Bank of America, N.A. provides corporate banking and global markets products and services generally
throughout the United States and offshore. Investment banking services and certain securities products,
which may be referred to in the accompanying materials, may be provided through Banc of America
Securities LLC in the United States or through certain other affiliates of Bank of America, N.A. Copyright
2007 Bank of America Corporation.
Commodity Risk Management
For ABC Producer
June 2007
Jon Efken
Global Commodities
Tel: 312-234-3345
Fax: 312-234-3345
Jon.Efken@bankofamerica.com
1
Table of Contents

Overview

Historical Prices

Commodity Hedging Alternatives

Documentation
Note: All pricing shown is for illustration only and not indicative of the current market
2
Overview
3
Energy Risk Management – Our Objective

To provide corporate risk management services and structured solutions that meet customers’ needs. We provide these services to users, producers
and investors of commodities.
4
Commodities Hedging
Our Mission and Clients

Investors/Relative Value
Trading
To provide corporate risk management

services and structured solutions that
meet customer needs

Hedge Funds

Relative Value Traders

Directional and Arbitrage Desks
By dealing with both producers and
consumers, and being a leading market
maker, Bank of America provides
competitive bid and offer pricing in many
markets
Producers

Consumers

Oil and Natural Gas Producers

Industrial Consumers

Oil Refiners

Regulated Utilities

Energy Asset Investors

Transportation Industry
We provide these services to commodity

Energy-Linked Finance
consumers, producers and investors in the
Natural Gas

Petroleum

Electricity

Metals (base & precious)
London) as well as four coverage offices
(New York, London, Charlotte and
areas of:

We have two trading centers (New York,

Forward Sales

Reserve Based Financing

Credit-Enhanced Reserve
Financing

Inventory Monetizations
Chicago)
5
Global Commodities Capabilities
ENERGY COMMODITIES CAPABILITIES




Oil/Petroleum Products

Global platform – U.S., International

Refined product capabilities

Comprehensive oil and refined product options
Natural Gas

Consistently ranked “Top Tier” financial product provider

Comprehensive gas options capabilities
Electricity

Dominant Northeast financial trading presence

Trading presence in West and Midwest
Research

World-class oil and natural gas research
OTHER COMMODITY CAPABILITIES



Liquefied Petroleum Gases

Propane

Ethane

Butane
Base Metals

Aluminum

Copper

Zinc

Lead

Nickel

Tin

NASAAC
Precious Metals

Gold

Silver

Platinum

Palladium
BANK OF AMERICA RATINGS
Bank of America, NA Credit Ratings
Aaa
AA+
Source: Bank of America, NA; Bloomberg; Energy & Power Risk Management Magazine
6
Energy Capabilities: Petroleum

Crude Oil (North America, Europe and Asia)

Refined Products (North America, Europe and Asia)
Gas
20°c
40°c
Naptha
70°c
Crude
Oil
Gasoline
120°c
Jet Fuel
Distillation
Column
Gas Oil / Diesel Fuel
200°c
Lubricating Oil
300°c
Heavy Gas Oil
Residual Fuel
Boiler
600°c
7
Energy Capabilities: Natural Gas

Over 50 Natural Gas locations (Benchmarks include Inside FERC’s Gas Market Report, Natural Gas Intelligence, Canadian Gas Price Reporter)

