Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-202354 (To Prospectus dated May 1, 2015, Prospectus Supplement dated January 20, 2016 and Product Supplement STOCK ARN-1 dated March 9, 2016) |
436,360 Units $10 principal amount per unit CUSIP No. 06054B156 ![]() | Pricing Date Settlement Date Maturity Date | May 26, 2016 June 3, 2016 July 28, 2017 | |||
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks
| |||||
Per Unit | Total | |
Public offering price................................................ | $10.00 | $4,363,600 |
Underwriting discount............................................ | $0.20 | $ 87,272 |
Proceeds, before expenses, to BAC.................... | $9.80 | $4,276,328 |
Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
Terms of the Notes | Redemption Amount Determination | |
Issuer: | Bank of America Corporation (BAC) | On the maturity date, you will receive a cash payment per unit determined as follows: ![]() |
Principal Amount: | $10.00 per unit | |
Term: | Approximately 14 months | |
Market Measure: | An equally weighted basket of eight common stocks comprised of Anthem, Inc. (NYSE symbol: ANTM), AT&T Inc. (NYSE symbol: T), Danaher Corporation (NYSE symbol: DHR), McDonald's Corporation (NYSE symbol: MCD), PepsiCo, Inc. (NYSE symbol: PEP), Pfizer Inc. (NYSE symbol: PFE), Philip Morris International Inc. (NYSE symbol: PM), and QUALCOMM Incorporated (NASDAQ symbol: QCOM) (each, an Underlying Company). | |
Starting Value: | 100.00 | |
Ending Value: | The value of the Basket on the calculation day. The calculation day is subject to postponement in the event of Market Disruption Events, as described beginning on page PS-26 of product supplement STOCK ARN-1. | |
Participation Rate: | 300% | |
Capped Value: | $11.475 per unit of the notes, which represents a return of 14.75% over the principal amount. | |
Calculation Day: | July 21, 2017 | |
Price Multiplier: | 1 for each Basket Stock, subject to adjustment for certain corporate events relating to the Basket Stocks described beginning on page PS-19 of product supplement STOCK ARN-1. | |
Fees and Charges: | The underwriting discount of $0.20 per unit listed on the cover page and the hedging related charge of $0.075 per unit described in Structuring the Notes on page TS-18. | |
Calculation Agent: | Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), a subsidiary of BAC. |
Accelerated Return Notes® | TS-2 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
■ | Product supplement STOCK ARN-1 dated March 9, 2016: http://www.sec.gov/Archives/edgar/data/70858/000119312516498589/d26301d424b5.htm |
■ | Series L MTN prospectus supplement dated January 20, 2016 and prospectus dated May 1, 2015: http://www.sec.gov/Archives/edgar/data/70858/000119312516433708/d122981d424b3.htm |
You may wish to consider an investment in the notes if: | The notes may not be an appropriate investment for you if: |
