GENERAL DISCLAIMERS

This website is produced by Merrill Lynch International Incorporated Seoul Branch ("Merrill Lynch Korea"). The contents of this website are not intended for distribution to, or use by, any person or entity in any jurisdiction or country outside the Republic of Korea ("Korea") where such distribution or use would be contrary to law or regulation or which would subject the distributors of any of the equity linked warrant products set out in this website (the "ELWs") or their affiliates to any registration or other requirement within such jurisdiction or country.

You must read the full details of the ELWs set out in the relevant listing or offering documents and understand the nature of such ELWs and carefully study the listing or offering documents in respect of such ELWs prior to making an investment in such ELWs. Nothing in this website constitutes investment advice or a specific recommendation to buy any ELWs, and the contents of this website have not been prepared with regard to the specific investment objectives, financial situation and particular needs of any particular investor.

The contents of this website are provided for information purposes only and do not constitute or form part of any offer, or invitation, to subscribe for or to sell, or solicitation of any offer to subscribe for or to purchase, any ELW, nor are they calculated to invite, nor do they permit the making of, offers by the public to subscribe for or purchase for cash or other consideration any ELW. Nothing in this website constitutes tax or investment advice on such ELWs. Neither this website nor its contents shall be construed as an advertisement, recommendation, inducement or representation of any kind or form whatsoever.

Members of the Merrill Lynch group and their affiliates assume no fiduciary or other responsibility or liability for any consequences, financial or otherwise, arising from any investments in the ELWs mentioned herein.

All opinions and estimates included in this website (if any) constitute our judgment as of the date indicated based on information that is available to us and that we are aware of, and are subject to change without notice.

Unless otherwise stated, any pricing information in this website is indicative only, is subject to change and is not an offer to deal. Where relevant, the price quoted is exclusive of tax, delivery costs and commissions. Any reference to the terms of executed transactions should be treated as preliminary.

Any discussion of tax matters contained herein is not intended or written to be used, and cannot be used, by you for the purpose of avoiding any tax–related penalties.

RISKS RELATING TO ELWS

For a list of risk factors in relation to any ELWs, please refer to the listing or offering documents in respect of such ELWs. You should make your own independent appraisal of the risks and should consult, to the extent you consider necessary, your own legal, financial, tax, accounting and other professional advisors in this respect prior to any subscription or acquisition.

The price of ELWs may fall in value as rapidly as it may rise and investors in certain ELWs may sustain a total loss of their investment.

There can be no assurance that a trading market will develop in an ELW even if it is listed on Korea Exchange (the "KRX"). There may at times be no counterparty or, in the case of ELWs listed on the KRX, the issuer of such ELWs or its affiliate may be the only person quoting prices on the KRX.

Investing in any of the ELWs is not equivalent to investing directly in the underlying stock, index or other asset. The market value of the ELWs may be influenced by many unpredictable factors, including but not limited to market conditions affecting the underlying asset, the actual or perceived creditworthiness of the issuer and/or guarantor of such ELWs, interest rates and general economic, financial, political, regulatory or judicial events.

Where past performance is referred to, it is not indicative of future performance.

To the extent permitted by relevant laws and regulations, members of the Merrill Lynch group and their subsidiaries and affiliates may engage in transactions involving, as well as provide investment banking and other services to, any company or to any trustee or manager of a trust underlying the ELWs set out on this website or their securities and those transactions may have a positive or negative impact on the value of such ELWs. Members of the Merrill Lynch group and their subsidiaries and affiliates may have officers who serve as directors of any of the companies mentioned in this website and may issue other competing financial products which may affect the value of the ELWs set out on this website. You should also note that potential conflicts of interests may arise from the different roles played by members of the Merrill Lynch group and their subsidiaries and affiliates in connection with the ELWs set out on this website and the economic interests in each role may be adverse to your interests in such ELWs. So long as the mandatorily applicable provisions of Korean laws and regulations are not violated, members of the Merrill Lynch group and their subsidiaries and affiliates owe no duty to you to avoid such conflicts.

INFORMATION ABOUT INDICES

In addition to these disclaimers, the disclaimers, attribution language and limitations of liability pertaining to the various indices associated with the ELWs and set forth in the relevant listing or offering documents shall apply to the ELWs, the use of this website and shall be incorporated into these disclaimers.

In no event shall any member of the Merrill Lynch group or any third party supplying information or data on this website have liability arising from any information provided on this website concerning such indices.

DISCLAIMER OF WARRANTY AND LIMITATION OF LIABILITY

The contents of this website have been prepared based on sources, materials and systems believed to be reliable and accurate. THERE IS NO GUARANTEE OF THE ACCURACY, VALIDITY, TIMELINESS, MERCHANTABILITY, FITNESS OR COMPLETENESS OF THE INFORMATION AND DATA. ANY WARRANTIES, WHETHER EXPRESS OR IMPLIED, OR ANY STATUTORY WARRANTIES OF ANY KIND ARE HEREBY DISCLAIMED.

