatural person (as opposed to a trusteeor in another capacity) from an accountbased in the United States primarily forpersonal, family or household purposesto a designated recipient outside of theUnited States. Your rights with respect toRemittance Transfers, including errorresolution and cancellation rights, willbe explained to you in oral or writtendisclosures provided to youcontemporaneously with eachRemittance Transfer transaction youinitiate.

Federal law provides certain rights andobligations related to RemittanceTransfers that may differ from rights andobligations that apply to other types ofelectronic transfers, includingdisclosure, cancellation and errorresolution rights. To the extent theprovisions of this Agreement areinconsistent with the oral or writtendisclosures provided to you for aRemittance Transfer governed by section919 of the Electronic Fund Transfer Act(EFTA), 15 U.S.C. Section 1693o-1, theterms of such disclosures shall govern.Notwithstanding anything to thecontrary contained herein, rights andobligations that apply to RemittanceTransfers are as set forth in EFTA, and asapplicable, as set forth in New York law.

Wire transfers to your account or fundedfrom your account or otherwise fundedby you may involve one or more fundstransfer systems, including withoutlimitation, Fedwire or Clearing HouseInterbank Payments System (CHIPS).Accordingly, notwithstanding any choiceof law that may be provided elsewhere inthis Agreement, such wire transfers willbe governed by the rules of any fundstransfer system through which thetransfers are made, as amended fromtime to time, including withoutlimitation, Fedwire, the NationalAutomated Clearing House Association,any regional association (each an “ACH”)and CHIPS.

Funds transfers through Fedwire will begoverned by and subject to Regulation J,Subpart B, and Uniform CommercialCode Article 4A incorporated byreference hereunder.

Wire transfers through CHIPS aregoverned by, and subject to, CHIPSRules and Administrative Proceduresand by the laws of the State of New York,including Article 4-A of the New YorkUniform Commercial Code, regardless ofwhether the payment message is part ofa wire transfer that is a RemittanceTransfer, except that, in the case of aninconsistency between New York lawand EFTA, EFTA shall govern.

(iv) Funds Transfer Service (“FTS”). Youmay elect to enroll in the FTS bycompleting the Funds Transfer ServiceEnrollment Form. մեis document, as amended from time to time by Merrill Lynch, is hereby incorporated byreference and made a part hereof. Youcan transfer funds electronically toaccounts outside of Merrill Lynch, tolinked CMA SubAccounts or to othersecurities accounts at Merrill Lynch byenrolling in the FTS. մեere is a $100minimum for electronic fund transfers.

All FTS transfer requests must beaccompanied by the number of the


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account and the confidential password(“FTS Password”) selected by you. Youwill be prompted to call us to set up anFTS Password for use in initiatingtransfers. You should safeguard this FTSPassword and not share it with anyone.Such transfers may be made byinitiating credit or debit transfers to orfrom accounts at Merrill Lynch or at oneor more financial institutions designatedby you through the Funds TransferService Enrollment Form, and theinstitutions participating in suchtransfers are hereby authorized toaccept such debit or credit transferinstructions communicated by Merrill Lynch and to transfer funds inaccordance therewith.

In the event that erroneous transfers aremade pursuant to the FTS, Merrill Lynchis authorized to initiate debit or credittransfers to correct such erroneoustransfers, provided that any suchcorrection is made in accordance withapplicable laws, rules or regulations.

For purposes of this Agreement, an FTSPassword shall cease to be effective atthe commencement of business byMerrill Lynch on the first Business Dayfollowing receipt of written or telephonenotice of cancellation of your FTSPassword, directed to Merrill Lynch. Youshould not disclose your FTS Passwordto any person.

You understand that you will be liable forall transfers of funds, whether or notactually authorized by you, that areinitiated by instructions that include theFTS Password, as well as any and alllosses and damages — direct, indirect orconsequential — that arise from or areattributable to such transfers.

You can arrange a funds transfer onlineat mymerrill.com or by calling800.MERRILL (800.637.7455).Transfers will be completed as soon asthe next Business Day (or the same dayif between Merrill Lynch accounts). You

can also set up recurring transfers.

Restrictions apply on fund transfersfrom certain fiduciary accounts. մեe FTSis not available for CMA SubAccounts.Call your financial advisor or800.MERRILL (800.637.7455) fordetails.

(M) AUTOMATED INVESTING

When you enroll in automated investing,we will automatically buy shares on yourbehalf in a mutual fund according to apredetermined schedule. You may enrollto invest through your CMA Accounts ortransfer funds from your accounts for investment through another Merrill Lynch account. All mutual fundpurchases are subject to the eligibilityterms in the mutual fund’s prospectus orstatement of additional information. մեeavailability of certain mutual fundsand/or share classes offered by amutual fund may be limited at Merrill Lynch to specific service models.Your financial advisor can provide youwith further information about thisservice.

(N) ELECTRONIC BILL PAYMENT

You can pay your monthly bills with easeusing our electronic bill payment service(also referred to as Web Bill Pay). մեeservice allows you to make one-time orrecurring payments from your CMAAccount to third parties using your web-connected home or office computer. Billpayments are debited from your CMAAccount electronically or by dras thatclear like CMA Account checks. Billpayments are clearly indicated on yourmonthly statements. In the event oferroneous bill payments, we areauthorized to credit or debit your CMAAccount to correct such transactions,subject to applicable laws, rules andregulations. Payments will not be cleared ifthey exceed your Purchasing Power (see“Transactions Exceeding PurchasingPower,” Section 6(H)(ii)), and BANA is not


obligated to provide you with funds tocover an overdra. For more informationon electronic bill payment, refer toElectronic Bill Pay service atmymerrill.com or call 800.MERRILL(800.637.7455).

(O) DIRECT DEPOSIT SERVICE

մեrough the Direct Deposit Service, youcan have payroll, pension, SocialSecurity and other recurring paymentssent electronically into your CMAAccount on your payroll date or on theeffective date of the payment, and thosepayments will be swept into your PrimaryMoney Account on the Business Dayaer the funds and data necessary toidentify your CMA Account are received.Call your financial advisor or800.MERRILL (800.637.7455) forinformation about enrolling in thisservice. Or visit mymerrill.com.

(P) MYMERRILL

All account holders may enroll inmymerrill.com. մեis internet-basedservice provides 24-hour access to youraccount information, Merrill Lynchresearch and investment information,market data, and news. To activate thisservice, a User ID and password arerequired. It is important to safeguardthis information. If you have not received a User ID or password, or haveforgotten either of them, you canrequest this information online atmymerrill.com or by calling800.MERRILL (800.637.7455).

(i) Intercompany transfer of funds. If youhave both a Bank of America checkingor savings account and a CMA Account,you may be able to transfer fundsbetween these accounts usingBankofAmerica.com or mymerrill.com. Inorder to transfer funds, your onlineprofiles must be linked. To link youronline profiles, log on to eitherBankofAmerica.com or mymerrill.comand follow the instructions to link your

online profiles. If you have anyquestions, please call 800.MERRILL(800.637.7455) or 800.432.1000.

7. TERMINATION OF THE SERVICE

Merrill Lynch, the Banks or you mayterminate the Service and close youraccount(s) at any time and for any reason.You agree to remain responsible forauthorized charges and any debit balancesthat arise before or aer termination.

Merrill Lynch and/or the Banks require youprovide transfer instructions to transfer youraccount to another financial institution orelsewhere or liquidation instructions within30 days of receiving written notification fromMerrill Lynch and/or the Banks informing youthat Merrill Lynch and/or the Banks areterminating your account and yoursubscription to the Service. If suchinstructions are not submitted by you within30 days:

• Cash, all shares of the Money MarketMutual Funds (including, if applicable,any shares and/or depositsrepresenting the minimum MoneyAccounts balance) and bank deposits,such as the Merrill Lynch Bank DepositProgram, and/or the ISA Program, will beliquidated or withdrawn and theproceeds will be sent to you in the formof a check;

• Equity securities eligible for directregistration will be issued to you instatement form;

• Equity and fixed income securitieseligible for certificate delivery will beissued to you in that form;

• Equity and fixed income securitiesineligible for certificate delivery will beliquidated; and

• Any non-transferable securities,including but not limited to mutual fundpositions and option contracts, will beliquidated at current market prices. Saleproceeds will also be issued to you inthe form of a check.


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Any outstanding obligations and/or debitbalance(s) you may owe in your CMAAccount(s), including any annual and closingfees, will be paid prior to any checks beingissued. Liquidation of any security will likelybe a taxable event and may incur fees,including mutual fund contingent deferredsales charges, or other applicable liquidationfees. Merrill Lynch recommends that youconsult a tax advisor to determine whatresult, if any, liquidation may have on yourtax situation.

All rights and remedies of Merrill Lynchexisting at termination of your subscription tothe Service shall survive and shall be inaddition to all other rights and remediesavailable at law or equity.

Upon termination of your subscription to theService, you shall promptly return all cardsand unused checks to Merrill Lynch.

8. FEES AND CHARGES

(a) General. All CMA Account fees, includingan annual account fee, will be chargedto the CMA Account. You authorizeMerrill Lynch to pay such fees fromassets in the CMA Account, includingCash Balances, Money Accountsbalance, and, if necessary, by sellingother assets in the CMA Account. Seethe Appendix for details regarding CMAAccount fees.

Merrill Lynch and the Banks reserve theright to change their fees, including theannual account fee, as well as any otherfees or charges, or to implementadditional fees and charges at any time,except as limited by applicable law. Feesare nonrefundable.

No transaction charge or commissionwill be made with respect to thepurchase or redemption of MoneyMarket Mutual Fund shares or depositsto or withdrawals from the Merrill LynchBank Deposit Program or the ISAProgram.

(b) Minimum balance fee. A minimumbalance fee of $15 per calendar quarterwill be charged to households withaccounts that in the aggregate have less than $20,000 in assets atMerrill Lynch.

մեe following accounts will be includedin determining the aggregate householdaccount value:

• CMA Accounts

• Individual Investor Accounts

• IRAs (IRA, IRRA, Roth IRA, SEP andSIMPLE accounts)

• Medical Savings Accounts (MSAs)

• Health Savings Accounts (HSAs)

• Education savings accounts(Education Savings Accounts andSection 529/NextGen accounts)

Accounts with the same mailing addresson the valuation date will be consideredincluded in the same household. մեeminimum balance fee will not apply if onthe valuation date there is at least$5,000 in mutual funds holdings (notincluding Money Market Mutual Funds)in household accounts or if any accountin the household is enrolled in theMutual Fund Advisory program. մեe feewill also not apply until one year fromthe date the first account in thehousehold has been established.

մեe quarterly fee will be charged to onlyone account in the household, asfollows:

• If there is more than one eligibleaccount in the household, CMAAccounts will be charged beforeIndividual Investor Accounts, andIndividual Investor Accounts will becharged before any IRA.

• If there is more than one of thesame account type within thehousehold, the account with thelargest asset balance on the


valuation date will be charged thefee.

