Quantitative Stock Report

Banco de Chile ADR Jan 11,2014

NYSE SYMBOL:BCH
S&P Quality Ranking: NR Standard & Poor's Fair Value Rank : NR

Sector: Financials Summary: This Santiago-based company provides commercial and general banking services to individuals
Sub-Industry: Diversified Banks and corporations in Chile.
Peer Group: Latin American Banks

Quantitative Evaluations | Price as of Jan 10,2014: $79.94 | 52-Week Range: $100.27 - $78.80
30-Week Mov. Avg. Relative Strength GAAP Earnings vs. Previous Year Volume Above Avg.
S&P Quality Ranking : NR
10-Week Mov. Avg. Up Down No Change Below Avg.

S&P Fair Value Rank: NR 1.8956% St

100
1.8838% st
Fair Value Calc: NA
S&P Investability Quotient Percentile
71%
1 Lowest Highest 100 80
2.0343 sto
BCH scored higher than 71% of all companies for
which an S&P Report is available.
70
Volatility: Low
Low Average High
60
Technical Evaluation: BEARISH
Since November, 2013, the technical indicators for
BCH have been BEARISH.
Vol.
Relative Strength Rank: Weak (000) 567
323
10 150
1 Lowest Highest 99 100
50
0
A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

2010 2011 2012 2013 2014

Investment Strategy Revenues/Earnings Data Fiscal year ending Dec. 31

Key financial variables to consider in assessing the investment merits of a Revenues (Million $)
financial company are the following: 2013 2012 2011 2010 2009 2008
1Q 1,052 1,079 852.2 668.5 295.8 975.5
Net Interest Margin: What is the trend? Widening margin, which is the difference 2Q 989.6 988.3 1,044 717.1 825.3 1,081
between yield on earning assets and rate paid on funds, can indicate more 3Q 1,163 929.6 977.4 709.4 548.8 1,032
successful management of assets and liabilities, lead to greater contribution to 4Q -- 1,221 948.0 821.9 652.9 1,410
net interest income from a given level of loan growth. Year -- 4,216 3,822 2,930 2,218 4,608
Return on Assets: Rising ROA can indicate improving margins, lower loss rates. Earnings per ADR ($)
Given relatively large base of assets, most banks tend to have low ROA's (0.6% to 2013 2012 2011 2010 2009 2008
1.5%) compared with industrial companies. 1Q Nil Nil Nil Nil Nil Nil
% Reserve for Loan Losses: The amount of reserve generally rises over time to 2Q Nil Nil Nil Nil Nil Nil
account for loan growth. A higher percentage can indicate a riskier lending 3Q Nil Nil Nil Nil Nil Nil
portfolio or an expected weakening of credit quality. 4Q -- Nil Nil Nil Nil Nil
Year -- 6.38 5.98 5.10 3.17 3.66
% Return on Equity: Key perfomance measurement of capital efficency assesses
Next earnings report expected: Late January
what investment returns management can earn on a company's existing capital
base. A sustained percentage above 20% is considered above average. Historical GAAP earnings are as reported.

Key Growth Rates and Averages Key Stock Statistics

Past Growth Rate (%) 1 Year 3 Year 5 Year 9 Year Average Daily Volume 0.017 mil. Beta 0.78
Net Income 8.01 26.72 17.62 18.78 Market Capitalization $12.414 Bil. Trailing 12 Month EPS $7.11
Institutional Holdings (%) NA 12 Month P/E 11.2
Ratio Analysis (Average) Shareholders of Record NA Current Yield (%) 4.33
Net Interest Margin 4.62 NA 4.75 NA Value of $10,000 Invested five yrs Ago : $32,694
Return on Assets 2.12 2.11 1.93 1.82
% Return on Loan Losses 2.23 2.27 2.16 1.96
% Return on Equity 25.42 26.41 24.78 24.40

Please read the required disclosures and Reg. AC certification on the last page of this report.
This report was prepared by Standard & Poor's Quantitative Services.
 Quantitative Stock Report
Banco de Chile ADR Jan 11,2014
NYSE SYMBOL:BCH
S&P Quality Ranking: NR Standard & Poor's Fair Value Rank : NR
Wall Street Opinions/Average (Mean) Opinion: Hold Stock Performance
No. of % of 1 Mo. 3 Mo. 200
Ratings Total Prior Prior
Buy 2 22 2 2
Buy/Hold 1 11 1 1 180
Hold 4 44 3 3
Weak Hold 1 11 2 2
Sell 1 11 1 1 160
No Opinion 0 0 0 0
Total 9 100 9 9
140
Insider Moves
Insider Buys Insider Sells Price History 120

