Electronic Communications Disclaimers

Global Markets Sales Note Disclaimer

This marketing material was prepared by marketing personnel of Bank of America Securities ("BofA Securities"). 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 BofA Securities provides no guarantee, representation or warranty regarding the accuracy, completeness or timeliness of the information. BofA Securities 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. BofA Securities 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. BofA Securities 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 BofA Securities. 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. BofA Securities does not make any representation or warranty as to the accuracy or completeness of this material, and, by accepting the material, you agree that BofA Securities 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 BofA Securities view as to whether a particular security or financial instrument is appropriate for you and meets your financial objectives. BofA Securities 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 BofA Securities 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. BofA Securities 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, BofA Securities and its affiliates may consider the material in their trading decisions, as appropriate. Principal transactions by BofA Securities and its affiliates are effected in accordance with applicable rules and regulations, and such transactions may affect the prices of the securities mentioned. Further, BofA Securities 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. BofA Securities 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. 

Sector Specialist Sales

This material was prepared by Sector Specialist Sales personnel of Bank of America Securities ("BofA Securities"). 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 BofA Securities provides no guarantee, representation or warranty regarding the accuracy, completeness or timeliness of the information. BofA Securities 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. BofA Securities 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. BofA Securities 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. BofA Global Research Reports may be found at markets.ml.com.

Americas Equity Linked Sales & Trading

This material was prepared by Americas Equity-Linked Personnel of BofA Securities, Inc. (“BofA Securities”). The material is not a publication of Bank of America ("BofA") Global Research, and it has not been reviewed or approved by BofA Global Research. Any summary of BofA Securities Research notes and reports, and/or any reference or link to BofA Global Research notes and reports, are qualified in their entirety by the views of BofA Global Research. Any reference to or summary of BofA Securities Research in this material is qualified in its entirety by the views of BofA Global Research. Please refer to BofA Global Research for more details (markets.ml.com).

The estimated values provided in the material are "as of" the date indicated and do not represent actual bids or offers by BofA Securities. 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. BofA Securities does not make any representation or warranty as to the accuracy or completeness of this material, and, by accepting the material, you agree that BofA Securities 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 This material was prepared by Americas Equity-Linked Personnel of BofA Securities, Inc. (“BofA Securities”). The material is not a publication of Bank of America ("BofA") Global Research, and it has not been reviewed or approved by BofA Global Research. Any summary of BofA Securities Research notes and reports, and/or any reference or link to BofA Global Research notes and reports, are qualified in their entirety by the views of BofA Global Research. Any reference to or summary of BofA Securities Research in this material is qualified in its entirety by the views of BofA Global Research. Please refer to BofA Global Research for more details (markets.ml.com).

The estimated values provided in the material are "as of" the date indicated and do not represent actual bids or offers by BofA Securities. 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. BofA Securities does not make any representation or warranty as to the accuracy or completeness of this material, and, by accepting the material, you agree that BofA Securities 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 BofA Securities view as to whether a particular security or financial instrument is appropriate for you and meets your financial objectives. BofA Securities 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 BofA Securities 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. BofA Securities 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, BofA Securities and its affiliates may consider the material in their trading decisions, as appropriate. Principal transactions by BofA Securities and its affiliates are effected in accordance with applicable rules and regulations, and such transactions may affect the prices of the securities mentioned. Further, BofA Securities 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. This material may not be distributed outside the United States; and is intended solely for Global Markets institutional clients. The material is provided for informational purposes only and any distribution or copying of the material is prohibited.

Global Markets Trading

This information is prepared by Bank of America Securities Trading personnel (BofA Securities Global Markets Trading) and is not a publication of Bank of America Global Research (BofA Global Research) although a BofA Global Research report may be referenced as a link or as an attachment hereto. This information 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. BofA Securities 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. BofA Global Research Reports can be found at markets.ml.com.

PRICING DISCLAIMER FOR MORTGAGE BACKED SECURITIES IN ASIA PACIFIC REGION

“Bank of America Securities” is the marketing name for the global banking and global markets businesses of Bank of America Corporation (collectively, “BofA Securities”). This document is for informational purposes only, and any prices reflected herein are indicative only, non-executable, and subject to change without notice. For executable prices, contact your local sales representative while the trading markets in Asia are open. Under no circumstances should this document be used or considered an offer to sell or a solicitation of any offer to buy securities or financial products mentioned in it. The information contained herein has been obtained or derived from sources believed by us to be reliable, but we do not represent that it is accurate or complete and it should not be relied upon as such. BofA Securities may be providing or may have provided advisory, investment banking, banking or other services to issuers or entities mentioned herein. BofA Securities and/or its officers and employees may from time to time acquire, hold or sell a position in the securities of financial products mentioned herein or in related futures or options. If BofA Securities is used in connection with the purchase or sale of any security or financial product mentioned herein, BofA Securities may act as principal for its own account or as agent for both the buyer and the seller. BofA Securities may have managed or co-managed a public offering of the securities mentioned in this document in the last three years. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA, and in Japan, BofA Securities Japan Co., Ltd. which is a registered Financial Instrument Business Operator.

Research Sales

This information is prepared by Bank of America Global Research Sales personnel and is not a publication of Bank of America Global Research although a Bank of America Global Research report may be referenced as a link or as an attachment hereto. Any summary of Bank of America Global Research prepared by Bank of America Securities Sales is qualified in its entirety by the views of Bank of America Global Research. This information 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. Bank of America Securities 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. Bank of America Securities Research Reports can be found at markets.ml.com.