<SEC-DOCUMENT>0001174947-12-000090.txt : 20120309
<SEC-HEADER>0001174947-12-000090.hdr.sgml : 20120309
<ACCEPTANCE-DATETIME>20120309125648
ACCESSION NUMBER:		0001174947-12-000090
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120309
DATE AS OF CHANGE:		20120309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PPLUS Trust Series GSC-2
		CENTRAL INDEX KEY:			0001294808
		STANDARD INDUSTRIAL CLASSIFICATION:	ASSET-BACKED SECURITIES [6189]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32247
		FILM NUMBER:		12679819

	BUSINESS ADDRESS:	
		STREET 1:		WORLD FINANCIAL CENTER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281
		BUSINESS PHONE:		2124491000
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>e47260-10k.htm
<DESCRIPTION>FORM 10-K
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>



<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 10-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>ANNUAL REPORT</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Pursuant to Section&nbsp;13 or 15(d) of<BR>
The Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>For the fiscal year ended:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Commission file number:</B></TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><B>December&nbsp;31, 2011</B> </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>001-32247</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>MERRILL LYNCH DEPOSITOR, INC.</B>
</DIV>

  <DIV align="center" style="font-size: 10pt">(ON BEHALF OF PPLUS TRUST SERIES GSC-2)</DIV>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">DELAWARE<BR>
(State or other <BR>
jurisdiction of <BR>
incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13-3891329<BR>
(I. R. S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
        <TD align="center" valign="top"><FONT STYLE="font-family: Times New Roman, Times, serif">ONE BRYANT PARK, 4th FL<BR>
        </FONT>STRUCTURED CREDIT TRADING <br>
        NEW YORK, NEW YORK<BR>
        (Address of principal <BR>
        executive offices)</TD>
    <TD>&nbsp;</TD>
        <TD align="center" valign="top">10036<BR>
(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: (646)&nbsp;855-6745</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities registered pursuant to Section 12(b) of the Act:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PPLUS Trust Certificates Series&nbsp;GSC-2 listed on The New York Stock Exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities registered pursuant to Section 12(g) of the Act:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not Applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule&nbsp;405 of the Securities Act.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;No&nbsp;<FONT face="Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;No&nbsp;<FONT face="Wingdings">&#254;</FONT></DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<FONT face="Wingdings">&#254;</FONT>&nbsp;No&nbsp;<FONT face="Wingdings">&#111;</FONT></DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">
    <p><font color="black" face="Times New Roman, Times, serif">Indicate by check
      mark whether the registrant has submitted electronically and posted on its
      corporate Web site, if any, every Interactive Data File required to be submitted
      and posted pursuant to Rule 405 of Regulation S-T during the preceding 12
      months (or for such shorter period that the registrant was required to submit
      and post such files). </font></p>
    <DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;No&nbsp;<FONT face="Wingdings">&#111;</FONT></DIV>
    <p>Indicate by check mark if disclosure of delinquent filers pursuant to Item&nbsp;405
      of Regulation&nbsp;S-K is not contained herein, and will not be contained,
      to the best of registrant&#146;s knowledge, in definitive proxy or information
      statements incorporated by reference in Part&nbsp;III of this Form 10-K
      or any amendment to this Form 10-K.&nbsp;<FONT face="Wingdings">&#111;</FONT>
    </p>
  </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
    <div align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check
      mark whether the registrant is a large accelerated filer, an accelerated
      filer, a non-accelerated filer or a smaller reporting company. See definitions
      of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and
      &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the Exchange
      Act.</div>
    <div align="center" style="font-size: 10pt; margin-top: 12pt">Large
accelerated filer <font face="Wingdings">&#111;</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated filer <font face="Wingdings">&#111;</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer <font face="Wingdings">&#254;<font face="Times New Roman, Times, serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smaller reporting  filer <font face="Wingdings">&#111;</font></font></font></div>
    <div align="left" style="font-size: 10pt; margin-top: 6pt">
      <br>
      Indicate by check mark whether the registrant is a shell company (as defined in
Rule&nbsp;12b-2 of the Exchange Act).
</div>
  </DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;No&nbsp;<FONT face="Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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&#146;s most recently completed second
fiscal quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not Applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate the number of shares outstanding for each of the registrant&#146;s classes
of common stock, as of the latest practicable date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not Applicable.
</DIV>



    <div align="center" style="font-size: 10pt; margin-top: 12pt"><b>DOCUMENTS INCORPORATED BY REFERENCE</b></div>
    <div align="left" style="font-size: 10pt; margin-top: 6pt">None.
</div>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></p>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- TOC -->
<DIV align="CENTER"><U><B>TABLE OF CONTENTS</B></U></DIV>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR><TD></TD><TD colspan="8"><A HREF="#page000">PART I</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page001">ITEM 1. BUSINESS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page002">ITEM 1A. RISK FACTORS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page003">ITEM 1B. UNRESOLVED STAFF COMMENTS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page004">ITEM 2. PROPERTIES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page005">ITEM 3. LEGAL PROCEEDINGS</A></TD></TR>
<TR><TD></TD>
        <TD colspan="8"><A HREF="#page006">ITEM 4. <font face="Times New Roman, Times, serif">MINE SAFETY DISCLOSURES</font></A></TD>
      </TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page007">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page008">ITEM 5. MARKET FOR REGISTRANT&#146;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page009">ITEM 6. SELECTED FINANCIAL DATA</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page010">ITEM 7. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page011">ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page012">ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page013">ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page014">ITEM 9A. CONTROLS AND PROCEDURES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page015">ITEM 9B. OTHER INFORMATION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page016">PART III</A></TD></TR>
<TR><TD></TD>
        <TD colspan="8"><A HREF="#page017">ITEM 10. DIRECTORS, EXECUTIVE OFFICERS </A><a href="#page017">AND CORPORATE GOVERNANCE</a></TD>
      </TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page018">ITEM 11. EXECUTIVE COMPENSATION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page019">ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</A></TD></TR>
<TR><TD></TD>
        <TD colspan="8"><A HREF="#page020">ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE</A></TD>
      </TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page021">ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page022">PART IV</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page023">ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#page024">SIGNATURES</A></TD></TR>
<TR>
        <TD colspan="9"><A HREF="e47260ex31_1.htm">EX-31.1: CERTIFICATION</A></TD>
      </TR>
<TR>
        <TD colspan="9"><A HREF="e47260ex99_1.htm">EX-99.1: TRUSTEE'S ANNUAL COMPLIANCE CERTIFICATE</A></TD>
      </TR>
<TR>
        <TD colspan="9"><A HREF="e47260ex99_2.htm">EX-99.2: REPORT OF <font face="Times New Roman, Times, serif">PRICEWATERHOUSECOOPERS
          LLP</font> </A></TD>
      </TR>
<TR>
        <TD colspan="9"><A HREF="e47260ex99_3.htm">EX-99.3: REPORT OF KPMG LLP</A></TD>
      </TR>
</TABLE>
</CENTER>
</p>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">DOCUMENTS INCORPORATED BY REFERENCE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">None.
</DIV>

