Disclaimers and Disclosures



 

Asset Servicing

Compensation Disclosure


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Asset Servicing

Dedicated Managed Accounts Disclaimer

Hedge Fund Strategies involve a high degree of risk.

An investment in hedge fund strategies is speculative, should be made with discretionary capital set aside for speculative purposes, involves a high degree of risk and is not suitable for all investors. Investors could lose all or a substantial portion of their investment and must have the financial ability, sophistication, experience and willingness to bear the risks of an investment long term. Hedge fund strategies may be significantly leveraged and performance may be volatile. Accounts pursuing hedge fund strategies commonly enter into swaps, futures, forwards, options and other derivative transactions for various hedging and/or speculative purposes that can result in volatile fund performance.

Dedicated Managed Accounts may not negate risks.

A dedicated managed account is a vehicle managed independently from a hedge fund manager’s commingled fund and customized to the specific needs of the investor. No representation is made that any Dedicated Managed Account’s investment process, objectives, goals or risk management techniques will or are likely to be achieved or be successful. The risks of investing in hedge fund strategies will not be negated or even mitigated by HedgeMark’s platform, analytic tools, compliance policies or monitoring and no assurance is given that any Dedicated Managed Account will not be exposed to risks of significant trading losses. A Dedicated Managed Account may involve a complex tax structure, which should be reviewed carefully. Fees and expenses may be substantial regardless of any positive return, and may offset the account's trading profits.

HedgeMark does not provide legal, tax or financial advice and does not perform due diligence or act in a portfolio management role on behalf of any client. Each client (either alone or with its professional advisors) is solely responsible for its own due diligence, risk assessment and tolerance, investment objectives, any decision to invest in a Dedicated Managed Account, and monitoring of its investment for purposes of determining whether it wishes to remain invested in such product and whether such product continues to be appropriate for its circumstances and requirements.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference The Bank of new York Mellon as a whole or its various subsidiaries generally. HedgeMark Advisors, LLC is an SEC-registered investment adviser. HedgeMark Advisors, LLC transacts business in the United States and other jurisdictions where it is properly registered, or excluded or exempted from registration requirements.

The material contained in this presentation, which may be considered advertising, is for general information and reference purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such. This presentation, and the statements contained herein, are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such.

©2014 The Bank of New York Mellon Corporation. Services are provided by The Bank of New York Mellon and its various affiliates. All rights reserved.



 

Corporate Social Responsibility

2015 Corporate Social Responsibility Report Disclosure

The following regulatory disclosure language only applies to BNY Mellon and distribution of this report by BNY Mellon. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of the following. The Bank of New York Mellon, in New York, New York a banking corporation organized pursuant to the laws of the State of New York, and operating in England through its branch, in London, England and registered in England and Wales with numbers FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorized by the Prudential Regulation Authority. The Bank of New York Mellon, London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. The Bank of New York Mellon SA/NV, a Belgian public limited liability company, with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, and a subsidiary of The Bank of New York Mellon. The Bank of New York Mellon SA/NV (London Branch) authorized by the ECB and subject to limited regulation by the Financial Conduct Authority and the 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. The Bank of New York Mellon SA/NV operating in Ireland through its branch at 4th Floor Hanover Building, Windmill Lane, Dublin 2, Ireland trading as The Bank of New York Mellon SA/NV, Dublin Branch, is authorized by the ECB and is registered with the Companies Registration Office in Ireland No. 907126 and with VAT No. IE 9578054E. If this material is distributed in, or from, the Dubai International Financial Centre (“DIFC”), it is communicated by The Bank of New York Mellon, DIFC Branch, regulated by the DFSA and located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE, on behalf of The Bank of New York Mellon, which is a wholly-owned subsidiary of The Bank of New York Mellon Corporation. The Bank of New York Mellon, Singapore Branch is subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch is subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. If this material is distributed in Japan, it is distributed by The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon.

BNY Mellon in Australia is subject to regulation by the Australian Prudential Regulation Authority and is exempt from holding an Australian Financial Services License and is regulated by the New York State Department of Financial Services under the New York Banking Law, which is different from Australian law. The Bank of New York Mellon Trust Company, N.A., is a national banking association regulated by the Office of the Comptroller of the Currency. Not all products and services are offered in all countries.

The material contained in this report, which may be considered advertising, is for general information and reference purposes only and is not intended to provide or be construed as legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such. The contents may not be comprehensive or up-to-date, and BNY Mellon will not be responsible for updating any information contained within this report. If distributed in the UK or EMEA, this report is a financial promotion. This report, and the statements contained herein, is not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such. This report is not intended for distribution to, or use by, any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation. Similarly, this report may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. Persons into whose possession this report comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this document in their jurisdiction.

Some information contained in this report has been obtained from third-party sources and has not been independently verified by BNY Mellon. Information contained in this report may not be comprehensive or up-to-date, and is subject to change without notice. BNY Mellon will not be responsible for updating any information contained within this report and makes no representation as to the accuracy or completeness of such information. BNY Mellon assumes no liability (direct or consequential or any other form of liability) for any errors in or reliance upon the information contained in the report.

Reproduction, distribution, republication and retransmission of material contained in this report is prohibited without the prior consent of BNY Mellon. To learn more about our CSR strategy, commitments and achievements, please see www.bnymellon.com/csr. Additional information is available at www.bnymellon.com, or follow us on Twitter @BNY Mellon.

All data included in this publication is as of December 31, 2015 unless otherwise specified. For a full explanation of statistics,please see https://www.bnymellon.com/us/en/investor-relations/index.jsp#ir/annual-report--proxy.

Trademarks, service marks and logos belong to their respective owners.

© 2016 The Bank of New York Mellon Corporation. All rights reserved.



 

Corporate Trust

Corporate Trust Disclaimer

bnymellon.com  

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates, and joint ventures of The Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction, and may include The Bank of New York Mellon, a banking corporation organized and existing pursuant to the laws of the State of New York (member FDIC), and The Bank of New York Mellon Trust Company, N.A., a national banking association organized and existing pursuant to the laws of the United States, and regulated by the Office of the Comptroller the Currency. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve. The Bank of New York Mellon operates in Europe through its subsidiary The Bank of New York Mellon SA/NV, a Belgian limited liability company authorised and regulated by the European Central Bank and the National Bank of Belgium as a significant credit institution under the Single Supervisory Mechanism and by the Belgian Financial Services and Markets Authority, and registered in the RPM Brussels (Company n° 806.743.159), with registered office at Rue Montoyerstraat, 46, B-1000 Brussels, Belgium. The Bank of New York Mellon SA/NV also operates in Ireland through its Dublin branch at 4th Floor, Hanover Building, Windmill Lane, Dublin 2. The Bank of New York Mellon (Luxembourg) S.A. of 2-4 rue Eugene Ruppert, Vertigo Building – Polaris L-2453 Luxembourg is registered with the Register of Trade and Companies of Luxembourg under number B 67654. The Bank of New York Mellon and The Bank of New York Mellon Trust Company, N.A. are a wholly owned subsidiaries  of The Bank of New York Mellon Corporation. This material is intended for professional clients only and no other person should act upon it. Not all products and services are offered at all locations.

In APAC: The Bank of New York Mellon, Singapore Branch is subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch is subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. BNY Mellon in Australia is subject to regulation by the Australian Prudential Regulation Authority and is exempt from holding an Australian Financial Services License and is regulated by the New York State Department of Financial Services under the New York Banking Law which is different from Australian law. BNY Mellon has various other branches in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction. Details about the extent of our regulation by the Australian Prudential Regulation Authority and other applicable regulators in the Asia-Pacific Region are available from us on request. This document is issued or distributed in Australia by The Bank of New York Mellon, on behalf of BNY Mellon Australia Pty Ltd (ACN 113 947 309) located at Level 2, 1 Bligh Street, Sydney NSW 2000, and relates to products and services of BNY Mellon Australia Pty Ltd or one of its subsidiaries. BNY Mellon Australia Pty Ltd is ultimately owned by The Bank of New York Mellon Corporation. The Bank of New York Mellon does not provide this product or service. None of BNY Mellon Australia Pty Ltd or its subsidiaries is an authorized deposit-taking institution and the obligations of BNY Mellon Australia Pty Ltd or its subsidiaries do not represent investments, deposits or other liabilities of The Bank of New York Mellon. Neither The Bank of New York Mellon nor any of its related entities stands behind or guarantees obligations of BNY Mellon Australia Pty Ltd. The Bank of New York Mellon has provided eligible undertakings of up to AUD$10 million to the Australian financial services license-holding of BNY Mellon Australia Pty Ltd in order to meet the Australian financial services obligations of those subsidiaries.

The content contained in this material which may be considered advertising, is for general information and reference purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such; you should obtain your own independent professional advice (including financial, tax and legal advice). The views expressed within this material are those of the contributors only and not those of The Bank of New York Mellon or any of its affiliates or subsidiaries, and no representation is made as to the accuracy, completeness, timeliness, merchantability or fitness for a specific purpose of the information provided in this material. No statement or expression is an offer or solicitation to buy or sell any products or services mentioned.  Past performance is not indicative, nor a guarantee, of future results. The contents may not be comprehensive or up-to-date, and BNY Mellon will not be responsible for updating any information contained within this material. This material and the statements contained herein, are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such. This material is not intended for distribution to, or use by, any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation. Similarly, this material may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. Persons into whose possession this material comes are required to inform themselves about, and to observe any restrictions that apply to, the distribution of this document in their jurisdiction.

Some information contained in herein has been obtained from third party sources and has not been independently verified. BNY Mellon recommends that professional consultation should be obtained before using any service offered by BNY Mellon.

BNY Mellon assumes no liability whatsoever for any action taken in reliance on the information contained in this material, or for direct or indirect damages or losses resulting from use of this material, its content, or services. Any unauthorized use of material contained herein is at the user’s own risk. Reproduction, distribution, republication and retransmission of material contained herein is prohibited without the prior consent of BNY Mellon.

Trademarks and logos belong to their respective owners.

© 2016 The Bank of New York Mellon Corporation. All rights reserved.



 

Corporate Trust

BNY Mellon Philippines

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates, and joint ventures of The Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction, and may include The Bank of New York Mellon, a banking corporation organized and existing pursuant to the laws of the State of New York (member FDIC). The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve.

BNY Mellon has various branches in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction. Details about the extent of our regulation by the applicable regulators in the Asia-Pacific Region are available from us on request. The Bank of New York Mellon, Manila Representative Office is not a licensed bank or branch operating in the Philippines under the applicable banking and capital market regulations and does not provide any banking or capital market activities in the Philippines. This general information is issued in the Philippines by The Bank of New York Mellon, Manila Representative Office located at Level 10, Philamlife Tower, 8767 Paseo de Roxas, Makati City, 1200 Manila solely for the purposes of providing general information on certain capabilities and services of The Bank of New York Mellon outside of the Philippines and is not intended for general circulation in the Philippines.

