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Source: This material updated in 2017, is based on information obtained from the CIA World Factbook and reports of the U.S. State Department in addition to news reports and other sources

Country Spotlight

  • Brazil

    Despite a troubled political system, 2017 projections see Brazil emerging from its downturn

    Despite a troubled political system, 2017 projections see Brazil emerging from its downturn

    Brazil has been marred by corruption involving top political leaders and a recession that has led to a diminishing middle class. In two years, the country’s unemployed have increased from 7 million to 11 million people. As unemployment rises, inflation soars, wages diminish, the middle class continues to shrink, and the wealthy are fleeing the country. The recession is related to a massive scandal involving a state-controlled oil company, Petrobras, which put Brazil’s political system, including the presidency, in turmoil.

     

    Even though Brazil’s economy is experiencing a deep recession, GDP projections see the country emerging from the downturn in 2017. Economists predict fewer interest rate reductions, while acknowledging that it is harder to project when the economic and political situation will stabilize.

    How to complete a foreign exchange transaction

    Companies do not need prior authorization for foreign exchange transactions, although a record of the transaction must be filed online with the central bank. Legal transactions supported by the required documents fulfill regulatory requirements. Foreign investments regarding specific sectors of the economy, such as communications, financial institutions, and nuclear energy, are subject to disposition.

    Leading Industry: Agriculture

    Brazil's consistently high interest rates create an appealing environment for foreign investors. Even though unemployment has risen in Brazil’s other industries, the country’s agricultural industry is still thriving. With a shrinking GDP, agriculture was the only industry to report positive results in 2015. A booming outlook led to public policies for exchange and reduced trade barriers. Some of the main exports include sugarcane, coffee, and ethanol.

    Currency

    Brazilian Real (BRL)

    Taxes

    • Foreign companies are subject to corporate tax in Brazil on income acquired locally and if they perform certain sales activities in country.
    • Brazil levies corporate income tax on taxable profits at a rate of 15 percent. In addition, income exceeding BRL 240,000 annually requires a 10 percent surtax.
    • Brazil has tax treaties for double taxation in force with Argentina, Austria, Belgium, Canada, Chile, China, Czech Republic, Denmark, Ecuador, Philippines, Finland, France, Hungary, India, Israel, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, Norway, Portugal, Slovakia, Spain, Sweden, South Africa, and Ukraine, among others.
    Sources: U.S. State Department 2014 Investment Climate - Brazil; Bank of America Merrill Lynch Global Transaction Services - Latin America; CIA World Factbook; The New York Times

    “Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. © 2015 Bank of America Corporation.

    Bank of America Corporation and its affiliates do not perform in any jurisdiction banking activities that are reserved by local law to licensed banks, except in those jurisdictions where its banking affiliates have procured the necessary licenses. Some or all of the products and/or services may not be available in certain jurisdictions and are subject to change without notice. This document and its content are for information purposes and shall not be interpreted as banking or financial intermediation, business solicitation and/or public offering of any kind.

    Ouvidoria Bank of America Merrill Lynch1 | DDG: 0800 886 2000 | e-mail: ouvidoria_bamlbrasil@baml.com 1 Bank of America Merrill Lynch Banco Múltiplo S.A. e Merrill Lynch S.A. Corretora de Títulos e Valores Mobiliário

  • China

    A shrinking workforce results in an economic shift for Asia’s powerhouse

    A shrinking workforce results in an economic shift for Asia’s powerhouse

    After an economic slowdown, analysts expect China to rebalance its economy by shifting its attention from manufacturing to the services industry. Education, financial services, health care, and entertainment have been driving growth while the manufacturing and construction industries have been distressed. Services can generate more jobs per yuan of output, which is China’s labor requirement. This is essential for a country that’s experiencing a shrinking workforce—a consequence of the country’s one-child policy.

     

    Countries that are dependent on Chinese materials for their own industries have felt the ripple effects of the country’s economic slowdown, which some economists say was inevitable for a country that has grown so quickly and to such a magnitude. According to the Organisation for Economic Co-operation and Development, China’s growth forecast is discouraging and won’t be improving in the next two years.

