Report Note

This report was created by the Bay Area Council Economic Institute and commissioned by Bank of the West. Bank of the West, its subsidiaries and affiliates, are separate from and not affiliated with the Bay Area Council Economic Institute. The report is for educational purposes only and should not be considered a recommendation to buy or sell any security, or of a specific investment strategy. Bank of the West does not necessarily endorse any of the investments discussed in the report. Each investor must carefully consider his or her own specific financial situation and investment objectives prior to making an investment.

All investing involves risk, including loss of principal. When redeemed, an investment may be worth more or less than the original amount invested. The types of investments discussed in this report may have unique investment risks that should be considered prior to investing. These may include, but are not limited to, lack of liquidity, lack of a secondary market, and specific geographical or sector risks.

Bank of the West Wealth Management offers products and services through Bank of the West and its various affiliates and subsidiaries.

Securities are offered through BancWest Investment Services, a registered broker/dealer, Member FINRA/SIPC and SEC Registered Investment Advisor. Financial Advisors are Registered Representatives of BancWest Investment Services. Bank of the West and its various affiliates and subsidiaries are not tax or legal advisors.

BancWest Investment Services is a wholly owned subsidiary of Bank of the West and a part of the Wealth Management Group. BancWest Corporation is the holding company for Bank of the West. BancWest Corporation is a wholly owned subsidiary of BNP Paribas.