Merrill Edge® Self-Directed Investing Terms of Service

Page 1 | MerrillEdge Self-Directed Investing Terms of Service Code 422001PM-0824

These MerrillEdge® Self-Directed Investing Terms of Service (the “Terms of

Service”) are made between MerrillLynch, Pierce, Fenner & Smith Incorporated

(“Merrill”) and you and govern your MerrillEdge Self-Directed Investing Account

Relationship. “You” and “your” refers to each MerrillEdge Self-Directed

Investing Account owner.

In the case of an entity, “you” and “your” refers to the entity, and by enrolling,

the entity agrees that access to MerrillEdge Self-Directed Investing shall be

restricted to Authorized Representatives (as defined in the Account Agreement)

for such entity and that the entity will be liable for all acts or omissions of such

Authorized Representatives in violation of these Terms of Service.

MerrillEdge Self-Directed Investing (also referred to herein as “MESD”) is

the marketing name for certain brokerage services offered to clients on a

self-directed basis through MerrillLynch, Pierce, Fenner & Smith Incorporated

(“Merrill”). For the purpose of the MerrillEdge Self-Directed Terms of Service,

Merrill and MESD, which are made available through MerrillLynch, Pierce,

Fenner & Smith Incorporated (“MLPF&S”), refer to certain brokerage services

offered to clients on a self-directed basis through MerrillLynch, Pierce, Fenner

& Smith Incorporated (“Merrill”) and which are the subject of these Terms.

When you agree to these Terms of Service, you are agreeing that such terms

will apply to all of your MESD Accounts, transactions and services.

These Terms of Service incorporate all disclosures displayed on the

MerrillEdge Self-Directed Investing website from time to time, including our

fees and commissions, and they supplement the MerrillEdge Self-Directed

Client Relationship Agreement which you are required to sign as well as your

MerrillEdge Self-Directed Investing Cash Management Account Agreement

and/or your Merrill traditional IRA or IRA Rollover Custodial Agreement or

Roth Individual Retirement Account Agreement and/or your MerrillEdge

Self-Directed Investing Business Investor Account Financial Service Account

Agreement and/or your Merrill Retirement Cash Management Financial

Service Account Agreement and/or your Merrill Simple Retirement Account

Custodial Agreement and/or your Merrill Simplified Employee Pension Program

Agreements, as applicable, which otherwise remain in full force (and all such

account types, and any account types that may be introduced by MESD from

time to time, will herein be referred to as “Account”). By using MerrillEdge

Self-Directed Investing, you are representing to Merrill and its licensors and

Information Providers that you are at least eighteen years old (or the minimum

legal age in your jurisdiction).

Merrill reserves the right to add, delete or modify MESD functionality and

trading rules and to amend or supplement these Terms of Service or any other

agreement among or between the parties upon notice, such notice delivered

by regular mail, by email, by an on-screen alert or via the Merrill websites. In

particular, Merrill reserves the right upon notice to change its fees, to add fees

for items for which it does not currently charge and to institute an inactivity

fee for periods in which there is no fee-generating activity in your Account.

Merrill also reserves the right to terminate your enrollment in MerrillEdge Self-

Directed Investing at any time for any reason without notice.

MerrillLynch, Pierce, Fenner & Smith Incorporated offers its products,

accounts and services through different service models (e.g., self-directed,

full-service). Based on the service model, the same or similar products,

accounts and services may vary in their price or fee charged to a client.

1. Nature of the MerrillEdge Self-Directed Investing Service

MerrillEdge Self-Directed Investing is designed for U.S.-based investors who

wish to make their own investment choices in a MerrillLynch, Pierce, Fenner &

Smith Incorporated brokerage account.

Neither Merrill, nor MESD, nor any Merrill or MESD representative will provide

you with investment advice, including any recommendations, or offer any

opinion regarding the suitability of any security, order, transaction, or strategy

in a MerrillEdge Self-Directed Investing Account, or monitor your investment

or the appropriateness of your account or service level, or alert you to any

recommended change to your investments, investment accounts, or services.

Neither Merrill nor MESD, nor any Merrill or MESD representative, will provide

any tax or legal advice.

No Merrill Research opinion, Independent Research opinion, the inclusion of

a security on any list, or any information provided to you either on the Merrill

website or by mail or any other means constitutes a recommendation to you

to purchase, hold or sell any investment. By entering into this Agreement, you

agree that any transactions executed through your MerrillEdge Self-Directed

Investing Account, whether based on information obtained from Merrill or

elsewhere, will be solely your own decision and based on your own evaluation

of your personal financial situation, needs, and investment objective(s).

In addition to retaining the sole responsibility for investment decisions, you

understand and agree that you are responsible for knowing the rights and

terms of all securities in your account, specifically including valuable rights

that expire unless the holder takes action. This includes, but is not limited to,

warrants, stock rights, convertible securities, bonds, and securities subject to

a tender or exchange offer. You understand and agree that Merrill accepts no

obligation to notify you of any upcoming expiration or redemption dates, or,

except as required by applicable law or regulation, to take any action on your

behalf without specific instructions from you. You also agree that all dividends

and interest payments credited to your account shall accumulate rather than

be paid to you upon receipt, but shall be subject to your withdrawal from time

to time upon request for a check or other funds transfer.

Notwithstanding the foregoing, in its capacity as an investment adviser

Merrill may provide investment advice or recommend securities transactions

or investment strategies to you within certain investment advisory programs.