Accounts enrolled in the followingservices will be used to determinewhether the $20,000 threshold hasbeen reached but will not be chargedthe fee: Consults (and other managedaccount products) and accounts in theMerrill Edge® self-directed onlineinvesting platform. Section529/NextGen, ESA, MSA, HSA and stockoption exercise accounts will also not becharged the fee.

In determining the value of accounts,the valuation date will be the last Fridayof each calendar quarter. Valuation willbe based on the long-market value ofsecurities and deposit balances with theMerrill Lynch Affiliated Banks, plus theoutstanding amount of anyindebtedness to Merrill Lynch or any ofits affiliates. մեe fee will be chargedduring the first Business Days of eachcalendar quarter.

(c) Low balance donation. If your CMAAccount contains a balance of less than$15, the next assessment of annualaccount fees may result in a debitbalance for your account. If this occurs,you will be required to pay Merrill Lynchthat balance. If you choose, you havethe right to direct Merrill Lynch to closeyour account and mail you a check. Ifyou fail to provide instructions to do so,Merrill Lynch will donate this balance tocharity. մեis policy is designed to preventyou from owing Merrill Lynch money andto prevent the inconvenience of havingyour account remain open with such asmall balance. By not directing us tosend you a check or otherwise transferyour remaining balance, you aredeemed to expressly consent to thischaritable donation.

9. AUTHORIZATION WITH RESPECT TOCONSUMER INFORMATION

You hereby authorize Merrill Lynch, theBanks and their affiliates to obtain and verifyand disclose any and all financial, credit andother information relating to you, to eachother, to Merrill Lynch and to any affiliates ofMerrill Lynch.

You authorize Merrill Lynch and its affiliates(including the Banks) to request a consumerreport about you from one or more consumerreporting agencies for the purposes of:

• Evaluating your application for theService or related program or service;

• Reviewing or collecting any customerinformation for CMA Accounts opened byyou; or

• Any other legitimate business purpose.

At your request, we will supply you with thename and address of each consumerreporting agency from which we obtained aconsumer report, if any, in connection withyour CMA Accounts or application.

10. CONFIRMATIONS, PERIODICSTATEMENTS AND NOTICES

You agree that communications, includingperiodic statements and other notices, maybe sent to your address or to such otheraddress you provide in writing. մեe periodictransaction statement from Merrill Lynch willdetail all account transactions during thepreceding period.

As part of the CMA Master Financial Service,monthly statements for each CMASubAccount will be mailed to the Master CMAAccount holder’s address.

All account holders remain responsible forverifying the accuracy of their accountstatements, reading notices about their CMAAccounts and directing activity in their CMAAccounts. մեe periodic statement will includeinformation provided by Merrill Lynch asagent for the Banks, the third-partyprocessing institution and any ISA Programparticipating depository institutions.


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Trade confirmations and monthlystatements shall be conclusive if notobjected to by written notice delivered toMerrill Lynch within 10 Business Days aerdelivery of or communication of theconfirmations or statements to you byMerrill Lynch.

Any notices or other communications byMerrill Lynch to your address listed on theaccount application or to such other addressas may be designated from time to time inwriting or orally by you, and all notices andother communications so sent by whatevermeans, shall be deemed to have been givenpersonally to you upon such sending,whether or not actually received. If you haveone or more CMA SubAccounts that is linkedto a Master CMA Account for statementdelivery purposes, you agree that theaccount holder for the Master CMA Accountis its agent for the purpose of receiving your(1) CMA periodic statement for the CMASubAccount; and (2) any notices or othercommunications. Merrill Lynch may mail allsuch statements and communications to theaddress designated by you for the MasterCMA Account.

11. ACCOUNT INFORMATION

You can obtain account information in fourways: through your financial advisor; throughour 24-hour client service number800.MERRILL (800.637.7455); on youraccount statements; and throughmymerrill.com (once activated).

For deaf or hard-of-hearing clients, the TTYnumber is 866.ML7.DEAF (800.657.3323).Hours are 8:30 a.m. to 4:30 p.m., Mondaythrough Friday (ET).

12. EXTRAORDINARY EVENTS

Merrill Lynch, its affiliates, UMB Bank, n.a.,and the Banks shall neither be responsiblefor any loss sustained by you, nor have anyobligation to provide services to you or yourCMA Account, when and to the extent thatMerrill Lynch, or any party that provides

services or facilities to Merrill Lynch inconnection with the Service, is preventedfrom doing so by government acts orrestrictions, exchange or market rulings,suspension of trading, electronic ortelephone failures, labor disputes, civilcommotion, enemy action, war, acts ofterrorism, or any other cause not withinMerrill Lynch’s or such other party’s control.

13. AMENDMENTS AND ADDITIONALDOCUMENTATION

(i) Amendments. Merrill Lynch and theBanks (as applicable) shall have theright to amend this Agreement bymodifying or rescinding any of itsexisting provisions, or by adding newprovisions, by notifying you in advance inwriting. You agree that any suchamendments shall be effective as of thedate Merrill Lynch establishes, subjectto applicable law. Unless the contextotherwise requires, the term“Agreement” shall include thisAgreement relating to your CMA Accountand the Documents, as amended fromtime to time. In addition to the foregoingrights of Merrill Lynch and withoutlimitation thereof, any amendment,update or alteration to any or all of theMoney Market Mutual Funds’prospectuses shall be immediatelyeffective to amend, update, alter andsupersede any prior prospectus. Nothingin this Agreement shall be read to limitthe right of Merrill Lynch to make anychange, amendment or termination ofthe Service, the Agreement or theMoney Market Mutual Funds.

(ii) Additional documentation. Youunderstand that additionaldocumentation may be required byapplicable law or the policies andprocedures of Merrill Lynch or theBanks. You shall promptly comply withany such requests for additionaldocuments.


14. MISCELLANEOUS

(A) SEVERABILITY

If any provisions of this Agreement are heldto be invalid, illegal, void or unenforceable byreason of any law, rule, administrative orderor judicial decision, all other provisions ofthis Agreement shall nevertheless remain infull force and effect.

(B) JOINT ACCOUNTS AND JOINT SEVERALLIABILITY

If there is more than one account holder,their obligations are “joint and several.” մեelegal ownership of the CMA Account shall bein such form as you designate and asconfirmed by Merrill Lynch, as reflected in theCMA Account title. If no designation is made,Merrill Lynch is authorized to deal withaccount holders as tenants in common(without rights of survivorship).

If you are a U.S. citizen, legal ownership ofthe CMA Account will be governed by theinternal laws of your state of permanentresidence. If you are a nonresident alien, youagree that the form of joint ownershipdesignated for the CMA Account shall begoverned by the internal laws of the State ofNew York (notwithstanding the laws of anyother jurisdiction to the contrary). You alsoagree to submit to the jurisdiction of thecourts of New York and the federal courts inthe Southern District of New York forpurposes of determining all matters withregard to the CMA Account and consent toservice of process by certified mail to theCMA Account’s address of record.

All account holders agree that each CMAAccount holder has authority to transact anybusiness on behalf of the CMA Account asfully and completely as if he or she were soleowner of the CMA Account.

Merrill Lynch is authorized, subject to ourpolicies and procedures, to accept written ororal orders and instructions with respect tothe CMA Account from each account holder,without notice to any other account holder,

for the receipt or transfer and withdrawal offunds by check, wire transfer or otherwise,and for the purchase, sale, exchange,transfer or other disposition of Securities andOther Property (with or withoutconsideration), including, but not limited to,checks drawn to, or transfers made directlyto, the account holder requesting the checkor transfer and/or to third parties.

Merrill Lynch reserves the right to requirejoint instructions by all account holders or acourt order at any time with regard to thetransfer of funds or securities.

If the account holders have enrolled in theMargin Lending Program, all account holdersfurther agree that all Securities and OtherProperty that Merrill Lynch may be holding forany of them, either in this CMA Account orotherwise, shall be subject to a lien for thedischarge of obligations of this CMA Accountto Merrill Lynch. Such lien is in addition toany rights and remedies Merrill Lynch mayotherwise have.

All statements, notices or othercommunications sent or given to oneaccount holder by Merrill Lynch shall beconsidered notice to all account holders.

(C) OWNERSHIP CHANGES ON JOINTACCOUNTS

On the death of an account holder, thedivorce of married account holders, theassignment of an account holder’s interest orother event that causes a change inownership, all account holders or thesurviving account holder(s), as applicable,shall immediately give Merrill Lynch writtennotice thereof. In such event, Merrill Lynchmay take such action, including requiringsuch documents or imposing suchrestrictions on the account, as we deemnecessary in the circumstances.

մեe estate of a deceased account holder anda departing account holder by assignment ordivorce shall remain liable, jointly andseverally, with the remaining or survivingaccount holder(s) for any obligations of the


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account arising before Merrill Lynch receivessuch notice, or incurred in liquidation of theaccount or the adjustment of the interests ofthe account holders.

In the event of any such change of ownershipof the CMA Account, Merrill Lynch isauthorized to divide or retitle the CMAAccount in accordance with the form of legalownership of the CMA Account as reflectedon our records or by written instructions ofthe remaining or surviving account holder(s),or by obtaining a court order, as we mayreasonably determine is appropriate in thecircumstances.

Unless agreed otherwise among accountholders in writing provided to Merrill Lynch,joint accounts designated “with right ofsurvivorship” (e.g., JTWROS) shall vest theinterest of a deceased account holder in thesurviving account holder(s). CMA Accountsdesignated “without right of survivorship”(e.g., TIC) shall entitle the estate of adeceased account holder and the survivingaccount holder(s) to equal shares of the CMAAccount.

All account holders agree to indemnify Merrill Lynch against any liability, loss orexpense incurred from acting in accordancewith this Agreement in the event of a changeof ownership of the CMA Account.

(D) COSTS OF COLLECTION

To the extent permitted by applicable law, youshall pay the reasonable costs and expensesof collection, including attorneys’ fees, forany unpaid balance in the CMA Account,finance charges as a result of anyoverdra(s), or other amounts owed to Merrill Lynch, its agents or the Bankspursuant to this Agreement.

(E) APPLICABLE RULES ANDREGULATIONS

All transactions in the CMA Account and allMargin Lending Program transactions shallbe subject to the constitution, rules,regulations, customs and usages of theexchange or market and its clearing house, if

any, on which such transactions are executedby Merrill Lynch or its agents, includingsubsidiaries and affiliates of Merrill Lynch.մեe CMA Account is governed by the rulesand regulations of the Securities andExchange Commission (SEC), the FederalReserve System, the State of New York, andthe Financial Industry Regulatory Authority(FINRA), as well as Merrill Lynch’s ownpolicies and procedures. Nothing in thisprovision, however, shall be read to createany right by you to enforce any provision ofsuch constitution, rules, regulations, customsand usages against Merrill Lynch.