<!-- link2 "PART I" -->
<DIV align="left"><A NAME="page000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">PART I
</DIV>

<!-- link2 "ITEM 1. BUSINESS" -->
<DIV align="left"><A NAME="page001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITEM 1. BUSINESS
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">For information with respect to the underlying
securities held by PPLUS Trust Series&nbsp;GSC-2, please
refer to The Goldman Sachs Group, Inc.&#146;s (Commission
file number 001-14965) 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 on file with the Securities and Exchange
Commission (the &#147;SEC&#148;). You can read and copy these
reports and other information at the public reference
facilities maintained by the SEC at Room&nbsp;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&#146;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&#146;s website on the
Internet at http://www.sec.gov, which contains
reports, proxy and information statements and other
information that the underlying securities guarantor
and the underlying securities issuer have filed
electronically with the SEC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Although we have no reason to believe the information
concerning the underlying securities and the junior
subordinated debentures or the underlying securities
guarantor and the underlying securities issuer
contained in the underlying securities guarantor&#146;s
Exchange Act reports is 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
underlying securities guarantor and underlying
securities issuer (including, without limitation, no
investigation as to their respective financial
condition or creditworthiness) or of the underlying
securities and the junior subordinated debentures has
been made. You should obtain and evaluate the same
information concerning the underlying securities
issuer and the underlying securities guarantor as you
would obtain and evaluate if your investment were
directly in the underlying securities or in other
securities issued by the underlying securities issuer
or the underlying securities guarantor. There can be
no assurance that events affecting the underlying
securities and the junior subordinated debentures or
the underlying securities issuer and underlying
securities guarantor have not occurred or have not yet
been publicly disclosed which would affect the
accuracy or completeness of the publicly available
documents described above.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio --></p>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "ITEM 1A. RISK FACTORS" -->
<DIV align="left"><A NAME="page002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 1A. RISK FACTORS
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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 guarantor may file in its
Exchange Act reports as referenced in Item&nbsp;1 above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">IF THE UNDERLYING SECURITIES ARE REDEEMED PRIOR TO THE
MATURITY DATE OF THE UNDERLYING SECURITIES OR IF ANY
CALL WARRANTS ARE EXERCISED PRIOR TO THE STATED
MATURITY DATE, YOU MAY NOT BE ABLE TO REINVEST YOUR
REDEMPTION OR CALL PROCEEDS AT A YIELD COMPARABLE TO
THE YIELD YOU WOULD HAVE RECEIVED ON YOUR TRUST
CERTIFICATES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The yield you will realize on your trust certificates
depends upon several factors, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether an early termination payment is payable by
the trust to the swap counterparty,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchase price of trust certificates,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when you acquire your trust certificates,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the underlying securities issuer exercises
its option to redeem the underlying securities,
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the call warrant holders exercise their
optional rights to purchase outstanding trust
certificates.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The underlying securities issuer has the right to
redeem the underlying securities in whole or in part
at its option or in part if it becomes obligated to
pay additional amounts. Because the underlying
securities issuer has the right to redeem the
underlying securities early, we cannot assure you that
the trust will be able to hold the underlying
securities until the maturity date of the underlying
securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Although the call warrant holders are not obligated to
exercise the call warrants, the yield you will realize
on your trust certificates depends on whether the call
warrant holders exercise their call warrants to
purchase the trust certificates.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio --></p>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Prevailing interest rates at the time of an early
redemption or a call exercise may be lower than the
yield on your trust certificates. Therefore, you may
be unable to realize a comparable yield upon
reinvesting the funds you receive from an early
redemption or exercise of any call warrants. In
addition, if the prevailing market value of the trust
certificates exceeds the redemption price or call
exercise price paid to you upon redemption of the
underlying securities or the exercise of a call, you
will not be able to realize such excess.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">YOU MAY SUFFER LOSSES AS A RESULT OF ANY SWAP EARLY
TERMINATION PAYMENT UPON THE LIQUIDATION OF THE
UNDERLYING SECURITIES
</DIV>