100

80
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 2011 2012 2013 2014

BCH S&P 1500 Diversified Banks

Dividend Data Dividend have been paid since 2002
Company(%) Industry(%) S&P 1500(%)
YTD Return -9.0 1.3 -0.3
Amount($) Date Decl. Ex. Div. Date Stock of Record Payment Date One Year Return -14.8 28.2 25.7
0.143 -- Jan.17 Jan.22 Jan.29 '13 Three Year Return (% Annualized) 3.7 14.1 13.4
3.387 -- Mar.26 Mar.28 Apr.04 '13 Five Year Return (% Annualized) 26.7 13.0 16.2
Stk. -- May.23 May.28 Jun.05 '13
Value of $10,000 Invested 5 Years Ago $32,694 $18,421 $21,210

Company Financials Fiscal year ending Dec. 31

Per ADR Data & Valuation Ratios ($) 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
Tangible Book Value NA NA NA NA NA NA NA 11.88 9.58 9.03
Earnings 6.38 5.98 5.10 3.17 3.66 3.71 2.60 2.81 1.89 1.69
Dividends 2.77 6.44 NA 1.73 3.29 1.66 NA 1.58 NA NA
Payout Ratio 43% 108% NA 54% 90% 45% NA 57% NA NA
Prices:High 96.45 87.41 87.97 50.98 233.28 49.86 NA 37.33 NA NA
Prices:Low 77.43 62.11 49.82 28.71 20.12 38.19 NA 28.79 NA NA
P/E Ratio:High 15 15 17 16 64 13 NA 14 NA NA
P/E Ratio:Low 12 10 10 9 5 10 NA 10 NA NA
Income Statement Analysis (Million $)
Net Interest Income NA NA NA NA NA NA NA 663 540 325
Tax Equivalent Adjustment NA NA NA NA NA NA NA NA NA NA
Non Interest Income 800 729 784 620 1,412 511 473 276 338 162
Loan Loss Provision NA NA NA NA NA NA NA 39.5 121 86.9
% Expense/Operating Revenue NA NA NA NA NA NA NA 56% 57% 68%
Pretax Income 1,069 1,010 818 532 596 516 414 362 281 209
Effective Tax Rate 10% 12% 9.23% 13% 12% 10% 11% 11% 11% 9.62%
Net Income 958 887 742 462 523 464 368 324 251 189
% Net Interest Margin 4.62% NA 4.75% 4.51% 5.10% 4.35% NA 4.06% 3.84% 2.75%
Balance Sheet & Other Financial Data (Million $)
Money Market Assets NA NA NA NA NA NA NA 40.4 NA NA
Investment Securities NA NA NA NA NA NA NA 2,828 2,892 3,243
Commercial Loans 21,799 19,993 20,569 17,844 15,243 12,851 9,836 6,847 5,141 4,315
Other Loans NA NA NA NA NA NA NA 9,156 7,211 6,241
Total Assets 48,555 41,812 38,970 34,423 28,266 29,360 23,965 20,853 17,302 15,608
Demand Deposits 11,420 7,632 9,491 7,330 4,689 4,978 4,228 3,902 3,805 3,191
Time Deposits NA NA NA NA NA NA NA 8,997 6,569 5,775
Long Term Debt NA NA NA NA NA NA NA 3,582 2,698 2,038
Common Equity 4,190 3,345 2,997 2,746 2,023 2,111 1,568 1,512 1,209 1,174
% Return on Assets 2.1 2.2 2.0 1.5 1.8 1.7 1.6 1.7 1.6 1.5
% Return on Equity 25.4 28.0 25.9 19.4 25.3 25.2 23.9 24.5 22.0 19.8
% Loan Loss Reserve 2.2 2.2 2.4 2.4 1.6 1.4 1.5 1.7 2.2 2.9
% Loans/Deposits 127.1 132.0 121.2 122.3 121.7 129.3 118.5 124.1 119.1 117.7
% Equity to Assets NA NA NA NA NA NA NA 7.1 7.3 7.4
Data as orig. reptd; bef. results of disc opers/spec. items. Per share data adj. for stk. divs. as of ex-div date. NA-Not Available. NM-Not Meaningful. NR-Not Ranked.
Office: Paseo Ahumada 251, Santiago, Chile Dirs: A. L. Craig, G. M. Duque, R. A. Elizalde, J. Estevez Valencia, J. L. CFO: P. E. Samhan
Tel: 56 2 637 1111 Fontbona, J. E. Heymann, P. G. Lavin, J. A. Menech, F. P. Perez MacKenna, Investor Contact: Jacqueline Barrio(562-637-2938)
Website: http://www.bancochile.com J. Pino Visinteiner, F. A. Silva Founded: 1893
Chrmn: P. G. Lavin Vice Chrmn: A. L. Craig Domicile: Chile
Vice Chrmn: F. A. Silva CEO: A. Tagle Quiroz Employees: 14,581
 Quantitative Stock Report
Banco de Chile ADR Jan 11,2014
NYSE SYMBOL:BCH
S&P Quality Ranking: NR Standard & Poor's Fair Value Rank : NR

Sub-Industry Outlook Stock Performance

Our fundamental outlook for the diversified banks be released in mid-March 2014. GICS Sector: Financials
sub-industry for the next 12 months is positive, on Sub-Industry: Diversified Banks
our view that loan growth should rebound in 2014, In 2013, the S&P Diversified Banks Index rose 31.8%,
and that the group is well positioned to benefit from beating a 30.1% increase in the S&P 1500 Index, and Based on S&P 1500 Indexes
an improving U.S. housing market. Third-quarter narrowly exceeding a 31.6% increase in the S&P Month-end Price Performance as of 12/31/13
2013 profits for this sub-industry, a group comprised 1500 Financials.
of three banks, Wells Fargo, U.S. Bancorp and
Comerica Inc., totaled $7.19 billion, up 10% from a --Erik Oja
140
year earlier, boosted by significantly lower
provisions for loan losses. However, third-quarter 120
net revenues were down 3.5% from a year ago, as
noninterest income fell 7.6% from a year earlier, and
net interest income was flat with a year ago. Loans 100
held for investment increased 2.8% from a year ago,
below the 4.6% rise of 2012, and the median net
80
interest margin for the group fell 0.21%, a significant
decrease. With the Federal Reserve tapering QE3
and QE4 mortgage bond buying programs, we see 60
net interest margins stabilizing.
40
The next 12 months for these banks will likely
depend on the growth of the U.S. economy, housing
prices, the length of the low interest rate 20
environment, and regulatory costs. For the
diversified banks sub-industry, we expect a 2.5%
increase in net income in 2014, on flat net revenues. 0
We also see a 2.8% increase in net interest income 2009 2010 2011 2012 2013 2014
in 2014, partly offset by a 3.4% decrease in
noninterest income. However, we anticipate Sub-Industry Sector S&P 1500
continuing credit quality improvements leading to
lower loan loss provisions, and we see noninterest
expenses falling. These banks are well capitalized, NOTE: All Sector & Sub-Industry information is based on the
in our view, with an average Tier 1 Basel I capital to Global Industry Classification Standard (GICS)
risk-weighted assets ratio of 11.1% at September 30,
far above regulatory minimums. These banks have
increased returns of "excess" capital, following the
annual "stress tests" results, the latest of which will

Sub-Industry : Diversified Banks Peer Group*: Latin American Banks

Stk.Mkt. Recent 52 Fair S&P Return on LTD to
Stock Cap. Stock Week Yield P/E Value Quality IQ Revenue Cap
Peer Group Symbol (Mil. $) Price($) High/Low($) Beta (%) Ratio Calc.($) Ranking %ile (%) (%)
Banco de Chile ADR BCH 12,414 79.94 100.27/78.80 0.78 4.3 11 NA NR 71 22.7 9.7
BBVA Banco Frances ADR BFR 1,178 6.58 9.37/3.53 1.70 Nil 4 NA NR 27 17.6 16.5
Banco Latinoamer de Comerico'E' BLX 840 26.13 28.82/21.70 1.01 5.4 12 NA NR 79 41.1 18.6
Credicorp Ltd BAP 10,489 131.51 167.63/111.05 1.16 2.0 13 NA NR 45 23.0 10.1
Grupo Financiero Galicia ADS GGAL 118 9.53 13.05/4.96 1.46 0.0 4 30.00 NR 25 12.6 NA
Itau Unibanco Holding SA ADS ITUB 65,182 13.15 17.34/11.38 1.61 3.4 10 NA NR 60 12.0 10.9

NA-Not Available NM-Not Meaningful NR-Not Rated. *For Peer Groups with more than 15 companies or stocks, selection of issues is based on market capitalization.

