M202810PMS CMA® Financial Service ® Cash Management Account Disclosures and Account Agreement

Contents

AGREEMENT AND PROGRAM DESCRIPTION . . 2 O) Direct Deposit Service ...... 34 1. Introduction ...... 2 P) MyMerrill ...... 34 2. Definitions ...... 3 7. Termination of the Service ...... 34 3. Subscription to the Service ...... 5 8. Fees and Charges ...... 35 4. Securities Brokerage Services ...... 6 9. Authorization with Respect to A) General ...... 6 Consumer Information ...... 35 B) SIPC Protection ...... 6 10. Confirmations, Periodic Statements C) Direct Reinvestment Service ...... 6 and Notices ...... 36 D) Custody of Securities ...... 6 11. Account Information ...... 36 E) Delivery of Securities and 12. Extraordinary Events ...... 36 Payments ...... 7 13. Amendments and Additional F) Security Interest ...... 7 Documentation...... 36 G) Privacy ...... 8 14. Miscellaneous ...... 37 5. Lending Services...... 8 A) Severability ...... 37 A) Margin Lending Program ...... 8 B) Joint Accounts and Joint Several 6. Cash Management Services ...... 14 Liability ...... 37 A) General ...... 14 C) Ownership Changes on B) Account Linking to Bank of America, Joint Accounts ...... 38 N.A., Debit Card ...... 14 D) Costs of Collection ...... 38 C) Statement Link Service ...... 14 E) Applicable Rules and Regulations 38 D) Tier Assignment and Account F) Disputes ...... 39 Valuation ...... 15 G) Special Accounts ...... 39 E) Sweep Program ...... 16 H) Third-Party Research ...... 39 F) Considerations Regarding Bank I) Substitute Payments ...... 39 Deposit Programs ...... 18 J) Non-U.S.-Issued Securities ...... 39 G) Availability, Deposits and Accounts Your About Information K) Referral Policy...... 40 Application of Funds ...... 19 L) Compliance with Applicable Laws . 40 H) Purchasing Power and Overdraft ...... 21 M) Investment Policy Statement — Responsibility to Review and I) Debit Balances and Disbursement Monitor ...... 40 Priority ...... 24 N) Exercising Employee Stock J) Directed Reserve Program ...... 24 Options ...... 40 K) Check and Card Usage ...... 24 O) Non-U.S. Individual Clients and L) Electronic Funds Transfers ...... 28 U.S. Citizens Living Abroad ...... 41 M) Automated Investing ...... 33 P) Successors ...... 41 N) Electronic Bill Payment ...... 33 Q) Headings ...... 41

Cash Management Account | 1 R) Integration ...... 41 Financial Service consisting of: (1) a Master 15. Representations as to Ownership and CMA Account established with the services Capacity to Enter into Agreement . . . 41 described above; and (2) one or more CMA SubAccounts®. CMA SubAccounts have the 16. Applicable Laws ...... 42 same investment capabilities as CMA 17. Customer Information and Accounts, but do not ofer Visa cards, check Due Diligence ...... 42 writing and certain optional services. CMA About the CMA Annual Account SubAccounts are also charged a diferent Fee Waiver Program ...... 43 annual account fee and may be used to segregate investments (for another family About the Merrill Lynch Bank Deposit member, for instance, or for a specific Program ...... 47 purpose such as college funding). For more Margin Truth-in-Lending Disclosure information on fees, see the Appendix. Statement ...... 55 Certain aspects of the Service, such as Securities-Based Loan Disclosure Checks, Cards, and/or the Margin Lending Statement ...... 58 Program, may not be available for Accounts Appendix - CMA Account Fees ...... 62 that are enrolled in an investment advisory program or are in the process of enrolling in The following pages contain the disclosures and an investment advisory program. Additionally, agreement governing your CMA Account, including your ability to direct trades and purchase disclosures required by federal law. securities in your Account may be limited if your Account is enrolled in an investment Agreement and Program advisory program or in the process of enrolling in an investment advisory program. Description Te services provided by, and the terms and conditions of, the investment advisory 1. INTRODUCTION program you select will be described in Tis Agreement and Program Description separate documentation. (“Agreement”), as amended from time to time by Merrill Lynch, Pierce, Fenner & Smith Once you have established a CMA Account Incorporated (“Merrill Lynch”), sets forth the and we have your signed and returned Client terms and conditions governing the Cash Relationship Agreement, you may be eligible Management Account® (CMA®) financial to open additional CMA Accounts and/or service (“Service”). Afer you open an enroll in optional services at a later date account, you will receive a welcome kit, without completing a new Client Relationship which includes confirmation about the Agreement. Please see the Client account features and services you have Relationship Agreement for more details. selected as well as other important You agree to read this Agreement and retain disclosures. Te Service is an integrated a copy for your records. You acknowledge financial service linking two components: (1) receipt of the Merrill Lynch Bank Deposit securities brokerage services; and (2) Cash Program Disclosure Statement, Appendix: Management Services including the Visa® CMA Account Fees, the Margin Truth-in- deferred debit card and check writing Lending Disclosure Statement and the features. Although these Cash Management Securities-Based Loan Disclosure Statement, Services are intended to provide you with if applicable, all of which are referred to as access to assets in the account, CMA the “Documents” for purposes of this Accounts are not bank accounts. In addition, Agreement. Te Documents, which contain the Service includes the CMA Master additional terms governing the Service, are

2 | Cash Management Account incorporated into this Agreement and made a “Availability Delay” means the amount of part hereof. Unless the context otherwise time before a deposit to your CMA Account requires, the term “Agreement” shall include will become available for the Sweep Program the Documents, as amended from time to or to pay Disbursements and other amounts time by Merrill Lynch. You certify that all due. information you provide in connection with “BA-CA” means Bank of America California, the establishment of your accounts, including N.A., its successors or assigns. in reference to checks and Visa cards, is true and correct and that “BANA” means Bank of America, N.A., its Merrill Lynch, the Banks and UMB Bank, n.a., successors or assigns. may rely on and verify such information. Unless otherwise indicated, the Agreement “Banks” means BANA, BA-CA, MLBTC and applies to CMA Accounts. Merrill Lynch ofers any other afliated depository institutions CMA Accounts, as well as various products participating from time to time. and services, through diferent service “Bank Deposits” means the MLBDP, ISA, models, including the client self-directed and International Bank Variable Rate Deposit full-service channels. Based on the service Facility and Preferred Deposit. model, the same or similar account, product or service may vary in its price or fees “BTA” means Bank Transaction Account. charged to clients. “Business Day” means any day in which both the New York Stock Exchange and New 2. DEFINITIONS York banks are open for business. In this Agreement: “Card” or “Card(s)” means a Merrill Lynch “Account Value” means the value of cash, CMA Access® Visa® Debit card(s) issued by Bank Deposits, and long market value of BANA for use with the CMA Account. securities held as part of the Statement Link. “Cash Balance” means any uninvested cash “ACH” means Automated Clearing House. Te balance resulting from incoming receipts ACH Network is a nationwide electronic such as check deposits, cash deposits, ACH payment system used to transfer funds deposits, Fedwire® receipts or the proceeds between participating financial institutions. from the sale of securities. Tis is also known “Agreement” means the CMA Financial as your free credit balance. Service Cash Management Account “Cash Management Services” means Disclosures and Account Agreement and the services such as bank deposit programs Documents as amended from time to time. available through the Sweep Program, check “Authorized cardholder(s)” means the writing, Visa debit card and ACH. Information About Your Accounts cardholder(s) selected by you on the “Checks” means checks provided by Additional check and/or Visa card Merrill Lynch for use with the CMA Account Authorization and Agreement Form to have a by Merrill Lynch’s third-party processing Visa card that is attached to your CMA institution. Account. Authority includes the power, on your behalf, to use credit/charge cards and “CMA Account” means a Cash Management execute sales drafs or cash advance drafs Account established for you, which is either a on your CMA Accounts and borrow money cash account or, if you elect, a margin from Merrill Lynch’s afliate should an account. overdraf advance be made through your “CMA Master Financial Service” means the CMA Account. service that consists of a Master CMA

Cash Management Account | 3 Account and one or more related CMA “LMA” means the Loan Management SubAccounts. Account® credit facility provided by BANA. “CMA SubAccount” means the underlying “Master CMA Account” means the CMA accounts, tied to a CMA Master Account, Account designated as the Master Account in established as part of the CMA Master the CMA Master Financial Service. Financial Service. “Merrill Lynch” means Merrill Lynch, Pierce, “CMAT” means CMA for Trust. A CMA for Trust Fenner & Smith Incorporated, its successors Account is a CMA Account that holds and/or assigns. personal trust assets. “Merrill Lynch Bank Deposit Program,” “Customer,” “Client,” “You,” “Your” or “MLBDP” or “MLBD Program” is available “Yours” means the individual(s) entering into through the Sweep Program. MLBDP this Agreement. balances may receive a tiered interest rate based on the total value of a Statement Link. “DDA” means Demand Deposit Account. MLBDP balances are held in specified “Deposit Account” means the BTA and deposit accounts established for you by MMDAs established through the Merrill Lynch Merrill Lynch as your agent with BANA and/or Bank Deposit Program. BA-CA for the CMA Account. Deposits in the Merrill Lynch Bank Deposit Program are “Disbursement Priority” means the order in insured by the FDIC for up to $250,000 per which available cash, Money Account depositor, per ownership category, per bank. balances or credit facilities are used to pay for Disbursements. “MLBTC” means Merrill Lynch Bank and Trust Company (Cayman) Limited, an afliated “Disbursements” means the items paid from bank incorporated in the Cayman Islands. the CMA Account and includes Visa transactions, checks, cash advances, “MMDA” means Money Market Deposit Fedwire and ACH transactions and similar Account. items. “Money Accounts” means the Merrill Lynch “FDIC” means the Federal Deposit Insurance Bank Deposit Program and the ISA Program. Corporation. For non-U.S. residents that are also non-U.S. citizens, “Money Accounts” means the “FTS” means “Te Funds Transfer Service.” International Bank Variable Rate Deposit FTS provides clients a way to move money by Facility. phone or through MyMerrill® at no charge. Clients can move money between eligible “PIN” means personal identification number. Merrill Lynch accounts or between eligible “Primary Money Account” means the Merrill Lynch accounts and non-Merrill Lynch automatic sweep of Cash Balances into the accounts such as checking, savings or money MLBDP or for non-U.S. resident clients who market deposit accounts at their bank, are also non-U. S. citizens, the Primary Money savings association or credit union. Account means the MLBDP or the “Investment Advisory Service” means one International Bank Variable Rate Deposit of the managed money services made Facility. available from time to time by or through “Purchasing Power” means the amount Merrill Lynch or an afliated company. available for cash management transactions, “ISA” or “ISA Program” means the Insured securities purchases or Disbursements. Savings Account.

4 | Cash Management Account “Secondary Money Account” means a checks and other cash management Money Account that is available for deposit transactions, including security purchases. by contacting your financial advisor. A “TMA account” means Trust Management Secondary Money Account provides Account. automatic withdrawal to cover Visa charges, checks and other cash management “UMB Bank n.a.” means United Missouri transactions, including security purchases Bank, n.a., its successors or assigns. when your Primary Money Account is depleted. 3. SUBSCRIPTION TO THE SERVICE “Securities and Other Property” includes, To open an account (includes CMA Account, but is not limited to, money, securities, CMA SubAccount or CMAT), you must provide securities entitlements, financial assets, certain information about yourself and other investment property, financial instruments account holders. Once you have provided and commodities of every kind and nature, this information and completed a Client and all contracts and options relating Relationship Agreement, you may be eligible thereto, whether for present or future to open or activate new accounts or certain delivery. Tis includes Securities and Other services without completing additional Property currently or in the future held, documentation. If you need a copy of our carried or maintained by us or by any of our Client Relationship Agreement, call your afliates, in our possession or control (or the financial advisor or 800.MERRILL possession or control of our afliates) for any (800.637.7455), or visit your nearest purpose, for any of your accounts now or in Merrill Lynch branch ofce. You may open a the future opened, including any accounts in CMA Account with a minimum of $20,000 in which you may have an interest. any combination of cash and securities ($2,000 for CMA SubAccounts). For certain “Service” means the CMA Financial Service. group plans and special accounts, the minimums may be diferent. “SIPC” means the Securities Investor Protection Corporation. You may only open CMA SubAccounts for yourself or with members of your household “SMDIA” means the Standard Maximum who reside at your address and share a Deposit Insurance Amount. Merrill Lynch financial advisor. Unless you “Statement Link” means the accounts indicate otherwise, all CMA SubAccount that have been linked for valuation and statements and notices will go to the mailing mailing purposes. You are able to link eligible address we have on record for your Master Merrill Lynch accounts together for valuation CMA Account. In addition, to the extent

and other purposes, such as the ability to confirmed to you when your CMA SubAccount Information About Your Accounts have all of your statements packaged in one was established, you authorize Merrill Lynch envelope, ofering convenience and efective to accept instructions from the CMA Account account management. holder for the transfer of any cash and securities between such accounts. If an “Stock Borrow Charge” or “SB Charge” erroneous transfer is made, you authorize us refers to a premium charged for borrowing to initiate appropriate corrections. Tese certain securities in connection with short authorizations will remain in efect until we sale transactions. are notified otherwise in writing. Merrill Lynch “Sweep Program” means the automatic will establish accounts for you with BANA for deposit of available Cash Balances into the cards and with Merrill Lynch’s third-party Primary Money Account as well as an processing institutions and Bank of America automatic withdrawal to cover Visa charges, for check clearing, incoming Fedwires and

Cash Management Account | 5 receiving ACH transactions. Merrill Lynch the CMA Account, including the rights reserves the right to alter or waive the described in Section 5(A). conditions of subscription to the Service and also reserves the right to reject any (B) SIPC PROTECTION application to subscribe to the Service or Te securities and cash that Merrill Lynch any of its features for any reason. holds in your CMA Account are protected by the SIPC. If a U.S. broker-dealer fails, SIPC CMA ACCOUNT FOR TRUST funds are available to make up for any Merrill Lynch understands that trustees shortfall of clients’ assets that the broker- have unique needs. Trough the U.S. Trust dealer was required to maintain — up to a Company division of BANA, we ofer a full maximum of $500,000 per client for range of fiduciary services. We also ofer trust securities, inclusive of up to $250,000 per services directly to our CMAT clients. You can client for cash. In addition, Merrill Lynch has enroll your CMAT in the Trust Administrative obtained “excess- SIPC” coverage from a Advantage service. Trough this service, U.S. Lloyd’s of London syndicate for large client Trust Company provides trust accounting, accounts. Tis policy provides further fiduciary income tax preparation and protection (including up to $1.9 million for bill payment services, as well as other cash) for customers who have received full trust-related services. You can access the SIPC limits, subject to an aggregate loss limit U.S. Trust Company’s elder care services of $1 billion for all customer claims. SIPC and provider at preferred prices. Trough this the excess coverage do not protect against service you can gain access to a national investment losses from market action. You provider of comprehensive long-term-care may obtain further information about the services for beneficiaries. You can access our SIPC, including the SIPC brochure, via the historical pricing and valuation service SIPC’s website at sipc.org or by calling the (described within) to assist you in the SIPC at 202.371.8300. valuation of trust assets for gif, estate tax or Each account held by a separate customer other administrative purposes. Call your (as defined by applicable law) is treated financial advisor for more information about separately for purposes of SIPC protection. these services.

4. SECURITIES BROKERAGE (C) DIRECT REINVESTMENT SERVICE SERVICES By enrolling in the Direct Reinvestment Service, you can have dividends from all (A) GENERAL New York Stock Exchange, American Stock Te CMA Account may be used to purchase, Exchange and Nasdaq Stock Market-listed sell and hold securities and other stocks and most mutual funds automatically investments available from or through reinvested into more shares of the same Merrill Lynch. Trades are made through your stock or fund without commission charges. financial advisor upon your instructions. If Call your financial advisor or 800.MERRILL the CMA Account includes the Margin (800.637.7455) for more information on this Lending Program, it may also be used to service. purchase and sell securities on credit or to obtain loans based on the current margin (D) CUSTODY OF SECURITIES loan value of securities in the CMA Account. Merrill Lynch will hold all securities for the Whether or not the Account is a margin CMA Account in a control location acceptable account, Merrill Lynch shall have all of the to the U.S. Securities and Exchange legal rights of secured credit with respect to Commission (SEC), which may include, but is

6 | Cash Management Account not limited to: (i) a securities depository, such received promptly, Merrill Lynch will liquidate as the federally regulated Depository Trust the position unless an extension is obtained. Company for U.S. issuers and Euroclear for Under exceptional circumstances and European issuers; (ii) a Federal Reserve subject to Merrill Lynch’s rights to liquidate, member bank; or (iii) a mutual fund’s transfer Merrill Lynch, on your behalf, may (in its sole agent. Securities are commingled in a discretion) apply for an extension from a Merrill Lynch book-entry account, generally regulatory organization. If Merrill Lynch does held in nominee name at the control location, so, you will be charged an extension fee. If along with securities belonging to other the position is liquidated, you will be Merrill Lynch customers. Your securities will responsible for any resulting deficiency, fees at all times be separately identified on the and late charges. Fees will be automatically books and records of Merrill Lynch as debited from the CMA Account and are belonging to you, and Merrill Lynch will subject to change. If you elect to take delivery provide you with statements that reflect your of securities, the account statement will holdings. Tis method of custody, which has evidence delivery once they have been significantly increased efciencies and mailed to you. If you do not receive them, you reduced the risks associated with holding agree to notify Merrill Lynch promptly so that customer securities, is used by all major replacement proceedings can begin. If you banks, trust companies and brokerage firms, fail to notify Merrill Lynch within six months of and has been recognized as providing the delivery date shown on the account unsurpassed safety for holders of securities. statement, you will be responsible for With regard to the custody of your securities, replacing the securities through the transfer Merrill Lynch acts as your agent and agent and will have to pay all costs. transmits your instructions through the Securities purchased will be held in the CMA appropriate control location. Where Account unless you request delivery to you or securities are not held in nominee name, the your designee, in which case Merrill Lynch issuer or control location, as appropriate, will forward your instructions to the recognizes Merrill Lynch as your agent and company’s transfer agent afer payment is honors instructions provided by Merrill Lynch received. Delivery normally takes several on your behalf. weeks afer the purchase has been settled (E) DELIVERY OF SECURITIES AND and fully paid for. Delivery of securities may PAYMENTS not be available for issues that are held in book-entry form. Depending on the issuer, When buying or selling securities, there are you may have the option of taking delivery of two key dates involved in the transaction. Te a security to be held in direct registration first date is the trade date, which is the date with the issuer’s transfer agent. that the order is executed. Te second is the Information About Your Accounts settlement date, at which time the transfer of (F) SECURITY INTEREST ownership passes from the seller to the Whether or not the CMA Account is a margin buyer. Typically, the settlement date is the account, all Securities and Other Property in day when payment is due for purchases or any account, now or hereafer held, carried when securities are due for sales. Unless you or maintained by Merrill Lynch or by any of its are enrolled in our Margin Lending Program, afliates in Merrill Lynch’s possession and trades must be conducted on a “fully paid control, or in the possession and control of basis,” meaning they must be paid in full on any such afliate, for any purpose, in or for the settlement date. If you wish to trade on any account of yours, now or hereafer margin, your account must be enrolled in our opened, including any account in which you Margin Lending Program. If payment is not

Cash Management Account | 7 may have an interest (other than retirement prior notice to you, to determine which accounts, such as IRAs), shall be subject to a securities are eligible to borrow against. lien for the discharge of all the indebtedness We may refer to the program as the and other obligations of you to Merrill Lynch Margin Lending Program. You can use a and are held by Merrill Lynch as security for margin loan to buy securities or sell the payment of any liability or indebtedness securities “short,” or as a source of of you to Merrill Lynch in any of said credit for purchases using your CMA accounts. Securities and Other Property held Visa card or checks. If enrolled in the in retirement accounts, such as IRAs, are not Margin Lending Program, you agree to subject to this lien and are not used as maintain such Securities and Other security for the payment of your obligations Property in your account as required by or indebtedness for other accounts you Merrill Lynch. maintain with Merrill Lynch. Merrill Lynch, You agree that your monthly margin loan subject to applicable laws, without giving you balance shall be charged interest at a prior notice, shall have the right to use rate permitted by the laws of the State of and/or transfer Securities and Other Property New York. If interest charges are not so held by Merrill Lynch from or to any of the paid at the close of a charge period, they accounts of yours whenever, in its judgment, will be added to the opening balance for Merrill Lynch considers such a transaction the next charge period. Interest will then necessary for its protection. In enforcing its be charged upon the entire opening lien, Merrill Lynch shall have the discretion to balance of that next charge period. determine which Securities and Other Currently, you can borrow up to 50% of Property are to be sold and which contracts the market value of most exchange- are to be closed. All Securities and Other listed stocks in your CMA Account or Property will be treated as financial assets CMA SubAccount. A greater or lesser under Article 8 of the New York Uniform percentage of the value of bonds and Commercial Codes. other types of investments is available. (G) PRIVACY With margin lending, you pay interest only on the amount you borrow. You understand that Merrill Lynch shares Payments are not required as long as information with its afliates and the Banks your account meets minimum equity in accordance with our privacy policies. For requirements. Tere are no filing fees, more information on how and why we can application fees or points. share information, please read our “U.S. Consumer Privacy Notice” by visiting You must keep a minimum of $2,000 in ml.com/privacy. You may also ask your equity in your CMA Account to remain financial advisor or read the Client eligible for margin lending. In general, Relationship Agreement for more you may enroll only one account. Certain information. fiduciary accounts, such as custodial accounts, are not eligible for this 5. LENDING SERVICES program. Margin requirements are (A) MARGIN LENDING PROGRAM subject to change and may vary depending upon factors such as security (i) Margin requirements and credit type, market price and concentration. charges. Our Margin Lending Program Certain internet-related and other allows you to borrow against the value of volatile securities and holders of eligible securities in your CMA Account. controlled and restricted securities Merrill Lynch maintains the right, in our may be subject to higher initial equity sole discretion at any time and without and maintenance requirements.