In no event shall the issuers of the ELWs, members of the Merrill Lynch group and their affiliates or any third party supplying information or date on this website be liable for any losses, including without limitation, direct or indirect, special, incidental or consequential losses or expenses arising in connection with this website or the use thereof or in connection with any failure of performance, error, interruption, defect, line or system failure even if any of the above parties are advised of the possibility of any of such losses.

THE ISSUERS OF THE ELWS, MEMBERS OF THE MERRILL LYNCH GROUP AND THEIR AFFILIATES SHALL NOT BE RESPONSIBLE FOR ANY LOSS OR DAMAGE THAT COULD RESULT FROM INTERCEPTION BY THIRD PARTIES OF ANY INFORMATION MADE AVAILABLE TO AND BY YOU VIA THIS WEBSITE.

USE OF LINKS

Should you leave this site via a link contained herein, you do so at your own risk. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by any of the issuers of the ELWs or Merrill Lynch Korea and their affiliates. Such persons are not responsible for any damages or losses caused by any delays, defects, errors or omissions that may exist in the services, information or other content provided in such website, whether actual, alleged, consequential or punitive. There are no guarantees or representations made as to, and no liability shall be taken for, any content delivered by any third party, including, without limitation, the accuracy, validity, timeliness, merchantability, fitness or completeness of any such content.

COPYRIGHT AND TRADEMARKS

Except where expressly stated, copyright in the information contained in this website is owned by or licensed to Merrill Lynch Korea (provided that KRX will have exclusive ownership over all information relating to stock quotations). You may use the information for your own personal reference only and you may not reproduce any information in breach of copyright laws. The information may not otherwise be reproduced and must not be distributed or transmitted to any other person or incorporated in any way into another website, document or other material.

This website is for your personal use only. You may not copy, publish, distribute, transfer, modify, display, reproduce, and or create any derivative works from the information or software on this site. You may not use "framing" or similar technology with the site. If you download any information or software from this site, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information or software.

The use of any trademarks and logos displayed on this website is strictly prohibited unless written permission for such use is obtained from Merrill Lynch Korea and/or, where relevant, such third party which may own the trademarks and logos.

PRIVACY

Personal information collected from you

Any personal information supplied by you through this website will be kept strictly confidential, save as expressly provided herein, and will be used to provide you with the service you applied for and not used in ways that you have not consented to. Also, we will no longer hold or use your personal information if such information becomes unnecessary to provide you with the services. If you visit our website to browse, read or download information, our system will log these movements. Please refer to the Privacy Statement section of the website for further information.

How your information is used

Subject to your prior consent and the Korean laws and regulations relating to the sharing of customer information, we may use information collected from you for our own marketing purposes, planning, product development and research purposes, and we may also provide such information to third party service providers for the purposes of the Merrill Lynch group's marketing, planning, product development and research. Save as herein provided, we will not disclose this information to any third party unless disclosure is required or authorised by law.

RISKS RELATING TO THE USE OF THE INTERNET

Merrill Lynch Korea does not guarantee the security of any information transmitted over, through or via the internet.

Although Merrill Lynch Korea will use reasonable efforts to minimise such occurrences, it does not warrant that any communication or e-mail or any attachments thereto, that is sent out, will be free from viruses, worms or other harmful components.

Neither the Merrill Lynch group, nor any of its directors, officers or employees, nor any third party vendor will 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 this website, or resulting from the act or omission of any other party involved in making this website or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of the Merrill Lynch group or of any vendor providing software or services support.

AMENDMENTS AND UPDATES

We may amend these terms and conditions at any time by posting the updated terms on this website, although we do not undertake to update this website regularly. No other form of notification will be delivered to you.

Merrill Lynch Korea reserves the right to partly or completely change the website at any time and to restrict, interrupt or terminate its service.

LIMITATION OF LIABILITIES

In no event will any member of the Merrill Lynch group be liable to any party for any direct, indirect, special, incidental, consequential or any other damages of any kind arising out of any use of this website even if we are expressly advised of the possibility or likelihood of such damages.

CHOICE OF LAW AND JURISDICTION

These terms and conditions are governed by the laws of Korea without regard to principles of conflicts of laws. All disputes shall be adjudicated within the exclusive jurisdiction of the courts of Korea.

TERMS AND CONDITIONS OF USE

Your use of this site is subject to our Privacy Statement, Legal Information (please go to the respective link on this webpage for more information) and this General Disclaimers (collectively the "Terms and Conditions of Use"). By proceeding to use this site by clicking "I accept" below, you accept the Terms and Conditions of Use and agree to be bound by them.