  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">In the event the underlying securities are liquidated as a
result of a default by the underlying securities
issuer on its obligations or the underlying securities
issuer ceases to file Exchange Act reports, or upon an
underlying securities bankruptcy event, trust swap
payment default or a trust regulatory event, you will
not receive any distributions payable to you until
after the payment of the early termination payment (if
any is then payable) to the swap counterparty. Unless
the proceeds received from the liquidation of the
underlying securities are sufficient to pay any early
termination payment plus the certificate principal
balance and accrued and unpaid interest then due on
the trust certificates, you will suffer a loss as a
result of such early termination payment and such
liquidation. This loss could be quite substantial in
relation to the total value of your trust
certificates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">YOU MAY NOT BE PAID IF THE ASSETS OF THE TRUST ARE
INSUFFICIENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Currently, the trust has no significant assets other
than the underlying securities, the underlying
securities guarantee and the swap agreement. If the
underlying securities or payments made under the
underlying securities guarantee and the swap agreement
are insufficient to make payments or distributions on
the trust certificates, no other assets will be
available for payment of the deficiency.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The underlying securities issuer conducts its business
through subsidiaries. Accordingly, its ability to meet
its obligations under the underlying securities is
dependent on the earnings and cash flows of those
subsidiaries and the ability of those subsidiaries to
pay dividends or to advance or repay funds to the
underlying securities issuer. In addition, the rights
that the underlying securities issuer and its
creditors would have to participate in the assets of
any such subsidiary upon the subsidiary&#146;s liquidation
or recapitalization will be subject to the prior
claims of the subsidiary&#146;s creditors. Certain
subsidiaries of the underlying securities issuer have
incurred substantial amounts of debt in the expansion
of their businesses, and the underlying securities
issuer anticipates that certain of its subsidiaries
will do so in the future.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio --></p>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">YOU MAY NOT RECOVER THE WHOLE OF THE PRESENT VALUE OR
STATED AMOUNT (IF APPLICABLE) OF YOUR TRUST
CERTIFICATES IF THE TRUST DISPOSES OF THE UNDERLYING
SECURITIES ON A DEFAULT BY THE UNDERLYING SECURITIES
ISSUER OR IN THE EVENT THE UNDERLYING SECURITIES
GUARANTOR CEASES FILING EXCHANGE ACT REPORTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If the underlying securities issuer defaults on its
obligations under the underlying securities or the
underlying securities guarantor ceases to file
Exchange Act reports, then the trust will either
distribute the underlying securities to the trust
certificateholders or dispose of them and distribute
the proceeds to the trust certificateholders. Your
recovery in either of those events may be limited by
three factors:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if a default occurs, the market value of the
underlying securities may be adversely affected
and the proceeds of their disposition may be lower
than the aggregate present value or stated amount
(if applicable) of the trust certificates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in either event, any distribution of funds or
underlying securities by the trust to the trust
certificateholders will be done in accordance with
the allocation ratio as described in the
applicable prospectus supplement relating to the
trust certificates. The funds or aggregate
principal amount of underlying securities you
receive on that distribution may be less than the
present value or stated amount (if applicable) of
your trust certificates; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any such distribution of funds will be subject to
the payment by the trust to the swap counterparty
of any early termination payment.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THE TRUSTEE WILL NOT MANAGE THE UNDERLYING SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Except as described below, the trust will not dispose
of any underlying securities, even if an event occurs
that adversely affects the value of the underlying
securities or that adversely affects the underlying
securities issuer or the underlying securities
guarantor. As provided in the applicable trust
agreement, the trust will dispose of the underlying
securities only if:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is a payment default on any underlying
securities,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is another type of default that accelerates
the maturity of the underlying securities, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the underlying securities guarantor ceases to file
Exchange Act reports.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Under the first circumstance listed above, the trustee
must sell the underlying securities on behalf of the
trust, even if adverse market conditions exist. The
trustee has no discretion to do otherwise. If adverse
market conditions do exist at the time of the
trustee&#146;s sale of the underlying securities, you may
incur greater losses than if the trust continued to
hold the underlying securities.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio --></p>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THE TRUST CERTIFICATES ARE SUBJECT TO THE
CREDITWORTHINESS OF THE UNDERLYING SECURITIES ISSUER
AND THE UNDERLYING SECURITIES GUARANTOR
</DIV>


  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The trust certificates represent interests in
obligations of the underlying securities issuer and
the underlying securities guarantor. In particular,
the trust certificates will be subject to all the
risks associated with directly investing in both
the underlying securities issuer&#146;s and the underlying
securities guarantor&#146;s unsecured subordinated debt
obligations. None of the underlying indenture, the
underlying securities or the underlying securities
guarantee places a limitation on the amount of
indebtedness that may be incurred by the underlying
securities issuer or underlying securities guarantor.
</DIV>