To enroll in such an investment advisory program, such as the Merrill

Guided Investing Program, you may be required to establish and maintain a

MerrillEdge Self-Directed Investing Account. Merrill acts as an investment

adviser and not a broker-dealer for the investment advisory services provided

within these investment advisory programs. To the extent that Merrill provides

investment advice or recommends any securities transactions or investment

strategies to you within any such investment advisory program, you understand

and agree that Merrill does so in its capacity as an investment adviser and not

as a broker-dealer. You will be required to enter into a separate agreement with

Merrill and its affiliates to participate in an investment advisory program. The

terms governing any such investment advisory program will control if there are

any inconsistencies with the terms of these Terms of Service. If your account

serves as the securities account for a Merrill investment advisory program,

certain features of MerrillEdge Self-Directed Investing, such as the Margin

Lending Program, check writing, and Visa cards, may not be available to you. If

your account serves as the securities account for a Merrill investment advisory

program and if, for any reason, you terminate from the investment advisory

MerrillEdge

Self-Directed Investing

Page 2 | MerrillEdge Self-Directed Investing Terms of Service Code 422001PM-0824

program without transferring the securities and assets out of your account,

your account will be a MerrillEdge Self-Directed Investing Account without

any investment advisory relationship. As such, and as explained more fully in

the preceding paragraphs, neither Merrill, nor any Merrill representative, will

provide any investment advice or give any advice or offer any opinion regarding

the suitability of any security, order or transaction in a MerrillEdge Self-

Directed Investing Account.

2. Account Data Access; User ID and Password;

Safeguarding Credentials

MerrillEdge Self-Directed Investing is intended to be delivered to you via the

Internet using commercially available third-party web browsers. MerrillEdge

Self-Directed Investing permits you to view account data for your primary Merrill

Account and any other accounts that are linked to such primary Account from

time to time. By using MerrillEdge Self-Directed Investing, you represent

on a continuing basis that you are authorized to have viewing access to any

Account for which you and other linked account parties have requested linking

of Accounts. Merrill allows each account holder to create a separate User ID

and Password for each MerrillEdge Self-Directed Investing Account. You agree

that each account holder shall be responsible at all times for maintaining the

confidentiality of their personal information and their User ID and Password

and will not make them available to other account holders or any third parties. If

you do allow other account holders or third parties to access MerrillEdge Self-

Directed Investing (including your accounts) using your personal information

or your User ID and Password, you agree to hold Merrill, its directors, officers,

employees, agents and affiliates (collectively, “Other Persons”) harmless and to

indemnify Merrill and all Other Persons against any liability, costs or damages

arising out of claims or suits by any account holder, including yourself, or such third

parties based upon or relating to such access. If you believe that someone has

used your credentials, such as your User ID and Password, to access MerrillEdge

Self-Directed Investing without your authorization, you agree to contact our

MerrillEdge Self-Directed Investment Center immediately at 877.653.4732.

All daily Account data is provided as a convenience and for your information,

but it is not the official record of your Account activity with Merrill; your Merrill

Account statement provided to you online each month (or by mail quarterly

or monthly as required) is such official record. Account data provided through

MerrillEdge Self-Directed Investing is generally updated as of the prior

business day’s close of business, but is subject to adjustment and correction.

Merrill may also collect and/or use certain information from or through your

browser or device. Most browsers and/or devices (including your computer, tablet

and mobile phone) collect certain information, including but not limited to your

Media Access Control (MAC) address, device type, screen resolution, operating

system version, internet browser type and version, local date and time, and the

prior web page visited leading you to our websites. Merrill uses this information

to ensure our websites function properly, for fraud detection and prevention, and

security purposes. For more information about our privacy and security practices

and a link to our Privacy Notice for U.S. Consumer Customers and U.S. Online

Privacy Notice, go to our website at www.ml.com/privacy.

3. Account Application Process and Delivery of Communications

You may be able to apply for an Account by completing the Account application

process (1) via the internet; (2) via a hardcopy paper application; or (3) via an

iPad or other device that is owned and provided by BankofAmerica and/or

Merrill in a BankofAmerica, N.A. Financial Center. You must have a valid email

address to open any MerrillEdge Self-Directed Investing Account. You agree

that you will provide us with a valid email and postal mailing address, and that

you will immediately notify us of any changes to your email or mailing addresses.

With the exception of Small Business 401(k) accounts (which are discussed in more

detail below), if you complete the Account application process via the internet, you

must consent to the Electronic Communications Disclosure (“eCommunications

Disclosure”). Your consent to the eCommunications Disclosure allows us to

provide communications to you electronically. The eCommunications Disclosure

also provides important information about paperless delivery, such as, among

other things, the types of communications you can receive electronically and the

hardware and software required to receive communications electronically. As

discussed in Section 4 of the eCommunications Disclosure, we may, at times and

in our sole discretion, mail you a paper copy of certain communications even if you

agree to electronic delivery by consenting to the eCommunications Disclosure.

If you complete the Account application process via a hardcopy paper

application or via the iPad or other device that is provided by BankofAmerica

and/or Merrill in a BankofAmerica, N.A. Financial Center, you agree to receive

all notices, statements, disclosures and other information regarding your

Account in paper form, delivered to your last-designated postal mailing address

unless and until you elect to change the method of delivery for documents

and other written communications to electronic delivery. In order to make that

change, you will be required to (1) enroll in www.merrilledge.com, which is an

internet-based service that provides 24-hour access to Account information,

Merrill research and investment information, market data, and news; (2)

demonstrate access to the information available via www.merrilledge.com;

and (3) affirmatively consent to the eCommunications Disclosure.

Note regarding Small Business 401(k) accounts: You must complete the

application process via the internet, but you will not be required to consent

to the eCommunications Disclosure as you do not have the option to

exclusively receive communications related to this Account electronically.

Some communications, such as Account statements, may be retrieved via

the internet, but all communications will be delivered in paper.

4. Corporate Actions

It is important to understand corporate actions (such as stock splits, tender

offers, rights issues, etc.) and how they can affect your investments. In certain

instances outside of our control, issuers may provide late notice on voluntary

corporate action events which, in turn, delays notices from being delivered to

you. Merrill will make best efforts to notify you as soon as practically possible

of a corporate action, but due to printing and mailing timelines, some notices

may be delivered late, even past the deadline. Enrolling in Online Delivery of

Service Notices will help ensure the timeliest delivery possible of corporate

action notices and also give enhanced flexibility, convenience, and visibility

on your accounts. Merrill may also provide corporate action notices to you

on voluntary events where eligibility restrictions apply. We will ensure that

all shareholders are notified of these type of events, although it is your

responsibility to determine whether you are eligible to participate in an event

based on the terms of the notification.

