Haim Israel Equity Strategist - Timestamp: 18 May 2021 11:39AM EDT
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Timestamp: 18 May 2021 11:39AM EDT
Haim Israel >>
Equity Strategist
A Transforming World as 100 People
What if our planet was a village of a hundred?
Source: BofA Global Research, Worldmeter, World Bank, The Insider, World Economic Forum, United Nations
BofA GLOBAL RESEARCH
2
D&ID You Know? The bad news….
• At the current rate, it will take 257 years for the economic gender gap to close
• There are more men called ‘Dave’ in the UK financial industry than women managing funds…
• … and more CEOs in Australia called ‘Andy’ than female chief executives
• For the first time in six years in 2020 there were no black chairs, CEOs or CFOs in the FTSE 100
• Around 70 countries still criminalise homosexuality. Some with the death penalty
• 90% of children with disabilities in EMs do not attend school
3
COVID’s long-term economic impact will be diverse
• COVID’s hit to women’s jobs could cost the world US$1tn by 2030
Job finding rate by gender (%, 12-month moving average) Job separation rate by gender (12-month moving average)
Share of unemployed workers finding jobs Share of employed workers losing their jobs
8%
40%
Men 6%
30%
Women
20% 4%
Women Men
10% 2%
0% 0%
1991 1996 2001 2006 2011 2016 2021 1991 1996 2001 2006 2011 2016 2021
Source: Bureau of Labor Statistics Source: Bureau of Labor Statistics
BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH
Job finding rate by race (%, 12-month moving average) Job separation rate by race (%, 12-month moving average)
Share of unemployed workers finding jobs Share of employed workers losing their jobs
40% 10%
White
8%
30% Black
Hispanic 6%
20% Hispanic
Black 4%
White
10% 2%
0%
0%
1997 2000 2003 2006 2009 2012 2015 2018
1997 2000 2003 2006 2009 2012 2015 2018
Source: Bureau of Labor Statistics Source: Bureau of Labor Statistics
4 BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH
US population by race/ ethnicity
Diversity is set to increase in coming decades
By 2045, White-Caucasian Americans will be the minority group
90%
12.5% 12.8% 13.0% 13.3% 13.6%
18.7%
21.1%
23.5%
60% 25.7%
27.5%
30% 59.7% 55.8% 51.7% 47.8% 44.3%
0%
2020 2030 2040 2050 2060
White Hispanic or Latino Black or African American Asian Two or more races Native or Indigenous
Source: US Census Bureau
BofA GLOBAL RESEARCH
5
US large-cap diversity report card
• Slow progress, all S&P 500 boards have at least 1 woman for the first time in over 20 years
Average % of Women on board for S&P 500 companies Only c5% of S&P 500 companies have a female CEO
2020 or latest year 2020 or latest year
30% 6.0%
5.2% 5.2%
26% 27% 4.9% 5.1% 4.8%
25%
25% 4.4% 4.6%
22% 4.0% 3.8%
20%
19% 2.9%
20%
18%
17% 1.9%
16% 2.0% 1.5%
15%
15% 14% 14% 14%
10% 0.0%
2008 2010 2012 2014 2016 2018 2020 2010 2012 2014 2016 2018 2020
Source: Bloomberg, BofA US Equity & US Quant Strategy Source: Bloomberg, BofA US Equity & US Quant Strategy
Note: Based on current constituents of the S&P 500. 2020 is latest year if available or else prior Note: Based on current constituents of the S&P 500. 2020 is latest year if available or else prior
year if not yet available year if not yet available
BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH
6SMID caps lead in gender diversity at senior management level
• 5.3% of SMID caps in Europe have a female CEO or equivalent vs 3.3% of large caps
Roughly one in five S&P 500 board members is a PoC Average % of companies with female CEO : SMID leading
% people of colour (PoC) on the board MSCI Large vs SMID
7.0%
50%
MSCI Europe Large Cap MSCI Europe SMID Cap
40%
40%
5.5%
30% 28%
25%
22% 23% 23%
20% 20% 21%
20% 16% 4.0%
10%
10%
2.5%
0%
1.0%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Source: Bloomberg, BofA EMEA ESG Research
Source: ICE Data Services, BofA US Equity & Quant Strategy Note: Based on current constituents. 2020 is latest year available or else prior year if not yet
Note: People of colour includes Black, Hispanic, Asian, Native American, and Pacific Islander. , 2020 available.
