Electronic Communications Disclaimers

For your protection, avoid sending identifying information, such as account, Social Security or card numbers to us or others. Further, do not send time-sensitive, action-orientated messages such as transaction orders, fund transfer instructions or check stop payment requests, as it is our policy not to accept such items electronically.

The information provided in any communication containing a link to this site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Merrill Lynch or its affiliates to any registration requirement within such jurisdiction or country. Neither the information, nor any opinion contained in this site constitutes a solicitation or offer by Merrill Lynch or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies referred to and should understand that statements regarding future prospects may not be realized.

 

Foreign currency denominated investments are subject to fluctuations in exchange rates that could have a positive or adverse effect on the investor's return. Past performance is not indicative of comparable future results and no projection, representation or warranty is made regarding future performance. Unless otherwise stated, any pricing information in this message is indicative only, is subject to change and is not an offer to deal. Where relevant, the price quoted is exclusive of tax and delivery costs. Any reference to the terms of executed transactions should be treated as preliminary and subject to our written confirmation.

 

This information is not necessarily a publication of BofA Global Research, although a BofA Research report may be referenced as a link or as an attachment hereto. Any summary of BofA Global Research is qualified in its entirety by the views of BofA Global Research and the specific disclaimers associated with that report. Merrill Lynch and any affiliate may trade for its own accounts in any of the securities of issuers mentioned herein or in related investments, and may also from time to time perform or solicit investment banking or other services for, or from, any entity mentioned herein. The investment services and products mentioned in the Site may often have tax consequences; therefore, it is important to bear in mind that Merrill Lynch does not provide tax advice. The levels and bases of taxation can change. Investors' tax affairs are their own responsibility and investors should consult their own attorneys or other tax advisors in order to understand tax consequences of any products and services mentioned in the Site.

 

Where this communication is sent by a branch of Merrill Lynch International Bank Limited, please note that mutual fund materials are only directed at persons to whom, and are distributed only to persons to whom, unregulated collective investment schemes may be promoted in accordance with the rules of the U.K. Financial Conduct Authority, including in particular Rule 4.12 of the Conduct of Business sourcebook. Such investments are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such investments will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on these materials. Merrill Lynch does not operate as a banking entity in all jurisdictions. Some products and services may not be available in all jurisdictions or to all clients.

 

Where this communication constitutes a financial promotion issued in the U.K. that is not exempt under the Financial Services and Markets Act 2000 or the Orders made thereunder or the rules of the Financial Conduct Authority and Prudential Regulation Authority, it is issued or approved for distribution in the U.K. by Merrill Lynch International Bank Limited.

Click on the relevant link below for further regulatory information, including where indicated in italics a translation in the local language (which may, in some cases, include additional information).

 

• If sent by (or, in the case of a non-exempt financial promotion, issued or approved by) Merrill Lynch International Bank Limited, United Kingdom ("the Branch"):
• If sent by Merrill Lynch International Bank Limited, Dublin:
• If sent by Merrill Lynch International Bank Limited, Milan ("the Branch"):
  Se spedita da Merrill Lynch International Bank Limited, Milan (la Succursale):
• If sent by Merrill Lynch International Bank Limited, Amsterdam ("the Branch"):
  Indien verstuurd door Merrill Lynch International Bank Limited, Amsterdam:
• If sent by Merrill Lynch, Pierce, Fenner & Smith, S.A.S., Merrill Lynch International Bank Limited, Paris Branch or Merrill Lynch Portfolio Managers Limited, Paris Branch in France:
  Si ce message est envoyé par Merrill Lynch, Pierce, Fenner & Smith, S.A.S., Merrill Lynch International Bank Limited, Succursale de Paris ou Merrill Lynch Portfolio Managers Limited, Succursale de Paris en France:
• If sent by Merrill Lynch Española Agencia de Valores S.A.:
  Si la comunicación es enviada por Merrill Lynch Española Agencia de Valores, S.A:

The Branch address is Merrill Lynch Financial Centre, 2 King Edward Street, London EC1A 1HQ, United Kingdom and the registered office is Merrill Lynch International Bank Limited, Central Park, Leopardstown, Dublin 18, Ireland. VAT Registration Number: 245 1224 93. Authorised by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. The Financial Conduct Authority's website (www.fca.org.uk) contains a wide range of information of specific relevance to U.K. customers and provides access to the Financial Services Register and the Financial Conduct Authority rules and guidance, which apply to Merrill Lynch International Bank Limited, London. The Prudential Regulation Authority also contains a wide range of information of specific relevance to U.K. customer http://www.bankofengland.co.uk/pra/Pages/default.aspx. We are also a member of the London Stock Exchange.

 

We provide independent advice on U.K. regulated collective investment schemes and life policy products, and act as non-discretionary investment manager in some limited circumstances (further information available on request).

The address is Merrill Lynch International Bank Limited, Block D, Central Park, Leopardstown, Dublin 18, Ireland and the registered office is Central Park, Leopardstown, Dublin 18, Ireland. VAT Registration Number 2802459P. Merrill Lynch International Bank Limited is regulated by the Central Bank of Ireland.

The Branch address is Merrill Lynch International Bank Limited, Milan Branch, Via Manzoni, 5, 20121, Milano, Italy, VAT Registration Number IVA 12018960158, and the registered office is Merrill Lynch International Bank Limited, Central Park, Leopardstown, Dublin 18, Ireland. The Italian Branch of MLIB is registered in the Roll of Banks with registration number 5326.

 

The Branch is authorised and regulated by the Bank of Italy in the conduct of investment business in Italy. The Bank of Italy's website (www.bancaditalia.it) publishes the Roll of Banks and Banking Groups where some information on registered Banks and Branches is available. Merrill Lynch International Bank Limited is regulated by the Central Bank of Ireland.

 

The Branch is also regulated by Consob. Consob's website is www.consob.it and it contains a wide range of information including the Roll of Financial Intermediaries with permanent establishment in Italy.

Le informazioni contenute in questo messaggio di posta elettronica non costituiscono una raccomandazione, una sollecitazione o un invito all'acquisto o alla vendita di alcuno strumento finanziario né costituiscono una consulenza strumentale all'investimento in strumenti finanziari. Le informazioni qui fornite non tengono conto degli obiettivi di investimento e della situazione finanziaria specifici di ciascun soggetto. Gli strumenti finanziari cui tali informazioni si riferiscono potrebbero pertanto non essere adatti ai vostri obiettivi di investimento.

 

L'indirizzo della Succursale è Via Manzoni, 5 — 20121 Milano. La Succursale è iscritta all'Albo delle Banche con il numero 5326 (codice fiscale e partita IVA 12018960158.).

 

La sede legale di Merrill Lynch International Bank Limited è Central Park, Leopardstown, Dublin 18, Ireland.

 

La Succursale Italiana è stata autorizzata ad operare in Italia in regime di mutuo riconoscimento ed è regolata, nella prestazione di servizi di investimento e finanziari, dalla Banca d'Italia e da Consob. Sul sito web di Banca d'Italia www.bancaditalia.it è pubblicato l'Albo delle Banche e dei gruppi bancari dove sono riportate alcune informazioni sulle Banche e le Succursali registrate.

 

Il sito internet di Consob è www.consob.it e contiene un'ampia gamma di informazioni tra cui l'albo delle imprese di investimento autorizzate ad operare in Italia con succursale.

 

Merrill Lynch International Bank Limited é autorizzata in Irlanda dalla Central Bank of Ireland ed é iscritta nel registro delle società per l'Irlanda al N. 229165.

 

Il sito web di CBI www.ifsra.ie e contiene una vasta gamma di informazioni e fornisce l'accesso al registro CBI.

 

In conformità alla normativa applicabile, le procedure interne Merrill Lynch prevedono che tutta la corrispondenza tramite posta elettronica diretta a\da Merrill Lynch e' soggetta ad archiviazione elettronica. La corrispondenza elettronica spedita via internet non e' sicura e può essere intercettata da terzi. Per vostra sicurezza, consigliamo di non inviare messaggi tramite posta elettronica contenente dati identificativi quali, ad esempio, numeri di conto, codici fiscali e numeri di carte di credito. Inoltre, non potranno essere accettati messaggi inviati tramite posta elettronica contenenti istruzioni specifiche od urgenti quali, ad esempio, ordini di bonifico, revoche di pagamento di assegni e altre operazioni.

MLIB, Amsterdam Branch, is a branch office of Merrill Lynch International Bank Limited ("MLIB"), a Dublin, Ireland based bank that is authorised and regulated by the Central Bank of Ireland and is a member of the London Stock Exchange. MLIB, Amsterdam Branch is authorised to render certain financial services as referred to in the Dutch Act on the financial supervision (Wet op het financieel toezicht) in the Netherlands, on the basis of the licence granted to MLIB in its home country, Ireland. This also means that, in principle, the Irish supervisory authority is responsible for supervising MLIB, Amsterdam Branch. The Dutch supervisory authorities, the Autoriteit Financiële Markten ("AFM") and De Nederlandsche Bank ("DNB") play a secondary role in the regulation of MLIB, Amsterdam Branch. You will find an overview of the financial services MLIB, Amsterdam Branch is authorised to render in the Netherlands via the online registers of financial institutions. The websites www.afm.nl and www.dnb.nl provide access to these registers.

 

The registered office of MLIB is Central Park, Leopardstown, Dublin 18, Ireland. The contact address of MLIB, Amsterdam Branch is Rembrandt Tower, 27th floor, Amstelplein 1, 1096 HA Amsterdam. MLIB, Amsterdam Branch is registered with the Amsterdam Chamber of Commerce under number 34254792. MLIB, Amsterdam Branch has VAT number NL8169.29.130.B0.

MLIBA, is een bijkantoor van Merrill Lynch International Bank Limited ("MLIB"), een bank die statutair is gevestigd in Dublin, Ierland. MLIB staat onder toezicht van de Central Bank of Ireland en is lid van de London Stock Exchange. MLIB mag, via MLIBA, op basis van de in Ierland aan MLIB afgegeven bankvergunning ook in Nederland bepaalde financiële diensten in de zin van de Wet op het financieel toezicht verlenen. Omdat MLIB een Ierse bankvergunning heeft, is de Ierse toezichthouder ook primair verantwoordelijk voor het toezicht op de Nederlandse activiteiten via MLIBA. De Nederlandse toezichthouders, de Autoriteit Financiële Markten ("AFM") en De Nederlandsche Bank ("DNB") spelen een secundaire rol bij het toezicht op de Nederlandse activiteiten van MLIBA. Een overzicht van de financiële diensten die MLIB via MLIBA in Nederland mag verlenen kunt u vinden via de online registers van financiële instellingen op www.afm.nl en www.dnb.nl.

 

MLIB is gevestigd in de Central Park, Leopardstown, Dublin 18, Ireland. Het contactadres van MLIBA is: Rembrandt Tower, 27e verdieping, Amstelplein 1, 1096 HA Amsterdam. MLIBA is ingeschreven bij de Amsterdamse Kamer van Koophandel onder nummer 34254792. Het BTW-nummer van MLIBA is NL8169.29.130.B0.

Merrill Lynch, Pierce Fenner & Smith SAS

Registered office: 112 avenue Kléber, BP 2002-16, 75761 Paris Cedex 16 France.

RCS Paris 592 035 356, n*TVA intracommunautaire FR 93592035356.

Authorised and regulated by the Comité des Etablissements de Crédit et des Entreprises d'Investissement.

Téléphone: 33.0.1.53.65.55.55

Fax: 33.0.1.53.65.57.56

Merrill Lynch, Pierce Fenner & Smith SAS

Siège social: 112 avenue Kléber, BP 2002-16, 75761 Paris Cedex 16, France.

RCS Paris 592 035 356, n*TVA intracommunautaire: FR 93592035356.

 

Entreprise d'Investissements agréée et régulée par le Comité des Etablissements de Crédit et des Entreprises.

Téléphone: 33.0.1.53.65.55.55

Fax: 33.0.1.53.65.57.56

Merrill Lynch International Bank Limited, Paris Branch,

112 avenue Kléber, BP 2002-16, 75761 Paris Cedex 16 France.

RCS Paris 501 030 464, n*TVA Intracommunautaire: FR 65 501 030 464.

 

Merrill Lynch International Bank Limited, a company limited by shares under Irish law, registered under n°229165.

Registered office: Central Park, Leopardstown, Dublin 18, Ireland. Merrill Lynch International Bank Limited is authorised by the Central Bank of Ireland and regulated for conduct of French business by the Comité des Etablissements de Crédit et des Entreprises d'Investissement.

