Bond America Bank Corporation 2.5% ( US06048WTS97 ) in USD

Issuer America Bank Corporation
Market price refresh price now   100 %  ▲ 
Country  United States
ISIN code  US06048WTS97 ( in USD )
Interest rate 2.5% per year ( payment 2 times a year)
Maturity 28/10/2028



Prospectus brochure of the bond Bank of America Corporation US06048WTS97 en USD 2.5%, maturity 28/10/2028


Minimal amount 1 000 USD
Total amount /
Cusip 06048WTS9
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Next Coupon 28/10/2025 ( In 164 days )
Detailed description Bank of America Corporation is a multinational financial services corporation headquartered in Charlotte, North Carolina, offering a wide range of financial products and services to individuals, small businesses, and large corporations worldwide.

The Bond issued by America Bank Corporation ( United States ) , in USD, with the ISIN code US06048WTS97, pays a coupon of 2.5% per year.
The coupons are paid 2 times per year and the Bond maturity is 28/10/2028







424B2 1 e71749_424b2.htm PRICING SUPPLEMENT NO. 236
Oc t obe r 2 0 1 6
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-202354
Pricing Supplement No. 236

Dated October 26, 2016
$6,000,000 Step Up Callable Notes, due October 28, 2028
The Step Up Callable Notes (the "notes") are senior unsecured obligations of Bank of America Corporation. All pa ym e nt s due on t he
not e s, inc luding t he pa ym e nt of princ ipa l a nd int e re st , w ill be subje c t t o our c re dit risk . The notes will be issued in
minimum denominations of $1,000, and whole multiples of $1,000. The notes are senior debt securities issued by Bank of America Corporation,
and are not guaranteed or insured by the FDIC or secured by collateral. The notes will not be listed on any securities exchange.
SU M M ARY T ERM S*
I ssue r:
Bank of America Corporation ("BAC")
St a t e d princ ipa l a m ount :
$1,000 per note
Pric ing da t e :
October 26, 2016
Origina l issue da t e :
October 28, 2016
M a t urit y da t e :
October 28, 2028
Pa ym e nt a t m a t urit y:
The payment at maturity per note will be the stated principal amount plus accrued and unpaid interest.
I nt e re st ra t e :
The notes will accrue interest at the following rates per annum during the indicated year of their term:

· Years 1-5 (October 28, 2016 to but excluding October 28, 2021):
2.50%;

· Years 6-8 (October 28, 2021 to but excluding October 28, 2024):
3.00%;

· Years 9-10 (October 28, 2024 to but excluding October 28, 2026):
4.00%;

· Year 11 (October 28, 2026 to but excluding October 28, 2027):
5.00%; and

· Year 12 (October 28, 2027 to but excluding October 28, 2028):
6.00%.

Each semi-annual interest period (other than the first interest period, which will begin on the issue date)
will begin on, and will include, an interest payment date, and will extend to, but will exclude, the next
succeeding interest payment date (or the maturity date, as applicable).
I nt e re st da y c ount fra c t ion:
30/360
Coupon int e re st rule :
Following business day convention, subject to no adjustment for coupon period end dates.
I nt e re st pa ym e nt da t e s:
April 28 and October 28 of each year, beginning on April 28, 2017, subject to adjustment as described in
the prospectus if any such date is not a business day, with the final interest payment date occurring on
the maturity date.
Re c ord Da t e s for I nt e re st
For book-entry only notes, one business day in New York, New York prior to the payment date. If notes
Pa ym e nt s:
are not held in book-entry only form, the record dates will be the first day of the month in which the
applicable interest payment is due.
Opt iona l Ea rly Re de m pt ion:
We have the right to redeem all, but not less than all, of the notes on October 28, 2017, and on each
subsequent interest payment date (other than the maturity date). The redemption price will be 100% of
the principal amount of the notes, plus any accrued and unpaid interest. In order to call the notes, we will
give notice to the senior trustee at least five business days but not more than 60 calendar days before
the specified early redemption date.
Re pa ym e nt a t Opt ion of
None.
H olde r:
Se lling a ge nt :
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S"). See "Additional Information About the
Notes--Supplemental information regarding plan of distribution; conflicts of interest."
CU SI P:
06048WTS9
Com m issions a nd issue pric e :
Public offe ring pric e
Se lling a ge nt 's
Proc e e ds t o issue r
c om m issions(1)
Pe r not e
$1,000.00
$15.00
$985.00
T ot a l
$6,000,000
$90,000
$5,910,000
(1)
Selected dealers and their financial advisors will collectively receive from the selling agent, MLPF&S, a fixed sales commission of $15.00 for each note
that they sell. See "Additional Information About the Notes--Supplemental information regarding plan of distribution; conflicts of interest."