Natural gas indexation in Europe (Indices include HEL, HSL, NBP as well as CSS, Unapace, CMP and PA Formulae)
ROCKY MOUNTAINS/WEST COAST
Colorado Interstate Gas - Rockies CIG
Northwest Pipeline - Rockies NWPL
Questar Pipeline - Rockies
Kern River Gas Transmission – Wyoming
PG&E Malin
PG&E Citygate
SoCal Border
MID-CONTINENT
Panhandle Eastern Pipeline - TX, OK
ANR Pipeline - OK
Natural Gas Pipeline - Midcon NGPL
Northern Natural Gas - Ventura, Iowa
Northern Natural Gas - Demarcation
Chicago Citygate
Williams Natural Gas - TX/OK/KS
Michigan Consolidated Gas Company - MichCon
Centerpoint Energy Gas Transmission Co. East
Natural Gas Pipeline –TX,OK
Oneok Gas Transportation LLC - OK
CANADA
AECO - C/NIT
Northwest Pipeline-Canadian Border (Sumas)
NORTHEAST
Dominion Transmission Inc. Appalachia
Index
Columbia Gas Transmission Appalachia
TECO
Transcontinental Gas Pipeline – Zone 6 (New
York only) TRANSCO
Texas Eastern Zone M-3
GULF COAST
Columbia Gulf Transmission - LA
Southern Natural Gas - LA SONAT
Tennessee Gas Pipeline - LA & Offshore (zone 1)
Texas Gas Transmission - Zone 1
Texas Gas Transmission - Zone SL
Transcontinental Gas Pipeline - Zone 2
TRANSCO
TEXAS
Transcontinental Gas Pipeline - Zone 3
Houston Ship Channel
TRANSCO
Tennessee Gas Pipeline - TX (zone 0)
Transcontinental Gas Pipeline - Zone 4 (Miss,
Texas Eastern Transmission - S. TX TETCO STICKS AL) TRANSCO
Transcontinental Gas Pipeline - Zone 1 TRANSCO ANR Pipeline - LA
El Paso Natural Gas - San Juan
Henry Hub
El Paso Natural Gas – Permian
Natural Gas Pipeline - LA NGPL
Waha Texas
Texas Eastern Transmission - E. LA TETCO
East Texas - Katy
Texas Eastern Transmission - W. LA TETCO
Trunkline Gas – LA
Florida Gas – Zone 1
Florida Gas - Zone 2
Florida Gas - Zone 3
8
Historical Pricing
9
NYMEX WTI Crude Oil Market Update


Prices have been supported lately by elevated geopolitical tensions
worldwide. Continued disagreement over Iran’s nuclear capabilities, along
with unrest following elections in Nigeria pose the greatest upside risk to
crude oil.
NYMEX WTI Crude Oil Forward Curves
Historically high levels of storage at Cushing, OK (delivery point for the
benchmark WTI grade) have kept prices in check. As refineries resume
normal levels of operation during the summer driving season, however,
this downward pressure could be lost.
71.00
75.00
73.00
69.00
67.00
65.00
NYMEX WTI Crude Oil Prices
82.50
61.00
59.00
6
Ap
r-0
7
O
ct
-0
7
Ap
r-0
8
O
ct
-0
8
Ap
r-0
9
O
ct
-0
9
Ap
r-1
0
O
ct
-1
0
Ap
r-1
1
O
ct
-1
1
Recent resource nationalization that has swept Venezuela, Bolivia, and
Russia threatens supply stability in these countries as state control can
lead to misappropriation of revenues that choke investment.
63.00
ct
-0

The IEA reported that oil stocks in industrialized nations experienced their
largest first quarter decline since 1996, driven by OPEC’s successful
production cuts. It also said that OPEC would need to increase production
before the summer in order to prevent a sharp decline in OECD
inventories.
O

9/6/06
12/6/06
3/6/07
6/6/07
DOE Crude Oil Storage
360,000 '000 Barrels, compared to 5-year range
350,000
75.00
340,000
67.50
330,000
60.00
320,000
52.50
310,000
300,000
45.00
Mean
Mean + 1 Std Dev
ec
D
Mean - 1 Std Dev
Ju
n06
ec
D
ec
D
Close
06
260,000
05
270,000
Ju
n05
30.00
04
280,000
Ju
n04
290,000
37.50
1
4
7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
2006
2007
10
Natural Gas Market Update

11.50
10.50
A record 2.5 Bcf per day of Liquefied Natural Gas (LNG) was reportedly
imported in the first four months of the year as sellers attempted to
capture higher prices than those offered in Asia and Europe. It is
expected that this rate will be sustained until August when Asian utilities
begin purchasing gas for storage.
9.50
The natural gas rig count as reported by Baker Hughes stands near its
all-time highs, pointing to the possibility of record high domestic
production in the future.
6.50
Inventories are well above five-year averages, but are still at a healthy
deficit year-over-year. Fuel switching away from residual fuel and into
natural gas by utilities during a warm summer could keep gas from
being injected into storage.
8.50
7.50
5.50
Ap
r-0
7
O
ct
-0
7
Ap
r-0
8
O
ct
-0
8
Ap
r-0
9
O
ct
-0
9
Ap
r-1
0
O
ct
-1
0
Ap
r-1
1
O
ct
-1
1
Ap
r-1
2