Source: S&P.
 Quantitative Stock Report
Banco de Chile ADR Jan 11,2014
NYSE SYMBOL:BCH
S&P Quality Ranking: NR Standard & Poor's Fair Value Rank : NR

S&P Analyst Research Notes and other Company News

November 11, 2013 August 5, 2013

Banco de Chile announced unaudited, consolidated financial results for the third
quarter and nine months ended September 30, 2013. For the quarter, the company
reported net interest income of CLP 281.143 billion against CLP 209.621 billion a
year ago. Total operating Revenue was CLP 379.638 billion against CLP 302.180
billion a year ago. Net operating income was CLP 155.578 million against CLP
104.991 million a year ago. Income before income tax was CLP 156.031 million
against CLP 104.974 million a year ago. Net Income attributable to bank's owners
was CLP 137.386 million against CLP 99.785 million a year ago. Net income per
share was CLP 1.47 against CLP 1.13 a year ago. Book value per share as on
September 30, 2013 was CLP 23.89 against CLP 20.84 a year ago. Return on
average assets (ROAA) was 2.21% against 1.77% a year ago. Return on average
equity (ROAE) was 22.80% against 20.09% a year ago. For the nine months period,
the company reported net interest income of CLP 768,693 million, net operating
income of CLP 435,347 million, income before income taxes of CLP 437,391 million,
net income attributable to bank's owners of CLP 380,720 million compared to the
net interest income of CLP 684,684 million, net operating income of CLP 359,816
million, income before income taxes of CLP 360,673 million, net income
attributable to bank's owners of CLP 327,910 million for the same quarter a year
ago. For the quarter, the company reported impairments of CLP 124 million
against CLP 518 million a year ago.
Banco de Chile announced consolidated earnings results for the six months
ended June 30, 2013. For the period, income attributable to bank's owners was
CLP 243,334 million or CLP 2.62 basic and diluted income per share on total
operating revenues of CLP 683,280 million compared to income attributable to
bank's owners of CLP 228,125 million or CLP 2.59 basic and diluted income per
share on total operating revenues of CLP 651,940 million for the corresponding
period last year. Income before income tax was CLP 281,360 million against CLP
255,699 million of prior year period. Net operating income was CLP 279,769 million
against CLP 254,825 million of prior year period. Net interest income was CLP
487,550 million against CLP 475,063 million of prior year period. Total cash flow
from operating activities was CLP 636,567 million against cash outflow of CLP
134,999 million of prior year period. Purchases of property and equipment were
CLP 6,937 million against CLP 10,280 million of prior year period. Purchases of
intangible assets were CLP 2,771 million against CLP 3,985 million of prior year
period.

November 4, 2013
Banco de Chile reported consolidated earnings results for the nine months ended
September 30, 2013. For the period, the company net income attributable to
bank's owners of CLP 380,720 million or CLP 4.10 per basic and diluted share
compared to CLP 327,910 million or CLP 3.72 per basic and diluted share a year
ago. Net operating income was CLP 435,347 million compared to CLP 359,816
million a year ago. Total operating Revenue was CLP 1,062,918 million compared
to CLP 954,120 million a year ago. Net interest income was CLP 768,693 million
compared CLP 684,684 million a year ago. Income before income tax was CLP
437,391 million compared to CLP 360,673 million a year ago. Total cash inflows
from operating activities was CLP 433,954 million compared to CLP 155,455 million
a year ago. Purchases of property and equipment were CLP 8,535 million
compared to CLP 15,285 million a year ago. Purchases of intangible assets were
CLP 3,773 million compared to CLP 6,001 million a year ago.

August 14, 2013

Banco de Chile announced consolidated earnings results for the second quarter
and six months ended June 30, 2013. For the quarter, income attributable to
bank's owners was CLP 121,864 million or CLP 1.31 basic and diluted income per
share on total operating revenues of CLP 344,508 million compared to income
attributable to bank's owners of CLP 106,964 million or CLP 1.21 basic and diluted
income per share on total operating revenues of CLP 319,471 million for the
corresponding period last year. Income before income tax was CLP 141,033
million against CLP 119,689 million of prior year period. Net operating income was
CLP 140,050 million against CLP 119,405 million of prior year period. Net interest
income was CLP 243,090 million against CLP 230,708 million of prior year period.
Book value per share was CLP 23.26 against CLP 20.40 million of prior year period.
Return on average equity was 21.28% against 22.46% a year ago. For the six
months, income attributable to bank's owners was CLP 243,334 million or CLP 2.62
basic and diluted income per share on total operating revenues of CLP 683,280
million compared to income attributable to bank's owners of CLP 228,125 million
or CLP 2.59 basic and diluted income per share on total operating revenues of
CLP 651,940 million for the corresponding period last year. Income before income
tax was CLP 281,360 million against CLP 255,699 million of prior year period. Net
operating income was CLP 279,769 million against CLP 254,825 million of prior year
period. Net interest income was CLP 487,550 million against CLP 475,063 million of
prior year period. Book value per share was CLP 23.26 against CLP 20.40 million of
prior year period. Return on average equity was 20.76% against 23.42% a year
ago.

August 12, 2013

Banco de Chile Board of Director's meeting held on August 8, 2013, it was
resolved to accept the resignation of the Director Mr. Fernando Concha Ureta,
effective August 21, 2013. Also, and effective August 22, 2013, the Board of
Directors appointed Mr. Juan Enrique Pino Visinteiner, as new Director until the
next Ordinary Shareholder's Meeting.

Source: S&P.
 Quantitative Stock Report
Banco de Chile ADR Jan 11,2014
NYSE SYMBOL:BCH
S&P Quality Ranking: NR Standard & Poor's Fair Value Rank : NR

Analysts' Recommendations Wall Steet Consensus Opinion

Monthly Average Trend Buy Buy/Hold Hold Weak Hold Sell No Opinion BCH Trend HOLD
B BH H WH S

Wall Street Average Companies Offering Coverage

B
Barclays
BH
BofA Merrill Lynch
H
Deutsche Bank
WH
Goldman Sachs
S
JP Morgan
Number of Analysts Following Stock Morgan Stanley
Santander
10

Stock Price ($)

100

90

80

70
F M A M J J A S O N D J F M A M J J A S O N D J

2012 2013

Of the total 7 companies following BCH, 9 analysts currently publish recommendations.

No. of Ratings % of Total 1 Mo. Prior 3 Mos. Prior

Buy 2 22 2 2
Buy/Hold 1 11 1 1
Hold 4 44 3 3
Weak Hold 1 11 2 2
Sell 1 11 1 1
No Opinion 0 0 0 0
Total 9 100 9 9
Wall Street Consensus Estimates Wall Street Consensus vs. Performance

For fiscal year 2013, analysts estimate that BCH

Estimates 2012 2013 2014 2012 Actual $6.38 will earn $6.35. For the 3rd quarter of fiscal year
7 2013, BCH announced earnings per share of $0.00,
representing 0% of the total annual estimate.
6

4 S O N D J F M A M J J A S O N D J

2012 2013

Fiscal Years Avg Est. High Est. Low Est. # of Est. Est. P/E
2014 NA NA NA 0 NM
2013 6.35 6.84 5.42 7 12.6
2014 vs. 2013 NA NA NA -100% -100%

Q4'14 NA NA NA 0 NM
Q4'13 1.66 1.77 1.57 5 48.2
Q4'14 vs. Q4'13 NA NA NA -100% -100%

A company's earnings outlook plays a major part in any investment decision. Standard & Poor's organizes the earnings estimates of over 2,300
Wall Street analysts, and provides their consensus of earnings over the next two years. This graph shows the trend in analyst estimates over
the past 15 months.

Source: S&P, Capital IQ Estimates, Inc.