or latest year of data where disclosed
BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH
7Disclosure of D&I data is a major issue beyond gender
• Less than half (45%) of S&P 500 companies disclose detailed workforce diversity metrics
around ethnicity and race
Workforce diversity policies - disclosure by sector
% of S&P 500 companies that report having diversity and discrimination policies
Diversity and Discrimination Diversity and Discrimination Diversity and Discrimination Diversity and Discrimination Diversity and Discrimination
Policy Policy - Women Policy - PoC Policy - Veterans Policy - LGBTQ
Communication Services 88% 69% 65% 69% 69%
Consumer Discretionary 98% 57% 49% 43% 51%
Consumer Staples 88% 55% 55% 45% 58%
Energy 100% 70% 43% 43% 35%
Financials 82% 63% 63% 55% 63%
Health Care 98% 66% 55% 55% 58%
Industrials 97% 68% 62% 59% 52%
Information Technology 93% 75% 59% 59% 61%
Materials 36% 18% 14% 14% 7%
Real Estate 97% 23% 13% 10% 13%
Utilities 100% 68% 68% 64% 71%
Total 91% 61% 53% 50% 52%
Source: ICE Data Services, BofA US Equity & Quant Strategy
BofA GLOBAL RESEARCH
8Big Tech: excels in Innovation….average at best in Diversity & Inclusion…
Diversity in Tech
Employee breakdown in technology companies compared with the wider US population/economy
Source: Visual Capitalist, Information is Beautiful
BofA GLOBAL RESEARCH
9Tech case study: low D&I leads to “discriminating” products?
AI algorithm bias news headlines
Robots are not free of discrimination
Source: Towards Data Science
BofA GLOBAL RESEARCH
10D&ID You Know? The potential is:
• Around 45% of Fortune 500 companies have been founded by immigrants or the children of
immigrants: e.g. Steve Jobs (Syria), Jeff Bezos, (Cuba), Elon Musk (South Africa)
• If we had fully harnessed D&I since 1990 we could have boosted US GDP by US$70tn
• If the US Latino economy were a country, it would be the 8th largest economy in the world…
• … and If LGBTQ+ were a nation, it would be the 4th largest economy in the world at US$3.9tn
• For the first time in 20 years, all S&P 500 boards have at least 1 woman
11Diversity and inclusion potential in numbers
US$160tn of human capital wealth loss wealth loss on gender equality, US$70tn of racial and gender gap cost since 1990….
Examples of how much was lost, and what is the potential of gains form D&I implementation (US$tn)
180
160
120
70
60
28
10 13
2.8 3.9
0
US Latino economy LGBTQ economy Increase in wages Gain to global GDP Full gender equality Race and gender Loss of human
GDP (8th largest GDP (4th largest and benefits from from proactive addition to global gap US cost since capital wealth from
globally) globally) gender equality gender equality GDP 1990 gender equality
since 2000
Source: Glassdoor.com, BofA Global Research, World Bank, OECD, UN
BofA GLOBAL RESEARCH
12Wealth management: welcome to the US$72tn opportunity
Women’s wealth is growing at 1.5x the rate of men’s Women’s wealth is already at c.US$72tn
Total private wealth held by gender (US$tn) Total private wealth held by women (US$tn)
180 90
Women's CAGR = 9%
Men's CAGR = 6% 72
120 60
51
34
60 30
0 0
2010 2015 2020 2010 2015 2020
Source: BCG Female-controlled Male-controlled Source: BCG
BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH
13Leadership: D&I improves performance indicators….
Inclusive Leadership and Team Performance
What is the top-down effect from inclusive leaders/management?
Source: Deloitte
BofA GLOBAL RESEARCH
14….leads to culture satisfaction….
Culture is critical, and hard to game
Culture & Values score is the biggest determinant of overall job satisfaction
65%
59%
56%
55%
47%
46%
45%
39%
35%
25%
Culture & Values Senior Management Career Opportunities Work Life Balance Compensation & Benefits
Source: Glassdoor.com, BofA Global ESG Research, US Equity & Quantitive Strategy
BofA GLOBAL RESEARCH
15…Which = higher ROE, lower EPS risk
Workforce diversity was an effective signal of future ROE in
Gender diversity correlates with higher future ROE almost all sectors
Median forward 1yr ROE based on % of women on board and Median spread in 1-yr ROE between companies with above
% of women managers (2005-20) vs. below sector median workforce diversity
17.0 Consumer Staples 10.0
Communication Services 5.7
Forward 1yr ROE (median)
16.0 15.6
Health Care 4.4
15.0
Materials 3.5
14.0 13.4 Energy 2.9
13.0
Information Technology 2.5
12.0
12.0 11.6 Real Estate 1.7
11.0 Financials 0.1
10.0 Utilities -0.2
% Women on Board % Women Managers Consumer Discretionary -1.8
High % Low % Industrials -4.2
Source: Refinitiv, BofA US Equity & Quant Strategy -8.00 -4.00 0.00 4.00 8.00 12.00
Note: High (Low) % of Women on Board defined as above (below) the universe median; High (Low) % of
Women Managers defined as above (below) 30%
Source: Refinitiv, BofA US Equity & Quant Strategy; based on BofA-covered US companies
BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH
16Ethnic & racial diversity also signals better results
…and lower EPS risk
More ethnic & racial workforce diversity = higher ROE… Median forward 1-yr EPS volatility based on the % of
Median forward 1-yr ROE based on the % of people of color people of color in the workforce for S&P 500 companies
in the workforce for S&P 500 companies (2008-20) (2008-20)
0.26
15.5
15.3
15
0.25
14.5
14.2
14
13.5 0.24
Above median diversity Below median diversity Above median diversity Below median diversity
Source: Revelio Labs, BofA US Equity & Quant Strategy Source: Revelio Labs, BofA US Equity & Quant Strategy
Note: People of color is defined as Black, Hispanic, and Asian Note: People of color is defined as Black, Hispanic, and Asian
BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH
17Ray of hope Source: BofA Merrill Lynch Global Research: “The New Kid On The Block” 18
New approach to D&I policies driven by COVID
Covid has led to the implementation of D&I policies
One-size-fits-all approach doesn’t work for D&I: different groups value differentiated interventions
Source:BCG UK Diversity Study, Q4 2018 Note: BAME=Black, Asian, and Minority Ethnic
BofA GLOBAL RESEARCH
19Diversity-focused AUM is surging and have generated above-market returns
Women/Gender/Diversity-focused funds saw US$1.3bn inflows
Women/Gender/Diversity-focused funds AUM rose over 3x over
over the past 3 years
the past 3 years
Cumulative flows into Women/Gender/Diversity funds
Total AUM of Women/Gender/Diversity-focused funds (US$bn)
1.6
3.0
1.4
1.2
1.0 2.0
0.8
0.6
1.0
0.4
0.2
0.0 0.0
2018 2019 2020 2021 2018 2019 2020 2021
Source: EPFR Global, BofA European Equity Quant Strategy
Source: EPFR Global, BofA European Equity Quant Strategy
BofA GLOBAL RESEARCH
BofA GLOBAL RESEARCH
Top 20 largest global equities ESG ETFs have over US$90bn AUM Women/Gender/Diversity-focused funds have shown higher risk-
AUM of top 20 Global ESG/SRI ETFs (US$bn) adjusted return over the past 5 years
100 Women/Gender/Diversity funds risk-adjusted return annualised
90 over past 5 years
80
70 0.87
60
50 0.66
40
30
20
10
0
2019 2020 2021 Women/Gender/Diversity Funds MSCI All Country World Index
Source: BofA European Equity Quant Strategy; EPFR Global
Source: BofA European Equity Quant Strategy, EPFR Global, Bloomberg, Refinitiv
20 BofA GLOBAL RESEARCH BofA GLOBAL RESEARCHGen Z: Social warrior, the “Clicktivists” generation
• 72% of Gen Z believe they can be part of a social movement
Gen Z are citizens of the world
“Do you consider yourself to be a citizen of the world or a Gen Z expects social unrest
citizen of your own country?” “Which of these are you most concerned about?”
100% 40%
30%
20%
50%
10%
0%
0% Climate change Economic The next War or social
Gen Z Millennials Gen X Baby Boomer crisis/recession pandemic unrest
Citizen of my country Citizen of the world Neither Gen Z Millennials Gen X Baby Boomer
Source: BofA Thematic Proprietary Survey n=14,592, conducted Aug 2020 “Which of these are you most
Source:BofA Thematic Proprietary Survey n=14,592, conducted Aug 2020 concerned about?”
BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH
21AUM in gender- or diversity-focused funds has tripled in the past three years
• US$4 of every US$10 invested is in ESG, YTD
ESG is important to Millennials and women in their investment decisions
Percentage who agree on the importance of ESG in their investment process
100%
87%
65% 64%
50% 48% 46%
39%
0%
Millennials Gen X Boomers Silent Women Men
Source: U.S. Trust Wealthy and Worth Survey
BofA GLOBAL RESEARCH
22Gen Z global income to grow nearly 5x in the 2020s
• Gen Z share of global income will grow from $7tn (10%) in 2020 to $33tn (27%) in 2030
Gen Z income will exceed Millennials income by the early 2030s
Global income for Gen Z and Millennials (US$tn)
90
Gen Z Millennials
60
30
0
2015 2020 2025 2030 2035 2040
Source: Euromonitor
BofA GLOBAL RESEARCH
23Public discourse around D&I is increasing
• The number of articles mentioning ‘diversity & inclusion’ is skyrocketing
# of news articles mentioning 'Diversity & Inclusion‘ # of news articles mentioning 'Social Justice‘
Number of articles has consistently increased since 2004 Number of articles has drastically increased since 2014
15000 800
600
10000
400
5000
200
0 0
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
Source: LexisNexis, NYT
Source: LexisNexis, NYT
BofA GLOBAL RESEARCH
BofA GLOBAL RESEARCH
24Awareness comes with a price tag
• #MeToo scandals wiped out c.US$10bn of market capital in 3 companies
MeToo controversies can weigh on stock price performance
Average peak-to-trough performance of sexual harassment controversy stocks relative to the S&P 500
105
100
95
90
85
80
75
70
-30 -15 0 15 30 45 60 75 90 105 120 135 150 165 180 195 210 225 240 255 270 285 300 315 330 345 360
# of days before/after controversies
Source: LexisNexis, NYT
BofA GLOBAL RESEARCH
25“S” is the new “E” Source: BofA Merrill Lynch Global Research: “The New Kid On The Block” 26
D&I will be for the 2020s what Climate action was for the 2010s
The solution will come from…Wall Street!
(Assets in US$tn)
90 3.0x S&P 500
80
70
60
50
40 82
1.0x S&P 500
30
0.7x S&P 500
20
31
10 0.2x S&P 500 20
3.5
0
assets investing in climate change assets investing in ESG assets investing in sustainability TCFD investors' signatures
Source: BofA Securities global research , US SIF Foundation, visual capitalist, S&P value, as of December 20, 2020
BofA GLOBAL RESEARCH
27source: 28 BNEF, BofA Securities global research
source: 29 WEF
Thank you 18 Ma y 2021 >> Employed by a non-US affiliate of MLPF&Sand is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibilityfor this report in particular jurisdictions. BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Refer to important disclosures on page 32-37.
Analyst Certification
I, Ha i m Israel, hereby certify that the vi ews expressed in this research report a ccurately reflect my personal vi ews about the subject securities and issuers. I a lso certify that no part of my
compensation was, is, or will be, directly or i ndirectly, related to the specific recommendations or vi ew expressed i n this research report.
31Important Disclosures
FUNDAMENTAL EQUITY OPINION KEY: Opinions include a Volatility Risk Rating, an Investment Rating and an Income Rating. VOLATILITY RISK RATINGS, indicators of potential price fluctuation, are: A - Low,
B - Medium and C - High. INVESTMENT RATINGS reflect the analyst’s assessment of both a stock’s: absolute total return potential as well as its attractiveness for investment relative to other stocks within its
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ratings considering, among other things, the 0-12 month total return expectation for a stock and the firm’s guidelines for ratings dispersions (shown in the table below). The current price objective for a stock
should be referenced to better understand the total return expectation at any given time. The price objective reflects the analyst’s view of the potential price appreciation (depreciation).