You may not use the CMA Account orrelationship to the firm to processtransactions that are prohibited by law,including, but not limited to, restrictedtransactions prohibited by the UnlawfulInternet Gambling Enforcement Act of 2006.

(F) DISPUTES

If Merrill Lynch believes there is a disputeconcerning the control or ownership ofassets in your CMA Account, Merrill Lynchmay, but is not obligated to, take one or moreof the following actions, without any liability,until such dispute is resolved to oursatisfaction:

• Restrict activity in the CMA Account;

• Require that all instructions be inwriting, signed by all account holders orpersons claiming ownership or authorityto control the CMA Account;

• Suspend or terminate the Service;and/or

• File an interpleader action in anappropriate court at your expense.

(G) SPECIAL ACCOUNTS

We may modify the conditions of the Servicefor certain group plans and differentcategories of clients. For these clients,certain features of the Service may bemodified. For instance, Cash Balances maybe swept into Money Accounts on a morefrequent basis; additional or different Money


Account options may be offered; andeligibility for the Margin Lending Program anduse of Visa cards and checks may berestricted. In addition, we may raise or waiveminimum account-opening requirements. Wemay also charge such clients different feesfrom those generally charged to clients, or wemay waive fees.

(H) THIRD-PARTY RESEARCH

Merrill Lynch may offer you access to third-party research on certain U.S. and non-U.S.equity and fixed-income securities. You agreethat neither Merrill Lynch nor any of itsaffiliates bears any responsibility or liabilityfor third-party research or its content whichmay be made available to you. You assumefull responsibility for any trading decision youmake based on third-party research. Accessto third-party research is provided forinformational purposes only and does notconstitute investment advice. Merrill Lynchdoes not endorse or otherwise adopt third-party research reports or ratings.

(I) SUBSTITUTE PAYMENTS

Merrill Lynch will aim to reduce theoccurrence of circumstances that lead to itsclients receiving substitute interest ordividend payments for their securities in lieuof payments from the issuer of the securities.For municipal securities, we may do so byinforming clients when such circumstancesarise in a transaction, and giving clients theopportunity to instruct us to either: (i) canceland correct the transaction in question if acancellation and correction can reasonablybe executed; or (ii) purchase a comparablesecurity if a comparable security is availablefor purchase. մեere may be circumstanceswhere a transaction cannot reasonably becanceled or corrected or a comparablesecurity is not available for purchase, whichmay lead to clients receiving substitutepayments for their securities in lieu ofpayments from the issuer of the securities.Clients may receive substitute payments fortheir securities under a number ofcircumstances in normal business activities

that may create a temporary shortfall thatresults in Merrill Lynch holding an insufficientamount of the securities at the DepositoryTrust Company to enable all our clients toreceive the actual payment from the issuer ofthe securities. Under such circumstances, wewill use an internal lottery system todetermine on a random basis which clients toallocate substitute payments to. Clients whoreceive a substitute payment will see thepayment indicated as such in their accountstatements. Merrill Lynch is committed toensuring that its clients are not adverselyimpacted by their receipt of substitutepayments. մեerefore, to the extent substitutepayments are made to our clients, Merrill Lynch will “gross up” substitutepayments aer the close of the year thepayments are made to compensate you forany federal tax liabilities that might beincurred, including an amount equal to thetax liability on the gross up itself, inaccordance with our policies, copies of whichwill be provided upon request.

(J) NON-U.S.-ISSUED SECURITIES

If you trade and hold non-U.S.-issuedsecurities, you acknowledge and agree thatMerrill Lynch or its affiliates are, or may be,required to disclose your name and otheridentifying information, including SocialSecurity number or tax identification number,to regulators (including taxing authorities)and/or issuers to comply with local lawand/or custom and practice. For example, wemay be required to provide personalinformation in order to meet local regulationsthat require the submission of investornames to the local stock exchange, or anissuer may request residence and taxpayeridentification information in order to obtainfavorable tax treatment, such as lowerwithholding rates, for shareholders.

If you hold shares of Italian companies whoseequity securities are traded in any regulatedmarket, you hereby represent that you onlyhold “Non-Qualified Equity Investments”(Partecipazioni Non Qualificate). You agree,and acknowledge that it is your responsibility,


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to immediately inform Merrill Lynch if thisrepresentation is inaccurate or untrue or if itbecomes inaccurate or untrue.

(K) REFERRAL POLICY

Merrill Lynch is an affiliate of BANA and othersubsidiaries of Bank of America Corporation.Merrill Lynch is one of the world’s largestfinancial institutions, serving individualconsumers, small- and middle-marketbusinesses, institutional investors, largecorporations, and governments with a fullrange of banking, investing, assetmanagement, and other financial and riskmanagement products and services. In theevent Merrill Lynch refers your businessamong its affiliates to provide you withcertain products or services, Merrill Lynch (orits employees or representatives) mayreceive financial or other benefits for suchreferrals.

(L) COMPLIANCE WITH APPLICABLE LAWS

You represent that you (and any beneficialowner(s) if signed in a representativecapacity) have complied, and you agree thatyou and any such beneficial owner(s) willcomply, for so long as this Agreement is ineffect, with all applicable laws (includingobligations related to tax payments andreporting and to currency exchange controls)related to (i) the assets deposited, acquiredor otherwise held in any CMA Account held atMerrill Lynch now or in the future; or (ii) any other transaction you enter into withMerrill Lynch or its affiliates. You furtheragree and acknowledge that you (and anybeneficial owner(s) if signed in arepresentative capacity) are responsible fortimely paying any taxes owed to any taxauthority and for timely filing all relevant taxreturns in relation to assets held in any CMAAccount held at Merrill Lynch now or in thefuture, or any other transaction you enter intowith Merrill Lynch or its affiliates.

(M) INVESTMENT POLICY STATEMENTS —RESPONSIBILITY TO REVIEW ANDMONITOR

You acknowledge that it is your soleresponsibility to adhere to any investmentpolicy statement (IPS) or similar documentthat applies to you. You further acknowledgethat, in connection with your Merrill LynchAccount(s), Merrill Lynch shall not have anyresponsibility to review, monitor, or adhere toyour IPS or similar document.

(N) EXERCISING EMPLOYEE STOCKOPTIONS

In order to sell shares under a company’sstock option plan, you constitute and appointMerrill Lynch as agent and attorney-in-fact forthe purpose of:

• Determining and selling the number ofshares of stock required to pay theamounts due upon exercise of theoptions;

• Making such payments; and

• Taking such further actions as shall benecessary to implement employee stockoption exercises.

You authorize and instruct the employer todeliver the stock issued pursuant to the stockoption exercises. You agree that thisauthorization is irrevocable and will continuein full force and effect and will apply to eachstock option exercise.

All company stock held or carried in the CMAAccount shall be subject to a lien for thedischarge of any debt resulting from fundsadvanced for payment of the stock optionexercise, applicable taxes, interest, and feesor commission.

(O) NON-U.S. INDIVIDUAL CLIENTS ANDU.S. CITIZENS LIVING ABROAD

Regardless of your citizenship, if you areliving outside the U.S. at your death, assetsheld in your account(s) with Merrill Lynch maybe subject to U.S. estate taxes. To ensure anyU.S. estate tax liabilities are satisfied, U.S.


law imposes (i) a lien on all of your assets(both U.S.-situs and non-U.S.-situs assets)held with Merrill Lynch at your death and (ii)statutory executor status on Merrill Lynch onbehalf of the U.S. government at such time.As a result of this lien and the potentialliability of Merrill Lynch as statutory executorfor any unsatisfied U.S. estate tax, all of theassets in your CMA Account(s) with MerrillLynch at your death will be restricted fromwithdrawal or transfer until (a) Merrill Lynchconcludes that an exception applies basedon an affidavit confirming your total U.S.assets held at death, your country ofcitizenship (this exception is not available forU.S. citizens), and your country of permanentresidence; (b) Merrill Lynch receivesdocumentation satisfactory to Merrill Lynchconfirming that your assets are subject to aprobate proceeding within the U.S.; or (c) arelease from the U.S. Internal RevenueService (IRS), known as a “Federal TransferCertificate,” is provided to Merrill Lynch(obtaining this from the IRS can take up to ayear or more). As Merrill Lynch does notprovide tax advice, please seek guidance onthis topic from your own legal or tax advisor.

(P) SUCCESSORS

մեis Agreement is binding on and will inure tothe benefit of your heirs, successors andpersonal representatives, and may not beassigned without the written consent ofMerrill Lynch and the Banks. մեis Agreementis binding upon the successors of, and maybe assigned by, Merrill Lynch and the Banks.

(Q) HEADINGS

մեe heading of each provision of thisAgreement is for descriptive purposes onlyand shall not be deemed to modify or qualifyany of the rights or obligations set forth ineach such provision.

(R) INTEGRATION

Subject to Merrill Lynch’s right to amend thisAgreement and the Documents in Section13, this Agreement, the Documents and allother documents incorporated herein by

reference or required by Merrill Lynch inconnection herewith, constitutes the entireunderstanding of the parties with respect tothe subject matter hereof.

15. REPRESENTATIONS AS TO OWNERSHIPAND CAPACITY TO ENTER INTOAGREEMENT

You represent that no one except you (or the beneficial owner(s) if signed in arepresentative capacity) has an interest inyour CMA Account(s) with Merrill Lynch. If thisCMA Account is beneficially owned by anyperson who is a U.S. Securities Exchange Actof 1934, Section 16, reporting person of aU.S. public company, you represent that nofunds or assets belonging to such U.S. publiccompany, or any entity affiliate of such U.S.public company, will be invested through thisCMA Account. If you are a sole proprietor, you represent that you are of legal age tocontract in your jurisdiction of residence. You represent that no person having anownership interest in your CMA Account is an employee of any exchange, or of anycorporation of which any exchange owns amajority of the capital stock, or of a memberof any exchange, or of a member firm ormember corporation registered on anexchange, or of a bank, trust company,insurance company or any corporation, firmor individual engaged in the business ofdealing either as broker or as principal insecurities, bills of exchange, acceptances, orother forms of commercial paper. If any of theforegoing representations is inaccurate orbecomes inaccurate, you will promptly soadvise Merrill Lynch in writing.

16. APPLICABLE LAWS

մեis Agreement, with respect to all aspectsof the Service, including margin interestcharges, shall be governed by andconstrued in accordance with the laws ofthe State of New York, except as follows:

մեe terms of the Agreement with BANA aregoverned by federal and North Carolinalaw, and the terms of the Agreement withBA-CA are governed by federal law. մեe


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terms of the Agreement with the third-partyprocessing institution for checks, UMBBank, n.a., are governed by Missouri law.

Your rights and obligations for RemittanceTransfers will be governed by and interpretedas described in the section titled“Remittance Transfers.”