    The regulatory environment in China is dynamic

    The home currency is convertible for trade items. Cross-border funding movement is regulated by the State Administration of Foreign Exchange (SAFE) of the People's Bank of China (PBOC), while the PBOC regulates Yuan Renminbi, China’s currency.

    Leading Industry: Manufacturing

    China’s economy is the second largest in the world, according to government estimates. While its manufacturing industry has slowed in recent years, it is still the biggest, surpassing the U.S. for the past six years. Metallurgy and machine building make up approximately 40 percent of the gross value of industrial output. Even though China is one of the world's leading exporters, Chinese exports decreased by 7 percent to $2.15 trillion in 2015.

    Currency

    Yuan Renminbi (RMB)

    Taxes

    • The standard company income tax rate is 25 percent.
    • Special rates apply to qualified small-scale companies and thin-profit (20 percent) and new/high-technology companies that are specifically supported by the state (15 percent).
    Sources: U.S. State Department 2014 Investment Climate - China; Bank of America Merrill Lynch Global Transaction Services - APAC; CIA World Factbook; U.N. Data Country Profile - China; UN Comtrade and UN ServiceTrade; U.S.-China Strategic and Economic Dialogue Media Note, July 2014; Encyclopedia Britannica; The Fiscal Times
  • Germany

    For the financial stronghold of the European Union, exports slow down as imports rise

    For the financial stronghold of the European Union, exports slow down as imports rise

    Germany has the largest national economy in the European Union and the fifth largest economy by GDP. Chancellor Angela Merkel was first elected in 2005 and is serving her third term in office. With 96 members in the European Union Parliament, Germany is one of the most influential members of the EU.

     

    Recognized for its auto industry, engineering, and innovative technologies, Germany’s economy is export-driven. Some of its main exports include cars, electronic equipment, pharmaceuticals, and medical equipment. While public and private sector growth has been steady over the past five years, it has been slowing.

     

    Germany’s economy relies on exports, making it particularly vulnerable to market changes and volatility, such as the devaluation of the Chinese currency, the Yuan Remnibi. Germany is Europe’s biggest exporter and sends 6.5 percent of its exports to China. It is expected that imports will soon rise at a faster rate than exports, partly due to the slowing growth in China and other emerging economies.

    Leading Industries: Automotive and Medical Technology

    Germany leads the world in the automotive industry. German cars are recognized for their safety, luxury, reliability, and engineering. In 2015, the automotive industry produced about 20 percent of Germany’s total industry revenue. One out of six jobs in Germany depend in some way on the car industry.
    However, the industry suffered a major setback when Volkswagen, the biggest German automotive manufacturer, was fined $18.2 billion after its emissions scandal in 2015. Volkswagen employs more than 250,000 people in Germany, about a third of the 775,000 people who work in the auto industry in Germany and 600,000 people worldwide.
    Even though vehicles are the country’s top export, Germany is also the European leader in medical technology, exporting more than $60 billion in medical and technical equipment.

    Currency

    Euro

    Taxes

    • The standard company income tax rate is 25 percent plus a 5.5 percent solidarity surcharge, levied at corporate income tax.
    • The tax rates for an individual are 14 to 45 percent.
  • India

    How decades of political reform contributed to economic breakout

    How decades of political reform contributed to economic breakout

    Although India still faces problems such as widespread poverty, outdated labor laws, corruption, and caps on foreign direct investment, reforms have spurred economic growth and contributed to the country’s emergence as a global power. India has become the world’s fastest-growing large economy. Economists partially attribute this growth to Prime Minister Narendra Modi’s administration policy changes and reforms in goods and sales taxes, which enhanced India’s foreign trade and investment. The United Nations projects the GDP will stand at 7.9 percent.

    Foreign direct investment welcome in most cases, but not all

    The central bank monitors capital account transactions. Full foreign investment is permitted in most industries, while sector-specific caps have been set for foreign investment in other industries, including basic and cellular telecommunications services, banking, insurance, and retail trade. Foreign direct investment (FDI) in limited liability partnerships is allowed with specific approval of the government. This applies only to LLPs operating in sectors or activities where 100 percent FDI is otherwise allowed under the automatic route and subject to other specified conditions.