NYMEX Natural Gas Forward Price Curves ($/MMBtu)
ct
-0
6

With La Niña now taking hold in the Pacific and weaker than average
trade winds over the Atlantic, early season tropical activity have been
bullish for prices. Tropical Storms Barbara and Barry, both forming
before the official start to hurricane season, have given support to
prices.
O

9/6/06
NYMEX Natural Gas Prices ($/MMBtu)
16.00
US Natural Gas Inventories
14.00
3,000
3,500
12.00
12/6/06
3/6/07
6/6/07
Bcf, compared to 5-year range
2,500
10.00
2,000
8.00
1,500
6.00
1,000
Close
Mean - 1 Std Dev
Mean
06
ec
D
Ju
n06
05
ec
D
Ju
n05
04
ec
D
Ju
n04
03
ec
D
Ju
n03
4.00
500
1
4
Mean + 1 Std Dev
Source: Bank of America NA; Bloomberg
7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
2006
2007
11
OTC Hedging
12
Commodity Hedging
Over-the-Counter Hedging - managing price risk off-exchange with a financial contract

Advantages

OTC transactions are highly tailored (basis, volume, structure).

Longer trading maturities are available in the OTC markets than are available on the futures market.

The financial benchmarks available include NYMEX crude oil (WTI) as well as Brent crude and for natural gas include NYMEX natural gas as well
as more than 60 other indexes.


The OTC market may offer better liquidity in the medium and long term (beyond six months).

Confidentiality can be assured.

No additional commissions, fees, and potentially no initial/maintenance margining.

Management of an OTC program can be much easier than an exchange-traded program.
Disadvantages

You would be exposed to the credit quality of your counterparties


Bank of America’s long term debt is rated Aaa/AA+ by Moody’s and Standard and Poor’s.
There is little price transparency (no screen).
13
Basis Risk
What is Basis Risk?
Basis risk is the mismatch between the price you receive on your physical sales and the floating price you pay on your
hedge. This is the reason benchmark selection is so important. You need to ensure that the price you receive on your
physical sales is highly correlated with your hedge benchmark to minimize or eliminate your basis risk.
14
OTC Products

Swaps

Options (calls, puts)

Collars

Three-Ways

Extendables

Basis Swaps

Swaptions

Other (exotics, combinations)
15
Swap
Price Protection Under a Swap
Unhedged Volume
NYMEX WTI Crude Oil Swap

This enables ABC Producer to lock in a price for oil.

There is no up-front premium.

ABC Producer is protected from prices below the swap price, however,
Revenue

the Producer will not benefit from prices above the swap price.

Hedged Volume
fixed with a swap
Physical sales price must be strongly correlated to the hedge
benchmark.
Market Prices
Floating Price
Basis Risk is the degree to which
these are not correlated.
ABC Producer
Refiner
Physical Oil
Floating NYMEX
WTI crude oil
$70.00/bbl
Bank of
America
Note: Prices used throughout this presentation are for illustrative purposes only and may not be indicative of current market pricing.
16
NYMEX WTI Crude Oil Swap
Fixed Price Payer:
Bank of America
Floating Price Payer:
ABC Producer
Fixed Price Payment:
$70.00 bbl x volume
Floating Price Payment:
The average over the calendar month of the official daily settlement price for the first listed crude
oil futures contract as traded on the New York Mercantile Exchange times the Monthly Volume.
Monthly Volume:
5,000 bbls/month
Term:
July 2007 – June 2008
Payments:
Five Business Days following each settlement period, if the Floating Price Payment exceeds the
Fixed Price Payment, ABC Producer will pay Bank of America the net difference times the
monthly volume. If the Fixed Price Payment exceeds the Floating Price Payment, Bank of
America will pay ABC Producer the net difference times the monthly volume.
17
NYMEX Natural Gas Swap
Fixed Price Payer:
Bank of America
Floating Price Payer:
ABC Producer
Fixed Price Payment:
$8.73 / MMBtu x volume
Floating Price Payment:
The last trading day’s official settlement price for the Henry Hub natural gas futures contract as traded on the New
York Mercantile Exchange times the Monthly Volume (alternatively, the average over the last three trading days
or penultimate day pricing can be used.)
Monthly Volume:
200,000 MMBtus/month
Term:
July 2007 – June 2008
Payments:
Five Business Days following each settlement period, if the Floating Price Payment exceeds the Fixed Price
Payment, ABC Producer will pay Bank of America the net difference times the Monthly Volume. If the Fixed Price
Payment exceeds the Floating Price Payment, Bank of America will pay ABC Producer the net difference times the
Monthly Volume.
18
Put Option
NYMEX WTI Crude Oil Put Option
Price Protection Under a Put Option

Unhedged Volume
ABC Producer pays an upfront premium for protection from prices below the put
strike price.