17. CUSTOMER INFORMATION ANDDUE DILIGENCE

Merrill Lynch, like all U.S. financialinstitutions, is required to follow federalregulations to assist the government in itsefforts to fight money laundering and otherfinancial crimes, and to counter terroristfinancing efforts in the U.S. and globally. Merrill Lynch obtains specific personalinformation from you in order to verify youridentity; you may be required to presentdocumentary evidence of your identity inthe form of government-issued

identification. Merrill Lynch also uses third-party vendors to verify customerinformation. Foreign nationals who arepermanent legal residents of the U.S. maybe required to present a PermanentResident card (i.e., “green card”) and aSocial Security number to open a CMAAccount in a U.S.-based Merrill Lynchoffice. Non-individuals (e.g., a business,trust or estate) must submit sufficientevidence of legal status.

In addition to verifying the identity of ourcustomers, Merrill Lynch captures personalinformation on all customers and relatedauthorized parties who have the ability totransact, control, influence or manage aCMA Account, whether directly orindirectly. Merrill Lynch, at its discretion,may elect not to accept a CMA Account orto terminate the CMA Account Agreementand the Account Agreements of any relatedparties. n

L-12-17

46 | About the CMA Annual Account Fee Waiver Program

About the CMA AnnualAccount Fee WaiverProgram[1] մեe CMA Annual Account Fee Waiver

Program (the “Program”) provides youmultiple ways to qualify for annualaccount fee waivers on your CMAAccount(s) and CMA SubAccount(s).

[2] Accounts opened through MoneyManager Services are not eligible forCMA annual account fee waivers underthe Program. Additionally, the assets andactivity in Money Manager Servicesaccounts will not count toward theProgram.

[3] Each year, we will automatically evaluatethe accounts you have with Merrill Lynchand Bank of America, as defined in“Ways to Qualify for the Program,” below.If you are eligible and qualify for CMAannual account fee waivers under theProgram, we will automatically waive theannual account fee(s) for your CMAAccount(s) and CMA SubAccount(s) forthat calendar year. Note that annualaccount fees on other brokerage accounttypes, such as IRAs, are not waivedunder the Program.

[4] If you do not qualify for the Program, youwill be charged the standard annual fee.For additional information about fees,see Appendix.

[5] մեere are other fees associated with youraccount besides annual account fees,including fees for optional services andcertain transactions. մեese fees are notwaived under the Program. Please seeAppendix for details.

CMA STATEMENT LINKS[6] For the purposes of this Program, a “CMA

Statement Link” is defined as one ormore CMA Accounts you may have linkedtogether with any other eligibleaccount(s) through our Statement Link

Service. For the Program, a CMAStatement Link includes assets in thefollowing account types:

• CMA Account

• CMA SubAccount®

• CMA for Trust (Revocable Living TrustOnly)

• Individual Investor Account (Retail Only)

• Working Capital Management Account®(WCMA®) classified as a Family BusinessEntity

• Business Investor Account (BIA)classified as a Family Business Entity

• 529 College Savings Plan

• Education Savings Account

• Individual Retirement Account (IRA)

• Individual Retirement Rollover Account(IRRA®)

• Simplified Employee Pension (SEP) Plan

• Roth IRA

• Savings Incentive Match Plan forEmployees Individual RetirementAccount (SIMPLE IRA)

• Eligible Trust Management Accounts(TMA accounts):

— Trusteed IRAs

— Revocable Personal Trusts

— Revocable Agency Accounts

Any above account type availablethrough Merrill Edge® Self-DirectedInvesting (when consent is provided tothe Merrill Edge Self-Directed InvestmentCenter for your advisor to view theaccount).

[7] When we determine Program eligibility,we do not include assets in the followingtypes of CMA, CMA SubAccounts andIndividual Investor Accounts, even if theyare in a CMA Statement Link:

• Irrevocable Living Trust

• Testamentary Trust

• Estate

• Investment Club

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• Curator/Guardian/Conservator/Tutor/Committee

• Usufruct

EVALUATION[8] Each January, we will evaluate your CMA

Account and/or CMA Statement Link todetermine whether we will waive yourannual account fee(s) for that calendaryear. We will provide each CMA Accountand CMA SubAccount with a “Fee WaiverStatus”; that is, either waived or notwaived.

[9] To have your CMA and CMA SubAccountannual account fees waived, you mustmeet the “Program EligibilityRequirement” and at least one of thefour “Ways to Qualify for the Program”each year, as outlined below.

PROGRAM ELIGIBILITY REQUIREMENT[10] Your CMA Account or CMA Statement

Link must have an eligible asset value of$250,000 or more. We calculate the$250,000 based on month-end balances(as of the last Friday of the month)averaged over the six-month time frameprior to each January’s evaluation.

WAYS TO QUALIFY FOR THE PROGRAM[11] If you meet the Program Eligibility

Requirement, you have four ways toqualify for an annual account fee waiveron your CMA Account(s) and CMASubAccount(s). (Note: Merrill Edge Self-Directed Investing accounts will not bereviewed for the “Managed ProgramQualification,” the “Direct DepositQualification” or the “Credit CardQualification”). You must have one of thefollowing at the time we evaluate youraccounts:

1. Managed Program Qualification:Within a CMA Statement Link, a CMAAccount, CMA SubAccount, IRA, IRRA,Roth IRA, SEP plan or SIMPLE IRAenrolled in a managed program.

We include the following managedprograms:

— Merrill Lynch Strategic PortfolioAdvisor® (SPA)

— BlackRock Private Investors

— Merrill Lynch Managed AccountServiceTM (MAS)

— Merrill Edge Advisory Account

— Merrill Lynch Investment AdvisoryProgram

Eligible TMA accounts in a CMAStatement Link are considered“managed” for the Managed ProgramQualification.

Managed programs included in theCMA Annual Account Fee WaiverProgram may change in the future.Please speak with your financialadvisor if you have any questions.

Note: CMA Accounts and CMASubAccounts enrolled in managedsolutions group programs automaticallyreceive annual account fee waivers, andthe $250,000 statement-link minimumasset requirement does not apply. Underthe Program, if a CMA Account, CMASubAccount, IRA, IRA Rollover, Roth IRA,SEP plan or SIMPLE IRA is enrolled in amanaged solutions group program andthere are other non-managed CMAAccounts or CMA SubAccounts in thestatement link, the $250,000 statement-link minimum asset requirement must bemet in order for the non-managed CMAAccounts and CMA SubAccounts in thestatement link to qualify for annualaccount fee waivers.

2. Total Assets Qualification: A CMAAccount or CMA Statement Link with atotal eligible asset value of $5 millionor more.

We calculate the $5 million TotalAssets Qualification based on month-end balances (as of the last Friday of

48 | About the CMA Annual Account Fee Waiver Program

the month) averaged over the six-month time frame prior to eachJanuary’s evaluation.

3. Direct Deposit Qualification: Directdeposit total of $2,000 or more permonth across your CMA Account/CMAStatement Link and Bank of Americapersonal checking account(s) for threeconsecutive months prior to eachJanuary’s evaluation.

Personal checking accounts areaccounts opened for individuals, notfor businesses.

For CMA Accounts, we will include alldirect deposit payment types. For Bank of America personal checkingaccounts, we will include the followingdirect deposit payment types:

— Annuity

— Child support

— Dividend and interest

— Military-related

— Department of Social and HealthServices

— PayPal

— Employment base pay

— Pension transfers

— National Council on CompensationInsurance

— Social Security

— Supplemental Social Security

— Trust/beneficiary

Note: If you have chosen to opt out of theAdvised Client Model, we will not countyour personal Bank of America directdeposit payment activity toward the DirectDeposit Qualification. You may opt in oropt out of the Advised Client Model at anytime. To update your preference or tounderstand more about the Advised ClientModel, please contact your financialadvisor or 800.MERRILL(800.637.7455).

4. Credit Card Qualification: A totalpurchase amount of $36,000 or moreaggregated across your personalMerrill Lynch or Bank of Americabranded credit cards for the 12 billingcycles prior to each January’sevaluation.

Personal credit cards are credits cardsopened for individuals, not forbusinesses. Eligible credit card typesare subject to change.

մեe primary cardholder will receivecredit for the purchase amounts on allof the credit cards within the creditcard account. We base this amount onnet purchases; that is, purchasesminus returns/credits. We do notinclude balance transfers or cashadvances. Fees, interest charges andunauthorized/fraudulent transactionsdo not qualify.

Note: If you have chosen to opt out of theAdvised Client Model, we will not countyour personal Bank of America credit cardactivity toward the Credit cardQualification. You may opt in or opt out ofthe Advised Client Model at any time. Toupdate your preference or to understandmore about the Advised Client Model,please contact your financial advisor or800.MERRILL (800.637.7455).

CHANGES TO CMA STATEMENT LINKSPREVIOUSLY EVALUATED DURING ACALENDAR YEAR

[12] If you make changes to your CMAStatement Link aer it has beenevaluated for the Program in January, theFee Waiver Status will remain with eachCMA Account and CMA SubAccount untilthe next January’s evaluation.

[13] If you open a new CMA Account or CMASubAccount and link it to a previouslyevaluated CMA Statement Link, the newCMA Account/CMA SubAccount willinherit the Fee Waiver Status that was

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assigned to the other CMA Accounts inyour CMA Statement Link. մեe new CMAAccount/CMA SubAccount will beincluded in your CMA Statement Linkduring the next January’s evaluation.

NEW CMA ACCOUNTS AND NEW CMASTATEMENT LINKS

[14] For the purposes of the Program, a “NewAccount” is a CMA Account or CMASubAccount that has been opened forless than six months and not added to aCMA Statement Link that was previouslyevaluated for the Program. մեe Programwill exclude these New Accounts fromthe January evaluation until the NewAccounts have been opened for sixmonths. Aer the end of the six-monthperiod, we will evaluate your NewAccounts using the same qualificationprocess performed in January, with thefollowing exceptions:

• We will calculate the average assets forProgram Eligibility and the Total AssetsQualification (described above) based onthe number of months the account wasfunded.

• For the Credit Card Qualification, we willcalculate your total purchase amountbased on the prior six billing cycles,instead of 12 billing cycles, and qualifythe total purchase amount on $18,000or more, instead of $36,000 or more.

[15] Aer the first evaluation of your NewAccounts for the Program, we willevaluate your CMA Account(s) and CMASubAccount(s), and any CMA StatementLink they are in, if any, each January.

[16] If you have questions about the Program,please contact your financial advisor orcall 800.MERRILL (800.637.7455). n

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50 | Merrill Lynch Bank Deposit Program

About the Merrill LynchBank Deposit Program[1] մեis section describes the manner in

which free credit balances of the Service,which includes CMA Accounts and CMASubAccounts, will be deposited in bankdeposit accounts established in thename of Merrill Lynch as your agent at either BANA, and/or BA-CA, by Merrill Lynch. մեis feature is called theMLBD Program.

[2] If you subscribe to the MLBD Program foryour CMA Account or CMA SubAccount,Merrill Lynch, as your agent, willestablish two bank deposit accounts onyour behalf at BANA and BA-CA: (1) a BTA;and (2) an MMDA. մեe BTAs and MMDAsestablished through the MLBD Programare each a “Deposit Account” andcollectively the “Deposit Accounts.”