    Leading Industry: Agriculture and Natural Resources

    Even though the Indian economy has diversified, the agriculture industry remains India’s largest employer and socio-economic development area, with more than half of its population employed by the industry. India is also ranked second in farm output in the world, including crops, milk, and horticulture. Although rich in natural resources, India was not taking advantage of their large monetary deposits due to flawed governmental processes and corruption scandals. To draw in investors, the government allows 100 percent foreign direct investment in the petroleum and natural gas sectors, according to the government publication Invest India.

    Currency

    Indian Rupee (INR)

    Taxes

    • Resident companies are taxed on their worldwide income unless exempt by treaty. Nonresident companies are taxed on Indian-sourced income only.
    • The rate is 30 percent for domestic companies and 40 percent for foreign companies and branches of foreign companies.
    • Taking into account the surcharge and tax, the effective tax rate is about 32 percent for domestic companies and about 42 percent for foreign companies.
    Sources: U.S. State Department 2014 Investment Climate - India; Bank of America Merrill Lynch Global Transaction Services - APAC; CIA World Factbook; InvestIndia.gov; India Brand Equity Foundation; Overseas Security Advisory Council; Business Today
  • Mexico

    A growth slowdown and continued corruption lead to significant financial reform

    A growth slowdown and continued corruption lead to significant financial reform

    President Enrique Peña Nieto's administration has enacted significant reforms within the country’s finance, energy, and telecommunication sectors. In the energy sector, these reforms have liberalized the electricity industry and opened the country’s deepwater and shale fields for foreign investment. However, economic growth is slowing down—a result of external shocks, such as the economic slowdown in China and a dip in oil prices.

     

    However, Peña Nieto, a member of the Institutional Revolutionary Party (PRI), has been part of several corruption scandals since entering office in 2012. And like his predecessors, he has struggled to contain the powerful drug-trafficking organizations.

    In Mexico, there are no guarantees against inconvertibility

    There are no restrictions on domestic or foreign currency held locally by nonresidents, and no official guarantees against inconvertibility. Bank accounts in dollars are permitted for companies and for U.S. or Canadian citizens.

    Leading Industry: Manufacturing

    Mexico's proximity to the U.S. economy and its overall macroeconomic stability make it an appealing choice for investors. While energy and telecommunication sectors have drawn focus in recent years, the manufacturing sector remains vibrant. Mexico is becoming a manufacturing mecca, rivaling China with its lower wages and energy costs, higher productivity, and wealth of free-trade agreements, according to Boston Consulting Group. As a major auto manufacturer, Mexico houses 89 of the world’s top 100 auto part makers. Textile and garment manufacturing has experienced wage competition from Central America and India in recent years, but the country has made gains with China in other sectors such as technology.

    Currency

    Mexican Peso (MXN)

    Taxes

    • Mexico has free trade agreements with NAFTA members and with Bolivia, Chile, Colombia, Costa Rica, El Salvador, the European Free Trade Association (EFTA), the European Union, Guatemala, Honduras, Nicaragua, Israel, Uruguay, and Japan, among others.
    • Mexico has double tax treaties with Brazil, Chile, Ecuador, Panama, Uruguay, and has signed treaties (not yet enforceable) with Colombia, Peru, and Venezuela. Mexico also has treaties with countries in Europe and Asia.
    Sources: U.S. State Department 2014 Investment Climate - Mexico; Bank of America Merrill Lynch Global Transaction Services - Latin America
  • United Kingdom

    Britons' appetite for risk is up despite uncertain politics at home

    Britons' appetite for risk is up despite uncertain politics at home

    The U.K. is expecting to face events that could greatly alter its political landscape. Corporate appetite for risk has risen greatly in recent years due to a fall in financial and economic uncertainties. Instead, finance chiefs of the U.K.'s largest companies cite political risk as more worrisome than economic concerns such as weak emerging markets, according to a 2014 Deloitte report.

    The U.K. makes it easy on foreigners with no hassle of barriers

    There are no foreign exchange controls in United Kingdom.

    Leading industry: Aerospace

    The UK has a 17 percent global market share in aerospace industry revenues, the largest in Europe and second only to the U.S., according to the government's most recent figures. As of 2014, 3,000 companies and 230,000 people participate in the space trade, helping account for 0.7 percent of the economy, about £7.1 billion, or roughly U.S. $11 billion. The House of Commons also anticipates high growth at a rate of 6.8 percent, doubling air traffic in 15 years.