■ You anticipate that the value of the Basket will increase moderately from the Starting Value to the Ending Value. ■ You are willing to risk a loss of principal and return if the value of the Basket decreases from the Starting Value to the Ending Value. ■ You accept that the return on the notes will be capped. ■ You are willing to forgo the interest payments that are paid on conventional interest bearing debt securities. ■ You are willing to forgo dividends or other benefits of owning the Basket Stocks. ■ You are willing to accept a limited or no market for sales prior to maturity, and understand that the market prices for the notes, if any, will be affected by various factors, including our actual and perceived creditworthiness, our internal funding rate and fees and charges on the notes. ■ You are willing to assume our credit risk, as issuer of the notes, for all payments under the notes, including the Redemption Amount. | ■ You believe that the value of the Basket will decrease from the Starting Value to the Ending Value or that it will not increase sufficiently over the term of the notes to provide you with your desired return. ■ You seek principal repayment or preservation of capital. ■ You seek an uncapped return on your investment. ■ You seek interest payments or other current income on your investment. ■ You want to receive dividends or other distributions paid on the Basket Stocks. ■ You seek an investment for which there will be a liquid secondary market. ■ You are unwilling or are unable to take market risk on the notes or to take our credit risk as issuer of the notes. |
Accelerated Return Notes® | TS-3 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
Accelerated Return Notes® ![]() | This graph reflects the returns on the notes, based on the Participation Rate of 300% and the Capped Value of $11.475. The green line reflects the returns on the notes, while the dotted gray line reflects the returns of a direct investment in the Basket Stocks, excluding dividends. This graph has been prepared for purposes of illustration only. |
Ending Value | Percentage Change from the Starting Value to the Ending Value | Redemption Amount per Unit | Total Rate of Return on the Notes |
0.00 | -100.00% | $0.000 | -100.00% |
50.00 | -50.00% | $5.000 | -50.00% |
80.00 | -20.00% | $8.000 | -20.00% |
90.00 | -10.00% | $9.000 | -10.00% |
94.00 | -6.00% | $9.400 | -6.00% |
97.00 | -3.00% | $9.700 | -3.00% |
100.00(1) | 0.00% | $10.000 | 0.00% |
102.00 | 2.00% | $10.600 | 6.00% |
105.00 | 5.00% | $11.475(2) | 14.75% |
110.00 | 10.00% | $11.475 | 14.75% |
120.00 | 20.00% | $11.475 | 14.75% |
130.00 | 30.00% | $11.475 | 14.75% |
140.00 | 40.00% | $11.475 | 14.75% |
150.00 | 50.00% | $11.475 | 14.75% |
160.00 | 60.00% | $11.475 | 14.75% |
(1) | The Starting Value was set to 100.00 on the pricing date. |
(2) | The Redemption Amount per unit cannot exceed the Capped Value. |
Accelerated Return Notes® | TS-4 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
Example 1 | |
The Ending Value is 80.00, or 80.00% of the Starting Value: | |
Starting Value: 100.00 | |
Ending Value: 80.00 | |
![]() | = $8.00 Redemption Amount per unit |
Example 2 | |
The Ending Value is 102.00, or 102.00% of the Starting Value: | |
Starting Value: 100.00 | |
Ending Value: 102.00 | |
![]() | = $10.60 Redemption Amount per unit |
Example 3 | |
The Ending Value is 130.00, or 130.00% of the Starting Value: | |
Starting Value: 100.00 | |
Ending Value: 130.00 | |
![]() | = $19.00, however, because the Redemption Amount for the notes cannot exceed the Capped Value, the Redemption Amount will be $11.475 per unit |
Accelerated Return Notes® | TS-5 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
■ | Depending on the performance of the Basket as measured shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal. |