5. Hyperlinks

Merrill may make available links from its websites to other third-party websites

or electronic services providers that are not affiliated with Merrill. Merrill does

not control these other websites or services, and Merrill has not adopted and

makes no representations or endorsements whatsoever concerning those

websites or services. The fact that Merrill has provided a link to a website is not

an endorsement, authorization, sponsorship, or affiliation with respect to such

website, its owners, or its providers. There are risks in using any information,

software, service or product found on the Internet and Merrill cautions you

to make sure you understand these risks before retrieving, using, or relying

upon anything via the Internet. You agree that under no circumstances will you

hold Merrill liable for any loss or damage caused by use of or reliance on any

content, goods or services available on such other websites.

6. Quotes, News and Research; Use of Data and Information

Quotes, news, research, ratings and other information provided through

MerrillEdge Self-Directed Investing are obtained from sources we believe to be

reliable, but we cannot guarantee the accuracy, timeliness or completeness of

such information for any particular purpose. Such data and information and any

Merrill Research or independent research opinions provided do not constitute

investment advice, or a solicitation by Merrill for the purchase or sale of any

securities, or a representation that any securities are suitable for you.

All such data and information is protected by copyright and other intellectual

property laws and may only be used for personal and non-commercial use, and not

for providing professional investment advice or for providing securities processing

services or other similar back office functions. If you download any information

from MerrillEdge Self-Directed Investing for your personal reference, you agree

that you will not remove or obscure any copyright or other notices contained

in any such information. Except as provided in the preceding sentence, you

agree not to copy, reproduce, modify, sell, distribute, transmit, display, perform,

circulate, transfer, broadcast, create derivative works from, publish, or use for any

commercial or unlawful purpose any quotes, news, research, text images, audio,

video or other information you receive through MerrillEdge Self-Directed Investing.

Page 3 | MerrillEdge Self-Directed Investing Terms of Service Code 422001PM-0824

Merrill and its licensors and Information Providers (as defined in Section 14 below)

may change or discontinue any quotes news, research or other information at any

time provided within MerrillEdge Self-Directed Investing at any time.

Merrill offers you access to Independent Research on all domestic and

selected international stocks covered by Merrill Research under the terms of

an agreement with regulators. The providers of this independent Research

are chosen by an Independent Consultant, not by Merrill. You agree that

Merrill will not be responsible or liable for (i) the procurement decisions of the

Independent Consultant with respect to the Independent Research, (ii) the

Independent Research or its content (iii) customer transactions, to the extent

based on the Independent Research, or (iv) claims arising from or in connection

with the inclusion of Independent Research ratings in confirmations and

Account statements, to the extent such claims are based on those ratings. You

also agree that Merrill will not be required to supervise the production of the

Independent Research procured by the Independent Consultant and will have

no responsibility to comment on the content of the Independent Research.

7. Financial Tools, Education and Calculators

MerrillEdge Self-Directed Investing may also provide you with financial tools

and education, including calculators. The tools and calculators may allow you

to model “what-if” scenarios for various financial goals, the results of which are

illustrative and are based on the information and assumptions identified. There

is no guarantee that the results shown will be achieved, and changes in tax laws,

financial markets or your financial situation may cause actual results to deviate

substantially from those reflected in these tools. In addition, these tools and

calculators are not part of any financial report for which you may have paid a fee,

even if the tools and calculators include information derived from or contained in

the financial report. In addition, no tools, education or calculators are intended to

provide individual product recommendations or investment strategies.

8. Phone Service

MerrillEdge Self-Directed Investing phone-based representatives are available

24 hours per day, 7 days per week. These representatives are available to assist

you with various administrative functions related to applying for and opening

Accounts and providing you with access to www.merrilledge.com. They can also

assist with various requests related to your Account, such as address changes,

name changes, changes to the beneficiaries designated on your Account (if

applicable), and money movement requests, among other things.

MerrillEdge Self-Directed Investing phone-based representatives are also

available to you for technical support between the hours of 7:30 a.m. and

6:00 p.m. Eastern, Monday through Friday. You understand and agree that

the services described above are only examples of the types of services that

the phone-based representatives may be able to perform, and that Merrill

reserves the right to change the services and functions that the phone-based

representatives may perform from time to time.

MerrillEdge Self-Directed Investing phone-based representatives will not

provide investment advice or investment recommendations or offer any

opinion regarding the suitability of any security, order, transaction or strategy

in a MerrillEdge Self-Directed Investing Account. MerrillEdge Self-Directed

Investing phone-based representatives will not provide any tax or legal advice.

MerrillEdge Self-Directed also provides an automated phone service referred to as

the MESD IVR. Through the MESD IVR, you are able to request security quotes and

review account information, such as balances, account holdings, and recent activity.

9. Email

Two email or electronic mail options are available via www.merrilledge.com,

unsecured email and electronic mail via the Secure Message Center. You agree that

neither unsecured email nor the Secure Message Center is to be used to request,

authorize or effect the purchase or sale of any securities or other investments, to

send funds transfer instructions, or for any other financial transactions that require

real-time communication or more formal written authorization in accordance with

applicable law or Merrill policies. Any such requests, orders, or instructions that you

send via email in contravention of the foregoing agreement will not be accepted

and will not be processed by Merrill. Merrill will not be responsible for any loss or

damage that could result from your supplying us with personal information via

email or your requests, orders or instructions not being accepted or processed in

accordance with the preceding sentence.

Unsecured Email

Unsecured email is available via the Help & Support link prior to client login.

Unsecured email provides individuals with the opportunity to send messages

concerning Merrill procedures and general Merrill questions. No Account-

specific information will be provided in response to a message received via

unsecured email. Additionally, Merrill will not open any documents or files that

are attached to or submitted via unsecured email.

Secure Message Center

The Secure Message Center is available to you after logging in to

www.merrilledge.com as a secure email tool to contact Merrill representatives.

Through the Secure Message Center, you can submit Account-specific inquiries

to Merrill. You can also submit documents to Merrill via the Secure Message

Center and perform or request certain administrative functions. You understand

and agree that Merrill may change the functionality of the Secure Message

Center from time to time.

