The data (the "Information") contained in these reports (each a "Report") is provided to you by BofA Securities, Inc. and affiliates and is designed to serve as a general summary of the trading services and products that BofA Securities, Inc. and affiliates may offer from time-to-time. The Report or any Information is not intended to constitute advertising or advice of any kind, and it should not be viewed as an offer or a solicitation to buy or sell securities or any other financial instrument or product. BofA Securities, Inc. and affiliates makes no representation, warranty or guarantee, oral or written, express or implied, concerning this Information (including any warranties of fitness for a particular use or merchantability), for example, whether the Information is accurate, complete or current. The Information is subject to change at any time, and BofA Securities, Inc. and affiliates has no duty to provide you with notice of such changes. In addition, BofA Securities, Inc. and affiliates will not be responsible or liable for any losses, whether direct, indirect or consequential, including loss of profits, damages, costs, claims or expenses, relating to or arising from your use or reliance upon any part of the Information including trading losses, loss of opportunity or incidental or punitive damages.
Before determining to use any service or product offered by BofA Securities, Inc. and affiliates, you should consult with your independent advisors to review and consider any associated risks and consequences. The Information has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. BofA Securities, Inc. and affiliates does not render any opinion regarding legal, accounting, regulatory or tax matters. Any use of the trading services and products offered by BofA Securities, Inc. and affiliates must be preceded by your acceptance of binding legal terms and conditions. The Report and the Information are confidential, for your private use only, and may not be shared with others.
REPORTS AND INFORMATION, GENERALLY
Assets recorded on your client statement which are not subject to a title transfer collateral arrangement may be subject to a security interest, lien or right of set-off (a) in favor of us or another member of the BofA Securities, Inc. and affiliates group in respect of any liability that you may owe to us or them from time to time and (b) in favor of one or more third parties, such as a sub-custodian, central securities depository, central clearing counterparty or clearing broker, which may or may not include us or another member of the BofA Securities, Inc. and affiliates group. Please contact your usual client representative for further details.
PRICING AND VALUATION
In the event that the Information addresses particular positions, you must see the relevant position report. As a general matter, the Report and any other reports on the Website contain prices or valuations provided by the sources described in the Website and not by BofA Securities, Inc. and affiliates. Further, BofA Securities, Inc. and affiliates DOES NOT ACT AS A VALUATION AGENT. In relation to any price or valuation provided by third party sources, please see the Website. Estimated value(s) are stated as of the date indicated and do not represent actual bids or offers by BofA Securities, Inc. and affiliates. There can be no assurance that actual trades could be completed at such value(s). Unless otherwise specified, the above valuations represent estimated mid-market valuations. Such mid-market values attempt to approximate the current economic value of a given position using prices and rates at the average of the estimated bid and offer for the respective underlying asset(s) or reference rate(s) and/or mathematical models, as BofA Securities, Inc. and affiliates has deemed appropriate. In the absence of sufficient or meaningful market information generally available, such valuations, or the components thereof, may be theoretical in whole or in part. Further, BofA Securities, Inc. and affiliates will bear no responsibility for the existence or valuation of positions held either away from or with BofA Securities, Inc. and affiliates or any of its affiliates.
Discussions of the trade values in general, and indicative or firm price quotations and actual trade prices in particular, may vary significantly from these written estimated values as a result of various factors, which may include (but are not limited to) the composition of the remainder of your portfolio, the immediate intentions of you and others with respect to similar or related positions, prevailing credit spreads, market liquidity, position size, transaction and financing costs, hedging costs and risks and use of capital and profit. These estimates may not be representative of any theoretical or actual internal valuations employed by BofA Securities, Inc. and affiliates for its 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.
BofA Securities, Inc. and affiliates may from time to time determine that a security held for you has a value of zero. This may be indicative of a lack of liquidity in the market for that particular security.
