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Explanation of Fees As of March 22, 2021

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Explanation of Fees As of March 22, 2021 merrill lynch wealth management investment solutions Explanation of fees as of March 22, 2021 At Merrill, you can work one-on-one with your Advisor on a comprehensive financial strategy designed to help you pursue what matters most to you. As part of your relationship with us, it’s important that you understand what the fees are, including the fees associated with our investment solutions. We believe the better informed you are, the better decisions you can make about what’s right for you — whether it’s investing through our investment advisory services or brokerage accounts. Investment Advisory Services Brokerage Accounts • Ongoing advice on your investments, trade execution and other • Access to advice, investment recommendations, trade advisory services execution and other brokerage services • Choice of discretion and authority over investment decisions • Transactions must be authorized by you • Asset-based fee based on a percentage of the assets in • Transactional fee on individual purchases and sell transactions your account • No ongoing monitoring or monitoring services • Ongoing monitoring of accounts enrolled in the program as outlined in the program materials Merrill Lynch Investment Advisory Program Secondary Market Equity Transactions You pay a customized fee subject to a maximum Merrill Lynch You pay a commission based on the principal value of the fee rate of 2.00%. If you choose a strategy managed by an trade that can range from 0.50% to 5.00%. investment manager, you will also pay a style manager fee. Secondary Market Fixed Income Transactions Merrill Lynch Strategic Portfolio Advisor® Service For purchases, you pay a “markup” on top of the security price. You pay a customized fee subject to a maximum rate based on For sales, you receive the sales price less a “markdown” amount. strategy type. You will also pay the investment manager’s fee which is part of your agreement with the selected investment manager. Mutual Funds and Money Market Funds The fee you pay varies based on the share class and the fund’s own designated pricing schedule. Additional Investment Solutions Listed Options | New Issue Offerings | Market-Linked Investments | Alternative Investments Specialized Investment Solutions | Annuities Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Merrill Lynch Life Agency Inc. (“MLLA”) is a licensed insurance agency and a wholly owned subsidiary of BofA Corp. BofA Securities, Inc. (“BofAS”) is a registered broker-dealer, Member SIPC, and wholly owned subsidiary of BofA Corp. Banking products are provided by Bank of America, N.A., Member FDIC and a wholly owned subsidiary of BofA Corp. Investment products offered through MLPF&S, and insurance and annuity products offered through MLLA: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value Are Not Insured by Any Are Not a Condition to Are Not Deposits Federal Government Agency Any Banking Service or Activity Page 1 of 11 Investment Advisory Services Merrill Lynch IAP Program fee Investment Advisory Customized, contractual annual fee based on assets invested in Program (IAP) Merrill Lynch fee IAP and the Merrill Lynch fee rate you agree to with your Advisor, Comprehensive fiduciary investment subject to a 2.00% maximum rate. advisory program providing advice and guidance from your dedicated personal Advisor and access to a wide range of + Merrill and third-party managed strategies and investment solutions If applicable, an annual fee based on assets invested in a Style Manager fee managed strategy and the fee rate charged by the Style Manager for the managed strategy ranging from 0.10% to 0.65%. A portion of the Merrill Lynch fee is paid to your Advisor. The Style Manager fee, which is paid to the investment manager, is specific to the strategy selected. Certain managers have set differing rates (i.e., lower) for higher levels of investment. The IAP brochure is available on ml.com/relationships or mymerrill.com/ADV/materials. You can obtain program materials from your Advisor upon request. Merrill Lynch SPA Program fee Strategic Portfolio Advisor (SPA) Service Customized, contractual annual fee based on assets invested in Merrill SPA fee SPA and the rate you agree to with your Advisor, subject to a Fiduciary investment advisory program 1.50% maximum rate. for institutions and high-net-worth individuals providing advice and access to certain investment strategies offered by a third-party investment manager under a + separate agreement An annual fee based on assets invested