  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THE TRUST&#146;S RIGHT TO DIRECT ACTION AGAINST THE
UNDERLYING SECURITIES GUARANTOR TO ENFORCE THE RIGHTS
OF THE UNDERLYING SECURITIES HOLDERS IS LIMITED
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If a debenture event of default occurs and is
continuing, then the holders of the underlying
securities would rely on, and in certain circumstances
could cause, the trustee of the underlying securities
issuer to enforce its rights as a holder of the
underlying securities and the underlying securities
guarantee on behalf of the underlying securities
issuer against the underlying securities guarantor. In
addition, any registered holder of underlying
securities may institute a legal proceeding directly
against the underlying securities guarantor to enforce
its rights against the underlying securities guarantor
without first instituting any legal proceeding against
the underlying securities trustee or any other person
or entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THE UNDERLYING SECURITIES GUARANTOR HAS THE ABILITY TO
DEFER INTEREST PAYMENTS ON THE UNDERLYING SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The underlying securities guarantor can, on one or
more occasions, defer interest payments on the
underlying securities for up to 10 consecutive
semiannual interest periods, but not beyond the
maturity date of the underlying securities. If the
underlying securities guarantor defers interest
payments on the underlying securities, the underlying
securities issuer will defer distributions on the
underlying securities. If the underlying securities
issuer defers distributions on the underlying
securities, the trust will defer distributions on the
trust certificates during any deferral period. No
additional amounts will accrue on the trust
certificates or be owed to trust certificateholders as
a result of any delay, but any additional amounts owed
and paid by the underlying securities issuer as a
result of the delay will be paid to the trust
certificateholders. Prior to the termination of any
deferral period, the underlying securities guarantor
may further extend the deferment, but the total of all
deferral periods must not exceed 10 consecutive
semiannual interest periods or extend beyond the
maturity date. Upon the termination of any deferral
period and the payment of all amounts then due, the
underlying securities guarantor may commence a new
deferral period, subject to the above requirements.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio --></p>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Because the underlying securities guarantor has the
right to defer interest payments, the market price of
the underlying securities (which represent an
undivided beneficial interest in the underlying
securities) may be more volatile than other similar
securities where the issuer does not have the right to
defer interest payments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">IF THE UNDERLYING SECURITIES GUARANTOR EXERCISES ITS
OPTION TO DEFER INTEREST PAYMENTS ON THE UNDERLYING
SECURITIES, THE TRUST CERTIFICATEHOLDERS MAY FACE
ADVERSE TAX CONSEQUENCES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Should the underlying securities guarantor exercise
its right to defer any payment of interest on the
underlying securities, each underlying securities
holder will be required to accrue interest income (as
original issue discount) in respect of the deferred
stated interest allocable to its share of the
underlying securities for United States federal income
tax purposes. As a result, a trust certificateholder,
as a beneficial owner of the underlying securities,
would have to include this amount in gross income for
United States federal income tax purposes prior to the
receipt of any cash distributions. In addition, the
trust certificateholder would not receive cash from
the underlying security issuer related to this income
if the trust certificateholder disposes of the trust
certificates prior to the record date on which
distributions of these amounts are made. To the extent
the selling price is less than the trust
certificateholder&#146;s adjusted tax basis (which will
include, in the form of original issue discount all
accrued but unpaid interest), the trust
certificateholder will recognize a capital loss.
Subject to limited exceptions, capital losses cannot
be applied to offset ordinary income for United States
federal income tax purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THE PAYMENTS OWED TO THE TRUST CERTIFICATEHOLDERS ARE
UNSECURED OBLIGATIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">In a liquidation, holders of the underlying
securities, including the trust, will be paid only
after holders of secured obligations of the underlying
securities issuer. According to the underlying
securities prospectus, the underlying securities are
unsecured and rank equally with all other unsecured
and unsubordinated indebtedness of the underlying
securities issuer.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio --></p>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">IF THE SWAP AGREEMENT IS TERMINATED AS A RESULT OF A
SWAP AGREEMENT TERMINATION EVENT WHICH IS NOT A TRUST
TERMINATION EVENT, THEN THE YIELD ON THE TRUST
CERTIFICATES WILL BE CONVERTED FROM A FLOATING RATE TO
A FIXED RATE AND DISTRIBUTIONS TO YOU WILL BE MADE
SEMIANNUALLY INSTEAD OF QUARTERLY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The ability of the trust to make quarterly payments on
interest rate distributions on the trust certificates
will be dependent on the performance by the swap
counterparty of its payment obligations under the swap
agreement. If the swap agreement were to be terminated
as a result of a swap agreement termination event that
is not also a trust termination event, then (i)&nbsp;the
trust will remain in existence without any rights or
obligations under the swap agreement and (ii)&nbsp;you will
receive a pro rata share of the fixed rate interest
payments received by the trust in respect of the
underlying securities on a semiannual basis, instead
of a pro rata share of the floating rate payments
under the swap agreement received by the trust on a
quarterly basis.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">YOU WILL NOT RECEIVE TIMELY DISTRIBUTION ON THE TRUST
CERTIFICATES IF THE TRUST DOES NOT RECEIVE TIMELY
DISTRIBUTION ON THE UNDERLYING SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The underlying issuer may defer the payment of interest
on the junior subordinated debentures at any time and
in each case for up to 10 semiannual consecutive
interest periods, provided that (i)&nbsp;no extension period
may extend beyond the stated maturity date of the
junior subordinated debentures; and (ii)&nbsp;The underlying
issuer is not in default under the subordinated debt
indenture governing the junior subordinated debentures.
If there is a deferral, the underlying securities
issuer also will defer distributions on the underlying
securities and the swap counterparty will not be
obligated to make any payments to the trust pursuant to
the swap agreement. Before any extension period ends,
The underlying issuer may elect to extend the period
further. At the end of any extension period and the
payment of all interest then accrued and unpaid, The
underlying issuer may elect to begin a new extension
period. There is no limitation on the number of
extension periods. If the underlying securities issuer
does not pay amounts due under the underlying
securities, as a result of a deferral, the swap
counterparty is not obligated to make payments to the
trust, and the trust will not make any corresponding
payments on the trust certificates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Should The underlying issuer elected to exercise its
right to defer payments of interest on the junior
subordinated debentures in the future, the market
price of the underlying securities is likely to be
adversely affected. In addition, merely as a result of
the existence of The underlying issuer&#146;s right to
defer payments of interest on the junior subordinated
debentures, the market price of the underlying
securities may be more volatile than the market prices
of other securities that are not subject to such
deferrals.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio --></p>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">DISTRIBUTIONS AND OTHER PAYMENTS WITH RESPECT TO YOUR
TRUST CERTIFICATES AND YOUR EXPECTED INVESTMENT YIELD
MAY BE AFFECTED BY FACTORS SUCH AS THE PERFORMANCE OF
THE TRUST ASSETS, THE REDEMPTION OF THE UNDERLYING
SECURITIES AND THE EARLY TERMINATION OF THE SWAP
AGREEMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">A number of factors may affect the timing of
distributions with respect to your trust certificates
and the yield that you realize on your trust
certificates, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchase price you pay for your trust
certificates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the interest rate on the trust certificates, which
will be greater than or equal to 3.00% and will
not exceed 8.00%;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the performance of the underlying securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the underlying securities issuer redeems,
repurchases or repays the underlying securities
before their maturity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the underlying security guarantor elects
to defer interest payments on the underlying
securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the underlying securities issuer defaults
under the underlying securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the possibility that if there is a swap
termination event that is not a trust termination
event a fixed rate of 6.345% per annum will be
payable on the trust certificates, instead of the
floating rate distribution amount payable under
the swap agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the possibility that the swap agreement may be
terminated early in certain circumstances,
resulting in the termination of the trust prior to
its scheduled termination date; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the holder of the call options exercises
its call options on your trust certificates.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">We can not predict whether or when the call options
will be exercised, whether the underlying securities
will be redeemed, repaid, repurchased or accelerated
or whether interest on the underlying securities will
be deferred. If the trust certificates are prepaid or
if the holder of the call options exercises its call
options prior to the final distribution date, then the
principal of your trust certificates or the call price
will be paid to the extent funds are received on the
underlying securities or the holder of the call
options pays the call price and your investment in the
trust certificates will have a shorter average
maturity.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio --></p>
</DIV>


<HR SIZE=5 noshade> <!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->




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<!-- MARKER PAGE="sheet: 9; page: 9" -->



<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">UPON A SWAP TERMINATION EVENT WHEREBY THE SWAP
COUNTERPARTY IS THE DEFAULTING PARTY OR AFFECTED
PARTY, YOU ARE NOT LIKELY TO RECEIVE FROM THE SWAP
COUNTERPARTY ANY INTEREST THAT HAS ACCRUED
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Upon a swap termination event that is not a trust
termination event whereby the swap counterparty is the
defaulting party (especially upon the bankruptcy,
insolvency or reorganization of the swap counterparty),
it is unlikely that you will receive from the swap
counterparty any interest that has accrued since the
last quarterly payment of the interest distribution
amount.
</DIV>