    Currency

    Great British Pound (GBP)

    Taxes

    • So-called resident companies in the UK are subject to corporate tax on their worldwide profits. A company is considered resident if it is incorporated in UK or its central management and control is exercised there.
    • The government imposes tax on the total amount of income earned from all sources in the company's accounting period, including any chargeable capital gains.
    • Nonresident companies are subject to UK corporation tax only if they carry on a trade in the UK through a permanent establishment. The standard rate of a corporation income tax is 22 percent.
    Sources: U.S. State Department 2014 Investment Climate - United Kingdom; Bank of America Merrill Lynch Global Transaction Services - EMEA; CIA World Factbook; Deloitte Global CFO Signals; House of Commons: The Aerospace Industry; The Guardian; U.K. Aerospace Industry Survey 2011; Reuters

Key Highlights

  • Foreign exchange policies and political realities impact risk
  • Fiscal regulations are constantly changing
  • Business opportunities follow political, economic stability

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"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered as broker-dealers and members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Investment products offered by Investment Banking Affiliates:
Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
© 2016 Bank of America Corporation.

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"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Capital markets and corporate advisory services are provided in Australia by Merrill Lynch International (Australia) Limited ("MLIA") which holds an Australian Financial Services License but is not an ADI in Australia nor regulated by APRA. The obligations of MLIA do not represent deposits or other liabilities of Bank of America NA, Australian Branch. Published in Australia by Bank of America N.A. Australian branch.

© 2016 Bank of America Corporation. Bank of America Corporation is not an ADI in Australia nor is it regulated by APRA.

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Bank of America N.A. and DSP Merrill Lynch Limited are subsidiaries of Bank of America Corporation operating in India.

Bank of America N.A.: Bank of America provides the following banking products in India: working capital and term loans, structured finance, export finance, global cash management, trade products, foreign exchange services and currency solutions.

DSP Merrill Lynch Limited: DSP Merrill Lynch provides the following services in India: equity sales & trading, futures & options, and electronic trading: equity capital markets, M&A and global wealth management. SEBI Regn Nos. Stock Broking: INB/INF 011348134, INB/INF 231348138, Merchant Banker: INM000011625, Depository Participant: IN-DP-NSDL-223-2001. Registered Office: DSP Merrill Lynch Limited, Mafatlal Centre, 8th Floor, Nariman Point, Mumbai 400 021. Tel.: (91-22) 6632 8000. For specific investor grievances, if any, email IDs are brokingindia@ml.com, dpindia@ml.com, dg.india_merchantbanking@baml.com.

Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and member of SIPC, and in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured. May Lose Value. Are Not Bank Guaranteed. © 2016 Bank of America Corporation.

Disclaimer for Brazil:

"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered as broker-dealers and members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Ouvidoria Bank of America Merrill Lynch1 | DDG: 0800 886 2000 | email: ouvidoria_bamlbrasil@baml.com
Bank of America Merrill Lynch Banco Múltiplo S.A. e Merrill Lynch S.A. Corretora de Títulos e Valores Mobiliários

Investment products offered by Investment Banking Affiliates:
Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

© 2016 Bank of America Corporation.

Disclaimer for Latin America:

"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered as broker-dealers and members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Bank of America Corporation and its affiliates do not perform in any jurisdiction banking activities that are reserved by local law to licensed banks, except in those jurisdictions where its banking affiliates have procured the necessary licenses.

Some or all of the products may not be available in certain jurisdictions and are subject to change without notice.

This document and its content are for information purposes and shall not be interpreted as banking or financial intermediation, business solicitation and/or public offering of any kind.

Bank of America México, S.A., Institución de Banca Múltiple is a banking affiliate in Mexico of Bank of America Corporation.

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Bank of America Corporation does not have banking affiliates, branches or bank representative offices in any other jurisdiction in Latin America.

Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation, including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., which are registered as broker-dealers and members of FINRA and SIPC, and in other jurisdictions, by locally registered entities.

Investment products offered by Investment Banking Affiliates:
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© 2016 Bank of America Corporation.