T he not e s a re unse c ure d a nd a re not sa vings a c c ount s, de posit s, or ot he r obliga t ions of a ba nk . T he not e s a re not
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gua ra nt e e d by Ba nk of Am e ric a , N .A. or a ny ot he r ba nk , a re not insure d by t he Fe de ra l De posit I nsura nc e
Corpora t ion (t he "FDI C") or a ny ot he r gove rnm e nt a l a ge nc y a nd involve inve st m e nt risk s. Pot e nt ia l purc ha se rs of
t he not e s should c onside r t he inform a t ion in "Risk Fa c t ors" be ginning on pa ge PS -3 of t his pric ing supple m e nt , pa ge
S-5 of t he a t t a c he d prospe c t us supple m e nt , a nd pa ge 9 of t he a t t a c he d prospe c t us.
N one of t he Se c urit ie s a nd Ex c ha nge Com m ission (t he "SEC"), a ny st a t e se c urit ie s c om m ission, or a ny ot he r
re gula t ory body ha s a pprove d or disa pprove d of t he se not e s or pa sse d upon t he a de qua c y or a c c ura c y of t his
pric ing supple m e nt or t he a c c om pa nying prospe c t us supple m e nt or prospe c t us. Any re pre se nt a t ion t o t he c ont ra ry
is a c rim ina l offe nse .
We will deliver the notes in book-entry form only through The Depository Trust Company on October 28, 2016 against payment in immediately
available funds.
Series L MTN prospectus supplement dated October 17, 2016 and prospectus dated May 1, 2015

