Electronic Communications Disclaimers

Europe, Middle East and Africa — EMEA Global Markets Sales Note Disclaimer

This communication is issued and approved by the BofA entities, including, but not limited to, Merrill Lynch International, BofA Securities Europe Société Anonyme and Bank of America Europe Designated Activity Company (see BofA Entities List for additional information), (collectively, “BofA”).


This communication is not for distribution to the public or a large number of persons, but is personal to named recipients. Where this communication constitutes a financial promotion under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), it is issued and approved for distribution in the UK by Merrill Lynch International only to, and directed at, (a) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Order or (b) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order (all such persons together being referred to as “relevant persons”).


This communication must not be acted on or relied on by any persons. Any investment or investment activity to which this communication relates is only available to relevant persons and will be engaged in only with relevant persons. The UK compensation scheme and rules for the protection of eligible claimants do not apply to the services provided or sold by non-UK regulated affiliates.


The material in this communication is not investment research as defined by the rules of the Financial Conduct Authority, Prudential Regulation Authority or the Autorité des Marchés Financiers and has accordingly not been prepared in accordance with any legal requirements designed to promote the independence of investment research nor is it subject to any prohibition on dealing ahead of the dissemination of investment research. This material has been compiled by BofA sales and trading and marketing personnel from various publicly available news sourced, including newspapers and news services. It is not intended to be a comprehensive summary of newsworthy business or economic events nor is it a substitute for BofA economic or fundamental research (“BofA Research”) and it may not be relied upon as such. The information has not been reviewed or approved in conjunction with BofA Research. To the extent that the information in this communication reflects the views of BofA or its affiliates, this information and views expressed are subject to change without notice to you. Although the information set out in this communication is obtained from sources believed to be reliable, BofA does not guarantee its accuracy or completeness.


The information in this communication does not constitute an offer, solicitation or recommendation for the purchase or sale of any securities or other financial instruments nor does it constitute advice of any kind, whether in relation to legal, compliance, tax, accounting, regulatory matters or otherwise, a personal recommendation (as defined by the rules of the Financial Conduct Authority, Prudential Regulation Authority or the Autorité des Marchés Financiers) or otherwise or an expression of our view as to whether a particular security or financial instrument is suitable or appropriate for you and meets your financial or any other objectives. This information is not based on the particular circumstances of any named recipient. This communication has been produced by and for the benefit of a trading desk which may have used it prior to publication to clients. It is not being held out as being impartial in relation to the activities of the trading desk.


The information herein was obtained from various sources. Where the information relates to legislative initiatives, it represents a non-exhaustive summary of BofA’s current understanding of the legislation and the proposed timeframes as at the date of this publication, which is subject to change pending further clarification of the rules through the legislative rule making and implementation processes in the relevant jurisdiction. This information is for your private information and is for discussion purposes only. A variety of market factors and assumptions may affect this analysis, and this analysis does not reflect all possible loss scenarios. Some products may place your capital at risk; yield figures quoted may not display all the short and long term prospects for the investment. There is no certainty that the parameters and assumptions used in this analysis can be duplicated with actual trades. Any historical exchange rates, interest rates or other reference rates or prices, any data on actual past performance, simulated past performance, or projected future performance (including modelling) contained herein is indicative only and is not a reliable indicator of future results.


The information, recommendations and/or opinions expressed herein do not constitute an offer to buy or sell any securities, futures, options, or investment products. Foreign currency denominated investments are subject to fluctuations in exchange rates that could have a positive or adverse effect on the investor’s return. Unless otherwise stated, any pricing information in this message is indicative only, is subject to change and is not an offer to deal. Some investments or services may have complex charging structures and we may receive more than one element of remuneration. Where relevant, the price quoted is exclusive of tax and delivery costs. Any reference to the terms of executed transactions should be treated as preliminary and subject to our written confirmation. You should discuss with your professional legal, accounting, or other adviser how it may affect you.


BofA and/or its affiliates may have a position and/or trade for their own accounts as odd-lot dealer, market maker, block positioner, specialist, liquidity maker and/or arbitrageur in any securities of issuers mentioned herein or in related investments and also may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any issuer mentioned herein.


This material is not to be distributed to, or read by, retail clients. If the reader of this message is not the intended recipient, you are hereby notified that the dissemination, distribution, copying or other use of this transmission is strictly prohibited.


BofA reserves the right to monitor electronic communications (subject to and in accordance with local laws).

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