This material is intended for professional clients only and no other person should act upon it. Not all products and services are offered at all locations. The content contained in this material which may be considered advertising, is for general information and reference purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such; you should obtain your own independent professional advice (including financial, tax and legal advice). The views expressed within this material are those of the contributors only and not those of The Bank of New York Mellon or any of its affiliates or subsidiaries, and no representation is made as to the accuracy, completeness, timeliness, merchantability or fitness for a specific purpose of the information provided in this material. No statement or expression is an offer or solicitation to buy or sell any products or services mentioned.  Past performance is not indicative, nor a guarantee, of future results. The contents may not be comprehensive or up-to-date, and BNY Mellon will not be responsible for updating any information contained within this material. This material and the statements contained herein, are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such. This material is not intended for distribution to, or use by, any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation. Similarly, this material may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. Persons into whose possession this material comes are required to inform themselves about, and to observe any restrictions that apply to, the distribution of this document in their jurisdiction.

Some information contained in herein has been obtained from third party sources and has not been independently verified. BNY Mellon recommends that professional consultation should be obtained before using any service offered by BNY Mellon.

BNY Mellon assumes no liability whatsoever for any action taken in reliance on the information contained in this material, or for direct or indirect damages or losses resulting from use of this material, its content, or services. Any unauthorized use of material contained herein is at the user’s own risk. Reproduction, distribution, republication and retransmission of material contained herein is prohibited without the prior consent of BNY Mellon.

Trademarks and logos belong to their respective owners.

©2015 The Bank of New York Mellon Corporation. All rights reserved.

 

 



 

Defined Contribution

Defined Contribution Disclosure

Investors should consider the investment objectives, risks, charges and expenses of any mutual fund carefully before investing. Contact your financial advisor to obtain a prospectus or a summary prospectus, if available, that contains this and other information on a fund. Read it carefully before investing.

This information is general in nature and is not intended to constitute tax or estate planning advice. Please consult your tax or estate planning advisor for more detailed information on these issues and advice on your specific situation.

BNY Mellon Investment Management is one of the world’s leading investment management organizations, and one of the top U.S. wealth managers, encompassing BNY Mellon’s affiliated investment management firms, wealth management service and global distribution companies. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation.



 

Derivatives

Derivatives Disclaimer

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of the following. The Bank of New York Mellon, at 225 Liberty St, NY, NY USA, 10286, a banking corporation organized pursuant to the laws of the State of New York, and operating in England through its branch at One Canada Square, London E14 5AL, UK, registered in England and Wales with numbers FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorized by the Prudential Regulation Authority. The Bank of New York Mellon, London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV, a Belgian public limited liability company, with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, and a subsidiary of The Bank of New York Mellon. The Bank of New York Mellon SA/NV operates in England through its branch at 160 Queen Victoria Street, London EC4V 4LA, UK, registered in England and Wales with numbers FC029379 and BR014361.  The Bank of New York Mellon SA/NV (London Branch) is authorized by the ECB and subject to limited regulation by the Financial Conduct Authority and the 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 The Bank of New York Mellon SA/NV operating in Ireland through its branch at 4th Floor Hanover Building, Windmill Lane, Dublin 2, Ireland trading as The Bank of New York Mellon SA/NV, Dublin Branch, is authorised by the ECB and is registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. The Bank of New York Mellon, Singapore Branch, subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch, subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. If this material is distributed in Japan, it is distributed by The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon.  Not all products and services are offered in all countries.

The information contained in this material is intended for use by wholesale/professional clients or the equivalent only and is not intended for use by retail clients. If distributed in the UK, this material is a financial promotion.

This material, which may be considered advertising, is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter.  This material does not constitute a recommendation by BNY Mellon of any kind. Use of our products and services is subject to various regulations and regulatory oversight. You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you. This material may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY Mellon will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice.  BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements.

Neither BNY Mellon nor any of its respective officers, employees or agents are, by virtue of providing the materials or information contained herein, acting as an adviser to any recipient (including a “municipal advisor” within the meaning of Section 15B of the Securities Exchange Act of 1934, as amended, “Section 15B”), do not owe a fiduciary duty to the recipient hereof pursuant to Section 15B or otherwise, and are acting only for their own interests.

None of BNY Mellon, any data vendors used by BNY Mellon, nor their sources] (“Vendors), warrants the accuracy or completeness or timeliness of any of the derivatives valuations supplied by BNY Mellon or the Vendors. Although the derivatives valuations may be referred to as “valuations” or “prices”, they are prepared by Vendors and in the case of BNY Mellon’s proprietary valuation services, by BNY Mellon based on inputs from such Vendors through the application of methods, standards of judgment and proprietary models used and developed by each Vendor or BNY Mellon, as applicable, and these derivatives valuations may not conform in any way to actual trading prices, prices you may obtain in a sale or purchase, or information available from third parties. A derivatives valuation represents only one view as to the estimated general value of a derivatives instrument at a particular point in time, and therefore is subject to change at any time without notice. Derivatives valuations may incorporate information from the most active markets to which a Vendor or BNY Mellon, as applicable, has access and, consequently, may not represent an estimate of the value of the particular derivatives instrument in all or other markets to which BNY Mellon or others may have access. None of BNY Mellon or the Vendors makes any warranties, express or implied, including but not limited to any warranty of merchantability or fitness for a particular purpose or use or non-infringement in connection with any of the data or anything done or supplied by the Vendors through BNY Mellon or by BNY Mellon though its proprietary valuation services. Derivatives valuations are being provided by BNY Mellon at the client’s request for information purposes only and are not intended as an offer or solicitation for the purchase or sale of a security or a contractual obligation with respect to any derivatives instrument.

Money market fund shares are not a deposit or obligation of BNY Mellon.  Investments in money market funds are not insured, guaranteed, recommended or otherwise endorsed in any way by BNY Mellon, the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, fund shares are subject to investment risk and your investment may lose value. Money market fund yield performance represents past performance, which is no guarantee of future results and investment returns will fluctuate. Before investing, investors should carefully consider the investment objectives, risks, charges, tax impact and expenses of the fund that are explained in each fund’s prospectus. The following factors, among many, could reduce any one fund’s income level and/or share price: interest rates could rise sharply, causing the value of the fund’s investments and its share price to drop; interest rates could drop, thereby reducing the fund’s yield; any of the fund’s holdings could have its credit rating downgraded or could default; and there are risks generally associated with concentrating investments in any one industry. Investments in instruments of non-U.S. issuers are subject to the risks of certain domestic events—such as political upheaval, financial troubles, nationalization (certain assets, entities or sectors) or natural disasters—that may weaken a country’s securities markets. Country risk may be especially high in emerging markets. Such investments may be affected by market risk on a global scale based on responses of certain foreign markets to markets of other countries or global market sectors. Foreign-currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment. Investments in foreign instruments are subject to the risk that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.

Securities instruments and services other than money market mutual funds and off-shore liquidity funds are offered by BNY Mellon Capital Markets, LLC.

All references to dollars are in US dollars unless specified otherwise.

This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon. Trademarks, logos and other intellectual property marks belong to their respective owners.

The Bank of New York Mellon, member FDIC.

© 2016  The Bank of New York Mellon Corporation. All rights reserved.



 

Individual Retirement 

Individual Retirement Disclosure

Investors should consider the investment objectives, risks, charges and expenses of any mutual fund carefully before investing. Contact your financial advisor to obtain a prospectus or a summary prospectus, if available, that contains this and other information on a fund. Read it carefully before investing.

Asset allocation and diversification do not guarantee a profit or protect against a loss.

This information is general in nature and is not intended to constitute tax or estate planning advice. Please consult your legal or tax advisor for more detailed information on legal or tax issues and advice on your specific situation. There are fees, expenses, taxes and penalties associated with IRAs.

All investment products involve risk of principal loss.

BNY Mellon Retirement personnel act as licensed representatives of MBSC Securities Corporation (a registered broker-dealer) to offer securities, and act as officers of The Bank of New York Mellon (a New York chartered bank) to offer bank-maintained collective investment funds as well as to offer separate accounts managed by BNY Mellon Investment Management firms. This material is not intended as an offer to sell or a solicitation of an offer to buy any security, and it is not provided as a sales or advertising communication and does not constitute investment advice. MBSC Securities Corporation, a registered broker-dealer, FINRA member and wholly-owned subsidiary of The Bank of New York Mellon Corporation, has entered into agreements to offer securities in the U.S. on behalf of certain BNY Mellon Investment Management firms and as distributor of the above mutual funds.

© 2015 MBSC Securities Corporation, Distributor



 

Investment Management

Investment Management Disclaimer

IMPORTANT INFORMATION

BNY Mellon Investment Management is one of the world’s leading investment management organizations and one of the top U.S. wealth managers, encompassing BNY Mellon’s affiliated investment management firms, wealth management organization and global distribution companies. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction.

Products or services described herein are provided by BNY Mellon, its subsidiaries, affiliates or related companies and may be provided in various countries by one or more of these companies where authorized and regulated as required within each jurisdiction. Certain investment vehicles may only be offered through regulated entities or licensed individuals, such as a bank, a broker-dealer or an insurance company. However, this material is not intended, nor should be construed, as an offer or solicitation of services or products or an endorsement thereof in any jurisdiction or in any circumstance that is otherwise unlawful or unauthorized. The investment products and services mentioned here are not insured by the FDIC (or any other state or federal agency), are not deposits of or guaranteed by any bank, and may lose value.

This material is not intended as an offer to sell or a solicitation of an offer to buy any security, and it is not provided as a sales or advertising communication and does not constitute investment advice. MBSC Securities Corporation, a registered broker-dealer, FINRA member and wholly owned subsidiary of BNY Mellon, has entered into agreements to offer securities in the U.S. on behalf of certain BNY Mellon Investment Management firms.

Securities in Canada are offered through BNY Mellon Asset Management Canada Ltd., registered as a Portfolio Manager and Exempt Market Dealer in all provinces and territories of Canada, and as an Investment Fund Manager in Ontario.

The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested.

Rankings include assets managed by BNY Mellon’s investment boutiques and BNY Mellon Wealth Management. Each ranking may not include the same mix of firms.

Alcentra Limited, Insight Investment Management Limited, Newton Capital Management Limited, Newton Investment Management Limited and Walter Scott & Partners Limited are authorized and regulated by the Financial Conduct Authority. The registered address for Alcentra Limited is 10 Gresham Street, London, EC2V7JD, England. The registered address for Insight Investment and Newton is BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA, England. The registered address for Walter Scott is One Charlotte Square, Edinburgh, EH2 4DR, Scotland.

BNY Mellon ARX is the brand used to describe the Brazilian investment capabilities of BNY Mellon ARX Investimentos Ltda.

BNY Mellon Cash Investment Strategies (CIS) is a division of The Dreyfus Corporation.

BNY Mellon Investment Strategy & Solutions Group (“ISSG”) is part of The Bank of New York Mellon (“Bank”). In the US, ISSG offers products and services through the Bank, including investment strategies that are developed by affiliated BNY Mellon Investment Management advisory firms and managed by officers of such affiliated firms acting in their capacities as dual officers of the Bank.

Insight Investment Management Limited does not offer services in the U.S. Investment advisory services in North America are provided through four different SEC-registered investment advisers using the brand Insight Investment: Cutwater Asset Management Corp, Cutwater Investor Services Corp, Pareto New York LLC and Pareto Investment Management Limited. This website does not constitute an offer to sell, or a solicitation of an offer to purchase, any of the firm's services or funds to any U.S. investor, or where otherwise unlawful.