If the Information contains performance data using a methodology authorized by a portfolio manager, the methodology used in determining the Information may be different from the methodology used to calculate any net asset value (if applicable). Net asset value is defined in the relevant offering or organizational documents and is determined by the party or parties named in those documents. The numbers contained in the Information representing performance or rate of return ("ROR") (i) may reflect unverified information provided by the client, its manager or directors or their agents, including the existence or valuation of positions; and (ii) may not reflect all assets of the client, such as, for example, assets held at another prime broker (if any). Managers have the ability to alter the client's current or past positions which could have the effect of altering the ROR, and managers also have the ability to input different prices or valuations on the same security. In addition, past performance is not an indicator of future performance.
CLIENT RESPONSIBLE FOR REGULATORY FILINGS
A Report should not be filed with the SEC, including and without limitation as part of SEC 13F and 13G Reports. You are solely responsible for making, and the content of, any required filings with any state or government agency, any self-regulatory organization or exchange and for the accuracy of the information contained therein.
AUDITORS AND ADMINISTRATORS
The Information is not intended for use in calculating net asset value (if applicable) for an investment vehicle, calculating fees, or preparing account statements or financial statements.
RISK ANALYSIS REPORTS
The Information is not a prediction of investment results, may be hypothetical or theoretical in nature, and should not be relied upon to make investment decisions. The Information regarding the probabilities that various investment outcomes might occur are hypothetical in nature, does not reflect actual investment results and is not a guarantee of future results. The Information presented provides only a range of possible outcomes. The Information does not constitute a recommendation by BofA Securities, Inc. and affiliates nor any of its affiliates, or their respective officers, directors, agents and employees, to buy or sell a specific security. For more information about the bases and assumptions of the calculations used in the Information and other explanatory information about the Report, please contact your account representative.
Estimated values in these Reports are based on closing stock prices, dividends, indicative foreign exchange rates, and interest rates and spreads specified in the relevant underlying derivative contract. The values are indicative only, do not represent actual bids or offers by BofA Securities, Inc. and affiliates , and may vary significantly from the economic value upon termination of the derivative contract due to various factors, including (but not limited to) unanticipated market developments, fluctuations in interest rates, market liquidity, currency risk, and transaction costs. These valuations do not reflect the value of any collateral pledged or otherwise given to BofA Securities, Inc. and affiliates to secure the client's obligations under the derivative contract.
This Information was prepared by the Prime Brokerage personnel of BofA Securities, Inc. and affiliates and is provided either in hard copy or on the Website. BofA Securities, Inc. and affiliates cannot attest to the continued accuracy of the presentation of Information once such Information has left its control. This Information is not a publication of BofA Securities, Inc. and affiliates Research and it has not been reviewed or approved by any employee of BofA Securities, Inc. and affiliates Research. Entities within BofA Securities, Inc. and affiliates may trade for their own accounts or for their other customers; such trading may affect the value of the trades, strategies or transactions discussed.
“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, derivatives, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), 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.
Investment products offered by Investment Banking Affiliates:
Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.
This document, including all trademarks and service marks relating to BofA Securities, Inc. and affiliates, remains the intellectual property of BofA Securities, Inc. and affiliates. BofA Securities, Inc. and affiliates is a trademark of Bank of America Corporation. Other trademarks are property of their respective owners.
Merrill Lynch International ("MLI")
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
BofA Securities Europe S.A. (“BofASE”)
With registered address at 51, rue La Boétie, 75008 Paris, registered under n° 842 602 690 RCS Paris, is governed by articles L. 531-1 and following of the monetary and financial code. BofASE is authorized as an investment firm by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”), is regulated by the ACPR and the Autorité des Marchés Financiers, and is not a credit institution. BofASE’s share capital can be found at https://www.bofaml.com/BofASEdisclaimer.
Bank of America Europe Designated Activity Company (“BofA Europe”)
Regulated by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request.
Bank of America, N.A., London Branch ("BANA London")
Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority.