Overview

Bank of America Merrill Lynch is a leader in global credit markets, providing innovative financing solutions to clients all over the world. Our award-winning platform helps clients access liquidity, manage risk and maximize value across the broad credit universe.

Credit

Bank of America Merrill Lynch’s credit team provides liquidity and makes markets for a broad suite of credit products, including investment grade and high yield corporate bonds, short-term trading vehicles, credit defaults swaps and other derivative products. The team facilitates capital raising and finds investors for investment grade and non-investment grade rated borrowers of money in primary markets.

Global Loans and Special Situations Group (GLSSG)

Bank of America Merrill Lynch’s GLSSG group trades and invests in distressed and special situations in the following product areas: leveraged loans, high yield debt (cash and synthetic), emerging market debt products, asset financings, distressed debt, distressed structured products, debtor-in-possession (DIP) and rescue financings, non-performing loans (NPLs), mezzanine financings, convertible bonds and vendor claims. The group works in coordination with Bank of America Merrill Lynch’s banking, capital markets and traditional sales and trading teams in order to leverage the firm’s origination platform.

Municipal Markets

Bank of America Merrill Lynch, with its premier trading platform, experience and geographic coverage, delivers superior results for its clients. As an industry leader, Bank of America Merrill Lynch helps municipal and conduit issuers raise debt capital, as well as offering specialized tax advantaged services to institutional investor clients such as banks, mutual funds, insurance companies, corporations, hedge funds, and asset managers.

Bank of America Merrill Lynch employs more than 200 highly qualified municipal finance professionals strategically located around the country in cities including, but not limited to, Boston, Charlotte, Chicago, Houston, Los Angeles, New York, Philadelphia, and San Francisco.

We specialize in all types of municipal debt offerings including taxable, tax-exempt, fixed, floating, short-term financing, private placements and interest rate risk management.

Specialty sectors include public power and energy, transportation, healthcare, housing, military, educational finance, water sewer, state revolving funds, Native American, tax-exempt corporate related and not-for-profit and higher education.

As a powerful underwriter with experienced and knowledgeable sales and trading professionals, we have the insight and strength to help clients succeed.

Capabilities

Bank of America Merrill Lynch was the #1 overall underwriter of municipal bonds in 2010 having been senior manager on nearly $60 billion of municipal bonds.

Our position as a lead market maker provides strong secondary market support for new issues over an extended period of time.

Municipal sales specialists and retail marketing desks covering all types of investors for optimal distribution of issues

Unmatched national distribution of tax-exempt bonds to retail and institutional investors.

Our commitment to the municipal markets is exemplified by our rank as the #1 competitive underwriter in 2010, which was our 19 th straight year as the top competitive municipal underwriter since 1992.

We continue this success in 2011 as one of the leading overall underwriters of municipal bonds.

Awards and Recognition

Merrill Lynch, Pierce, Fenner & Smith is ranked #1 underwriter of municipal new issues for 2010, with a volume in excess of $59 billion (Thomson Financial)

Important Information

Auction Rate Securities: A Description of Merrill Lynch’s Auction Practices and Procedures

For information on Merrill Lynch, Pierce, Fenner & Smith Auction Rate procedures, please click here .

Participation by Issuers/ Conduit Borrowers in Municipal Auction Rate Securities

Certain Municipal Issuers or Conduit Borrowers have determined to participate in the auction of their own auction rate securities pursuant to recent guidance from the U.S. Securities & Exchange Commission. These Issuers/Conduit Borrowers are required to provide a notice of their intent to participate in the auction and the interest rate and amounts that they will bid for and certain other detailed bidding information. The Issuer/Conduit Borrower’s interests are different from any other bondholder in that they want the lowest possible interest rate. This information will be available to you at www.dacbond.com .