If prices fall below the put strike price, payments are made to ABC Producer equal
to the difference.

ABC Producer will make no more payments after the upfront premium is paid.

ABC Producer is able to retain 100% of the upside if market prices rise (minus
Revenue

Hedged Volume with Floor
(realized revenue includes premium paid upfront)
premium paid for the put).
Market Prices
Term
Jul07-Jun08
Jul07-Jun08
Jul07-Jun08
1 Option
Put Strike Price
$63.00
$63.00
$63.00
Monthly Volume
5,000
5,000
5,000
Settlement Price
$68.00
$63.00
$58.00
Differential
$5.00
$0.00
-$5.00
Settlement Payment
No Payment
$0.00
$25,000.00
premium paid upfront and not taken into account for the payments shown.
19
NYMEX WTI Crude Oil Put Option
Floor Option Buyer:
ABC Producer
Floor Option Seller:
Bank of America
Floor Strike Price:
$63.00/bbl
Premium:
$2.28/bbl
Price Benchmark:
The average over the calendar month of the official daily settlement price for the first listed crude oil futures
contract as traded on the New York Mercantile Exchange times the Monthly Volume.
Monthly Volume:
5,000 bbl/month
Term:
July 2007 – June 2008
Payments:
Five Business Days following each settlement period, if the Price Benchmark exceeds the Put Strike Price, no
payments are made. If the Price Benchmark is less than the Put Strike Price, Bank of America makes payments
to ABC Producer equal to the difference times the Monthly Volume.
20
Costless Collar
NYMEX WTI Crude Oil Costless Collar

Collars involve buying a put option and selling a call option.

ABC Producer receives the same protection as a put option provides. However, instead of paying an upfront premium, ABC Producer “pays” for
this put option by selling a call option.

ABC Producer loses the benefit of rising prices above the call option strike price.

Most collars are costless, meaning the upfront premium owed for the put option is offset by the upfront premium received for the call option.
Price Protection Under a Costless Collar
Unhedged Volume
Hedged Volume with
costless collar
Revenue

Market Prices
21
NYMEX WTI Crude Oil Costless Collar
Cap Buyer/Floor Seller:
Bank of America
Cap Seller/Floor Buyer:
ABC Producer
Floor Strike Price:
$63.00/bbl
Cap Strike Price:
$77.50/bbl
Premium:
$0/bbl
Monthly Volume:
5,000 bbl/month
Term:
July 2007 – June 2008
Price Benchmark:
The average over the calendar month of the official daily settlement price for the first listed
crude oil futures contract as traded on the New York Mercantile Exchange times the Monthly
Volume.
Payments:
Five Business Days following the settlement period, if the Price Benchmark is below the Put
Strike Price, Bank of America will pay ABC Producer the net difference times the Monthly
Volume. If the Price Benchmark is between the Put Strike Price and the Call Strike Price,
no payments are made. If the Price Benchmark is above the Call Strike Price, ABC Producer
will pay Bank of America the net difference times the Monthly Volume.
22
Three-Way
NYMEX WTI Crude Oil Three-Way

Three-ways are essentially costless collars where ABC Producer buys a put and sells a call, but sells an additional put option below the first put
strike price.

The sale of this second put raises additional premium and this premium can be used to enhance either the strike price of the sold call (to raise it), or
to raise the first put strike.

In essence, zero premium at-the-money protection can be achieved by setting the higher put strike at the market level. This is not possible with a
zero cost collar.

ABC Producer has price protection between the two put strike prices, and mitigated floating exposure below the lower put strike.