ELIGIBILITY [3] մեe MLBD Program is available only to

individuals, business entities, certainnonprofit organizations such as501(c)(3) entities, and certain fiduciariesand trusts, provided the beneficiaries areindividuals or otherwise eligible.

HOW THE PROGRAM WORKS

Deposits for single account holders[4] մեe timing of the deposit of available free

credit balances will be as set forth in thisAgreement.

[5] For CMA Accounts held by only oneindividual, free credit balances of up to$246,000 are remitted automatically fordeposit by Merrill Lynch, acting as youragent, to your Deposit Accountsestablished by Merrill Lynch at BANA.Merrill Lynch will make this deposit onyour behalf without reference to anyother amounts you may have on depositwith BANA. If your Deposit Accountbalances with BANA (from your CMAAccount) reach $246,000, then free

credit balances are remitted for depositto your Deposit Accounts established byMerrill Lynch at BA-CA, until DepositAccount balances at BA-CA (from yourCMA Account) reach $246,000. If yourDeposit Account balances at BA-CA (fromyour CMA Account) reach $246,000,subsequent funds will be deposited inyour Deposit Accounts at BANA, even ifthe amounts then deposited in BANAthrough the MLBD Program exceed$250,000.

[6] All deposits made to the DepositAccounts will be made to your MMDAaccounts, except as described under“Transfers and withdrawals,” page 52.

Deposits for joint account holders andaccounts for trusts

[7] մեe timing of the deposit of available freecredit balances will be as set forth in theAgreement.

[8] For joint CMA Accounts and CMATs, freecredit balances of up to $246,000 areremitted automatically for deposit byMerrill Lynch, acting as your agent, toyour Deposit Accounts established byMerrill Lynch at BANA. Merrill Lynch willmake this deposit on your behalf withoutreference to any other amounts you mayhave on deposit with BANA. If yourDeposit Account balances with BANAreach $246,000, then free creditbalances are remitted for deposit to your Deposit Accounts established byMerrill Lynch at BA-CA, until DepositAccount balances at BA-CA (from yourCMA Account) reach $492,000. If yourDeposit Account balances at BA-CA (fromyour CMA Account) reach $492,000,subsequent funds will be deposited inyour Deposit Accounts at BANA, even ifthe amounts then deposited in BANAthrough the MLBD Program exceed$500,000.

[9] All deposits made to the DepositAccounts will be made to your MMDAs,except as described under “Transfersand withdrawals,” page 52.

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Important deposit insurance considerations

[10] All funds on deposit in each Merrill LynchAffiliated Bank are eligible for insuranceby the FDIC. Deposits are insured up tothe SMDIA, per ownership category, perbank, as defined in paragraph 34. Forpurposes of determining depositinsurance coverage, all accounts ordeposits (including CDs you hold eitherdirectly or through any other account atMerrill Lynch or any other intermediary)in the same Merrill Lynch Affiliated Bankwill be aggregated. Amounts on depositat BANA or BA-CA in the same insurablecapacity in excess of the applicable FDICinsurance limit will not be covered byFDIC insurance. You are responsible for monitoring the total amount of allMerrill Lynch Affiliated Bank deposits inorder for you to determine the extent ofinsurance coverage available to you onthose deposits, including the DepositAccounts and CDs.

[11] If you have elected the MLBD Programthrough the Sweep Program inconnection with more than one Merrill Lynch account (such as a CMAAccount and a CMA SubAccount), youshould note that remittances of fundsfrom the CMA and CMA SubAccountsecurities accounts to the DepositAccounts are made by Merrill Lynch, asyour agent, on an automated andindependent basis. Merrill Lynch will notmonitor and adjust deposits to theDeposit Accounts to achieve the greatestdeposit insurance coverage for youbetween or among your Merrill Lynchaccounts. Persons with more than oneMerrill Lynch account with the MLBDProgram should consider variousalternatives to lessen the amount of theiruninsured Deposit Accounts. մեesealternatives may include selecting adifferent Money Account into whichavailable Cash Balances in their second

(or additional) Merrill Lynch accounts areswept, and carefully monitoring andperiodically adjusting the amount of theirdeposits with BANA and BA-CA (whetherin the Deposit Accounts, CDs or otherdeposits).

[12] As a result of the automated andindependent nature of the deposit-making process for the MLBD Program, itis possible, for example, that individual(e.g., non-joint) Merrill Lynch accountholders with both a CMA Account and aCMA SubAccount could have amounts ondeposit with BANA in excess of the FDICinsurance maximum before any depositsare made, under the MLBD Program, tothe individual’s Deposit Accounts at BA-CA. In this example, an individual whohas more than one Merrill Lynchsecurities account with the MLBDProgram in those accounts may lessenthe amount of uninsured deposits in hisor her Deposit Accounts by selecting adifferent Money Account into whichavailable Cash Balances from his or hersecond (and subsequent) Merrill Lynchaccounts are swept. As an alternative, anindividual Merrill Lynch account holder(e.g., non-joint account holders) withmore than the SMDIA in DepositAccounts can maximize FDIC insurancecoverage by effecting transfers of fundsbetween his or her CMA Account andCMA SubAccount so that twice theSMDIA deposited in Deposit Accountsthrough the MLBD Program comes fromeither his or her CMA Account or CMASubAccount, but not from a combinationof both accounts.

[13] Merrill Lynch is not responsible for anyinsured or uninsured portion of thedeposits made under the MLBDProgram, or any CDs or any otherdeposits you may have.

[14] For more information on FDIC depositinsurance, see “About DepositInsurance,” page 54.


Transfers and withdrawals[15] Withdrawals will be made from your BTAs

by Merrill Lynch as your agent asnecessary to satisfy debits (securitiespurchases, checks, Visa and othercharges) in your respective CMA Account.If you have Deposit Accounts only withBANA, then withdrawals will be madefrom your Deposit Accounts at BANA. Ingeneral, if you have Deposit Accounts atboth BANA and BA-CA, withdrawals willbe made from your Deposit Accounts inthe reverse of the order in whichdeposits are made to the accounts.

[16] If funds in a BTA are insufficient to satisfya debit, funds in the MMDA at eitherBANA or BA-CA will be transferred to theBTA at BANA or BA-CA to satisfy thepending withdrawal, plus a “cushion” tobe determined from time to time byMerrill Lynch. Federal bankingregulations generally limit the transfersfrom an MMDA to a total of six during amonthly statement cycle, and certainaggregation rules may apply to transfersfrom the MMDAs at BANA or BA-CA. Atany point during a month in whichtransfers from the MMDAs at BANA orBA-CA have reached the applicable limit,funds will be transferred from all MMDAsyou have at BANA or BA-CA to the relatedBTAs. For the remainder of the month,free credit balances in your CMA Accountwill be deposited in your BTAs instead ofthe MMDAs as described above. At thebeginning of each month, all funds in theBTAs (less $1) will be transferred to theMMDAs. մեe limits on MMDA transferswill not limit the number of withdrawalsyou can make from funds on deposit atBANA or BA-CA through the MLBDProgram.

[17] As required by federal regulations, BANAand BA-CA reserve the right to requireseven days’ prior notice beforepermitting a transfer out of MMDAs.BANA and BA-CA have not exercised thisright in the past.

[18] մեe BTAs and MMDAs are nottransferable.

Interest rates, yields and tiering[19] Interest rates paid on deposits in the

MLBD Program are determined at thediscretion of BANA and BA-CA based oneconomic and business conditions.Interest rates may change daily. մեecurrent yield on any deposits held in theMLBD Program is included on yourMerrill Lynch account statement. Recent yields may be accessed onmymerrill.com (see the “Deposit Account& Money Fund Rates” link at the bottomof each page) or by contacting yourfinancial advisor.

[20] Balances in the BTAs and MMDAs atBANA and BA-CA will earn the sameinterest rate and rate of return.

[21] Interest rates paid on deposits in theMLBD Program are tiered based uponyour relationship with Merrill Lynch, asdetermined by the total value of assets inyour account, or statement-linked assetsas described on pages 12 and 13.Clients with higher total eligible assetsgenerally receive a higher yield on theirbank deposits. Interest rate tiering doesnot apply to deposits from accountsenrolled in certain discretionaryprograms, such as the Merrill LynchInvestment Advisory Program; theseaccounts are entitled to the sameinterest rate paid to accounts in Tier 4.

[22] For more information on asset tiering,please see “Tier Assignment andAccount Valuation,” page 14.

[23] մեe rates of return paid with respect tothe accounts may be higher or lowerthan the rates of return available todirect depositors of either BANA or BA-CAfor comparable accounts. Of course, youshould compare the terms, rates ofreturn, required minimum amounts,charges and other features of thedeposits at either BANA or BA-CA with


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other accounts, sweep programs andalternative investments offered by Merrill Lynch or other institutions.

[24] Interest will accrue on Deposit Accountbalances from the day they aredeposited to either BANA or BA-CA to (butnot including) the date of withdrawal,and will be compounded daily andcredited monthly. Both BANA and BA-CAuse the daily balance method tocalculate interest on the accounts. մեismethod applies the applicable rate to theprincipal in the accounts each day.

Account statements and information[25] All deposits to and withdrawals from your

Deposit Accounts will be confirmed andappear in chronological sequence onseparate monthly CMA Accountstatements. In addition, the statementswill show the total of your opening andclosing deposit balances for the period atBANA and/or BA-CA. If you have morethan one CMA Account or CMASubAccount to determine your totaldeposits in BANA and/or BA-CA throughthe MLBD Program, you will need to addthe balances shown on each statement.մեe statements will also include interestearned for the period at BANA and/or BA-CA.

[26] You may obtain information about youraccounts with either BANA and/or BA-CA,including balances and checking activity,by calling your financial advisor or800.MERRILL (800.637.7455).

Your relationship with Merrill Lynch[27] Merrill Lynch is acting as agent and

messenger for its customers for thedeposits at BANA and/or BA-CA. մեeseparate accounts established by Merrill Lynch on your behalf will beevidenced by a book entry on theaccount records of BANA and/or BA-CA and reflected on your periodicMerrill Lynch account statements. Noevidence of ownership, such as apassbook or certificate, will be issued to you.

[28] Checks clear through the check writingfacility provided for your CMA Account,which results in debits directly againstyour CMA Account at Merrill Lynch. As a central asset account, the CMAAccount is an investment and moneymanagement vehicle. մեe CMA Accountis not a bank account. Checks areprovided to you by Merrill Lynch and not by either BANA or BA-CA. In addition,all transactions are effected throughMerrill Lynch, as agent, and not directlybetween you and either BANA or BA-CA.