BNY Mellon owns 90% of The Boston Company Asset Management, LLC and the remainder is owned by employees of the firm.

The Newton Group (“Newton”) is comprised of the following affiliated companies: Newton Investment Management Limited, Newton Capital Management Limited (NCM Ltd), Newton Capital Management LLC (NCM LLC), Newton International Investment Management Limited and Newton Fund Managers (C.I.) Limited. NCM LLC personnel are supervised persons of NCM Ltd and NCM LLC does not provide investment advice, all of which is conducted by NCM Ltd. Only NCM LLC and NCM Ltd offer services in the U.S.

BNY Mellon owns a 20% interest in Siguler Guff & Company, LP and certain related entities (including Siguler Guff Advisers, LLC).

 



 

Investment Management

Carbon Efficiency Strategy Disclaimer

BNY Mellon Investment Management is an investment management organization, encompassing BNY Mellon’s affiliated investment management firms, wealth management organization and global distribution companies. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally.

This information is not investment advice, though may be deemed a financial promotion in non-U.S. jurisdictions.

Any statements and opinions expressed are as at the date of publication, are subject to change as economic and market conditions dictate, and do not necessarily represent the views of BNY Mellon or any of its affiliates. The information has been provided as a general market commentary only and does not constitute legal, tax, accounting, other professional counsel or investment advice, is not predictive of future performance, and should not be construed as an offer to sell or a solicitation to buy any security or make an offer where otherwise unlawful. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. BNY Mellon and its affiliates are not responsible for any subsequent investment advice given based on the information supplied. This is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. To the extent that these materials contain statements about future performance, such statements are forward looking and are subject to a number of risks and uncertainties. Information and opinions presented have been obtained or derived from sources which BNY Mellon believed to be reliable, but BNY Mellon makes no representation to its accuracy and completeness. BNY Mellon accepts no liability for loss arising from use of this material. If nothing is indicated to the contrary, all figures are unaudited.

Any indication of past performance is not a guide to future performance. The value of investments can fall as well as rise, so investors may get back less than originally invested.

Not for distribution to, or use by, any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation. This information may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. Persons into whose possession this information comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this information in their jurisdiction. The investment products and services mentioned here are not insured by the FDIC (or any other state or federal agency), are not deposits of or guaranteed by any bank, and may lose value.

This information should not be published in hard copy, electronic form, via the web or in any other medium accessible to the public, unless authorized by BNY Mellon Investment Management.

Issuing entities

This information is approved for Global distribution and is issued in the following jurisdictions by the named local entities or divisions: Europe, Middle East, Africa and Latin America (excluding Germany, Brazil, Dubai): BNY Mellon Investment Management EMEA Limited, BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 1118580. Authorised and regulated by the Financial Conduct Authority. • Switzerland: Issued by BNY Mellon Investments Switzerland GmbH, Talacker 29, CH-8001 Zürich, Switzerland. Authorised and regulated by the FINMA.• Dubai, United Arab Emirates: Dubai branch of The Bank of New York Mellon, which is regulated by the Dubai Financial Services Authority.• Singapore: BNY Mellon Investment Management Singapore Pte. Limited Co. Reg. 201230427E. Regulated by the Monetary Authority of Singapore. • Hong Kong: BNY Mellon Investment Management Hong Kong Limited. Regulated by the Hong Kong Securities and Futures Commission. • Japan: BNY Mellon Asset Management Japan Limited. BNY Mellon Asset Management Japan Limited is a Financial Instruments Business Operator with license no 406 (Kinsho) at the Commissioner of Kanto Local Finance Bureau and is a Member of the Investment Trusts Association, Japan and Japan Securities Investment Advisers Association. • Australia: BNY Mellon Investment Management Australia Ltd (ABN 56 102 482 815, AFS License No. 227865). Authorized and regulated by the Australian Securities & Investments Commission. • United States: BNY Mellon Investment Management. • Canada: Securities are offered through BNY Mellon Asset Management Canada Ltd., registered as a Portfolio Manager and Exempt Market Dealer in all provinces and territories of Canada, and as an Investment Fund Manager and Commodity Trading Manager in Ontario. • Brazil: this document is issued by ARX Investimentos Ltda., Av. Borges de Medeiros, 633, 4th floor, Rio de Janeiro, RJ, Brazil, CEP 22430-041. Authorized and regulated by the Brazilian Securities and Exchange Commission (CVM).

The issuing entities above are BNY Mellon entities ultimately owned by The Bank of New York Mellon Corporation

BNY Mellon Company information

Investment Managers are appointed by BNY Mellon Investment Management EMEA Limited (BNYMIM EMEA) or affiliated fund operating companies to undertake portfolio management activities in relation to contracts for products and services entered into by clients with BNYMIM EMEA or the BNY Mellon funds.

BNY Mellon Cash Investment Strategies is a division of The Dreyfus Corporation. • Investment advisory services in North America are provided through four different SEC-registered investment advisers using the brand Insight Investment: Cutwater Asset Management Corp, Cutwater Investor Services Corp, Pareto New York LLC and Pareto Investment Management Limited. The Insight Investment Group includes Insight Investment Management (Global) Limited, Pareto Investment Management Limited, Insight Investment Funds Management Limited, Cutwater Asset Management Corp and Cutwater Investor Services Corp. This information does not constitute an offer to sell, or a solicitation of an offer to purchase, any of the firms’ services or funds to any U.S. investor, or where otherwise unlawful. • The Newton Group (“Newton”) is comprised of the following affiliated companies: Newton Investment Management Limited, Newton Capital Management Limited (NCM Ltd), Newton Capital Management LLC (NCM LLC), Newton International Investment Management Limited and Newton Fund Managers (C.I.) Limited. NCM LLC personnel are supervised persons of NCM Ltd and NCM LLC does not provide investment advice, all of which is conducted by NCM Ltd. Only NCM LLC and NCM Ltd offer services in the U.S.• BNY Mellon owns a 20% interest in Siguler Guff & Company, LP and certain related entities (including Siguler Guff Advisers LLC).



 

Liquidity Services

Liquidity Services Disclaimer

*BNY Mellon Capital Markets, LLC is a registered broker-dealer, is a member of FINRA and SIPC and is a wholly owned subsidiary of BNY Mellon.

**Liquidity Services (except for safekeep margin balances) are not being offered and not available in Japan currently.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of the following. The Bank of New York Mellon, at 225 Liberty St, NY, NY USA, 10286, a banking corporation organized pursuant to the laws of the State of New York, and operating in England through its branch at One Canada Square, London E14 5AL, UK, registered in England and Wales with numbers FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorized by the Prudential Regulation Authority. The Bank of New York Mellon, London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV, a Belgian public limited liability company, with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, and a subsidiary of The Bank of New York Mellon. The Bank of New York Mellon SA/NV operates in England through its branch at 160 Queen Victoria Street, London EC4V 4LA, UK, registered in England and Wales with numbers FC029379 and BR014361.  The Bank of New York Mellon SA/NV (London Branch) is authorized by the ECB and subject to limited regulation by the Financial Conduct Authority and the 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 The Bank of New York Mellon SA/NV operating in Ireland through its branch at 4th Floor Hanover Building, Windmill Lane, Dublin 2, Ireland trading as The Bank of New York Mellon SA/NV, Dublin Branch, is authorised by the ECB and is registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. The Bank of New York Mellon, Singapore Branch, subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch, subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. If this material is distributed in Japan, it is distributed by The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon.  Not all products and services are offered in all countries.

The information contained in this material is intended for use by wholesale/professional clients or the equivalent only and is not intended for use by retail clients. If distributed in the UK, this material is a financial promotion.

This material, which may be considered advertising, is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter.  This material does not constitute a recommendation by BNY Mellon of any kind. Use of our products and services is subject to various regulations and regulatory oversight. You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you. This material may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY Mellon will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice.  BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements.

Money market fund shares are not a deposit or obligation of BNY Mellon.  Investments in money market funds are not insured, guaranteed, recommended or otherwise endorsed in any way by BNY Mellon, the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, fund shares are subject to investment risk and your investment may lose value. Money market fund yield performance represents past performance, which is no guarantee of future results and investment returns will fluctuate. Before investing, investors should carefully consider the investment objectives, risks, charges, tax impact and expenses of the fund that are explained in each fund’s prospectus. The following factors, among many, could reduce any one fund’s income level and/or share price: interest rates could rise sharply, causing the value of the fund’s investments and its share price to drop; interest rates could drop, thereby reducing the fund’s yield; any of the fund’s holdings could have its credit rating downgraded or could default; and there are risks generally associated with concentrating investments in any one industry. Investments in instruments of non-U.S. issuers are subject to the risks of certain domestic events—such as political upheaval, financial troubles, nationalization (certain assets, entities or sectors) or natural disasters—that may weaken a country’s securities markets. Country risk may be especially high in emerging markets. Such investments may be affected by market risk on a global scale based on responses of certain foreign markets to markets of other countries or global market sectors. Foreign-currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment. Investments in foreign instruments are subject to the risk that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.

Securities instruments and services other than money market mutual funds and off-shore liquidity funds are offered by BNY Mellon Capital Markets, LLC. All references to dollars are in US dollars unless specified otherwise.

This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon. Trademarks, logos and other intellectual property marks belong to their respective owners.

The Bank of New York Mellon, member FDIC.

© 2016  The Bank of New York Mellon Corporation. All rights reserved.

 



 

BNY Mellon Markets

BNY Mellon Markets Disclaimer

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of the following. The Bank of New York Mellon, at 225 Liberty St, NY, NY 10286, USA, a banking corporation organized pursuant to the laws of the State of New York, and operating in England through its branch at One Canada Square, London E14 5AL, UK, registered in England and Wales with numbers FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorized by the Prudential Regulation Authority. The Bank of New York Mellon, London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV, a Belgian public limited liability company, with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, and a subsidiary of The Bank of New York Mellon. The Bank of New York Mellon SA/NV operates in England through its branch at 160 Queen Victoria Street, London EC4V 4LA, UK, registered in England and Wales with numbers FC029379 and BR014361. The Bank of New York Mellon SA/NV (London Branch) is authorized by the ECB and subject to limited regulation by the Financial Conduct Authority and the 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. The Bank of New York Mellon SA/NV operating in Ireland through its branch at 4th Floor Hanover Building, Windmill Lane, Dublin 2, Ireland trading as The Bank of New York Mellon SA/NV, Dublin Branch, is authorised by the ECB and is registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. The Bank of New York Mellon, Singapore Branch, subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch, subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. If this material is distributed in Japan, it is distributed by The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon. If this material is distributed in, or from, the Dubai International Financial Centre (“DIFC”), it is communicated by The Bank of New York Mellon, DIFC Branch, regulated by the DFSA and located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE, on behalf of The Bank of New York Mellon, which is a wholly-owned subsidiary of The Bank of New York Mellon Corporation. This material is intended for Professional Clients only and no other person should act upon it. Not all products and services are offered in all countries.