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Certain information from Client's account(s) at Bank of America or its Affiliates is accessible on the Sites and can be downloaded by Client ("Account Information"). While Bank of America and its Affiliates believe that this Account Information will be accurate at the time of access and/or downloading by Client, this information may have certain technical flaws, typographical errors or other inaccuracies. Additionally, the Account Information is subject to immediate change resulting from market conditions, price fluctuations and other related factors. Bank of America and its Affiliates expressly disclaim any responsibility or liability for the accuracy or use of such Account Information upon its being downloaded by Client and will not be liable for any difficulty, damage or inaccessibility of such information due to hardware or software incompatibility.

PRICING AND MARKET INFORMATION

Actual prices can be obtained only on a real-time, expressly agreed-upon basis. Any indicative valuations on the Sites are provided for information only. They are not an offer to enter into, transfer and assign or terminate any transaction, or a commitment by Bank of America or its Affiliates to make such an offer. An indicative valuation may differ substantially from an actual value. Such estimates do not necessarily reflect Bank of America's or its Affiliates' internal bookkeeping or theoretical model-based valuations. Certain factors, which may not have been assessed for purposes of these valuations, including, for example, notional amounts, credit spreads, underlying volatility, costs of carry or use of capital and profit, may substantially affect a stated valuation. Indicative valuations may vary significantly from indicative valuations available from other sources. While Bank of America and its Affiliates have obtained the information on which these evaluations are based from sources they believe are reliable, Bank of America and its Affiliates make no representations or warranties with respect to any indicative valuations. Prior to the execution of a Transaction based upon the Content of these Sites, Client is advised to consult with its broker or other financial representative to verify pricing information.

HYPOTHETICAL OR PAST PERFORMANCE

Hypothetical or simulated performance results have inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are designed with the benefit of hindsight. Past performance is not indicative of future results; no representation is being made that any account will or is likely to achieve profits or losses similar to those shown.

MATERIAL IN ITS ENTIRETY

All materials at these Sites are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, or any copyright or proprietary notices. Any disclaimers, restrictions, disclosure or hedge clauses apply to any partial document or material in the same manner as they do to the whole, and will be deemed incorporated in the portion of any material or document that you consult or download.

LINKED SITES

Certain hyperlinks on the Sites may link websites maintained by the Affiliates, which are not to be considered a part of the Sites. Certain other links on the Sites to non-affiliated third-party sites may contain information over which we have no control. We take no responsibility for the content, accuracy, content, completeness, timeliness, current value or any aspect of the information on these sites and disclaim any liability to Client for it or for any consequence of your decision to use the links provided or your use of such information. Links to non–Bank of America sites do not imply any endorsement of or responsibility for the opinions, ideas, products, information or services offered at such sites, or any representation regarding the content at such sites. We also disclaim all liability and make no representations or warranties for any products or services sold or provided to Bank of America or its Affiliates by any third party. Your purchase of products or services through one of those other sites is subject to agreements and/or the terms and conditions in effect between Client and the providers of products and services at those other sites. Client agrees that it shall not bring a suit or claim against Bank of America or its Affiliates arising from or based on your purchase or use of products or services through those other sites. Links do not imply that Bank of America, its Affiliates or the Sites sponsors, endorses, is affiliated or associated with, or is legally authorized to use any trademark, trade name, logo or copyright symbol displayed in or accessible through the links, or that any linked sites is authorized to use any trademark, trade name, logo or copyright symbol of Bank of America or its Affiliates.

CONTENT AND SERVICE AVAILABILITY

Bank of America or its Affiliates may make changes to the Sites and reserves the right to do so without prior notice to you. Client acknowledges that not all products and services listed or discussed in the Sites are available in all geographic areas. Your eligibility for particular products and services is subject to final determination and acceptance by Bank of America or its Affiliates.