Investment rating Total return expectation (within 12-month period of date of initial rating) Ratings dispersion guidelines for coverage cluster*
Buy ≥ 10% ≤ 70%
Neutral ≥ 0% ≤ 30%
Underperform N/A ≥ 20%
* Ratings dispersions may vary from time to time where BofA Global Research believes it better reflects the investment prospects of stocks in a Coverage Cluster.
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BofA Global Research report referencing the stock.
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s i tuation and the particular needs of, a nd is not directed to, any s pecific person(s). This document and its content do not constitute, a nd s hould not be considered to constitute, i nvestment advice
for purposes of ERISA, the US tax code, the Investment Advisers Act or otherwise. Investors should seek fi nancial a dvice regarding the appropriateness of investing i n financial i nstruments and
i mpl ementing i nvestment s trategies discussed or recommended in this document and should understand that statements regarding future prospects may not be realized. Any decision to purchase
or s ubscribe for s ecurities i n a ny offering must be based solely on existing public i nformation on such security or the information in the prospectus or other offering document issued i n connection
wi th s uch offering, and not on this document.
Securi ties a nd other financial instruments referred to herein, or recommended, offered or s old by BofA Securities, are not insured by the Federal Deposit Insurance Corporation and are not
deposits or other obligations of any i nsured depository i nstitution (including, Bank of America, N.A.). Investments in general and, derivatives, i n particular, i nvolve numerous risks, including, among
others, market risk, counterparty default risk and liquidity ri sk. No security, fi nancial instrument or derivative i s suitable for all investors. In some cases, securities and other fi nancial i nstruments
ma y be di fficult to va lue or sell and reliable i nformation a bout the value or risks related to the security or financial i nstrument may be difficult to obtain. Investors s hould note that income from
s uch s ecurities a nd other financial instruments, i f any, ma y fluctuate and that price or va lue of s uch s ecurities a nd i nstruments may ri se or fall and, in some cases, investors may l ose their entire
pri ncipal i nvestment. Past performance i s not necessarily a guide to future performance. Levels a nd basis for taxation may change.
Thi s report may contain a s hort-term trading idea or recommendation, which highlights a specific near-term catalyst or event impacting the issuer or the market that is anticipated to have a short-
term pri ce impact on the equity s ecurities of the issuer. Short-term trading i deas a nd recommendations a re different from and do not affect a stock's fundamental equity ra ting, which reflects both
a l onger term total return expectation and attractiveness for i nvestment relative to other stocks within i ts Coverage Cluster. Short-term tra ding ideas and recommendations may be more or l ess
pos itive than a stock's fundamental equity ra ting.
BofA Securities i s aware that the implementation of the i deas expressed i n this report may depend upon an i nvestor's a bility to "s hort" securities or other fi nancial i nstruments and that such action
ma y be l imited by regulations prohibiting or restricting "shortselling" i n many jurisdictions. Investors are urged to seek a dvice regarding the applicability of s uch regulations prior to executing a ny
s hort i dea contained i n this report.
Forei gn currency ra tes of exchange may adversely a ffect the va lue, price or i ncome of any s ecurity or financial i nstrument mentioned herein. Investors i n such securities a nd i nstruments, including
ADRs , effectively assume currency ri sk.
35Other Important Disclosures
UK Rea ders: The protections provided by the U.K. regulatory regime, i ncluding the Financial Servi ces Scheme, do not a pply i n general to business coordinated by BofA Securities entities l ocated
outs ide of the United Ki ngdom.
BofAS or one of i ts a ffiliates is a regular issuer of traded financial instruments l inked to securities that may have been recommended i n this report. BofAS or one of i ts a ffiliates may, a t any ti me,
hol d a tra ding position (long or short) in the s ecurities and financial i nstruments discussed in this report.