BNY Mellon Capital Markets EMEA Limited, an indirect wholly owned broker dealer subsidiary of The Bank of New York Mellon Corporation, is an investment firm authorised and regulated by the Financial Conduct Authority UK (FCA) under registration number 580200 and provides services to Professional Clients and Eligible Counterparties but not to Retail Clients (in each case as defined in the FCA Rules) in the European Economic Area. BNY Mellon Capital Markets EMEA Limited is not licensed in any other jurisdiction and accordingly, it does not target, promote or offer its products and services to clients outside of the European Economic Area (EEA) and nothing in this communication shall be construed as intended for any persons outside the EEA or for any non-EEA persons. BNY Mellon Capital Markets EMEA Limited is registered in England with company number 03766757 and operates from its registered office and place of business at 1 Canada Square, London E14 5AL. Past performance is not a guide to future performance of any instrument, transaction or financial structure and a loss of original capital may occur. Calls and communications with BNY Mellon Capital Markets EMEA Limited may be recorded, for regulatory and other reasons.

The information contained in this material is intended for use by wholesale/professional clients or the equivalent only and is not intended for use by retail clients. If distributed in the UK, this material is a financial promotion.

This material, which may be considered advertising, is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter. This material does not constitute a recommendation by BNY Mellon of any kind. Use of our products and services is subject to various regulations and regulatory oversight. You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you. This material may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY Mellon will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice. BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements.

Money market fund shares are not a deposit or obligation of BNY Mellon. Investments in money market funds are not insured, guaranteed, recommended or otherwise endorsed in any way by BNY Mellon, the Federal Deposit Insurance Corporation or any other government agency. Securities instruments and services other than money market mutual funds and off-shore liquidity funds are offered by BNY Mellon Capital Markets, LLC.

The terms of any products or services provided by BNY Mellon to a client, including without limitation any administrative, valuation, trade execution or other services shall be solely determined by the definitive agreement relating to such products or services. Any products or services provided by BNY Mellon shall not be deemed to have been provided as fiduciary or adviser except as expressly provided in such definitive agreement. BNY Mellon may enter into a foreign exchange transaction, derivative transaction or collateral arrangement as a counterparty to a client, and its rights as counterparty or secured party under the applicable transactional agreement or collateral arrangement shall take precedence over any obligation it may have as fiduciary or adviser or as service provider under any other agreement.
Pursuant to Title VII of The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the applicable rules thereunder, The Bank of New York Mellon is provisionally registered as a swap dealer with the Commodity Futures Trading Commission (“CFTC”) and is a swap dealer member of the National Futures Association (NFA ID 0420990).

BNY Mellon (including its broker-dealer affiliates) may have long or short positions in any currency, derivative or instrument discussed herein. BNY Mellon has included data in this material from information generally available to the public from sources believed to be reliable. Any price or other data used for illustrative purposes may not reflect actual current conditions. No representations or warranties are made, and BNY Mellon assumes no liability, as to the suitability of any products and services described herein for any particular purpose or the accuracy or completeness of any information or data contained in this material. Price and other data are subject to change at any time without notice.

Pershing Prime Services is a service of Pershing LLC, member FINRA, NYSE, SIPC, a wholly owned subsidiary of The Bank of New York Mellon Corporation (BNY Mellon). Member of SIPC. Securities in your account protected up to $500,000. For details, please see www.sipc.org. All references to dollars are in US dollars unless specified otherwise.

This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon. Trademarks, logos and other intellectual property marks belong to their respective owners.

The Bank of New York Mellon, member FDIC.

© 2016 The Bank of New York Mellon Corporation. All rights reserved.



 

BNY Mellon Markets

BNY Mellon Capital Markets U.S. Disclaimers

BNY Mellon Capital Markets, LLC Business Continuity Planning Disclosure

BNY Mellon Capital Markets, LLC Privacy Policy

BNY Mellon Capital Markets, LLC Policy on the Protection of Social Security Numbers

BNY Mellon Capital Markets, LLC Business Monthly Focus Report

BNY Mellon Capital Markets, LLC Business 2015 Year End Focus Report

BNY Mellon Capital Markets, LLC 2015 Audited Financial Statement

Alternative Uptick Rule

SEC Rule 605 - Monthly Disclosure of Order Execution Information

SEC Rule 606 - Quarterly Disclosure of Order Routing

SEC Rule 606 - Disclosure of Order Routing: Pershing (For BNY Mellon Capital Markets, LLC, select “BNY Capital Markets BKCM” in Broker-Dealer field)

Single Stock Circuit Breaker Rule

About BNY Mellon Capital Markets, LLC

BNY Mellon Capital Markets, LLC (“Capital Markets”) is a full service registered broker-dealer and an indirect wholly owned non-bank subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”). BNY Mellon and its affiliates lend and provide other products and services to issuers and others, and provide and receive related fees and compensation. Capital Markets is a member of FINRA and SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. SIPC does not protect against loss due to market fluctuation. SIPC protection is not the same as, and should not be confused with, FDIC insurance.

This material is for reference purposes only and not intended to be a recommendation with respect to, or solicitation or offer to buy or sell, any particular financial instrument, including but not limited to BNY Mellon stock, or to participate in any particular trading strategy and is not tax, legal, investment or accounting advice. Nor is it an offer or solicitation in any jurisdiction in which such an offer or solicitation would be illegal.   Capital Markets does not make representations as to the actual value to be received in connection with a transaction. Although information is from sources believed reliable, there is no undertaking as to accuracy and opinions and information contained herein are subject to change without notice. Difficulties in the mortgage and broader credit markets have led to a substantial decrease in the availability of credit. The extent and duration of any future continued weakening of U.S. and global credit and financial markets, higher costs of borrowing, and disruptions in debt and equity markets potentially make it more difficult to liquidate an investment, or determine the impact, if any, on the performance and prospects of particular issuers or securities. A client should not enter into any transactions unless it has fully understood all risks and that not all investments will be suitable, and has independently determined that such transactions are appropriate, for the client. Prices may fluctuate and it is possible that such fluctuations may be substantial in response to many factors including, without limitation, general market and market sector conditions, U.S. and global, in addition to company specific conditions. Past performance is not a guide to future performance of any instrument, transaction or financial structure, and a loss of original capital may occur.

Fixed Income Securities. Fixed income investments, including municipal bonds, are subject to various risks including changes in interest rates, call features, credit quality, possible default, difficulty in market valuations, liquidity, prepayments, early redemption, tax ramifications, inflation and other factors.

Treasury and Government Agency Obligations. Not all obligations of the U.S. government or its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. In addition, if not held to maturity, prices will rise and fall on interest rate movements in response to economic conditions.

Corporate Debt.  Corporate debt securities are subject to risks including, but not limited to: early call or redemption risk, which could result in reinvestment risk, interest rate risk, credit risk, event risk, sector risk, market and interest rate risk, reinvestment risk and sector risk.

Commercial Paper. Commercial paper, an unsecured, short-term debt instrument, is not usually backed by any form of collateral, and although there may be back up lines of credit or back up liquidity, may still be subject to default by the issuer.

Certificates of Deposit. Certificates of Deposit are most suitable for holding until maturity. Early withdrawal of any CD may not be available and may be subject to applicable penalties.

CDs: Limits on FDIC insurance. If you have or will have money on deposit (such as a savings account) at the same insured institution that issues the CDs, the total value of your deposit accounts could exceed the amount of FDIC insurance to which your deposits (including CDs) are entitled.

Yankee CDs/No FDIC Insurance. Yankee CDs are not FDIC Insured in whole or in part.

Money Market Mutual Funds and Ultra Short Bond Funds. Money market funds generally only invest in certain high-quality, short-term investments issued by the U.S. government, U.S. corporations and state and local governments and are subject to strict diversification and maturity standards. Ultra-short bond funds are not subject to these requirements. The net asset value (NAV) of an ultra-short bond fund will fluctuate, while money market funds seek to maintain a stable NAV of $1 per share, although there is no guarantee that they will achieve this goal.

Not acting as Municipal Advisor, Financial Advisor or Fiduciary: Capital Markets is providing the information contained in this document for discussion purposes only in anticipation of serving as an Underwriter, Broker-Dealer, CP Dealer or Remarketing Agent to the addressee and is not recommending any action to the addressee.  The primary role of Capital Markets, as Underwriter, is to sell and purchase securities, as applicable, to and from investors, in arm's length commercial transactions; Capital Markets has financial and other interests that differ from those of the addressee.  As such, Capital Markets is not acting as a municipal advisor, financial advisor or fiduciary to the addressee or any other person or entity in connection with the information provided.  The information provided is not intended to be and should not be construed as "advice" within the meaning of Section 15B of the Securities Exchange Act of 1934 or the rules thereunder.  The addressee should consult with its own financial and/or municipal, legal accounting, tax and other advisors, as applicable, to the extent it deems appropriate.  If the addressee would like a municipal advisor in a transaction that has legal fiduciary duties to the addressee, then the addressee is free to engage a municipal advisor to serve in that capacity.  Notwithstanding the foregoing, Capital Markets is registered as a municipal advisor with the Municipal Securities Rulemaking Board and may, from time to time, act as a municipal advisor with respect to municipal issuers and their investments.  Issuers should contact their Capital Markets representative to discuss an engagement with Capital Markets as a municipal advisor.

Mutual Funds. Before investing in mutual funds, it is important to understand the sales charges, expenses, and management fees that you will be charged, as well as any available volume-based breakpoint discounts, and whether the mutual fund's investment strategy is compatible with your investment objectives.

Equity Securities. Prices may fluctuate and it is possible that such fluctuations may be substantial in response to many factors including, without limitation, general market and market sector conditions, U.S. and global, in addition to company specific conditions.  Dividends are not guaranteed and are subject to change or elimination.

Exchange-Traded Funds (ETFs). ETFs generally represent an interest in a portfolio of securities and/or commodities, subjecting the investor to a substantial loss in principal and income due to market risk, interest rate risk, liquidity risk, currency exchange risk, and risks specific to a particular sector.

Options. Options carry a high level of risk and are not suitable for all investors. An option holder may lose the entire amount paid for the option in a relatively short period of time and an options writer may incur significant loss if the price of the underlying interest declines.

Investment Banking and Public Finance. The Company should discuss any financial instrument offering, engagement, or relationship with its own counsel and financial advisors. Capital Markets does not provide tax, legal, or accounting advice, and any information provided by Capital Markets does not include the legal, tax or accounting effects of consummating any transaction.

No Tax, Legal or Accounting Advice. Capital Markets does not provide tax, legal, or accounting advice. You should independently and carefully consider whether any information or investment instruments are suitable for your particular investment objectives and financial position and, if you believe it appropriate, seek professional advice, including tax, legal and accounting advice.

Past Performance is not Indicative of nor a Guarantee of Future Performance and a Loss of Original Capital may Occur. You should not enter into any transactions unless you have fully understood all risks, that not all investments will be suitable, and you have independently determined that such transactions are appropriate, for you. Investing in securities involves risk, including loss of the principal amount invested. Additional information is provided on FINRA's Web site at www.finra.org/Investors/ProtectYourself/index.htm.