in the SPA strategy SPA Manager fee and the fee rate agreed to with the SPA manager in a separate contract with you. The Merrill SPA fee is subject to strategy fee rate caps. The Merrill SPA fee is subject to breakpoint pricing, which means that it will be lower based on the dollar value of the assets in the program. A portion of the Merrill SPA fee is paid to your Advisor. The SPA investment manager’s fee, which is detailed in a separate agreement you will enter into with the selected investment manager, is paid to the SPA Manager. The SPA brochure is available online at ml.com/relationships, or you can request a copy through your Advisor. See Important Information for additional details on page 11. Page 2 of 11 Brokerage Accounts - Secondary Market Transactions Equity Transactions You will pay a commission that is calculated based on the principal value of the security being purchased or sold and the commission schedule below. The commission is in addition to the purchase price you pay or the Includes common stock, exchange traded funds, closed-end funds, certain sale price you receive for the security. The commission may be discounted. A portion of the commission you listed preferred stocks and American pay is payable to your Advisor. Depositary Receipts Maximum Top of tier Top of tier Principal value (PV) of trade commission cumulative PV blended rate First $1,500 5.00% $1,500 5.00% + Next $3,500 2.25% $5,000 3.08% + Next $15,000 1.75% $20,000 2.08% + Next $30,000 1.50% $50,000 1.73% + Next $50,000 1.00% $100,000 1.37% + Next $400,000 0.75% $500,000 0.87% + PV > $500,000 0.50% — — The maximum commission that can be charged ranges from 0.50% – 5.00%, depending on the principal amount of the transaction. For example, if you purchase $10,000 of stock ABC, the standard commission is calculated as follows: ($1,500 x 5%) + (3,500 x 2.25%) + (5,000 x 1.75%) = $241.25. Listed Options You pay a commission calculated based on the principal value of the transaction and the number of contracts purchased or sold. The commission is in addition to the purchase price you pay or the sale price you receive Options contracts cleared by the Options Clearing Corporation that are traded on for the contract. The commission may be discounted and is subject to a minimum charge. A portion of the options exchanges commission is payable to your Advisor. Commissions range from 0.70% – 15.00% of the principal value of the contracts, plus $3.00 – $9.00 per contract. You also pay an additional transaction fee ranging from $0.15 to up to $1,003 per transaction, determined based on the principal value and number of contracts purchased or sold. Principal range x % of principal + fixed dollar + Number of contracts x dollars per contract + fixed dollar Principal % of Fixed Number of Dollars per Fixed range principal dollar contracts contract dollar $500 or 15.00% $65 1 – 10 $9 $0 under* $500.01 – 1.50% $25 11 – 20 $8 $10 $1,500 $1,500.01 – 1.30% $28 21 – 50 $7 $30 $5,000 $5,000.01 – 1.00% $43 51 – 100 $6 $80 $10,000 $10,000.01 – 0.90% $53 101 – 200 $5 $180 $20,000 $20,000.01 – 0.80% $73 201 – 500 $4 $380 $50,000 $50,000.01 + 0.70% $123 501 + $3 $880 * You pay a commission equal to the lesser of 15.00% of the principal value of the transaction or $65. For example, if you purchase 10 option contracts (representing 100 shares per contract) with an options premium of $1.75 per share, the standard commission is calculated as follows: ($1,750 x 1.30%) + 28 + (10 x 9) + 0 = $140.75. See Important Information for additional details on page 11. Page 3 of 11 Brokerage Accounts - Secondary Market Transactions (continued) Fixed Income For purchases, you pay a “markup” which is included in the price of the security. The markup that is charged Transactions may be discounted from the maximum Merrill markup percentage listed below. A portion of the Merrill markup is payable to your Advisor. Treasury securities, government agencies, brokered certificates of deposit (brokered CDs), corporate bonds, municipal securities and over- Maximum Merrill markup for purchases the-counter (OTC) preferred securities Greater than 1-year 5-year 10-year 10-year maturity maturity maturity maturity Treasury securities 0.185% 0.685% 1.28% 1.50% Government agencies 0.185% 0.685% 1.28% 1.78% Brokered CDs 0.375% 1.25% 2.00% 2.00% Corporate bonds 0.375% 1.25% 2.00% 2.00% Municipal securities 0.10% 1.25% 2.00% 2.00% OTC preferred 1.00% 1.00% 1.00% 1.00% securities For example, if you purchase a corporate bond with a 5-year maturity for a principal amount of $50,000, the maximum Merrill markup is calculated as follows: $50,000 x 1.25% = $625.00.
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