The information in this Internet site (the "Site") is restricted by password.

Intended Users:

The information provided on this Site is not directed at, or 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.U.S. investors are directed to our U.S. site at http://www.mlol.ml.com.

Not an Offer:

Neither the information nor any opinion expressed in the Site constitutes an offer by any of the Merrill Lynch group of companies to buy or sell any securities or financial instruments or provide any investment service.

one of the services, investments, securities or financial instruments referred to in the Site are available, and prospectuses in respect of them will not be distributed, to persons resident in any territory where such distribution would be contrary to local law or regulation. The investment services and products mentioned in the Site may not be available in every jurisdiction. The information does not amount to a representation that the investment services and products are available for your specific use or otherwise provided to you.

Deposits:

Deposits will only be taken by members of the Merrill Lynch group that are authorized to do so, and in countries where they are so authorized. Deposits will not be taken from investors where such might be deemed to infringe relevant local laws or regulations in that investor's jurisdiction. The information in the Site is descriptive of the operations of the Merrill Lynch group as a whole and the services, securities and financial instruments described may not be available to or suitable for you. Not all strategies are appropriate at all times. The opinions expressed in the Site do not constitute investment advice.

Risk Warnings:

The contents of this Site do not have regard to the specific investment objectives, financial situation or the particular needs of any specific person who may access this Site. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies referred to on this Site and should understand that statements regarding future prospects may not be realized. The value and income of any of the securities or financial instruments mentioned in the Site can fall as well as rise and an investor may get back less than he invested. Foreign-currency denominated securities and financial instruments are subject to fluctuations in exchange rates that could have a positive or adverse effect on the value, price or income of such securities and financial instruments. Past performance is not indicative of comparable future results and no projection, representation or warranty is made regarding future performance.  

One or more of the Merrill Lynch group of companies may at any time be long or short any securities or financial instruments mentioned in the Site or have a material interest in any such securities or related investment, or may be the only market maker in relation to such investments, or provide, or have provided advice, investment banking or other services, to issuers of such investments. The Site has been prepared by an entity which may have its own specific interest with respect to the issuer, the financial instruments and/or the transactions which are the subject matter of research featured on the Site.

Merrill Lynch and/or its affiliates may, to the extent permitted by applicable law and/or regulation, trade for their own accounts as odd-lot dealer, market maker, block positioner, specialist and/or arbitrageur in any securities of the issuer(s) of the securities referred to in this Site or in related investments, and may be on the opposite side of public orders, participate or invest in financing transactions with the issuer(s) of the securities referred to in this Site, perform services for, or solicit business from, such issuers, and/or have a position or holding, or other material interest or effect transactions in such securities or options thereon or investments related thereto. Merrill Lynch may, to the extent permitted by applicable law and/or regulation, act upon or use the information or opinions presented on this Site, or the research or analysis on which they are based, before the material is published. Merrill Lynch may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment. Additional information is, subject to duties of confidentiality, available on request. Some investments referred to on this Site will be offered solely by a single entity and, in the case of some investments, solely by Merrill Lynch, or an associate of Merrill Lynch, or Merrill Lynch may be the only market maker in such investment.

Tax Consequences:

Your receipt of the investment services and products mentioned in the Site may have tax consequences to you. Therefore, it is important to bear in mind that Merrill Lynch does not provide tax advice. Your tax affairs are your own responsibility and you should consult your own tax advisor to understand the tax consequences attributable to any products and services mentioned in the Site. As many of the products and services mentioned in the Site are offered by members of the Merrill Lynch group outside of your country of residence, the regulatory requirements applying to those products and services, including any compensation arrangements, may be different from those of your country of residence.

Information Reliability:

The information presented in the Site was obtained from various sources; it is believed to be reliable but is subject to change at any time without notice. Merrill Lynch does not guarantee its completeness or accuracy. Additional information is, subject to the duties of confidentiality, available.

Regulatory Information:

Approved for distribution in the United Kingdom (except where otherwise indicated) by Merrill Lynch International Bank Limited (London Branch) (Financial Conduct Authority Register Number 435887 and VAT Registration Number 245 1224 93) of Merrill Lynch Financial Centre, 2 King Edward Street, London EC1A 1HQ, which is authorized by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority ("FCA") and the Prudential Regulation Authority ("PRA"). Details about the extent of our regulation by the Financial Conduct Authority and the Prudential Regulation Authority are available from us on request. The FCA's website http://www.fca.org.uk and PRA website http://www.bankofengland.co.uk/pra/Pages/default.aspx contain a wide range of information of specific relevance to UK customers and provides access to the FCA register.