Mortgage Backed Securities (MBS). Potential issuers of securities should discuss any financial instrument offering, engagement, or relationship with their own counsel and financial advisors.  Beginning in the second half of 2007, difficulties in the mortgage and broader credit markets led to a substantial decrease in the availability of credit.  As a result, U.S., European and global credit and financial markets in general have been, and are, experiencing difficulties.  The extent and duration of any future continued weakening of these markets, higher costs of borrowing, and disruptions in debt and equity markets may potentially make it more difficult to issue a financial instrument, exit an investment or define the impact, If any on the performance and prospects of particular issuers or securities.  There can be no assurance that any of the governmental or private sector initiatives designed to strengthen the condition of the credit markets will be successful, and there is no way to know the effect that these initiatives will have on the performance of any particular securities or issuers.

Only GNMA is backed by the full faith and credit of the U.S. Government.  Securities issued by Fannie Mae, Freddie Mac and MBS in general have recently experienced volatility and other increased risks due to homeowner defaults and severe problems in the housing market.

Structured Products are not suitable for all investors. Structured Products are subject to special risks and considerations.  All relevant offering documents including, but not limited to, term sheets and prospectuses should be consulted and understood prior to investing. Investors should understand characteristics, risks, and potential rewards.  Investors should contact their own accounting, tax or legal advisors to review the suitability of any investment.

Securities Direct® is the registered trademark of The Bank of New York Mellon Corporation.

©2016 BNY Mellon Capital Markets, LLC.  All rights reserved.  Trademarks, service marks and logos are the property of their respective owners.

Securities Products: Not FDIC-Insured – Subject to Loss in Value – Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate.



 

BNY Mellon Markets

Capital Markets EMEA Disclaimers

*This information is not intended for clients or prospects in the U.S., Canada, APAC and South America. The information in this webpage is designed exclusively for, and directed at, clients and prospects in Europe only, and no representation is made as to its legality in respect of any other market.

BNY Mellon Capital Markets EMEA Limited is an indirect wholly owned, non-bank, broker-dealer subsidiary of The Bank of New York Mellon Corporation ("BNY Mellon").  BNY Mellon and its affiliates lend and provide other products and financial services to issuers and others, and provide and receive related fees and compensation.  BNY Mellon Capital Markets EMEA Limited is authorised and regulated by the Financial Conduct Authority ("FCA") in the UK under registration number 580200.  BNY Mellon Capital Markets EMEA Limited is incorporated in England under company no. 03766757 and operates from its registered office and place of business at 1 Canada Square, London E14 5AL.  BNY Mellon Capital Markets EMEA Limited provides services to Professional Clients and/or Eligible Counterparties, but does not provide services to Retail Clients (in each case as defined in the FCA Rules).

This website and the information and any statements contained herein is for general information and reference purposes only.  It is not a recommendation with respect to, or solicitation or offer to buy or sell, any products (including financial products) or services, including but not limited to BNY Mellon stock, or to participate in any particular trading strategy, including in any jurisdiction in which such an offer or solicitation or trading strategy, would be illegal, and should not be construed as such.  The information herein is not intended to provide tax, legal, investment, accounting, financial or other professional advice on any matter, and should not be used or relied upon as such. The contents may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given.  BNY Mellon Capital Markets EMEA Limited will not be responsible for updating any information contained within this website, and opinions and information contained herein are subject to change without notice.   Neither BNY Mellon Capital Markets EMEA Limited nor any BNY Mellon affiliate assumes any direct or consequential liability for any errors in or reliance upon this information, and are not responsible for any third party website or website content (including, without limitation, any advertising appearing therein) which can be accessed through the website at www.bnymellon.com/capitalmarketsemea .  BNY Mellon Capital Markets EMEA Limited includes links to other websites for information purposes only and makes no representation whatsoever about any such link, website or consent.

BNY Mellon Capital Markets EMEA Limited does not make any representations as to the actual value to be received in connection with a transaction.  Difficulties in the mortgage and broader credit markets have generally led to a substantial decrease in the availability of credit. The extent and duration of any future continued weakening of U.S. and global credit and financial markets, higher costs of borrowing, and disruptions in debt and equity markets potentially make it more difficult to liquidate an investment, or determine the impact, if any, on the performance and prospects of particular issuers or securities.  A person should not enter into any transactions unless they have fully understood all risks, understands that not all investments will be suitable, and has independently determined (by way of having obtained, where required, its own independent legal, financial, tax and other professional advice), or that such transactions are appropriate.  Prices may fluctuate and it is possible that such fluctuations may be substantial in response to many factors including, without limitation, general market and market sector conditions, U.S. and global, in addition to company specific conditions.  Dividends are not guaranteed and are subject to change or elimination.  There are risks generally associated with foreign investments, such as economic and political developments, seizure or nationalization of deposits, currency limitations, imposition of taxes or other restrictions on the payment of principal and interest.  Make sure you understand all risks before investing in any financial instrument.  Past performance is not a guide to future performance of any instrument, transaction or financial structure, and a loss of original capital may occur.  Calls and communications with BNY Mellon Capital Markets EMEA Limited may be recorded, for regulatory and other reasons. 

Trademarks and logos belong to their respective owners.  The terms of this disclaimer are subject to English law and to the exclusive jurisdiction of the English courts.

©2016 The Bank of New York Mellon, member FDIC. Services provided by The Bank of New York Mellon

Corporation and its various subsidiaries. All rights reserved.



 

BNY Mellon Markets

Daily Equity Snapshot Commentary Disclaimer

This Market Commentary is for your use and may not be redistributed. This communication, where provided by BNY Mellon Capital Markets, LLC (BNYMCM), is Intended only for clients and prospective clients of BNYMCM, where so permitted. Similarly, this communication, where provided by BNY Mellon Capital Markets EMEA Limited (CaML), Is Intended only for clients and prospective clients of CaML, where so permitted. Where BNYMCM provides this communication to BNYMCM's clients and prospective clients, BNYMCM is not acting on behalf of or for the benefit of CaML. Where CaML provides this communication to CaML's clients and prospective clients, CaML Is not acting on behalf of or for the benefit of BNYMCM.

This communication is not Intended to be, and does not constitute, a "financial promotion" for the purposes of the Financial Services and Markets Act 2000.

Any information contained in this communication from the trading desk personnel of BNYMCM or CaML Is produced for general informational purposes by BNYMCM or CaML trading desks (as relevant) that may facilitate transactions and trade In instruments mentioned herein. It does not constitute a research report and it is not a research recommendation. BNYMCM and CaML do not have research departments and do not publish research reports. An Investment decision to purchase or sell a security is a subjective decision requiring analysis of numerous factors. This Market Commentary is not an analysis of all such factors and it does not form a basis upon which you can reasonably make such an investment decision. The information herein is not Intended to provide legal, tax. accounting, investment, financial or other professional advice on any matter, and fs not to be used as such. BNYMCM and CaML assume no liability as to the suitability of any products and services described herein for any particular purpose. The Information is not an offer to buy or sell, or the solicitation of an offer to buy or sell any instrument. The Information contained herein may be from a third party and it Is provided "as is" without representation or warranty of any kind, either express or implied. Observations and views expressed herein may be   changed at any time without notice and we do not have a duty to update this information. This material may contain information on securities (and/or related instruments and derivative securities thereof, as well as other financial instruments and currencies) which BNYMCM, CaML, or their affiliates may at any time sell to or buy from customers on a principal basis, and/or hold long or short positions in BNYMCM, CaML, or their affiliates, may also maintain positions In the securities (or related instruments or derivative securities thereof) that may be mentioned in this Market Commentary, and may have other relationships with, including acting as a lender to or an underwriter for, the subject company or provide and receive related fees and compensation. BNYMCM, CaML, or their affiliates, may also have, or take positions, different from, or inconsistent with, the information herein. The trading desks of BNYMCM and CaML will have information about customer activity. BNYMCM and CaML have implemented policies and procedures reasonably designed to prevent the trading desks from trading to the detriment of customers or from misusing customer information.

The products and services described in any Market Commentary may contain or include certain "forecast" statements that may reflect possible future events based on current expectations. Forecast statements are neither historical facts nor assurances of future performance. Forecast statements typically Include, and are not limited to, words such as "anticipate", "believe", "estimate", "expect•, "future", •intend", "likely", •may", "plan", "project", "should", "will", or other similar terminology and should NOT be relied upon as accurate indications of future performance or events. Because forecast statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Additionally, past performance is not a guide to future performance of any Instrument, transaction or financial structure, and a loss of original capital may occur.

BNYMCM and CaML do not offer brokerage services or products In jurisdictions where prohibited by law or regulation. Not all products and services are offered at all locations and such products or services may differ (by fees, charges, interest rates, balance requirements or other factors) among locations. This material is not Intended for distribution to, or use by, any person or entity In any jurisdiction or country in which such distribution or use would be contrary to local law or regulation. Similarly, this material may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or In any circumstances in which such offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. Persons accessing this material are required to inform themselves about and to observe any restrictions that apply to the distribution of this presentation In their jurisdiction.

Securities described herein are not FDIC Insured, are not deposits or other obligations of and are not guaranteed by BNYMCM, CaML, or any bank or non-bank affiliate, and Involve Investment risk, Including possible loss of principal. Neither BNYMCM, CaML, or their affiliates, nor any third parties shall have any liability for any loss sustained by anyone who has relied on any information, opinion or data contained herein.

The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of BNYMCM and CaML. It may not be reproduced, retransmitted or redistributed In any manner without the express written permission of BNYMCM (Corporate Address: 101 Barclay Street, 3rd Floor, New York, NY 10286) or CaML (Corporate Address: 1 Canada Square, London E14 5AL).

BNYMCM is a full service broker-dealer and a wholly owned non-bank subsidiary of The Bank of New York Mellon Corporation.The Bank of New York Mellon Corporation and Its affiliates lend and provide other products and services to issuers and others, and provide and receive related fees and compensation . BNYMCM is a registered broker-dealer and member of FINRA and SIPC. Information about SIPC, Including the SIPC brochure, is available by contacting SIPC at http://www.sipc.org/. SIPC does not protect against loss due to market fluctuation. SIPC protection Is not the same as, and should not be confused with, FDIC Insurance.

CaML is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom under registration number 580200.CaML Is Incorporated in England under company no. 03766757 and operates from its registered office and place of business at 1 Canada Square, London E14 5AL. CaML provides services to Professional Clients and/or Eligible Counterpartles, but does not provide services to Retail Clients (In each case as defined In the FCA Rules).

Trademarks and logos belong to their respective owners. For professional use only. Not for distribution to the public.

Securities Products: Not FDIC-Insured or Guaranteed by the Federal Government •• May Lose Value •• Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate.

© 2016 The Bank of New York Mellon Corporation.



 

BNY Mellon Markets

BNY Mellon Capital Markets  – Fixed Income  Market Commentary Disclaimer

This Market Commentary is for your use and may not be redistributed. This communication, where provided by BNYMCM, is intended only for clients and prospective clients of BNYMCM, where so permitted. 