CONSENT TO ELECTRONIC DELIVERY

You agree to receive certain documents and information provided by Bank of America and its Affiliates through the Sites and/or through email provided to you via the Sites. This delivery will generally consist of certain Content on the Sites, and certain other documents relating to Bank of America and its Affiliate's business. This electronic provision and delivery will be regarded by you as appropriate delivery pursuant to any delivery requirements under the various statutes and rules, where applicable, of the Securities and Exchange Commission, the National Association of Securities Dealers and any state or other jurisdiction. You acknowledge that you have the appropriate technological equipment to use the Sites and to receive email via the Internet and understand that your use of the Internet may incur certain operational costs such as monthly fees for a service provider. You agree to notify Bank of America or the applicable Affiliate in the event that you no longer desire to receive content through this delivery procedure and will allow a reasonable amount of time to permit proper delivery to you through other means.

NO WARRANTY

Client acknowledges that any information provided through the Sites is not intended to be a recommendation, offer or solicitation of any particular products or services. In addition, all research, analysis and similar market information from non-affiliated third parties provided represent the views and opinions solely of the author or the indicated source. Bank of America and its Affiliates do not independently verify the accuracy or completeness of such information, nor does Bank of America and its Affiliates endorse any particular views expressed therein. Except for offering memoranda, Bank of America and its Affiliates disclaim any liability to Client for this information or for any consequence of your decision to use it. Client agrees that it shall independently confirm any such information presented through the Sites before relying on such information. Bank of America, its Affiliates and their respective employees, contractors, agents and various contributors to the Sites have no duty to correct or update any inaccurate or out-of-date information on the Sites.

Client acknowledges that it is acting for its own account, and it has made its own independent decisions to enter into a Transaction and as to whether a Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary. Client is not relying on any communication (written or oral) of Bank of America or its Affiliates as investment advice or as a recommendation to enter into a Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction. Further, Client has not received from Bank of America or its Affiliates any assurance or guarantee as to the expected results of a Transaction.

COMPLIANCE WITH LAWS AND INDEMNITY

The Sites may be used only for lawful purposes. Client's conduct may be subject to local, state, national and international laws. Client agrees that it and any of its Authorized Persons shall comply with this Agreement, applicable laws, rules, regulations, ordinances and other similar national and international requirements of the country, state and province in which you are accessing and using the Sites.

Client agrees to abide by applicable export control laws and not to transfer, by electronic transmission or otherwise, any content on the Sites subject to restrictions under such laws to a national destination prohibited under such laws, without first obtaining, and then complying with, any requisites government authorization. Client further agrees not to upload to the Sites any data or software that cannot be exported without prior written government authorization, including, but not limited to, certain encryption software. This assurance and commitment shall survive termination of these Terms and Conditions. Offices, residents and operations of your organization in Cuba, Iran, Iraq, Libya, North Korea, Sudan, Syria and any other countries that are the subject of sanctions by the United States Office of Foreign Asset Control or other general U.S. embargo restrictions are not permitted to access and use the Sites, and any such access and use is a violation of these Terms and Conditions.

Upon request by Bank of America or its Affiliates, you agree to defend, indemnify and hold harmless Bank of America, its Affiliates, their officers, directors, employees, agents, contractors or other suppliers from all liabilities, claims and expenses, including attorneys fees, that arise from a breach of these Terms and Conditions for which you are responsible, or from third-party claims arising from your use of the Sites. Bank of America and its Affiliates reserve the right to assume the exclusive defense and control of any matter otherwise subject to indemnification by you. Notwithstanding the foregoing, you are not required to indemnify Bank of America or its Affiliates for its own violations of applicable laws.

  • FOR RESIDENTS OF BRAZIL:

    The information contained here does not constitute a public offering or distribution of securities in Brazil and no registration or filing with respect to any securities or financial products available on the Sites has been made with Commisao de Valores Mobiliarios.

  • FOR RESIDENTS OF CANADA:

    The information contained here does not constitute a public offering or distribution of securities in Canada or any of its provinces. No registration or filing with respect to any securities or financial products available on the Sites has been made with any regulatory agency thereof.