In respect of UK investors, certain Merrill Lynch entities referred to on this Site have no place of business in the United Kingdom and are not regulated by the FCA or the PRA nor subject to UK regulations. Unless otherwise stated, the regulatory regime governing Merrill Lynch entities, including Merrill Lynch, Pierce, Fenner & Smith, Inc., and an investor's rights, will be different to that of the UK. Investors may, however, be entitled to similar protection in the jurisdiction in which the relevant entity is organized or resident.

The UK compensation scheme and rules for the protection of private customers do not apply to the services provided or products sold by non-UK regulated affiliates. Some products and services may not be available in all jurisdictions or to all investors.

Mutual Fund Information:

None of the mutual funds referred to in this Site are available, and no prospectuses in respect of them will be distributed, to persons resident in any territory where such distribution would be contrary to local law or regulation. Please note that these funds are available only to limited types of investors. Prospectuses for all available funds can be obtained by qualifying persons from a Merrill Lynch Financial Advisor.

In respect of the United Kingdom, 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 FCA regarding "relevant persons." 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.

Terms and Conditions:

Vendor Licenses and Internet Access Services:

Merrill Lynch Online is delivered by means of software made available to you by Merrill Lynch from unaffiliated vendors, including Netscape Communications Corporation, Microsoft Corporation, Adobe Systems Incorporated, and other vendor companies that may be added to Merrill Lynch Online in the future. By accepting and using such software and Internet access services, you accept and agree to comply with the Terms and Conditions of all such software licenses and service agreements which will appear on screen when you install or sign on to Merrill Lynch Online and/or are included with CD ROMs you receive.

No amendment, change or waiver of any such licenses and agreements, or of these Merrill Lynch Online Terms and Conditions, by any Merrill Lynch employee or representative is either authorized or permitted. Merrill Lynch bears no responsibility for your use of any third party vendor's software or services.

Copyright and Trademark:

All material presented on this Site, unless specifically indicated otherwise, is owned and copyrighted by Merrill Lynch or one of its affiliates. The material is freely accessible for browsing purposes only. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted, copied or distributed to any other party, without the prior express written permission of Merrill Lynch. All trademarks, service marks and logos used on this Site are trademarks or service marks or registered trademarks or service marks of Merrill Lynch or one of its affiliates or other entities.

Use of Links:

Should the viewer leave this Site via a link contained herein, and view content that is not provided by Merrill Lynch, the viewer does so at their own risk. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by Merrill Lynch. Merrill Lynch is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in such Site, whether actual, alleged, consequential or punitive. Merrill Lynch makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.

Account Data Access:

Merrill Lynch Online permits you to view account data for your primary Merrill Lynch account and any other accounts that are linked to such primary account for account statement mailing purposes. By accepting and using Merrill Lynch Online, 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 account statements. Merrill Lynch will provide you with a User ID and password when you enroll to ensure the security of your account data and that of any other linked account parties, which you agree to safeguard. Merrill Lynch shall not be responsible for any breach of security caused by your failure to maintain the confidentiality of your User ID and password. Merrill Lynch reserves the right to change the User ID and password at any time on giving notice to you, and you agree to notify Merrill Lynch immediately if your password becomes known to an unauthorized person. All account data is provided as a convenience and for your information, but it is not the official record of your account activity with Merrill Lynch; your Merrill Lynch account statement remains such official record. Account data provided through Merrill Lynch Online is generally updated as of the prior business day's close of business. However, equity prices and certain account activity information, including executed trades, dividends and interest received, completed transfers and deposits of securities or money, may be viewed as updated on an intra-day basis. All account data provided through Merrill Lynch Online is subject to adjustment and correction; therefore, it should not be relied upon for taking any action without first confirming its accuracy and completeness with your Financial Advisor. Merrill Lynch will not be responsible for any loss or damage that could result from your taking any such action if you do not first contact your Financial Advisor to confirm the accuracy and completeness of your account data.

Quotes, News, and Research:

Quotes, news and research data provided on Merrill Lynch Online are obtained from sources which we believe to be reliable, but we cannot guarantee the accuracy, timeliness or completeness of such information for any particular purpose. Such information and any Merrill Lynch research opinions provided do not constitute investment advice, or a solicitation by Merrill Lynch for the purchase or sale of any securities or commodities, or a representation that any securities or commodities are suitable for you. You should always contact your Financial Advisor before deciding to act upon any information you obtain through Merrill Lynch Online or to determine whether any securities referenced in this Site are suitable for you. Your attention is drawn to the restrictions set out in paragraph two of the Regulatory Information section above.

Merrill Lynch is not agreeing to nor is required to update research commentary and news stories; therefore that information may not reflect events occurring after the date of publication. Merrill Lynch is not responsible for any delays or errors in any information you obtain from the Site. If you download any information from Merrill Lynch Online 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 reproduce, modify, sell, distribute, broadcast, publish, or use for any commercial or unlawful purpose any quotes, news, research or other information you receive through Merrill Lynch Online.