Step Up Callable Notes, due October 28, 2028
About the Notes
Ge ne ra l
You should read carefully the entire pricing supplement, prospectus supplement, and prospectus to understand fully the terms of the notes, as
well as the tax and other considerations important to you in making a decision about whether to invest in the notes. In particular, you should
review carefully the section in this pricing supplement entitled "Risk Factors," which highlights a number of risks, to determine whether an
investment in the notes is appropriate for you.
Certain capitalized terms used and not defined in this pricing supplement have the meanings ascribed to them in the prospectus supplement and
prospectus.
You are urged to consult with your own attorneys and business and tax advisors before making a decision to purchase any of the notes.
The information in this section is qualified in its entirety by the more detailed explanation set forth elsewhere in this pricing supplement and the
accompanying prospectus supplement and prospectus. You should rely only on the information contained in this pricing supplement and the
accompanying prospectus supplement and prospectus. We have not authorized any other person to provide you with different information. If
anyone provides you with different or inconsistent information, you should not rely on it. Neither of us nor MLPF&S is making an offer to sell
these notes in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this pricing supplement, the
accompanying prospectus supplement, and prospectus is accurate only as of the date on their respective front covers.
Unless otherwise indicated or unless the context requires otherwise, all references in this pricing supplement to "we," "us," "our," or similar
references are to Bank of America Corporation.
I nt e re st Pa ym e nt s
The notes will accrue interest during the following periods at the following rates per annum:
Dates:
Annual Rate:
October 28, 2016 to but excluding October 28, 2021
2.50%
October 28, 2021 to but excluding October 28, 2024
3.00%
October 28, 2024 to but excluding October 28, 2026
4.00%
October 28, 2026 to but excluding October 28, 2027
5.00%
October 28, 2027 to but excluding October 28, 2028
6.00%
Each semi-annual interest period (other than the first interest period, which will begin on the issue date) will begin on, and will include, an
interest payment date, and will extend to, but will exclude, the next succeeding interest payment date (or the maturity date, as applicable). The
interest payment dates will be April 28 and October 28 of each year, beginning on April 28, 2017, with the final interest payment date occurring
on the maturity date.
October 2016
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Step Up Callable Notes, due October 28, 2028
Risk Factors
Your investment in the notes entails significant risks, many of which differ from those of a conventional debt security. Your decision to purchase
the notes should be made only after carefully considering the risks of an investment in the notes, including those discussed below, with your
advisors in light of your particular circumstances. The notes are not an appropriate investment for you if you are not knowledgeable about
significant elements of the notes or financial matters in general.
The notes are subject to our early redemption. We may redeem all, but not less than all, of the notes on any interest payment
date on or after October 28, 2017 (other than the maturity date). You should expect to receive less than five business days' notice of that
redemption, and if you intend to purchase the notes, you must be willing to have your notes redeemed as early as that date. We are
generally more likely to elect to redeem the notes during periods when the remaining interest to be accrued on the notes is to accrue at a
rate that is greater than that which we would pay on our traditional interest bearing debt securities having a maturity equal to the remaining
term of the notes.
If we redeem the notes prior to the maturity date, you may not be able to reinvest your proceeds from the redemption in an investment with
a return that is as high as the return on the notes would have been if they had not been redeemed.
Payments on the notes are subject to our credit risk, and actual or perceived changes in our creditw orthiness
a re e x pe c t e d t o a ffe c t t he va lue of t he not e s. The notes are our senior unsecured debt securities. As a result, your receipt of all
payments of interest and principal on the notes is dependent upon our ability to repay our obligations on the applicable payment date. No
assurance can be given as to what our financial condition will be at any time during the term of the notes or on the maturity date. If we
default on our financial obligations, you may not receive the amounts payable under the terms of the notes.
Our credit ratings are an assessment by ratings agencies of our ability to pay our obligations. Consequently, our perceived creditworthiness
and actual or anticipated decreases in our credit ratings or increases in our credit spreads prior to the maturity date of the notes may
adversely affect the market value of the notes. However, because your return on the notes depends upon factors in addition to our ability to
pay our obligations, such as the difference between the interest rates accruing on the notes and current market interest rates, an
improvement in our credit ratings will not reduce the other investment risks related to the notes.
We have included in the terms of the notes the costs of developing, hedging, and distributing them, and the
pric e , if a ny, a t w hic h you m a y se ll t he not e s in a ny se c onda ry m a rk e t t ra nsa c t ion w ill lik e ly be low e r t ha n t he
public offe ring pric e due t o, a m ong ot he r t hings, t he inc lusion of t he se c ost s. In determining the economic terms of the
notes, and consequently the potential return on the notes to you, a number of factors are taken into account. Among these factors are
certain costs associated with developing, hedging, and offering the notes.
Assuming there is no change in market conditions or any other relevant factors, the price, if any, at which the selling agent or another
purchaser might be willing to purchase the notes in a secondary market transaction is expected to be lower than the price that you paid for
them. This is due to, among other things, the inclusion of these costs, and the costs of unwinding any relating hedging.
The quoted price of any of our affiliates for the notes could be higher or lower than the price that you paid for them.
We cannot assure you that a trading market for your notes w ill ever develop or be maintained. We will not list the
notes on any securities exchange. We cannot predict how the notes will trade in any secondary market, or whether that market will be liquid
or illiquid.
The development of a trading market for the notes will depend on our financial performance and other factors. The number of potential
buyers of the notes in any secondary market may be limited. We anticipate that MLPF&S will act as a market-maker for the notes, but
neither MLPF&S nor any of our other affiliates is required to do so. MLPF&S may discontinue its market-making activities as to the notes at
any time. To the extent that MLPF&S engages in any market-making activities, it may bid for or offer the notes. Any price at which MLPF&S
may bid for, offer, purchase, or sell any notes may differ from the values determined by pricing models that it may use, whether as a result of
dealer discounts, mark-ups, or other transaction costs. These bids, offers, or completed transactions may affect the prices, if any, at which
the notes might otherwise trade in the market.
In addition, if at any time MLPF&S were to cease acting as a market-maker for the notes, it is likely that there would be significantly less
liquidity in the secondary market. In such a case, the price at which the notes could be sold likely would be lower than if an active market
existed.
October 2016
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Step Up Callable Notes, due October 28, 2028
Many economic and other factors w ill impact the market value of the notes. The market for, and the market value of, the
notes may be affected by a number of factors that may either offset or magnify each other, including:
o
the time remaining to maturity of the notes;
o
the aggregate amount outstanding of the notes;
o
our right to redeem the notes on the dates set forth above;
o
the level, direction, and volatility of market interest rates generally;
o
general economic conditions of the capital markets in the United States;
o
geopolitical conditions and other financial, political, regulatory, and judicial events that affect the capital markets generally;
o
our financial condition and creditworthiness; and
o
any market-making activities with respect to the notes.
Our trading and hedging activities may create conflicts of interest w ith you. We or one or more of our affiliates, including
MLPF&S, may engage in trading activities related to the notes that are not for your account or on your behalf. We expect to enter into
arrangements to hedge the market risks associated with our obligation to pay the amounts due under the notes. We may seek competitive
terms in entering into the hedging arrangements for the notes, but are not required to do so, and we may enter into such hedging
arrangements with one of our subsidiaries or affiliates. This hedging activity is expected to result in a profit to those engaging in the hedging
activity, which could be more or less than initially expected, but which could also result in a loss for the hedging counterparty. These trading
and hedging activities may present a conflict of interest between your interest in the notes and the interests we and our affiliates may have
in our proprietary accounts, in facilitating transactions for our other customers, and in accounts under our management.
October 2016
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Step Up Callable Notes, due October 28, 2028
Additional Information About the Notes
Please read this information in conjunction with the summary terms on the front cover of this document.
Addit iona l provisions:

T he not e s:
The notes are part of a series of medium-term notes entitled "Medium-Term Notes, Series L" issued
under the Senior Indenture, as amended and supplemented from time to time. The Senior Indenture is
described more fully in the accompanying prospectus supplement and prospectus. The following
description of the notes supplements the description of the general terms and provisions of the notes
and debt securities set forth under the headings "Description of the Notes" in the prospectus supplement
and "Description of Debt Securities" in the prospectus. These documents should be read in connection
with this pricing supplement.
Prior to maturity, the notes are not repayable at your option. The notes are not subject to any sinking
fund.
The notes will be issued in book-entry form only.
Re c ord da t e s for int e re st
For book-entry only notes, one business day in New York, New York prior to the payment date. If notes
pa ym e nt s:
are not held in book-entry only form, the record dates will be the first day of the month in which the
applicable interest payment is due.
Re de m pt ion a t our opt ion:
We have the right to redeem all, but not less than all, of the notes on October 28, 2017, and on each
subsequent interest payment date (other than the maturity date). The redemption price will be 100% of
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the principal amount of the notes, plus any accrued and unpaid interest. In order to call the notes, we will
give notice to the senior trustee at least five business days but not more than 60 calendar days before
the specified early redemption date.
Re de m pt ion a t opt ion of
None
holde r:
M inim um t ic k e t ing size :
$1,000
I nt e re st :
The notes will accrue interest at the following rates per annum during the indicated year of their term:

Years 1-5 (October 28, 2016 to but excluding October 28, 2021):
2.50%;

Years 6-8 (October 28, 2021 to but excluding October 28, 2024):
3.00%;

Years 9-10 (October 28, 2024 to but excluding October 28, 2026):
4.00%;

Year 11 (October 28, 2026 to but excluding October 28, 2027):
5.00%; and

Year 12 (October 28, 2027 to but excluding October 28, 2028):
6.00%.

