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Biotech HOLDRS are Depositary Receipts issued by the Biotech HOLDRS Trust which represent an undivided beneficial ownership in the common stock of a group of specified companies that are involved in various segments of the Biotechnology Industry. The Bank of New York is the trustee. Biotech HOLDRS may be acquired, held or transferred in a round-lot amount of 100 Biotech HOLDRS or round-lot multiples. Biotech HOLDRS are separate from the underlying deposited common stocks that are represented by the Biotech HOLDRS. The Biotech HOLDRS Trust is not a registered investment company under the Investment Company Act of 1940.
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