8 | Cash Management Account Merrill Lynch may change initial equity such eforts. and maintenance requirements at any • You agree that all Securities and time without notice. Borrowing against Other Property in any account — tax-exempt bonds, tax-exempt municipal margin or cash — in which you have funds and tax-exempt unit investment an interest, or which at any time are trusts may involve the loss of the in your possession or under your interest deduction from taxable income. control (other than retirement You should check with your tax advisor accounts, such as IRAs), shall be before borrowing against tax-exempt subject to a lien for the discharge of investments or having them priced in all your indebtedness and any other your account. obligations that you may owe to If the account holders have enrolled in Merrill Lynch and are held by us or the Margin Lending Program, all account our afliates as security for holders further agree that all Securities payment of any indebtedness or and Other Property that Merrill Lynch obligations to Merrill Lynch in any may be holding for any of them, either in of your accounts with us, including this account or otherwise, shall be accounts in which you have an subject to a lien for the discharge interest. of obligations of this account to • Securities and Other Property held Merrill Lynch. Such lien is in addition to in retirement accounts, such as any rights and remedies Merrill Lynch IRAs, are not subject to this lien and may otherwise have. are not used as security for the (ii) Security interest in favor of payment of your obligations or Merrill Lynch. Whether you enroll in the indebtedness for other accounts, Margin Lending Program or not, the cash or margin you maintain with following additional provisions will apply Merrill Lynch. to your account. • Merrill Lynch, subject to applicable laws, retains the right to transfer • You agree that at all times you are Securities and Other Property liable for the payment of, and agree between accounts without giving to pay on demand, any debit prior notice whenever, in our balance or other obligations owing judgment, we consider it necessary in any of your accounts at for our protection. Merrill Lynch. You are liable for any deficiency remaining in such • In enforcing our lien, we shall have the discretion to determine which

accounts in the event of the Information About Your Accounts liquidation thereof, in whole or in Securities and Other Property are to part, by us or by you. be sold and which contracts are to be closed. • You agree that to the extent permitted by New York law, • All Securities and Other Property Merrill Lynch shall collect from you will be treated as financial assets reasonable costs and expenses of under Article 8 of the New York collection of any such debit Commercial Codes. balance(s) and any unpaid (iii) Calls for additional collateral- deficiency in your account, liquidation rights including but not limited to attorneys’ fees, that Merrill Lynch (a) Merrill Lynch has the right to incurs or pays in connection with make a margin or maintenance

Cash Management Account | 9 call and require additional collateral, or notice of sale or purchase, or collateral: other notice or advertisement. Any such 1. In accordance with our general sales or purchases may be made at our policies on maintenance discretion on any exchange or other requirements for margin market where such business is usually lending, which may be transacted, or at public auction or private modified, amended or sale; and we may be the purchaser for our supplemented from time to own account. time; You agree that our giving of any prior 2. If in our discretion we consider demand or call or prior notice of the time it necessary for our protection and place of such sale or purchase shall at an earlier or later time than not be considered a waiver of our right to called for in the general sell or buy without any such demand, call policies; or notice as provided in this agreement. 3. In the event that a petition in (iv) Payment of indebtedness upon bankruptcy or for appointment demand. You agree that at all times you of a receiver is filed by or are liable for the payment of, and agree against you; to pay on demand, any debit balance or 4. If an attachment is levied other obligations owing in any of your against your accounts; or accounts at Merrill Lynch. You are liable for any deficiency remaining in such 5. In the event of your death. accounts in the event of the liquidation (b) If you do not provide additional thereof, in whole or in part, by us or by collateral as we may require for 1 you. and 2 within section 5(A) (iii) (a), (v) Liability for costs of collection. To the or should an event described extent permitted by the laws of the in 3, 4 or 5 within section 5(A) (iii) State of New York, you agree to pay (a) occur (whether or not Merrill Lynch the reasonable costs and Merrill Lynch elects to require expenses of collection, including additional collateral), you agree attorneys’ fees, for any debit balance that Merrill Lynch may: and any unpaid deficiency that you owe. 1. Sell any or all Securities and You agree that to the extent permitted Other Property in your by New York law, Merrill Lynch shall accounts with us or any of our collect from you reasonable costs and afliates, whether carried expenses of collection of any such debit individually or jointly with balance(s) and any unpaid deficiency in others; your account, including but not limited to attorneys’ fees, that Merrill Lynch 2. Buy any or all Securities and incurs or pays in connection with such Other Property which may be eforts. short in such accounts; and 3. Cancel any open orders and (vi) Pledging and lending assets. If you close any or all outstanding enroll in the Margin Lending Program, contracts. you agree that we have the right, subject to limitations under applicable laws, We may exercise any or all of these rights rules and regulations, to pledge or re- without further demand for additional

10 | Cash Management Account pledge Securities and Other Property in that the position is held short (i.e., your accounts, either separately or in borrowed). Securities that are “in common with other such Securities or demand”, and any corresponding SB Other Property, and for any amount due Charges, are determined by market in your account, or a greater amount. We participants, and may fluctuate on a may do so without notice to you and daily basis. It is important to note that without retaining in our possession or the SB Charges may be substantial. In under our control for delivery a like some instances, where the demand amount of similar Securities or Other for the security borrowed is extremely Property. In return for extending credit to high, the SB Charge, on an annualized you under the Margin Lending Program, basis, may exceed the principal value you acknowledge and agree that we may of the security. It is also important to lend, either to Merrill Lynch or to others, note that, even if a security is not “in the securities in your account (along demand” at the time of your short with all attendant rights of ownership), sale, it may become “in demand” at to the extent not prohibited by any time based on market factors, and applicable laws, rules and regulations. at that point, it would be subject to a You understand that we may receive and SB Charge. Te SB Charge rate can retain certain benefits to which you will fluctuate daily without prior notice. not be entitled in connection with such (viii) SB Charges Assessed. If you short “in loans. You agree that, in certain demand” securities, Merrill Lynch may circumstances, such loans could limit charge you all SB Charges assessed in your ability to exercise voting rights, in connection with your short sales with us whole or in part, with respect to the on a daily basis starting on the securities lent. In addition, you settlement date of the trade. Te acknowledge that, in using certain charges may reflect work done by Merrill securities in your account for, among Lynch on your behalf in connection with other things, settling short sales and these transactions to establish and lending the securities for short sales, we maintain a short position in your may receive compensation in account, which may result in a profit to connection therewith. Merrill Lynch. Short stock positions (vii) Stock Borrow Charges. Efective August opened and closed intraday (not held 7, 2017, if you short a stock that is in overnight) will not be subject to an SB limited supply (i.e., “in demand”), you Charge. may be charged a SB Charge for Please note that you may obtain borrowing that security. Whether there is updated information with respect to Information About Your Accounts a SB Charge for a particular security, the status of your short positions and the relevant rate for the SB Charge, (including any applicable SB Charges) depend on various factors, including, but by contacting your financial advisor, a not limited to, the availability of that Merrill Financial Solutions Advisor or an stock based on supply and demand in Investment Center representative at any the lending market at that time, the size time. of the transaction, rates charged by counterparty lenders, days to In addition, all applicable SB Charges cover/short-interest ratio of the stock, assessed will be displayed under a “SB the percentage of the issuer’s float that CHARGE” debit entry on your monthly is held short and the number of days account statement, including those

Cash Management Account | 11 positions that incurred charges afer the Below is an example of the calculation of initial settlement date as described in an SB Charge. Please note that the the prior paragraph. Tis will show, on example below is for illustrative an aggregated basis, the charges for all purposes only and does not reflect the shorted securities that incurred a SB actual SB Charges that you may incur on T Charge during the applicable period any given short position, which may be (described below), as well as a detailed significantly higher than the charges S breakdown of each SB Charge, including reflected in the example below. Please the applicable borrowing rate for each also note that in addition to SB Charges “in demand” position for the applicable you may also be charged commissions period. A daily breakdown can also be and incur other expenses in connection S provided upon request by contacting with a short sale of securities that are your financial advisor, a Merrill Financial not captured in the following example. Solutions Advisor or an Investment Please note, the SB Charge amount for a Center representative. given day is determined by multiplying the trade value of the stock borrowed by s Any SB Charge entry on your account the applicable SB Charge rate, divided statement represents the debit of such by 360. Terefore, the efective SB charges, which are made one Business Charge rate for a given day can be Day afer each applicable SB Charge is obtained by multiplying the SB Charge incurred. Applicable SB Charges in your amount by the number of days in a given account will then be posted online one A year (e.g., 365 days) and dividing by the Business Day afer the charge is trade value of the stock borrowed. debited. Tus, if you incur SB Charges on weekend days, such charges will be • current price of stock = $11.00 debited on the next Business Day (i.e., number of shares sold short = Monday, unless Monday is a holiday), 10,000 and the charges will be visible in your SB Charge rate = 20% account online on Tuesday (or • (market price of stock) x (share Wednesday, if Monday is a holiday). quantity) = trade value of stock Your account statement will include all borrowed SB Charges debited in your account in a $11.00 x 10,000 = $110,000 calendar month, except that any SB • (trade value of stock borrowed) x Charge debits that occur on the last (SB Charge rate) = annual SB Business Day of a month will be Charge amount reflected on the following month’s $110,000 x 0.20 = $22,000 account statement. • (annual SB Charge) / (360 days) = (ix) Calculation of SB Charge. SB Charges daily SB Charge amount are calculated on an annualized basis $22,000 / 360 = $61.11 based on the value of a short position • ((daily SB Charge amount) x and the SB rate for that position. SB (365 days)) / (trade value of Charges for a particular position are stock borrowed) = efective charged daily on a pro-rated basis SB Charge rate ($61.11 x 365) / depending on how many calendar days $110,000 = 20.28% you hold the position short.

12 | Cash Management Account 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‡ Information About Your Accounts

* This chart is only intended as a general guide. Please speak to your financial advisor or call 800.MERRILL (800.637.7455) for more complete information on margin eligibility, initial equity and maintenance requirements. ‡ Minimum requirement is 3% of principal amount.

Cash Management Account | 13 6. CASH MANAGEMENT SERVICES your CMA Account to your Bank of America debit card and you also have a Merrill Lynch (A) GENERAL Visa deferred debit card for your CMA Te CMA Account may be used to manage Account, both cards will remain active deposits, payments and investments. Your with their respective PINs; however, your Visa Cash Balances are automatically swept into deferred debit card will not be able to access the Primary Money Account and are your Bank of America deposit accounts. automatically withdrawn to pay for securities Please note that any limitations applicable to and cash management transactions the card being used (such as daily cash including Disbursements and other amounts withdrawal limits) will apply when that card is due. Tis automation allows you to keep Cash used — regardless of the account being Balances in Money Accounts, which may accessed. Linking of a CMA Account to a earn interest. Although your CMA Account Bank of America debit card will allow you to has Cash Management Services, it is not a transfer funds between your CMA Accounts bank account. at Merrill Lynch and your deposit accounts at Bank of America when using your Bank of Merrill Lynch is a registered broker-dealer America debit card. Point of sale transactions and a wholly owned subsidiary of with your Merrill Lynch Visa deferred debit Bank of America Corporation. Merrill Lynch card will continue to clear against your CMA is not a bank and is separate from its FDIC- Account, and point of sale transactions with insured afliates, which include BANA your Bank of America debit card will continue and BA-CA, and is also separate from to clear against your primary bank account Merrill Lynch Bank and Trust (Cayman) linked to that card. Certain accounts may not Limited, or other depository institutions. yet have this ability. Please contact your Merrill Lynch Bank and Trust (Cayman) financial advisor or call 800.MERRILL Limited is an afliate of Merrill Lynch; (800.637.7455) if you have any questions. however, deposits within Merrill Lynch Bank and Trust (Cayman) Limited are not (C) STATEMENT LINK SERVICE FDIC insured. Banking services available through the CMA Account are provided by Te Statement Link Service allows certain or through licensed Banks. Except where Merrill Lynch accounts to be “linked” specifically indicated, securities and together for statement delivery purposes products sold, ofered or recommended by and, in some instances, to establish higher Merrill Lynch are not insured by the FDIC levels of eligible assets and a potentially and are not obligations of, or endorsed or higher interest rate tier within the MLBDP. guaranteed in any way by, any bank, and Linking accounts may also result in waivers may lose value. of certain fees. For more information, see CMA Fee Waiver Program, page 43 and for Merrill Lynch is solely responsible for its Fedwire fees page 61. For regulatory or other own contractual obligations and reasons, certain types of accounts that can commitments. be linked for statement delivery purposes cannot be counted for the purpose of (B) ACCOUNT LINKING TO determining your total eligible client assets BANK OF AMERICA, N.A., DEBIT CARD for tier assignment, the CMA Fee Waiver Certain Merrill Lynch CMA Accounts Program and Fedwire fee benefits. If you have can be linked to a Bank of America debit any questions about linking your accounts or card. Linking your CMA Account to your linking eligibility, please contact your Bank of America debit card allows you financial advisor. to access your CMA Account at most Statements for linked accounts are sent to Bank of America ATMs. If you choose to link the primary account holders, who will receive

14 | Cash Management Account their periodic statements. Please note, all enrolled in an Investment Advisory account holders remain responsible for Service, irrevocable trusts and certain verifying the accuracy of their individual fiduciary accounts will be assigned to statements, reading notices and directing Tier 4 for the purposes of determining activity in their individual accounts. Te the interest rate. assets of linked accounts are not Valuation procedures may be changed commingled, and each account holder by Merrill Lynch without prior notice. retains control over his or her individual Securities and other assets will be account. valued in a manner determined by (D) TIER ASSIGNMENT AND ACCOUNT Merrill Lynch, in its sole discretion, and VALUATION in some cases may be based on estimates, which are obtained from (i) Tier assignments. Every month, various sources. Values may vary from Merrill Lynch will perform a valuation prices achieved in actual transactions, process on the eligible account types especially for thinly traded securities, within the Statement Link or on the and are not firm bids or ofers or CMA Account not in a Statement Link guarantees of any type with respect to and will assign each CMA Account a tier the value of securities and other assets. based on its Account Value. Tiers and tier assignments may be changed by (iv) Historical pricing and valuation Merrill Lynch without prior notice. service. You can request a report showing the securities held in your CMA CMA Accounts or CMAT Account as of a specific date. Tier 1 – Less than $250,000 You may also request that we provide Tier 2 – $250,000 to $999,999 historical values for publicly traded Tier 3 – $1,000,000 to $9,999,999 securities for gif, estate tax or other planning purposes. Call your financial Tier 4 – $10,000,000 or more advisor for more information about this (ii) Efect of tier assignment. Te tier to service. which a CMA Account is assigned will (v) Change in tier assignments. Once a determine the yield earned on deposits CMA Account has been assigned to a held in the Merrill Lynch Bank Deposit tier, the tier assignment may change on Program. Clients with higher total the first Business Day of the month due eligible assets generally receive a higher to valuation changes as described in yield on their bank deposits than clients Section 6(C) (iii). If a tier changes, the with lower total eligible assets.

new tier assignment may afect the Information About Your Accounts (iii) Valuation. Te valuation is determined interest earned for the Merrill Lynch by the value of Cash Balances, Bank Bank Deposit Program. Te asset tier for Deposits and the long-market value of any of your accounts will not change securities held within eligible Statement between valuation dates, even if you Linked accounts as of the “valuation open new accounts or link accounts. date” (currently toward the end of each New accounts are not used to determine month). For clients with CMA Accounts asset tiers until the next applicable that are not in a Statement Link, the tier valuation date. assignment for each account will be (vi) Newly opened accounts. New CMA based on the value of Cash Balances, Account(s) will be assigned to Tier 2 Bank Deposits and the long-market during the month of enrollment. At the value of securities within the account as end of the month of enrollment and of the valuation date. CMA Accounts each month thereafer, the new CMA

Cash Management Account | 15 Accounts will be valued and assigned to currently deposited, as well as certain a tier based on the value of the account yield information. itself or eligible account types within the In addition to the Primary Money Statement Link, if linked. Accounts, you may make a manual (E) SWEEP PROGRAM deposit into a Secondary Money Account by contacting your financial (i) General. Te deposit of checks, the sale advisor. If you choose a Secondary of securities and other activity generate Money Account for your account, you will Cash Balances in your CMA Account. be required to contact your financial Once you complete and return the Client advisor each time you want to deposit Relationship Agreement to us, available your cash in that particular Secondary Cash Balances in a CMA Account of $1 Money Account. Otherwise, available or more (whole dollars only) are cash will continue to sweep to the automatically swept to the Primary Primary Money Account. If you have Money Account on the Business Day established Secondary Money Accounts afer the funds are received, provided in addition to your Primary Money the funds are received before our Account, and you do not have sufcient cashiering deadline. However, if you Cash Balances in your Primary Money have pending transactions in your CMA Account, your Secondary Money Accounts on the Business Day funds are Account balances will be withdrawn to to be swept into your Primary Money satisfy securities and cash management Account, the amount of those transactions, including check writing transactions may be deducted from the and Visa card activity, in or through your sweep amount. Until that time, your account. If you are eligible to establish Cash Balances will not earn interest. more than one Secondary Money Additionally, if your account is enrolled Account, you may designate the order in in a Merrill Lynch investment advisory which the Secondary Money Account program, you should understand that balances will be automatically Merrill Lynch may charge an asset-based withdrawn to satisfy transactions in or advisory fee on the cash in the account through your account by speaking to even though you are not earning any your financial advisor. interest on that cash. You may only establish one Primary Money Account There may be minimum dollar for the automatic deposit of Cash requirements for deposits into the Balances in your account. With the available Money Accounts. Ask for the Primary Money Account, you do not applicable deposit account program need to contact your financial advisor to disclosures for details on deposits. Your deposit or withdraw funds — it happens financial advisor will be available to automatically. discuss alternatives for your cash or bank deposit account balances. Your Primary Money Account is However, neither your financial advisor designated on the Client Relationship nor Merrill Lynch undertakes any Agreement or, for accounts you establish obligation to ensure you receive any afer signing a Client Relationship particular rate of interest, or to advise Agreement, by speaking to your financial you to invest your cash or bank deposit advisor. If you ever want to change your balances in higher-yielding cash Primary Money Account, you must alternatives. Cash Balances in a contact your financial advisor. Your Secondary Money Account are included Merrill Lynch account statement in your “Purchasing Power,” as indicates where your Cash Balances are described in section 6(H).