10. Order Entry Security

Merrill allows each Account holder to create a separate User ID and Password

for each MerrillEdge Self-Directed Investing Account. You agree that each

Account holder shall be responsible for all orders entered through MerrillEdge

Self-Directed Investing using the User ID and Password initially created or

changed by the Account holder regardless of who enters such orders. You

agree that each account holder shall be responsible at all times for maintaining

the confidentiality of their personal information and their User ID and

Password and will not make them available to other account holders or any

third parties. If you do allow other account holders or third parties to access

MerrillEdge Self-Directed Investing (including your accounts) using your

personal information or your User ID and Password, you agree to hold Merrill,

its directors, officers, employees, agents and affiliates (collectively, “Other

Persons”) harmless and to indemnify Merrill and all Other Persons against any

liability, costs or damages arising out of claims or suits by any account holder,

including yourself, or such third parties based upon or relating to such access.

11. Order Entry Trading Rules

MerrillEdge Self-Directed Investing allows you to enter orders to buy and sell

U.S. market traded equities, including exchange-listed and widely-held over-

the-counter stocks, a wide selection of mutual funds, and certain bonds and

certificates of deposit. MerrillEdge Self-Directed Investing is not designed

to be a brokerage service for investors who trade in low-priced securities or

foreign securities. Merrill intends to maintain an order entry policy for low-

priced stocks and other trading rules, which will be subject to change from

time to time upon posting on the MerrillEdge Self-Directed Investing site

or the optional Merrill Mobile Brokerage service. MerrillEdge Self-Directed

Investing is intended to be available for order entry seven (7) days a week,

twenty four (24) hours a day, except for brief maintenance periods; however,

Merrill does not warrant that the service will be uninterrupted. Orders sent

outside of regular U.S. Market hours will be held and entered on the primary

market during market hours on the next trading day. Certain orders may be

blocked or subject to pre-review by Merrill, which may take up to several

minutes to process. Merrill reserves the right to place restrictions on your

Account in its sole discretion, and to cancel any order that we believe would

violate federal credit regulations or other regulatory limitations; however,

Merrill will have no responsibility or liability for failing to cancel any order.

12. Your Responsibilities Regarding Order Entry

All orders entered through MerrillEdge Self-Directed Investing shall be subject

to the applicable rules, customs and usages of the exchange or market, and

its clearinghouse, on which such orders are transacted by Merrill, including our

affiliates, including cancellation of orders in certain circumstances. Whether or not

funds are available in your Account on trade date, you agree to pay by settlement

date for any trade for which you place an order through MerrillEdge Self-Directed

Investing. You agree that you will immediately notify Merrill by telephone and

confirm the same in writing if you become aware of any discrepancy in your

Account balance or security positions or if you have reason to believe that a third

party is using your User ID and Password without your authority. If you fail to

notify Merrill when any of the above conditions occur, neither Merrill nor any Other

Persons shall have any responsibility or liability to any account holder or any other

person claiming through any account holder for any claims with respect to the

handling, mishandling or loss of any order. You agree to accept full responsibility for

the monitoring of your Account with respect to all transactions entered.

Page 4 | MerrillEdge Self-Directed Investing Terms of Service Code 422001PM-0824

13. Limitation on Merrill’s Responsibilities and Liability

You agree that Merrill will not be responsible for the accuracy, completeness

or use of any market data news or research information provided through

MerrillEdge Self-Directed and Merrill does not make any warranty concerning

such information. You further agree that all orders placed through MerrillEdge

Self-Directed Investing are at your sole risk and responsibility based on your

own evaluation of your financial circumstances and investment objectives.

MerrillEdge Self-Directed Investing may display on the order entry screen

Merrill Research’s quality rating and investment opinion on companies, if

available, as well as Independent Research opinions; however, such information

and opinions by themselves do not constitute investment advice, or a solicitation

or recommendation by us for the purchase or sale of any securities, or a

representation that any securities are suitable for you.

You understand and agree that MerrillEdge Self-Directed Investing utilizes

the Internet to transport data and communications. Merrill will take reasonable

security precautions to safeguard data and communications; however,

Merrill disclaims any liability for interception and/or use of any such data or

communications. You agree that neither Merrill nor any third party working

with Merrill to provide services hereunder shall be responsible for any damages

caused by communications line failure, systems failure, and other occurrences

beyond their control, or from any unauthorized trading or theft by any third

party who gains access to your Account by use of your User ID and Password

as a result of your intentional or unintentional conduct, including negligence by

you. Merrill will not be responsible for any access costs you incur to connect to

MerrillEdge Self-Directed Investing.

Neither Merrill nor any third party makes any representations or warranties

expressed or implied with respect to MerrillEdge Self-Directed Investing,

including without limitation, any implied warranties of merchantability

or fitness for a particular purpose. To the extent permitted by law, under

no circumstances, including negligence, will Merrill or any of its affiliates,

directors, officers or employees, or any third party vendor be liable or have any

responsibility of any kind for any loss or damage that you incur in the event of

any failure or interruption of MerrillEdge Self-Directed Investing, or resulting

from the act or omission of any other party involved in making MerrillEdge

Self-Directed Investing available to you, or from any other cause relating

to your access to or use of MerrillEdge Self-Directed Investing, whether or

not the circumstances giving rise to such cause may have been within the

control of Merrill or of any vendor providing software or services support for

MerrillEdge Self-Directed Investing. In no event will Merrill or any such parties

be liable to you for any special, indirect, consequential or incidental damages

even if Merrill or any other party have been advised of the possibility thereof.

Any liability arising out of any action or omission by Merrill or any such parties

shall be limited to an amount equal to the benefit which the transaction

would have resulted in during the period between the date of a trade and

the applicable time for settlement of such trade.

14. Executing Your Order

We do business with our clients in two ways: as an agent or as a principal.

As an agent — We act as an agent in many listed and unlisted securities,

obtaining a buyer or seller for you. Depending on your service model and

account type, we may add a commission to the execution price.

