This marketing material was prepared by marketing personnel of Bank of America N.A ("BANA"). This information is not a publication of BofA Global Research and it has not been reviewed or approved by any employee of BofA Global Research. Any summary of BofA Global Research notes and reports, and any reference or link to BofA Global Research notes and reports, are qualified in their entirety by the views of BofA Global Research. This information is based upon various sources believed to be reliable, but BANA provides no guarantee, representation or warranty regarding the accuracy, completeness or timeliness of the information. BANA will not be liable for any investment decision based in whole or in part on this information. The reader is required to make its own investment decisions, using as necessary the advice of independent advisors or consultants. BANA does not make any guarantee as to the performance or success of any opinion or idea expressed in the information. This information does not constitute an offer, or a solicitation of an offer, to purchase or sell any securities or financial instruments. The material is intended for the sole use of the person or firm to whom it is provided and is for discussion purposes only. It is not intended for further dissemination in its present form and may not be disseminated to other parties. BANA and its affiliates may trade for their own accounts in any of the securities of issuers mentioned herein or in related financial instruments, and from time-to-time may also perform or solicit investment banking or other services for, or from, any entity mentioned herein.
Any estimated values provided in the material are "as of" the date indicated and do not represent actual bids or offers by BANA. Even though the material is based upon publicly available information and news sources that are generally believed to be reliable, there can be no assurance that actual trades could be completed at such value(s). Because these estimated valuations are based on underlying valuations obtained from third party sources we cannot make any representation as to the accuracy or completeness of the valuations. The material is not intended to be a comprehensive summary of all material news, information, events and risks relating to the companies or securities mentioned. BANA does not make any representation or warranty as to the accuracy or completeness of this material, and, by accepting the material, you agree that BANA shall not be responsible for any error or omission. References to past prices or quotes do not in any way imply that such prices or quotes will again be available or actionable. These estimates may not be representative of any theoretical or actual internal valuations employed by us for our own purposes, may vary during the course of any particular day and may vary significantly from the estimates or quotations that would be given by another dealer.
This material does not constitute an offer, or a solicitation of an offer, to purchase or sell any security or financial instrument, nor does the material constitute advice or an expression of BANA's view as to whether a particular security or financial instrument is appropriate for you and meets your financial objectives. BANA will not be liable for any investment decision based in whole or in part on the material. The reader is required to make its own investment decisions, using as necessary the advice of independent advisors or consultants. As a condition for providing these estimates, you agree that BANA makes no representation and shall have no liability in any way arising there from to you or any other entity for any loss or damage, direct or indirect, arising from the use of this information. BANA and its affiliates may trade for their own accounts as market maker, block positioner, dealer, specialist, arbitrageur or speculator in any of the securities of issuers mentioned in this material. When trading for proprietary accounts, BANA and its affiliates may consider the material in their trading decisions, as appropriate. Principal transactions by BANA and its affiliates are effected in accordance with applicable rules and regulations, and such transactions may affect the prices of the securities mentioned. Further, BANA and its affiliates may from time-to-time perform investment banking or other services for, or solicit investment banking or other business from, any company mentioned in the material. The material is provided for informational purposes only and any distribution or copying of the material is prohibited.
The information in this material is obtained from various sources and is not guaranteed for accuracy or completeness. Neither the information nor any views expressed constitutes a solicitation for the purchase or sale of any securities or other financial instruments. BANA and any affiliate may trade for their own accounts in any of the securities of issuers mentioned herein or in related investments, and also from time to time perform or solicit investment banking or other services for, or from, any entity mentioned herein.