Any information contained in this communication from BNY Mellon Capital Markets, LLC (BNYMCM) trading desk personnel is produced for general informational purposes by BNYMCM trading desks that may facilitate transactions and trade in instruments mentioned herein. It does not constitute a research report and it is not a research recommendation. BNYMCM does not have a research department and does not publish research reports. An investment decision to purchase or sell a security is a subjective decision requiring analysis of numerous factors. BNYMCM Market Commentary is not an analysis of all such factors and it does not form a basis upon which you can reasonably make such an investment decision. The information herein is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such.  BNYMCM assumes no liability as to the suitability of any products and services described herein for any particular purpose.  The information is not an offer to buy or sell, or the solicitation of an offer to buy or sell any instrument. The information contained herein may be from a third party and it is provided "as is" without representation or warranty of any kind, either expressed or implied. Observations and views expressed herein may be changed at any time without notice and we do not have a duty to update this information. This material may contain information on securities (and/or related instruments and derivative securities thereof, as well as other financial instruments and currencies) which BNYMCM or its affiliates may at any time sell to or buy from customers on a principal basis, and/or hold long or short positions in such instruments. BNYMCM or its affiliates may also maintain positions in the securities (or related instruments or derivative securities thereof) that may be mentioned in this BNYMCM Market Commentary, and may have other relationships with, including acting as a lender to or an underwriter for, the subject company or provide and receive related fees and compensation. BNYMCM or its affiliates may also have, or take positions, different from, or inconsistent with, the information herein. BNYMCM's trading desks will have information about customer activity. BNYMCM has implemented policies and procedures reasonably designed to prevent the trading desk from trading to the detriment of customers or from misusing customer information.

The products and services described in any Market Commentary may contain or include certain “forecast” statements that may reflect possible future events based on current expectations.  Forecast statements are neither historical facts nor assurances of future performance.  Forecast statements typically include, and are not limited to, words such as “anticipate”, “believe”, “estimate”, “expect”, “future”, “intend”, “likely”, “may”, “plan”, “project”, “should”, “will”, or other similar terminology and should NOT be relied upon as accurate indications of future performance or events.  Because forecast statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict.  Additionally, past performance is not a guide to future performance of any instrument, transaction or financial structure, and a loss of original capital may occur. 

BNYMCM does not offer brokerage services or products in jurisdictions where prohibited by law or regulation. Not all products and services are offered at all locations and such products or services may differ (by fees, charges, interest rates, balance requirements or other factors) among locations.  This material is not intended for distribution to, or use by, any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation. Similarly, this material may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. Persons accessing this material are required to inform themselves about and to observe any restrictions that apply to the distribution of this presentation in their jurisdiction.

Securities described herein may not be FDIC insured, are not deposits or other obligations of and are not guaranteed by BNYMCM or any bank or non-bank affiliate, and involve investment risk, including possible loss of principal. Neither BNYMCM nor its affiliates nor any third parties shall have any liability for any loss sustained by anyone who has relied on any information, opinion or data contained herein.

The information contained herein, including any attachments, is proprietary to, and constitutes confidential information of BNYMCM. Corporate Address: 101 Barclay Street, 3rd Floor, New York, NY 10286. It may not be reproduced, retransmitted or redistributed in any manner without the express written permission of The Bank of New York Mellon Corporation.

BNYMCM is a full service broker-dealer and a wholly owned non-bank subsidiary of The Bank of New York Mellon Corporation. The Bank of New York Mellon Corporation and its affiliates lend and provide other products and services to issuers and others, and provide and receive related fees and compensation. BNYMCM is a registered broker-dealer and member of FINRA and SIPC. Information about SIPC, including the SIPC brochure, is available by contacting SIPC at http://www.sipc.org/. SIPC does not protect against loss due to market fluctuation. SIPC protection is not the same as, and should not be confused with, FDIC insurance.

Trademarks and logos belong to their respective owners. For professional use only. Not for distribution to the public.

Securities Products: Not FDIC-Insured or Guaranteed by the Federal Government - - May Lose Value - - Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate.

ADDITIONAL DISCLAIMER

BNY Mellon Capital Markets EMEA Limited (CaML), as an affiliate of BNYMCM, may on occasion distribute this communication to its own clients and prospective clients, where so permitted, for informational purposes only.

This communication, where provided by CaML, is intended only for clients and prospective clients of CaML. Where BNYMCM provides this communication to BNYMCM’s clients and prospective clients, BNYMCM is not acting on behalf of or for the benefit of CaML. Where CaML provides this communication to CaML’s clients and prospective clients, CaML is not acting on behalf of or for the benefit of BNYMCM.

This communication is not intended to be, and does not constitute, a “financial promotion” for the purposes of the Financial Services and Markets Act 2000.

CaML has not produced, and has not taken any part in the production of, this communication and assumes no liability or responsibility for the contents (including the accuracy) of this communication. Where this communication is distributed by CaML, recipients must read and understand the disclaimers set out above as being made by BNYMCM and, separately, CaML (with all necessary changes to the wording of the disclaimers). 

CaML is authorised and regulated by the Financial Conduct Authority ("FCA") in the United Kingdom under registration number 580200. CaML is incorporated in England under company no. 03766757 and operates from its registered office and place of business at 1 Canada Square, London E14 5AL. CaML provides services to Professional Clients and/or Eligible Counterparties, but does not provide services to Retail Clients (in each case as defined in the FCA Rules).

© 2016 The Bank of New York Mellon Corporation.  All rights reserved.



 

BNY Mellon Markets

Collateral Management and Segregation Disclaimer

bnymellon.com

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of the following. The Bank of New York Mellon, at 225 Liberty St, NY, NY USA, 10286, a banking corporation organized pursuant to the laws of the State of New York, and operating in England through its branch at One Canada Square, London E14 5AL, UK, registered in England and Wales with numbers FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorized by the Prudential Regulation Authority. The Bank of New York Mellon, London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV, a Belgian public limited liability company, with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, and a subsidiary of The Bank of New York Mellon. The Bank of New York Mellon SA/NV operates in England through its branch at 160 Queen Victoria Street, London EC4V 4LA, UK, registered in England and Wales with numbers FC029379 and BR014361.  The Bank of New York Mellon SA/NV (London Branch) is authorized by the ECB and subject to limited regulation by the Financial Conduct Authority and the 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 The Bank of New York Mellon SA/NV operating in Ireland through its branch at 4th Floor Hanover Building, Windmill Lane, Dublin 2, Ireland trading as The Bank of New York Mellon SA/NV, Dublin Branch, is authorised by the ECB and is registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. The Bank of New York Mellon, Singapore Branch, subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch, subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. If this material is distributed in Japan, it is distributed by The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon.  Not all products and services are offered in all countries.

The information contained in this material is intended for use by wholesale/professional clients or the equivalent only and is not intended for use by retail clients. If distributed in the UK, this material is a financial promotion.

This material, which may be considered advertising, is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter.  This material does not constitute a recommendation by BNY Mellon of any kind. Use of our products and services is subject to various regulations and regulatory oversight. You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you. This material may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY Mellon will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice.  BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements.

All references to dollars are in US dollars unless specified otherwise.
This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon. Trademarks, logos and other intellectual property marks belong to their respective owners.

The Bank of New York Mellon, member FDIC.

© 2016  The Bank of New York Mellon Corporation. All rights reserved.



 

BNY Mellon Markets

Foreign Exchange Disclaimer

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of the following. The Bank of New York Mellon, at 225 Liberty St, NY, NY USA, 10286, a banking corporation organized pursuant to the laws of the State of New York, and operating in England through its branch at One Canada Square, London E14 5AL, UK, registered in England and Wales with numbers FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorized by the Prudential Regulation Authority. The Bank of New York Mellon, London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV, a Belgian public limited liability company, with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, and a subsidiary of The Bank of New York Mellon. The Bank of New York Mellon SA/NV operates in England through its branch at 160 Queen Victoria Street, London EC4V 4LA, UK, registered in England and Wales with numbers FC029379 and BR014361. The Bank of New York Mellon SA/NV (London Branch) is authorized by the ECB and subject to limited regulation by the Financial Conduct Authority and the 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 The Bank of New York Mellon SA/NV operating in Ireland through its branch at 4th Floor Hanover Building, Windmill Lane, Dublin 2, Ireland trading as The Bank of New York Mellon SA/NV, Dublin Branch, is authorised by the ECB and is registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. The Bank of New York Mellon, Singapore Branch, subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch, subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. If this material is distributed in Japan, it is distributed by The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon. Not all products and services are offered in all countries.

The information contained in this material is intended for use by wholesale/professional clients or the equivalent only and is not intended for use by retail clients. If distributed in the UK, this material is a financial promotion.

This material, which may be considered advertising, is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter. This material does not constitute a recommendation by BNY Mellon of any kind. Use of our products and services is subject to various regulations and regulatory oversight. You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you. This material may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY Mellon will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice. BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements.

The terms of any products or services provided by BNY Mellon to a client, including without limitation any administrative, valuation, trade execution or other services shall be solely determined by the definitive agreement relating to such products or services. Any products or services provided by BNY Mellon shall not be deemed to have been provided as fiduciary or adviser except as expressly provided in such definitive agreement. BNY Mellon may enter into a foreign exchange transaction, derivative transaction or collateral arrangement as a counterparty to a client, and its rights as counterparty or secured party under the applicable transactional agreement or collateral arrangement shall take precedence over any obligation it may have as fiduciary or adviser or as service provider under any other agreement.

Pursuant to Title VII of The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the applicable rules thereunder, The Bank of New York Mellon is provisionally registered as a swap dealer with the Commodity Futures Trading Commission (“CFTC”) and is a swap dealer member of the National Futures Association (NFA ID 0420990).

BNY Mellon (including its broker-dealer affiliates) may have long or short positions in any currency, derivative or instrument discussed herein. BNY Mellon has included data in this material from information generally available to the public from sources believed to be reliable. Any price or other data used for illustrative purposes may not reflect actual current conditions. No representations or warranties are made, and BNY Mellon assumes no liability, as to the suitability of any products and services described herein for any particular purpose or the accuracy or completeness of any information or data contained in this material. Price and other data are subject to change at any time without notice.

Rates: neither BNY Mellon nor any other third party provider shall be liable for any errors in or delays in providing or making available the data (including rates, WM/Reuters Intra-Day Spot Rates and WM/Reuters Intra-Day Forward Rates) contained within this service or for any actions taken in reliance on the same, except to the extent that the same is directly caused by its or its employees’ negligence. The WM/Reuters Intra-Day Spot Rates and WM/Reuters Intra-Day Forward Rates are provided by The World Markets Company plc (“WM”) in conjunction with Reuters. WM shall not be liable for any errors in or delays in providing or making available the data contained within this service or for any actions taken in reliance on the same, except to the extent that the same is directly caused by its or its employees’ negligence.

The products and services described herein may contain or include certain “forecast” statements that may reflect possible future events based on current expectations. Forecast statements are neither historical facts nor assurances of future performance. Forecast statements typically include, and are not limited to, words such as “anticipate”, “believe”, “estimate”, “expect”, “future”, “intend”, “likely”, “may”, “plan”, “project”, “should”, “will”, or other similar terminology and should NOT be relied upon as accurate indications of future performance or events. Because forecast statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. iFlow® is a registered trademark of The Bank of New York Mellon Corporation under the laws of the United States of America and other countries.