Credit Ratings:

Display of and use of all credit ratings provided by various third party sources (collectively, "Credit Ratings") on Merrill Lynch Online are proprietary to the owners thereof and are provided for your use in accordance with these Terms and Conditions. No proprietary rights are being transferred to you in such materials or in any of the information contained therein. In the event of any misappropriation or misuse, Merrill Lynch and/or the respective Credit Ratings licensors, as applicable, shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which they may be entitled.

Credit Ratings are also 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 Lynch Online 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 credit ratings you receive through Merrill Lynch Online.

Furthermore, Credit Ratings displayed on Merrill Lynch Online are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell, or hold any securities. Each Credit Rating or other opinion must be weighted solely as one factor in any investment decision made by or on behalf of you, and you must accordingly make your own study and evaluation of each security and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding, or selling. Credit Ratings are obtained from sources believed by Merrill Lynch to be accurate and reliable. Because of the possibility of human and mechanical error as well as other factors, however, Credit Ratings are provided "AS IS" without warranty of any kind, and Merrill Lynch and the Credit Rating licensors make no representation or warranty, express or implied, to you or any other person or entity as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Credit Ratings.

Under no circumstance shall Merrill Lynch or the Credit Rating licensors have any liability to you or any other person or entity for: (a) any loss, damage or other injury in whole or in part caused by, resulting from or relating to, any error (negligent or otherwise), or any other circumstance or contingency within or outside the control of Merrill Lynch or any of its directors, officers, employees or agents, or licensors, in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any Credit Ratings; or (b) any indirect, special, consequential, incidental or compensatory damages whatsoever (including, without limitation, lost profits), even if Merrill Lynch or the licensors shall have been advised in advance of the possibility of such damages, in either case caused by, resulting from or relating to the use of, or inability to use, any credit rating.

If any provision of this Section of these Terms and Conditions is inconsistent with any other provision of these Terms and Conditions, then the provision contained within this Section shall control.

The status of any Credit Rating provided within Merrill Lynch Online may be changed at any time. Credit Ratings are not updated on a real-time basis and you should verify the current status of any Credit Rating before relying on it to make an investment decision. The Credit Rating information shown within Merrill Lynch Online does not reflect any "watch" status that may be associated with the Credit Ratings.

E-Mail:

E-mail is provided to you through Merrill Lynch Online only as a convenience and to enhance communications between you and Merrill Lynch. To contact us about technical support questions, see the Customer Service section of the Site. Because of the current limitations on Internet e-mail (such as reliability of delivery, timeliness, security, etc.), you agree that you will not use e-mail to request, authorize or effect the purchase or sale of any securities or commodities, to send fund 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 Lynch policies. Any such requests, orders, or instructions that you send in contravention of the foregoing agreement will not be accepted and will not be processed by Merrill Lynch. Merrill Lynch will not be responsible for any loss or damage that could result from your requests, orders or instructions not being accepted or processed in accordance with the preceding sentence.

Due to security concerns, you should not send any personal or identifying information, such as account numbers, Visa® numbers, Social Security numbers, passwords, etc. via e-mail. Merrill Lynch will not be responsible for any loss or damage that could result from interception by third parties of any information you send via e-mail. All e-mail messages sent by you to your Financial Advisor or to you from your Financial Advisor will be recorded and archived and are available for review by Merrill Lynch's managers and compliance personnel as well as by Merrill Lynch's regulatory examiners. Account information available on the Internet via Merrill Lynch Online is highly encrypted for confidentiality. You acknowledge that this account information is available to authorized Merrill Lynch employees via proprietary or encrypted Internet transmissions.

General Terms

Deliberate misuse of any element of Merrill Lynch Online including, without limitation, hacking, introduction of viruses or similar code, disruption or excessive use or any use in contravention of applicable law, is expressly prohibited and Merrill Lynch reserves the right to withdraw your User ID and password, terminate your access to Merrill Lynch Online, and at Merrill Lynch's discretion, pass information to the legal authorities.

Merrill Lynch reserves the right at any time, on giving notice, to change or modify these Terms and Conditions or to impose new conditions in respect of Merrill Lynch Online, or to change or discontinue any aspect or feature of Merrill Lynch Online. Merrill Lynch shall be entitled to terminate your access to Merrill Lynch Online at any time on giving notice to you and, in any event, if you commit any breach of these Terms and Conditions. Merrill Lynch shall have no liability to you for such termination. Notices may be served by any reasonable method including posting on the Merrill Lynch web site.