■ | Your return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of comparable maturity. |
■ | Payments on the notes are subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to affect the value of the notes. If we become insolvent or are unable to pay our obligations, you may lose your entire investment. |
■ | Your investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the Basket Stocks. |
■ | The initial estimated value of the notes is an estimate only, determined as of a particular point in time by reference to our and our affiliates’ pricing models. These pricing models consider certain assumptions and variables, including our credit spreads, our internal funding rate on the pricing date, mid-market terms on hedging transactions, expectations on interest rates and volatility, price-sensitivity analysis, and the expected term of the notes. These pricing models rely in part on certain forecasts about future events, which may prove to be incorrect. |
■ | The public offering price you pay for the notes exceeds the initial estimated value. If you attempt to sell the notes prior to maturity, their market value may be lower than the price you paid for them and lower than the initial estimated value. This is due to, among other things, changes in the value of the Basket, our internal funding rate, and the inclusion in the public offering price of the underwriting discount and the hedging related charge, all as further described in Structuring the Notes on page TS-18. These factors, together with various credit, market and economic factors over the term of the notes, are expected to reduce the price at which you may be able to sell the notes in any secondary market and will affect the value of the notes in complex and unpredictable ways. |
■ | The initial estimated value does not represent a minimum or maximum price at which we, MLPF&S or any of our affiliates would be willing to purchase your notes in any secondary market (if any exists) at any time. The value of your notes at any time after issuance will vary based on many factors that cannot be predicted with accuracy, including the performance of the Basket, our creditworthiness and changes in market conditions. |
■ | A trading market is not expected to develop for the notes. Neither we nor MLPF&S is obligated to make a market for, or to repurchase, the notes. There is no assurance that any party will be willing to purchase your notes at any price in any secondary market. |
■ | Our business activities as a full service financial institution, including our commercial and investment banking activities, our hedging and trading activities (including trades in shares of the Basket Stocks), and any hedging and trading activities we engage in for our clients’ accounts, may affect the market value and return of the notes and may create conflicts of interest with you. |
■ | The Underlying Companies will have no obligations relating to the notes, and neither we nor MLPF&S will perform any due diligence procedures with respect to any Underlying Company in connection with this offering. |
■ | Changes in the price of one of the Basket Stocks may be offset by changes in the prices of the other Basket Stocks. |
■ | You will have no rights of a holder of the Basket Stocks, and you will not be entitled to receive shares of the Basket Stocks or dividends or other distributions by the Underlying Companies. |
■ | While we or our affiliates may from time to time own securities of the Underlying Companies, we do not control any Underlying Company, and have not verified any disclosures made by any Underlying Company. |
■ | The payment on the notes will not be adjusted for all corporate events that could affect a Basket Stock. See Description of ARNs—Anti-Dilution Adjustments beginning on page PS-19 of product supplement STOCK ARN-1. |
■ | There may be potential conflicts of interest involving the calculation agent, which is an affiliate of ours. We have the right to appoint and remove the calculation agent. |
■ | The U.S. federal income tax consequences of the notes are uncertain, and may be adverse to a holder of the notes. See Summary Tax Consequences below and U.S. Federal Income Tax Summary beginning on page PS-29 of product supplement STOCK ARN-1. |
Accelerated Return Notes® | TS-6 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
Basket Stock | Bloomberg Symbol | Initial Component Weight | Closing Market Price(1) | Component Ratio(2) | Initial Basket Value Contribution | |||||
Anthem, Inc. | ANTM | 12.50% | 129.61 | 0.09644318 | 12.50 | |||||
AT&T Inc. | T | 12.50% | 38.84 | 0.32183316 | 12.50 | |||||
Danaher Corporation | DHR | 12.50% | 99.20 | 0.12600806 | 12.50 | |||||
McDonald's Corporation | MCD | 12.50% | 123.79 | 0.10097746 | 12.50 | |||||
PepsiCo, Inc. | PEP | 12.50% | 101.90 | 0.12266928 | 12.50 | |||||
Pfizer Inc. | PFE | 12.50% | 34.43 | 0.36305547 | 12.50 | |||||
Philip Morris International Inc. | PM | 12.50% | 99.01 | 0.12624987 | 12.50 | |||||
QUALCOMM Incorporated | QCOM | 12.50% | 55.74 | 0.22425547 | 12.50 | |||||
Starting Value | 100.00 |
(1) | These were the Closing Market Prices of the Basket Stocks on the pricing date. |
(2) | Each Component Ratio equals the Initial Component Weight of the relevant Basket Stock (as a percentage) multiplied by 100, and then divided by the Closing Market Price of that Basket Stock on the pricing date and rounded to eight decimal places. |
Accelerated Return Notes® | TS-7 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
Accelerated Return Notes® | TS-8 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
Accelerated Return Notes® | TS-9 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
High ($) | Low ($) | |
2008 | ||
...............................First Quarter | 89.28 | 43.23 |
Second Quarter | 56.66 | 45.80 |
Third Quarter | 57.57 | 44.40 |
Fourth Quarter | 47.50 | 29.44 |
2009 | ||
First Quarter | 46.10 | 30.10 |
Second Quarter | 51.45 | 37.96 |
Third Quarter | 55.47 | 47.36 |
Fourth Quarter | 60.36 | 44.72 |
2010 | ||
First Quarter | 68.06 | 58.46 |
Second Quarter | 65.34 | 48.93 |
Third Quarter | 56.69 | 47.43 |
Fourth Quarter | 59.97 | 54.34 |
2011 | ||
First Quarter | 69.79 | 57.95 |
Second Quarter | 81.78 | 68.06 |
Third Quarter | 80.79 | 57.01 |
Fourth Quarter | 70.75 | 62.32 |
2012 | ||
First Quarter | 73.80 | 63.84 |
Second Quarter | 72.95 | 63.79 |
Third Quarter | 63.20 | 52.93 |
Fourth Quarter | 63.03 | 54.33 |
2013 | ||
First Quarter | 66.28 | 58.93 |
Second Quarter | 81.84 | 67.18 |
Third Quarter | 89.26 | 81.09 |
Fourth Quarter | 93.92 | 83.60 |
2014 | ||
First Quarter | 100.97 | 84.25 |
Second Quarter | 108.82 | 92.00 |
Third Quarter | 124.17 | 107.29 |
Fourth Quarter | 129.16 | 111.06 |
2015 | ||
First Quarter | 158.38 | 123.26 |
Second Quarter | 171.04 | 150.93 |
Third Quarter | 165.22 | 136.31 |
Fourth Quarter | 148.81 | 127.86 |
2016 | ||
First Quarter | 144.17 | 117.22 |
Second Quarter (through the pricing date) | 147.52 | 128.48 |
Accelerated Return Notes® | TS-10 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
High ($) | Low ($) | |
2008 | ||
...............................First Quarter | 41.43 | 34.36 |
Second Quarter | 40.51 | 32.76 |
Third Quarter | 33.30 | 27.75 |
Fourth Quarter | 29.98 | 22.42 |
2009 | ||
First Quarter | 29.42 | 21.72 |
Second Quarter | 26.83 | 23.67 |
Third Quarter | 27.43 | 23.38 |
Fourth Quarter | 28.34 | 25.31 |
2010 | ||
First Quarter | 28.58 | 24.77 |
Second Quarter | 26.66 | 24.13 |
Third Quarter | 28.92 | 24.29 |
Fourth Quarter | 29.44 | 27.70 |
2011 | ||
First Quarter | 30.71 | 27.33 |
Second Quarter | 31.88 | 30.13 |
Third Quarter | 31.68 | 27.54 |
Fourth Quarter | 30.24 | 27.41 |
2012 | ||
First Quarter | 31.84 | 29.16 |
Second Quarter | 35.71 | 30.13 |
Third Quarter | 38.25 | 34.63 |
Fourth Quarter | 38.34 | 33.14 |
2013 | ||
First Quarter | 36.86 | 33.20 |
Second Quarter | 39.00 | 34.35 |
Third Quarter | 35.96 | 33.32 |
Fourth Quarter | 36.45 | 33.11 |
2014 | ||
First Quarter | 35.07 | 31.86 |
Second Quarter | 36.74 | 34.49 |
Third Quarter | 36.59 | 34.21 |
Fourth Quarter | 35.90 | 32.14 |
2015 | ||
First Quarter | 34.87 | 32.62 |
Second Quarter | 36.18 | 32.51 |
Third Quarter | 35.77 | 31.80 |
Fourth Quarter | 34.93 | 32.31 |
2016 | ||
First Quarter | 39.45 | 33.51 |
Second Quarter (through the pricing date) | 39.55 | 37.86 |
Accelerated Return Notes® | TS-11 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
High ($) | Low ($) | |
2008 | ||
...............................First Quarter | 43.46 | 35.07 |
Second Quarter | 41.28 | 36.93 |
Third Quarter | 42.25 | 34.12 |
Fourth Quarter | 34.27 | 24.74 |
2009 | ||
First Quarter | 29.27 | 24.02 |
Second Quarter | 32.00 | 26.26 |
Third Quarter | 34.31 | 28.88 |
Fourth Quarter | 38.05 | 32.37 |
2010 | ||
First Quarter | 40.44 | 35.08 |
Second Quarter | 43.71 | 37.12 |
Third Quarter | 41.45 | 35.74 |
Fourth Quarter | 47.37 | 39.72 |
2011 | ||
First Quarter | 51.96 | 46.05 |
Second Quarter | 55.77 | 51.14 |
Third Quarter | 55.05 | 40.54 |
Fourth Quarter | 50.86 | 40.42 |
2012 | ||
First Quarter | 56.00 | 48.33 |
Second Quarter | 56.07 | 49.82 |
Third Quarter | 55.66 | 49.53 |
Fourth Quarter | 56.83 | 51.41 |
2013 | ||
First Quarter | 62.65 | 57.48 |
Second Quarter | 64.36 | 58.05 |
Third Quarter | 70.49 | 63.63 |
Fourth Quarter | 77.20 | 67.14 |
2014 | ||
First Quarter | 78.53 | 72.49 |
Second Quarter | 80.68 | 72.56 |
Third Quarter | 79.50 | 73.34 |
Fourth Quarter | 87.06 | 71.70 |
2015 | ||
First Quarter | 87.81 | 82.03 |
Second Quarter | 87.84 | 81.88 |
Third Quarter | 92.26 | 82.40 |
Fourth Quarter | 97.35 | 85.33 |
2016 | ||
First Quarter | 95.29 | 83.59 |
Second Quarter (through the pricing date) | 99.97 | 92.68 |
Accelerated Return Notes® | TS-12 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
High ($) | Low ($) | |
2008 | ||
...............................First Quarter | 58.17 | 50.75 |
Second Quarter | 61.17 | 55.40 |
Third Quarter | 65.95 | 57.19 |
Fourth Quarter | 63.66 | 51.55 |
2009 | ||
First Quarter | 63.75 | 50.86 |
Second Quarter | 60.99 | 52.40 |
Third Quarter | 58.82 | 54.23 |
Fourth Quarter | 64.53 | 56.61 |
2010 | ||
First Quarter | 67.35 | 61.45 |
Second Quarter | 71.52 | 65.87 |
Third Quarter | 76.08 | 66.11 |
Fourth Quarter | 80.34 | 74.92 |
2011 | ||
First Quarter | 76.73 | 72.67 |
Second Quarter | 84.57 | 75.99 |
Third Quarter | 90.79 | 82.11 |
Fourth Quarter | 100.81 | 85.83 |
2012 | ||
First Quarter | 101.74 | 95.55 |
Second Quarter | 99.40 | 86.32 |
Third Quarter | 93.71 | 87.15 |
Fourth Quarter | 94.09 | 84.05 |
2013 | ||
First Quarter | 99.69 | 89.90 |
Second Quarter | 103.59 | 96.42 |
Third Quarter | 101.58 | 94.36 |
Fourth Quarter | 98.92 | 93.27 |
2014 | ||
First Quarter | 98.78 | 93.02 |
Second Quarter | 103.53 | 97.01 |
Third Quarter | 101.07 | 91.09 |
Fourth Quarter | 97.17 | 88.46 |
2015 | ||
First Quarter | 100.25 | 88.78 |
Second Quarter | 100.68 | 94.30 |
Third Quarter | 101.10 | 91.21 |
Fourth Quarter | 120.07 | 98.78 |
2016 | ||
First Quarter | 125.83 | 115.12 |
Second Quarter (through the pricing date) | 131.60 | 122.56 |
Accelerated Return Notes® | TS-13 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
High ($) | Low ($) | |
2008 | ||
...............................First Quarter | 79.57 | 66.73 |
Second Quarter | 72.13 | 63.59 |
Third Quarter | 73.19 | 64.40 |
Fourth Quarter | 71.64 | 50.29 |
2009 | ||
First Quarter | 55.97 | 45.81 |
Second Quarter | 55.37 | 47.89 |
Third Quarter | 59.86 | 54.68 |
Fourth Quarter | 64.23 | 58.46 |
2010 | ||
First Quarter | 66.86 | 58.96 |
Second Quarter | 66.94 | 60.77 |
Third Quarter | 66.89 | 61.52 |
Fourth Quarter | 68.11 | 63.89 |
2011 | ||
First Quarter | 66.91 | 62.31 |
Second Quarter | 71.78 | 65.09 |
Third Quarter | 70.52 | 59.99 |
Fourth Quarter | 66.57 | 60.29 |
2012 | ||
First Quarter | 66.76 | 62.28 |
Second Quarter | 70.66 | 64.85 |
Third Quarter | 73.58 | 68.79 |
Fourth Quarter | 71.19 | 68.02 |
2013 | ||
First Quarter | 79.11 | 69.33 |
Second Quarter | 84.25 | 78.59 |
Third Quarter | 86.80 | 79.06 |
Fourth Quarter | 86.68 | 78.93 |
2014 | ||
First Quarter | 83.50 | 77.10 |
Second Quarter | 90.10 | 82.59 |
Third Quarter | 93.79 | 88.10 |
Fourth Quarter | 100.39 | 90.79 |
2015 | ||
First Quarter | 100.40 | 93.02 |
Second Quarter | 98.22 | 92.64 |
Third Quarter | 99.86 | 89.64 |
Fourth Quarter | 103.08 | 93.85 |
2016 | ||
First Quarter | 102.69 | 93.77 |
Second Quarter (through the pricing date) | 106.57 | 100.10 |
Accelerated Return Notes® | TS-14 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
High ($) | Low ($) | |
2008 | ||
...............................First Quarter | 24.08 | 20.50 |
Second Quarter | 21.51 | 17.17 |
Third Quarter | 19.97 | 17.17 |
Fourth Quarter | 19.00 | 14.45 |
2009 | ||
First Quarter | 18.27 | 11.66 |
Second Quarter | 15.34 | 13.04 |
Third Quarter | 16.86 | 14.20 |
Fourth Quarter | 18.85 | 16.15 |
2010 | ||
First Quarter | 20.00 | 16.91 |
Second Quarter | 17.29 | 14.26 |
Third Quarter | 17.41 | 14.14 |
Fourth Quarter | 17.79 | 16.29 |
2011 | ||
First Quarter | 20.38 | 17.68 |
Second Quarter | 21.45 | 19.79 |
Third Quarter | 20.78 | 16.66 |
Fourth Quarter | 21.83 | 17.33 |
2012 | ||
First Quarter | 22.66 | 20.95 |
Second Quarter | 23.08 | 21.60 |
Third Quarter | 24.96 | 22.34 |
Fourth Quarter | 26.04 | 23.66 |
2013 | ||
First Quarter | 28.86 | 25.85 |
Second Quarter | 31.08 | 27.23 |
Third Quarter | 29.67 | 27.65 |
Fourth Quarter | 32.20 | 28.24 |
2014 | ||
First Quarter | 32.75 | 29.66 |
Second Quarter | 32.40 | 29.02 |
Third Quarter | 30.96 | 28.04 |
Fourth Quarter | 32.09 | 27.70 |
2015 | ||
First Quarter | 35.05 | 31.16 |
Second Quarter | 35.44 | 33.46 |
Third Quarter | 36.15 | 30.82 |
Fourth Quarter | 35.45 | 31.33 |
2016 | ||
First Quarter | 32.18 | 28.56 |
Second Quarter (through the pricing date) | 34.43 | 30.04 |
Accelerated Return Notes® | TS-15 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
High ($) | Low ($) | |
2008 | ||
...First Quarter (from March 17, 2008) | 51.75 | 49.15 |
Second Quarter | 53.63 | 48.00 |
Third Quarter | 55.95 | 46.80 |
Fourth Quarter | 50.78 | 36.63 |
2009 | ||
First Quarter | 44.47 | 32.34 |
Second Quarter | 44.60 | 36.09 |
Third Quarter | 49.40 | 42.34 |
Fourth Quarter | 51.55 | 47.36 |
2010 | ||
First Quarter | 52.89 | 45.51 |
Second Quarter | 52.95 | 43.17 |
Third Quarter | 56.32 | 46.45 |
Fourth Quarter | 60.82 | 55.29 |
2011 | ||
First Quarter | 65.70 | 56.02 |
Second Quarter | 71.75 | 64.92 |
Third Quarter | 72.35 | 62.38 |
Fourth Quarter | 79.10 | 61.76 |
2012 | ||
First Quarter | 88.61 | 73.26 |
Second Quarter | 90.31 | 81.91 |
Third Quarter | 93.38 | 86.67 |
Fourth Quarter | 93.74 | 82.39 |
2013 | ||
First Quarter | 93.42 | 85.83 |
Second Quarter | 96.44 | 86.50 |
Third Quarter | 90.54 | 82.95 |
Fourth Quarter | 91.64 | 84.16 |
2014 | ||
First Quarter | 86.02 | 75.39 |
Second Quarter | 91.34 | 82.21 |
Third Quarter | 86.29 | 81.58 |
Fourth Quarter | 89.90 | 81.39 |
2015 | ||
First Quarter | 85.16 | 75.33 |
Second Quarter | 86.79 | 76.07 |
Third Quarter | 85.89 | 77.29 |
Fourth Quarter | 90.15 | 79.46 |
2016 | ||
First Quarter | 98.90 | 85.80 |
Second Quarter (through the pricing date) | 102.18 | 96.42 |
Accelerated Return Notes® | TS-16 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
High ($) |
Low ($) | |
2008 | ||
First Quarter | 43.79 | 35.97 |
Second Quarter | 50.42 | 41.19 |
Third Quarter | 56.39 | 39.88 |
Fourth Quarter | 42.48 | 29.21 |
2009 | ||
First Quarter | 39.54 | 32.78 |
Second Quarter | 46.34 | 39.36 |
Third Quarter | 48.45 | 43.06 |
Fourth Quarter | 46.86 | 40.68 |
2010 | ||
First Quarter | 49.47 | 35.56 |
Second Quarter | 43.29 | 32.84 |
Third Quarter | 45.12 | 31.96 |
Fourth Quarter | 49.99 | 43.89 |
2011 | ||
First Quarter | 59.58 | 50.21 |
Second Quarter | 58.59 | 52.25 |
Third Quarter | 59.36 | 46.40 |
Fourth Quarter | 57.40 | 47.65 |
2012 | ||
First Quarter | 68.59 | 55.27 |
Second Quarter | 68.32 | 53.55 |
Third Quarter | 65.08 | 53.73 |
Fourth Quarter | 64.35 | 57.43 |
2013 | ||
First Quarter | 67.97 | 63.45 |
Second Quarter | 67.28 | 59.88 |
Third Quarter | 70.09 | 59.39 |
Fourth Quarter | 74.25 | 65.71 |
2014 | ||
First Quarter | 79.28 | 71.12 |
Second Quarter | 81.32 | 77.61 |
Third Quarter | 81.60 | 72.49 |
Fourth Quarter | 78.51 | 69.26 |
2015 | ||
First Quarter | 74.51 | 62.46 |
Second Quarter | 71.06 | 62.62 |
Third Quarter | 65.14 | 52.43 |
Fourth Quarter | 60.87 | 46.83 |
2016 | ||
First Quarter | 53.30 | 42.96 |
Second Quarter (through the pricing date) | 55.98 | 50.03 |
Accelerated Return Notes® | TS-17 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
Accelerated Return Notes® | TS-18 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
Accelerated Return Notes® | TS-19 |
Accelerated Return Notes® Linked to a Basket of Eight Common Stocks, due July 28, 2017 | ![]() |
■ | There is no statutory, judicial, or administrative authority directly addressing the characterization of the notes. |
■ | You agree with us (in the absence of an administrative determination, or judicial ruling to the contrary) to characterize and treat the notes for all tax purposes as a single financial contract with respect to the Basket. |
■ | Under this characterization and tax treatment of the notes, a U.S. Holder (as defined beginning on page 99 of the prospectus) generally will recognize capital gain or loss upon maturity or upon a sale or exchange of the notes prior to maturity. This capital gain or loss generally will be long-term capital gain or loss if you held the notes for more than one year. |
■ | No assurance can be given that the IRS or any court will agree with this characterization and tax treatment. |
Accelerated Return Notes® | TS-20 |
O>BUQRM.#P-4,;D7U;G@HA-SVU+6[_HP0=BORY0=_I5P
ML;HS#2M!/E5MQ\NW/;G5OU+ _.-XW&_#??E4CO\ FN&XHXRSE&6V:SN2$E3*
M)\]J.7 .Y2%J&X&X[>M=^UW6UWR S=;+8Q *AV46H*D;_CRUT(?>9N<(+Y(N%I*5SYBG
M+,*]?,![SSJ(+3;C&(AH2TD@IC8&8T]-B:Z/L\>'_&[G MW$&[>KDF\VR?/M
MS<)/A^[*1X01S'Y>??9P^?D*L?VDF8_ M"H>+M.E+V37AAA20>[#(+R_^)+8
M_&NU[-[\G-7\X)__ ";J@O:<9D+EJ;C6%,NE3=AM"YKJ >STESM^WD93_6KF
MV4/8MVW*7CF#2E$
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
DO+K+H^
MZ2&DMYO)O,54UF(Z>QJ8]:4 O(8+A3[_ )"/&I*TE? 2!&9+JC\5!+D%P$ 'N
M0#]=9FM+M/S#Y0?J2W!#8>NXU3A\7&+5!B-]ZW75M!Y30^M3A>B24@?_ )A'
MU41??IEZVMC=0'5=E%C>UUL>%KV(%V.T1OHPVU'L\]MORR5WR1WJ+#X+"VFV
MTK(Y=X*.[@BQW4[U0ZZZ3L"A;"V3!ODV#<+HW:(\:S1VGI"WUMN.<]KKC:0D
M)97R2K[!P>:J_P#)0[,UTS@EWU/=,BN"MR7>[77+\LM,ZU2V7V27FV?(MQ;0
M9'*2PKM"N>73Z?&MUUQPV-K=6'3#T^RW&WK;)O [W<$_%1^VOT]@V/; ZJ 2S_:IQ0,HSXPIWI4.[)W%E^';5L^
M"8_C$:],7.V>U)CI[DR7'R7TI2EPK"$H!:05$I/">\_9Q_,%W#G+^QD:UVAA
M\.R7&?':64*D3(C2
MDJ4XTT2ALCN#/O'A!XC3K#RZT;KVC9>J^RZXD7#1> W:#AV59$B6MCZ605S>
M7_"TG@R(3+P\?=ZAQQT =P2KQD5^K#U?:FN>FKGU!9 U?,1P&&^MN#=L@AHC
MF\-!12B1#80M;ZVW2/O86A#BOB$<>M:C7'6_JG8.P;=K.X8IL'![U?R\<=&8
M8V[:VK\VV.2[#6HGO24^H"^Q7J/3GTJ'_E%,
S/DP<:QY5S7*+C2'0TPAE97
MW!#J.Y;B4,I*@E3@40# F;W.T]>'5KI/(]0P[W)U[IF=(R&]95)M4BWQ7)H?
M8<;A->TM(6M8=@MI6.T<)6OU!'-<9TC]4^N,!V!OK?&WHN01H&R,T
9QM
M$ALEQ'("E%=L,VT1K+/\FCYK>[3N;5LZZ[EM^+L,YG>[
UPY5OB2/*L>./)6RMY'8#VGN5&8/)!
M([/0CE7/=M#<&UN(.1<..9RTT@@@B#E($\6QOQ;&P$9M;R^%N?S!!!!UN5"/
M5@].D:VUQ(ND5,:8[LC"ER&4JY#3IND#4699U$7:?TFVC;F",M(RW-H-NM=ABN)!#-
M]G.(C);4DA0/@?6M2TD'T87R*B3>!)$"-3B,".MN?"ZD '#>QF^@@ F>E^0.
MMEUWW&]B_ML=J_R;BO\ )NO53 QW8^3Y5(
MO,R]:TAZ\QO)[;'ML1DNN.7&?(8#Z%.=BSW(\'*5K 2$DA(5SS80YX:TS,P=
M#$QQO%K7\XK,,+G"( )&HRGJ)N)MY3(OW&]B_ML=J_R;BO\ Y#Q:3F$JY/!"8,>WQWDM.E:^[N"P5=W'9Q
MV@^O/I6@PKJ/L.79#C]@NF YEB2
G+3>!RL7[+[BF?6Z]W>)[;
M'/LT)JZ/OK=[PYV+X;6E7:A2E'G@ GD5%VSWLNU[TL;*U%C6+P
;*
M4@GG@?2;G@?[2?\ QI1=B[MKLR*3I_>JL81'(@@[QD1916\/>%N0-1L?NTGN
M!GF(/ Y@W4^V3JBR^9UZ7W2,K!MD.8S&L4:'#"0($267G5.W-YX*"O9'4M
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MM#,P;%I^7P
M<\EVOR7VVL&+%E^=P>-HA8*>P*[#Z.N>I23[W[@XX>T-E?M3&-81X7L=?JRK4S4 T(/DH5N6"W1[9>5W'1^ST6K(/(AV\6>9%6AOR+)5WA2T%#@)*E#
MA"N"L^\ JNMT!E4_(AE42\8Q9[==+7=%1YTVU1TMLSWN5]RR1ZK6""2H_$+!
M^LUUV8:HU[GKZ)>68Q&FR&P 'PM;+I2.>$E;:DJ(')]">*WEAQZQXQ;6[1CU
MKC6^&V2I++" E/)^)/VD_:?6N'9NS*NS[7WK2 R7& 209^Z00T[RUU]P63*#
MF5,0ROZ\-.ANN"ZED+ F;G;/952#W)
MDN/J+"E*4V$!"4 MK"0%'T[?W>-QJS6E]P?,<]R&[2X#L?*;F)D-,=Q:EMH\
MKZ^' I( /#R?@5#D'U^',ETI1[+V?9\& 'PN