This document is intended for private circulation. Persons accessing, or reading, this material are required to inform themselves about and to observe any restrictions that apply to the distribution of this information in their jurisdiction.

Currency Administration is provided under and subject to the terms of a definitive agreement between BNY Mellon and the client. BNY Mellon exercises no investment discretion thereunder, but acts solely pursuant to the instructions in such agreement or otherwise provided by the client. Unless provided by definitive agreement, BNY Mellon is not an agent or fiduciary thereunder, and acts solely as principal in connection with related foreign exchange transactions. All references to dollars are in US dollars unless specified otherwise.

This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon. Trademarks, logos and other intellectual property marks belong to their respective owners.

The Bank of New York Mellon, member FDIC.

© 2016 The Bank of New York Mellon Corporation. All rights reserved.



 

BNY Mellon Markets

Foreign Exchange Currency Hedge Administration Disclaimer

See our Foreign Exchange Disclaimer.



 

BNY Mellon Markets

Foreign Exchange Market Commentary Disclaimer

See our Foreign Exchange Disclaimer.

 



 

BNY Mellon Markets

Securities Finance Disclaimer

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of the following. The Bank of New York Mellon, at 225 Liberty St, NY, NY USA, 10286, a banking corporation organized pursuant to the laws of the State of New York, and operating in England through its branch at One Canada Square, London E14 5AL, UK, registered in England and Wales with numbers FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorized by the Prudential Regulation Authority. The Bank of New York Mellon, London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV, a Belgian public limited liability company, with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, and a subsidiary of The Bank of New York Mellon. The Bank of New York Mellon SA/NV operates in England through its branch at 160 Queen Victoria Street, London EC4V 4LA, UK, registered in England and Wales with numbers FC029379 and BR014361. The Bank of New York Mellon SA/NV (London Branch) is authorized by the ECB and subject to limited regulation by the Financial Conduct Authority and the 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 The Bank of New York Mellon SA/NV operating in Ireland through its branch at 4th Floor Hanover Building, Windmill Lane, Dublin 2, Ireland trading as The Bank of New York Mellon SA/NV, Dublin Branch, is authorised by the ECB and is registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. The Bank of New York Mellon, Singapore Branch, subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch, subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. If this material is distributed in Japan, it is distributed by The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon. Not all products and services are offered in all countries.

The information contained in this material is intended for use by wholesale/professional clients or the equivalent only and is not intended for use by retail clients. If distributed in the UK, this material is a financial promotion.

This material, which may be considered advertising, is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter. This material does not constitute a recommendation by BNY Mellon of any kind. Use of our products and services is subject to various regulations and regulatory oversight. You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you. This material may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY Mellon will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice. BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements.

Neither BNY Mellon nor any of its respective officers, employees or agents are, by virtue of providing the materials or information contained herein, acting as an adviser to any recipient (including a “municipal advisor” within the meaning of Section 15B of the Securities Exchange Act of 1934, as amended, “Section 15B”), do not owe a fiduciary duty to the recipient hereof pursuant to Section 15B or otherwise, and are acting only for their own interests.

All references to dollars are in US dollars unless specified otherwise.

This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon. Trademarks, logos and other intellectual property marks belong to their respective owners.

The Bank of New York Mellon, member FDIC.

© 2016 The Bank of New York Mellon Corporation. All rights reserved.



 

People Report

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorised and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon.Not all products and services are offered in all countries.This material may not be comprehensive or up-to-date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY Mellon will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice. BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

Dedicated Managed Accounts may not negate risks.

A dedicated managed account is a vehicle managed independently from a hedge fund manager’s commingled fund and customized to the specific needs of the investor. No representation is made that any Dedicated Managed Account’s investment process, objectives, goals or risk management techniques will or are likely to be achieved or be successful. The risks of investing in hedge fund strategies will not be negated or even mitigated by HedgeMark’s platform, analytic tools, compliance policies or monitoring and no assurance is given that any Dedicated Managed Account will not be exposed to risks of significant trading losses. A Dedicated Managed Account may involve a complex tax structure, which should be reviewed carefully. Fees and expenses may be substantial regardless of any positive return, and may offset the account's trading profits.HedgeMark does not provide legal, tax or financial advice and does not perform due diligence or act in a portfolio management role on behalf of any client. Each client (either alone or with its professional advisors) is solely responsible for its own due diligence, risk assessment and tolerance, investment objectives, any decision to invest in a Dedicated Managed Account, and monitoring of its investment for purposes of determining whether it wishes to remain invested in such product and whether such product continues to be appropriate for its circumstances and requirements.

HedgeMark Advisors, LLC is an SEC-registered investment adviser. HedgeMark Advisors, LLC transacts business in the United States and other jurisdictions where it is properly registered, or excluded or exempted from registration requirements.

The Newton Group (“Newton”) is comprised of the following affiliated companies: Newton Investment Management Limited, Newton Capital Management Limited (NCM Ltd) and Newton Capital Management LLC (NCM LLC). NCM LLC personnel are supervised persons of NCM Ltd and NCM LLC does not provide investment advice, all of which is conducted by NCM Ltd. Only NCM LLC and NCM Ltd offer services in the U.S. AUM for Newton may include assets managed by all these companies (except NCM LLC). In addition, AUM for Newton may include assets managed by Newton’s officers as dual officers or employees of The Bank of New York Mellon and assets of wrap fee account(s) and high net worth client model(s) for which Newton Capital Management Limited provides advice in the form of non-discretionary model portfolios. Newton Capital Management Limited is registered in the US as an investment adviser under the Investment Advisers Act of 1940.

Newton Capital Management Limited and Newton Investment Management Limited are authorized and regulated in the UK by the Financial Conduct Authority. The registered address for Newton is BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA, England.

Pershing is the umbrella name for Pershing LLC (member FINRA, SIPC and NYSE), Pershing Advisor Solutions (member FINRA and SIPC), Pershing Prime Services (a service of Pershing LLC), Pershing Limited (UK), Pershing Securities Limited, Pershing Securities International Limited (Ireland), Pershing (Channel Islands) Limited, Pershing Securities Canada Limited, Pershing Securities Singapore Private Limited and Pershing Securities Australia Pty. Ltd.Pershing LLC is wholly owned subsidiary of BNY Mellon.

Mellon Capital Management Corporation is a wholly owned subsidiary of BNY Mellon.

This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon.

Trademarks, logos and other intellectual property marks belong to their respective owners.

© 2016 The Bank of New York Mellon Corporation.All rights reserved.



 

Pershing

Pershing Disclaimer

Pershing is the umbrella name for Pershing LLC (member FINRA, SIPC and NYSE), Pershing Advisor Solutions (member FINRA and SIPC), Pershing Prime Services (a service of Pershing LLC), Pershing Limited (UK), Pershing Securities Limited, Pershing Securities International Limited (Ireland), Pershing (Channel Islands) Limited, Pershing Securities Canada Limited, Pershing Securities Singapore Private Limited and Pershing Securities Australia Pty. Ltd.

Pershing LLC is wholly owned subsidiary of BNY Mellon.



 

Retail

Retail Disclosure

BNY Mellon Investment Management is an investment management organization, encompassing BNY Mellon’s affiliated investment management firms, wealth management organization and global distribution companies. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally.

This information is not investment advice, though may be deemed a financial promotion in non-U.S. jurisdictions.

Any statements and opinions expressed are as at the date of publication, are subject to change as economic and market conditions dictate, and do not necessarily represent the views of BNY Mellon or any of its affiliates. The information has been provided as a general market commentary only and does not constitute legal, tax, accounting, other professional counsel or investment advice, is not predictive of future performance, and should not be construed as an offer to sell or a solicitation to buy any security or make an offer where otherwise unlawful. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. BNY Mellon and its affiliates are not responsible for any subsequent investment advice given based on the information supplied. This is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. To the extent that these materials contain statements about future performance, such statements are forward looking and are subject to a number of risks and uncertainties. Information and opinions presented have been obtained or derived from sources which BNY Mellon believed to be reliable, but BNY Mellon makes no representation to its accuracy and completeness. BNY Mellon accepts no liability for loss arising from use of this material. If nothing is indicated to the contrary, all figures are unaudited.

Mellon Capital Management Corporation (“Mellon Capital”) is an investment adviser registered with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940. Mellon Capital is a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”). BNY Mellon Investment Management is one of the world’s leading investment management organizations and one of the top U.S. wealth managers, encompassing BNY Mellon’s affiliated investment management firms, wealth management services and global distribution companies. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally.

Mellon Capital Management and its abbreviated form Mellon Capital are service marks of Mellon Capital Management Corporation.

Any indication of past performance is not a guide to future performance. The value of investments can fall as well as rise, so investors may get back less than originally invested.

Not for distribution to, or use by, any person or entity in any jurisdiction or country in which such distribution or use would be contrary to local law or regulation. This information may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. Persons into whose possession this information comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this information in their jurisdiction. The investment products and services mentioned here are not insured by the FDIC (or any other state or federal agency), are not deposits of or guaranteed by any bank, and may lose value.

This information should not be published in hard copy, electronic form, via the web or in any other medium accessible to the public, unless authorized by BNY Mellon Investment Management.

Issuing entities

This information is approved for Global distribution and is issued in the following jurisdictions by the named local entities or divisions: Europe, Middle East, Africa and Latin America (excluding Germany, Brazil, Dubai): BNY Mellon Investment Management EMEA Limited, BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 1118580. Authorised and regulated by the Financial Conduct Authority. • Switzerland: Issued by BNY Mellon Investments Switzerland GmbH, Talacker 29, CH-8001 Zürich, Switzerland. Authorised and regulated by the FINMA.• Dubai, United Arab Emirates: Dubai branch of The Bank of New York Mellon, which is regulated by the Dubai Financial Services Authority.• Singapore: BNY Mellon Investment Management Singapore Pte. Limited Co. Reg. 201230427E. Regulated by the Monetary Authority of Singapore. • Hong Kong: BNY Mellon Investment Management Hong Kong Limited. Regulated by the Hong Kong Securities and Futures Commission. • Japan: BNY Mellon Asset Management Japan Limited. BNY Mellon Asset Management Japan Limited is a Financial Instruments Business Operator with license no 406 (Kinsho) at the Commissioner of Kanto Local Finance Bureau and is a Member of the Investment Trusts Association, Japan and Japan Securities Investment Advisers Association. • Australia: BNY Mellon Investment Management Australia Ltd (ABN 56 102 482 815, AFS License No. 227865). Authorized and regulated by the Australian Securities & Investments Commission. • United States: BNY Mellon Investment Management. Securities are offered through MBSC Securities Corporation, distributor, member of FINRA and a broker-dealer within BNY Mellon Investment Management. • Canada: Securities are offered through BNY Mellon Asset Management Canada Ltd., registered as a Portfolio Manager and Exempt Market Dealer in all provinces and territories of Canada, and as an Investment Fund Manager and Commodity Trading Manager in Ontario. • Brazil: this document is issued by ARX Investimentos Ltda., Av. Borges de Medeiros, 633, 4th floor, Rio de Janeiro, RJ, Brazil, CEP 22430-041. Authorized and regulated by the Brazilian Securities and Exchange Commission (CVM).

