<SEC-DOCUMENT>0001999371-25-003115.txt : 20250325
<SEC-HEADER>0001999371-25-003115.hdr.sgml : 20250325
<ACCEPTANCE-DATETIME>20250325170307
ACCESSION NUMBER:		0001999371-25-003115
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20241231
<DEPOSITOR-CIK>0001040240
<SPONSOR-CIK>0001040240
FILED AS OF DATE:		20250325
DATE AS OF CHANGE:		20250325
ABS ASSET CLASS:             	Debt Securities

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MERRILL LYNCH DEPOSITOR INC INDEXPLUS TRUST SERIES 2003-1
		CENTRAL INDEX KEY:			0001267332
		STANDARD INDUSTRIAL CLASSIFICATION:	ASSET-BACKED SECURITIES [6189]
		ORGANIZATION NAME:           	Office of Structured Finance
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31941
		FILM NUMBER:		25769191

	BUSINESS ADDRESS:	
		STREET 1:		WORLD FINANCIAL CENTER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>ipb-10k_123124.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>WASHINGTON,
D.C. 20549</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
10-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>&#9746;
    Annual Report Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>&#9744;
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></TD></TR>
</TABLE>
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    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the fiscal year ended:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
    file number:</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December&nbsp;31,
    2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-31941</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>MERRILL
LYNCH DEPOSITOR, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>(ON
BEHALF OF INDEXPLUS TRUST SERIES 2003-1)&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of registrant as specified in its charter)</FONT></P>