  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">IF THE TRUST CERTIFICATES ARE PREPAID WHEN PREVAILING
MARKET INTEREST RATES FOR SECURITIES OF A COMPARABLE
CREDIT RATING ARE LOWER THAN THE YIELD ON YOUR TRUST
CERTIFICATES, YOU MAY BE UNABLE TO REALIZE A
COMPARABLE YIELD WHEN YOU REINVEST THE FUNDS THAT YOU
RECEIVE FROM THE PREPAYMENT OF YOUR TRUST
CERTIFICATES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If the trust certificates are prepaid when prevailing
market interest rates for securities of a comparable
credit rating are lower than the yield on your trust
certificates, you may be unable to realize a
comparable yield when you reinvest the funds that you
receive from the prepayment of your trust
certificates. The interest rate cap on the trust
certificates may limit your interest payments and may
negatively impact the market value of your trust
certificates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The interest paid on the trust certificates is based
on a floating rate that will not exceed 8.00%. If
interest rates exceed 8.00%, your trust certificates
will not receive interest based on the higher interest
rate but rather will be capped at 8.00%. Therefore,
the market value of your trust certificates will also
be negatively affected as interest rates rise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THE INTEREST RATE CAP ON THE TRUST CERTIFICATES MAY
NEGATIVELY IMPACT THE MARKET VALUE OF YOUR TRUST
CERTIFICATES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The interest paid on the trust certificates is based
on a floating rate that will not exceed 8.00%.
Therefore, the market value of your trust certificates
may be negatively affected as interest rates rise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THE RATINGS OF THE TRUST CERTIFICATES MAY CHANGE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">At the time of issuance, S&#038;P assigned ratings to the
trust certificates equivalent to the ratings of the
underlying securities, as of the date of the
applicable prospectus supplement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio --></p>
</DIV>


<HR SIZE=5 noshade> <!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->




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<!-- MARKER PAGE="sheet: 10; page: 10" -->



<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Any rating issued with respect to the trust
certificates is not a recommendation to purchase, sell
or hold a security. Ratings do not comment on the
market price of the trust certificates or their
suitability for a particular investor. We cannot
assure you that the 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 the underlying securities)
merit. A revision or withdrawal of a rating may
adversely affect the market price of the trust
certificates.
</DIV>
<!-- link2 "ITEM 1B. UNRESOLVED STAFF COMMENTS" -->
<DIV align="left"><A NAME="page003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 1B. UNRESOLVED STAFF COMMENTS
</DIV>


  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "ITEM 2. PROPERTIES" -->
<DIV align="left"><A NAME="page004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 2. PROPERTIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>
<!-- link2 "ITEM 3. LEGAL PROCEEDINGS" -->
<DIV align="left"><A NAME="page005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 3. LEGAL PROCEEDINGS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>
<!-- link2 "ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS" -->
<DIV align="left"><A NAME="page006"></A></DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 4. <font face="Times New Roman">MINE SAFETY DISCLOSURES</font></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "PART II" -->
<DIV align="left"><A NAME="page007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">PART II
</DIV>

<!-- link2 "ITEM 5. MARKET FOR REGISTRANT&#146;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES" -->
<DIV align="left"><A NAME="page008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%; text-indent: -6%">ITEM 5. MARKET FOR REGISTRANT&#146;S COMMON EQUITY, RELATED
STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
SECURITIES
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Trust Certificates issued by PPLUS Trust Series
GSC-2 are represented by one or more physical
certificates registered in the name of Cede &#038; Co., the
nominee of the Depository Trust Company. The Trust
Certificates are listed on the New York Stock
Exchange.
</DIV>
<!-- link2 "ITEM 6. SELECTED FINANCIAL DATA" -->
<DIV align="left"><A NAME="page009"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 6. SELECTED FINANCIAL DATA
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "ITEM 7. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" -->
<DIV align="left"><A NAME="page010"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 7. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK" -->
<DIV align="left"><A NAME="page011"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio --></p>
</DIV>


<HR SIZE=5 noshade> <!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->




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<!-- MARKER PAGE="sheet: 11; page: 11" -->



<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA" -->
<DIV align="left"><A NAME="page012"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE" -->
<DIV align="left"><A NAME="page013"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>
<!-- link2 "ITEM 9A. CONTROLS AND PROCEDURES" -->
<DIV align="left"><A NAME="page014"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 9A. CONTROLS AND PROCEDURES
</DIV>



  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Registrant has procedures so as to provide reasonable assurance that its future Exchange Act filings will be filed within the applicable time periods.
</DIV>
<!-- link2 "ITEM 9B. OTHER INFORMATION" -->
<DIV align="left"><A NAME="page015"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 9B. OTHER INFORMATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>
<!-- link2 "PART III" -->
<DIV align="left"><A NAME="page016"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">PART III
</DIV>

<!-- link2 "ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT" -->
<DIV align="left"><A NAME="page017"></A></DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITEM 10. DIRECTORS,  EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "ITEM 11. EXECUTIVE COMPENSATION" -->
<DIV align="left"><A NAME="page018"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 11. EXECUTIVE COMPENSATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS" -->
<DIV align="left"><A NAME="page019"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 7%; text-indent: -7%">ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities Authorized For Issuance Under Equity
Compensation Plans: None.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Ownership Of Certain Beneficial Owners:
None.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Ownership Of Management: Not Applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Changes In Control: None.</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS" -->
<DIV align="left"><A NAME="page020"></A></DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>
<!-- link2 "ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES" -->
<DIV align="left"><A NAME="page021"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio --></p>
</DIV>


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<!-- MARKER PAGE="sheet: 12; page: 12" -->



<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "PART IV" -->
<DIV align="left"><A NAME="page022"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">PART IV
</DIV>

<!-- link2 "ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES" -->
<DIV align="left"><A NAME="page023"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)(1) Financial Statements: Not Applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)(2) Financial Statement Schedules: Not Applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)(3) List of Exhibits
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The following exhibits are filed as part of, and
incorporated by reference into, this Annual Report on
Form 10-K:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
        <TD width="3%" nowrap align="left">31.1.</TD>
    <TD width="1%">&nbsp;</TD>
        <TD>Certification of the Vice President of Registrant dated March 9,
          2012, pursuant to Rules 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&#146;s Annual Report on
          Form 10-K for the year ended December&nbsp;31, 2011.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
        <TD width="3%" nowrap align="left">99.1.</TD>
    <TD width="1%">&nbsp;</TD>
        <TD>Trustee&#146;s Annual Compliance Certificate dated March 5,
          2012.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.2.</TD>
    <TD width="1%">&nbsp;</TD>
        <TD>Report of <font face="Times New Roman">PricewaterhouseCoopers LLP</font>,
          Independent Registered Public Accounting Firm, dated March 6,
          2012, Registrant&#146;s Assertion on Compliance with PPLUS Minimum
          Servicing Standards dated March 6, 2012 and PPLUS Minimum Servicing
          Standards.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.3.</TD>
    <TD width="1%">&nbsp;</TD>
        <TD>Report of KPMG LLP, Independent Registered Public Accounting Firm,
          dated February 24, 2012, The Bank of New York Mellon&#146;s Assertion
          on Compliance with PPLUS Minimum Servicing Standards dated February 24,
          2012 and PPLUS Minimum Servicing Standards.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b)&nbsp;Exhibits
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The Registrant hereby files as part of this Annual
Report on Form 10-K the exhibits listed in Item
15(a)(3) set forth above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(c)&nbsp;Financial Statement Schedules
</DIV>


