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Conflicts of Interest. Bank of America Corporation and/or its affiliates ("BAC Group") comprise a full
<br />service securities firm and commercial bank engaged in securities, commodities and derivatives trading,
<br />foreign exchange and other brokerage activities, and principal investing as well as providing investment,
<br />corporate and private banking, asset and investment management, financing and strategic advisory
<br />services and other commercial services and products to a wide range of corporations, governments, and
<br />individuals domestically and offshore, from which conflicting interests or duties, or a perception thereof,
<br />may arise. In the ordinary course of these activities, parts of the BAC Group at any time may invest on a
<br />principal basis or manage funds that invest, make or hold long or short positions, financial positions or
<br />trade or otherwise effect transactions, for their own accounts or the accounts of customers, in securities
<br />or financial instruments (including derivatives, bank loans or other obligations) of the City or any other
<br />party that may be involved in the transaction. The BAC Group may be involved in providing financial
<br />services in the ordinary course of its business to the City and certain of these financial services may be as
<br />part of or related to this transaction (for example, Bank of America, N.A. may be engaged to provide a
<br />credit or liquidity facility, or an interest rate risk management solution).
<br />Litigation and Regulatory Inquires. On May 11, 2019, BofA Securities, Inc. ("BofA Securities") agreed with
<br />Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") to assume the assets and liabilities of the
<br />Global Banking and Markets business previously conducted by MLPF&S, including the regulatory and legal
<br />matters below.
<br />In the ordinary course of business, BofA Securities is subject to regulatory examinations, information
<br />gathering requests, inquiries, and investigations ("Regulatory Inquiries") by various federal or state
<br />securities regulatory agencies and attorneys general, other local, state, and federal agencies, law
<br />enforcement, and self -regulatory organizations (collectively, "Regulators"); and is on occasion a
<br />defendant in or party to pending threatened legal actions and proceedings. In connection with formal
<br />and informal Regulatory Inquiries, BofA Securities receives numerous requests, subpoenas and orders for
<br />documents, testimony and information in connection with various aspects of their regulated activities,
<br />and in some cases regulatory action has been taken against BofA Securities. BofA Securities believes that
<br />it has cooperated fully with the Regulators in all such inquiries to date and intends to continue to
<br />cooperate fully with the Regulators in all such inquiries involving BofA Securities in the future.
<br />Bank of America Corporation (the "Corporation"), BofA Securities' ultimate parent, makes all required
<br />disclosures in its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, which are updated
<br />in Reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission ("SEC')
<br />("Regulatory Filings"). BofA Securities makes all required disclosures in its Form BD and ADV filings ("Form
<br />BD and ADV Filings") with the Financial Industry Regulatory Authority ("FINRA"). Those Regulatory Filings
<br />and Form BD and ADV Filings include disclosures of Regulatory Inquiries as required by federal law and
<br />applicable regulations. The Regulatory Filings are publicly available on the SEC's website at www.sec.gov.
<br />The Form BD Filings are publicly available on the FINRA BrokerCheck system at
<br />http://brokercheck.finra.org/. The Form ADV filings are publicly available on the SEC's Investment Adviser
<br />Search website at:
<br />http://www.adviserinfo.sec.gov/IAPD/default.aspx
<br />The Corporation cannot confirm or deny the existence of any other, non-public Regulatory Inquiry
<br />conducted by any Regulator unless required to do so by law.
<br />Note the following public matters involving BofA Securities' public finance business over the past five (5)
<br />years:
<br />Municipalities Continuing Disclosure Cooperation Initiative. On June 18, 2015, MLPF&S entered into a
<br />settlement with the SEC in connection with the SEC's Municipalities Continuing Disclosure Cooperation
<br />("MCDC") Initiative pursuant to an order and standardized settlement terms. MLPF&S, along with 71 other
<br />municipal underwriting firms, which did not admit or deny the findings, agreed to (i) cease and desist from
<br />�' 1 BofA SECURITIES ��IV-
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