 

Téléphone: 33.0.1.53.65.55.55

Fax: 33.0.1.53.65.57.56

Merrill Lynch International Bank Limited, Succursale de Paris,

112 avenue Kléber, BP 2002-16, 75761 Paris Cedex 16, France.

RCS Paris 501 030 464, n*TVA Intracommunautaire: FR 65 501 030 464.

Merrill Lynch International Bank Limited, etablissement de crédit de droit irlandais, enregistrée sous n° 229165.

Siège social: Central Park, Leopardstown, Dublin 18, Irelande. Entreprise d'investissement agréée et régulée par la Central Bank of Ireland et dont les activités en France sont soumises au contrôle du Comité des établissements de crédit et des entreprises d'investissement.

 

Téléphone: 33.0.1.53.65.55.55

Fax: 33.0.1.53.65.57.56

Merrill Lynch Portfolio Managers Limited, Paris Branch,

112 avenue Kléber BP 2002-16, 75761 Paris Cedex 16 France.

RCS Paris 500 774 526, n*TVA Intracommunautaire: FR 06 500 774 526.

 

Merrill Lynch Portfolio Managers Limited, a company limited by shares under English law, registered under n°933211.

Registered office: 2 King Edward Street, London EC1A 1HQ, United Kingdom. Merrill Lynch Portfolio Managers Limited is authorised and regulated by the Financial Conduct Authority and regulated for conduct of French business by the Comité des Etablissements de

 

Crédit et des Entreprises d'Investissement.

Téléphone: 33.0.1.53.65.55.55

Fax: 33.0.1.53.65.57.56

Merrill Lynch Portfolio Managers Limited, Succursale de Paris,

112 avenue Kléber BP 2002-16, 75761 Paris Cedex 16 France.

RCS Paris 500 774 526, n* TVA Intracommunautaire: FR 06 500 774 526

 

Merrill Lynch Portfolio Managers Limited, établissement de crédit de droit anglais, enregistrée sous le n°933211. Siège social: 2 King Edward Street, London EC1A 1HQ, Angleterre. Entreprise d'investissement agréée et régulée par la Financial Conduct Authority et dont les activités en France sont soumises au contrôle du Comité des établissements de crédit et des entreprises d'investissement.

Téléphone: 33.0.1.53.65.55.55

Fax: 33.0.1.53.65.57.56

 

La confidentialité et l'intégrité des informations ne sont pas assurées sur le réseau Internet. Pour votre protection et votre sécurité, évitez d'envoyer tout message comportant des informations de nature confidentielle telle que numéro d'identité, numéro de compte, numéro de Sécurité Sociale, ou numéro de carte de crédit. De plus, n'envoyez aucun message d'instruction tel que demande de transaction ou de transfert, Merrill Lynch n'accepte pas d'ordres envoyés par courrier électronique et décline toute responsabilité en cas de modification du contenu de ce message.

The registered office is Merrill Lynch Española Agencia de Valores S.A., Edificio Torre Picasso, Plaza Pablo Ruiz Picasso 1, 28020 Madrid, España. VAT Registration Number: A-28097459. Authorised and regulated by the Comision Nacional Del Mercado De Valores in the conduct of investment business in Spain and entered in the Comision Nacional Del Mercado De Valores's register (Register Number 069). The Comision Nacional Del Mercado De Valores's website (www.cnmv.es) provides access to this register.

La oficina de representación es Merrill Lynch Española Agencia de Valores, S.A. Edificio Torre Picasso, Plaza Pablo Ruiz Picasso 1, España. El número de Identificación Fiscal es A-28097459 autorizada y regulada por la Comisión Nacional de Valores con el número 069. La dirección web de la Comisión Nacional de Valore es www.cnmv.es donde suministra información sobre esta Agencia de Valores.

 

Atencion: El correo electrónico enviado a través de Internet no es seguro ya que podría ser abierto por terceras personas. Para su protección evite identificar su numero de cuenta, carnet de identidad, tarjeta de crédito o similar, a nosotros o a cualquier otro. Por otro lado, rogamos que no nos envien mensajes vinculados a plazos o que impliquen una determinada acción por nuestra parte, como ordenes de compra-venta, de transferencia o de emisión de cheques, ya que es política de Merrill Lynch no aceptar este tipo de instrucciones por conducto electrónico.