[29] Deposits with BANA are obligations ofBANA only and are not guaranteed byor obligations of Bank of AmericaCorporation or any other subsidiarythereof. Deposits with BA-CA areobligations of BA-CA only and are not guaranteed by or obligations ofBank of America Corporation or anyother subsidiary thereof. Upon request,you will be provided with the publiclyavailable summary financialinformation that Merrill Lynch hasrelating to BANA and BA-CA. Merrill Lynch is not a bank. Securitiesmade available through Merrill Lynchare not guaranteed by any bank, arenot insured by the FDIC and may losevalue.

[30] Merrill Lynch may, in its sole discretionand without notice, terminate your use ofthe CMA Account. Either BANA or BA-CAmay also terminate, in its sole discretionand without notice, your DepositAccounts. If Merrill Lynch does not wishto continue to act as your agent withrespect to your Deposit Accounts, youmay deal directly with either BANA or BA-CA, subject to its rules with respect tomaintaining direct bank accounts.Similarly, if you decide that you no longerwish to have Merrill Lynch act as youragent and messenger with respect to theDeposit Accounts established for you ateither BANA or BA-CA, you may establisha direct relationship with either BANA or


BA-CA, subject to its rules with respect tomaintaining such accounts, byrequesting to have the accountsestablished in your name. մեis will resultin severance of the Deposit Accountsfrom your CMA Accounts.

[31] As stated in the CMA Financial ServiceCash Management Account Disclosuresand Account Agreement, Merrill Lynchmay delay payment from your accountfor a certain number of days based uponfactors including whether the source ofthe funds placed in your CMA Accountwas an electronic funds transfer, check,dra or similar instrument.

Benefits to Merrill Lynch[32] Deposits held in BANA and BA-CA are

financially beneficial to Merrill Lynch andits affiliates. BANA and BA-CA use bankdeposits to fund current and newlending, investment, and other businessactivities. Like other depositoryinstitutions, the profitability of BANA andBA-CA is determined in large part by thedifference between the interest paid andother costs incurred by them on bankdeposits, and the interest or otherincome earned on their loans,investments and other assets. մեedeposits provide a stable source offunding for BANA and BA-CA, andborrowing costs incurred to fund thebusiness activities of BANA and BA-CAhave been reduced by the use ofdeposits from Merrill Lynch clients.

[33] Merrill Lynch receives compensationfrom BANA and BA-CA of up to $100 peryear for each CMA Account and CMASubAccount that has uninvested CashBalances automatically swept to BANAand/or BA-CA under the MLBD Program.մեe amount of this compensation issubject to change from time to time, and Merrill Lynch may waive all or part of it. Other than the regular annualMerrill Lynch account fees, there will beno charge, fee or commission imposed

with respect to your deposits with BANAor BA-CA. Our financial advisors arecompensated based on clients’ totaldeposits held in either BANA or BA-CA.

ABOUT DEPOSIT INSURANCE

FDIC insurance [34] FDIC insurance covers all deposit

accounts at an FDIC-insured bank, whichincludes MLBD Program deposits.Deposits maintained in differentcategories of legal ownership — such asindividual accounts, joint accounts orcertain retirement accounts — areseparately insured by the FDIC, up to theapplicable SMDIA per depositoryinstitution. մեe SMDIA is $250,000 perdepositor, per ownership category, perinsured bank.

[35] Your FDIC protection takes effect as soonas BANA and/or BA-CA receives yourdeposits from Merrill Lynch. Amounts in excess of the applicable FDICinsurance limit may be deposited to theMerrill Lynch Affiliated Banks from thesame Merrill Lynch account. It isimportant to note that uninvested cashheld in more than one Merrill Lynchaccount (such as a CMA Account and aCMA SubAccount) may be deposited tothe same Merrill Lynch Affiliated Banks.Any accounts or deposits (e.g., CDs)maintained with a Merrill Lynch AffiliatedBank in the same legal ownershipcategory, whether directly, through otherMerrill Lynch accounts or through anyother intermediary, would be aggregatedfor FDIC insurance limit purposes.

[36] You are responsible for monitoring thetotal amount of your deposits in orderfor you to determine the extent ofinsurance coverage available to you onyour deposits, including any CDs.Merrill Lynch is not responsible for anyinsured or uninsured portion of MLBDProgram deposits, CDs or any otherdeposits.


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[37] Merrill Lynch will not be obligated to youfor amounts not covered by depositinsurance, nor will Merrill Lynch beobligated to make any payments to youin satisfaction of a loss you might incuras a result of a delay in insurancepayouts applicable to your DepositAccounts. Merrill Lynch will not beobligated to credit your CMA Accountwith funds in advance of their payment toMerrill Lynch by the FDIC. Each DepositAccount constitutes a direct obligation ofthe issuing depository institution and isnot directly or indirectly an obligation ofMerrill Lynch.

[38] Since deposit insurance coverage isbased on a customer’s funds on depositin any one depository institution,coverage can change if two or moreinstitutions where you have funds ondeposit merge or consolidate. Pleasenote that if your deposits at a depositoryinstitution are assumed by anotherdepository institution (“acquirer”)pursuant to a merger or consolidation,such deposits will continue to beseparately insured from the deposits thatyou might have established with theacquirer until the expiration of a six-month period from the date of theacquisition. մեereaer, any assumeddeposits will be aggregated with yourexisting deposits with the acquirer heldin the same ownership category forpurposes of federal deposit insurance.Any deposit opened at the acquiredinstitution aer the acquisition will beaggregated with deposits establishedwith the acquirer for purposes of federaldeposit insurance.

[39] մեe application of the SMDIA isillustrated by several common situationsdiscussed below. For additionalinformation, including FDIC rules relatedto retirement accounts, visit fdic.gov.

Individual customer accounts[40] An individual account is an account

owned by one person. Individualaccounts include accounts establishedfor the benefit of the owner by agents,nominees, guardians, custodians orconservators, and accounts establishedby a business that is a soleproprietorship. All individual accountsestablished by, or for the benefit of, thesame owner at an FDIC-insuredinstitution are added together and thetotal is insured up to $250,000.

[41] For example, funds in accounts held by acustodian under the Uniform Gis toMinors Act are not treated as owned bythe custodian, but are added to otherdeposits of the minor held in anindividual capacity and insured up to$250,000.

Joint accounts[42] A joint account is an account owned by

two or more people. Each co-owner’sinterest in joint accounts at an FDIC-insured institution is insured up to$250,000. For example, a joint accountowned by two persons would be eligiblefor insurance coverage of up to$500,000 ($250,000 for each person),subject to aggregation with each co-owner’s interests in other joint accountsat the same depository institution. Jointaccounts are separately insured from theco-owner’s deposits maintained in otherownership categories at the depositoryinstitution (e.g., individual accounts) ifeach co-owner (1) is an individualperson; and (2) has signed an accountagreement with Merrill Lynch and has anequal right of withdrawal from theaccount.

Revocable trust accounts[43] A revocable trust is an account that

indicates an intention that funds willbelong to named beneficiaries upon theowner’s death. A revocable trust can berevoked or terminated at the discretion


of the owner. մեe FDIC’s insuranceregulations distinguish between twotypes of revocable trusts — formal trustsand informal trusts.

[44] A formal revocable trust is establishedthrough a written trust document oragreement. մեe beneficiaries must be a natural living person and/or acharity/nonprofit organizationrecognized by the IRS. Because Merrill Lynch account records do notspecifically name the beneficiaries of aformal revocable trust, it is necessary forthe account title to indicate that theaccount is held by a formal revocabletrust in order for each named beneficiaryto qualify for FDIC insurance.

[45] An informal revocable trust is created ifall of the following conditions are met: (1)the account title must include commonlyaccepted terms such as “transfer ondeath,” “in trust for” or similar languageto indicate the existence of a trustrelationship (the terms may beabbreviated); (2) the beneficiaries mustbe identified by name in the depositaccount records for the bank; (3) thebeneficiaries must be a natural livingperson and/or a charity/nonprofitorganization recognized by the IRS.

[46] FDIC coverage is determined by thenumber of beneficiaries named by anowner and the amount of the deposit. Forrevocable trust accounts where theowner has a balance of $1,250,000 orless at an FDIC-insured institution andhas named five or fewer beneficiaries,rather than evaluate the proportionalinterest of each beneficiary, themaximum coverage is determined bymultiplying the number of beneficiariesby $250,000. For revocable trustaccounts where the owner has morethan $1,250,000 and has named six ormore unique beneficiaries, each with anequal interest in the trust, the calculationis the same as for revocable trusts that

name five or fewer beneficiaries. մեemaximum insurance coverage is up to$1,500,000. For revocable trustaccounts where the owner has morethan $1,250,000 at an FDIC-insuredinstitution and has named more than fivebeneficiaries in the revocable trust withunequal interests, the maximumcoverage is the greater of (i) $1,250,000or (ii) the aggregate amount of all thebeneficiaries’ proportional interests inthe revocable trusts, limited to$250,000 per beneficiary.

[47] Properly established revocable trustaccount deposits, whether formal orinformal, are separately insured from theowner’s deposits maintained in otherownership categories at the depositoryinstitution. However, a revocable trustaccount established by a husband andwife that names the husband and wife assole beneficiaries will be treated as ajoint account and will be aggregated withother joint accounts subject to the rulesdescribed above under “Joint accounts.”

Irrevocable trust accounts [48] An irrevocable trust is an account in

which the grantor gives up all power torevoke or amend the trust. մեeirrevocable trust may be created throughan irrevocable trust document oragreement, statute or court order, orcould spring from a revocable trust. մեedeposit account records of thedepository institution must disclose theexistence of the trust relationship. մեeinterests of the beneficiaries must benon-contingent (i.e., capable ofdetermination without evaluation ofcontingencies) and ascertainable fromthe deposit account records of thedepository institution or from the recordsof the trustee maintained in good faithand in the regular course of business.մեe value of each beneficiary’s interestmust be capable of determination inaccordance with FDIC regulations. մեetrust must be valid under state law.Irrevocable trust accounts are separately


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insured from the owner’s depositsmaintained in other ownershipcategories at the depository institution(e.g., revocable trust accounts). մեeinterests of a beneficiary in all depositaccounts under an irrevocable trustestablished by the same grantor, at thesame FDIC-insured institution, are addedtogether and insured up to $250,000. Ifthe owner retains an interest in the trust,that interest is added to the owner’ssingle accounts, if any, and that total isinsured up to $250,000.

Treatment of accounts upon death ofowner

[49] Under certain circumstances, if youbecome the owner of deposits at adepository institution because anotherdepositor dies, beginning six monthsaer the death of the depositor, the FDICwill aggregate those deposits forpurposes of the SMDIA with any otherdeposits that you own in the sameownership category at the depositoryinstitution. Accounts that may be subjectto this FDIC policy include joint accounts,“payable on death” accounts and certaintrust accounts. For example, in the eventof the death of one of two co-owners of ajoint account, beginning six months aerthe death of the depositor, all the fundswould be treated as individually held bythe surviving co-owner and would,therefore, be aggregated with all otherindividually owned deposits of suchsurvivor at the same depositoryinstitution for insurance purposes,unless some other action is taken. մեeFDIC provides the six month “graceperiod” to permit you to restructure yourdeposits to obtain the maximum amountof deposit insurance for which you areeligible.