  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Not Applicable.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio --></p>
</DIV>


<HR SIZE=5 noshade> <!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->




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<!-- MARKER PAGE="sheet: 13; page: 13" -->




<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="page024"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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, hereunto duly authorized.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MERRILL LYNCH DEPOSITOR, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
      <TD align="left">Date: March 9, 2012</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

      <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John Marciano</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
      <TD align="left"><font face="Times New Roman">John Marciano</font></TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
      <TD align="left">Vice President</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></p>
</DIV>

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<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>e47260ex31_1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<DIV style="font-family: 'Times New Roman',Times,serif">
<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT 31.1
</DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, <font face="Times New Roman">John
    Marciano</font>, certify that: </DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;I have reviewed this annual report on Form 10-K, and all reports on
Form&nbsp;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 PPLUS Trust Series&nbsp;GSC-2;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;
</DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
      <TD align="left">Date: March 9, 2012</TD>

      <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ <FONT STYLE="font-family: Times New Roman">John Marciano</FONT></TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
      <TD colspan="3" align="left"><font face="Times New Roman">John Marciano</font><br>
        Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></p>
</DIV>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>e47260ex99_1.htm
<DESCRIPTION>COMPLIANCE CERTIFICATE
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<DIV style="font-family: 'Times New Roman',Times,serif">



  <TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="35%">&nbsp;</TD>
      <TD width="15%">&nbsp;</TD>
    </TR>

  </TABLE>
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt">
    <p><img src="image001.jpg" width="264" height="77"></p>
    <p>EXHIBIT 99.1
</p>
  </DIV>
  <DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE BANK OF NEW YORK
MELLON
</DIV>
  <DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Officer&#146;s Certificate

</DIV>
  <DIV align="Center" style="font-size: 10pt; margin-top: 6pt">
    <DIV align="center">
      <DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
    </DIV>
  </DIV>
  <DIV align="Center" style="font-size: 10pt; margin-top: 6pt">
March 5, 2012

</DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">MERRILL LYNCH DEPOSITOR, INC. <br>
    <font face="Times New Roman, Times, Serif" size=2>One Bryant Park<br>
  4th Floor &#150; Structured Credit Trading<br>
  New York, NY 10036 </font></DIV>
  <DIV align="center" style="font-size: 10pt; margin-top: 18pt">PREFERREDPLUS, PPLUS TRUST AND INDEXPLUS CERTIFICATE
</DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">
    <p>The
undersigned, Pierre Boutros, Vice President of The Bank of New York Mellon (formerly The Bank of New York), a New York corporation (the
&#147;Trustee&#148;), 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 &#147;Depositor&#148;) and the
Trustee, as successor to United States Trust Company of New York, as trustee and securities intermediary (the
&#147;Securities Intermediary&#148;), 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.</p>
  </DIV>
</DIV>
<div>
  <TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">

    <TR>
      <TD valign="top" align="left" width="44%">&nbsp;</TD>
      <TD colspan="3" align="left">Very truly yours,<BR>
        <BR>
The Bank of New York Mellon (formerly
<br>
        The Bank of New York), as Trustee
<BR>
        &nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left" width="44%">&nbsp;</TD>
      <TD valign="top" width="1%">By:&nbsp;&nbsp;</TD>
      <TD style="border-bottom: 1px solid #000000" align="left">/s/
</TD>
      <TD style="border-bottom: 1px solid #000000" align="left">Pierre Boutros</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left" width="44%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD valign="top" width="3%">Name:&nbsp;&nbsp;</TD>
      <TD align="left" width="49%">Pierre Boutros</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left" width="44%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD valign="top" width="3%">Title:&nbsp;&nbsp;</TD>
      <TD align="left" width="49%">Vice President</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>

  </TABLE>

  <P align="center" style="font-size: 10pt"><!-- Folio --></p>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">INDEXPLUS Trust Series 2003-1 <br>
PPLUS Trust Series CMT-1 <br>
PPLUS Trust Series DCNA-1 <br>
PPLUS Trust Series FMC-1 <br>
PPLUS Trust Series GSC-1 <br>
PPLUS Trust Series GSC-2 <br>
PPLUS Trust Series GSG-1 <br>
PPLUS Trust Series GSG-2 <br>
PPLUS Trust Series JPM-1 <br>
PPLUS Trust Series LMG-3     <br>
PPLUS Trust Series SPR-1 <br>
PPLUS Trust Series VAL-1 <br>
PreferredPLUS Trust Series ALL-1 <br>
PreferredPLUS Trust Series CCR-1 <br>
PreferredPLUS Trust Series CTR-1 <br>
PreferredPLUS Trust Series CZN-1 <br>
PreferredPLUS Trust Series ELP-1 <br>
PreferredPLUS Trust Series FAR-1 <br>
PreferredPLUS Trust Series FRD-1 <br>
PreferredPLUS Trust Series GEC-1     <br>
PreferredPLUS Trust Series LMG-1 <br>
PreferredPLUS Trust Series LMG-2 <br>
PreferredPLUS Trust Series QWS-1 <br>
PreferredPLUS Trust Series QWS-2 <br>
PreferredPLUS Trust Series UPC-1 <br>
PreferredPLUS Trust Series VER-1 <br>
    <br>
  </DIV>

  <P align="center" style="font-size: 10pt"><!-- Folio --></p>
</DIV>


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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>e47260ex99_2.htm
<DESCRIPTION>REPORT OF PRICEWATERHOUSECOOPERS LLP
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<DIV style="font-family: 'Times New Roman',Times,serif">

