Bank of America Merrill Lynch Global Execution Services Disclaimer

Bank of America Merrill Lynch ("BofAML") operates Instinct X™, an Alternative Trading System ("ATS") in the US and as a Broker Crossing Network ("BCN") in other geographies. BofAML seeks to operate its ATS/BCNs in accordance with applicable regulations, and in accordance with reasonable expectations of fairness. However, potential execution counterparties in BofAML's ATS/BCNs and in external venues may have trading objectives and/or expectations that may be adverse to your own, and so execution outcomes may vary. BofAML makes no guarantee as to the performance that can be achieved through the use of its ATSs or BCNs. The Instinct X™ ATS/BCN operates on a Price/Capacity/Time priority, with any BofAML principal capacity orders yielding to client orders at an equal price.

Within its own ATSs and BCNs, BofAML may offer a variety of crossing services that support a segmentation and/or tiering model to enhance Client choice regarding the nature of potential counterparties with whom they may execute. Where it does so, BofAML will use reasonable efforts to adhere to your expressed preferences regarding the use of different crossing services, to assign Clients to the appropriate segment and to maintain those assignments, and to adhere to your expressed preferences regarding interaction with participants in such segments. While BofAML will use reasonable efforts in this context, it makes no guarantee as to accuracy or consistency of the composition of any segmentation assignment, which may be based in part on BofAML's understanding of information supplied by others.

In the absence of instructions to the contrary, or depending upon your expressed preferences, the particular BofAML routing strategy or algorithm that you may elect to employ, or that is employed on your behalf, and as part of BofAML's services seeking the most efficient and effective experience for Client orders, your orders may be given an opportunity to interact with any resident non-displayed orders in one of BofAML's own ATSs or BCNs, which may include BofAML principal trading interest, prior to being exposed to external venues. External venues may include but not be limited to public exchange markets, multi-lateral trading facilities, other ATSs or BCNs, or broker dealers, (such routing appropriate to each BofAML region) consistent with your instructions or BofAML's routing logic as applicable. While BofAML maintains relationships and connectivity to a variety of such venues as part of its routing processes, BofAML does not represent that it has access to all such venues that potentially may be available at any given point in time. To the extent that this document references performance times, such information is indicative and attempts to illustrate the performance speed and latency generally associated with certain systems, order/message paths, and linkages. Actual performance may be different and, in some cases, materially slower than indicated.

This document is provided to you solely for informational purposes by Bank of America Merrill Lynch and is designed to serve as a general summary of the trading services and products that Bank of America Merrill Lynch may offer from time-to-time. This document is not research and it was not prepared or reviewed by employees within the Bank of America Merrill Lynch Research department. This document is not intended to constitute advertising or advice of any kind, and it should not be viewed as an offer or a solicitation to buy or sell securities or any other financial instrument or product. Bank of America Merrill Lynch makes no representation, warranty or guarantee, express or implied, concerning this document and its contents, including whether the information (which may include information and statistics obtained from third party sources) is accurate, complete or current. The information in this document is provided "as is," is subject to change at any time, and Bank of America Merrill Lynch has no duty to provide you with notice of such changes.

Bank of America Merrill Lynch will not be responsible or liable for any losses, whether direct, indirect or consequential, including loss of profits, damages, costs, claims or expenses, relating to or arising from your reliance upon any part of this document. Before determining to use any service or product offered by Bank of America Merrill Lynch, you should consult with your independent advisors to review and consider any associated risks and consequences. This document has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Bank of America Merrill Lynch does not render any opinion regarding legal, accounting, regulatory or tax matters.

This document is confidential, for your private use only, and may not be shared with others. This document, including all trademarks and service marks relating to Bank of America Merrill Lynch, remains the intellectual property of Bank of America Merrill Lynch. For other important legal terms governing the use of this document please see: http://www.ml.com/legal_info.htm.

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