Payments under adversecircumstances

[50] In the event that federal depositinsurance payments become necessary,the FDIC is required to pay principal plusunpaid and accrued interest to the dateof the closing of the relevant depositoryinstitution as prescribed by law andapplicable regulations. Since there is nospecific time period during which theFDIC must make available suchinsurance payments, you should beprepared for the possibility of anindeterminate delay in obtaininginsurance payments. In addition, youmay be required to provide certaindocumentation to the FDIC and to Merrill Lynch before any insurancepayments are released to you. Forexample, if a deposit account is held byyou as trustee for the benefit of trustparticipants, you may be required tofurnish an affidavit to that effect; youmay be required to furnish otheraffidavits and indemnities regarding theinsurance payments.

Additional information from the FDIC[51] If you have questions about FDIC

insurance coverage, you may obtaininformation by contacting the FDIC (1) byletter at FDIC, Attn: Deposit InsuranceOutreach, 550 17th Street, N.W.,Washington, D.C. 20429; (2) by phone at877.ASK.FDIC (877.275.3342) or800.925.4618 (hearing impaired); or (3)by visiting the FDIC website at fdic.gov. n

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58 | Margin Truth-in-Lending Disclosure Statement

Margin Truth-in-LendingDisclosure Statement

MARGIN INTEREST RATES

Interest will be charged for any loan extendedto you, whether for the purpose of buying,trading or carrying securities or for otherpurposes.

Your interest rate will be the current Merrill Lynch Base Lending Rate (BLR) plus asupplementary percentage based on youraverage daily loan balance. մեe BLR isadjusted from time to time with reference tocommercial interest rates and marketconditions. To obtain the current BLR, callyour financial advisor or 800.MERRILL(800.637.7455).

TABLE 2.

On Average DailyBalances Of: Rate*

Less than $25,000 ML BLR + 3.375%

$25,000 – $99,999 ML BLR + 2.250%

$100,000 – $499,999 ML BLR + 0.875%

$500,000 – $999,999 ML BLR + 0.625%

$1,000,000 – $4,999,999 ML BLR – 0.000%

$5,000,000 – $9,999,999 ML BLR – 0.500%

More than $10,000,000 ML BLR – 0.750%

*Rates effective as of Nov. 3, 2013.

մեe rates shown may vary in individualsituations at Merrill Lynch’s discretion.

Your account statement will show the interestrate applied, the average daily loan balance,the number of days the loan wasoutstanding, and the actual interest chargedto your CMA Account for the charge period. Ifthere was a change in the BLR during thecharge period, your account statement willitemize that information for each rate appliedduring the charge period.

Your total interest rate is subject to changewithout notice in accordance with changes inthe BLR and your average daily loan balance. If

there is a change in the BLR during a chargeperiod, you will be charged the new interest ratefor the remainder of the charge period or untilanother change in the BLR occurs. If your rate ischanged for any other reason, you will receive awritten notice at least 30 days before thechange.

CHARGE PERIOD

մեe period for which interest charges aremade runs from the last Friday of each monthup to and including the last մեursday of thefollowing month. մեere are three variations tothis: (1) if the last Friday of the month is aholiday, then the interest charge period willend one Business Day earlier; (2) inDecember, the interest charge period will endon the next-to-last Business Day of the year(and the interest charge period for January ofthe following year will begin on the lastBusiness Day of the year); and (3) for CMAAccounts that receive calendar month-endstatements, the interest charge period runsfrom the last Business Day of the calendarmonth up to and including the next-to-lastBusiness Day of the calendar month.

մեe interest charge period parallels themonthly statement period, except thatinterest for the final day of the statementperiod will be carried over and reflected onthe next month’s statement. մեe final day ofthe statement period is the last Friday of themonth, except (1) if that Friday is a holiday,the final day of the statement period is theprior Business Day; (2) in December, whenthe final day of the statement period is thelast Business Day of the year; and (3) for CMAAccounts that receive calendar month-endstatements, the final day of the statementperiod is the last Business Day of thecalendar month.

մեe average daily debit-balance entry whichwill appear on the CMA Account statement iscalculated based upon the number of dayson which there was a debit balance in yourCMA Account and not on the total number ofdays in either the charge period or thestatement period.

Margin Truth-in-Lending Disclosure Statement | 59

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CALCULATION OF CHARGES

մեe interest charge is determined at theclose of the charge period by multiplying theaverage daily loan balance by the applicableinterest rate and the number of days a loanwas outstanding, then dividing by 360. If theBase Lending Rate was changed during thecharge period, interest charges arecalculated separately for the appropriatenumber of days at each rate and itemized onyour CMA Account statement. Interestcharges are due and payable at the close ofthe charge period. մեe exact amount duemay be obtained from your financial advisoror office serving your CMA Account. If you donot pay the interest charge at the close of thecharge period, the interest will be added tothe opening loan balance for the next chargeperiod.

SHORT SALES

մեe market values of securities you sell“short” are adjusted daily for interestcalculation purposes by a process called“marking to market.” “Short sales against thebox” are treated in exactly the same way asshort sales. մեe market value of all securitiessold short in your CMA Account, includingsecurities sold “short against the box,” aretreated as a debit for the purpose ofcalculating interest charges. մեe closingmarket value of the securities which weresold short is determined each Business Dayand is either added to the net debit balanceor subtracted from the net credit balance inorder to calculate interest charges. If thetotal market value of the securities sold shortincreases, then the debit adjustment to thenet balance will increase by the sameamount for the calculation of interestcharges. Conversely, if the total market valueof the securities sold short decreases, thenthe debit adjustment to the net balance willalso decrease by a like amount for thecalculation of interest charges. մեe marketvalue of “long” securities held in your CMAAccount against which a short sale is made isnot included in the computation of interestcharges. Please note that upward or downward

adjustments of balances are for interestcalculation purposes only.

A NOTE ON SELLING SECURITIES NOTIN YOUR ACCOUNT

If you sell securities through us that you own but have not yet placed into your CMA Account, they must be delivered toMerrill Lynch by the settlement date of thetransaction. Proceeds of such sales will notbe used as an offset in calculating interestcharges until the securities are received intoyour CMA Account in good deliverable form.Similarly, credits resulting from the exerciseof employee stock options and sale of theunderlying stock will not be used as an offsetuntil the securities are actually received intoyour CMA Account in good deliverable form.մեe exercise of an employee stock optionmay include either (1) a loan to you by Merrill Lynch for the amount of the exerciseprice, together with any additional taxwithholding, up to the maximum amount thatmay be obtained under federal law, currently50% of the value of most equity securities; or(2) an advance of funds for the amount of theexercise price, together with any additionaltax withholding up to the net sales proceedsto be received if you are exercising an optionand concurrently selling the securities. Incomputing interest charges, any creditresulting from the proceeds of such a salewill not be used as an offset until thesecurities to be obtained on the exercise ofyour employee stock option are actuallyreceived into your CMA Account in gooddeliverable form.

OPTION TRADING

Options can be traded through your CMAAccount and may be used to hedge aleveraged position. However, optionsthemselves cannot be bought or sold oncredit or borrowed against for purchases ofany kind. Writers of options, other thancertain covered call writers and certainwriters of cash secured puts, must complywith the applicable initial equity andmaintenance requirements that are set

60 | Margin Truth-in-Lending Disclosure Statement

by Merrill Lynch, subject to minimumrequirements imposed by the FederalReserve Board, by securities and optionsexchanges, and by other self-regulatoryorganizations. մեese requirements varydepending on the underlying interest and thenumber of option contracts sold, and may beincreased at any time by any of the above-mentioned organizations.

In addition, we may impose certain positionlimits, and additional initial equity andmaintenance requirements may be imposedfrom time to time without notice. If theselimits and requirements are not met, Merrill Lynch may close sufficient optioncontracts to bring the CMA Account intocompliance with them. Please note that option trading must be approved in advance by Merrill Lynch and additional documents arenecessary. Option transactions involve certainrisks and are not appropriate for every investor.Contact your financial advisor for specificinformation.

LIENS AND MARGIN CALLS

Securities and Other Property in any of yourCMA Account(s) with us except for those heldin retirement accounts, such as IRAs, arecollateral for any loan balances in any of yourCMA Account(s). A lien is created by thesedebits or margin loans to secure the amountowed to us. We retain the right to requireadditional collateral any time we deem itnecessary for our protection. մեese margin ormaintenance calls can be met by the promptdelivery of acceptable securities or cash. Inaccordance with this Agreement, should theequity in your accounts fall below ourminimum requirements for the MarginLending Program, securities in your accountsmay be sold to reduce or satisfy your loanbalance.

You understand and agree that any creditextended to you in connection with your CMAAccount is primarily for investment orbusiness purposes. n

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Securities-Based Loan Disclosure Statement | 61

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Securities-Based LoanDisclosure Statement

Risk factors you should considerbefore using margin or other loanssecured by your securities accounts

[1] Merrill Lynch is furnishing this DisclosureStatement to provide you with asummary of the risks involved inpurchasing securities on margin orotherwise borrowing funds secured byassets in your securities account(s),known as “securities-based credit.” Youshould understand those risks beforeusing securities-based credit as part ofyour investment strategy or as a liquiditysource. In addition, you shouldunderstand:

• մեe terms of your loan agreement;

• մեe interest rate you will pay;

• Initial margin and maintenancerequirements and how marketfluctuations may result in a“maintenance call”; and

• մեe lender’s procedures for issuingmaintenance calls and liquidatingsecurities and other assets in youraccounts.

[2] Please carefully review your loanagreement and speak to your financialadvisor regarding any questions orconcerns before trading securities in amargin account or otherwise usingleverage. Trading “on margin” increasesyour market risk exposure.

MARGIN[3] When you purchase securities, you may

pay for the securities in full or, if youraccount has been established as amargin account with the Margin LendingProgram, you may borrow part of thepurchase price from Merrill Lynch,thereby “leveraging” your investment. Ifyou choose to borrow funds for yourpurchase, Merrill Lynch’s collateral forthe loan will be the securities purchased,

other assets in your margin account andyour assets in any other accounts atMerrill Lynch, other than retirementaccounts (such as IRAs). If the securitiesin your margin account decline in value,so does the value of the collateralsupporting your loan and, as a result,Merrill Lynch can take action, includingissuing a margin call and/or sellingsecurities in your account with Merrill Lynch to maintain the requiredequity in your account.

[4] If your securities account has a Visa cardand/or checks, you may also create amargin debit if your withdrawals (by Visacard, checks, pre-authorized debits, FTSor other transfers) exceed the sum of anyavailable free credit balances plusavailable money account balances (suchas bank deposit balances or MoneyMarket Mutual Funds). Please refer toyour account documents for moreinformation.