As a principal — We or our affiliates act as a principal in many listed and

unlisted securities, buying from sellers and selling to buyers. There may appear

on your confirmations from time to time the words, “We or our affiliate may

act as principal.” This means that Merrill or its affiliates are buying or selling

that particular security, acting as a dealer, and maintaining their own inventory

for that purpose. To the execution price (with the exception of underwriting

transactions), we add a charge on the buy side called a “markup” and we

subtract a “markdown” on the sell side.

Our role as agent or principal, and the marketplace in which your transaction

was effected, is disclosed on your confirmation. In either role, our objective is

to find a competitive execution price for you.

15. Order Execution and Routing Disclosures

Exchange-listed securities — When you buy or sell round lots (usually 100

shares) of listed stocks, or when you buy or sell listed options, we generally

route your order through a routing system to what are expected to be the

best execution venues for the order. We handle your order so as to obtain

a competitive execution price in line with our regulatory obligations. Our

electronic order-processing system automatically channels your order to an

appropriate market center given the characteristics of the order, market data

and trading statistics. Our trading desks, or the trading desks of one or more

of our affiliates, may be one of these market centers or venues where the

execution may occur. If that is the case, your confirmation will indicate that

we acted as principal in connection with the purchase or sale transaction.

We have in place effective internal controls, including information barriers,

to prevent the inappropriate sharing of order information among our equity

trading desks. In this regard, each of our equity trading desks independently

conducts its trading activities. To the extent permitted by rule or law, when a

Merrill equity trading desk or unit (including a market-making desk or unit that

engages in block positioning and provides firm bid/offer quotes) handles your

equity orders, other equity trading desks or units of Merrill or its affiliates may

separately transact — without knowledge of your orders — for their principal

accounts at prices that would satisfy your orders. Conversely, if your orders

are handled by an equity trading desk or unit of Merrill or its affiliates, and no

attempt is made to obtain liquidity for your orders from our market-making

desk or the market-making desk of one of our affiliates, you should understand

that the market-making desk may separately transact — without knowledge of

your orders — for its principal at prices that would satisfy your orders. In either

case, the execution prices of any trading desk or unit that did not handle your

order, transacting for its principal accounts, could be better, the same, or worse

than the prices you receive for the same security.

Over-the-counter markets — Securities that are not listed on an exchange

may be traded in the over-the-counter markets. Merrill and its affiliates may be

participants in an over-the-counter market and execute your orders as principal.

Merrill fully complies with SEC and FINRA order handling requirements. We

handle your order so as to obtain a competitive execution price. We regularly

monitor the quality of our executions. This includes reviewing the order

flow sent to Merrill affiliates who may support or provide order routing and/

or execution services on our behalf, as well as to certain third-party broker-

dealers or counterparties who we authorize as our liquidity providers. We

take into account many factors in determining the quality of executions and

to inform our routing decisions for retail-sized held orders. This includes, for

National Market System equity securities, certain industry metrics, including

but not limited to execution prices in relation to the publicly quoted spread

at the time (referred to as “effective over quoted” or E/Q), to the extent such

reference data is available.

Under FINRA rules, we are required to disclose to you descriptions of stop

quote and stop quote limit orders. Depending on your Merrill service channel,

you may have the option to place one or both of these order types. Merrill may

execute any of these orders itself or through one or more of its affiliates.

A stop quote order is a market order to buy or sell when the bid quote or

offer quote, as applicable, reaches a specified price.

Equity sell stop quote orders are placed at a stop price below the current

market price and will trigger if the national best bid quote is at or lower than

the specified stop price.

Equity buy stop quote orders are placed at a stop price above the current

market price and will trigger if the national best offer quote is at or higher than

the specified stop price.

Option sell stop orders are placed at a stop price below the current market

price and will trigger if the national best offer is at or lower than the specified

stop price.

Page 5 | MerrillEdge Self-Directed Investing Terms of Service Code 422001PM-0824

Option buy stop orders are placed at a stop price above the current market

price and will trigger if the option trades or has a prevailing bid quote at or higher

than the specified stop price on the exchange to which the order is routed. Once

triggered, a stop quote order becomes a market order (buy or sell, as applicable), and

execution prices can deviate significantly from the specific stop price. For equities,

a stop quote order is not guaranteed to execute as the order will not be triggered

unless the stop price is reached. For listed options, a stop order is not guaranteed to

execute as the order will not be triggered unless the stop price is reached and, even

if triggered, your order may not be executed if there is no prevailing bid quote (in the

case of a sell stop order) or a prevailing offer quote (in the case of a buy stop order)

available on the exchange to which your order is routed.

A stop quote limit order combines the features of a stop quote order and a

limit order.

Equity sell stop quote limit orders are placed at a stop price below the current

market price and will trigger if the national best bid quote is at or lower than the

specified stop price.

Equity buy stop quote limit orders are placed at a stop price above the current

market price and will trigger if the national best offer quote is at or higher than the

specified stop price above the current market price and will trigger if the option

trades or has a prevailing bid quote at or higher than the specified stop price on

the exchange to which the order is routed. Once triggered, a stop quote limit order

becomes a limit order (buy or sell, as applicable) at a specified limit price, and

execution may not occur as the market price can move away from the specified

limit price. For equities, a stop quote limit order is not guaranteed to execute as the

order will not be triggered unless the stop price is reached and, even if triggered,

your order may not be executed as the market price can move away from the

specified limit price. For listed options, a stop limit order is not guaranteed to

execute as the order will not be triggered unless the stop price is reached and, even

if triggered, your order may not be executed if there is no prevailing bid quote (in

the case of a sell stop limit order) or a prevailing offer quote (in the case of a buy

stop limit order) available on the exchange to which your order is routed or if the

market price moves away from the specified limit price.

Option sell stop limit orders are placed at a stop price below the current market

price and will trigger if the option trades or has a prevailing offer quote at or lower

than the specified stop price on the exchange to which the order is routed.