ABC Producer does not float above the sold call strike price, and will be locked in at the call strike if the market rises above this level.
Price Protection Under a Three-Way
Unhedged Volume
Hedged Volume with
costless collar
Revenue

Market Prices
23
NYMEX WTI Crude Oil Three-Way
Call Buyer/Put 2 Seller/Put 1 Buyer:
Bank of America
Call Seller/Put 2 Buyer/Put 1 Seller:
ABC Producer
Put 1 Strike Price:
$55.00/bbl
Put 2 Strike Price:
$65.00/bbl
Call Strike Price:
$78.50/bbl
Premium:
$0/bbl
Monthly Volume:
5,000 bbl/month
Term:
July 2007 – June 2008
Price Benchmark:
The average over the calendar month of the official daily settlement price for the first listed crude oil futures
contract as traded on the New York Mercantile Exchange times the Monthly Volume.
Payments:
Five Business Days following the settlement period, if the Price Benchmark is below the lower Put Strike Price,
Bank of America will pay ABC Producer the net difference between the two Put Strike Prices times the Monthly
Volume. If the Price Benchmark is between the two Put Strike Prices, Bank of America will pay ABC Producer
the net difference times the Monthly Volume. If the Price Benchmark is between the Put Strike Price and the
Call Strike Price, no payments are made. If the Price Benchmark is above the Call Strike Price, ABC Producer
will pay Bank of America the net difference times the Monthly Volume.
24
Extendable

NYMEX WTI Crude Oil Extendable

Extendables are essentially swaps where ABC Producer enters into a receive fixed swap, but sells Bank of America the right to extend the swap at
the same price and volume.

The sale of this option raises additional premium which can be used to enhance the swap price.

ABC Producer is protected from prices below the swap price, however, the Producer will not benefit from prices above the swap price.

If prices are above the swap price at the time of the exercise date, Bank of America will extend the swap, effectively locking in ABC Producer in at a
rate below market.
Extendable Swap Profile
1.15
Initial Swap With
Extendable
1.05
Swap if BofA Chooses to
Extend
0.95
Gain From 0.85
Selling the
Extendable 0.75
Market Swap Rate
Without Sold Extendable
0.65
Market Swap Without
Sold Extendable Option
0.55
Extension Date
0.45
0.35
1
2
3
4
5
6
7
8
9
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32
Month
25
NYMEX WTI Crude Oil Extendable
Fixed Price Payer/Right to Extend:
Bank of America
Fixed Price Receiver/Option Seller:
ABC Producer
Swap Price/Extendable Price:
$74.00/bbl
Premium:
$0/bbl
Monthly Volume:
5,000 bbl/month
Term:
July 2007 – June 2008
Extendable Term:
July 2008 – June 2009
Exercise Date:
June 30, 2008
Price Benchmark:
The average over the calendar month of the official daily settlement price for the first listed crude oil futures
contract as traded on the New York Mercantile Exchange times the Monthly Volume.
Payments:
Five Business Days following each settlement period, if the Floating Price Payment exceeds the Fixed Price
Payment, ABC Producer will pay Bank of America the net difference times the Monthly Volume. If the Fixed
Price Payment exceeds the Floating Price Payment, Bank of America will pay ABC Producer the net difference
times the Monthly Volume.
Exercise:
At any point on, or up to, the exercise date, Bank of America has the right to extend the swap at the same price
and volume.
26
Benefits and Risks
Swap
Benefits
Risks
•
There is no upfront premium.
•
ABC Producer is
protected from
prices below the
swap price
•
ABC Producer
cannot benefit
from prices above
the swap price.
Put Option
•
•
•
Once ABC Producer
pays the up-front
premium, there are no
further payments.
Costless Collar
Extendable
•
ABC Producer pays no
up-front premium
•
There is no up-front
premium.
•
There is no up-front
premium.
•
ABC Producer is able
to retain upward price
participation until the
call strike is reached.
ABC Producer is
protected from prices
below the put strike.
•
The put spread
provides protection
from downward price
moves, but limits the
maximum payout to
the difference between
the two put strikes.
•
ABC Producer is
protected from prices
below the swap price.
•
The sold option gives
ABC Producer a swap
price well over normal
swap levels.
ABC Producer cannot
benefit from prices
above the call strike
and is not protected
from prices down to
the put strike.
•
There is no upside
participation above the
call strike.
•
ABC Producer cannot
benefit from prices
above the swap price.
•
The maximum payout
is limited to the
difference between the
two put strikes.
•
ABC Producer cannot
benefit from higher
prices if they exist at
the time of exercise.
ABC Producer is able
to retain 100% of the
upside if market prices
rise (minus the
premium paid for the
put).
ABC Producer pays
the up-front premium
and prices stay above
the put strike.
Three-Way
•
27
Floating Price Benchmarks

In summary, here are some of the more common floating price benchmarks against which an OTC hedge could settle:

Crude Oil


The average over the calendar month of the daily settlement price for the first listed NYMEX WTI futures contract.
Natural Gas

The average over the last three days of the daily settlement price for the NYMEX natural gas futures contract. (Alternatively, this could be the
last day settlement or penultimate day settlement only.)