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<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>DELAWARE</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>13-3891329</B></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction of <BR>
incorporation) </TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
    (I. R. S. Employer<BR>
    Identification No.)</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ONE
    BRYANT PARK, 4th FL <BR>
    NEW YORK, NEW YORK</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10036</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif">(Address of principal executive offices)</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<HR COLOR="Black" ALIGN="CENTER" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&rsquo;s
telephone number, including area code: <B>(646)&nbsp;855-6745</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEXPLUS
Trust Certificates Series&nbsp;2003-1, listed on The New York Stock Exchange American. Trading Symbol: IPB</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(g) of the Act:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule&nbsp;405 of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes&nbsp;&#9744;&nbsp;No&nbsp;&#9745;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or Section 15(d) of the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes&nbsp;&#9744;&nbsp;No&nbsp;&#9745;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to file
such reports), and (2)&nbsp;has been subject to such filing requirements for the past 90&nbsp;days.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes&nbsp;&#9745;&nbsp;
No&nbsp;&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit such files).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes&nbsp;&#9744;&nbsp;No&nbsp;&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo;
&ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
accelerated filer &#9744; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated filer &#9744; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer &#9745;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smaller reporting company &#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&rsquo;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered
public accounting firm that prepared or issued its audit report. &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes&nbsp;&#9744;&nbsp;No&nbsp;&#9745;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&rsquo;s executive officers during the relevant recovery period pursuant to &sect;240.10D-1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes&nbsp;&#9744;&nbsp;No&nbsp;&#9744;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a shell company (as defined in Rule&nbsp;12b-2 of the Act).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes&nbsp;&#9744;&nbsp;No&nbsp;&#9745;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">State
the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price
at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day
of the registrant&rsquo;s most recently completed second fiscal quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of shares outstanding for each of the registrant&rsquo;s classes of common stock, as of the latest practicable date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DOCUMENTS
INCORPORATED BY REFERENCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
information with respect to the underlying securities held by INDEXPLUS Trust Series 2003-1, please refer to respective periodic
reports, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and other
information of: The Boeing Company (Commission file number 001-00442); Citigroup Inc. (Commission file number 001-09924); Credit
Suisse Group AG (Commission file number 333-272452-02) (condensed consolidated financial statements with respect to guarantor Credit
Suisse Group AG and issuer Credit Suisse (USA) of the underlying securities) and guarantor UBS Group AG (Commission file number
333-272452); Ford Motor Company (Commission file number 001-03950); Ally Financial Inc. (Commission file number 001-03754); General
Motors Acceptance Corporation (Commission file number 001-06461); The Goldman Sachs Group, Inc. (Commission file number 001-14965);
Johnson &amp; Johnson (Commission file number 001-03215); Macy's Retail Holdings LLC (formerly known as Macy&rsquo;s Retail
Holdings, Inc. and the May Department Stores Company) (Commission file number 333-42940); Macy's, Inc. (Commission file number
001-13536); Warner Media, LLC (formerly known as Time Warner LLC and Time Warner Inc.) (Commission file number 001-15062); Time
Warner Companies, Inc. (Commission file number 001-08637); Turner Broadcasting System, Inc. (Commission file number 001-08911);
United States Department of Treasury; Valero Energy Corporation (Commission file number 001-13175); Verizon Communications Inc.
(Commission file number 001-08606); Paramount Global (formerly known as ViacomCBS Inc. and CBS Corporation) (Commission file number
001-09553); and Weyerhaeuser Company (Commission file number 001-04825) on file with the Securities and Exchange Commission (the
&ldquo;SEC&rdquo;). You can read and copy these reports and other information at the public reference facilities maintained by the
SEC at Room 1580, 100 F Street, N.E., Washington, D.C. 20549. You may obtain copies of this material for a fee by writing to the
SEC's Public Reference Section of the SEC at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information about the
operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. You can also access some of this information
electronically by means of the SEC's website on the Internet at http://www.sec.gov, which contains reports, proxy and information
statements and other information that the respective underlying securities issuers have filed electronically with the SEC. The
underlying securities issuer DaimlerChrysler North America Holding Corp. (now known as Daimler Finance North America LLC) and the
guarantor, Daimler AG, no longer file periodic Exchange Act reports. Unless and until the underlying securities comprise 10% of the
assets held by the trust, the trust is not required to liquidate its holdings of the asset. If such circumstances were to occur,
such as an increase in concentration of DaimlerChrysler assets to at least 10% of total trust assets, the asset would have to be
liquidated.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we have no reason to believe the information concerning the respective underlying securities or the respective underlying securities
issuers contained in the underlying securities issuer&rsquo;s Exchange Act reports are not reliable, neither the depositor nor
the trustee participated in the preparation of such documents or made any due diligence inquiry with respect to the information
provided therein. No investigation with respect to the respective underlying securities issuers (including, without limitation,
no investigation as to their respective financial condition or creditworthiness) or of the respective underlying securities has
been made. You should obtain and evaluate the same information concerning the respective underlying securities issuers as you
would obtain and evaluate if your investment were directly in the respective underlying securities or in other securities issued
by the respective underlying securities issuers. There can be no assurance that events affecting the respective underlying securities
or the respective underlying securities issuers have not occurred or have not yet been publicly disclosed which would affect the
accuracy or completeness of the publicly available documents described above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>TABLE
OF CONTENTS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART I</FONT></A></TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 1. BUSINESS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 1A. RISK FACTORS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">3</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 1B. UNRESOLVED STAFF COMMENTS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_001">ITEM 1C. CYBERSECURITY</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 2. PROPERTIES</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 3. LEGAL PROCEEDINGS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">7</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 4. MINE SAFETY DISCLOSURES</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART II</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 5. MARKET FOR REGISTRANT&rsquo;S COMMON
    EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 6. [RESERVED]</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 7. MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS
    OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES
    ABOUT MARKET RISK</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">8</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY
    DATA</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
    ON ACCOUNTING AND FINANCIAL DISCLOSURE</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 9A. CONTROLS AND PROCEDURES</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 9B. OTHER INFORMATION</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS
    THAT PREVENT INSPECTIONS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART III</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE
    GOVERNANCE</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 11. EXECUTIVE COMPENSATION</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
    OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,
    AND DIRECTOR INDEPENDENCE</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART IV</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba025"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ipba026"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNATURES</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex19.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ex-19: INSIDER TRADING POLICY</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex31-1.htm">EX-31.1: CERTIFICATION</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex97.htm">EX-97: POLICY RELATING TO RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-1.htm">EX-99.1: TRUSTEE'S ANNUAL COMPLIANCE CERTIFICATE</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-2.htm">EX-99.2: REPORT OF PRICEWATERHOUSECOOPERS LLP</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-3.htm">EX-99.3: REPORT OF KPMG LLP</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba001"></A>PART
I</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba002"></A>ITEM
1. BUSINESS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="ipba003"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
1A. RISK FACTORS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
investment in the trust certificates will involve certain risks. You should carefully consider the following discussion of risks,
and the other information included or incorporated by reference in the applicable prospectus supplement and the accompanying prospectus.
You should also carefully consider any risk factors and other information that the underlying securities issuer may file in its
Exchange Act reports as referenced in the &ldquo;Documents Incorporated by Reference&rdquo; section above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IF
THE TRUST CERTIFICATES OR ANY OF THE UNDERLYING SECURITIES ARE REDEEMED PRIOR TO THEIR MATURITY DATE, YOU MAY NOT BE ABLE TO REINVEST
YOUR REDEMPTION PROCEEDS AT A YIELD COMPARABLE TO THE YIELD YOU WOULD HAVE RECEIVED ON YOUR TRUST CERTIFICATES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
yield you will realize on your trust certificates depends upon several factors, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&bull;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the purchase price of the trust certificates,</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&bull;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">when you acquire your trust certificates,</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&bull;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether an underlying securities issuer exercises
    an option to redeem underlying securities, and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&bull;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether the trust redeems the trust certificates
    prior to the final scheduled distribution date.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
description of the underlying securities in the applicable prospectus supplement indicates which of the underlying securities
can be redeemed prior to maturity at the option of the associated underlying securities issuer. Because the indicated underlying
securities issuers have the right to redeem the indicated underlying securities early, we cannot assure you that the trust will
be able to hold those underlying securities until their maturity date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">YOU
MAY NOT BE PAID IF THE ASSETS OF THE TRUST ARE INSUFFICIENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
on the trust certificates will be made only from available assets of the trust. The trust will have no significant assets other
than the portfolio of underlying securities. The trust certificates are not obligations of and do not represent any interests
in the underwriter, the depositor, the trustee, the market agent, the calculation agent or any of their affiliates. Neither we
nor the underwriter, the trustee, the market agent, the calculation agent or any other person or entity will be obligated to make
any payments on the trust certificates from its own assets, and trust certificates holders will have no recourse against any of
them or their respective assets. If the payments received from the underlying securities are insufficient to make distributions
on the trust certificates, you may not receive all or part of the full amount due on your trust certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NEITHER
WE NOR THE TRUSTEE, THE UNDERWRITER, THE MARKET AGENT, THE CALCULATION AGENT NOR ANY OF THEIR AFFILIATES WILL MANAGE THE UNDERLYING
SECURITIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as described below, the trust will not dispose of any of the underlying securities, even if an event occurs that adversely affects
any underlying securities issuer and/or the value of any or all of the underlying securities. Under the applicable trust agreement,
the trust will dispose of an underlying security only if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&bull;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">there is a credit event on an underlying security
    or an underlying securities issuer,</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&bull;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">there is a non-payment-related default that
    accelerates the maturity of an underlying security, or</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&bull;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the case of an underlying securities issuer
    that is obliged to file Exchange Act reports, the relevant underlying securities issuer ceases to file Exchange Act reports
    and the related underlying securities comprise 10% or more of the assets of the trust.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the above circumstances, the trustee must retain a market agent who will sell the defaulted underlying security on or after the
30th day after receipt of notice of the default in accordance with the sale procedures described in the applicable prospectus
supplement and distribute the net proceeds from such sale to the holders of the trust certificates pro rata even if adverse market
conditions exist. Neither the trustee nor the market agent has discretion to do otherwise. If adverse market conditions exist
at the time of the sale of the underlying securities, you may incur greater losses than if the trust continued to hold the underlying
securities and sold them at a later date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
VALUE OF THE TRUST CERTIFICATES DEPENDS UPON THE CREDITWORTHINESS OF THE UNDERLYING SECURITIES ISSUERS AND THE MARKET PRICES OF
THE UNDERLYING SECURITIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trust certificates represent interests in obligations of the underlying securities issuers and will be subject to all the risks
associated with directly investing in each underlying securities issuer&rsquo;s debt obligations. The underlying indenture and
the terms and conditions governing each underlying security may not limit the amount of indebtedness that may be incurred by the
relevant underlying securities issuer. In addition, an investment in the trust certificates represents an investment in the underlying
securities and most of the underlying securities are not listed on any securities exchange. The underlying securities are generally
purchased and sold through dealers who make a market in such securities for their own accounts, and there may be significant disparities
in the prices quoted for any of the underlying securities by securities dealers at any point in time. Therefore, the market for
any of the underlying securities is less liquid than the market for securities which are traded through a securities exchange
and the aggregate market value of a comparable amount of the underlying securities may be higher than the market price of the
trust certificates. You should consider the nature of each underlying security and the credit risk of each underlying securities
issuer before making an investment decision regarding the trust certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
TRUST CERTIFICATEHOLDERS MAY SUFFER A LOSS UPON THE OCCURRENCE OF A REMOVAL EVENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
a removal event, as described in the applicable prospectus supplement, occur with respect to an underlying security, the trustee
on behalf of the trust will instruct the market agent to sell such underlying security and distribute the net proceeds of the
sale of such underlying security to the trust certificateholders. In such case, the certificate principal balance of the trust
certificates will be reduced by the principal amount of the underlying security subject to such removal event. If the amount distributable
to the trust certificateholders from the proceeds of the sale of the underlying securities subject to the removal event is less
than the principal amount of such underlying securities plus any accrued and unpaid interest thereof the trust certificateholders
will suffer a loss. Additionally, if less than all of such underlying securities are sold and the applicable underlying securities
issuer defaults on payments due on such unsold underlying securities, the trust certificateholders will suffer a loss. The trust
certificateholders will also bear the risk of reinvestment resulting from the reduction in the certificate principal balance of
the trust certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
PASS-THROUGH RATE MAY BE REDUCED UPON PAYMENT OF PRINCIPAL ON OR THE OCCURRENCE OF A REMOVAL EVENT WITH RESPECT TO UNDERLYING
SECURITIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the pass-through rate on the trust certificates will be determined in part by the weighted average interest rate of the underlying
securities, payments of principal on an underlying security or the occurrence of a removal event may cause the pass-through rate
to decrease depending upon the interest rate of such underlying security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AS
UNDERLYING SECURITIES ARE REMOVED FROM THE TRUST AT THEIR MATURITY, REDEMPTION OR SALE, THE POOL OF UNDERLYING SECURITIES WILL
BECOME LESS DIVERSIFIED AND YOUR EXPOSURE TO ECONOMIC FACTORS THAT DISPROPORTIONATELY AFFECT ONE OR MORE OF THE REMAINING UNDERLYING
SECURITIES WILL INCREASE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
underlying securities mature, underlying securities are redeemed or sold, or removal events occur, the pool of underlying securities
held by the trust will become less diversified. These events could increase your risk of loss resulting from the decline in one
or more of the economic factors disproportionately affecting any of the remaining underlying securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL
AND INTEREST PAYMENTS ON THE UNDERLYING SECURITIES ARE UNSECURED OBLIGATIONS OF THE UNDERLYING SECURITIES ISSUERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
on the trust certificates depend primarily on principal and interest payments on the underlying securities. Some of these payments
are unsecured obligations of the underlying securities issuers. In any proceedings involving the insolvency, liquidation or winding
up of an underlying securities issuer, holders of unsecured securities of that underlying issuer will be paid only after the holders
of that underlying securities issuer&rsquo;s secured obligations are paid in full. As a result, you may not recover the principal
amount of your trust certificates attributable to such underlying security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
RATINGS OF THE TRUST CERTIFICATES MAY CHANGE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the time of issuance, Moody&rsquo;s and/or Fitch Ratings assigned ratings to the trust certificates on the original issue date
in one of the four highest categories assigned to long-term debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
rating issued with respect to the trust certificates is not a recommendation to purchase, sell or hold a security. Ratings do
not reflect upon the market price of the trust certificates or their suitability for a particular investor. We cannot assure you
that initial ratings will remain for any given period of time or that a ratings agency would not revise or withdraw entirely the
ratings if, in its judgment, circumstances (including, without limitation, the rating of any of the underlying securities) merit.
A revision or withdrawal of a rating may adversely affect the market price of the trust certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POTENTIAL
CONFLICTS OF INTERESTS MAY ARISE BETWEEN US, THE UNDERWRITER AND THE TRUST</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We,
BofA Securities, Inc. (formerly known as Bank of America Merrill Lynch, the successor-in-interest to Merrill Lynch, Pierce, Fenner
&amp; Smith Incorporated), or one of its affiliates acquired the underlying securities comprising the trust&rsquo;s portfolio.
Potential conflicts of interests may arise as BofA Securities, Inc. and its affiliates may engage in investment banking or may
provide other services for some or all of the underlying securities issuers. In addition, BofA Securities, Inc. and its affiliates
may also own, make purchases or sales, including sales to the trust, establish long or short positions or engage in hedging activities
in some or all of the underlying securities for their own accounts. All such activities may result in conflicts of interests among
BofA Securities, Inc., its affiliates and the trust certificateholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="ipba004"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
1B. UNRESOLVED STAFF COMMENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a_001"></A>ITEM 1C. CYBERSECURITY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba005"></A>ITEM
2. PROPERTIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba006"></A>ITEM
3. LEGAL PROCEEDINGS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba007"></A>ITEM
4. MINE SAFETY DISCLOSURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="ipba008"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART
II</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba009"></A>ITEM
5. MARKET FOR REGISTRANT&rsquo;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -36.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust Certificates issued by INDEXPLUS Trust Series&nbsp;2003-1 are represented by one or more physical certificates registered in the
name of Cede &amp; Co., the nominee of the Depository Trust Company. The Trust Certificates are listed on The New York Stock Exchange
American.</font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba010"></A>ITEM
6. [RESERVED]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba011"></A>ITEM
7. MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba012"></A>ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba013"></A>ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba014"></A>ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="ipba015"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
9A. CONTROLS AND PROCEDURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant has procedures so as to provide reasonable assurance that its future Exchange Act filings will be filed within the
applicable time periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="ipba016"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
9B. OTHER INFORMATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba017"></A>ITEM
9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba018"></A>PART
III</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba019"></A>ITEM
10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba020"></A>ITEM
11. EXECUTIVE COMPENSATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba021"></A>ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -36.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Authorized For Issuance Under Equity
    Compensation Plans: None.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Ownership Of Certain Beneficial Owners:
    None.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Ownership Of Management: Not Applicable.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes In Control: None.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba022"></A>ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba023"></A>ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="ipba024"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART
IV</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ipba025"></A>ITEM
15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)
Financial Statements: Not Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)
Financial Statement Schedules: Not Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(3)
List of Exhibits</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following exhibits are filed as part of, and incorporated by reference into, this Annual Report on Form 10-K:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1267332/000094787103002697/f424b5_121503.txt" STYLE="-sec-extract: exhibit">For
    a description of the securities of the INDEXPLUS Trust Series 2003-1, see Prospectus Supplement (To Prospectus dated October
    24, 2002) dated as of December 11, 2003 filed by the Depositor with the SEC on December 15, 2003 and incorporated here by
    reference.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex19.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insider Trading Policy</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.1.</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex31-1.htm">Certification of the President of Registrant dated March 25, 2025, pursuant to Rules&nbsp;13a-14 and 15d-14 under the Securities Exchange Act of 1934, as adopted pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002, with respect to the Registrant&rsquo;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2024</A>.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">97.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex97.htm">Policy Relating to Recovery of Erroneously Awarded Compensation.</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-1.htm">Trustee&rsquo;s Annual Compliance Certificate dated March 10, 2025.</A></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-2.htm">Report of PricewaterhouseCoopers LLP, Independent Accountants, dated March 3, 2025, Registrant&rsquo;s Assertion on Compliance with PPLUS Minimum Servicing Standards dated March 3, 2025 and PPLUS Minimum Servicing Standards</A>.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-3.htm">Report of KPMG LLP, Independent Accountants, dated February 21, 2025, The Bank of New York Mellon&rsquo;s Assertion on Compliance with PPLUS Minimum Servicing Standards dated February 21, 2025 and PPLUS Minimum Servicing Standards.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;Exhibits</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant hereby files as part of this Annual Report on Form 10-K the exhibits listed in Item&nbsp;15(a)(3) set forth above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;Financial
Statement Schedules</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A NAME="ipba026"></A>SIGNATURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>

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    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 41%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MERRILL LYNCH DEPOSITOR, INC.<BR>
    &nbsp;</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: March 25, 2025</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Matthew J. Nelson</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matthew J. Nelson</FONT></TD>
    </TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President&nbsp;</FONT></TD>
    </TR>
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<DOCUMENT>
<TYPE>EX-19
<SEQUENCE>2
<FILENAME>ex19.htm
<DESCRIPTION>INSIDER TRADING POLICY
<TEXT>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="ipb-10k_123124.htm">MERRILL LYNCH DEPOSITOR, INC. 10-K</A></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0pt; text-align: right"><B>EXHIBIT 19</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; "><B>Bank
of America Corporation</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; "><B>Insider Trading Policy</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; "><B>January
6, 2025</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; "><B><U>INTRODUCTION
AND STATEMENT OF PRINCIPLES</U></B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank
                                         of America Corporation (&ldquo;<B>BAC</B>&rdquo;) and its direct and indirect subsidiaries
                                         (collectively, the <B>&ldquo;Company&rdquo;</B>), and the Company&rsquo;s officers, directors
                                         and employees, are subject to and shall promote compliance with U.S. federal and state
                                         securities laws and securities laws in jurisdictions outside the U.S., including insider
                                         trading laws, rules and regulations promulgated by the U.S. Securities and Exchange Commission
                                         (the <B>&ldquo;SEC&rdquo;</B>), and any applicable listing standards of the New York
                                         Stock Exchange. In particular, the Company, members of BAC&rsquo;s Board of Directors
                                         <B>(&ldquo;Directors&rdquo;</B>), and the Company&rsquo;s officers and employees must
                                         comply with U.S. federal and state securities laws governing trading in securities while
                                         in possession of material nonpublic information (<B>&ldquo;MNPI&rdquo;</B>) (defined
                                         below) and &ldquo;tipping&rdquo; or disclosing MNPI to others (<B>&ldquo;Insider Trading
                                         laws&rdquo;</B>). It is the Company&rsquo;s policy that neither the Company nor any officers,
                                         Directors or employees are permitted to engage in improper insider trading or tipping.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">To
help facilitate compliance with Insider Trading laws, the Company has documented this Insider Trading Policy (the <B>&ldquo;Policy&rdquo;</B>).
This Policy applies to (i) Directors and officers and employees of the Company, (ii) individual consultants, contractors and
temporary employees of the Company who may have access to the Company&rsquo;s MNPI (each, a <B>&ldquo;Covered Person&rdquo; </B>and
together, <B>&ldquo;Covered Persons&rdquo;</B>), (iii) Affiliates of the foregoing (as defined below) and (iv) the Company itself.
This Policy relates to all securities the Company has issued or will issue, including any common stock, warrants to purchase common
stock, preferred stock and debt securities, as well as any derivative financial instruments pertaining to the Company, whether
or not issued by the Company, such as options or forward contracts, and the Company stock fund or Company &ldquo;phantom&rdquo;
stock fund (<B>&ldquo;Company Securities&rdquo;</B>).</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the normal course of their employment or other relationship with the Company, Covered Persons may also have access to confidential
information (including MNPI) regarding companies other than the Company. The Company maintains separate policies regarding confidential
information about clients and customers, including prohibiting insider trading in the securities of those clients and customers.
This Policy does not relate to those circumstances and Covered Persons should refer to their applicable investment policies and
procedures, including the Company&rsquo;s Information Wall - Enterprise Policy, and the Bank of America Code of Conduct. Insider
Trading laws also apply to transactions in securities of other companies, and no Covered Person may buy, sell, recommend or trade,
either personally or indirectly through someone else, the securities of any other company while in possession of MNPI about such
other company.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; "><B><U>PROCEDURES
AND GUIDELINES GOVERNING INSIDER TRADING AND TIPPING</U></B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>I &ndash; KEY DEFINITIONS</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Affiliates</U>.
A Covered Person&rsquo;s spouse or domestic partner, dependent children or children that live with such person, or any other person
who derives their primary means of financial support from the applicable Covered Person. Affiliated accounts include securities
accounts in which a Covered Person or any Affiliate of the foregoing has a financial or beneficial interest, or over which the
foregoing exhibits &ldquo;influence or control,&rdquo; including investment clubs, joint accounts or partnerships, trusts, individual
retirement accounts and other self-directed retirement accounts.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Desi</U>g<U>nated
Insiders</U>. All Directors, certain Company senior executives and other individuals designated by the Company as &ldquo;insiders.&rdquo;
Designated Insiders are separately notified and advised of their designation.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Material
Nonpublic Information</U>. Information is considered &ldquo;material&rdquo; if there is a substantial likelihood that a reasonable
investor would consider it important in making an investment decision to buy, sell or hold the security or financial instrument
(e.g., information that likely would affect the market price of a security if made public). Information is considered &ldquo;nonpublic&rdquo;
if it has not been widely disseminated or generally available to the public (e.g., by broadcast on widely available media, such
as radio or television, through a press release or by a filing with the SEC) and there has not been sufficient time for the market
to digest the information. There is no bright-line standard for assessing materiality. Rather, materiality is based on an assessment
of all facts and circumstances. While it is not possible to identify in advance all information that may be deemed &ldquo;material,&rdquo;
the following types of information might be considered material depending on their content:</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
performance, especially quarterly and year-end earnings, and significant changes in financial performance, capital or liquidity;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
projections and strategic plans, including changes in previously announced earnings guidance;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending
or proposed mergers and acquisitions, sales of Company assets or joint ventures;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
establishment of a repurchase program for Company Securities;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
change in auditors or notification that the auditor&rsquo;s reports may no longer be relied upon;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock
splits, public or private securities/debt offerings, or changes in dividend policies or amounts;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
changes in senior management or the Board of Directors;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending
or threatened major litigation or dispute, a material occurrence in such litigation or dispute, or the resolution of such litigation
or dispute;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
significant cybersecurity incident; or</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
imposition of Event-Driven Blackout Periods (defined below).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>II &ndash; GENERAL GUIDELINES</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Covered Person may buy, sell, recommend or trade, gift or donate, either personally or indirectly through someone else, Company
Securities while in possession of MNPI about the Company.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Covered Person may communicate or disclose MNPI (sometimes referred to as &ldquo;tipping&rdquo;) to others (e.g., family members
and other Affiliates, friends, analysts, investors and members of the investment community and news media) unless required as
part of that Covered Person&rsquo;s regular duties for the Company and the recipient has a legitimate business need to know. This
Policy applies even if the Covered Person does not intend to realize a benefit from such tip or disclosure.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may not transact in Company Securities while in possession of MNPI related to the Company unless such activity complies
with applicable securities laws. To facilitate compliance with the foregoing, the Company may not, directly or indirectly, repurchase
any Company common stock pursuant to a common stock repurchase program unless any such transaction occurs (i) outside of any closed
period established by the Company (a <B>&ldquo;Closed Period&rdquo;</B>) or (ii) during a Closed Period pursuant to a trading
plan duly adopted pursuant to Rule 10b5-l under the Securities Exchange Act of 1934, as amended (<B>&ldquo;Rule 10b5-l&rdquo;</B>).</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>III &ndash; COMPANY BLACKOUT PERIODS FOR PERSONAL TRADING</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company establishes and maintains blackout periods (<B>&ldquo;Blackout Periods&rdquo;</B>) during which certain Covered Persons
may not transact in Company Securities, as described below, to support the principle that all Covered Persons are required to
conduct their personal Company Securities transactions in a manner that does not take or appear to take unfair advantage of their
relationship with the Company. During these periods, there may or may not exist MNPI about the Company, and the maintenance of
these periods does not mean such MNPI exists. The Company also maintains these periods in order to facilitate compliance with
Insider Trading laws.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">During
                                         Blackout Periods, Directors, all Company senior executives, other individuals designated
                                         by the Company as &ldquo;insiders&rdquo; and certain designated full and part-time employees
                                         as well as contractors, and material third-party relationships (e.g., vendors) that perform
                                         operations or processes on behalf of the Company, including in the Chief Financial Officer
                                         Group and other designated units, that may have access to MNPI, each of which are separately
                                         notified and advised of their status, are prohibited from:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchasing
or selling Company Securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">making
gifts or charitable donations of Company Securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">making
elections, changes, investment decisions or re-allocations in any 401(k) plan, pension plan, deferred compensation plan, or other
benefit or deferral plans, that involve in any way Company Securities, including, but not limited to, the Company stock fund or
Company &ldquo;phantom&rdquo; stock fund; or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">effecting
cashless exercises of options. The existence of a Blackout Period shall not prohibit: (i) delivery of shares in payment of tax
withholding obligations upon the vesting of restricted stock or (ii) transactions pursuant to duly adopted Rule 10b5-l Trading
Plans.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Blackout
                                         Periods applicable to Covered Persons generally begin at the close of business on the
                                         15<SUP>th</SUP> day of the last month of each fiscal quarter, or 30 days prior to the
                                         scheduled release of financial results for the quarter (whichever is earlier), through
                                         the end of the trading day on which financial results for that quarter are released to
                                         the public (regardless of whether the Company or any Covered Person is in possession
                                         of MNPI), and occur during any other period of time during which Covered Persons subject
                                         to the Blackout Period are advised by the Company that they may not transact in Company
                                         Securities (<B>&ldquo;Event-Driven Blackout Periods&rdquo;</B>).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">As
                                         a reminder, even outside of a Blackout Period, Covered Persons subject to a Blackout
                                         Period must never trade in Company Securities when they are in possession of MNPI about
                                         the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>IV
&ndash; PRE-CLEARANCE PROCEDURES</U></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designated
                                         Insiders must pre-clear transactions in Company Securities through the Company&rsquo;s
                                         Legal Department (<B>&ldquo;Legal Department&rdquo;</B>) or the Company&rsquo;s Associate
                                         Investment Monitoring Group&rsquo;s (<B>&ldquo;AIM Group&rdquo;</B>), as specified from
                                         time to time, including buying and selling Company Securities, making gifts or charitable
                                         donations of Company Securities and election changes, investment decisions or re-allocations
                                         involving Company Securities in benefit, retirement or deferral plans and entering into
                                         a Rule 10b5-l trading arrangement or non-Rule 10b5-l trading arrangement with respect
                                         to Company Securities (in each case, as defined by Item 408 of Regulation S-K under the
                                         Securities Act of 1933, as amended).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">Certain
                                         other Company senior executives, who are separately notified and advised of their requirements,
                                         must pre-clear all transactions in Company Securities (including proposed gifts or charitable
                                         donations of Company Securities) through the AIM Group&rsquo;s trade pre-clearance system,
                                         except transactions in the Bank of America Common Stock Fund in the Bank of America 401
                                         (k) or Pension Plan.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">Covered
                                         Persons designated as being on the &ldquo;private side,&rdquo; who are separately notified
                                         and advised of their requirements, must pre-clear all transactions in Company Securities
                                         (including proposed gifts or charitable donations of Company Securities) through the
                                         AIM Group trade pre-clearance system, except the liquidation of Company Securities received
                                         as compensation, including Bank of America shares purchased as part of an Employee Stock
                                         Purchase Plan; and transactions in the Bank of America Common Stock Fund in the Bank
                                         of America benefit or deferral plans.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">As
                                         part of the pre-clearance process, Covered Persons subject to pre-clearance must represent
                                         that they are not in possession of MNPI about the Company before transacting in Company
                                         Securities.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">The
                                         Legal Department or the AIM Group, as the case may be, may in its sole discretion, accept
                                         or reject any trading notice submitted for review or pre-clearance. Accordingly, no Covered
                                         Person subject to the pre-clearance procedures may effect any trade in Company Securities
                                         unless and until authorized to proceed.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">All
                                         trade approvals expire at the end of the following calendar day, and proposed trades
                                         not placed within the specified time must be resubmitted through the pre-clearance procedures
                                         and approved again before the trade may proceed.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">All
                                         of the above requirements include transactions executed in securities accounts of an
                                         Affiliate.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>V
&ndash; RULE 10b5-l TRADING PLANS FOR PERSONAL TRADING</U></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">Directors,
                                         Company senior executives and other individuals designated by the Company as &ldquo;insiders&rdquo;
                                         wishing to establish a Rule 10b5-l trading plan with respect to Company Securities must
                                         first receive Company approval as provided by the Legal Department and AIM Group.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">Individual
                                         trades of Company Securities under an approved and implemented Rule 10b5-l trading plan
                                         are not subject to pre-clearance procedures and Blackout Periods (including Event-Driven
                                         Blackout Periods).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>MISCELLANEOUS</U></B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">The
                                         Company reserves the right to amend or rescind, in whole or part, this Policy at any
                                         time and without notice. Neither this Policy, nor its terms or its enforcement, shall
                                         constitute or be construed or relied upon as a contract of employment, or as a promise
                                         or commitment of benefits or continued employment.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">Individuals
                                         who transact in Company Securities while in possession of MNPI (or tip information to
                                         others who trade) can be liable for civil and criminal penalties, in addition to legal
                                         and disciplinary action, including dismissal by the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>ex31-1.htm
<DESCRIPTION>CERTIFICATION OF THE PRESIDENT OF REGISTRANT
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="ipb-10k_123124.htm">MERRILL LYNCH DEPOSITOR, INC. 10-K</A></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Matthew J. Nelson, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">1.&nbsp;I
have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in
respect of periods included in the year covered by this annual report, of Merrill Lynch Depositor, Inc., on behalf of INDEXPLUS
Trust Series&nbsp;2003-1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.&nbsp;Based
on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading as of the last day of the period covered by this annual report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">3.&nbsp;Based
on my knowledge, the distribution or servicing information required to be provided to the depositor by the trustee under the pooling
and servicing, or similar, agreement, for inclusion in these reports is included in these reports;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">4.&nbsp;I
am responsible for reviewing the activities performed by the depositor and the trustee under the pooling and servicing, or similar,
agreement and based upon my knowledge and the annual compliance review required under that agreement, and except as disclosed in
the reports, the depositor and trustee have each fulfilled its obligations under that agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">5.&nbsp;The
reports disclose all significant deficiencies relating to the compliance by the depositor or trustee with the minimum servicing
or similar standards based upon the report provided by an independent public accountant, after conducting a review in compliance
with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling or servicing,
or similar, agreement, that is included in these reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In giving the certifications above, I have reasonably relied
on information provided to me by the following unaffiliated parties: The Bank of New York Mellon and its officers and agents.</P>

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    <TD STYLE="width: 59%">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD>
    </TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">Date: March 25, 2025</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Matthew J. Nelson </FONT></TD>
    </TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Matthew J. Nelson</FONT></TD>
    </TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President&nbsp;</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-97.
<SEQUENCE>4
<FILENAME>ex97.htm
<DESCRIPTION>POLICY RELATING TO RECOVERY OF ERRONEOUSLY AWARED COMPENSATION
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="ipb-10k_123124.htm">MERRILL LYNCH DEPOSITOR, INC. 10-K</A></P>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT 97</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; text-align: justify"><B><I>Incentive Compensation Recoupment Policy</I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; text-align: justify">This Incentive Compensation Recoupment Policy
(&ldquo;Policy&rdquo;) shall be administered by the Board of Directors (the &ldquo;Board&rdquo;) of Bank of America Corporation (the
&ldquo;Company&rdquo;) or an appropriate Board committee. Any determinations made by the Board or committee shall be final and binding
on all affected individuals. Additionally, this Policy incorporates by reference the requirements of Section 954 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and its implementing rules and regulations
thereunder and the New York Stock Exchange listing standards. This Policy operates in addition to any (a) recoupment provisions contained
in the terms of other compensation awards or programs, and (b) recoupment requirements imposed under applicable laws.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; text-align: justify"><I><U>Covered Officers</U></I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; text-align: justify">This Policy applies to all of the Company&rsquo;s
current and former &ldquo;executive officers,&rdquo; as determined by the Board pursuant to Rule 16a-1(f) promulgated under the Exchange
Act (&ldquo;Covered Officers&rdquo;) and in accordance with Section 10D of the Exchange Act and the New York Stock Exchange listing standards.
This Policy shall be binding and enforceable against all such Covered Officers and their beneficiaries, heirs, executors, administrators
or other legal representatives.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; text-align: justify"><I><U>Compensation Subject to Recoupment</U></I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; text-align: justify">For purposes of this Policy, covered compensation
subject to recoupment includes any non-equity incentive plan awards, bonuses paid to a Covered Officer from a bonus pool, cash awards,
equity or equity-based awards, or proceeds received upon sale of shares acquired through an incentive plan; provided that, such compensation
is granted, earned, and/or vested based wholly or in part on the attainment of a financial reporting measure (&ldquo;Incentive-based
Compensation&rdquo;). For purposes of this Policy, Incentive-based Compensation will also include any amounts which were determined based
on (or were otherwise calculated by reference to) Incentive-based Compensation. A financial reporting measure includes those found in
financial statements prepared under U.S. Generally Accepted Accounting Principles or derived in whole or in part from such measure (e.g.,
total shareholder return, stock price, revenue, net income, return on assets, tangible book value).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; text-align: justify">Incentive-based Compensation shall not include
any salaries, discretionary cash bonuses, non-equity incentive plan awards earned by a Covered Officer upon satisfying a strategic measure
or operational measure (e.g., completion of a project), or equity-based awards that are not contingent on achieving any financial reporting
measure.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; text-align: justify"><I><U>Required Recoupment; Accounting Restatement</U></I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; text-align: justify">In the event the Company is required to prepare
an accounting restatement of its financial statements due to the Company&rsquo;s material noncompliance with any financial reporting
requirement under U.S. securities laws or regulations issued by the Securities and Exchange Commission, the Board or applicable committee
shall require reimbursement, forfeiture, or other recovery of any excess Incentive-based Compensation (described below) received by any
Covered Officer during the applicable look-back period (described below). Covered accounting restatements include those that either (a)
correct an error in a previously issued financial statement that is material to such previously issued financial statement or (b) correct
an error that is not material to a previously issued financial statement, but would result in a material misstatement if left uncorrected
in a current report or the error correction was not recognized in the current period.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; text-align: justify">The amount of excess Incentive-based Compensation
to be recouped due to a covered accounting restatement will be the amount the Covered Officer received in excess of the amount that would
have otherwise been received by the Covered Officer had the Incentive-based Compensation been determined based on the restated amounts,
calculated on a pre-tax basis. If the Board or committee cannot determine the amount of excess compensation received by the Covered Officer
directly from the information in the accounting restatement, then it shall make its determination based on a reasonable estimate of the
effect of the covered accounting restatement.&nbsp;</P>

<P STYLE="margin-bottom: 0px; font: 10pt Times New Roman, Times, Serif; text-align: justify">The look-back period will be the three completed fiscal
years immediately preceding the earlier of the date on which (a) the Board or committee concludes or reasonably should have concluded
that an accounting restatement is required or (b) a court, regulator, or other legally authorized body directs a restatement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; text-align: justify"><I><U>Additional Recoupment; Fraud or Intentional
Misconduct</U></I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; text-align: justify">If the Board or an appropriate committee
has determined that any fraud or intentional misconduct by one or more Covered Officers caused, directly or indirectly, the Company to
restate its financial statements, the Board or committee shall take, in its sole discretion, such additional action, if any, as it deems
necessary to remedy the misconduct and prevent its recurrence. Notwithstanding the &ldquo;Compensation Subject to Recoupment&rdquo; and
&ldquo;Required Recoupment; Accounting Restatement&rdquo; sections above, this may include requiring reimbursement of any bonus or incentive
compensation awarded to such officers and/or the cancellation of unvested equity-based awards previously granted to such Covered Officers
in the amount by which compensation exceeded any lower payment that would have been made based on the restated financial results.<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; text-align: justify"><I><U>Recoupment Method</U></I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; text-align: justify">The Board or committee may determine, in
its sole discretion, the method for recouping compensation from a Covered Officer reasonably promptly under this Policy including, without
limitation: (a) requiring reimbursement of cash previously paid; (b) seeking recoupment of any gain realized on the vesting, exercise,
settlement, sale, transfer, or other disposition of any equity or equity-based awards; (c) offsetting the recouped amount from any compensation
otherwise owed to the Covered Officer; (d) cancelling outstanding vested or unvested equity or equity-based awards; (e) forfeiting any
vested non-qualified deferred compensation account balances; and/or (f) taking any other remedial and recoupment action permitted by
law, as determined by the Board or committee. The Board or committee shall not be required to seek to recoup compensation under this
Policy if such recoupment would (i) be impracticable, (ii) violate home country laws, or (iii) likely cause an otherwise tax-qualified
retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of Section
401(a)(13) or Section 411(a) of the U.S. Internal Revenue Code of 1986, as amended; each as determined by the Board or committee in accordance
with the New York Stock Exchange listing standards. Any such determination that recoupment is not required shall be evidenced by the
Board or committee.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt; text-align: justify">The Company shall not indemnify any Covered
Officers against the loss of any compensation resulting from the application of this Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>ex99-1.htm
<DESCRIPTION>TRUSTEE ANNUAL COMPLIANCE CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="ipb-10k_123124.htm">MERRILL LYNCH DEPOSITOR, INC. 10-K</A></P>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="ex991001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE BANK OF NEW YORK MELLON</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Officer&rsquo;s Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<HR COLOR="Black" ALIGN="CENTER" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 10, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MERRILL LYNCH DEPOSITOR, INC.<BR>
One Bryant Park<BR>
4th Floor &ndash; Structured Credit Trading<BR>
New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PREFERREDPLUS, PPLUS TRUST AND INDEXPLUS
CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned, Terrence White, Vice President of The Bank
of New York Mellon (formerly The Bank of New York), a New York corporation (the &ldquo;Trustee&rdquo;), hereby certifies in such
capacity that, based on his knowledge, the Trustee has complied, in all material respects, with all conditions and covenants applicable
to the Trustee under the Standard Terms for Trust Agreements dated February 20, 1998 between MERRILL LYNCH DEPOSITOR, INC., as
depositor (the &ldquo;Depositor&rdquo;) and the Trustee, as successor to United States Trust Company of New York, as trustee and
securities intermediary (the &ldquo;Securities Intermediary&rdquo;), in each case as amended by a series supplement between the
Depositor, the Trustee and the Securities Intermediary for each trust series listed in the attached schedule.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">The Bank of New York Mellon (formerly </FONT><BR>
<FONT STYLE="font-size: 10pt">The Bank of New York), as Trustee </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Terrence White</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Terrence White</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PPLUS Trust Series GSC-2<BR>

INDEXPLUS Trust Series 2003-1 &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>6
<FILENAME>ex99-2.htm
<DESCRIPTION>REPORT OF PRICEWATERHOUSECOOPERS LLP
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="ipb-10k_123124.htm">MERRILL LYNCH DEPOSITOR, INC. 10-K</A></P>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[PricewaterhouseCoopers Letterhead]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report of Independent Accountants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Board of Directors and Management of Merrill Lynch Depositor,
Inc.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have examined the accompanying management assertion of Merrill
Lynch Depositor, Inc. (the &ldquo;Company&rdquo;), that the Company complied with the PPLUS Minimum Servicing Standards with respect
to the INDEXPLUS Trust Series 2003-1 as set forth in Appendix I as of and for the year ended December 31, 2024. The Company&rsquo;s
management is responsible for its assertion. Our responsibility is to express an opinion on management's assertion based on our examination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination
to obtain reasonable assurance about whether management's assertion is fairly stated,
in all material respects. An examination involves performing procedures to obtain evidence about management&rsquo;s assertion. The nature, timing and extent of the procedures selected depend on our judgment, including
an assessment of the risks of material misstatement of management&rsquo;s assertion, whether due to fraud or error. We believe that the
evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are required to be independent and
to meet our other ethical responsibilities in accordance with relevant ethical requirements related to the engagement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our examination does not provide a legal determination on
the Company&rsquo;s compliance with the specified requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In our opinion, management&rsquo;s assertion that the Company
complied with the PPLUS Minimum Servicing Standards with respect to the INDEXPLUS Trust Series 2003-1 as set forth in Appendix
I as of and for the year ended December 31, 2024 is fairly stated, in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ PricewaterhouseCoopers LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 3, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Management&rsquo;s Assertion on Compliance
with PPLUS Minimum<BR>
Servicing Standards</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 3, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of and for the year ended December&nbsp;31, 2024, Merrill
Lynch Depositor, Inc. (the &ldquo;Company&rdquo;) has complied, in all material respects, with the Company&rsquo;s established
minimum servicing standards, as set forth in Appendix&nbsp;I, for servicing the securities in each of the Trust Series, as listed
on Schedule&nbsp;A hereto, excluding those with respect to the Bank of New York Mellon as Trustee, Custodian, Paying Agent and
Transfer Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Matthew J. Nelson</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">Matthew J. Nelson</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">President</FONT><BR>
<FONT STYLE="font-size: 10pt">Merrill Lynch Depositor, Inc.&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">***************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
PPLUS Trust Series&nbsp;GSC-2<BR>
INDEXPLUS Trust Series 2003-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0"><B>Appendix I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0; text-align: center"><B>PPLUS Minimum Servicing Standards
intended for use</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0; text-align: center"><B>in connection with the Annual
Accountants Report (&quot;AAR&quot;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0.25in">Below is Merrill Lynch Depositor, Inc.'s (&quot;the
Depositor&quot;), Merrill Lynch Structured Credit Derivatives (&quot;SCD&quot;) and the Merrill Lynch Credit Derivatives Operations
Group (&quot;OG&quot;) (collectively, &ldquo;Merrill Lynch&rdquo;) minimum servicing standards for the PreferredPlus Program (&quot;PPlus&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0.25in">The Bank of New York Mellon (&quot;the Bank&quot;
or &ldquo;the Trustee&rdquo;) acting as Trustee, Custodian, Paying Agent, and Transfer Agent on behalf of the PPlus Program has
agreed to comply with all of the following minimum servicing standards. Merrill Lynch has obtained a certification from the Bank
that it has complied with these criteria for the period January 1, 2024 to December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C00000">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Criteria</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performed by the Depositor</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 8pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSTODIAL BANK ACCOUNT RECONCILIATIONS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank must reconcile all related custodial bank accounts.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; text-align: center; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 5.4pt; text-align: center; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank will include the Distribution report as Exhibit 99.1 in the Form 8-Ks filed with the SEC.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; text-align: center; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 5.4pt; text-align: center; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-left: black 1pt solid; padding: 8pt 5.4pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VERIFICATION OF INCOMING TRUST COLLATERAL INTEREST PAYMENTS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="3" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank must have a tickler system in place so that they will be expecting and monitoring the custodial bank account for receipt of the collateral coupon interest.&nbsp;&nbsp;Each of the tickler systems shall be updated on an on-going basis as each new trust series is created.</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank will ensure all interest payments are deposited into the custodial bank accounts and related bank clearing accounts on the day the Bank is in receipt of the funds. </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank must prove the arithmetic accuracy of the amount of interest received by the Trust from the underlying securities and ensure that the face amount, description, coupon rate, and maturity date of the securities held in the Trust agree to the PPM Supplement dated Date XX, 20XX.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C00000">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reference</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Criteria</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performed by the Depositor</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 8pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRUST DISBURSEMENTS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 50%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank must prove the arithmetic accuracy of the amount of interest to be paid by the Trust to the Debt Unit holders by referring to the PPM Supplement dated Date XX, 20XX.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 18%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank will make all disbursements via wire transfer to The Depository Trust Company (&quot;DTC&quot;) on the scheduled trust distribution date as soon as the amount of interest received from the underlying collateral into the custodial bank account has been received and verified for accuracy.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 8pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PARTIAL REDEMPTIONS</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a partial redemption of the trust certificates the Bank and the Depositor must ensure that the redemption proceeds received by the Trust and distributed by the Bank are in accordance with the series supplement.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-left: black 1pt solid; padding: 8pt 5.4pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEFAULTS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Bank has actual knowledge of an event of default on the underlying securities that did not cause the Trust to liquidate, the Bank must distribute a formal notice of default to the Depositor, the certificateholders, the rating agencies and SCD/OG.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Bank has actual knowledge of an event of default on the underlying securities that did not cause the Trust to liquidate, the procedures for a vote or consent of the certificateholders as set forth in the Standard Terms and series Supplement must be complied with.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-left: black 1pt solid; border-right: black 1pt solid; padding-left: 5.4pt; text-align: center; padding-top: 8pt; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CALL WARRANT EXERCISES AND OPTIONAL EXCHANGES</B></FONT></TD></TR>
<TR>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> cause the Trust to liquidate, the Bank must give the Depositor and the affected certificateholders notice of any exercise of call warrants or optional exchange.&nbsp;&nbsp;Such notice must contain the amount of certificates to be purchased, the call price, and any other relevant information.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C00000">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reference</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Criteria</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performed by the Depositor</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> cause the trust to liquidate, the Bank must notify the rating agencies of the call exercise or optional exchange.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 50%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> cause the trust to liquidate, the Bank must give notice of exercise or optional exchange to the Depositor and certificate registrar of any certificates that were called.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="width: 18%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 8pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMMUNICATIONS WITH CERTIFICATEHOLDERS</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there was any occasion for the exercise of voting rights or giving consents by the certificateholders, the Bank must provide notice to the certificateholders within 5 business days of the Trust's receipt of notice of the occasion and the Bank must vote or give consents as directed by certificateholders.</FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
</TABLE>
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<TYPE>EX-99.3
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<FILENAME>ex99-3.htm
<DESCRIPTION>REPORT OF KPMG LLP
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="ipb-10k_123124.htm">MERRILL LYNCH DEPOSITOR, INC. 10-K</A></P>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT 99.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><IMG SRC="logo_001.jpg" ALT="">&nbsp;</P>

<P>&nbsp;</P>

<P STYLE="margin-right: 160pt; margin-left: 160pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">KPMG
LLP<BR>
Aon Center <BR>
Suite 5500 <BR>
200 E. Randolph Street <BR>
Chicago, IL 60601-6436</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.85pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
Accountants&rsquo; Examination <FONT STYLE="letter-spacing: -0.1pt">Report</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of <FONT STYLE="letter-spacing: -0.1pt">Directors</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York <FONT STYLE="letter-spacing: -0.1pt">Mellon:</FONT></FONT></P>

<P STYLE="font: bold 10pt/103% Arial, Helvetica, Sans-Serif; margin: 10.5pt 0 0 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report
on The Bank of New York Mellon&rsquo;s assertion of compliance with the PPLUS Minimum Servicing Standards for the INDEXPLUS Trust Series
2003-1 transaction</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5.05pt 0 0 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><I>Opinion</I></FONT></P>

<P STYLE="font: 10pt/103% Arial, Helvetica, Sans-Serif; margin: 5.5pt 7.4pt 0 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have examined management of The Bank of New York Mellon&rsquo;s (the &ldquo;Bank&rdquo;) assertion that the Bank complied with the PPLUS
Minimum Servicing Standards (&ldquo;Specified Requirements&rdquo;) for the INDEXPLUS Trust Series 2003-1 transaction as of and for the
year ended December 31, 2024 (&ldquo;Management&rsquo;s Assertion&rdquo;). With respect to Specified Requirements 4, 5, 6 and 7, Management&rsquo;s
Assertion indicates that there were no activities performed as of and for the year ended December 31, 2024 with respect to the INDEXPLUS
Trust Series 2003-1 transaction, because there were no occurrences of events that would require the Bank to perform such activities.</FONT></P>

<P STYLE="font: 10pt/103% Arial, Helvetica, Sans-Serif; margin: 10.3pt 0 0 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our opinion, Management&rsquo;s Assertion is fairly stated, in all material respects. Our opinion on Management&rsquo;s Assertion does
not extend to any other information that accompanies or contains our report.</FONT></P>

<P STYLE="font: 10pt/103% Arial, Helvetica, Sans-Serif; margin: 10.1pt 30.6pt 0 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not express an opinion or any other form of assurance on management&rsquo;s statement referring to its responsibility for establishing
and maintaining effective internal control over compliance with the Specified <FONT STYLE="letter-spacing: -0.1pt">Requirements.</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10.1pt 0 0 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Basis
for <FONT STYLE="letter-spacing: -0.1pt">Opinion</FONT></I></FONT></P>