Each semi-annual interest period (other than the first interest period, which will begin on the issue date)
will begin on, and will include, an interest payment date, and will extend to, but will exclude, the next
succeeding interest payment date (or the maturity date, as applicable).
Ca lc ula t ion a ge nt :
Merrill Lynch Capital Services, Inc. ("MLCS")
Role of t he c a lc ula t ion
The calculation agent has the sole discretion to make all determinations regarding the notes, including
a ge nt :
determinations regarding each interest payment and business days. Absent manifest error, all
determinations of the calculation agent will be final and binding on you and us, without any liability on the
part of the calculation agent.
We have initially appointed our subsidiary, MLCS, as the calculation agent, but we may change the
calculation agent at any time without notifying you.
Sa m e -da y se t t le m e nt a nd
The notes will be delivered in book-entry form only through The Depository Trust Company against
pa ym e nt :
payment by purchasers of the notes in immediately available funds. We will make payments of the
principal amount and each interest payment in immediately available funds so long as the notes are
maintained in book-entry form.
October 2016
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Step Up Callable Notes, due October 28, 2028
Supple m e nt a l inform a t ion
Our broker-dealer subsidiary, MLPF&S, will act as our selling agent in connection with the offering of the
re ga rding pla n of
notes. The selling agent is a party to the Distribution Agreement described in the "Supplemental Plan of
dist ribut ion; c onflic t s of
Distribution (Conflicts of Interest)" on page S-15 of the accompanying prospectus supplement.
int e re st :
MLPF&S will sell the notes to other broker-dealers that will participate in the offering and that are not
affiliated with us, at an agreed discount to the principal amount. Each of those broker-dealers may sell
the notes to one or more additional broker-dealers. MLPF&S has informed us that these discounts may
vary from dealer to dealer and that not all dealers will purchase or repurchase the notes at the same
discount.
The selling agent is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Accordingly,
the offering of the notes will conform to the requirements of FINRA Rule 5121.
The selling agent is not your fiduciary or advisor solely as a result of the offering of the notes, and you
should not rely upon this pricing supplement, or the accompanying prospectus or prospectus supplement
as investment advice or a recommendation to purchase notes. You should make your own investment
decision regarding the notes after consulting with your legal, tax, and other advisors.
The settlement of the notes will occur on October 28, 2016.
The selling agent and any of our other broker-dealer affiliates may use this pricing supplement and the
accompanying prospectus supplement and prospectus for offers and sales in secondary market
transactions and market-making transactions in the notes. However, they are not obligated to engage in
such secondary market transactions and/or market-making transactions. The selling agent may act as
principal or agent in these transactions, and any such sales will be made at prices related to prevailing
market conditions at the time of the sale.
Any price that MLPF&S may pay to repurchase the notes will depend upon then prevailing market
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conditions and other considerations, as mentioned above, and will include transaction costs.
V a lidit y of t he N ot e s:
In the opinion of McGuireWoods LLP, as counsel to BAC, when the trustee has made an appropriate
entry on Schedule 1 to the Master Registered Global Senior Note, dated May 1, 2015 (the "Master Note")
identifying the notes offered hereby as supplemental obligations thereunder in accordance with the
instructions of BAC and the notes have been delivered against payment therefor as contemplated in this
pricing supplement and the related prospectus supplement and prospectus, all in accordance with the
provisions of the indenture governing the notes, such notes will be legal, valid and binding obligations of
BAC, subject to the effect of applicable bankruptcy, insolvency (including laws relating to preferences,
fraudulent transfers and equitable subordination), reorganization, moratorium and other similar laws
affecting creditors' rights generally, and to general principles of equity. This opinion is given as of the
date hereof and is limited to the laws of the State of New York and the Delaware General Corporation
Law (including the statutory provisions, all applicable provisions of the Delaware Constitution and
reported judicial decisions interpreting the foregoing). In addition, this opinion is subject to the
assumption that the trustee's certificate of authentication of the Master Note has been manually signed
by one of the trustee's authorized officers and to customary assumptions about the trustee's
authorization, execution and delivery of the indenture governing the notes, the validity, binding nature
and enforceability of the indenture governing the notes with respect to the trustee, the legal capacity of
natural persons, the genuineness of signatures, the authenticity of all documents submitted to
McGuireWoods LLP as originals, the conformity to original documents of all documents submitted to
McGuireWoods LLP as copies thereof, the authenticity of the originals of such copies and certain factual
matters, all as stated in the letter of McGuireWoods LLP dated February 27, 2015, which has been filed
as an exhibit to BAC's Registration Statement relating to the notes filed with the SEC on February 27,
2015.
Cont a c t :
Morgan Stanley Wealth Management clients may contact their local Morgan Stanley branch office or
Morgan Stanley's principal executive offices at 1585 Broadway, New York, New York 10036 (telephone
number (866) 477-4776). All other clients may contact their local brokerage representative. Third-party
distributors may contact Morgan Stanley Structured Investment Sales at (800) 233-1087.
October 2016
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Step Up Callable Notes, due October 28, 2028
Whe re you c a n find m ore
We have filed a registration statement (including a prospectus supplement and a prospectus) with the
inform a t ion:
SEC for the offering to which this pricing supplement relates. Before you invest, you should read these
documents, this document, and the other documents that we have filed with the SEC, for more complete
information about us and this offering. You may get these documents without cost by visiting EDGAR on