The first published Index price of the month for (specific pipeline) as published by Inside FERC’s Gas Market Report. (Alternatively, we can
reference prices in Natural Gas Intelligence, Canadian Gas Price Reporter and, in some instances, monthly average prices from Gas Daily.)
28
Documentation
29
Early Termination
OTC Trades may be unwound prior to maturity of the transaction. The value of the transaction is determined as the current market value for the
remaining term of the transaction multiplied by the remaining notional volume. For a receive fixed swap transaction, for example, the current market
value of the swap is calculated by comparing the original fixed rate with the current market rate for the remaining term of the swap multiplied by the
remaining volume. If the current market rate is greater than the original swap rate, the customer would make a payment to Bank of America for the
difference times the remaining notional volume. If the current market rate is less than the original swap rate, Bank of America would make a payment to
the customer for the difference times the remaining notional volume.
30
Accounting Considerations

FAS 133 Accounting Standards


FAS 133 requires all derivatives to be shown on the balance sheet at fair value.

Changes in fair value will go through earnings unless the transaction qualifies for special “hedge” accounting.

Companies must document hedge strategies and “test” the effectiveness of hedges to qualify for “hedge” accounting.

Even with “hedge” accounting, any ineffective portion of the hedge will be charged to earnings immediately.
The two types of hedges qualifying for special accounting are Cash Flow hedges and Fair Value hedges.

With respect to interest rate risk management, a cash flow hedge converts a floating rate exposure on an existing asset or liability to a fixed
rate. Hedges of anticipated issuance are also cash flow hedges. An example is a pay-fixed swap used to convert a LIBOR-based bank loan to a
fixed-rate liability.

A fair value hedge converts a fixed-rate exposure to a floating-rate basis. An example is a receive-fixed swap used to convert a fixed-rate bond
to a floating-rate LIBOR-indexed liability.
Note – BAC is not an accounting or tax advisor. Please consult with your auditors to determine the appropriate treatment for your company.
31
Documentation

Energy hedging transactions are principally documented under the International Swap Dealer’s Association (“ISDA”) Master Agreement and Schedule.
The documentation associated with most energy hedging transactions consists of the following:

ISDA Master Agreement: The ISDA Master Agreement is an industry standard document which governs all energy hedging transactions. The Master
Agreement addresses the following:


Netting benefits: exposure, payments, multiple transaction termination

Events of Default: termination mechanics

Bilateral provisions: industry standard document

Evergreen document
Schedule to the ISDA Master Agreement: The Schedule is utilized to tailor the standard documentation in order to address the individual Company.
The schedule will include the specifics on credit support and structure.

Confirmation: The Confirmation presents all the details of the transaction including prices, volume and time period covered.

Combination of Master Agreement, Schedule and Confirmations form a single agreement. Negotiation and execution of Master Agreements is the
responsibility of the Bank of America’s Derivatives Documentation Unit.
32
Disclaimer

Each prospective counterparty should conduct a thorough and independent review (either itself or with such advisers as it deems appropriate) of the
legal, tax and accounting aspects of any proposed transaction in light of its particular circumstances.

Although the information set forth herein is indicative of the terms, as of the specified date, under which Bank of America believes a transaction might be
structured, no assurance can be given that such a transaction will in fact be executed.

Information contained in this presentation has been obtained from sources believed to be reliable, but its accuracy or completeness is not guaranteed by
Bank of America.

This presentation is for informational purposes only and is intended solely for your use. It does not constitute an offer to buy or sell or a solicitation of an
offer to buy or sell a security or any financial instrument, or to execute a derivative transaction, of the type generally described herein.

The information contained herein, and any other communications or information provided by Bank of America, are not intended to be, and shall not be
regarded or construed as, recommendations for transactions or investment advice, and Bank of America shall not be relied upon for the same without a
specific, written agreement between us.
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