<P STYLE="font: 10pt/103% Arial, Helvetica, Sans-Serif; margin: 5.55pt 3pt 0 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.
We are required to be independent and to meet our other ethical requirements in accordance with relevant ethical requirements related
to the engagement. We believe that the evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our
opinion.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10.15pt 0 0 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Management&rsquo;s
<FONT STYLE="letter-spacing: -0.1pt">Responsibilities</FONT></I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5.5pt 0 0 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
of the Bank is responsible <FONT STYLE="letter-spacing: -0.2pt">for:</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Bank&rsquo;s compliance with the Specified Requirements and its <FONT STYLE="letter-spacing: -0.1pt">assertion;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/102% Arial, Helvetica, Sans-Serif; margin-top: 9.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="padding-right: 45.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">designing,
                                            implementing and maintaining internal control relevant to compliance with the Specified <FONT STYLE="letter-spacing: -0.1pt">Requirements;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/102% Arial, Helvetica, Sans-Serif; margin-top: 9.65pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="padding-right: 6.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying
                                            the Specified Requirements and selecting or developing suitable criteria (if applicable),
                                            including interpreting such requirements when there are varying interpretations; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 9.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating
                                            the Bank&rsquo;s compliance with the Specified <FONT STYLE="letter-spacing: -0.1pt">Requirements.</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0 220pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="margin-left: 220pt; margin-right: 220pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">KPMG LLP, a Delaware limited liability partnership and a member
firm of<BR>
the KPMG global organization of independent member firms affiliated with <BR>
KPMG International Limited, a private English company limited by guarantee.</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><IMG SRC="logo_001.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Our
<FONT STYLE="letter-spacing: -0.1pt">Responsibilities</FONT></I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5.45pt 0 0 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
attestation standards established by the American Institute of Certified Public Accountants require us <FONT STYLE="letter-spacing: -0.25pt">to:</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin-top: 10.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="padding-right: 8.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">plan
                                            and perform the examination to obtain reasonable assurance about whether Management&rsquo;s
                                            Assertion is fairly stated, in all material respects; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 9.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.75pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">express
                                            an opinion on Management&rsquo;s Assertion, based on our <FONT STYLE="letter-spacing: -0.1pt">examination.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Arial, Helvetica, Sans-Serif; margin: 10.4pt 3pt 0 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
exercised professional judgment and maintained professional skepticism throughout the engagement. We designed and performed our procedures
to obtain evidence about whether Management&rsquo;s Assertion is fairly stated that is sufficient and appropriate to provide a basis
for our opinion. The nature, timing, and extent of the procedures selected depended on our judgment, including an assessment of the risks
of material misstatement of Management&rsquo;s Assertion, whether due to fraud or error. We identified and assessed the risks of material
misstatement of Management&rsquo;s Assertion through understanding the Specified Requirements and the engagement circumstances. We also
obtained an understanding of the internal control relevant to the Bank&rsquo;s compliance with the Specified Requirements in order to
design procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of
internal controls. Our examination does not provide a legal determination on the Bank&rsquo;s compliance with the Specified Requirements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10.45pt 0 0 1.85pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
KPMG <FONT STYLE="letter-spacing: -0.25pt">LLP</FONT></FONT></P>

<P STYLE="font: 10pt/103% Arial, Helvetica, Sans-Serif; margin: 10.45pt 388.2pt 0 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago,
Illinois<BR>
February 21, 2025</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MANAGEMENT ASSERTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon (formerly The Bank of New York)
(the &ldquo;Bank&rdquo;) is responsible for complying with the requirements of the PPLUS Minimum Servicing Standards (&ldquo;Specified Requirements&rdquo;) as they relate to the INDEXPLUS Trust Series 2003-1 transaction. With respect to Specified Requirements 4, 5, 6 and 7, there were no activities performed as of and for the year ended December 31, 2024 with respect to the INDEXPLUS Trust Series
2003-1 transaction, because there were no occurrences of events that would require the Bank to perform such activities. The Bank
is responsible for establishing and maintaining effective internal control over compliance with the Specified Requirements. The Bank
has performed an evaluation of its compliance with the Specified Requirements as it relates to INDEXPLUS Trust
Series 2003-1 as of and for the year ended December 31, 2024. Based on this evaluation, the Bank asserts that as of and for the
year ended December 31, 2024, it has complied with the requirements of the PPLUS Minimum Servicing Standards (attached).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">/s/ Melissa Adelson</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 30%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon<BR>
Melissa Adelson<BR>
Director<BR>
<BR>
February 21, 2025</P></TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0"><B>Appendix I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0; text-align: center"><B>PPLUS Minimum Servicing Standards
intended for use</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0; text-align: center"><B>in connection with the Annual
Accountants Report (&ldquo;AAR&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0.25in">Below is Merrill Lynch Depositor, Inc.&rsquo;s (&ldquo;the
Depositor&rdquo;), Merrill Lynch Structured Credit Derivatives (&ldquo;SCD&rdquo;) and the Merrill Lynch Credit Derivatives Operations
Group (&ldquo;OG&rdquo;) (collectively Merrill Lynch) minimum servicing standards for the PreferredPlus Program (&ldquo;PPlus&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0.25in">The Bank of New York Mellon (&ldquo;the Bank&rdquo;
or &ldquo;the Trustee&rdquo;) acting as Trustee, Custodian, Paying Agent, and Transfer Agent on behalf of the PPlus Program has
agreed to comply with all of the following minimum servicing standards. Merrill Lynch has obtained a certification from the Bank
that it has complied with these criteria for the period January 1, 2024 to December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.2pt 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C00000">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Criteria</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performed by the Depositor</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 8pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSTODIAL BANK ACCOUNT RECONCILIATIONS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank must reconcile all related custodial bank accounts.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank will include the Distribution report as Exhibit 99.1 in the Form 8-Ks filed with the SEC.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-left: black 1pt solid; padding: 8pt 5.4pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VERIFICATION OF INCOMING TRUST COLLATERAL INTEREST PAYMENTS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="3" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank must have a tickler system in place so that they will be expecting and monitoring the custodial bank account for receipt of the collateral coupon interest.&nbsp;&nbsp;Each of the tickler systems shall be updated on an on-going basis as each new trust series is created.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank will ensure all interest payments are deposited into the custodial bank accounts and related bank clearing accounts on the day the Bank is in receipt of the funds.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank must prove the arithmetic accuracy of the amount of interest received by the Trust from the underlying securities and ensure that the face amount, description, coupon rate, and maturity date of the securities held in the Trust agree to the PPM Supplement dated Date XX, 20XX.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
</TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C00000">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reference</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Criteria</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performed by the Depositor</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 8pt 5.4pt; text-align: center"><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRUST DISBURSEMENTS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 50%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank must prove the arithmetic accuracy of the amount of interest to be paid by the Trust to the Debt Unit holders by referring to the PPM Supplement dated Date XX, 20XX.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 18%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank will make all disbursements via wire transfer to The Depository Trust Company (&ldquo;DTC&rdquo;) on the scheduled trust distribution date as soon as the amount of interest received from the underlying collateral into the custodial bank account has been received and verified for accuracy.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 8pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PARTIAL REDEMPTIONS</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a partial redemption of the trust certificates the Bank and the Depositor must ensure that the redemption proceeds received by the Trust and distributed by the Bank are in accordance with the series supplement.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-left: black 1pt solid; padding: 8pt 5.4pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEFAULTS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Bank has actual knowledge of an event of default on the underlying securities that did not cause the Trust to liquidate, the Bank must distribute a formal notice of default to the Depositor, the certificateholders, the rating agencies and SCD/OG.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Bank has actual knowledge of an event of default on the underlying securities that did not cause the Trust to liquidate, the procedures for a vote or consent of the certificateholders as set forth in the Standard Terms and series Supplement must be complied with.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-left: black 1pt solid; border-right: black 1pt solid; padding-left: 5.4pt; text-align: center; padding-top: 8pt; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CALL WARRANT EXERCISES AND OPTIONAL EXCHANGES</B></FONT></TD></TR>
<TR>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> cause the Trust to liquidate, the Bank must give the Depositor and the affected certificateholders notice of any exercise of call warrants or optional exchange.&nbsp;&nbsp;Such notice must contain the amount of certificates to be purchased, the call price, and any other relevant information.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #C00000">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reference</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Criteria</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performed by the Depositor</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> cause the trust to liquidate, the Bank must notify the rating agencies of the call exercise or optional exchange.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 50%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> cause the trust to liquidate, the Bank must give notice of exercise or optional exchange to the Depositor and certificate registrar of any certificates that were called.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="width: 18%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 8pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMMUNICATIONS WITH CERTIFICATEHOLDERS</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there was any occasion for the exercise of voting rights or giving consents by the certificateholders, the Bank must provide notice to the certificateholders within 5 business days of the Trust&rsquo;s receipt of notice of the occasion and the Bank must vote or give consents as directed by certificateholders.</FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
</TABLE>


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<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