S&P Quality Ranking: NR
Glossary
S&P Quality Ranking - Growth and stability of
earnings and dividends are deemed key elements in
establishing S&P's quality ranking for common
stocks, which are designed to capsulize the nature
of this record in a single symbol. It should be noted
that, however, that the process also takes into
consideration certain adjustments and modifications
deemed desirable in establishing such rankings, The
final score for each stock is measured against a
scoring matrix determined by analysis of the scores
of a large and representative sample of stocks. The
range of scores in the array of this sample has been
aligned with the following ladder of rankings:
A+ Highest B Lower
A High B- Below Average
A- Above Average C Lowest
B+ Average D In Reorganization
NR Not Ranked
S&P Fair Value Rank - Using S&P's exclusive
proprietary quantitative model, stocks are ranked in
one of five groups, ranging from Group 5, listing the
most undervalued stocks, to Group 1, the most
overvalued issues. Group 5 stocks are expected to
generally outperform all others. A positive (+) or
negative (-) Timing Index is placed next to the Fair
Value ranking to further aid the selection process. A
stock with a (+) added to the Fair Value Rank simply
means that this stock has a somewhat better
chance to outperform other stock with the same Fair
Value Rank. A stock with a (-) has a somewhat
lesser chance to outperform other stocks with the
same Fair Value Rank. The Fair Value rankings imply
the following: 5-Stock is significantly undervalued;
Fair Value Rank. A stock with a (-) has a somewhat
lesser chance to outperform other stocks with the
same Fair Value Rank. The Fair Value rankings imply
the following: 5-Stock is significantly undervalued;
4-Stock is moderately undervalued; 3-Stock is fairly
valued; 2-Stock is modestly overvalued; 1-Stock is
significantly overvalued.
Funds From Operations (FFO) - FFO is Funds from
Operations and equal to a REIT's net income,
excluding gains or losses from sales of property,
plus real estate depreciation.
Fair Value Calculation - The current price at which
a stock should sell today as calculated by S&P's
computers using our quantitative model based on
the company's earnings, growth potential, return on
equity relative to the S&P 500 and its industry group,
price to book ratio history, current yield relative to
the S&P 500, and other factors.
Source: S&P, Company Reports.
Banco de Chile ADR
Standard & Poor's Fair Value Rank : NR
Investability Quotient (IQ) - The IQ is a measure of
investment desirability. It serves as an indicator of
potential medium-to-long-term return and as a
caution against downside risk. The measure takes
into account variables such as technical indicators,
earnings estimates, liquidity, financial ratios and
selected S&P proprietary measures.
Standard & Poor's IQ Rationale:
Banco de Chile ADR
Raw Score Max Value
Proprietary S&P Measures 17 115
Technical Indicators 23 40
Liquidity/Volatility Measures 8 20
Quantitative Measures 47 75
IQ Total 95 250
Volatility - Rates the volatility of the stock's price
over the past year.
Technical Evaluation - In researching the past
market history of prices and trading volume for each
company, S&P's computer models apply special
technical methods and formulas to identify and
project price trends for the stock.
Relative Strength Rank - Shows, on a scale of 1 to
99, how the stock has performed versus all other
companies in S&P's universe on a rolling 13-week
basis.
Global Industry Classification Standard (GICS) - An
industry classification standard, developed by
Standard & Poor's in collaboration with Morgan
Stanley Capital International (MSCI). GICS is
currently comprised of 10 Sectors, 24 Industry
Groups , 67 Industries, and 147 Sub-Industries.
Dividends on American Depository Receipts (ADRs)
and American Depository Shares (ADSs) are net of
taxes (paid in the country of origin).
Required Disclosures
All of the views expressed in this research report
reflect Standard & Poor's Quantitative Services'
research models regarding the above issuer and
securities. No part of Standard & Poor's
Quantitative Services compensation was, is or will
be directly or indirectly, related to the specific
recommendations or views expressed in this
research report.
This report was prepared by Standard & Poor's
Quantitative Services ("SPQS"). SPQS is affiliated
with various entities that may perform
non-investment banking services for this company.
Each such affiliate operates independently from
each other.
Additional information is available upon request.
Quantitative Stock Report
Jan 11,2014
NYSE SYMBOL:BCH
Disclaimer
This material is based upon information that we
consider to be reliable, but neither SPQS nor its
affiliates warrant its completeness or accuracy, and
it should not be relied upon as such. Assumptions,
opinions and estimates constitute our judgment as
of the date of this material and are subject to
change without notice. Past performance is not
indicative of future results.
This material is not intended as an offer or
solicitation for the purchase or sale so any security
or other financial instrument. Securities, financial
instruments or strategies mentioned herein may not
be suitable for all investors. This material does not
take into account your particular investment
objectives, financial situations or needs and is not
intended as a recommendation of particular
securities, financial instruments or strategies to you.
Before acting on any recommendation in this
material, you should consider whether it is suitable
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