16 | Cash Management Account (ii) Available Money Accounts or the International Bank Variable Rate The Money Accounts available under the Deposit Facility1. Sweep Program are described below. The Secondary Money Account Merrill Lynch may change the Money generally available is the ISA Program. Account options under the Sweep (v) For customers who are non-residents Program at any time. Your Merrill Lynch of the United States of America and financial advisor is always available to U.S. citizens. discuss your Money Account options as The Primary Money Account generally the yields may change, depending on available through the Sweep Program is market conditions, at diferent times the Merrill Lynch Bank Deposit Program. throughout the year. The Secondary Money Account generally YOU ARE ADVISED TO READ THE available is the ISA Program. MERRILL LYNCH BANK DEPOSIT Primary Money Accounts are also PROGRAM DISCLOSURES THAT BEGIN available as Secondary Money Accounts ON PAGE 47. and are not available to all clients. Jurisdictional restrictions apply. Please (iii) For customers who are residents of contact your financial advisor to the United States of America (U.S. and determine if you are eligible to non-U.S. citizens). participate before selecting your Primary The Primary Money Account generally Money Account on the Client available through the Sweep Program is Relationship Agreement. the Merrill Lynch Bank Deposit Program. Te Secondary Money Accounts (vi) No sweep. All customers may elect that generally available is the ISA Program. Cash Balances do not sweep to the available Primary Money Account(s) (iv) For customers who are non-residents available. Cash Balances will not earn of the United States of America and interest or dividends. Tese balances will non-U.S. citizens. be part of the assets held in your e Primary Money Accounts generally Th securities account, which are protected available through the Sweep Program is by SIPC coverage (up to $500,000 for the Merrill Lynch Bank Deposit Program securities and cash per customer, inclusive of $250,000 for cash) and

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

MLBTC (Registration Number: 26981) is regulated by the Cayman Islands Monetary Authority (“CIMA”) and Information About Your Accounts currently maintains a Category B bank license, an unrestricted trust license and a securities investment business license. Details about the extent of our regulation by CIMA are available on request. Our registered ofce is at: 4th Floor Harbour Center, P.O. Box 1164 GT, North Church Street, Grand Cayman, KY1-1102, Cayman Islands. A list of names and personal details of every director of the company is available for inspection to the public at the company’s registered ofce 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, or covered 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 Foreign Financial Accounts (“FBAR”) with the U.S. Department of the Treasury in respect of such foreign financial accounts. In addition, U.S. persons (and non-U.S. persons obligated to file U.S. federal income tax returns) who have an economic interest in foreign financial assets, including an account with MLBTC, may also be required to report 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 other financial decisions.

Cash Management Account | 17 excess-SIPC coverage, as described in as a Secondary Money Account option. Section (6) (E) (iii), but will not be For more information regarding how the covered by FDIC insurance. Primary or Secondary Money Account option works, please see Section 6 (E)(i). (vii) Right to change/suspend Money Accounts. Merrill Lynch may change the (a) ISA Program. Te ISA Program Money Accounts available under the ofers MMDAs, each opened on Sweep Program at any time. If a your behalf by Merrill Lynch, at one particular Money Account is no longer or more banks and savings generally available in the Service or is no associations (depository longer available, you authorize Merrill institutions), whose deposits are Lynch to transfer, exchange and/or insured by the FDIC up to convert any existing shares/balances in applicable such Money Account into another limits, including depository Money Account. If the ofering of any institutions afliated with Merrill particular Money Account is suspended Lynch and its parent company, for any reason, Merrill Lynch is Bank of America Corporation, authorized, but not obligated, to cause whose deposits are insured by the available Cash Balances in the CMA FDIC, up to applicable limits. Te Account to be invested/deposited in FDIC’s SMDIA is $250,000 per another Money Account. depositor, per ownership category, per insured bank. If you select the Merrill Lynch, may, with 30 days prior ISA Program as a Secondary Money written notice, (i) make changes to the Account, you may direct a deposit terms and conditions of our Sweep of funds from your CMA Account Program; (ii) make changes to the terms through the ISA Program by calling and conditions of any Money Account; your financial advisor. Deposits may (iii) change, add or remove the Money be made only in whole dollar Account available as sweep product; (iv) amounts of $1,000 or more. transfer your Money Account from one e ISA Program is not appropriate sweep product to another. Th for clients who anticipate efecting Merrill Lynch is permitted to use Cash frequent third-party payments or Balances in our business, and such transfers, including payments or balances are not segregated. You have transfers by check or through the the right to receive any available Cash Funds Transfer Service (FTS). Balances, subject to any open Certain withdrawals from your CMA commitments in the CMA Account. Account, such as transactions related to your card/check account, (F) CONSIDERATIONS REGARDING BANK if applicable, may be subject to a DEPOSIT PROGRAMS limit of six (6) withdrawals per month. (i) Bank Deposit Programs. Tere are diferent bank deposit programs Merrill Lynch will receive a fee available through your CMA Account. directly from each depository Tese deposit programs ofer diferent institution of no more than 2% sweep features and levels of FDIC annually of the average daily insurance. It’s important to understand deposit balance held by the these diferences. For example, the depository institution in MMDAs Merrill Lynch Bank Deposit Program is established at the depository available as a Primary Money Account institution through the ISA Program. option and the ISA Program is available Te amount of the fee varies from

18 | Cash Management Account time to time and from depository any other intermediary, would be institution to depository institution, aggregated for FDIC insurance limit and Merrill Lynch may waive all or purposes. You are responsible for part of this fee. monitoring the total amount of By choosing the ISA Program as a deposits held at the Banks in order Secondary Money Account, you to determine the extent of FDIC agree to the terms and conditions insurance coverage available to in the ISA Fact Sheet, which will be such deposits. Merrill Lynch is not sent to you when you make your responsible for any insured or opening deposit. You may also ask uninsured portion of such deposits. your financial advisor for an ISA For additional information on the Fact Sheet. FDIC, visit fdic.gov. (b) Benefits of bank deposits to Deposits placed with the MLBTC Merrill Lynch. Merrill Lynch are not insured or guaranteed by receives deposit brokerage fees the FDIC. based on the number of accounts (ii) Money Account interest. Interest for that sweep to the Merrill Lynch the Merrill Lynch Bank Deposit Program Bank Deposit Program and total and ISA Program will be compounded on deposit balances in the ISA a daily basis and credited to your Program. Your financial advisor may account monthly. receive compensation based on total deposit balances. In addition, (G) AVAILABILITY, DEPOSITS AND other Merrill Lynch afliates may APPLICATION OF FUNDS receive fees for providing services (i) Availability delays. Te availability of in connection with the Merrill Lynch Cash Balances for investment in a Bank Deposit Program. Money Account, to pay for securities and In connection with Visa cards, our cash management transactions, afliates may receive fees from including Disbursements or other sources other than Merrill Lynch amounts due will depend on the type of customers. deposit. Merrill Lynch also reserves the right to impose additional availability For more specific information on delays under certain circumstances the fees that Merrill Lynch receives, including, among others, (i) if a question please see the Merrill Lynch Bank exists about whether a deposit Deposit Program Disclosures and instrument will be paid; (ii) if an the ISA Program for more emergency exists such as a failure of Information About Your Accounts information regarding ISA. communications or computer (c) FDIC insurance. Deposits in the equipment; and (iii) other matters Merrill Lynch Bank Deposit Program beyond the control of Merrill Lynch. and ISA Program are protected by You can request more specific FDIC insurance, up to applicable information about availability by calling limits. Te FDIC’s SMDIA is your financial advisor or 800.MERRILL $250,000 per depositor, per (800.637.7455). ownership category, per insured bank. Any accounts or deposits (ii) Check deposits and electronic maintained with the Banks in the transfers. We reserve the right not to same legal ownership category, efect redemptions or withdrawals of whether directly, through other Money Account balances within eight Merrill Lynch accounts or through days of the receipt of checks and,

Cash Management Account | 19 subject to applicable law, within six days Bank of America ATMs. Note: Te of the receipt of funds credited to your 40-bill limit is “per insertion,” not account electronically. However, funds “per transaction,” because this is a from electronic fund transfers and funds physical limitation of the ATM from deposits of many types of checks, hardware. Clients can choose to such as mobile check deposits, ATM “Add Cash” throughout the check deposits and check deposits transaction and insert additional made through a local Merrill Lynch cash (e.g., 10 more bills, 20 more branch ofce, frequently can be bills, etc.). withdrawn the next Business Day • Mobile deposit. You may make following their receipt by Merrill Lynch. check deposits to your CMA Longer delays generally apply, among Account by using the MyMerrill other things, to larger dollar deposits mobile application with your and deposits to new accounts. mobile device. Please be advised, (iii) ATM cash deposit availability. Cash Merrill Lynch may impose limits on deposited at any Bank of America ATM the amount you can deposit using will be immediately available and this service. Tere is no fee reflected in your Purchasing Power. See to download and to use the Section 6(H). Merrill Lynch application but you may be charged fees by your (iv) Sales of securities or wireless service provider. Please dividend/interest payments. For all contact your service provider for CMA Accounts, Cash Balances from the details on specific fees. For more proceeds of sales of securities or information regarding this dividend/interest payments become application, please call your available on the next Business Day financial advisor or visit following receipt. mymerrill.com. (v) Ways to make a deposit. You may • Direct deposit deposit funds into your CMA Account • Fedwire through the following: • Funds Transfer Service • Merrill Lynch branch ofce. Merrill Lynch branch ofces, • Other electronic transfers however, cannot accept cash Deposits to your CMA Accounts cannot deposits. be accepted by Bank of America • By U.S. mail. Cash will not be financial center tellers. accepted via the mail. All checks delivered to us (via a Merrill Lynch Bank of America ATM or otherwise) for Attn: CMA Deposits FL9-801-01-02 credit to your account must be in U.S. 4802 Deer Lake Drive E dollars and drawn on a U.S. bank or Jacksonville, FL 32246 other financial institution, and are • Any deposit-taking subject to final collection. Bank of America ATM. Deposit- The deposit of checks followed by the taking Bank of America ATMs can prompt withdrawal of funds, for the accept both check and cash primary purpose of earning dividends or deposits (40-bill maximum). Check interest on Money Account balances deposits greater than $1,000,000 from the time Merrill Lynch advances will not be accepted at any funds on your behalf until checks so

20 | Cash Management Account deposited are collected, is inconsistent (c) for margin accounts, the unused with the Service. Merrill Lynch may loan value of eligible securities terminate your subscription to the in the CMA Account. Service if, in its sole judgment, it Since your Purchasing Power is appears to Merrill Lynch that this is dependent upon a variety of happening. factors, such as card usage and, if (vi) Manual investments/manual deposits. you participate in the Margin You may make “manual investments” or Lending Program, the price of the “manual deposits” in the Money securities held in your account, Accounts by contacting your Merrill your Purchasing Power will Lynch financial advisor. Subject to the fluctuate from day to day. availability delays described in Section Purchasing Power is reduced at the 6(G)(i), manual deposits of $1 or more following times: may be made in the Merrill Lynch Bank Deposit Program or the International (a) At the time the Banks and Variable Bank Rate Deposit Facility at Merrill Lynch are notified of card, any time; manual deposits of $1,000 or check, ACH and Fedwire more may be made in the ISA Program transactions, not when the at any time. charges are paid; (b) On the trade date of securities (vii) Automatic application of funds. transactions, not the settlement Subject to the availability delays date; described in Section 6(G)(i), any available balances will generally be (c) At the time of request for applied as follows: outgoing transfers through the Funds Transfer Service. (a) To pay for any purchases or amounts due in the CMA (d) Two Business Days prior to the Account. release of any future or recurring transfers through the Funds (b) To pay for manual subscriptions Transfer Service. to Money Accounts. (ii) Transactions exceeding Purchasing (c) To pay for cash management Power. You agree that you will not incur transactions or disbursements. charges with your checks and cards that (d) To sweep on the next Business exceed the Purchasing Power. If a Day to the Primary Money transaction exceeds the Purchasing

Account. Power, Merrill Lynch may elect to decline Information About Your Accounts such a transaction and you will be in (H) PURCHASING POWER AND OVERDRAFT default, which may result in, among (i) General. The amount available for cash other things, termination of your management transactions, securities subscription to the Service. However, purchases or disbursements is called BANA may, but is not obligated to, “Purchasing Power.” Purchasing Power accept such transaction as an overdraf equals the total of: and advance funds to you in the amount exceeding the Purchasing Power. If (a) any available Cash Balances in the CMA Account; BANA does so, you will be notified, and you agree to immediately pay the (b) the available value of the amount of the overdraf together with Primary and Secondary Money any applicable finance charges. BANA Accounts; and overdraf loans incur finance charges on

Cash Management Account | 21 the average daily balance at an annual you may elect to use your LMA rate specified in this Agreement. account for overdraf purposes. Additional fees and charges may apply. The terms of the LMA loan are governed by the LMA agreement You may remit payment for your and related documents. LMA overdraf in one of the following loan proceeds may not be used, manners: directly or indirectly, to (a) Contact your financial advisor to purchase, carry or trade transfer funds from another securities in any brokerage Merrill Lynch account or a BANA account with Merrill Lynch. LMA account (if applicable). loans charge interest and may (b) Send a check or money order be subject to fees and other payable to Merrill Lynch: charges, all as set forth in the CMA Deposit Operations LMA agreement and documents. P.O. Box 43247 (iii) Overdraft. In each overdraf statement Jacksonville, FL 32231-3247 cycle, finance charges are figured by Include your account number on applying a daily periodic rate of your check or money order to .049315% (18% annual percentage ensure proper credit to your rate) to the average daily balance of account. You may not use a overdrafs and by multiplying the Merrill Lynch check drawn on resulting figure by the number of days in the same account that has the that statement cycle. A daily overdraf debit balance. balance is calculated by starting with the beginning balance of amounts owed, (c) Make a deposit at any adding any new overdrafs and unpaid Merrill Lynch branch ofce or finance charges and subtracting any Bank of America deposit-taking payments or credits received that day. ATM. The average daily balance is then (d) Wire funds from an external calculated by adding all of the daily account at another institution to balances of overdrafs in that statement your Merrill Lynch account. cycle and dividing the total by the (e) Liquidate securities held in the number of days in the overdraf account. statement cycle. Finance charges accrue from the date BANA accepts an overdraf (f) Consider upgrading to a margin until the date payment is made. Any account and transfer the debit payments you make will be applied on for an interest rate lower than the date of receipt, first to any accrued overdraf. Contact your financial and unpaid finance charges and then to advisor for current margin rates. the balance of overdrafs in the order Please note that in the event they were incurred. there has been any nonrelated You will be notified in writing if BANA has debit activity in your account accepted your transaction as an since the overdraf occurred, overdraf and advanced funds to you. any deposits made to your You will receive a periodic overdraf account will be used to satisfy billing statement from BANA that will that activity before being detail, among other disclosures, any credited to the overdraf. overdraf(s) plus finance charges on the Alternatively, if you have overdraf(s), payments and credits, and established an LMA account, the balance due.

22 | Cash Management Account (iv) Billing rights and overdrafs. preserve your rights. Outside the U.S., call collect at 609.818.8000. YOUR BILLING RIGHTS. KEEP THIS NOTICE FOR FUTURE USE. Your rights and our responsibilities Tis notice contains important afer we receive your written notice information about your rights and our BANA must acknowledge your letter responsibilities under the Fair Credit within 30 days unless it has corrected Billing Act. the error by then. Within 90 days, it must either correct the error or explain Notify us in case of errors or questions why it believes the statement or If you think any transaction on your overdraf notice is correct. Afer BANA account statement or a BANA overdraf receives your letter, it cannot try to notice is wrong, or if you need more collect an amount you question or report information about a transaction, you you as delinquent. It can continue to bill should write to BANA, c/o Merrill Lynch, you for the amount, including finance as soon as possible at: charges, and can apply any unpaid Bank of America N.A. amount against your Purchasing Power. c/o Merrill Lynch You do not have to pay any amount in Attn: Billing Inquiries question while BANA is investigating, but P.O. Box 43247 you are still obligated to pay any amount Jacksonville, FL 32231-3247 that is not in question. If it is determined that a mistake was made on your In your letter, provide the following overdraf notice, you will not have to pay information: any related finance charges. If BANA finds that a mistake was not made on • Your name, address and account your statement or overdraf notice, you number; will have to pay the questioned amount, • Te dollar amount of the suspected including any overdraf finance charges. error; BANA will notify you in writing, through • A description of the item in us, of the amount owed and due date for question; and payment. • Why you believe there is an error. If you fail to pay the amount that BANA thinks that you owe, it may report you as You must contact BANA: delinquent. However, if you receive • Within 60 days afer the error first BANA's explanation but still believe your

appeared on your statement or bill is wrong, you must write to Bank of Information About Your Accounts overdraf notice; America, N.A. within 10 days telling it that you still refuse to pay. If you do so, • At least 3 business days before an BANA cannot report you as delinquent automated payment is scheduled, if without also reporting that you are you want to stop payment on the questioning your bill. BANA must tell you amount you think is wrong. the name of anyone to whom it reported BANA must hear from you no later than you as delinquent, and BANA must let 60 days afer we send you the first those organizations know when the account statement or overdraf notice matter has been settled. If BANA does on which the error or problem appeared. not follow these rules, it cannot collect You may also call us at 800.MERRILL the first $50 of the amount in question, (800.637.7455), but doing so will not even if your statement or overdraf notice is correct.