  • FOR RESIDENTS OF FRANCE:

    The Sites do not constitute a solicitation to enter into a transaction involving financial instruments, is not being distributed in the context of a public offer in France within the meaning of Article L. 411–1 of the Monetary and Financial Code, and has thus not been submitted to the COB for prior approval and clearance procedure. Any offers, sales or distribution of financial instruments through the Sites shall only be made in France to qualified investors (investisseurs qualifi?s) as defined in and in accordance with Article L. 411–2 of the Monetary and Financial Code and d?cret no. 98–880 dated 1st October, 1998. The contents of the Sites may not be redistributed or reproduced (in whole or in part) by any User. The Sites are made available with the understanding that Users will make investment decisions for their own account with the conditions set out in d?cret no. 98–880 dated 1st October, 1998. By using the Sites, Users undertake not to transfer, directly or indirectly, any financial instrument acquired through the Sites to the public in France, other than in compliance with applicable laws and regulation. Services hereunder may be provided by Banc of America Securities, Limited, as agent or otherwise.

  • FOR RESIDENTS OF GERMANY:

    The Sites are made available only to professional investors as such term is defined in the Securities Sales Prospectus Act.

  • FOR RESIDENTS OF HONG KONG:

    Access to the Sites is by invitation only to institutional investors. No information or material contained in the Sites is or should be construed as amounting to an offer to enter into any transaction or investment whatsoever. The information on these Sites is provided by the Hong Kong branch of Bank of America, N.A., and is compiled from information prepared by subsidiaries and affiliates of Bank of America Corporation. Your agreement for the use of this Site is with the Hong Kong branch of Bank of America, N.A.

  • FOR RESIDENTS OF IRELAND:

    Access to the Sites is by invitation only to professional investors.

  • FOR RESIDENTS OF ITALY:

    Access to the Sites is by invitation only to professional investors as defined in article 31 of CONSOB regulation no. 11522 of July 1, 1998.

  • FOR RESIDENTS OF JAPAN:

    Access to the Sites is by invitation only to financial institutions as defined under the Law Concerning Foreign Securities Firms.

  • FOR RESIDENTS OF KOREA:

    Access to the Sites is by invitation only to professional investors with a valid password. The information contained here does not constitute a public offering or distribution of securities in Korea.

  • FOR RESIDENTS OF NETHERLANDS:

    Access to the Sites is by invitation only to professional market parties as defined in the Dutch Securities Transactions Supervision Act 1995. Securities or other instruments on these Sites are only offered to professional market parties.

  • FOR RESIDENTS OF SINGAPORE:

    Access to the Sites is by invitation only to institutional investors. The information contained here does not constitute a public offering or distribution of securities in Singapore. The information in these Sites is provided by Bank of America Singapore Limited and is compiled from information prepared by subsidiaries and affiliates of Bank of America Corporation. Your agreement for the use of these Sites is with Bank of America Singapore Limited.

LIMITATION OF LIABILITY

THE FOLLOWING LIMITATIONS OF LIABILITY IN THIS SECTION SHALL NOT APPLY TO VIOLATIONS OF LAWS RELATING TO THE OFFER AND SALE OF SECURITIES. YOU ACKNOWLEDGE THAT NEITHER Bank of America, ITS AFFILIATES NOR THEIR OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, CONTRACTORS OR OTHER SUPPLIERS MAKES ANY WARRANTIES OR GUARANTEES WITH RESPECT TO THE SITES, INCLUDING WITHOUT LIMITATION, WARRANTIES REGARDING THE ACCURACY OR COMPLETENESS OF ANY CONTENT, OR WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT OF INTELLECTUAL PROPERTY, TITLE OR FITNESS FOR A PARTICULAR PURPOSE. Bank of America, ITS AFFILIATES AND SUCH PERSONS SHALL NOT BE LIABLE TO YOU FOR ANY LOSS, COST, DAMAGE OR OTHER INJURY, WHETHER IN CONTRACT, TORT, NEGLIGENCE OR OTHERWISE, ARISING OUT OF OR CAUSED IN WHOLE OR IN PART BY (I) CLIENT'S USE OF OR RELIANCE ON THE SITES, OR (II) Bank of America'S PERFORMANCE OF ITS OBLIGATIONS UNDER OR IN CONNECTION WITH THESE TERMS AND CONDITIONS. Bank of America DOES NOT REPRESENT, WARRANT OR GUARANTEE THAT THE SITES WILL BE FREE FROM ERRORS OR WILL BE AVAILABLE. FURTHERMORE, Bank of America WILL NOT BE LIABLE FOR ANY DELAY, DIFFICULTY IN USE, INACCURACY OF INFORMATION, COMPUTER VIRUSES, MALICIOUS CODE OR OTHER DEFECT IN THE SITES, OR FOR THE INCOMPATIBILITY BETWEEN THE SITES AND FILES AND THE USER'S BROWSER OR OTHER SITES ACCESSING PROGRAM. NOR WILL Bank of America BE LIABLE FOR ANY OTHER PROBLEMS EXPERIENCED BY THE USER DUE TO CAUSES BEYOND THE Bank of America'S CONTROL. IN NO EVENT WILL Bank of America, ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, CONTRACTORS OR OTHER SUPPLIERS BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY PUNITIVE, INCIDENTAL, CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.