the SEC website at www.sec.gov. Alternatively, we, any agent, or any dealer participating in this offering
will arrange to send you these documents if you so request by calling MLPF&S toll-free at 1-800-294-
1322.
The terms and risks of the notes are contained in this document and in the following:
¡ Series L MTN prospectus supplement dated October 17, 2016 and prospectus dated May 1, 2015:
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Step Up Callable Notes, due October 28, 2028
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U.S. Federal Income Tax Summary
The following summary of the material U.S. federal income tax considerations of the acquisition, ownership, and disposition of the notes is based
upon the advice of Morrison & Foerster LLP, our tax counsel. The following discussion is not exhaustive of all possible tax considerations. This
summary is based upon the Internal Revenue Code of 1986, as amended (the "Code"), regulations promulgated under the Code by the U.S.
Treasury Department (including proposed and temporary regulations), rulings, current administrative interpretations and official pronouncements
of the Internal Revenue Service (the "IRS"), and judicial decisions, all as currently in effect and all of which are subject to differing
interpretations or to change, possibly with retroactive effect. No assurance can be given that the IRS would not assert, or that a court would not
sustain, a position contrary to any of the tax consequences described below.
The following discussion supplements, is subject to the same qualifications and limitations as, and should be read in conjunction with the
discussion in the prospectus supplement under the caption "U.S. Federal Income Tax Considerations," and in the prospectus under the caption
"U.S. Federal Income Tax Considerations." To the extent inconsistent, the following discussion supersedes the discussion in the prospectus
supplement and the prospectus.
This discussion only applies to U.S. holders (as defined in the accompanying prospectus) that are not excluded from the discussion of U.S.
federal income taxation in the accompanying prospectus. In particular, this summary is directed solely to U.S. holders that will purchase the
notes upon original issuance and will hold the notes as capital assets within the meaning of Section 1221 of the Code, which generally means as
property held for investment. This summary assumes that the issue price of the notes, as determined for U.S. federal income tax purposes,
equals the principal amount thereof.
The notes will be treated as debt instruments for U.S. federal income tax purposes. The notes provide for an initial fixed rate of interest that
increases in subsequent periods. In addition, the notes provide us with the right to redeem the notes on October 28, 2017 and on each
subsequent interest payment date at a redemption price equal to 100% of the principal amount of the notes, plus any accrued and unpaid
interest. Solely for purposes of computing the yield and maturity of a debt instrument, applicable Treasury regulations generally deem an issuer
to exercise a call option in a manner that minimizes the yield on the debt instrument. This assumption is made solely for U.S. federal income tax
purposes of determining whether the notes are issued with original issue discount ("OID") and is not an indication of our intention to call or not to
call the notes at any time. The yield on the notes would be minimized if we call the notes on October 28, 2017. Accordingly, solely for purposes
of determining the yield and maturity of the notes we are deemed to exercise our right to redeem the notes on such date and the notes should
be treated as maturing on that date. Therefore, the notes should not be treated as having been issued with OID. If we do not call the notes on
such date, solely for purposes of determining the yield and maturity of the notes, the notes should be deemed to be retired and reissued for an
amount equal to their adjusted issue price on that date. This deemed retirement and reissuance should not result in any taxable gain or loss to
you. Solely for purposes of determining yield and maturity, the deemed reissued notes should be subject to the rules discussed above. By
application of those rules, the deemed reissued notes should be treated as fixed rate debt instruments not bearing OID. The same analysis
would apply to each subsequent interest rate step up date.
You should consult the discussion under "U.S. Federal Income Tax Considerations--Taxation of Debt Securities--Consequences to U.S.
Holders" as it relates to fixed rate debt instruments not bearing OID in the accompanying prospectus for a description of the consequences to
you of the ownership and disposition of the notes.
Upon the sale, exchange, retirement, or other disposition of a note, a U.S. holder will recognize gain or loss equal to the difference between the
amount realized upon the sale, exchange, retirement, or other disposition (less an amount equal to any accrued interest not previously included
in income if the note is disposed of between interest payment dates, which will be included in income as interest income for U.S. federal income
tax purposes) and the U.S. holder's adjusted tax basis in the note. A U.S. holder's adjusted tax basis in a note generally will be the cost of the
note to such U.S. holder, increased by any OID, market discount, de minimis OID, or de minimis market discount previously included in income
with respect to the note, and decreased by the amount of any premium previously amortized to reduce interest on the note and the amount of
any payment (other than a payment of qualified stated interest) received in respect of the note.
Except as discussed in the prospectus with respect to market discount, gain or loss realized on the sale, exchange, retirement, or other
disposition of a note generally will be capital gain or loss and will be long-term capital gain or loss if the note has been held for more than one
year. The ability of U.S. holders to deduct capital losses is subject to limitations under the Code.

You should consult your own tax advisor concerning the U.S. federal income tax consequences to you of acquiring, owning, and disposing of
the notes, as well as any tax consequences arising under the laws of any state, local, foreign, or other tax jurisdiction and the possible effects of
changes in U.S. federal or other tax laws.
October 2016
Page PS-8

https://www.sec.gov/Archives/edgar/data/70858/000089109216018513/e71749_424b2.htm[10/31/2016 10:07:10 AM]


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