Option buy stop limit orders are placed at a stop price above the current market

price and will trigger if the option trades or has a prevailing bid quote at or higher

than the specified stop price on the exchange to which the order is routed. Once

triggered, a stop quote limit order becomes a limit order (buy or sell, as applicable)

at a specified limit price, and execution may not occur as the market price can

move away from the specified limit price. For equities, a stop quote limit order is

not guaranteed to execute as the order will not be triggered unless the stop price is

reached and, even if triggered, your order may not be executed as the market price

can move away from the specified limit price. For listed options, a stop limit order

is not guaranteed to execute as the order will not be triggered unless the stop price

is reached and, even if triggered, your order may not be executed if there is no

prevailing bid quote (in the case of a sell stop limit order) or a prevailing offer quote

(in the case of a buy stop limit order) available on the exchange to which your order

is routed or if the market price moves away from the specified limit price.

Often for those securities in which Merrill or one of its affiliates makes a market,

we will use best efforts to execute larger-sized client orders by testing whether,

and how much, stock can be bought at currently displayed quotes, in addition

to what is reflected in the quote of Merrill or its affiliate. We may then manually

execute client orders based on the liquidity we are able to access, which may

involve the simultaneous execution of one or more client orders received over a

period of time. Those orders may receive executions at prices that approximate

the volume-weighted average price during that period. MerrillLynch routes orders

in securities in which we do not make a market to other market makers, which can

include one or more of its affiliates or other unaffiliated third-party market makers.

The Securities and Exchange Commission (“SEC”) adopted a rule requiring market

centers to publicly disclose, on a monthly basis, uniform statistical measures of

order execution quality. These measures include, but are not limited to, how market

orders of various sizes are executed relative to the public quotes and information

about the spreads paid by investors. The SEC has also adopted a rule requiring all

brokerage firms to make publicly available quarterly reports on their order routing

practices. In accordance with these rules, Merrill’s order routing statistics are

available for public review by visiting https://www.ml.com/legal.html and clicking

through the link provided in the “Routing Disclosures Made Pursuant to Rule 606

of SEC Regulation NMS” section. Merrill affiliates may maintain trading desks

engaged in market making or other trading functions to which your orders may be

routed for execution or from whom an execution price for the transaction may be

obtained. The execution disclosures of BofA Securities, Inc., a Merrill affiliate and

market center, are available for public review by visiting https://www.bofaml.com/

en-us/content/best_execution.html.

Note: Under SEC rules, we are required to inform you that Merrill does not receive

payment for order flow from liquidity providers to which Merrill routes its customer

orders in equity securities. Merrill may receive rebates from and pays fees to

certain registered securities exchanges for providing or taking liquidity on those

exchanges, according to those exchanges’ published fee schedules approved by

the SEC. In some cases, the rebates received by Merrill from an exchange may,

over a period of time, exceed the fees paid to the exchange. Merrill may also

participate in the options order flow programs sponsored by the NYSE American

Options, the NYSE Arca Options, the Cboe options exchanges, and the Nasdaq

options exchanges. These exchange sponsored programs offer payments for listed

option orders that are directed to such options markets. In addition, in some cases

involving large equity securities trades where you direct that a Merrill affiliate

execute your order as principal, Merrill may share in the compensation paid to its

affiliate for the affiliate’s services.

16. Agreement With Information Providers Regarding MarketData

The securities prices, quotations, research, ratings, news and other information

provided on MerrillEdge Self-Directed Investing are provided by various third

party sources that include, but are not limited to, the New York Stock Exchange,

Inc., American Stock Exchange Inc., NASDAQ Stock Market, Inc., The Options

Price Reporting Authority, and its participant exchanges, Dow Jones & Company,

Inc., Standard & Poor’s Financial Services, LLC, Moody’s Investor Services, Inc.,

Morningstar Inc., and their respective affiliates, agents and others, including persons

or entities that act as data processors on behalf of the foregoing (collectively,

“Information Providers”). By using the MerrillEdge Self-Directed Investing website,

you acknowledge and agree that: (1) securities prices, quotations research, ratings,

news and other information received from Information Providers (“Market Data”)

are solely for your individual use and you will not retransmit or furnish Market

Data to any other person or entity, except to other officers, partners or employees

if you are an entity; (2) the Market Data is and shall remain the property of the

respective Information Providers or of the market on which a reported transaction

took place or a reported quotation was entered; (3) at any time, Information

Providers may discontinue disseminating any category of Market Data, may change

or eliminate any transmission method and may change transmission speeds or

signal characteristics, and you shall not hold the Information Providers liable for

any resulting liability, loss or damages that may arise there from; and (4) your

agreements set forth herein and the disclaimers of warrant, and disclaimers of

liability set forth below are for the express benefit of the Information Providers as

third party beneficiaries and they may enforce these provisions against you.

Notwithstanding any provisions to the contrary contained herein, with respect to

Dow Jones & Company, Inc. only: (1) you may, on an occasional and irregular basis,

reproduce, distribute, display or transmit an insubstantial portion of the Market

Data provided by Dow Jones & Company, Inc. (the “Dow Jones information”), for a

non-commercial purpose and without charge, to a limited number of individuals,

provided you include all copyright and other proprietary rights notices with such

portion of the Dow Jones Information in the same form in which the notices appear

on the Dow Jones Information, the original source attribution, and the phrase

“Used with permission from Dow Jones& Company”; (2) if you are an entity, you

may only retransmit or furnish the DowJones information to officers, partners or

employees in accordance with the foregoing sentence.

Notwithstanding any provisions to the contrary contained herein, the following

additional provisions apply to Market Data provided by Moody’s Investor

Services, Inc. (“Moody’s”): The credit ratings if any, constituting part of the

Market Data are, and must be construed solely as, statements of opinion and

not statements of fact or recommendations to purchase, sell or hold securities.

Each rating or other opinion must be weighted solely as one factor in any

investment decision made by or on behalf of any user of the Market Data, and

each user must make its own study and evaluation of each security and of

each issuer and guarantor of, or of each provider of credit support for, each

security that it may consider purchasing, holding, or selling. Moody’s hereby

discloses that most issuers of debt securities and rated by Moody’s have, prior

to assignment of any rating, agreed to pay Moody’s for the appraisal and rating

services rendered by its fees ranging from $1,500 to $1,500,000.