  <DIV align="center" style="font-size: 10pt; margin-top: 18pt">
    <p style="text-align: center;">EXHIBIT 99.2</p>
    <p style="text-align: center;"> <b>Report of Independent Registered Public Accounting Firm</b></p>
    <p style="text-align: left;"> Merrill Lynch Depositor, Inc.</p>
    <p style="text-align: left;"> We have examined management&#146;s assertion that Merrill Lynch Depositor, Inc. (the &#147;Company&#148;) has complied as of and for the year ended December 31, 2011, with its established minimum servicing standards described in the accompanying Management&#146;s Assertion on Compliance with PPLUS Minimum Servicing Standards with respect to PPLUS Trust Series GSC-2, dated March 6, 2012. Management is responsible for the Company&#146;s compliance with those minimum servicing standards excluding those with respect to the Bank of New York Mellon as Trustee, Custodian, Paying Agent and Transfer Agent. Our responsibility is to express an opinion on management&#146;s assertion about the Company&#146;s compliance based on our examination.</p>
    <p style="text-align: left;"> Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants as adopted by the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company&#146;s compliance with its minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company&#146;s compliance with its minimum servicing standards.</p>
    <p style="text-align: left;"> In our opinion, based on our examination, management&#146;s assertion that the Company complied with the aforementioned minimum servicing standards excluding those with respect to the Bank of New York Mellon as Trustee, Custodian, Paying Agent and Transfer Agent as of and for the year ended December 31, 2011, is fairly stated, in all material respects, based on the criteria set forth in Appendix I.</p>
    <p style="text-align: left;"> /s/ PricewaterhouseCoopers LLP</p>
    <p style="text-align: left;"> New York, NY<br>

March 6, 2012</p>
  </DIV>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Management&#146;s Assertion on Compliance with PPLUS Minimum<BR>
Servicing Standards
</DIV>


  <DIV align="left" style="font-size: 10pt; margin-top: 12pt"> March 6,
    2012</DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of and
for the year ended December&nbsp;31, 2011, Merrill Lynch Depositor, Inc.
(the &#147;Company&#148;) has complied, in all material respects, with the Company&#146;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.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="34%">&nbsp;</TD>
      <TD width="14%">&nbsp;</TD>
      <TD width="47%">&nbsp;</TD>
</TR>
<TR>
      <TD valign="top" align="left" width="3%">&nbsp;</TD>
      <TD colspan="3" align="left">&nbsp;</TD>
      <TD width="47%">&nbsp;</TD>
</TR><TR>
      <TD valign="top" width="3%">By:&nbsp;&nbsp;</TD>

      <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John Marciano</TD>
      <TD width="14%">&nbsp;</TD>
</TR><TR>
      <TD align="left" width="3%">&nbsp;</TD>
      <TD colspan="2" align="left"><font face="Times New Roman">John Marciano</font></TD>
      <TD width="14%">&nbsp;</TD>
</TR><TR>
      <TD align="left" width="3%">&nbsp;</TD>
      <TD colspan="2" align="left">Vice President<BR>
        Merrill Lynch Depositor, Inc.
</TD>
      <TD width="14%">&nbsp;</TD>
</TR>

</TABLE>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt">***************
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></p>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE A
</DIV>


  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">PreferredPLUS Trust Series&nbsp;CCR-1<BR>
PreferredPLUS Trust Series&nbsp;FRD-1<BR>
PreferredPLUS Trust Series&nbsp;LMG-1<BR>
PreferredPLUS Trust Series&nbsp;CZN-1<BR>
PreferredPLUS Trust Series&nbsp;QWS-1<BR>
PreferredPLUS Trust Series&nbsp;CTR-1<BR>
PreferredPLUS Trust Series&nbsp;LMG-2<BR>
PreferredPLUS Trust Series&nbsp;QWS-2<BR>
PreferredPLUS Trust Series&nbsp;ALL-1<BR>
PreferredPLUS Trust Series&nbsp;ELP-1<BR>
PreferredPLUS Trust Series&nbsp;VER-1<BR>
PreferredPLUS Trust Series&nbsp;UPC-1<BR>
PreferredPLUS Trust Series&nbsp;FAR-1<BR>
PreferredPLUS Trust Series&nbsp;GEC-1    <BR>
PPLUS Trust Series&nbsp;VAL-1<BR>
PPLUS Trust Series&nbsp;GSG-1<BR>
PPLUS Trust Series&nbsp;FMC-1<BR>
PPLUS Trust Series&nbsp;GSG-2<BR>
PPLUS Trust Series&nbsp;SPR-1<BR>
PPLUS Trust Series&nbsp;CMT-1<BR>
PPLUS Trust Series&nbsp;GSC-1<BR>
PPLUS Trust Series&nbsp;DCNA-1<BR>
PPLUS Trust Series&nbsp;GSC-2<BR>
PPLUS Trust Series&nbsp;JPM-1<BR>
PPLUS Trust Series&nbsp;LMG-3<BR>
PPLUS Trust Series&nbsp;GSC-3<BR>
PPLUS Trust Series&nbsp;LMG-4<BR>
INDEXPLUS Trust Series 2003-1

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></p>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">APPENDIX I
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PPLUS Minimum Servicing Standards intended<BR>
for use in connection with the Annual<BR>
Accountants Report (&#147;AAR&#148;)

</DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below is Merrill Lynch Depositor, Inc.&#146;s (&#147;the Depositor&#148;) together with Merrill Lynch Structured Credit Derivatives
and the Merrill Lynch Credit Derivatives Operations Group, minimum servicing standards for
the PreferredPlus Program (&#147;PPlus&#148;). The Bank of New York Mellon (&#147;the Bank&#148;) acts as
Trustee, Custodian, Paying Agent, and Transfer Agent on behalf of the PPlus
Program and has agreed to comply with these minimum servicing standards.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">MERRILL LYNCH DEPOSITOR, INC.&#146;S MINIMUM SERVICING STANDARDS
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CUSTODIAL BANK ACCOUNT RECONCILIATIONS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank must reconcile all related custodial bank accounts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank will include the Distribution report as Exhibit&nbsp;99.1 in the Form
8-Ks filed with the SEC.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>VERIFICATION OF INCOMING TRUST COLLATERAL INTEREST PAYMENTS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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. Each of the tickler systems shall be updated
on an on-going basis as each new trust series is created.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>TRUST DISBURSEMENTS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank will make all disbursements via wire transfer to The Depository
Trust Company (&#147;DTC&#148;) 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.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></p>
</DIV>


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</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PARTIAL REDEMPTIONS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DEFAULTS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
        <TD>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 HGCM/ISS.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CALL WARRANT EXERCISES AND OPTIONAL EXCHANGES</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If there is an exercise of call warrants or an optional exchange of trust
certificates for underlying securities that did not 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. Such notice must contain the amount of certificates to be
purchased, the call price, and any other relevant information.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If there is an exercise of call warrants or an optional exchange of trust
certificates for underlying securities that did not cause the trust to
liquidate, the Bank must notify the rating agencies of the call exercise
or optional exchange.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If there is an exercise of call warrants or an optional exchange of trust
certificates for underlying securities that did not 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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>COMMUNICATIONS WITH CERTIFICATEHOLDERS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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&#146;s receipt of notice
of the occasion and the Bank must vote or give consents as directed by
certificateholders.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></p>
</DIV>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>5
<FILENAME>e47260ex99_3.htm
<DESCRIPTION>REPORT OF KPMG LLP
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>