Cash Management Account | 23 (I) DEBIT BALANCES AND DISBURSEMENT subject to disallowance for tax purposes. PRIORITY Merrill Lynch does not ofer advice on (i) Debit balances. Merrill Lynch may these tax issues except to recommend satisfy amounts you owe in connection that you consult a qualified tax advisor. with your CMA Account(s) (including (a) If a minimum Money Accounts debit balances in Visa card debits or balance is selected, then advances charges, checks presented, or pursuant to margin loans may be investments or deposits later reversed) made while you maintain a Money from your assets, including Money Accounts balance. When selecting Account balances, or through margin the minimum Money Accounts lending (if applicable). balance option and designating an (ii) Disbursement priority. Amounts due in amount, you should be aware that connection with the Service, including the rates at which interest will be but not limited to margin calls or other charged with respect to margin obligations, will be automatically loans will generally exceed the yield withdrawn in the following order of represented by interest paid on priority: balances you designate to be maintained in your Money From available Cash Balances; Accounts. 2. From any remaining balances in the (b) If at any time the Cash Balances in Primary Money Account and then your Primary and/or Secondary from balances in the Secondary Money Account(s) or the ISA Money Accounts, if any, based on Program are less than the selected the order designated by the minimum Money Accounts balance, customer, until depleted; then available Cash Balances and, 3. Customers with margin accounts, if applicable, a margin loan will be from extensions of credit in the automatically made to re-establish securities account within its the minimum Money Accounts available loan value. balance in your Primary Money Account. Tis system avoids cost of a margin loan until available Cash Balances and funds (K) CHECK AND CARD USAGE in your Primary and Secondary Money (i) General. Accounts are fully used. Funds in the Directed Reserve Program are excluded. (a) Accounts for cards and checks. See Section 6 (J) for more information You authorize Merrill Lynch to open on the Directed Reserve Program. accounts with Merrill Lynch’s processing institutions for check (J) DIRECTED RESERVE PROGRAM clearing and ACH transactions, and (i) General. If you have a margin loan, you with the Banks for cards. You agree may elect to maintain a minimum that checks and cards, if any, shall Money Accounts balance by designating be used solely in conjunction with an amount to be maintained in your the CMA Account. Checks and Money Accounts. If you elect to maintain cards may be issued for use with a minimum Money Accounts balance, CMA Accounts (but not CMA you should note that interest expense SubAccounts). Te cards are issued (including on any margin loan) may be to you by BANA, and may only be issued to account holders with an ofcial address located in the

24 | Cash Management Account United States. Checks are drawn on notify Merrill Lynch immediately by UMB Bank, n.a., or BANA, or such calling one of the phone numbers other banks as selected from time provided in Section 6(K)(i)(d) if you to time by Merrill Lynch. Check believe or have reason to believe transactions are processed through that your cards, checks or account an account established by number information have been Merrill Lynch with UMB Bank, n.a., used or signed by an unauthorized or BANA, or such other banks as person. In addition, you will be selected from time to time by responsible for reviewing the Merrill Lynch. Checks should be periodic statement in order to written in U.S. dollars only. You discover and report to Merrill Lynch agree to be liable for all authorized any possible unauthorized use of transactions arising through the the cards and checks. You agree to use of cards and checks. notify Merrill Lynch immediately if (b) Limitation on use of checks and you believe or have a reason to cards. You may not use CMA believe there may be or has been checks and cards to: an unauthorized use of the cards or checks. Inquiries and error • Purchase securities allegations concerning the CMA • Make deposits through the Account and the periodic statement Merrill Lynch Bank Deposit Program should be directed only through or the ISA Program Merrill Lynch and not through the Banks or the third-party processing • Make payments on outstanding institution. loans from, or overdraf advances extended by, BANA (d) Lost/stolen checks/cards. If a card, PIN or checks are lost or (c) Safekeeping. You shall, on a stolen, you should report the loss or continuing basis, be responsible for other actual or possible the care and safekeeping of the unauthorized use of your CMA cards, checks and checking Accounts, cards, PIN and checks account number information, and immediately by calling shall not permit an unauthorized 800.262.LOST (800.262.5678), person to have access to them. which can be reached 24 hours a You shall review the periodic day, seven days a week. From statements provided by outside the U.S., you should call Merrill Lynch within 10 Business collect, at any time, the following Days, in order to promptly discover number in the U.S.: 609.818.8000. Information About Your Accounts and report to Merrill Lynch the possible unauthorized use of said (ii) Check usage. cards and checks. Unless limited by (a) Tird-party processing institution. law, you are responsible for any and Checks clear through one or more all losses and damages — direct, of Merrill Lynch’s third-party indirect or consequential — that processing institutions. arise from or are attributable to the breach of your undertaking to (b) Signatures. If you request that safeguard your cards, checks checks be printed with two or more and checking account number signature lines for countersignature information and for reviewing purposes and/or that checks be periodic statements. You must signed with a signature stamp or signature plate, you agree that such

Cash Management Account | 25 requirements are for your internal To request a stop payment on a purposes only, and neither check, call your financial advisor or Merrill Lynch nor its third-party 800.MERRILL (800.637.7455). processing institutions shall have (e) Post-dated and incomplete any responsibility or liability for the checks. Te third-party processing payment of any check signed with a institution, the Banks and signature stamp/plate, without a Merrill Lynch reserve the right to countersignature or with an pay post-dated checks, although it unauthorized countersignature. and we are not obligated to do so. (c) Check copies. Original checks will Te third-party processing not be returned to you. You can institution, the Banks and view, download or print copies of Merrill Lynch also reserve the right your canceled checks through not to pay checks that it mymerrill.com, or you can request determines, in its sole discretion, copies by calling your financial are incomplete or improperly advisor or 800.MERRILL completed. (800.637.7455). (iii) Card usage. (d) Stop-payment procedures. You may request that payment of (a) General. In connection with your checks drawn on the CMA Account subscription to the Service, you be stopped. In order to process a may request that the Banks issue stop payment, you must notify one or more cards. Cards may be Merrill Lynch of the exact amount of used to make purchases at Visa the check, the full check number, participating establishments or to date and payee, and the full obtain cash and cash advances account number for the CMA from ATMs and Visa participating Account. If that information is not banks or branches. Cash advances correct, or is untimely, or you do not may be limited by banks to $5,000 promptly comply with a request for per account per day. ATM other reasonable information about withdrawals and card cash the check, then Merrill Lynch and advances are debited against your the third-party processing CMA Account when the charge is institution will not be responsible if presented to us. Tere are no fixed the check cannot be stopped. If a limits on your card transactions. check was not stopped for any You are only limited by your reason and there was a timely and Purchasing Power or spending limit proper stop-payment order in efect (see “Purchasing Power,” page 21). for such check, then Merrill Lynch (b) Personal identification numbers. may, without liability, delay Upon receipt of your card(s), you crediting the CMA Account until it may need to call Merrill Lynch to determines the rights of the parties obtain a PIN. You should safeguard involved, including the third-party your PIN: Do not write it on your processing institution. In addition, card or keep it in any place where it neither Merrill Lynch nor the third- may be found with your card. If you party processing institution will be lose or forget your PIN, call liable if, through the payment of a 800.MERRILL (800.637.7455). check contrary to a stop-payment (c) Ownership. The card(s) remain the order, any other items drawn on the property of BANA and may be CMA Account are returned unpaid. canceled by BANA at any time

26 | Cash Management Account without prior notice. You agree to date may also difer from the rate in surrender the card(s) immediately efect on the transaction date or upon the request of BANA or posting date. Transactions made in Merrill Lynch. a foreign currency that are submitted to Visa in U.S. dollars will (d) Unauthorized card use. You and/or your authorized cardholders be posted to your CMA Account in will not be liable for any that U.S. dollar amount. unauthorized use that occurs afer (f) Automated Teller Machine (ATM) Merrill Lynch or BANA have been service. Upon the selection of a notified orally of loss, thef or valid PIN, you may choose to use possible unauthorized use. Notice your card(s) to access cash and should be directed to 800.MERRILL perform other Cash Management (800.637.7455). Services at an ATM. Each cardholder will have the following (e) International transactions. Merrill ATM capabilities: Lynch will charge an international transaction fee equal to 2% of the Cash withdrawals: Cash U.S. dollar amount of all withdrawals may be obtained at an transactions that occur outside of ATM. Te daily ATM cash withdrawal the United States, including limit is $2,500 per CMA Account, purchases, credits, ATM subject to the Purchasing Power of withdrawals and cash advance the CMA Account. Please note, transactions. Tis fee will only apply some ATM operators may have to transactions submitted to Visa in diferent limits on withdrawals. a currency other than U.S. dollars Deposits: You may deposit checks and will be in addition to any other and cash at any deposit-taking applicable transaction fees. Bank of America ATM. Check Visa transactions in a foreign deposits greater than $1,000,000 currency are converted by Visa into will not be accepted at any a U.S. dollar amount in accordance Bank of America ATMs. with Visa’s operating regulations Purchasing Power (available and conversion procedures in efect balance) inquiry: You may view your at the time the transaction is account’s Purchasing Power at processed. Visa’s regulations and most Bank of America ATMs by procedures currently provide that choosing to check your “Available the currency conversion rate Balance” on the ATM screen. Your Information About Your Accounts used is a rate selected by Purchasing Power will be reflected Visa from the range of rates at the ATM as noted in “Total available in wholesale currency Available Funds,” below. markets. Te rate may vary from the Total Available Funds:1 This is the rate Visa itself receives, or a total amount of funds available to government-mandated rate. you at the time of your ATM balance e method of currency conversion Th inquiry. is subject to change by Visa without notice. Te currency conversion rate Personal identification number in efect on the processing changes: Authorized cardholders with a valid PIN will have the

1 Total Available Funds is not your account value; it’s the amount available for purchases and/or transactions in your CMA Account at a particular point in time. Cash Management Account | 27 ability to change this PIN at most charges not exceeding $100,000 Bank of America ATMs. clearing the CMA Account during the same monthly cycle will be (g) Termination of card(s). Your right debited on the Wednesday before to use the card(s) will be the last Friday of the month. automatically terminated if your subscription to the Service is You agree to waive your rights terminated by you or Merrill Lynch. under federal law to be notified in You agree that the cards issued in advance of variable debits provided connection with the CMA Service the amount does not exceed remain the property of BANA. It is $500,000. also understood that BANA may If for any reason your card is terminate your right to use the canceled, you must cease using card(s) at any time in its discretion your card(s). Current charges will be without prior notice. If your right to debited to your CMA Account on the use the card(s) is terminated for next Business Day, and new items any reason, you shall promptly will be debited on receipt instead of return the card(s) to the Banks or at the end of the monthly cycle. Merrill Lynch. Cash advances and ATM (h) Deferred debiting of the CMA transactions obtained with your Account. You agree to pay BANA for card(s) at participating financial the card purchases (including direct institutions or at ATMs will not be debits) posted to your card account. deferred and will be debited directly You authorize Merrill Lynch to pay from the CMA Account on the date BANA from the assets in your CMA that the notice of the transaction is Account, including, if applicable, received by Merrill Lynch. through a margin loan (if you have (i) Disposal of assets. You agree to enrolled in the Margin Lending not dispose of assets in the CMA Service). Card purchases are Account or any other securities debited from your account once a account with Merrill Lynch or its month. Merrill Lynch will debit your afliates if such disposal will CMA Account on the Wednesday negatively afect your ability to pay before the last Friday of the month BANA for card transactions. You for all purchases posted to your may continue, however, to trade card account for that monthly securities in the CMA Account. period (“Deferred Debit”). You may make payments by other (j) U.S. Residency. Cards for your CMA means provided they are Account may only be issued to you compatible with our operations and if you reside in the U.S. and you use procedures, and you agree to notify an ofcial U.S. address for your Merrill Lynch of your intention to place of residence. do so. (L) ELECTRONIC FUNDS TRANSFERS If purchases exceed $100,000 in a (i) General. Requests for transfers of funds monthly cycle, you must execute a will be transmitted to banks selected by Statement of Purpose (Federal Merrill Lynch as agent for you. Such Reserve Form U-1) for BANA. If the banks and any subsequent banks Form U-1 is not on file, the entire involved in the transfer may use various amount of outstanding purchases systems, including the federal funds wire will be immediately debited from your CMA Account. Any subsequent 28 | Cash Management Account transfer system, when carrying out procedures of banks that Merrill Lynch your request. Your rights and contracts with for transfers of funds, obligations, and the rights and are commercially reasonable. If obligations of Merrill Lynch and any Merrill Lynch notifies you of changes banks involved in carrying out your in its own security procedures, or if funds transfer requests, are governed by Merrill Lynch agrees to modified security Article 4A of the Uniform Commercial procedures of such banks from time to Code, and by applicable rules of ACH time, your continued use of these associations or, for federal funds wire services to request transfers shall transfers, by Subpart B of Regulation J of constitute your agreement that such the Federal Reserve Board of Governors. changed security procedures are commercially reasonable. You have a Transfer of funds throughout the right to request information about banking system and related funds applicable security procedures at any transfer and communications systems, time. including the federal funds wire transfer system, involve various risks, which you (ii) Additional notes on electronic assume in requesting wire transfers. transfers. Your account may be subject Such risks include, but are not limited to the federal law on electronic fund to, the following: transfers if you maintain the account as a natural person (as opposed to a (a) Te liability of banks with respect to trustee or in another capacity) and have funds transfers may be limited by established your account primarily for law and by contract; in particular, personal, household or family purposes. their responsibility for processing Your rights and responsibilities will depend transfers may be limited to relying on the type of electronic transfer. From upon identifying (e.g., account) time to time, these rights and numbers rather than account party responsibilities may change. You will be names; notified of any changes as required by (b) You may not be able to cancel or applicable law. If the change is necessary amend a funds transfer request for security reasons, you do not have to be once transmitted to a bank for notified in advance. processing; and Electronic transfers include: (c) Federal funds wire transfers are irreversible once transmitted by a • Visa card cash advances bank and may not be recoverable. • Visa point-of-sale transactions Merrill Lynch shall act as your agent in • ATM withdrawals Information About Your Accounts transmitting funds transfer requests to • Transfers through a direct deposit banks selected by Merrill Lynch, and you service shall be regarded as the “sender” of such transfers. In addition to applicable • Transfers through the FTS law, your rights and obligations shall be • Transfers through an ATM governed by contracts that Merrill Lynch • Pre-authorized debits through a enters into with banks from time to time program ofered by a third-party or for funds transfers of its own and your us funds. • Transfers to and from your account You agree that Merrill Lynch’s security under a bank deposit program procedures, which may include a confidential password to initiate • Payments through our Web Bill Pay electronic transfers, and the security Cash Management Account | 29 service or Merrill Lynch standing transactions and the amount of letters of authorization cash withdrawals permitted. (a) Your liability. You are liable for no (c) Transaction information. You will more than $50 for unauthorized be sent a monthly statement listing use of your FTS password. You are all electronic transfers for the not liable for unauthorized preceding month. In addition, you purchases using your Visa card or will receive a receipt for all for the unauthorized use of your electronic transfers made with a Visa card PIN. You are also not Visa card at ATMs or other liable for any amount for the loss, electronic terminals in the U.S. thef or possible unauthorized You may also check on the status of transaction once you have notified transfers at any time by calling us or the issuer of the card. 800.MERRILL (800.637.7455) or Call immediately if a Visa card is your financial advisor at the lost or stolen, or if you think number provided on your account someone has transferred or may statement. Information about transfer funds from your CMA transfers is also available online at Account without permission: mymerrill.com. • 800.262.LOST toll-free (d) Recurring transfers. To stop (800.262.5678) recurring electronic payments or transfers, call 800.MERRILL • 609.818.8000 from outside the (800.637.7455) or your financial U.S. (collect calls accepted) advisor at the number provided on Telephoning is the best way of your monthly statement. If you minimizing your losses, but you prefer, you may write to us at: may also notify us in writing at: Merrill Lynch Merrill Lynch Attn: CMA Operations Bankcard Processing NJ2-800-01-03 P.O. Box 1519 P.O. Box 1501 Pennington, NJ 08534-1519 Pennington, NJ 08534-0671 Any funds that are withdrawn in Your notice to cease payments connection with a transaction for should be timed to arrive at least which you are not liable will be three Business Days before the credited back to you or your CMA payment is due to be made. If you Account. have been asked to put a stop payment request in writing, you (b) Limits on electronic transfers. You must write to us at the above are limited to $2,500 a day in ATM address within 14 days of your withdrawals using your Visa card. telephone call. Once stopped, Some ATM transactions that recurring payments will not resume exceed this limit may be completed. until we receive notice from you. In general, you may make an Any request to change the title of unlimited number of withdrawals, an account will be treated as a although some transactions may be request to stop payment of limited or not completed for electronic transfers. If you request security reasons. Some ATM that we stop a regular payment at owners and operators may have least three Business Days before limits on the frequency of

30 | Cash Management Account the electronic payment is There may be other exceptions scheduled and we do not do so, we stated in this Agreement or will be liable for your losses or provided by applicable law. damages. If you see an error or have a If you have arranged with a third- question about an electronic party for recurring transfers from transfer, including electronic bill your CMA Account of variable payments, call 800.MERRILL amounts, the third-party will notify (800.637.7455) or write to us at you 10 days before each electronic the address below. We must receive payment of the amount and date of notice of problems or errors within 60 payment. If you prefer, you may days afer the first statement or choose to get this notice only when receipt was sent on which the the amount falls outside certain problem or error appeared. limits. If you call us, we may ask you to If you have a Visa card, you will report the error or problem in receive advance notice of the writing within 10 Business Days. varying amounts of the monthly Report errors or problems in writing debit if the amount of the debit to: exceeds $500,000. Merrill Lynch (e) Our liability for failure to make Attn: CMA Operations transfers. If an electronic transfer NJ2-800-01-03 is not completed on time or in the P.O. Box 1501 correct amount according to Pennington, NJ 08534-0671 agreements governing the Service, Include the following information: we or the Visa card issuer may be liable for the resulting losses or • Your name, address and damages. account number There are some exceptions. Merrill • A description of the error or the Lynch and the Visa card issuer will electronic transfer you are not be liable, for instance, if: unsure about • Through no fault on our or its • Te amount of the suspected part, the transfer amount will error exceed your Purchasing Power If the electronic transfer in question or spending limit; involved obtaining cash at an ATM • Circumstances beyond our or its or financial institution or was a pre- Information About Your Accounts control (such as fire or flood) authorized electronic transfer, the prevent the transfer, despite question or complaint will be reasonable precautions that resolved promptly but no more than were taken; 45 calendar days afer the notice is received. If the electronic transfer • The ATM, electronic terminal or electronic system was not in question took place in a foreign working properly and you knew country or involved a point-of-sale about the breakdown when the transfer made with a Visa card, the transfer started; or question or complaint will be resolved promptly but no later than • The ATM where you obtained 90 calendar days afer notice is cash did not have enough cash. received. If it is decided that no error occurred, you will be sent a