[5] You should note that it may be moreadvantageous to pay cash than to usemargin for smaller securities purchases.On smaller purchases of securities, ahigher percentage of the transactioncosts goes to commissions and interestcharges, which are generally higher onsmaller balances. մեe commissions plusthe interest charges could equal orexceed any appreciation in yoursecurities.

BORROWING FOR PURPOSES OTHERTHAN MARGIN

[6] You may also borrow against the value ofsecurities or other assets in yoursecurities accounts for purposes otherthan to purchase securities. When youdo so, the assets in your account are“pledged” as collateral to secure theloan. In such cases, your loan may bemade by Merrill Lynch (in a marginaccount) or by an affiliated lender in aseparate loan account with the lender.For example, the Loan Management

62 | Securities-Based Loan Disclosure Statement

Account® (LMA® account) is a loan madeby our affiliate, Bank of America, N.A.,that is secured by a pledge of assets inyour Merrill Lynch securities account.

[7] մեe assets eligible for collateral for thesetypes of loans differ from the assetseligible for margin loans. For example,investment grade certificates of deposit(CDs) are eligible assets for non-marginloans but are not eligible for marginloans.

Interest rates[8] Interest rates vary by loan program, so

be sure you understand how interestrates are determined. մեe interest ratecharged on the loan will reduce youroverall rate of return. Interest expensefor taxable securities purchased onmargin may be deductible up to netinvestment income. Merrill Lynch is not atax advisor, and you should consult yourtax advisor regarding your particularsituation.

[9] Interest rates are usually based on anindex plus or minus a percentage. մեeindex may be an internal one, such asour base lending rate (BLR) for margin, oran external one, such as the one-monthLondon Interbank Offered Rate (LIBOR).In either case, your interest rate canchange without notice to you if the indexchanges. A fixed rate of interest may beavailable with certain loan programs.

[10] Your interest rate may be based on youroutstanding loan balance (as in ourMargin Lending Program) or on the totalcredit available (as in the LoanManagement Account). As a result, yourinterest rate can change without noticeto you in accord with changes to yourloan balance or available credit.

[11] Interest charges not paid at the close ofthe applicable interest period aretypically added to your loan balance. Youcan elect to pay the interest charges plusany principal balance. Your interest

charges will be shown on your accountstatements.

Maintenance requirements [12] Your pledged assets must meet specified

maintenance requirements. In otherwords, the assets must at all timesmaintain a certain minimum value. If theassets in your account decline in valueand fall below these maintenancerequirements, the lender may requireyou to deposit additional collateral —known as a “margin call” or“maintenance call” — or take other action as permitted by the loanagreement. մեe lender is also permitted,for example, to sell assets in any of yourpledged Merrill Lynch accounts to meetmaintenance requirements.

[13] մեe forced sale of your assets maynegatively affect your ability to followyour investment strategy or achieve yourinvestment objectives. Some or all of theassets may be sold at prices higher thanwhat it initially cost you to acquire them.If that happens, you may suffer adversetax consequences.

[14] You can reduce the possibility ofmaintenance calls by carefullyconsidering the volatility of the securitiesyou pledge as collateral and the amountthat you borrow. Risk-managementstrategies you should consider include:

• Borrowing less than the maximumallowable amount.

• Borrowing against a portfolio of less-volatile securities such as governmentTreasuries, high-grade corporate bondsand blue-chip stocks.

• Pledging a diversified portfolio ascollateral.

• Watching your portfolio carefully,especially when market conditions arefluctuating. By doing so, you will beaware of a potential decline in valuebefore a maintenance call becomesnecessary.

Securities-Based Loan Disclosure Statement | 63

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Margin Risk Disclosure Statement[15] In accordance with FINRA requirements,

Merrill Lynch is furnishing this MarginRisk Disclosure Statement. It isimportant that you fully understand therisks involved in using securities-basedcredit. As used below, “we” and “us”refer to the lender extending the loan.մեe risks of using securities-based creditinclude the following:

• You can lose more funds than youdeposit in your margin account. Adecline in the value of securities that arepurchased on margin may require you toprovide additional funds to us to avoidthe forced sale of those securities orother assets in your account(s).

• We can force the sale of securities orother property in your account(s). If theequity in your account falls below themaintenance margin requirements orour higher “house” requirements, we cansell the assets in your accounts pledgedby you to Merrill Lynch to cover themargin deficiency. For margin loans, wecan sell the assets in any of youraccounts held by Merrill Lynch. For othersecurities-based loans, you should checkyour loan agreement. You also will beresponsible for any remaining loanbalance in the account aer such a sale.

• We can sell your securities or otherproperty without contacting you.Investors sometimes mistakenly believethat they must be contacted for amaintenance call to be valid, and thatsecurities or other property in theiraccounts cannot be liquidated to meetthe call unless they are contacted first.

մեis is not the case. We will attempt tonotify you of maintenance calls, but weare not required to do so. Even if we havecontacted you and provided a specificdate by which you can meet amaintenance call, we can still takenecessary steps to protect our interests,including immediately selling thesecurities or other property withoutnotice to you.

• You are not entitled to choose whichsecurities or other property in youraccount(s) are liquidated or sold tomeet a maintenance call. Because thesecurities and other assets in youraccount(s) are collateral for the loan, wehave the right to decide which assets tosell in order to protect our interests.

• We can increase our “house”maintenance requirements at any timeand are not required to provide youadvance written notice. մեese changesin our policy may take effect immediatelyand may result in the issuance of amaintenance call. Your failure to satisfythe call may cause us to liquidate or sellassets in your account(s).

• You are not entitled to an extension oftime on a maintenance call. While anextension of time to meet maintenancerequirements may be available to youunder certain conditions, you do nothave a right to the extension.

[16] If you have any questions or concernsabout margin or the Margin LendingProgram, please contact your financialadvisor. n

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64 | APPENDIX: CMA Account Fees

APPENDIX: CMA Account Fees1

մեe following fees will be charged in addition to brokerage commissions, fees, mark-ups andmark-downs in connection with securities transactions in the CMA Account and CMASubAccount.

Description CMA Account Fees CMA SubAccount Fees2

Annual Fee (per account) $1253 $25 3

Annual Fee for CMA for Trust (per account)

(Living Trust & Living Trust – Bank as Trustee) $1254 $50 4

Transaction Fees

Domestic Fedwires (Incoming) No Fee No Fee

Domestic and International $30 per wire if you have less $30 per wire if you have less

Fedwires (Outgoing) – U.S. currency than $250,000 in eligible than $250,000 in eligible

statement-linked assets. statement-linked assets.

Four free wires per calendar year Four free wires per calendar year

($30 per wire thereaer) if you have ($30 per wire thereaer) if you have

accounts with more than $250,000 accounts with more than $250,000

in eligible statement-linked assets. in eligible statement-linked assets.

International Fedwire

(Outgoing) – Non-U.S. currency No Fee No Fee

Check Writing No Fee No Fee

Securities purchases/sales Commissions

vary;5 contact your financial advisor No Fee No Fee

Money Market Mutual Fund share purchases No Fee No Fee

Money Market Mutual Fund

share redemptions No Fee No Fee

Merrill Lynch ATM Fee No Fee N/A

Bank of America ATM Fee No Fee N/A

Non-Bank of America ATM Fee ATM surcharges are reimbursed for N/A

up to $200 per year at U.S. ATMs

(includes all U.S. territories – U.S.

Virgin Islands, Guam, Federated States

of Micronesia, Midway Islands and

Puerto Rico)

Cash advances on Visa cards 0.25% of total dollar amount, N/A

$2.50 minimum6

Return Check Deposit Fee No Fee No Fee

Check Returned $30 N/A

Non-sufficient Funds – Funds Transfer

Service Returned $10 $10

Stop Payment No Fee N/A

Visa International Transaction Fee 2% of the U.S. dollar amount of all N/A

transactions occurring outside the U.S.

1 Fees are subject to change. Additional account and service fees may apply.

APPENDIX: CMA Account Fees | 65

Inform

ation A

bou

t Your A

ccoun

ts

Description CMA Account Fees CMA SubAccount Fees2

Optional Services

Check Order No Fee N/A

Specialty Check Order No Fee N/A

mymerrill.com No Fee No Fee

Electronic bill payment No Fee N/A

Funds Transfer Service No Fee No Fee

Statement Linking No Fee No Fee

CMA Access Visa card No Fee N/A

Miscellaneous

Account transfers (to another firm): CMA $95 $95

Voluntary exchange fee $30 $30

Mandatory Exchange $50 $50

Return of pre-authorized debit $20 $20

Delivery of non-gov’t securities – not Direct

Registration System (DRS)7 eligible

or participating $500 $500

Delivery of non-gov’t securities –

DRS eligible7 $25 $25

Deposit of bond coupon $5 $5

Reregister certificated securities held

in the name of a decedent $50 $50

Foreign Check Deposits sent for clearance $10 $10

Foreign Check Deposits sent for collection8 $60 $60

Minimum Balance Fee $15 per quarter $15 per quarter

Monthly Account Statement No Fee No Fee

2 մեe annual fees for SubAccounts may either be charged to the CMA Account to which they are linked or be charged directly.3 If a CMA Account meets certain eligibility criteria, the account may be eligible for an annual account fee waiver under the CMA Annual

Account Fee Waiver Program. For additional information, please see page 44. 4 մեe annual account fee will be automatically waived for the following client/ownership types: Irrevocable Living Trust,

Testamentary Trust, Estate, Curator/Guardian/Conservator/Tutor/Committee and Usufruct.5 On most transactions, there is also a processing fee (shown on the confirmation) to help cover the costs associated with

trades and statement processing.6 International cash advances on domestic CMA Accounts will not be charged. 7 DRS eligibility is determined by the issuer of the stock.8 An additional foreign bank fee may apply. Fee is determined by the paying bank. Please speak with your financial advisor for

further details.

L-02-17

Merrill Lynch is the marketing name for Merrill Lynch Wealth Management and Merrill Edge, both of which are made available through Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”). Merrill Edge is available through MLPF&S, andconsists of the Merrill Edge Advisory Center (investment guidance) and self-directed online investing.

Merrill Lynch makes available products and services offered by MLPF&S and other subsidiaries of Bank of America Corporation(“BofA Corp.”).

Banking, mortgage and home equity products offered by Bank of America, N.A., and affiliated banks, Members FDIC and whollyowned subsidiaries of Bank of America Corporation.

Investment products:

MLPF&S is a registered broker-dealer, a registered investment adviser, member SIPC.

Unless otherwise noted, all registered trademarks and trademarks are the property of Bank of America Corporation.

Fedwire is a registered service mark of the Federal Reserve Banks.

Visa is a registered trademark of Visa International Service Association and is used by the issuer pursuant to license from Visa U.S.A. Inc.

Neither Bank of America nor any of its affiliates provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

© 2017 Bank of America Corporation. All rights reserved.

Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

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