Because some states or jurisdictions do not allow the exclusion or limitation of liability for certain damages, in such states or jurisdictions, the liability of the Bank of America, its officers, directors, employees, agents, contractors or other suppliers shall be limited in accordance with this agreement to the extent permitted by law.

Neither Bank of America, its Affiliates nor any of their officers, directors, employees, agents, contractors or other suppliers shall be liable in any way, and you agree to indemnify and hold harmless Bank of America, its Affiliates and such persons for (1) any inaccuracy, error, or delay in, or omission of (a) any information on the Sites, or (b) the transmission or delivery of any information on the Sites; (2) any loss or damage arising from or occasioned by (a) any such inaccuracy, error, delay, or omission, (b) non-performance, (c) interruption of use of the Sites due either to any negligent act or omission by Bank of America, its Affiliates, their officers, directors, employees, agents, contractors or other suppliers or to any "force majeure" (i.e., flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications, power failure, or equipment or software malfunction) or any other cause beyond the control of the Bank of America, its Affiliates, their officers, directors, employees, agents, contractors or other suppliers. You understand that Bank of America accepts no responsibility for security of information on the Internet.

UK CONDITIONS

Banc of America Securities Limited has approved the Sites for the purpose of Section 57 of the Financial Services Act of 1986. Banc of America Securities Limited is regulated for the conduct of investment business in the United Kingdom by the Securities and Futures Authority Limited. No access to the Sites shall be given in the United Kingdom to Private Customers, as that term is defined under the rules of The Securities and Futures Authority Limited; and any investments will not be made by us to any Private Customer.

CHANGES TO AGREEMENT

Bank of America may make changes to this Agreement at any time, without prior notice to you. Your continued use of the Sites indicates your continued agreement to be bound by this Agreement, as changed from time to time. You should view these Terms and Conditions often to stay informed of changes that may affect you.

GOVERNING LAW

This Agreement shall be governed by and construed under the law of the State of New York and the Federal law of the United States. You hereby consent and submit to jurisdiction in the Federal or state courts of the State of New York, U.S.A. You hereby irrevocably waive your rights to a jury trial.

THIRD-PARTY LICENSORS

The Sites may, from time to time, provide Client with various licensed programs ("Licensed Programs") from third-party vendors ("Vendors") which have been licensed by Bank of America for Client use and/or which require Client to sign a third-party license agreement ("License Agreement"). In using the Licensed Programs, Client agrees that it will

  • protect any confidential information of Bank of America, its Affiliates or Vendors contained in the Licensed Programs;
  • restrict the use of the Licensed Programs by Client solely to conditions agreed upon in the Agreement and the License Agreement;
  • restrict the copying of Licensed Programs to that number reasonably required for Client use and backup purposes
  • include Bank of America and Vendor copyright and all other proprietary notices in the use of all Licensed Programs;
  • prohibit the sale, relicensing, leasing, rental, lending and transferring of Licensed Programs;
  • prohibit, and take reasonable measures to prevent, the decompiling, disassembly, reverse engineering or modification of Licensed Programs;
  • comply with all export laws in respect of Licensed programs;
  • disclaim any liability on the part of Vendors for damages, liabilities, costs or expenses incurred by Client in the use of License Programs; and
  • make all vendors a third-party beneficiary of all Client waivers, disclaimers, limitation of liabilities, confidentiality and IP provisions contained in the Agreement.

MERRILL LYNCH, PIERCE, FENNER & SMITH – FURTHER INFORMATION

"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered as broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.

© 2016 Bank of America Corporation

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