Page 6 | MerrillEdge Self-Directed Investing Terms of Service Code 422001PM-0824

These Terms of Service shall remain in effect as to the Information Providers

for so long as you have the ability to receive Market Data through the

MerrillEdge Self-Directed Investing website as contemplated hereby. In

addition, either you or Merrill may terminate your access to Market Data at

any time. You understand that Merrill is obligated to terminate access to

this site as to the provision of any or all of the Market Data pursuant to this

paragraph upon notice to that effect from any of the Information Providers.

The foregoing provisions regarding the proprietary nature of Market Data, third

party beneficiary enforcement by the Information Providers, and the disclaimer

of liability and disclaimer of warranty by the information Providers survive

termination of your access to Market Data. These Terms of Service supersede

each previous agreement between you and the Information Providers insofar

as the superseded agreement pertains to Market Data provided to you through

the MerrillEdge Self-Directed Investing website.

Disclaimer of Warranties and Liability Regarding Information Providers

and Market Data

THE MARKET DATA ACCESSIBLE THROUGH the MerrillEdge Self-Directed

Investing website IS PROVIDED “AS IS” AND THERE MAY BE DELAYS,

OMISSIONS OR INACCURACIES IN SUCH DATA. MERRILL, THE INFORMATION

PROVIDERS, AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES,

AFFILIATES AND AGENTS CANNOT AND DO NOT GUARANTEE THE

ACCURACY, SEQUENCE, COMPLETENESS, CURRENTNESS, TIMELINESS,

MERCHANT-ABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE OR

NONINFRINGEMENT Of THE MARKET DATA MADE AVAILABLE THROUGH

the MerrillEdge Self-Directed Investing website AND HEREBY DISCLAIM

ANY SUCH EXPRESS OR IMPLIED WARRANTIES. NEITHER MERRILL,

THE INFORMATION PROVIDERS, NOR THEIR RESPECTIVE DIRECTORS,

OFFICERS, EMPLOYEES, AFFILIATES AND AGENTS SHALL BE LIABLE TO

YOU OR TO ANYONE ELSE FOR ANY LOSS OR INJURY WHETHER OR NOT

CAUSED IN WHOLE OR IN PART BY THEIR NEGLIGENCE OR OMISSION IN

PROCURING, COMPILING, INTERPRETING, EDITING, WRITING, REPORTING,

OR DELIVERING ANY MARKET DATA THROUGH the MerrillEdge Self-

Directed Investing website OR BY ANY FORCE MAJEURE OR ANY CAUSE

BEYOND THEIR REASONABLE CONTROL. IN NO EVENT WILL MERRILL, THE

INFORMATION PROVIDERS, OR THEIR RESPECTIVE DIRECTORS, OFFICERS,

EMPLOYEES, AFFILIATES OR AGENTS BE LIABLE TO YOU OR ANYONE ELSE

FOR ANY DECISION MADE OR ACTION TAKEN BY YOU IN RELIANCE UPON

SUCH MARKET DATA OR FOR ANY CONSEQUENTIAL, INDIRECT, SPECIAL

OR SIMILAR DAMAGES, INCLUDING BUT NOT LIMITED TO LOST PROFITS,

TRADING LOSSES, DAMAGES RESULTING FROM INCONVENIENCE, OR LOSS

OF USE OF the MerrillEdge Self-Directed Investing website, EVEN If ADVISED

OF THE POSSIBILITY Of SUCH DAMAGES.

Incorporation of Market Data Agreements With Exchanges

BY ACKNOWLEDGING THESE TERMS OF SERVICE, YOU AGREE (A) THAT

YOU UNDERSTAND, AND AGREE TO BE BOUND BY, THE AGREEMENT FOR

MARKET DATA DISPLAY SERVICES (THE “EXCHANGE AGREEMENT”), THE

MATERIAL TERMS AND CONDITIONS OF WHICH ARE INCORPORATED

HEREIN; (B) THAT MERRILL IS NOT AN AGENT OF ANY OF THE EXCHANGES

OR OF NASDAQ AND IS NOT AUTHORIZED TO DEPART FROM THE

EXCHANGE AGREEMENT; AND (C) THAT NO PROVISION MAY BE ADDED

TO OR DELETED FROM THE EXCHANGE AGREEMENT AND THAT NO

MODIFICATIONS HAVE BEEN MADE TO IT ON YOUR BEHALF. YOU WARRANT

THAT YOU ARE LEGALLY ABLE TO UNDERTAKE THE OBLIGATIONS SET

FORTH IN, AND THE SIGNATORY IS DULY AUTHORIZED TO BIND YOU TO,

THE EXCHANGE AGREEMENT.

THE NASDAQ STOCK MARKET, INC. IS A THIRD PARTY BENEFICIARY TO THE

TERMS AND CONDITIONS OF THIS AGREEMENT. TO THE EXTENT THAT YOU

HAVE ANY CLAIMS AGAINST NASDAQ ARISING OUT OF THIS AGREEMENT

OR THE NASDAQ SUBSCRIBER AGREEMENT, THOSE CLAIMS SHALL BE

GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH

THE STATE OF MARYLAND WITHOUT REFERENCE TO PRINCIPLES Of

CONFLICTS OF LAW, AND YOU CONSENT TO SUBMIT TO THE JURISDICTION

Of THE COURTS OF OR FOR THE STATE Of MARYLAND IN CONNECTION

WITH ANY SUCH CLAIM.

BY ACKNOWLEDGING THESE TERMS OF SERVICE, YOU CERTIFY TO THE

INFORMATION PROVIDERS, AND TO MERRILL, THAT YOU HAVE READ,

UNDERSTAND AND INTEND TO BE BOUND BY THESE TERMS OF SERVICE.

Note: The Funds Transfer Service and Bill Payment Services are governed

by separate enrollment terms and conditions, which are available in the

Documents & Forms Library, and are not governed by the above MerrillEdge

Self-Directed Investing Terms of Service.

