Dodd-Frank ("DF") and European Market Infrastructure Regulation ("EMIR") require the swap dealer affiliates of Bank of America Merrill Lynch (collectively, "BofAML") to perform portfolio reconciliation and, among other things, exchange or review valuations of each swap in each swap portfolio of BofAML ("Portfolio Reconciliation Valuations"). All Portfolio Reconciliation Valuations are for DF and EMIR compliance purposes only, are strictly confidential and are only for the sole use of the intended recipient. Reproduction, publication or distribution of any Portfolio Reconciliation Valuations to anyone else without the prior written consent of BofAML is prohibited.
All Portfolio Reconciliation Valuations: (i) are indicative only, as of the date and time (if any) specified, and subject to change without notice; (ii) do not necessarily reflect the actual prices or spread levels at which BofAML or any other party would enter into swap transactions with you and do not constitute an actual bid or offer, or solicitation of a bid or offer, to enter into any swap transactions; (iii) do not necessarily reflect the prices or spread levels at which these swaps or other products could or would be terminated or closed out at any time or at which any new swap transaction could be entered into with BofAML or any third party; (iv) do not necessarily take into account potential illiquidity due to the size of a swap transaction or illiquidity resulting from the lack of an actively traded market for such transaction; and (v) do not necessarily reflect the values of swaps or other products carried on the books and records of BofAML or of the values produced by pricing and/or other models used by BofAML or other sources. Valuations based on other models or differing assumptions or for different purposes may yield different results.
BofAML makes no representation or warranty, express or implied, as to the accuracy of any Portfolio Reconciliation Valuations or with respect to the sources or methods employed in deriving such valuations. Portfolio Reconciliation Valuations are derived using information from sources and methods that BofAML considers appropriate, but BofAML does not guarantee the accuracy of such information and has not necessarily reviewed all relevant information that is in the public domain or otherwise available to BofAML. Portfolio Reconciliation Valuations are not a recommendation for transactions or investment advice, are explicitly not provided for any tax, accounting or trading purpose, and may not under any circumstance be relied upon for purposes of calculating net asset value, complying with any financial reporting obligation, calculating any tax liability or otherwise complying with any tax reporting obligation. Illiquid and complex financial instruments may be difficult to value and you should consult your own accounting or other advisors as to the adequacy of Portfolio Reconciliation Valuations for your purposes.
BofAML, its directors, officers, employees and agents shall have no liability to you or any other party for loss, claims, damages, liabilities, costs or expenses (direct or indirect, special or consequential) arising from the use of or reliance on Portfolio Reconciliation Valuations or from any errors or omissions in computing or delivering Portfolio Reconciliation Valuations or any conclusions described or expressed in such Portfolio Reconciliation Valuations, including those due to any act of negligence or breach of warranty. Portfolio Reconciliation Valuations are not intended to confer any rights upon you or any other entity against BofAML or any of its directors, officers, agents or employees, or any other party controlling any of the foregoing. BofAML may have material interests that conflict with your interests. BofAML may be providing or may have provided advisory, investment banking, lending, or other services to counterparties mentioned in Portfolio Reconciliation Valuations. BofAML may hold material information which has not been taken into account when developing the Portfolio Reconciliation Valuations and BofAML need not disclose or take into account such information when undertaking any Portfolio Reconciliation Valuation. Further information on any Portfolio Reconciliation Valuations may be available upon request. BofAML and/or its directors, officers, employees and agents may from time to time enter into swap transactions or other derivative contracts related to the Portfolio Reconciliation Valuations. If BofAML is used in connection with any swap transaction or other derivative contracts related to a Portfolio Reconciliation Valuation, BofAML may act as principal for its own account or as agent for both the buyer and the seller.