Prime Brokerage Capital Strategy Group
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Where this communication constitutes a financial promotion/marketing communication 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 Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (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 persons who are not relevant 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 retail clients do not apply to the services provided or products sold by non-UK regulated affiliates.
The information herein was obtained from various sources. We do not guarantee its accuracy. 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 which appear above are not necessarily indicative of future exchange rates, interest rates, or other reference rates or prices.
This information is not a publication of BofA Global Research, although a BofA Global Research report may be referenced as a link or as an attachment hereto. Any summary of BofA Global Research is qualified in its entirety by the views of BofA Global Research and the specific disclaimers associated with that report. BofA Entities and any affiliate may trade for its own accounts in any of the securities of issuers mentioned herein or in related investments, or other products, and may also from time to time perform or solicit investment banking or other services for, or from, any entity mentioned herein. Prior to undertaking any trade, you should discuss with your professional tax, accounting or other adviser how such particular trade(s) affect you. All analysis (whether in respect of tax, accounting, law or of any other nature), should be treated as illustrative only and not relied upon as accurate.
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For Investors located in Switzerland, the funds described in this document may not have been authorised by the FINMA as a foreign collective investment scheme pursuant to Article 120 of the Swiss Federal Act on Collective Investment Schemes of June 23, 2006 ("CISA"). Accordingly, none of the units/shares of such funds may be sold, marketed or otherwise distributed in or from Switzerland by way of public advertising within the meaning of CISA and its implementing ordinances and notices, each as amended from time to time, and no offering material relating to any of the units/shares of such funds may be used in connection with any such offer or distribution. Investors cannot avail themselves of the protection afforded by CISA.
For Investors located in the United Kingdom, these materials are only directed at persons who are investment professionals under Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 and the investment or investment activity to which these materials relate is only available to and will only be engaged in with such persons. Persons who do not have professional experience in matters relating to investments should not rely upon the contents of these materials.
For Investors located in Italy, no offering of funds or distribution of any offering materials relating to the funds will be made in Italy unless the requirements of Italian law concerning the offering of securities have been complied with, including (i) the requirements of Article 42 and Article 93-bis and ff. of the Italian Financial Service Act and Consob Regulation No. 11971 of 14th May 1999, and (ii) all other Italian securities tax and exchange controls and any other applicable laws and regulations, all as amended from time to time.
For Investors located in Spain in respect of Open-ended non-UCITS funds, the Funds have not been registered with the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores). Accordingly, the Funds may only be offered in Spain or targeted at Spanish residents pursuant to and in compliance with Law 35/2003, on CIS, Royal Decree 1309/2005 and any regulation issued thereunder.
For Investors located in the Netherlands, the Units or Shares, as the case may be, will not be offered or sold, directly or indirectly, in the Netherlands, other than to qualified investors, all within the meaning of article 1:12, and in the case of closedended investments schemes only, 5:3 of the Netherlands Financial Supervision Act (Wet op het financieel toezicht) and article 4 of the Financial Supervision Act Exemption Regulation (Vrijstellingsregeling Wft). In respect of the offering, the management company of the Fund does not require a license as a collective investment scheme pursuant to the Financial Supervision Act and is not subject to market conduct supervision of the Netherlands Authority for the Financial Markets and prudential supervision of the Dutch Central Bank (De Nederlandsche Bank N.V.).
For Investors located in France, BofA Entities have not been appointed to engage in financial solicitation (démarchage) and nothing in its acting in the context of Capital Strategy shall be viewed as démarchage. BofA Entities are not acting as placement agent for any fund and will not receive any finder's fee or transaction-based compensation specifically related to any investment by the Investor in a fund.
For Investors located in Portugal, these materials are only directed at persons who are "Qualified Investors" as defined in Directive 2003/71/EC, as amended by Directive 2010/73/EC (being a person or entity that is described in points (1) to (4) of Section I of Annex II to Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, and a person or entity who is, on request, treated as a professional client in accordance with Annex II to Directive 2004/39/EC, or recognised as an eligible counterparty in accordance with Article 24 of Directive 2004/39/EC unless it has requested to be treated as a nonprofessional client).
For the Investors located in Australia, the Funds are not registered with the Australian Securities and Investments Commission (ASIC) as managed investment schemes and no prospectus or product disclosure statement in relation to the Funds will be prepared or lodged with ASIC.
For Investors located in Hong Kong, the fund described in this document has not been authorized by the Hong Kong Securities and Futures Commission nor been delivered for registration to the Registrar of Companies in Hong Kong, as the case may be. Accordingly, no person may issue, or have in its possession for the purpose of issue, any invitation, advertisement or other document relating to the shares, interests or units whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares, interests or units, as the case may be, which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and any rules made thereunder.
In addition, if the fund described in this document is a company, the shares may not be offered or sold in Hong Kong by means of any document other than in other circumstances which do not result in such document being a "prospectus" as defined in the Companies Ordinance (Cap. 32 of the Laws of Hong Kong) or which do not constitute an offer to the public within the meaning of the Companies Ordinance.
Warning – the contents of the offering document of the fund described in this document have not been reviewed by any regulatory authority in Hong Kong. Prospective investors are advised to exercise caution in relation to the offer. If investors are in any doubt about any of the contents of the offering document of the fund, investors should obtain independent professional advice.
BofAML does not carry on a business in a regulated activity in or from Hong Kong.
For Investors located in Singapore, the Funds are not authorised or recognised by the Monetary Authority of Singapore ("MAS") and are not allowed to be offered to the Singapore retail public. This document is not a prospectus as defined in the Securities and Futures Act, Cap. 289 of Singapore (the "SFA") and accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply.
This document has not been registered as a prospectus by the MAS, and the offer of the Units or Shares, as the case may be, is made pursuant to the exemptions under Sections 304 and 305 of the SFA. Accordingly, the Units or Shares, as the case may be, may not be offered or sold, nor may the Units or Shares, as the case may be, be the subject of an invitation for subscription or purchase, nor may this document or any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the Units or Shares, as the case may be, be circulated or distributed, whether directly or indirectly, to any person in Singapore other than under exemptions provided in the SFA for offers made (a) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 304 of the SFA, (b) to a relevant person (as defined in Section 305(5) of the SFA), or any person pursuant to an offer referred to in Section 305(2) of the SFA, and in accordance with the conditions specified in Section 305 of the SFA or (c) otherwise pursuant to, and in accordance with, the conditions of any other applicable provision of the SFA.
Where the Units or Shares, as the case may be, are acquired by persons who are relevant persons specified in Section 305A of the SFA, namely: (a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, the shares, debentures and units of shares and debentures of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within 6 months after that corporation or that trust has acquired the Units or Shares, as the case may be, pursuant to an offer made under Section 305 of the SFA except: (1) to an institutional investor or to a relevant person as defined in Section 305(5) of the SFA, or which arises from an offer referred to in Section 275(1A) of the SFA (in the case of that corporation) or Section 305A(3)(i)(B) of the SFA (in the case of that trust); (2) where no consideration is or will be given for the transfer; or (3) where the transfer is by operation of law.
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