BofA Securities, through business units other than BofA Global Research, may ha ve issued and may i n the future issue tra ding ideas or recommendations that are i nconsistent with, and reach
di fferent conclusions from, the information presented herein. Such i deas or recommendations may reflect different ti me frames, assumptions, vi ews and analyti cal methods of the persons who
prepared them, and BofA Securities is under no obligation to ensure that such other tra ding ideas or recommendations a re brought to the attention of a ny recipient of this information.
In the event that the recipient received this information pursuant to a contract between the recipient a nd BofAS for the provision of research s ervices for a separate fee, a nd i n connection
therewith BofAS may be deemed to be a cting as a n i nvestment adviser, such status relates, if at a ll, s olely to the person with whom BofAS has contracted directly a nd does not extend beyond the
del ivery of this report (unless otherwise agreed specifically i n writing by BofAS If s uch recipient uses the servi ces of BofAS in connection with the sale or purchase of a security referred to herein,
BofAS ma y a ct as principal for i ts own account or as agent for a nother person. BofAS is and continues to act solely a s a broker-dealer in connection with the execution of any tra nsactions, i ncluding
tra nsactions in a ny s ecurities referred to herein.
Copyri ght a nd General Information:
Copyri ght 2021 Ba nk of America Corporation. All ri ghts reserved. i Qprofile℠, i Qmethod℠ are s ervice marks of Bank of America Corporation. i Qdatabase® is a registered servi ce mark of Bank of
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Ma teri als prepared by BofA Global Research personnel a re based on public i nformation. Facts a nd vi ews presented i n this material have not been reviewed by, a nd may not reflect i nformation
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the s ubject matter of this material. BofA Global Research personnel’s knowledge of l egal proceedings i n which any BofA Securities entity a nd/or its directors, officers and employees may be
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proceedings or matters relevant to such proceedings.
36Other Important Disclosures
Thi s information has been prepared independently of a ny i ssuer of s ecurities mentioned herein a nd not in connection with any proposed offering of s ecurities or as agent of any i ssuer of any
s ecurities. None of BofAS any of i ts affiliates or their research analysts has a ny a uthority whatsoever to make any representation or warranty on behalf of the issuer(s). BofA Global Research policy
prohi bits research personnel from disclosing a recommendation, i nvestment ra ting, or investment thesis for review by an issuer prior to the publication of a research report containing s uch ra ting,
recommendation or investment thesis.
Any i nformation relating to the tax s tatus of financial instruments discussed herein is not intended to provide tax a dvice or to be used by a nyone to provi de tax a dvice. Investors are urged to s eek
ta x a dvi ce based on their particular ci rcumstances from an independent tax professional.
The i nformation herein (other than disclosure i nformation relating to BofA Securities a nd i ts affiliates) was obtained from va rious s ources a nd we do not guarantee its accuracy. This i nformation
ma y conta in links to third-party websites. BofA Securities is not responsible for the content of any third-party website or any l inked content contained in a third-party website. Content contained on
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Acces s to a ny third-party website is a t your own ri sk, a nd you should always review the terms and privacy policies at third-party websites before submitting a ny personal i nformation to them. BofA
Securi ties is not responsible for such terms and privacy policies and expressly disclaims a ny l iability for them.
Al l opinions, projections and estimates constitute the judgment of the author as of the date of publication and are subject to change without notice. Pri ces also a re subject to change without notice.
BofA Securities i s under no obligation to update this i nformation a nd BofA Securities a bility to publish i nformation on the subject i ssuer(s) in the future is subject to applicable quiet periods. You
s hould therefore assume that BofA Securities will not update any fact, ci rcumstance or opinion contained herein.
Certa i n outstanding reports or investment opinions relating to securities, financial instruments a nd/or i ssuers may no l onger be current. Al ways refer to the most recent research report relating to
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In s ome cases, a n issuer may be classified as Restricted or may be Under Review or Extended Review. In each case, i nvestors should consider a ny i nvestment opinion relating to such issuer (or its
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of s ecurities or financial i nstruments that a re Restricted or Under Review a nd may only s olicit securities under Extended Review i n a ccordance with firm policies.
Nei ther BofA Securities nor a ny officer or employee of BofA Securities a ccepts any l iability whatsoever for any direct, i ndirect or consequential damages or l osses arising from a ny use of this
i nformation.
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