Cash Management Account | 31 written explanation within three Transfers that may difer from rights and Business Days afer the obligations that apply to other types of investigation is finished. You may electronic transfers, including ask for copies of the documents disclosure, cancellation and error used in the investigation. resolution rights. To the extent the provisions of this Agreement are (f) Disclosure of account inconsistent with the oral or written information. Subject to applicable disclosures provided to you for a law, we, the Visa card issuer or Remittance Transfer governed by section Banks holding your deposit 919 of the Electronic Fund Transfer Act accounts, will disclose information (EFTA), 15 U.S.C. Section 1693o-1, the to third parties about your CMA terms of such disclosures shall govern. Account or CMA SubAccounts and Notwithstanding anything to the Visa card only: contrary contained herein, rights and • Where it is necessary to obligations that apply to Remittance complete a transaction; Transfers are as set forth in EFTA, and as • To third parties, including our applicable, as set forth in New York law. afliates, who have a business Wire transfers to your account or funded purpose for requesting from your account or otherwise funded information regarding the by you may involve one or more funds account or card; transfer systems, including without • To credit bureaus and other limitation, Fedwire or Clearing House consumer reporting agencies; Interbank Payments System (CHIPS). Accordingly, notwithstanding any choice • To comply with a government of law that may be provided elsewhere in agency or court orders; this Agreement, such wire transfers will • If you have given written be governed by the rules of any funds permission; or transfer system through which the • If you authorize a merchant to transfers are made, as amended from automatically initiate recurring time to time, including without payments. limitation, Fedwire, the National Automated Clearing House Association, (iii) Remittance Transfers. A Remittance any regional association (each an “ACH”) Transfer is a wire transfer initiated by a and CHIPS. natural person (as opposed to a trustee or in another capacity) from an account Funds transfers through Fedwire will be based in the United States primarily for governed by and subject to Regulation J, personal, family or household purposes Subpart B, and Uniform Commercial to a designated recipient outside of the Code Article 4A incorporated by United States. Your rights with respect to reference hereunder. Remittance Transfers, including error Wire transfers through CHIPS are resolution and cancellation rights, will governed by, and subject to, CHIPS be explained to you in oral or written Rules and Administrative Procedures disclosures provided to you and by the laws of the State of New York, contemporaneously with each including Article 4-A of the New York Remittance Transfer transaction you Uniform Commercial Code, regardless of initiate. whether the payment message is part of Federal law provides certain rights and a wire transfer that is a Remittance obligations related to Remittance

32 | Cash Management Account Transfer, except that, in the case of an Merrill Lynch on the first Business Day inconsistency between New York law following receipt of written or telephone and EFTA, EFTA shall govern. notice of cancellation of your FTS Password, directed to Merrill Lynch. You (iv) Funds Transfer Service (“FTS”). You should not disclose your FTS Password may elect to enroll in the FTS by to any person. completing the Funds Transfer Service Enrollment Form. Tis document, You understand that you will be liable for as amended from time to time by all transfers of funds, whether or not Merrill Lynch, is hereby incorporated by actually authorized by you, that are reference and made a part hereof. You initiated by instructions that include the can transfer funds electronically to FTS Password, as well as any and all accounts outside of Merrill Lynch, to losses and damages — direct, indirect or linked CMA SubAccounts or to other consequential — that arise from or are securities accounts at Merrill Lynch by attributable to such transfers. enrolling in the FTS. Tere is a $100 You can arrange a funds transfer online minimum for electronic fund transfers. at mymerrill.com or by calling All FTS transfer requests must be 800.MERRILL (800.637.7455). accompanied by the number of the Transfers will be completed as soon as account and the confidential password the next Business Day (or the same day (“FTS Password”) selected by you. You if between Merrill Lynch accounts). You will be prompted to call us to set up an can also set up recurring transfers. FTS Password for use in initiating Restrictions apply on fund transfers transfers. You should safeguard this FTS from certain fiduciary accounts. Te FTS Password and not share it with anyone. is not available for CMA SubAccounts. Such transfers may be made by Call your financial advisor or initiating credit or debit transfers to or 800.MERRILL (800.637.7455) for from accounts at Merrill Lynch or at one details. or more financial institutions designated by you through the Funds Transfer (M) AUTOMATED INVESTING Service Enrollment Form, and the institutions participating in such When you enroll in automated investing, transfers are hereby authorized to we will automatically buy shares on your accept such debit or credit transfer behalf in a mutual fund according to a instructions communicated by predetermined schedule. You may enroll Merrill Lynch and to transfer funds in to invest through your CMA Accounts or

accordance therewith. transfer funds from your accounts Information About Your Accounts for investment through another In the event that erroneous transfers are Merrill Lynch account. All mutual fund made pursuant to the FTS, Merrill Lynch purchases are subject to the eligibility is authorized to initiate debit or credit terms in the mutual fund’s prospectus or transfers to correct such erroneous statement of additional information. Te transfers, provided that any such availability of certain mutual funds correction is made in accordance with and/or share classes ofered by a applicable laws, rules or regulations. mutual fund may be limited at Merrill Lynch to specific service models. For purposes of this Agreement, an FTS Your financial advisor can provide you Password shall cease to be efective at with further information about this the commencement of business by service.

Cash Management Account | 33 (N) ELECTRONIC BILL PAYMENT research and investment information, You can pay your monthly bills with ease market data, and news. To activate this using our electronic bill payment service service, a User ID and password are (also referred to as Web Bill Pay). Te required. It is important to safeguard service allows you to make one-time or this information. If you have not recurring payments from your CMA received a User ID or password, or have Account to third parties using your web- forgotten either of them, you can connected home or ofce computer. Bill request this information online at payments are debited from your CMA mymerrill.com or by calling Account electronically or by drafs that 800.MERRILL (800.637.7455). clear like CMA Account checks. Bill (i) Intercompany transfer of funds. If you payments are clearly indicated on your have both a Bank of America checking monthly statements. In the event of or savings account and a CMA Account, erroneous bill payments, we are authorized you may be able to transfer funds to credit or debit your CMA Account to between these accounts using correct such transactions, subject to BankofAmerica.com or mymerrill.com. In applicable laws, rules and regulations. order to transfer funds, your online Payments will not be cleared if they exceed profiles must be linked. To link your your Purchasing Power (see “Transactions online profiles, log on to either Exceeding Purchasing Power,” Section 6(H) BankofAmerica.com or mymerrill.com (ii)), and BANA is not obligated to provide and follow the instructions to link your you with funds to cover an overdraf. For online profiles. If you have any more information on electronic bill questions, please call 800.MERRILL payment, refer to Electronic Bill Pay (800.637.7455) or 800.432.1000. service at mymerrill.com or call 800.MERRILL 7. TERMINATION OF THE SERVICE (800.637.7455). Merrill Lynch, the Banks or you may terminate the Service and close your (O) DIRECT DEPOSIT SERVICE account(s) at any time and for any reason. rough the Direct Deposit Service, you Th You agree to remain responsible for can have payroll, pension, Social Security authorized charges and any debit balances and other recurring payments sent that arise before or afer termination. electronically into your CMA Account on your payroll date or on the efective date Merrill Lynch and/or the Banks require you of the payment, and those payments will provide transfer instructions to transfer your be swept into your Primary Money account to another financial institution or Account on the Business Day afer the elsewhere or liquidation instructions within funds and data necessary to identify your 30 days of receiving written notification from CMA Account are received. Call your Merrill Lynch and/or the Banks informing you financial advisor or that Merrill Lynch and/or the Banks are 800.MERRILL (800.637.7455) for terminating your account and your information about enrolling in this subscription to the Service. If such service. Or visit mymerrill.com. instructions are not submitted by you within 30 days: (P) MYMERRILL • Cash and Bank Deposits, such as the All account holders may enroll in Merrill Lynch Bank Deposit Program, mymerrill.com. is internet-based Th and/or the ISA Program, will be service provides 24-hour access to your withdrawn and the proceeds will be sent account information, Merrill Lynch to you in the form of a check;

34 | Cash Management Account • Equity securities eligible for direct Merrill Lynch and the Banks reserve the registration will be issued to you in right to change their fees, including the statement form; annual account fee, as well as any other fees or charges, or to implement • Equity and fixed income securities additional fees and charges at any time, eligible for certificate delivery will be except as limited by applicable law. Fees issued to you in that form; are nonrefundable. • Equity and fixed income securities No transaction charge or commission ineligible for certificate delivery will be will be made with respect to deposits to liquidated; and or withdrawals from the Merrill Lynch • Any non-transferable securities, Bank Deposit Program, International including but not limited to mutual fund Bank Variable Rate Deposit Facility, or positions and option contracts, will be the ISA Program. liquidated at current market prices. Sale (b) Low balance donation. If your CMA proceeds will also be issued to you in Account contains a balance of less than the form of a check. $15, the next assessment of annual Any outstanding obligations and/or debit account fees may result in a debit balance(s) you may owe in your CMA balance for your account. If this occurs, Account(s), including any annual and closing you will be required to pay Merrill Lynch fees, will be paid prior to any checks being that balance. If you choose, you have issued. Liquidation of any security will likely the right to direct Merrill Lynch to close be a taxable event and may incur fees, your account and mail you a check. If including mutual fund contingent deferred you fail to provide instructions to do so, sales charges, or other applicable liquidation Merrill Lynch will donate this balance to fees. Merrill Lynch recommends that you charity. Tis policy is designed to prevent consult a tax advisor to determine what you from owing Merrill Lynch money and result, if any, liquidation may have on your to prevent the inconvenience of having tax situation. your account remain open with such a small balance. By not directing us to All rights and remedies of Merrill Lynch send you a check or otherwise transfer existing at termination of your subscription to your remaining balance, you are the Service shall survive and shall be in deemed to expressly consent to this addition to all other rights and remedies charitable donation. available at law or equity. Upon termination of your subscription to the 9. AUTHORIZATION WITH RESPECT TO Service, you shall promptly return all cards CONSUMER INFORMATION Information About Your Accounts and unused checks to Merrill Lynch. You hereby authorize Merrill Lynch, the Banks and their afliates to obtain and verify 8. FEES AND CHARGES and disclose any and all financial, credit and (a) General. All CMA Account fees, including other information relating to you, to each an annual account fee, will be charged other, to Merrill Lynch and to any afliates of to the CMA Account. You authorize Merrill Lynch. Merrill Lynch to pay such fees from You authorize Merrill Lynch and its afliates assets in the CMA Account, including (including the Banks) to request a consumer Cash Balances, Money Accounts report about you from one or more consumer balance, and, if necessary, by selling reporting agencies for the purposes of: other assets in the CMA Account. See the Appendix for details regarding CMA Account fees. Cash Management Account | 35 • Evaluating your application for the as may be designated from time to time in Service or related program or service; writing or orally by you, and all notices and other communications so sent by whatever • Reviewing or collecting any customer means, shall be deemed to have been given information for CMA Accounts opened by personally to you upon such sending, you; or whether or not actually received. If you have • Any other legitimate business purpose. one or more CMA SubAccounts that is linked to a Master CMA Account for statement At your request, we will supply you with the delivery purposes, you agree that the name and address of each consumer account holder for the Master CMA Account reporting agency from which we obtained a is its agent for the purpose of receiving your consumer report, if any, in connection with (1) CMA periodic statement for the CMA your CMA Accounts or application. SubAccount; and (2) any notices or other 10. CONFIRMATIONS, PERIODIC communications. Merrill Lynch may mail all STATEMENTS AND NOTICES such statements and communications to the address designated by you for the Master You agree that communications, including CMA Account. periodic statements and other notices, may be sent to your address or to such other 11. ACCOUNT INFORMATION address you provide in writing. Te periodic You can obtain account information in four transaction statement from Merrill Lynch will ways: through your financial advisor; through detail all account transactions during the our 24-hour client service number preceding period. 800.MERRILL (800.637.7455); on your As part of the CMA Master Financial Service, account statements; and through monthly statements for each CMA mymerrill.com (once activated). SubAccount will be mailed to the Master CMA Account holder’s address. 12. EXTRAORDINARY EVENTS Merrill Lynch, its afliates, UMB Bank, n.a., All account holders remain responsible for and the Banks shall neither be responsible verifying the accuracy of their account for any loss sustained by you, nor have any statements, reading notices about their CMA obligation to provide services to you or your Accounts and directing activity in their CMA CMA Account, when and to the extent that Accounts. Te periodic statement will include Merrill Lynch, or any party that provides information provided by Merrill Lynch as services or facilities to Merrill Lynch in agent for the Banks, the third-party connection with the Service, is prevented processing institution and any ISA Program from doing so by government acts or participating depository institutions. restrictions, exchange or market rulings, Trade confirmations and monthly suspension of trading, electronic or statements shall be conclusive if not telephone failures, labor disputes, civil objected to by written notice delivered to commotion, enemy action, war, acts of Merrill Lynch within 10 Business Days afer terrorism, or any other cause not within delivery of or communication of the Merrill Lynch’s or such other party’s control. confirmations or statements to you by Merrill Lynch. 13. AMENDMENTS AND ADDITIONAL DOCUMENTATION Any notices or other communications by (i) Amendments. Merrill Lynch and the Merrill Lynch to your address listed on the Banks (as applicable) shall have the account application or to such other address right to amend this Agreement by

36 | Cash Management Account modifying or rescinding any of its internal laws of your state of permanent existing provisions, or by adding new residence. If you are a nonresident alien, you provisions, by notifying you in advance in agree that the form of joint ownership writing. You agree that any such designated for the CMA Account shall be amendments shall be efective as of the governed by the internal laws of the State of date Merrill Lynch establishes, subject New York (notwithstanding the laws of any to applicable law. Unless the context other jurisdiction to the contrary). You also otherwise requires, the term agree to submit to the jurisdiction of the “Agreement” shall include this courts of New York and the federal courts in Agreement relating to your CMA Account the Southern District of New York for and the Documents, as amended from purposes of determining all matters with time to time. Nothing in this Agreement regard to the CMA Account and consent to shall be read to limit the right of Merrill service of process by certified mail to the Lynch to make any change, amendment, CMA Account’s address of record. termination of the Service, or the All account holders agree that each CMA Agreement. Account holder has authority to transact any (ii) Additional documentation. You business on behalf of the CMA Account as understand that additional fully and completely as if he or she were sole documentation may be required by owner of the CMA Account. applicable law or the policies and Merrill Lynch is authorized, subject to our procedures of Merrill Lynch or the policies and procedures, to accept written or Banks. You shall promptly comply with oral orders and instructions with respect to any such requests for additional the CMA Account from each account holder, documents. without notice to any other account holder, 14. MISCELLANEOUS for the receipt or transfer and withdrawal of funds by check, wire transfer or otherwise, (A) SEVERABILITY and for the purchase, sale, exchange, If any provisions of this Agreement are held transfer or other disposition of Securities and to be invalid, illegal, void or unenforceable by Other Property (with or without reason of any law, rule, administrative order consideration), including, but not limited to, or judicial decision, all other provisions of checks drawn to, or transfers made directly this Agreement shall nevertheless remain in to, the account holder requesting the check full force and efect. or transfer and/or to third parties.

(B) JOINT ACCOUNTS AND JOINT SEVERAL Merrill Lynch reserves the right to require

LIABILITY joint instructions by all account holders or a Information About Your Accounts court order at any time with regard to the If there is more than one account holder, transfer of funds or securities. their obligations are “joint and several.” Te legal ownership of the CMA Account shall be If the account holders have enrolled in the in such form as you designate and as Margin Lending Program, all account holders confirmed by Merrill Lynch, as reflected in the further agree that all Securities and Other CMA Account title. If no designation is made, Property that Merrill Lynch may be holding for Merrill Lynch is authorized to deal with any of them, either in this CMA Account or account holders as tenants in common otherwise, shall be subject to a lien for the (without rights of survivorship). discharge of obligations of this CMA Account to Merrill Lynch. Such lien is in addition to If you are a U.S. citizen, legal ownership of any rights and remedies Merrill Lynch may the CMA Account will be governed by the otherwise have.

Cash Management Account | 37 All statements, notices or other account holder(s) to equal shares of the CMA communications sent or given to one Account. account holder by Merrill Lynch shall be All account holders agree to indemnify considered notice to all account holders. Merrill Lynch against any liability, loss or (C) OWNERSHIP CHANGES ON JOINT expense incurred from acting in accordance ACCOUNTS with this Agreement in the event of a change of ownership of the CMA Account. On the death of an account holder, the divorce of married account holders, the (D) COSTS OF COLLECTION assignment of an account holder’s interest or To the extent permitted by applicable law, you other event that causes a change in shall pay the reasonable costs and expenses ownership, all account holders or the of collection, including attorneys’ fees, for surviving account holder(s), as applicable, any unpaid balance in the CMA Account, shall immediately give Merrill Lynch written finance charges as a result of any notice thereof. In such event, Merrill Lynch overdraf(s), or other amounts owed to may take such action, including requiring Merrill Lynch, its agents or the Banks such documents or imposing such pursuant to this Agreement. restrictions on the account, as we deem necessary in the circumstances. (E) APPLICABLE RULES AND Te estate of a deceased account holder and REGULATIONS a departing account holder by assignment or All transactions in the CMA Account and all divorce shall remain liable, jointly and Margin Lending Program transactions shall severally, with the remaining or surviving be subject to the constitution, rules, account holder(s) for any obligations of the regulations, customs, usages, rulings and account arising before Merrill Lynch receives interpretations of the exchange or market such notice, or incurred in liquidation of the and its clearing house, if any, on which such account or the adjustment of the interests of transactions are executed by Merrill Lynch or the account holders. its agents, including subsidiaries and afliates of Merrill Lynch, and if not executed In the event of any such change of ownership on an exchange, FINRA. Te CMA Account is of the CMA Account, Merrill Lynch is governed by the rules and regulations of the authorized to divide or retitle the CMA Securities and Exchange Commission (SEC), Account in accordance with the form of legal the Federal Reserve System, the State of New ownership of the CMA Account as reflected York, and the Financial Industry Regulatory on our records or by written instructions of Authority (FINRA), as well as Merrill Lynch’s the remaining or surviving account holder(s), own policies and procedures. Nothing in this or by obtaining a court order, as we may provision, however, shall be read to create reasonably determine is appropriate in the any right by you to enforce any provision of circumstances. such constitution, rules, regulations, customs Unless agreed otherwise among account and usages against Merrill Lynch. holders in writing provided to Merrill Lynch, You may not use the CMA Account or joint accounts designated “with right of relationship to the firm to process survivorship” (e.g., JTWROS) shall vest the transactions that are prohibited by law, interest of a deceased account holder in the including, but not limited to, restricted surviving account holder(s). CMA Accounts transactions prohibited by the Unlawful designated “without right of survivorship” Internet Gambling Enforcement Act of 2006. (e.g., TIC) shall entitle the estate of a deceased account holder and the surviving

38 | Cash Management Account (F) DISPUTES informational purposes only and does not If Merrill Lynch believes there is a dispute constitute investment advice. Merrill Lynch concerning the control or ownership of does not endorse or otherwise adopt third- assets in your CMA Account, Merrill Lynch party research reports or ratings. may, but is not obligated to, take one or more (I) SUBSTITUTE PAYMENTS of the following actions, without any liability, until such dispute is resolved to our Merrill Lynch will aim to reduce the satisfaction: occurrence of circumstances that lead to its clients receiving substitute interest or • Restrict activity in the CMA Account; dividend payments for their securities in lieu • Require that all instructions be in of payments from the issuer of the securities. writing, signed by all account holders or For municipal securities, we may do so by persons claiming ownership or authority informing clients when such circumstances to control the CMA Account; arise in a transaction, and giving clients the • Suspend or terminate the Service; opportunity to instruct us to either: (i) cancel and/or and correct the transaction in question if a cancellation and correction can reasonably • File an interpleader action in an be executed; or (ii) purchase a comparable appropriate court at your expense. security if a comparable security is available for purchase. Tere may be circumstances (G) SPECIAL ACCOUNTS where a transaction cannot reasonably be We may modify the conditions of the Service canceled or corrected or a comparable for certain group plans and diferent security is not available for purchase, which categories of clients. For these clients, may lead to clients receiving substitute certain features of the Service may be payments for their securities in lieu of modified. For instance, Cash Balances may payments from the issuer of the securities. be swept into Money Accounts on a more Clients may receive substitute payments for frequent basis; additional or diferent Money their securities under a number of Account options may be ofered; and circumstances in normal business activities eligibility for the Margin Lending Program and that may create a temporary shortfall that use of Visa cards and checks may be results in Merrill Lynch holding an insufcient restricted. In addition, we may raise or waive amount of the securities at the Depository minimum account-opening requirements. We Trust Company to enable all our clients to may also charge such clients diferent fees receive the actual payment from the issuer of from those generally charged to clients, or we the securities. Under such circumstances, we may waive fees. will use an internal lottery system to

determine on a random basis which clients to Information About Your Accounts (H) THIRD-PARTY RESEARCH allocate substitute payments to. Clients who Merrill Lynch may ofer you access to third- receive a substitute payment will see the party research on certain U.S. and non-U.S. payment indicated as such in their account equity and fixed-income securities. You agree statements. Merrill Lynch is committed to that neither Merrill Lynch nor any of its ensuring that its clients are not adversely afliates bears any responsibility or liability impacted by their receipt of substitute for third-party research or its content which payments. Terefore, to the extent substitute may be made available to you. You assume payments are made to our clients, full responsibility for any trading decision you Merrill Lynch will “gross up” substitute make based on third-party research. Access payments afer the close of the year the to third-party research is provided for payments are made to compensate you for

Cash Management Account | 39 any federal tax liabilities that might be its employees or representatives) may incurred, including an amount equal to the receive financial or other benefits for such tax liability on the gross up itself, in referrals. accordance with our policies, copies of which will be provided upon request. (L) COMPLIANCE WITH APPLICABLE LAWS You represent that you (and any beneficial (J) NON-U.S.-ISSUED SECURITIES owner(s) if signed in a representative If you trade and hold non-U.S.-issued capacity) have complied, and you agree that securities, you acknowledge and agree that you and any such beneficial owner(s) will Merrill Lynch or its afliates are, or may be, comply, for so long as this Agreement is in required to disclose your name and other efect, with all applicable laws (including identifying information, including Social obligations related to tax payments and Security number or tax identification number, reporting and to currency exchange controls) to regulators (including taxing authorities) related to (i) the assets deposited, acquired and/or issuers to comply with local law or otherwise held in any CMA Account held at and/or custom and practice. For example, we Merrill Lynch now or in the future; or (ii) may be required to provide personal any other transaction you enter into with information in order to meet local regulations Merrill Lynch or its afliates. You further that require the submission of investor agree and acknowledge that you (and any names to the local stock exchange, or an beneficial owner(s) if signed in a issuer may request residence and taxpayer representative capacity) are responsible for identification information in order to obtain timely paying any taxes owed to any tax favorable tax treatment, such as lower authority and for timely filing all relevant tax withholding rates, for shareholders. returns in relation to assets held in any CMA Account held at Merrill Lynch now or in the If you hold shares of Italian companies whose future, or any other transaction you enter into equity securities are traded in any regulated with Merrill Lynch or its afliates. market, you hereby represent that you only hold “Non-Qualified Equity Investments” (M) INVESTMENT POLICY STATEMENTS — (Partecipazioni Non Qualificate). You agree, RESPONSIBILITY TO REVIEW AND and acknowledge that it is your responsibility, MONITOR to immediately inform Merrill Lynch if this You acknowledge that it is your sole representation is inaccurate or untrue or if it responsibility to adhere to any investment becomes inaccurate or untrue. policy statement (IPS) or similar document (K) REFERRAL POLICY that applies to you. You further acknowledge that, in connection with your Merrill Lynch Merrill Lynch is an afliate of BANA and other Account(s), Merrill Lynch shall not have any subsidiaries of Bank of America Corporation. responsibility to review, monitor, or adhere to Merrill Lynch is one of the world’s largest your IPS or similar document. financial institutions, serving individual consumers, small- and middle-market (N) EXERCISING EMPLOYEE STOCK businesses, institutional investors, large OPTIONS corporations, and governments with a full In order to sell shares under a company’s range of banking, investing, asset stock option plan, you constitute and appoint management, and other financial and risk Merrill Lynch as agent and attorney-in-fact for management products and services. In the the purpose of: event Merrill Lynch refers your business among its afliates to provide you with • Determining and selling the number of certain products or services, Merrill Lynch (or shares of stock required to pay the

40 | Cash Management Account amounts due upon exercise of the known as a “Federal Transfer Certificate,” is options; provided to Merrill Lynch (obtaining this from • Making such payments; and the IRS can take up to a year or more). As Merrill Lynch does not provide tax advice, • Taking such further actions as shall be please seek guidance on this topic from your necessary to implement employee stock own legal or tax advisor. option exercises. (P) SUCCESSORS You authorize and instruct the employer to deliver the stock issued pursuant to the stock Tis Agreement is binding on and will inure to option exercises. You agree that this the benefit of your heirs, successors and authorization is irrevocable and will continue personal representatives, and may not be in full force and efect and will apply to each assigned without the written consent of stock option exercise. Merrill Lynch and the Banks. Tis Agreement is binding upon the successors of, and may All company stock held or carried in the CMA be assigned by, Merrill Lynch and the Banks. Account shall be subject to a lien for the discharge of any debt resulting from funds (Q) HEADINGS advanced for payment of the stock option Te heading of each provision of this exercise, applicable taxes, interest, and fees Agreement is for descriptive purposes only or commission. and shall not be deemed to modify or qualify any of the rights or obligations set forth in (O) NON-U.S. INDIVIDUAL CLIENTS AND each such provision. U.S. CITIZENS LIVING ABROAD Regardless of your citizenship, if you are (R) INTEGRATION living outside the U.S. at your death, assets Subject to Merrill Lynch’s right to amend this held in your account(s) with Merrill Lynch may Agreement and the Documents in Section be subject to U.S. federal estate taxes. To 13, this Agreement, the Documents and all ensure any U.S. federal estate tax liabilities other documents incorporated herein by are satisfied, U.S. law imposes (i) a lien on all reference or required by Merrill Lynch in of your assets (both U.S.-situs and non-U.S.- connection herewith, constitutes the entire situs assets) held with Merrill Lynch at your understanding of the parties with respect to death and (ii) statutory executor status on the subject matter hereof. Merrill Lynch on behalf of the U.S. government at such time. As a result of this 15. REPRESENTATIONS AS TO lien and the potential liability of Merrill Lynch OWNERSHIP AND CAPACITY TO as statutory executor for any unsatisfied U.S. ENTER INTO AGREEMENT federal estate tax, all of the assets in your Information About Your Accounts You represent that no one except you (or CMA Account(s) with Merrill Lynch at your the beneficial owner(s) if signed in a death will be restricted from withdrawal or representative capacity) has an interest in transfer until (a) Merrill Lynch concludes that your CMA Account(s) with Merrill Lynch. If this an exception applies based on an afdavit CMA Account is beneficially owned by any confirming your total U.S. assets held at person who is a U.S. Securities Exchange Act death, your country of citizenship (this of 1934, Section 16, reporting person of a exception is not available for U.S. citizens), U.S. public company, you represent that no and your country of permanent residence; (b) funds or assets belonging to such U.S. public Merrill Lynch receives documentation company, or any entity afliate of such U.S. satisfactory to Merrill Lynch confirming that public company, will be invested through this your assets are subject to a state probate CMA Account. If you are a sole proprietor, proceeding within the U.S.; or (c) a release you represent that you are of legal age to from the U.S. Internal Revenue Service (IRS), contract in your jurisdiction of residence. Cash Management Account | 41 You represent that no person having an 17. CUSTOMER INFORMATION AND ownership interest in your CMA Account is DUE DILIGENCE an employee of any exchange, or of any Merrill Lynch, like all U.S. financial corporation of which any exchange owns a institutions, is required to follow federal majority of the capital stock, or of a member regulations to assist the government in its of any exchange, or of a member firm or eforts to fight money laundering and other member corporation registered on an financial crimes, and to counter terrorist exchange, or of a bank, trust company, financing eforts in the U.S. and globally. insurance company or any corporation, firm Merrill Lynch obtains specific personal or individual engaged in the business of information from you in order to verify your dealing either as broker or as principal in identity; you may be required to present securities, bills of exchange, acceptances, or documentary evidence of your identity in other forms of commercial paper. If any of the the form of government-issued foregoing representations is inaccurate or identification. Merrill Lynch also uses third- becomes inaccurate, you will promptly so party vendors to verify customer advise Merrill Lynch in writing. information. Foreign nationals who are 16. APPLICABLE LAWS permanent legal residents of the U.S. may be required to present a Permanent Tis Agreement, with respect to all aspects Resident card (i.e., “green card”) and a of the Service, including margin interest Social Security number to open a CMA charges, shall be governed by and Account in a U.S.-based Merrill Lynch construed in accordance with the laws of ofce. Non-individuals (e.g., a business, the State of New York, except as follows: trust or estate) must submit sufcient Te terms of the Agreement with BANA are evidence of legal status. governed by federal and North Carolina In addition to verifying the identity of our law, and the terms of the Agreement with customers, Merrill Lynch captures personal BA-CA are governed by federal law. Te information on all customers and related terms of the Agreement with the third-party authorized parties who have the ability to processing institution for checks, UMB transact, control, influence or manage a Bank, n.a., are governed by Missouri law. CMA Account, whether directly or Your rights and obligations for Remittance indirectly. Merrill Lynch, at its discretion, Transfers will be governed by and interpreted may elect not to accept a CMA Account or as described in the section titled to terminate the CMA Account Agreement “Remittance Transfers.” and the Account Agreements of any related parties. n L-06-20

42 | Cash Management Account About the CMA Annual Service. For the Program, a CMA Statement Link includes assets in the Account Fee Waiver following account types: Program • CMA Account [1] Te CMA Annual Account Fee Waiver • CMA SubAccount® Program (the “Program”) provides you • CMA for Trust (Revocable Living Trust multiple ways to qualify for annual Only) account fee waivers on your CMA • Individual Investor Account (Retail Only) Account(s) and CMA SubAccount(s). • Working Capital Management Account® [2] Accounts opened through Money (WCMA®) classified as a Family Business Manager Services are not eligible for Entity CMA annual account fee waivers under • Business Investor Account (BIA) the Program. Additionally, the assets and classified as a Family Business Entity activity in Money Manager Services • 529 College Savings Plan accounts will not count toward the • Education Savings Account Program. • Individual Retirement Account (IRA) [3] Each year, we will automatically evaluate • Individual Retirement Rollover Account the accounts you have with Merrill Lynch (IRRA®) and Bank of America, as defined in • Simplified Employee Pension (SEP) Plan “Ways to Qualify for the Program,” below. If you are eligible and qualify for CMA • Roth IRA annual account fee waivers under the • Savings Incentive Match Plan for Program, we will automatically waive the Employees Individual Retirement annual account fee(s) for your CMA Account (SIMPLE IRA) Account(s) and CMA SubAccount(s) for • Eligible Trust Management Accounts that calendar year. Note that annual (TMA accounts): account fees on other brokerage account — Trusteed IRAs types, such as IRAs, are not waived — Revocable Personal Trusts under the Program. — Revocable Agency Accounts [4] If you do not qualify for the Program, you Any above account type available will be charged the standard annual fee. through Merrill Edge® Self-Directed For additional information about fees, Investing (when consent is provided to see Appendix. the Merrill Edge Self-Directed Investment

[5] Tere are other fees associated with your Center for your advisor to view the Information About Your Accounts account besides annual account fees, account). including fees for optional services and [7] When we determine Program eligibility, certain transactions. Tese fees are not we do not include assets in the following waived under the Program. Please see types of CMA, CMA SubAccounts and Appendix for details. Individual Investor Accounts, even if they are in a CMA Statement Link: CMA STATEMENT LINKS [6] For the purposes of this Program, a “CMA • Irrevocable Living Trust Statement Link” is defined as one or • Testamentary Trust more CMA Accounts you may have linked • Estate together with any other eligible • Investment Club account(s) through our Statement Link

About the CMA Annual Account Fee Waiver Program | 43 • Curator/Guardian/Conservator/Tutor/ We include the following managed Committee programs: • Usufruct — Merrill Lynch Strategic Portfolio Advisor® (SPA) EVALUATION — BlackRock Private Investors [8] Each January, we will evaluate your CMA — Merrill Lynch Managed Account Account and/or CMA Statement Link to ServiceTM (MAS) determine whether we will waive your — Merrill Edge Advisory Account annual account fee(s) for that calendar — Merrill Lynch Investment Advisory year. We will provide each CMA Account Program and CMA SubAccount with a “Fee Waiver Status”; that is, either waived or not Eligible TMA accounts in a CMA waived. Statement Link are considered “managed” for the Managed Program [9] To have your CMA and CMA SubAccount Qualification. annual account fees waived, you must meet the “Program Eligibility Managed programs included in the Requirement” and at least one of the CMA Annual Account Fee Waiver four “Ways to Qualify for the Program” Program may change in the future. each year, as outlined below. Please speak with your financial advisor if you have any questions. PROGRAM ELIGIBILITY REQUIREMENT Note: CMA Accounts and CMA [10] Your CMA Account or CMA Statement SubAccounts enrolled in managed Link must have an eligible asset value of solutions group programs automatically $250,000 or more. We calculate the receive annual account fee waivers, and $250,000 based on month-end balances the $250,000 statement-link minimum (as of the last Friday of the month) asset requirement does not apply. Under averaged over the six-month time frame the Program, if a CMA Account, CMA prior to each January’s evaluation. SubAccount, IRA, IRA Rollover, Roth IRA, SEP plan or SIMPLE IRA is enrolled in a WAYS TO QUALIFY FOR THE PROGRAM managed solutions group program and [11] If you meet the Program Eligibility there are other non-managed CMA Requirement, you have four ways to Accounts or CMA SubAccounts in the qualify for an annual account fee waiver statement link, the $250,000 statement- on your CMA Account(s) and CMA link minimum asset requirement must be SubAccount(s). (Note: Merrill Edge Self- met in order for the non-managed CMA Directed Investing accounts will not be Accounts and CMA SubAccounts in the reviewed for the “Managed Program statement link to qualify for annual Qualification,” the “Direct Deposit account fee waivers. Qualification” or the “Credit Card 2. Total Assets Qualification: A CMA Qualification”). You must have one of the Account or CMA Statement Link with a following at the time we evaluate your total eligible asset value of $5 million accounts: or more. 1. Managed Program Qualification: We calculate the $5 million Total Within a CMA Statement Link, a CMA Assets Qualification based on month- Account, CMA SubAccount, IRA, IRRA, end balances (as of the last Friday of Roth IRA, SEP plan or SIMPLE IRA the month) averaged over the six- enrolled in a managed program. month time frame prior to each January’s evaluation. 44 | About the CMA Annual Account Fee Waiver Program 3. Direct Deposit Qualification: Direct cycles prior to each January’s deposit total of $2,000 or more per evaluation. month across your CMA Account/CMA Personal credit cards are credits cards Statement Link and Bank of America opened for individuals, not for personal checking account(s) for three businesses. Eligible credit card types consecutive months prior to each are subject to change. January’s evaluation. Te primary cardholder will receive Personal checking accounts are credit for the purchase amounts on all accounts opened for individuals, not of the credit cards within the credit for businesses. card account. We base this amount on For CMA Accounts, we will include all net purchases; that is, purchases direct deposit payment types. For minus returns/credits. We do not Bank of America personal checking include balance transfers or cash accounts, we will include the following advances. Fees, interest charges and direct deposit payment types: unauthorized/fraudulent transactions — Annuity do not qualify. — Child support Note: If you have chosen to opt out of the — Dividend and interest Advised Client Model, we will not count — Military-related your personal Bank of America credit card — Department of Social and Health activity toward the Credit card Services Qualification. You may opt in or opt out of the Advised Client Model at any time. To — PayPal update your preference or to understand — Employment base pay more about the Advised Client Model, — Pension transfers please contact your financial advisor or — National Council on Compensation 800.MERRILL (800.637.7455). Insurance CHANGES TO CMA STATEMENT LINKS — Social Security PREVIOUSLY EVALUATED DURING A — Supplemental Social Security CALENDAR YEAR — Trust/beneficiary [12] If you make changes to your CMA Note: If you have chosen to opt out of the Statement Link afer it has been Advised Client Model, we will not count evaluated for the Program in January, the your personal Bank of America direct Fee Waiver Status will remain with each

deposit payment activity toward the Direct CMA Account and CMA SubAccount until Information About Your Accounts Deposit Qualification. You may opt in or the next January’s evaluation. opt out of the Advised Client Model at any [13] If you open a new CMA Account or CMA time. To update your preference or to SubAccount and link it to a previously understand more about the Advised Client evaluated CMA Statement Link, the new Model, please contact your financial CMA Account/CMA SubAccount will advisor or 800.MERRILL inherit the Fee Waiver Status that was (800.637.7455). assigned to the other CMA Accounts in 4. Credit Card Qualification: A total your CMA Statement Link. Te new CMA purchase amount of $36,000 or more Account/CMA SubAccount will be aggregated across your personal included in your CMA Statement Link Merrill Lynch or Bank of America during the next January’s evaluation. branded credit cards for the 12 billing

About the CMA Annual Account Fee Waiver Program | 45 NEW CMA ACCOUNTS AND NEW CMA • For the Credit Card Qualification, we will STATEMENT LINKS calculate your total purchase amount [14] For the purposes of the Program, a “New based on the prior six billing cycles, Account” is a CMA Account or CMA instead of 12 billing cycles, and qualify SubAccount that has been opened for the total purchase amount on $18,000 less than six months and not added to a or more, instead of $36,000 or more. CMA Statement Link that was previously [15] Afer the first evaluation of your New evaluated for the Program. Te Program Accounts for the Program, we will will exclude these New Accounts from evaluate your CMA Account(s) and CMA the January evaluation until the New SubAccount(s), and any CMA Statement Accounts have been opened for six Link they are in, if any, each January. months. Afer the end of the six-month period, we will evaluate your New [16] If you have questions about the Program, Accounts using the same qualification please contact your financial advisor or process performed in January, with the call 800.MERRILL (800.637.7455). n following exceptions: L-12-17 • We will calculate the average assets for Program Eligibility and the Total Assets Qualification (described above) based on the number of months the account was funded.

46 | About the CMA Annual Account Fee Waiver Program About the Merrill Lynch credit balances are remitted for deposit to your Deposit Accounts established by Bank Deposit Program Merrill Lynch at BA-CA, until Deposit Account balances at BA-CA (from your [1] Tis section describes the manner in which free credit balances of the Service, CMA Account) reach $246,000. If your which includes CMA Accounts and CMA Deposit Account balances at BA-CA (from SubAccounts, will be deposited in bank your CMA Account) reach $246,000, deposit accounts established in the subsequent funds will be deposited in name of Merrill Lynch as your agent your Deposit Accounts at BANA, even if at either BANA, and/or BA-CA, by the amounts then deposited in BANA Merrill Lynch. Tis feature is called the through the MLBD Program exceed MLBD Program. $250,000. [6] All deposits made to the Deposit [2] If you subscribe to the MLBD Program for your CMA Account or CMA SubAccount, Accounts will be made to your MMDA Merrill Lynch, as your agent, will accounts, except as described under establish two bank deposit accounts on “Transfers and withdrawals,” page 49. your behalf at BANA and BA-CA: (1) a BTA; Deposits for joint account holders and and (2) an MMDA. Te BTAs and MMDAs accounts for trusts established through the MLBD Program [7] Te timing of the deposit of available free are each a “Deposit Account” and credit balances will be as set forth in the collectively the “Deposit Accounts.” Agreement.

ELIGIBILITY [8] For joint CMA Accounts and CMATs, free credit balances of up to $246,000 are [3] Te MLBD Program is available only to remitted automatically for deposit by individuals, business entities, certain Merrill Lynch, acting as your agent, to nonprofit organizations such as your Deposit Accounts established by 501(c)(3) entities, and certain fiduciaries Merrill Lynch at BANA. Merrill Lynch will and trusts, provided the beneficiaries are make this deposit on your behalf without individuals or otherwise eligible. reference to any other amounts you may have on deposit with BANA. If your HOW THE PROGRAM WORKS Deposit Account balances with BANA Deposits for single account holders reach $246,000, then free credit [4] Te timing of the deposit of available free balances are remitted for deposit to credit balances will be as set forth in this your Deposit Accounts established by Agreement.

Merrill Lynch at BA-CA, until Deposit Information About Your Accounts Account balances at BA-CA (from your [5] For CMA Accounts held by only one individual, free credit balances of up to CMA Account) reach $492,000. If your $246,000 are remitted automatically for Deposit Account balances at BA-CA (from deposit by Merrill Lynch, acting as your your CMA Account) reach $492,000, agent, to your Deposit Accounts subsequent funds will be deposited in established by Merrill Lynch at BANA. your Deposit Accounts at BANA, even if Merrill Lynch will make this deposit on the amounts then deposited in BANA your behalf without reference to any through the MLBD Program exceed other amounts you may have on deposit $500,000. with BANA. If your Deposit Account [9] All deposits made to the Deposit balances with BANA (from your CMA Accounts will be made to your MMDAs, Account) reach $246,000, then free except as described under “Transfers and withdrawals,” page 49.

Merrill Lynch Bank Deposit Program | 47 Important deposit insurance (or additional) Merrill Lynch accounts are considerations swept, and carefully monitoring and [10] All funds on deposit in each Merrill Lynch periodically adjusting the amount of their Afliated Bank are eligible for insurance deposits with BANA and BA-CA (whether by the FDIC. Deposits are insured up to in the Deposit Accounts, CDs or other the SMDIA, per ownership category, per deposits). bank, as defined in paragraph 34. For [12] As a result of the automated and purposes of determining deposit independent nature of the deposit- insurance coverage, all accounts or making process for the MLBD Program, it deposits (including CDs you hold either is possible, for example, that individual directly or through any other account at (e.g., non-joint) Merrill Lynch account Merrill Lynch or any other intermediary) holders with both a CMA Account and a in the same Merrill Lynch Afliated Bank CMA SubAccount could have amounts on will be aggregated. Amounts on deposit deposit with BANA in excess of the FDIC at BANA or BA-CA in the same insurable insurance maximum before any deposits capacity in excess of the applicable FDIC are made, under the MLBD Program, to insurance limit will not be covered by the individual’s Deposit Accounts at BA- FDIC insurance. You are responsible CA. In this example, an individual who for monitoring the total amount of all has more than one Merrill Lynch Merrill Lynch Afliated Bank deposits in securities account with the MLBD order for you to determine the extent of Program in those accounts may lessen insurance coverage available to you on the amount of uninsured deposits in his those deposits, including the Deposit or her Deposit Accounts by selecting a Accounts and CDs. diferent Money Account into which [11] If you have elected the MLBD Program available Cash Balances from his or her through the Sweep Program in second (and subsequent) Merrill Lynch connection with more than one accounts are swept. As an alternative, an Merrill Lynch account (such as a CMA individual Merrill Lynch account holder Account and a CMA SubAccount), you (e.g., non-joint account holders) with should note that remittances of funds more than the SMDIA in Deposit from the CMA and CMA SubAccount Accounts can maximize FDIC insurance securities accounts to the Deposit coverage by efecting transfers of funds Accounts are made by Merrill Lynch, as between his or her CMA Account and your agent, on an automated and CMA SubAccount so that twice the independent basis. Merrill Lynch will not SMDIA deposited in Deposit Accounts monitor and adjust deposits to the through the MLBD Program comes from Deposit Accounts to achieve the greatest either his or her CMA Account or CMA deposit insurance coverage for you SubAccount, but not from a combination between or among your Merrill Lynch of both accounts. accounts. Persons with more than one [13] Merrill Lynch is not responsible for any Merrill Lynch account with the MLBD insured or uninsured portion of the Program should consider various deposits made under the MLBD alternatives to lessen the amount of their Program, or any CDs or any other uninsured Deposit Accounts. Tese deposits you may have. alternatives may include selecting a diferent Money Account into which [14] For more information on FDIC deposit available Cash Balances in their second insurance, see “About Deposit Insurance,” page 51.

48 | Merrill Lynch Bank Deposit Program Transfers and withdrawals [18] Te BTAs and MMDAs are not [15] Withdrawals will be made from your BTAs transferable. by Merrill Lynch as your agent as Interest rates, yields and tiering necessary to satisfy debits (securities [19] Interest rates paid on deposits in the purchases, checks, Visa and other MLBD Program are determined at the charges) in your respective CMA Account. discretion of BANA and BA-CA based on If you have Deposit Accounts only with economic and business conditions. BANA, then withdrawals will be made Interest rates may change daily. Te from your Deposit Accounts at BANA. In current yield on any deposits held in the general, if you have Deposit Accounts at MLBD Program is included on your both BANA and BA-CA, withdrawals will Merrill Lynch account statement. be made from your Deposit Accounts in Recent yields may be accessed on the reverse of the order in which mymerrill.com (see the “Deposit Account deposits are made to the accounts. & Money Fund Rates” link at the bottom [16] If funds in a BTA are insufcient to satisfy of each page) or by contacting your a debit, funds in the MMDA at either financial advisor. BANA or BA-CA will be transferred to the [20] Balances in the BTAs and MMDAs at BTA at BANA or BA-CA to satisfy the BANA and BA-CA will earn the same pending withdrawal, plus a “cushion” to interest rate and rate of return. be determined from time to time by Merrill Lynch. Federal banking [21] Interest rates paid on deposits in the regulations generally limit the transfers MLBD Program are tiered based upon from an MMDA to a total of six during a your relationship with Merrill Lynch, as monthly statement cycle, and certain determined by the total value of assets in aggregation rules may apply to transfers your account, or statement-linked assets from the MMDAs at BANA or BA-CA. At as described on pages 12 and 13. any point during a month in which Clients with higher total eligible assets transfers from the MMDAs at BANA or generally receive a higher yield on their BA-CA have reached the applicable limit, bank deposits. Interest rate tiering does funds will be transferred from all MMDAs not apply to deposits from accounts you have at BANA or BA-CA to the related enrolled in certain discretionary BTAs. For the remainder of the month, programs, such as the Merrill Lynch free credit balances in your CMA Account Investment Advisory Program; these will be deposited in your BTAs instead of accounts are entitled to the same the MMDAs as described above. At the interest rate paid to accounts in Tier 4. beginning of each month, all funds in the Information About Your Accounts BTAs (less $1) will be transferred to the [22] For more information on asset tiering, MMDAs. Te limits on MMDA transfers please see “Tier Assignment and will not limit the number of withdrawals Account Valuation,” page 15. you can make from funds on deposit at [23] Te rates of return paid with respect to BANA or BA-CA through the MLBD the accounts may be higher or lower Program. than the rates of return available to direct depositors of either BANA or BA-CA [17] As required by federal regulations, BANA and BA-CA reserve the right to require for comparable accounts. Of course, you seven days’ prior notice before should compare the terms, rates of permitting a transfer out of MMDAs. return, required minimum amounts, BANA and BA-CA have not exercised this charges and other features of the right in the past. deposits at either BANA or BA-CA with other accounts, sweep programs and

Merrill Lynch Bank Deposit Program | 49 alternative investments ofered by [28] Checks clear through the check writing Merrill Lynch or other institutions. facility provided for your CMA Account, which results in debits directly against [24] Interest will accrue on Deposit Account your CMA Account at Merrill Lynch. balances from the day they are As a central asset account, the CMA deposited to either BANA or BA-CA to (but Account is an investment and money not including) the date of withdrawal, management vehicle. Te CMA Account and will be compounded daily and is not a bank account. Checks are credited monthly. Both BANA and BA-CA provided to you by Merrill Lynch and use the daily balance method to not by either BANA or BA-CA. In addition, calculate interest on the accounts. Tis all transactions are efected through method applies the applicable rate to the Merrill Lynch, as agent, and not directly principal in the accounts each day. between you and either BANA or BA-CA. Account statements and information [29] Deposits with BANA are obligations of [25] All deposits to and withdrawals from your BANA only and are not guaranteed by Deposit Accounts will be confirmed and or obligations of Bank of America appear in chronological sequence on Corporation or any other subsidiary separate monthly CMA Account thereof. Deposits with BA-CA are statements. In addition, the statements obligations of BA-CA only and are will show the total of your opening and not guaranteed by or obligations of closing deposit balances for the period at Bank of America Corporation or any BANA and/or BA-CA. If you have more other subsidiary thereof. Upon request, than one CMA Account or CMA you will be provided with the publicly SubAccount to determine your total available summary financial deposits in BANA and/or BA-CA through information that Merrill Lynch has the MLBD Program, you will need to add relating to BANA and BA-CA. the balances shown on each statement. Merrill Lynch is not a bank. Securities Te statements will also include interest made available through Merrill Lynch earned for the period at BANA and/or are not guaranteed by any bank, are BA-CA. not insured by the FDIC and may lose [26] You may obtain information about your value. accounts with either BANA and/or BA-CA, [30] Merrill Lynch may, in its sole discretion including balances and checking activity, and without notice, terminate your use of by calling your financial advisor or the CMA Account. Either BANA or BA-CA 800.MERRILL (800.637.7455). may also terminate, in its sole discretion Your relationship with Merrill Lynch and without notice, your Deposit [27] Merrill Lynch is acting as agent and Accounts. If Merrill Lynch does not wish messenger for its customers for the to continue to act as your agent with deposits at BANA and/or BA-CA. Te respect to your Deposit Accounts, you separate accounts established by may deal directly with either BANA or BA- Merrill Lynch on your behalf will be CA, subject to its rules with respect to evidenced by a book entry on the maintaining direct bank accounts. account records of BANA and/or Similarly, if you decide that you no longer BA-CA and reflected on your periodic wish to have Merrill Lynch act as your Merrill Lynch account statements. No agent and messenger with respect to the evidence of ownership, such as a Deposit Accounts established for you at passbook or certificate, will be issued either BANA or BA-CA, you may establish to you. a direct relationship with either BANA or BA-CA, subject to its rules with respect to

50 | Merrill Lynch Bank Deposit Program maintaining such accounts, by compensated based on clients’ total requesting to have the accounts deposits held in either BANA or BA-CA. established in your name. Tis will result in severance of the Deposit Accounts ABOUT DEPOSIT INSURANCE from your CMA Accounts. FDIC insurance [31] As stated in the CMA Financial Service [34] FDIC insurance covers all deposit Cash Management Account Disclosures accounts at an FDIC-insured bank, which and Account Agreement, Merrill Lynch includes MLBD Program deposits. may delay payment from your account Deposits maintained in diferent for a certain number of days based upon categories of legal ownership — such as factors including whether the source of individual accounts, joint accounts or the funds placed in your CMA Account certain retirement accounts — are was an electronic funds transfer, check, separately insured by the FDIC, up to the draf or similar instrument. applicable SMDIA per depository institution. Te SMDIA is $250,000 per Benefits to Merrill Lynch depositor, per ownership category, per [32] Deposits held in BANA and BA-CA are insured bank. financially beneficial to Merrill Lynch and its afliates. BANA and BA-CA use bank [35] Your FDIC protection takes efect as soon deposits to fund current and new as BANA and/or BA-CA receives your lending, investment, and other business deposits from Merrill Lynch. Amounts activities. Like other depository in excess of the applicable FDIC institutions, the profitability of BANA and insurance limit may be deposited to the BA-CA is determined in large part by the Merrill Lynch Afliated Banks from the diference between the interest paid and same Merrill Lynch account. It is other costs incurred by them on bank important to note that uninvested cash deposits, and the interest or other held in more than one Merrill Lynch income earned on their loans, account (such as a CMA Account and a investments and other assets. Te CMA SubAccount) may be deposited to deposits provide a stable source of the same Merrill Lynch Afliated Banks. funding for BANA and BA-CA, and Any accounts or deposits (e.g., CDs) borrowing costs incurred to fund the maintained with a Merrill Lynch Afliated business activities of BANA and BA-CA Bank in the same legal ownership have been reduced by the use of category, whether directly, through other deposits from Merrill Lynch clients. Merrill Lynch accounts or through any other intermediary, would be aggregated [33] Merrill Lynch receives compensation for FDIC insurance limit purposes. Information About Your Accounts from BANA and BA-CA of up to $100 per year for each CMA Account and CMA [36] You are responsible for monitoring the SubAccount that has uninvested Cash total amount of your deposits in order Balances automatically swept to BANA for you to determine the extent of and/or BA-CA under the MLBD Program. insurance coverage available to you on Te amount of this compensation is your deposits, including any CDs. subject to change from time to time, Merrill Lynch is not responsible for any and Merrill Lynch may waive all or part insured or uninsured portion of MLBD of it. Other than the regular annual Program deposits, CDs or any other Merrill Lynch account fees, there will be deposits. no charge, fee or commission imposed [37] Merrill Lynch will not be obligated to you with respect to your deposits with BANA for amounts not covered by deposit or BA-CA. Our financial advisors are insurance, nor will Merrill Lynch be

Merrill Lynch Bank Deposit Program | 51 obligated to make any payments to you nominees, guardians, custodians or in satisfaction of a loss you might incur conservators, and accounts established as a result of a delay in insurance by a business that is a sole payouts applicable to your Deposit proprietorship. All individual accounts Accounts. Merrill Lynch will not be established by, or for the benefit of, the obligated to credit your CMA Account same owner at an FDIC-insured with funds in advance of their payment to institution are added together and the Merrill Lynch by the FDIC. Each Deposit total is insured up to $250,000. Account constitutes a direct obligation of [41] For example, funds in accounts held by a the issuing depository institution and is custodian under the Uniform Gifs to not directly or indirectly an obligation of Minors Act are not treated as owned by Merrill Lynch. the custodian, but are added to other [38] Since deposit insurance coverage is deposits of the minor held in an based on a customer’s funds on deposit individual capacity and insured up to in any one depository institution, $250,000. coverage can change if two or more Joint accounts institutions where you have funds on [42] A joint account is an account owned by deposit merge or consolidate. Please two or more people. Each co-owner’s note that if your deposits at a depository interest in joint accounts at an FDIC- institution are assumed by another insured institution is insured up to depository institution (“acquirer”) $250,000. For example, a joint account pursuant to a merger or consolidation, owned by two persons would be eligible such deposits will continue to be for insurance coverage of up to separately insured from the deposits that $500,000 ($250,000 for each person), you might have established with the subject to aggregation with each co- acquirer until the expiration of a six- owner’s interests in other joint accounts month period from the date of the at the same depository institution. Joint acquisition. Tereafer, any assumed accounts are separately insured from the deposits will be aggregated with your co-owner’s deposits maintained in other existing deposits with the acquirer held ownership categories at the depository in the same ownership category for institution (e.g., individual accounts) if purposes of federal deposit insurance. each co-owner (1) is an individual Any deposit opened at the acquired person; and (2) has signed an account institution afer the acquisition will be agreement with Merrill Lynch and has an aggregated with deposits established equal right of withdrawal from the with the acquirer for purposes of federal account. deposit insurance. Revocable trust accounts [39] Te application of the SMDIA is [43] A revocable trust is an account that illustrated by several common situations indicates an intention that funds will discussed below. For additional belong to named beneficiaries upon the information, including FDIC rules related owner’s death. A revocable trust can be to retirement accounts, visit fdic.gov. revoked or terminated at the discretion Individual customer accounts of the owner. Te FDIC’s insurance [40] An individual account is an account regulations distinguish between two owned by one person. Individual types of revocable trusts — formal trusts accounts include accounts established and informal trusts. for the benefit of the owner by agents,

52 | Merrill Lynch Bank Deposit Program [44] A formal revocable trust is established institution and has named more than five through a written trust document or beneficiaries in the revocable trust with agreement. Te beneficiaries must unequal interests, the maximum be a natural living person and/or a coverage is the greater of (i) $1,250,000 charity/nonprofit organization or (ii) the aggregate amount of all the recognized by the IRS. Because beneficiaries’ proportional interests in Merrill Lynch account records do not the revocable trusts, limited to specifically name the beneficiaries of a $250,000 per beneficiary. formal revocable trust, it is necessary for [47] Properly established revocable trust the account title to indicate that the account deposits, whether formal or account is held by a formal revocable informal, are separately insured from the trust in order for each named beneficiary owner’s deposits maintained in other to qualify for FDIC insurance. ownership categories at the depository [45] An informal revocable trust is created if institution. However, a revocable trust all of the following conditions are met: (1) account established by a husband and the account title must include commonly wife that names the husband and wife as accepted terms such as “transfer on sole beneficiaries will be treated as a death,” “in trust for” or similar language joint account and will be aggregated with to indicate the existence of a trust other joint accounts subject to the rules relationship (the terms may be described above under “Joint accounts.” abbreviated); (2) the beneficiaries must Irrevocable trust accounts be identified by name in the deposit [48] An irrevocable trust is an account in account records for the bank; (3) the which the grantor gives up all power to beneficiaries must be a natural living revoke or amend the trust. Te person and/or a charity/nonprofit irrevocable trust may be created through organization recognized by the IRS. an irrevocable trust document or [46] FDIC coverage is determined by the agreement, statute or court order, or number of beneficiaries named by an could spring from a revocable trust. Te owner and the amount of the deposit. For deposit account records of the revocable trust accounts where the depository institution must disclose the owner has a balance of $1,250,000 or existence of the trust relationship. Te less at an FDIC-insured institution and interests of the beneficiaries must be has named five or fewer beneficiaries, non-contingent (i.e., capable of rather than evaluate the proportional determination without evaluation of interest of each beneficiary, the contingencies) and ascertainable from maximum coverage is determined by the deposit account records of the Information About Your Accounts multiplying the number of beneficiaries depository institution or from the records by $250,000. For revocable trust of the trustee maintained in good faith accounts where the owner has more and in the regular course of business. than $1,250,000 and has named six or Te value of each beneficiary’s interest more unique beneficiaries, each with an must be capable of determination in equal interest in the trust, the calculation accordance with FDIC regulations. Te is the same as for revocable trusts that trust must be valid under state law. name five or fewer beneficiaries. Te Irrevocable trust accounts are separately maximum insurance coverage is up to insured from the owner’s deposits $1,500,000. For revocable trust maintained in other ownership accounts where the owner has more categories at the depository institution than $1,250,000 at an FDIC-insured (e.g., revocable trust accounts). Te

Merrill Lynch Bank Deposit Program | 53 interests of a beneficiary in all deposit Payments under adverse accounts under an irrevocable trust circumstances established by the same grantor, at the [50] In the event that federal deposit same FDIC-insured institution, are added insurance payments become necessary, together and insured up to $250,000. If the FDIC is required to pay principal plus the owner retains an interest in the trust, unpaid and accrued interest to the date that interest is added to the owner’s of the closing of the relevant depository single accounts, if any, and that total is institution as prescribed by law and insured up to $250,000. applicable regulations. Since there is no specific time period during which the Treatment of accounts upon death of FDIC must make available such owner insurance payments, you should be [49] Under certain circumstances, if you prepared for the possibility of an become the owner of deposits at a indeterminate delay in obtaining depository institution because another insurance payments. In addition, you depositor dies, beginning six months may be required to provide certain afer the death of the depositor, the FDIC documentation to the FDIC and to will aggregate those deposits for Merrill Lynch before any insurance purposes of the SMDIA with any other payments are released to you. For deposits that you own in the same example, if a deposit account is held by ownership category at the depository you as trustee for the benefit of trust institution. Accounts that may be subject participants, you may be required to to this FDIC policy include joint accounts, furnish an afdavit to that efect; you “payable on death” accounts and certain may be required to furnish other trust accounts. For example, in the event afdavits and indemnities regarding the of the death of one of two co-owners of a insurance payments. joint account, beginning six months afer the death of the depositor, all the funds Additional information from the FDIC would be treated as individually held by [51] If you have questions about FDIC the surviving co-owner and would, insurance coverage, you may obtain therefore, be aggregated with all other information by contacting the FDIC (1) by individually owned deposits of such letter at FDIC, Attn: Deposit Insurance survivor at the same depository Outreach, 550 17th Street, N.W., institution for insurance purposes, Washington, D.C. 20429; (2) by phone at unless some other action is taken. Te 877.ASK.FDIC (877.275.3342) or FDIC provides the six month “grace 800.925.4618 (hearing impaired); or (3) period” to permit you to restructure your by visiting the FDIC website at fdic.gov. n deposits to obtain the maximum amount of deposit insurance for which you are L-12-19 eligible.

54 | Merrill Lynch Bank Deposit Program Margin Truth-in-Lending Your total interest rate is subject to change without notice in accordance with changes in Disclosure Statement the BLR and your average daily loan balance. If there is a change in the BLR during a charge MARGIN INTEREST RATES period, you will be charged the new interest rate Interest will be charged for any loan extended for the remainder of the charge period or until to you, whether for the purpose of buying, another change in the BLR occurs. If your rate is trading or carrying securities or for other changed for any other reason, you will receive a purposes. written notice at least 30 days before the

Your interest rate will be the current change. Merrill Lynch Base Lending Rate (BLR) plus a CHARGE PERIOD supplementary percentage based on your average daily loan balance. Te BLR is Te period for which interest charges are adjusted from time to time with reference to made runs from the last Friday of each month commercial interest rates and market up to and including the last Tursday of the conditions. To obtain the current BLR, call following month. Tere are three variations to your financial advisor or 800.MERRILL this: (1) if the last Friday of the month is a (800.637.7455). holiday, then the interest charge period will end one Business Day earlier; (2) in TABLE 2. December, the interest charge period will end on the next-to-last Business Day of the year On Average Daily (and the interest charge period for January of Balances Of: Rate* the following year will begin on the last Less than $25,000 ML BLR + 3.375% Business Day of the year); and (3) for CMA Accounts that receive calendar month-end $25,000 – $99,999 ML BLR + 2.250% statements, the interest charge period runs $100,000 – $499,999 ML BLR + 0.875% from the last Business Day of the calendar month up to and including the next-to-last $500,000 – $999,999 ML BLR + 0.625% Business Day of the calendar month. $1,000,000 – $4,999,999 ML BLR – 0.000% Te interest charge period parallels the monthly statement period, except that $5,000,000 – $9,999,999 ML BLR – 0.500% interest for the final day of the statement More than $10,000,000 ML BLR – 0.750% period will be carried over and reflected on *Rates efective as of June 15, 2018. the next month’s statement. Te final day of the statement period is the last Friday of the Te rates shown may vary in individual

month, except (1) if that Friday is a holiday, Information About Your Accounts situations at Merrill Lynch’s discretion. the final day of the statement period is the Your account statement will show the interest prior Business Day; (2) in December, when rate applied, the average daily loan balance, the final day of the statement period is the the number of days the loan was last Business Day of the year; and (3) for CMA outstanding, and the actual interest charged Accounts that receive calendar month-end to your CMA Account for the charge period. If statements, the final day of the statement there was a change in the BLR during the period is the last Business Day of the charge period, your account statement will calendar month. itemize that information for each rate applied Te average daily debit-balance entry which during the charge period. will appear on the CMA Account statement is calculated based upon the number of days

Margin Truth-in-Lending Disclosure Statement | 55 on which there was a debit balance in your calculation of interest charges. Te market CMA Account and not on the total number of value of “long” securities held in your CMA days in either the charge period or the Account against which a short sale is made is statement period. not included in the computation of interest charges. Please note that upward or downward CALCULATION OF CHARGES adjustments of balances are for interest Te interest charge is determined at the calculation purposes only. close of the charge period by multiplying the average daily loan balance by the applicable A NOTE ON SELLING SECURITIES NOT interest rate and the number of days a loan IN YOUR ACCOUNT was outstanding, then dividing by 360. If the If you sell securities through us that you Base Lending Rate was changed during the own but have not yet placed into your charge period, interest charges are CMA Account, they must be delivered to calculated separately for the appropriate Merrill Lynch by the settlement date of the number of days at each rate and itemized on transaction. Proceeds of such sales will not your CMA Account statement. Interest be used as an ofset in calculating interest charges are due and payable at the close of charges until the securities are received into the charge period. Te exact amount due your CMA Account in good deliverable form. may be obtained from your financial advisor Similarly, credits resulting from the exercise or ofce serving your CMA Account. If you do of employee stock options and sale of the not pay the interest charge at the close of the underlying stock will not be used as an ofset charge period, the interest will be added to until the securities are actually received into the opening loan balance for the next charge your CMA Account in good deliverable form. period. Te exercise of an employee stock option may include either (1) a loan to you by SHORT SALES Merrill Lynch for the amount of the exercise Te market values of securities you sell price, together with any additional tax “short” are adjusted daily for interest withholding, up to the maximum amount that calculation purposes by a process called may be obtained under federal law, currently “marking to market.” “Short sales against the 50% of the value of most equity securities; or box” are treated in exactly the same way as (2) an advance of funds for the amount of the short sales. Te market value of all securities exercise price, together with any additional sold short in your CMA Account, including tax withholding up to the net sales proceeds securities sold “short against the box,” are to be received if you are exercising an option treated as a debit for the purpose of and concurrently selling the securities. In calculating interest charges. Te closing computing interest charges, any credit market value of the securities which were resulting from the proceeds of such a sale sold short is determined each Business Day will not be used as an ofset until the and is either added to the net debit balance securities to be obtained on the exercise of or subtracted from the net credit balance in your employee stock option are actually order to calculate interest charges. If the received into your CMA Account in good total market value of the securities sold short deliverable form. increases, then the debit adjustment to the net balance will increase by the same OPTION TRADING amount for the calculation of interest Options can be traded through your CMA charges. Conversely, if the total market value Account and may be used to hedge a of the securities sold short decreases, then leveraged position. However, options the debit adjustment to the net balance will themselves cannot be bought or sold on also decrease by a like amount for the credit or borrowed against for purchases of any kind. Writers of options, other than

56 | Margin Truth-in-Lending Disclosure Statement certain covered call writers and certain LIENS AND MARGIN CALLS writers of cash secured puts, must comply Securities and Other Property in any of your with the applicable initial equity and CMA Account(s) with us except for those held maintenance requirements that are set in retirement accounts, such as IRAs, are by Merrill Lynch, subject to minimum collateral for any loan balances in any of your requirements imposed by the Federal CMA Account(s). A lien is created by these Reserve Board, by securities and options debits or margin loans to secure the amount exchanges, and by other self-regulatory owed to us. We retain the right to require organizations. Tese requirements vary additional collateral any time we deem it depending on the underlying interest and the necessary for our protection. Tese margin or number of option contracts sold, and may be maintenance calls can be met by the prompt increased at any time by any of the above- delivery of acceptable securities or cash. In mentioned organizations. accordance with this Agreement, should the In addition, we may impose certain position equity in your accounts fall below our limits, and additional initial equity and minimum requirements for the Margin maintenance requirements may be imposed Lending Program, securities in your accounts from time to time without notice. If these may be sold to reduce or satisfy your loan limits and requirements are not met, balance. Merrill Lynch may close sufcient option You understand and agree that any credit contracts to bring the CMA Account into extended to you in connection with your CMA compliance with them. Please note that Account is primarily for investment or option trading must be approved in advance business purposes. n by Merrill Lynch and additional documents are necessary. Option transactions involve certain L-08-18 risks and are not appropriate for every investor. Contact your financial advisor for specific information. Information About Your Accounts

Margin Truth-in-Lending Disclosure Statement | 57 Securities-Based Loan the loan will be the securities purchased, other assets in your margin account and Disclosure Statement your assets in any other accounts at Merrill Lynch, other than retirement Risk factors you should consider be- accounts (such as IRAs). If the securities fore using margin or other loans se- in your margin account decline in value, cured by your securities accounts so does the value of the collateral [1] Merrill Lynch is furnishing this Disclosure supporting your loan and, as a result, Statement to provide you with a Merrill Lynch can take action, including summary of the risks involved in issuing a margin call and/or selling borrowing on margin from Merrill Lynch securities in your account with Merrill or otherwise borrowing funds secured by Lynch to maintain the required equity in assets in your securities account(s) your account. through an afliated loan program, known as “securities-based credit.” You [4] If your securities account has a Visa card should understand those risks before and/or checks, you may using securities-based credit as part of also create a margin debit if your your investment strategy or as a liquidity withdrawals (by Visa card, checks, pre- source. In addition, you should authorized debits, FTS or other transfers) understand: exceed the sum of any available free credit balances plus available Money • Te terms of your loan agreement; Account balances. Please refer to your • Te interest rate you will pay; account documents for more • Initial margin and maintenance information. requirements and how market fluctuations may result in a [5] You should note that it may be more “maintenance call”; and advantageous to pay cash than to use margin for smaller securities purchases. • Te lender’s procedures for issuing On smaller purchases of securities, a maintenance calls and liquidating higher percentage of the transaction securities and other assets in your costs goes to commissions and interest accounts. charges, which are generally higher on [2] Please carefully review your loan smaller balances. Te commissions plus agreement and speak to your financial the interest charges could equal or advisor regarding any questions or exceed any appreciation in your concerns before trading securities in a securities. margin account or otherwise using [6] If you want to borrow for the purpose of leverage. Trading “on margin” increases purchasing securities or paying of debt your market risk exposure. that has been incurred to purchase securities, you may also explore other BORROWING FOR PURPOSES OF securities-based credit alternatives from PURCHASING SECURITIES an afliated lender that allow you to set [3] When you purchase securities, you may up a “purpose credit” under Regulation U pay for the securities in full or, if your promulgated by the Federal Reserve. A account has been established as a “purpose” securities-based line may be margin account with the Margin Lending subject to lower advance and call rates Program, you may borrow part of the and withdrawal and substitution will be purchase price from Merrill Lynch, subject to compliance with Regulation U. thereby “leveraging” your investment. If Please carefully review the terms and you choose to borrow funds for your risks set out in the applicable loan purchase, Merrill Lynch’s collateral for agreement. 58 | Securities-Based Loan Disclosure Statement BORROWING FOR PURPOSES OTHER [11] Your interest rate may be based on your THAN PURCHASING SECURITIES outstanding loan balance (such as in our [7] You may also borrow against the value of Margin Lending Program). As a result, securities or other assets in your your interest rate can change without securities accounts for purposes other notice to you in accord with changes to than to purchase securities. When you your loan balance. do so, the assets in your account are [12] Interest charges not paid at the close of “pledged” as collateral to secure the the applicable interest period are loan. In such cases, your loan may be typically added to your loan balance. You made by Merrill Lynch (in a margin can elect to pay the interest charges plus account) or by an afliated lender. For any principal balance. Your interest example, the Loan Management charges will be shown on your account Account® (LMA® account) is a demand statements. Not all loans operate in this loan made by our afliate, Bank of manner. Please review the terms and America, N.A., that is secured by a conditions of your lending arrangement pledge of assets in one or more eligible carefully. Merrill Lynch securities account. Securities-based credit such as an LMA Maintenance requirements account involves special risks and is not [13] Your pledged assets must meet specified for everyone. Please carefully review the maintenance requirements as governing loan documentation for a determined by the lender. In other words, complete description of the loan terms the assets must at all times maintain a and risk disclosures. certain minimum value. If the assets in your account decline in value and fall [8] Eligible collateral and other collateral below these maintenance requirements, requirements may difer across margin the lender may require you to deposit and other securities-based credits. additional collateral — known as a Review the terms and conditions of your “margin call” or “maintenance call” — or lending arrangement carefully. take other action as permitted by the Interest rates loan agreement. Te lender is also [9] Interest rates vary by loan program, so permitted, for example, to sell assets in be sure you understand how interest any of your pledged Merrill Lynch rates are determined. Te interest rate accounts to meet maintenance charged on the loan will reduce your requirements. overall rate of return. [14] Te forced sale of your assets may

[10] Interest rates are usually based on an negatively afect your ability to follow Information About Your Accounts index plus or minus a percentage. Te your investment strategy or achieve your index may be an internal one, such as investment objectives. Some or all of the our base lending rate (BLR) for margin, or assets may be sold at prices higher than an external one, such as the one-month what it initially cost you to acquire them. London Interbank Ofered Rate (LIBOR), If that happens, you may sufer adverse or any such other successor index rate tax consequences. as determined by lender. In either case, [15] You can reduce the possibility of your interest rate can change without maintenance calls by carefully notice to you if the index changes. A fixed considering the volatility of the securities rate of interest may be available with you pledge as collateral and the amount certain loan programs. that you borrow. Risk-management strategies you should consider include:

Securities-Based Loan Disclosure Statement | 59 • Borrowing less than the maximum of America, N.A., an afliate of Merrill allowable amount. Lynch, (as well as potentially from other • Borrowing against a portfolio of less- financial institutions) that may fit your volatile securities such as government needs. Tese other types of credit Treasuries, high-grade corporate bonds products may provide more definite and blue-chip stocks. terms, greater flexibility with respect to • Pledging a diversified portfolio as collateral requirements, and other terms collateral. and other benefits, including the acceptance of collateral other than • Watching your portfolio carefully, marketable securities. Please consult especially when market conditions are with your independent legal, tax, or other fluctuating. By doing so, you will be advisors as you deem necessary. You aware of a potential decline in value should also discuss the range of credit before a maintenance call becomes solutions available from Merrill Lynch necessary. and its afliates with your financial Alternative credit arrangements advisor, including but not limited to the [16] As explained above, there are various products in the chart below. credit arrangements available from Bank

Product Credit Terms; Setup and Access Pricing Advisor Compensation Loan Management Ac- • $100,000 minimum credit line • LIBOR Rate plus a • Advisors are count (LMA account) • No set term, minimum draws, or Spread that is based compensated based • Flexible line of credit balance required on the relationship on loan revenue of that uses securities size at the time of Bank on the loan. • Variable and fixed rate advances in eligible MLPF&S approval. available brokerage accounts as collateral • Structures may include additional pledgors and guarantors Borrower will select • Lender is Bank of whether the LMA America, N.A. • Flexible repayment schedule as long as required level of collateral account will be is maintained designated as “Non- Purpose” or “Purpose”. • Overdraf protection available for --Selection of eligible pledged accounts “Purpose” may result • Stand-by Letters of Credit available in a higher pricing, and • Demand loan may be subject to • Uncommitted except up to lower advance and call $100,000 for individuals and rates, and compliance trusts with Regulation U withdrawal and • Simple no fee application substitution rules. • Typically approved within 1-2 days of fully executed client documents • Credit pull • Access via checks, wire transfers, ACH

Margin • No set term, minimum draw, or • Merrill Base Rate +/- • Advisors are • Extension of credit balance required spread. compensated based based on securities • Flexible repayment as long as the • Spread rate is tied to on loan revenue of in eligible MLPF&S required level of equity is outstanding balance MLPF&S on the loan. brokerage accounts maintained and will fluctuate. • Lender is Merrill • Overdraf protection provided Lynch (MLPF&S) including Visa point of sale Note: no diferentiation • Demand loan between “Non- • No separate application Purpose” or “Purpose” • Access through trading or via checks, wire transfers

60 | Securities-Based Loan Disclosure Statement Margin Risk Disclosure Statement • You are not entitled to choose which [17] In accordance with FINRA requirements, securities or other property in your Merrill Lynch is furnishing this Margin account(s) are liquidated or sold to Risk Disclosure Statement. It is meet a maintenance call. Because the important that you fully understand the securities and other assets in your risks involved in using securities-based account(s) are collateral for the loan, we credit. As used below, “we” and “us” have the right to decide which assets to refer to the lender extending the loan. sell in order to protect our interests. Te risks of using securities-based credit • We can increase our “house” include the following: maintenance requirements at any time • You can lose more funds than you and are not required to provide you deposit in your margin account. A advance written notice. Tese changes decline in the value of securities that are in our policy may take efect immediately purchased on margin may require you to and may result in the issuance of a provide additional funds to us to avoid maintenance call. Your failure to satisfy the forced sale of those securities or the call may cause us to liquidate or sell other assets in your account(s). assets in your account(s). • We can force the sale of securities or • You are not entitled to an extension of other property in your account(s). If the time on a maintenance call. While an equity in your account falls below the extension of time to meet maintenance maintenance margin requirements or requirements may be available to you our higher “house” requirements, we can under certain conditions, you do not sell the assets in your accounts pledged have a right to the extension. by you to Merrill Lynch to cover the [18] If you have any questions or concerns margin deficiency. For margin loans, we about margin or the Margin Lending can sell the assets in any of your Program, please contact your financial accounts held by Merrill Lynch. For other advisor. n securities-based loans, you should check your loan agreement. You also will be L-06-20 responsible for any remaining loan balance in the account afer such a sale. • We can sell your securities or other property without contacting you. Investors sometimes mistakenly believe that they must be contacted for a

maintenance call to be valid, and that Information About Your Accounts securities or other property in their accounts cannot be liquidated to meet the call unless they are contacted first. Tis is not the case. We will attempt to notify you of maintenance calls, but we are not required to do so. Even if we have contacted you and provided a specific date by which you can meet a maintenance call, we can still take necessary steps to protect our interests, including immediately selling the securities or other property without notice to you.

Securities-Based Loan Disclosure Statement | 61 APPENDIX: CMA Account Fees1 Te following fees will be charged in addition to brokerage commissions, fees, mark-ups and mark-downs in connection with securities transactions in the CMA Account and CMA SubAccount.

Description CMA Account Fees CMA SubAccount Fees2

Annual Fee (per account) $125 3 $25 3

Annual Fee for CMA for Trust (per account) (Living Trust & Living Trust – Bank as Trustee) $125 4 $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 thereafer) if you have ($30 per wire thereafer) 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

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-sufcient 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.

Bank of America, N.A. overdrafs daily 0.049315% 0.049315% periodic rate (18% annual percentage rate) (18% annual percentage rate)

Margin interest rates Refer to margin lending rates Refer to margin lending rates section of your account agreement section of your account agreement

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

62 | APPENDIX: CMA Account Fees 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

Monthly Account Statement No Fee No Fee Information About Your Accounts

2 Te 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 41. 4 Te 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.

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APPENDIX: CMA Account Fees | 63 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, Member SIPC and a wholly owned subsidiary of BofA Corp.

Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of BofA Corp.

Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

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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.

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