The issuing entities above are BNY Mellon entities ultimately owned by The Bank of New York Mellon Corporation.

BNY Mellon Company information

BNY Mellon Investment Management EMEA Limited (“BNYMIM EMEA”) is the distributor of the capabilities of its investment managers in Europe (excluding funds in Germany), Middle East, Africa and Latin America. Investment managers are appointed by BNYMIM EMEA or affiliated fund operating companies to undertake portfolio management services in respect of the products and services provided by BNYMIM EMEA or the fund operating companies. These products and services are governed by bilateral contracts entered into by BNYMIM EMEA and its clients or by the Prospectus and associated documents related to the funds.

BNY Mellon Cash Investment Strategies is a division of The Dreyfus Corporation. • Insight Investment Management Limited does not offer services in the U.S. This information does not constitute an offer to sell, or a solicitation of an offer to purchase, any of the firms’ services or funds to any U.S. investor, or where otherwise unlawful. • BNY Mellon owns 90% of The Boston Company Asset Management, LLC and the remainder is owned by employees of the firm. • The Newton Group (“Newton”) is comprised of the following affiliated companies: Newton Investment Management Limited, Newton Capital Management Limited (NCM Ltd), Newton Capital Management LLC (NCM LLC), Newton International Investment Management Limited and Newton Fund Managers (C.I.) Limited. NCM LLC personnel are supervised persons of NCM Ltd and NCM LLC does not provide investment advice, all of which is conducted by NCM Ltd. Only NCM LLC and NCM Ltd offer services in the U.S.• BNY Mellon owns a 20% interest in Siguler Guff & Company, LP and certain related entities (including Siguler Guff Advisers LLC).



 

Treasury Services

bnymellon.com

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material and any products and services may be issued or provided under various brand names in various countries by duly authorised and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of the following. The Bank of New York Mellon, at 225 Liberty Street, New York, New York 10286 USA, a banking corporation organised pursuant to the laws of the State of New York, and operating in England through its branch at One Canada Square, London E14 5AL, England, registered in England and Wales with numbers FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorised by the Prudential Regulation Authority. The Bank of New York Mellon, London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.  The Bank of New York Mellon SA/NV, a Belgian public limited liability company, with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorised and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, and a subsidiary of The Bank of New York Mellon. The Bank of New York Mellon SA/NV operates in England through its branch at 160 Queen Victoria Street, London EC4V 4LA and is registered in England and Wales with numbers FC029379 and BR014361. The Bank of New York Mellon SA/NV (London Branch) is authorised by the ECB and subject to limited regulation by the Financial Conduct Authority and the 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. The Bank of New York Mellon SA/NV, operating in Ireland through its branch at 4th Floor Hanover Building, Windmill Lane, Dublin 2, Ireland, trading as The Bank of New York Mellon SA/NV, Dublin Branch, authorised by the ECB and registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E.  If this material is distributed in, or from, the Dubai International Financial Centre (“DIFC”),, it is communicated by The Bank of New York Mellon, DIFC Branch, regulated by the DFSA and located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE, on behalf of The Bank of New York Mellon, which is a wholly-owned subsidiary of The Bank of New York Mellon Corporation. This material is intended for Professional Clients only and no other person should act upon it.  The Bank of New York Mellon, Singapore Branch, subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch, subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. If this material is distributed in Japan, it is distributed by The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon. Not all products and services are offered in all countries.

The material, which may be considered advertising, is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter. This material does not constitute a recommendation by BNY Mellon of any kind. Use of our products and services is subject to various regulations and regulatory oversight.  You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you.  This material may not be comprehensive or up-to-date and BNY Mellon makes no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose.  BNY Mellon will not be responsible for updating any information contained in this material and opinions and information contained herein are subject to change without notice.  BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

If distributed in EMEA, this document is a financial promotion. This document and the statements contained herein, are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such.

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. This material is for use by wholesale clients only and is not to be relied upon by retail clients.

Trademarks, service marks and logos belong to their respective owners.

© 2016 The Bank of New York Mellon Corporation. All rights reserved



 

Wealth Management

Wealth Management Disclaimer

Investment products (other than deposit products) referenced here (including money market funds) are not insured by the FDIC (or any other state or federal agency), are not deposits of or guaranteed by BNY Mellon or any bank or non-bank subsidiary thereof, and are subject to investment risk, including the loss of principal amount invested.

Consumer credit services, which are subject to application and credit approval, and banking services are provided by BNY Mellon, N.A., member FDIC. Commercial credit services, which are subject to application and credit approval, may be provided by The Bank of New York Mellon or BNY Mellon, N.A. Mortgage services are subject to credit approval and are provided by BNY Mellon, N.A. Brokerage services are provided by BNY Mellon Wealth Advisors, a division of MBSC Securities Corporation (“MBSC”). MBSC is a dually registered investment advisor/broker-dealer and member FINRA and SIPC and is a wholly-owned subsidiary of BNY Mellon. BNY Mellon is an equal housing lender.

SIPC protects securities in customer accounts of its members up to $500,000 in securities (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. SIPC does not protect against loss due to market fluctuation. SIPC protection is not the same as, and should not be confused with, FDIC insurance.

 



 

Wealth Management

Investment Management Disclaimer

Investment products (other than deposit products) referenced here (including money market funds) are not insured by the FDIC (or any other state or federal agency), are not deposits of or guaranteed by BNY Mellon or any bank or non-bank subsidiary thereof, and are subject to investment risk, including the loss of principal amount invested.

SIPC protects securities in customer accounts of its members up to $500,000 in securities (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. SIPC does not protect against loss due to market fluctuation. SIPC protection is not the same as, and should not be confused with, FDIC insurance.

 



 

Wealth Management

Investment Servicing and Information Management Disclaimer

Investment products (other than deposit products) referenced here  (including money market funds) are not insured by the FDIC (or any other state or federal agency), are not deposits of or guaranteed by BNY Mellon or any bank or non-bank subsidiary thereof, and are subject to investment risk, including the loss of principal amount invested.

 



 

Wealth Management

Wealth Management Online Banking

Electronic Statement Service Agreement and Disclosure

With Online Banking, BNY Mellon allows you the convenience of deciding how you would like to receive your monthly deposit1 account statements.

By enrolling to receive your statements online through Online Banking you will have access to an electronic copy that mirrors what has traditionally been sent via mail. For example, if you currently receive images of your checks in your monthly statement those same check images will be available to you online in your electronic statement.

For your convenience, we offer three choices regarding delivery of your deposit account statements:

Online - If you select this option we will deliver your monthly statements to you electronically and securely through Online Banking. Simply log in and your statement(s) will be available for you to view, print, or save2. With this option you will no longer receive paper-based statements in the mail.

Important Note For Clients with Duplicate Statements - If you currently have duplicate paper statements sent to others, by selecting the Online-only option for statement delivery, you will suppress paper statements completely. As a result, duplicate statements will no longer be sent out. It is possible to request online statement access for others, if needed, by contacting the BNY Mellon Phone Center at 1-800-830-0549.

Paper - If you select this option we will continue to send you paper statements in the mail. Note that if you select this option you will not have access to view your statements via Online Banking.

Online and Paper - If you select this option we will continue to deliver your monthly statements in paper form and we will additionally make your statements available through Online Banking for you to view, print, or save.

If you opt to receive electronic ("Online") copies of your statement, either separately or in conjunction with your paper statement, after you enroll in this service you will receive a monthly email telling you when your statements are available for viewing.

For your convenience, this message will be sent to you via the Online Banking Message Center as well as at the external email address you specify in Online Banking. Please note that for security reasons, at no time will we send you your electronic statement via email. The only email we send is the reminder email that a statement is available for viewing.

If you have selected "Online" or "Online & Paper" delivery of your statements, once enrolled, you will be able to view any statements we have stored for you in our archive as well as any subsequent statements for eligible accounts.

In some cases, such as with new accounts, you will be able to view your statements online beginning with your next statement.

You can log into Online Banking at any time to change the delivery option of your statements. If you change your delivery option to "Paper" only, you will no longer have access to your statements online.


1 Currently we offer checking account, money market account, savings account, and Certificate of Deposit account statements online. Loan account statements are not currently available.

2 Statements are available in Adobe® PDF format which requires the free Adobe® Reader® software or compatible reader to view, print, or save your statements.



 

Wealth Management

Private Banking Disclaimer

Investment products referenced here (including money market funds) are not insured by the FDIC (or any other state or federal agency), are not deposits of or guaranteed by BNY Mellon or any bank or non-bank subsidiary thereof, and are subject to investment risk, including the loss of principal amount invested.

Consumer credit services, which are subject to application and credit approval, and banking services are provided by BNY Mellon, N.A., member FDIC. Commercial credit services, which are subject to application and credit approval, may be provided by The Bank of New York Mellon or BNY Mellon, N.A. Mortgage services are subject to credit approval and are provided by BNY Mellon, N.A. Brokerage services are provided by BNY Mellon Wealth Advisors, a division of MBSC Securities Corporation (“MBSC”). MBSC is a dually registered investment advisor/broker-dealer and member FINRA and SIPC and is a wholly-owned subsidiary of BNY Mellon. BNY Mellon is an equal housing lender.

SIPC protects securities in customer accounts of its members up to $500,000 in securities (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. SIPC does not protect against loss due to market fluctuation. SIPC protection is not the same as, and should not be confused with, FDIC insurance.

 



 

Wealth Management

Wealth and Estate Planning Disclaimer

Investment products (other than deposit products) referenced here  (including money market funds) are not insured by the FDIC (or any other state or federal agency), are not deposits of or guaranteed by BNY Mellon or any bank or non-bank subsidiary thereof, and are subject to investment risk, including the loss of principal amount invested.

 



NON-BUSINESS / GENERAL DISCLAIMERS



 

BNY Mellon

BNY Mellon General Disclaimer

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries. Products and services may be provided under various brand names, including BNY Mellon Asset Servicing and BNY Mellon Investment Management. BNY Mellon Asset Servicing is the brand name encompassing BNY Mellon's affiliated companies that provide the services referenced in this brochure. BNY Mellon Investment Management is the brand name encompassing BNY Mellon's affiliated investment management firms and global distribution companies. Products and services may be provided by various subsidiaries, affiliates, joint ventures and in some instances by third party providers of The Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction, and may include The Bank of New York Mellon, One Wall Street, New York, New York 10286, a banking corporation organized and existing pursuant to the laws of the State of New York and operating in England through its branch at One Canada Square, London E14 5AL, England. Registered in England and Wales with FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve and authorised by the Prudential Regulation Authority. The Bank of New York Mellon London branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Not all products and services are offered at all locations.



 

European Email Disclaimer

The information contained in this email, and any attachment, is confidential and is intended solely for the use of the intended recipient. Access, copying or re-use of the email or any attachment, or any information contained therein, by any other person is not authorized. If you are not the intended recipient please return the email to the sender and delete it from your computer. Although we attempt to sweep email and attachments for viruses, we do not guarantee that either are virus-free and accept no liability for any damage sustained as a result of viruses.

Please refer to http://disclaimer.bnymellon.com/eu.htm for certain disclosures relating to European legal entities.