17. Callable Securities/ Procedures for a partial redemption

If you hold securities with us that may be redeemed or called prior to maturity

and a partial call occurs, a fair and impartial approach will be used among

impacted clients to allocate the securities selected to be called.

For Merrill’s allocation procedures, please go to the following link or you may

request a hard copy by contacting the Investment Center at 1.877.653.4732.

https://www.ml.com/legal.html#CallableSecurities

18. Extended Hours Trading Agreement

IMPORTANT INFORMATION ABOUT EXTENDED HOURS TRADING

THROUGH ELECTRONIC COMMUNICATION NETWORKS.

Due to the nature of the extended hours trading market, trading in the

pre-market and after hours through an ECN may pose certain risks which

are greater than those present during normal market hours.

Risk of Lower Liquidity

Liquidity refers to the ability of market participants to buy and sell securities.

Generally, the more orders that are available in a market, the greater the

liquidity. Liquidity is important because with greater liquidity it is easier for

investors to buy or sell securities, and as a result, investors are more likely to

pay or receive a competitive price for securities purchased or sold. There may

be lower liquidity in extended hours trading as compared to regular trading

hours. As a result, your order may only be partially executed, or not at all.

Risk of Higher Volatility

Volatility refers to the changes in price that securities undergo when trading.

Generally, the higher the volatility of a security, the greater its price swings.

There may be greater volatility in extended hours trading than in regular

trading hours. As a result, your order may only be partially executed, or not

at all, or you may receive an inferior price when engaging in extended hours

trading than you would during regular trading hours.

Risk of Changing Prices

The prices of securities traded in extended hours trading may not reflect the

prices either at the end of regular trading hours, or upon the opening the next

morning. As a result, you may receive an inferior price when engaging in

extended hours trading than you would during regular trading hours.

Risk of Unlinked Markets

Depending on the extended hours trading system or the time of day, the prices

displayed on a particular extended hours trading system may not reflect the

prices in other concurrently operating extended hours trading systems dealing

in the same securities. Accordingly, you may receive an inferior price in one

extended hours trading system than you would in another extended hours

trading system.

Risk of News Announcements

Normally, issuers make news announcements that may affect the price of their

securities after regular trading hours. Similarly, important financial information

is frequently announced outside of regular trading hours. In extended hours

trading, these announcements may occur during trading, and if combined

with lower liquidity and higher volatility, may cause an exaggerated and

unsustainable effect on the price of a security.

Risk of Wider Spreads

The spread refers to the difference in price between what you can buy a

security for and what you can sell it for. Lower liquidity and higher volatility in

extended hours trading may result in wider than normal spreads for a particular

security.

Page 7 | MerrillEdge Self-Directed Investing Terms of Service Code 422001PM-0824

Time and Price Priority of Orders

Orders entered into the extended hours session are generally handled in

the order in which they were received at each price level. Therefore, orders

transmitted to the ECN by other investors before your order may match an

existing order that you were attempting to match, thereby removing that order

from the ECN order book. Similarly, your order may not be first in line to be

executed if a matching order comes into the ECN. This may prevent your order

from being executed, in whole or in part, or from receiving as favorable a price

as you might receive during normal market hours.

Communication Delays

Delays or failure in communications due to a high volume of orders or

communications, or other computer system problems, may cause delays

in, or prevent execution of your order.

Terms and Conditions

Trading through ECN Extended Hours session on the ECN is subject to the

terms and conditions (“Terms”) and policies set forth by Merrill and subject to

change without notice. Trading in the pre-market session may not be available

to all users. Users of the extended hours trading session should contact an

investment specialist to determine the availability of pre-market trading.

By using the ECN Extended Hours trading facility, you acknowledge your

understanding of the risks set forth above and your agreement to the Terms

set forth below.

We reserve the right not to accept an order for the ECN Extended Hours session

at their discretion and will attempt to notify you if your order is not accepted.

We will only accept limit orders for ECN Extended Hours trading. You must

indicate a specific price at which you are willing to buy or sell the security you

are interested in. You may not trade against an order entered by you. In other

words, you may not buy securities you offered for sale in the ECN, and vice versa.

The maximum order size is 100,000 shares.

Prices must be entered in decimals.

Only certain securities will be eligible for trading through the ECN Extended

Hours session, so all orders must be for securities traded on the ECN. If a stock

normally traded on the ECN closes on a trading halt in its primary market, or

trading is later halted by its primary exchange or a regulatory authority, trading

of that stock will be suspended on the ECN.

ECN pre-market orders can be placed from 7:00 to 9:30 a.m. Eastern. Pre-market

Orders we receive will be sent to the ECN for execution in the order in which they

are received. We will continue to send ECN pre-market orders as they are received

until 9:30 a.m. Eastern unless trading is halted prior to 9:30 a.m. Eastern.

ECN after-hours orders can be placed from 4:01 to 8:00 p.m. Eastern (After

Hours Orders). After Hours Orders we receive will be sent to the ECN for

execution in the order in which they are received. We will continue to send

After Hours Orders to the ECN until 8:00 p.m. Eastern unless trading is halted

prior to 8:00 p.m. Eastern.

If ECN pre-market trading is available, orders not filled during the ECN pre-

market session are automatically canceled if they are not filled by the end of

the session (i.e., 9:30 a.m. Eastern) during which they were placed. You must

re-enter these orders during normal market hours if you still wish to have the

trades executed.

Orders not filled during the ECN after hours session are automatically canceled

if they are not filled by the end of the session (i.e., 8:00 p.m. Eastern) during

which they were placed. You must re-enter these orders during normal market

hours if you still wish to have the trades executed.

Merrill is not liable for delays in the transmission of orders due to a breakdown

or failure of transmission, communication or data processing facilities, or for

any other cause beyond our reasonable control.

Transactions are subject to the applicable rules and regulations of the self-

regulatory organizations and governmental authorities.

Transactions are subject to all other agreements applicable to your account(s).

MerrillLynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or

provided by companies that are affiliates of BankofAmerica Corporation (BofACorp.). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a

whollyowned subsidiary of BofACorp.

MerrillEdge® Self-Directed is available through MLPF&S.

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