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Important Information Concerning Trading Strategists and Desk Analysts

Trading desk analysis or materials ("Trading Strategy") has been prepared by a member of the trading desk who supports underwriting, sales and trading activities. Trading Strategy is provided for information purposes only and is not a solicitation or offer for the purchase or sale of any security or other financial instrument. Any decision to purchase or subscribe for securities in any offering must be based solely on existing public information on such security or financial instrument or the information in the prospectus or other offering document issued in connection with such offering and not on this document. Trading Strategy prepared by desk analysts is based on publicly available information with the exception of information regarding BofA's own positions in securities and financial instruments. Facts and ideas in Trading Strategy have not been reviewed by and may not reflect information known to professionals in other business areas of Merrill Lynch, Pierce, Fenner & Smith Incorporated, Bank of America, N.A., Banc of America Limited or any of their affiliates (collectively, "BofA"), including investment banking personnel. Although information has been obtained from and is based on sources believed to be reliable, we do not guarantee its accuracy, and it may be incomplete or condensed. All opinions, projections and estimates constitute the judgment of the person providing the information as of the date communicated by such person and are subject to change without notice. Prices also are subject to change without notice. Neither BofA nor any officer or employee of BofA accepts any liability whatsoever for any direct, indirect or consequential damages or losses arising from any use of Trading Strategy.

FOR U.K. CUSTOMERS: Trading Strategy is a Marketing Communication under the rules of the UK Financial Services Authority ("FSA Rules") and falls within the definition of non-independent research under the FSA Rules. This document has been prepared for market professionals meaning persons who have professional experience in matters relating to investments falling within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 without regard to your particular circumstances. Any investment or investment activity to which this document relates is available only to such persons and any decision to purchase or sell a security is made by you independently without reliance on us. Persons who do not have professional experience in matters relating to investments should not use this document. This document is not being held out as being impartial in relation to the activities of our trading desks. It has not been prepared in accordance with U.K. legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. This transmission is confidential; intended only for the use of the addressee named above and should not be forwarded. If the reader of this message is not the intended recipient you are hereby notified that any dissemination, distribution, copying, or other use of the Trading Strategy is strictly prohibited.

FOR U.S. CUSTOMERS: Trading Strategy is NOT a research report under U.S. law and is NOT a product of a fixed income research department of BofA. It is provided to you without regard to your particular circumstances, and any decision to purchase or sell a security or financial instrument is made by you independently without reliance on us.

Important Conflicts Disclosures

Investors should be aware that BofA engages or may engage in the following activities, which present conflicts of interest:

• The person distributing Trading Strategy may have previously provided any ideas and strategies discussed in it to BofA's traders who may already have acted on them.
• BofA does and seeks to do business with the companies referred to in Trading Strategy. BofA and its respective officers, directors, partners and employees, including persons involved in the preparation or issuance of Trading Strategy (subject to company policy), may from time to time maintain a long or short position in, or purchase or sell a position in, hold or act as market-makers or advisors, brokers or commercial and/or investment bankers in relation to the financial instruments discussed in currency or rates Trading Strategy or in securities (or related securities, financial instruments, options, warrants, rights or derivatives), of companies mentioned in Trading Strategy or be represented on the board of such companies. For securities or financial instruments recommended by a member of the foreign exchange department in which BofA is not a market maker, BofA usually provides bids and offers and may act as principal in connection with transactions involving such securities or financial instruments. BofA may engage in transactions in a manner that is inconsistent with or contrary to any recommendations made in Trading Strategy.
• Trading desk analysts or strategists who prepare Trading Strategy are compensated based on, among other things, the profitability of BofA's sales and trading activity in securities or financial instruments of the relevant asset class, its fixed income division and its overall profitability.
• The person who prepares Trading Strategy and his or her household members are not permitted to own the securities or financial instruments mentioned.
• BofA, through different analysts and strategists or its debt research department, may have issued, and may in the future issue, other Trading Strategy that is inconsistent with, and reaches different conclusions from the information presented from the subject Trading Strategy as a consequence of the different time horizons, other assumptions, views and analytical methods of the persons who prepared them and BofA is under no obligation to bring them to the attention of recipients of the subject Trading Strategy.

FOR U.K. CUSTOMERS: We have a policy and organisational and administrative arrangements to manage these and other conflicts of interest arising in our business in accordance with the FSA Rules.

Trading Strategy is distributed in the U.S. by Merrill Lynch, Pierce, Fenner & Smith Incorporated, member FINRA and SIPC. Trading Strategy is distributed in Europe by Banc of America Securities Limited ("BASL"), a wholly owned subsidiary of Bank of America, N.A. BASL is a member of the London Stock Exchange and is authorized and regulated by the Financial Services Authority.

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