You shall indemnify Merrill Lynch from and against all actions, claims, proceedings, costs and damages (including any damages or compensation paid by Merrill Lynch on the advice of its legal advisors to compromise or settle any claim) and all legal costs or expenses arising out of your use of Merrill Lynch Online, and any breach by you of the software licenses and service agreements governing the software made available to you in connection with Merrill Lynch Online. By accepting these Terms and Conditions, you expressly invite Merrill Lynch to call you about investments.

Disclaimer of Warranty and Limitation of Liability

NOTHING IN THIS AGREEMENT SHALL LIMIT THE LIABILITY OF MERRILL LYNCH FOR DEATH OR PERSONAL INJURY ARISING OUT OF THIS AGREEMENT CAUSED BY ITS NEGLIGENCE OR THAT OF ITS EMPLOYEES. NO COMPANY IN THE MERRILL LYNCH GROUP OF COMPANIES WARRANTS THAT Merrill Lynch Online IS FIT FOR ANY PARTICULAR PURPOSE. ALL WARRANTIES REPRESENTATIONS AND CONDITIONS OTHER THAN THOSE SET OUT EXPRESSLY IN THIS AGREEMENT, WHETHER IMPLIED OR EXPRESS, STATUTORY OR OTHERWISE, ARE FULLY EXCLUDED TO THE FULLEST EXTENT PERMITTED BY LAW. YOUR USE OF Merrill Lynch Online IS ENTIRELY AT YOUR OWN RISK AND NEITHER MERRILL LYNCH, NOR ANY OF ITS AFFILIATES, DIRECTORS, OFFICERS OR EMPLOYEES, NOR ANY THIRD PARTY VENDOR WILL BE LIABLE OR HAVE ANY RESPONSIBILITY OF ANY KIND, WHETHER IN CONTRACT, TORT OR OTHERWISE, FOR ANY LOSS OR DAMAGE THAT YOU OR ANY OF YOUR LINKED ACCOUNT PARTIES INCUR IN THE EVENT OF ANY FAILURE OR INTERRUPTION OF Merrill Lynch Online, OR INTERCEPTION BY THIRD PARTIES, OR RESULTING FROM THE ACT OR OMISSION OF ANY OTHER PARTY INVOLVED IN MAKING Merrill Lynch Online AVAILABLE TO YOU, OR FROM ANY OTHER CAUSE RELATING TO YOUR ACCESS TO OR USE OF Merrill Lynch Online, WHETHER OR NOT THE CIRCUMSTANCES GIVING RISE TO SUCH CAUSE MAY HAVE BEEN WITHIN THE CONTROL OF MERRILL LYNCH OR OF ANY VENDOR PROVIDING SOFTWARE OR SERVICES SUPPORT FOR Merrill Lynch Online. IN NO EVENT WILL MERRILL LYNCH OR ANY SUCH PARTIES BE LIABLE TO YOU IN CONTRACT, TORT OR OTHERWISE FOR ANY LOSS OF REVENUE, GOODWILL, BUSINESS, CONTRACTS, PROFITS, DATA OR FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR INCIDENTAL DAMAGES WHATSOEVER, EVEN IF MERRILL LYNCH OR ANY OTHER PARTY HAVE BEEN ADVISED OF THE POSSIBILITY THEREOF. MERRILL LYNCH, OR ANY SUCH PARTIES, SHALL HAVE NO LIABILITY WHATSOEVER FOR YOUR USE OF ANY THIRD PARTY VENDOR'S PRODUCTS OR SERVICES.

Nothing in these Terms and Conditions shall limit the duty or liability of Merrill Lynch which is owed to its customers, which arises under a specific regulatory system applicable to Merrill Lynch, to the extent that it is not reasonable for Merrill Lynch to rely or seek to rely on such an exclusion.

You agree that authorized Merrill Lynch employees may access data relating to your account via the Merrill Lynch Online Internet service, to the same extent that they may access such data by other means of communications.

These Terms and Conditions shall be governed by and interpreted under the laws of the state of New York.

Whether or not you actually read these Terms and Conditions, your use of the Site will be deemed as acceptance of them. The contract entered into, upon receipt by Merrill Lynch, Pierce, Fenner & Smith Incorporated of your acceptance, shall be deemed concluded in the State of New York. If you are a resident of Spain, you hereby confirm that you have printed out a copy of these Terms and Conditions and the Regulatory Information section. The contractual rights which residents of Ireland enjoy by virtue of S39 of the Sale of Goods and Supply of Services Act of 1980, are in no way prejudiced by anything contained in these Terms and Conditions.

Merrill Lynch does not operate as a banking entity in all jurisdictions. Some services and products may not be available in all jurisdictions or to all clients.