For Institutional Client Use Only – Other Distribution or Dissemination is Strictly Prohibited.
This communication and any other materials accompanying this document (collectively, the “Materials”) are for general informational purposes only, are not an offer to sell, or a solicitation of an offer to buy, the securities or instruments named or described herein. The Materials are not intended to provide, and must not be relied on for accounting, legal, regulatory, tax, business, financial or related advice or investment recommendations. No person providing any Materials is acting as fiduciary or advisor with respect to the Materials. You must consult with your own advisors as to the legal, regulatory, tax, business, financial, investment and other aspects of the Materials. Any views or opinions contained in this communication are those of the individual sender and not of Wells Fargo Corporate & Investment Banking (together with its affiliates and/or their officers, directors, agents and employees, collectively “CIB”) or the WFS Global Research Department. By accepting any Materials, the recipient thereof acknowledges and agrees to the matters set forth below in this notice. The Materials are for the sole use of the intended recipient(s) and may contain confidential information. Any unauthorized review, use, disclosure or distribution of this information is prohibited. If you are not the intended recipient, please delete this communication without retaining a copy and immediately notify the sender.
CIB makes no representation or warranty (express or implied) regarding the adequacy, accuracy, or completeness of any information in the Materials. Information in the Materials is provided as of the dates indicated within the Materials, is preliminary and not intended to be complete, and such information is so qualified in its entirety. Any market prices, indicative value, estimate, view, opinion, data or other information herein is not warranted as to completeness or accuracy, is subject to change without notice, and CIB accepts no liability for its use or to update or keep it current. Interested parties are advised to contact CIB for more information.
CIB, its affiliates and employees may purchase, hold (long or short) or sell positions in the underlying securities or related derivatives identified in the communication or the Materials. CIB may provide advice or loans to, or participate in the underwriting or restructuring of the obligations of, the legal entities mentioned herein. CIB personnel may have acted on the basis of this communication and such action may conflict with your interests.
Neither the sender nor Wells Fargo Securities, LLC is acting as a municipal advisor and this communication is not intended to be, and does not constitute, advice within the meaning of Section 15B of the Securities Exchange Act of 1934.
Wells Fargo Corporate & Investment Banking (CIB) and Wells Fargo Securities (WFS) are the trade names for the corporate banking, capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, Wells Fargo Securities Canada, Ltd., a member of the IIROC and the CIPF, Wells Fargo Securities International Limited and Wells Fargo Bank N.A., London Branch (both of which are authorized and regulated by the U.K. FCA), Wells Fargo Securities Europe S.A., authorized and regulated by the Autorité de contrôle prudentiel et de résolution and the Autorité des marchés financiers and Wells Fargo Bank, N.A., a member of NFA. Wells Fargo Securities, LLC, Wells Fargo Prime Services, LLC, Wells Fargo Securities Canada, Ltd. and Wells Fargo Securities International Limited are distinct entities from affiliated banks and thrifts.
All messages sent to and from Wells Fargo employees are retained and subject to monitoring, review, and/or disclosure. For additional regulatory disclosures regarding securities transactions, please see: https://www.wellsfargo.com/com/disclaimer/est4.
Wells Fargo privacy notices at https://www.wellsfargo.com/privacy-security/
California Residents Only: For the categories of personal data that Wells Fargo may collect and how we use it, see Wells Fargo California Consumer Privacy Act Notice at Collection at https://www.wellsfargo.com/privacy-security/notice-of-data-collection/