<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT 99.3
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Independent Accountants&#146; Report</B>
</DIV>

 <DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors <br>
The Bank of New York Mellon:
</DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have examined the accompanying  management&#146;s  assertion that The Bank of New York Mellon (formerly The Bank of New York),  (the &#147;Company&#148;)  complied with
the PPLUS  Minimum  Servicing  Standards for the <font face="Times New Roman, Times, Serif" size=2>PPLUS</font>  Trust Series GSC-2  transaction  as of and for the
year ended  December 31, 2011.  With respect to servicing  standard 4, 5, 6  and 7,  management&#146;s  assertion  indicates
that there were no  activities  performed  during the year ended  December 31, 2011 with  respect to the  <font face="Times New Roman, Times, Serif" size=2>PPLUS</font>  Trust Series GSC-2  transaction,  because there were no  occurrences  of events that would require the Company
to  perform  such  activities.  Management  is  responsible  for the  Company&#146;s  compliance  with  those  servicing
criteria.  Our  responsibility  is to express an opinion on management&#146;s  assertion about the Company&#146;s  compliance
based on our examination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our examination was made in accordance with standards established by the American Institute of Certified Public
Accountants and, accordingly, included examining, on a test basis, evidence about the Company&#146;s compliance with
the PPLUS Minimum Servicing Standards specified above and performing such other procedures as we considered necessary
in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Company&#146;s compliance with the PPLUS Minimum Servicing
Standards.
</DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our opinion, management&#146;s assertion that The Bank of New
  York Mellon has   complied with the aforementioned PPLUS Minimum Servicing Standards as of and for the year ended December
  31, 2011   is   fairly   stated, in all material respects. </DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ KPMG</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chicago, Illinois<BR>
 February 24, 2012

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></p>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"> MANAGEMENT ASSERTION
</DIV>


  <DIV align="left" style="font-size: 10pt; margin-top: 12pt">

</DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank of New York Mellon (formerly The Bank of New York)  (the  &#147;Company&#148;)  is   responsible  for  complying  with the
requirements of the PPLUS Minimum Servicing Standards as they relate to the
<font face="Times New Roman, Times, Serif" size=2>PPLUS</font> Trust Series
GSC-2 transaction. With respect to servicing standard 4, 5, 6  and 7, there were no
activities performed during the year ended December 31, 2011 with respect to the
<font face="Times New Roman, Times, Serif" size=2>PPLUS</font> Trust Series
GSC-2 transaction, because there were no occurrences of events that would
require the Company to perform such activities. The Company is responsible for
establishing and maintaining effective internal control over compliance with the
PPLUS Minimum Servicing Standards. The Company has performed an evaluation of
its compliance with the requirements of the PPLUS Minimum
Servicing Standards as it relates to <font face="Times New Roman, Times, Serif" size=2>PPLUS</font>
Trust Series GSC-2 as of and for the year ended December 31,
2011. Based on this evaluation, the Company asserts that as of and for the year
ended December 31, 2011, it has complied with the requirements of the PPLUS
Minimum Servicing Standards (attached).
<br>
    <br>
  </DIV>


  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td valign="top">
        <p><font size="2">/s/ </font><font face="Times New Roman, Times, Serif" size=2>Robert L. Griffin</font></p>
        <hr noshade align="left" width="200" size="1">
  <font face="Times New Roman, Times, Serif" size=2>The Bank of New York Mellon<br>
      Robert L. Griffin <br>
      Managing Director  <br>
        <br>
        February 24, 2012
        </font></td>
      <td width="50%">
        <p>&nbsp;</p>
      </td>
    </tr>
  </table>
  <P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></p>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">APPENDIX I
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PPLUS Minimum Servicing Standards intended<BR>
for use in connection with the Annual<BR>
Accountants Report (&#147;AAR&#148;)

</DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below is Merrill Lynch Depositor, Inc.&#146;s (&#147;the Depositor&#148;) together with Merrill Lynch High Grade Credit Management (&ldquo;HGCM&rdquo;)
and the Merrill Lynch Credit Derivative Integrated Support Solutions (&ldquo;ISS&rdquo;), minimum servicing standards for
the PreferredPlus Program (&#147;PPlus&#148;). The Bank of New York Mellon (&#147;the Bank&#148;) acts as
Trustee, Custodian, Paying Agent, and Transfer Agent on behalf of the PPlus
Program and has agreed to comply with these minimum servicing standards.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">MERRILL LYNCH DEPOSITOR, INC.&#146;S MINIMUM SERVICING STANDARDS
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CUSTODIAL BANK ACCOUNT RECONCILIATIONS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank must reconcile all related custodial bank accounts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank will include the Distribution report as Exhibit&nbsp;99.1 in the Form
8-Ks filed with the SEC.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>VERIFICATION OF INCOMING TRUST COLLATERAL INTEREST PAYMENTS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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. Each of the tickler systems shall be updated
on an on-going basis as each new trust series is created.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>TRUST DISBURSEMENTS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank will make all disbursements via wire transfer to The Depository
Trust Company (&#147;DTC&#148;) 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.</TD>
</TR>

</TABLE>
</DIV>
  <P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio --></p>
</DIV>


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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PARTIAL REDEMPTIONS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DEFAULTS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
        <TD>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 HGCM/ISS.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CALL WARRANT EXERCISES AND OPTIONAL EXCHANGES</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If there is an exercise of call warrants or an optional exchange of trust
certificates for underlying securities that did not 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. Such notice must contain the amount of certificates to be
purchased, the call price, and any other relevant information.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If there is an exercise of call warrants or an optional exchange of trust
certificates for underlying securities that did not cause the trust to
liquidate, the Bank must notify the rating agencies of the call exercise
or optional exchange.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If there is an exercise of call warrants or an optional exchange of trust
certificates for underlying securities that did not 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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>COMMUNICATIONS WITH CERTIFICATEHOLDERS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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&#146;s receipt of notice
of the occasion and the Bank must vote or give consents as directed by
certificateholders.</TD>
</TR>

</TABLE>
</DIV>


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