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This marketing communication is issued and approved by Merrill Lynch International which is authorised and regulated by the Financial Services Authority. This communication is not for distribution to the public or a large number of persons, but is personal to named recipients. This communication must not be acted on or relied on by retail clients. Any investment or investment activity to which this communication relates is not available to retail clients and will be engaged in only with persons other than retail clients. The UK compensation scheme and rules for the protection of retail clients do not apply to the services provided or products sold by non-UK regulated affiliates.

The material in this marketing communication is not investment research. This material has been compiled by Merrill Lynch (ML) sales and trading and marketing personnel from various publicly available news sources, including newspapers and news services. It is not intended to be a comprehensive summary of newsworthy business or economic events nor is it a substitute for ML economic or fundamental Research and it may not be relied upon as such. The information has not been reviewed or approved by or in conjunction with ML Research. To the extent that the information in this communication reflects the views of ML or its affiliates, this information and views expressed are subject to change without notice to you. Although the information set out in this marketing communication is obtained from sources believed to be reliable, ML does not guarantee its accuracy or completeness.

The information in this marketing communication does not constitute an offer, solicitation or recommendation for the purchase or sale of any securities or other financial instruments nor does it constitute advice, a personal recommendation or otherwise or an expression of our view as to whether a particular security or financial instrument is suitable or appropriate for you and meets your financial or any other objectives. This information is not based on the particular circumstances of any named recipient.

Companies within the ML group may have a position and/or trade for their own accounts as odd-lot dealer, market maker, block positioner, specialist, liquidity maker and/or arbitrageur in any securities of issuers mentioned herein or in related investments and also may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any entity mentioned herein.

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