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Bank of America Merrill Lynch Research Report Disclaimer

The document consists solely of standard legal and compliance disclosures for a research report, containing no specific actors, transactions, or allegations that could serve as investigative leads. Contains extensive boilerplate language about risks, disclosures, and copyright. Mentions BofA Merrill Lynch and its research divisions but no actionable information. No names, dates, financial flows, o

Date
November 11, 2025
Source
House Oversight
Reference
House Oversight #026003
Pages
6
Persons
0
Integrity
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Summary

The document consists solely of standard legal and compliance disclosures for a research report, containing no specific actors, transactions, or allegations that could serve as investigative leads. Contains extensive boilerplate language about risks, disclosures, and copyright. Mentions BofA Merrill Lynch and its research divisions but no actionable information. No names, dates, financial flows, o

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EFTA Disclosure
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respect of any matters relating to dealing in securities or provision of specific advice on securities. Singapore reci pore) Pte Ltd in respect of any ma Limited (Merchant Bank) and/o his report may be used or reproduced or quoted ina financial advice regarding the a hat statements regarding futu General Investment Related Disclosures: Taiwan Readers: Neither the information nor any opinion expressed herein constitutes This research report provides general information on other financial instrument or any derivative related to such securities or instruments (e personal investment advice and it does not take into account r Merrill Lynch (Singa ppropriateness of investing in ny manner whatsoever in Taiwan by the press or any other p ly. Neither the information nor any opinion expressed consti inancial instruments and re prospects may not be realized. Any decision to purchase or subscribe for securities in any o an offer or a solicitation o utes an offer or an invitation implementing investmen security or the information in the prospectus or other offering document issued in connection with such offering, and not on this report. Securities and other financial instruments discussed in this re deposits or other obligations 0 among others, market risk, counterparty default risk and liquid instruments may be difficult to income from such secu lose their entire principal inves This report may contain a shor short-term price impact on the reflects both a longer term be more or less positive than a Futures and options are not disclosure documents. BofA Merri action may executing any short idea contai Foreign currency rates of excha including ADRs, e UK Readers: The located outside o | Lynch is aware tha protections pr ota appropria fectively assume currency risk. by the U.K. regulatory regime, including the Financial Services Scheme, co not a any insured depository institution (including, Bank o ment. Past performance is not necessarily a guide to -term equity | return expectation and attractiveness for investmen stock's fundamental equity rating. the implemen ned in this report. nge may adversely affect ovided h Global Researc| port, or recommended, oft any, may fluctuate and that price or value of such uture performance. Levels a racing idea or recommendation, which highlights a specific near-term cata securities of the issuer. Short-term trading ideas and recommendations are dif port may depend upon an in he value, price or income of any security or financial ins ered or sold by Merrill Lynch, are not e for all investors. lyst or even relative to other stocks within i e for all investors. Such financial instruments may expire worthless. Before investing in futures or options, clients must receive the a nvestment strategies explained in this report may not be appropriate at all times. Costs o ation of the ideas expressed in this re be limited by regulations prohibiting or restricting "shortselling’ in many jurisdictions. Investors are urged suc an offer to transact in any securities or o erson without the express written consen .2., options, futures, warrants, and contracts for differences). TI he specific investment objectives, financial situation and the particular needs of any specific strategies discussed or recommended in fering must be based solely on insured by the Federal Deposi America, N.A}. Investments in general anc, derivatives, in particular, involve numerous risks, including, ity risk. No security, financial instrument or derivative is suitab value or sell and reliable information about the value or risks related to the securi rities and other financial instruments, i y or financial instrument may be di securities and instruments may rise or fal nd basis for taxation may change. impacting the issuer or the market that is an erent from and do not affect a stock's fundamental equity rating, which s Coverage Cluster. Short-term trading ideas and recommendations may rument mentioned in this report. Investors in such secuti pply in general to business coordinated by BofA Merri MLPF&S or one o the United Kingdom. BofA Merrill Lyne its affiliates is a regular issuer of traded financial instru h policies relating to conflicts of interest are described at http://go.bo pients of this research report should contact Merrill Lynch International Bank ters arising from, or in connection with, this research report. her financial instrument. No part of of BofA Merrill Lynch. to make an offer, to buy or sell any securities or his report is not intended to provide person. Investors should seek his report and should understand existing public information on such nsurance Corporation and are not In some cases, securities and other financial ficult to obtain. Investors should note that and, in some cases, investors may icipated to have a ppropriate risk h strategies do not include commission or margin expenses. vestor's ability to "short" securities or other financial instruments and that such o seek advice regarding the applicability of such regu ations prior to ies and instruments, I Lynch entities a.com/col. ments linked to securities that may have been recommended in this report. MLPF&S or one of its affiliates may, at any time, hold a trading position (long or short) in the securities and financial BofA Merrill Lynch, throug with, and reach different c me recipient of this report. In the event that the recip therewith MLPF&S may be deemed beyond the delivery of this report (unless otherwise agreed 5 transactions, including transactions i hods of the persons who prepared them, and BofA Merri h business units other than Bo onclusions from, the information presented in ient received this report pursuant to a contract pecifically in nany securities mentioned in this report. Copyright and General Information regarding Research Reports: Copyright 2016 Bank of America Cor iOcustom®, iQdatabase® are registered service marks of Ban retransmitted or disclosed simultaneously to interna review of this research report consti (including any investmen Materials p BofA Merri research re should any Bo on pub | Lynch Global ports. To t consult their ow! A Merrill Lynch en ic information. Fac =) professionals in other busi This re securi Globa repor' Any in seek tax advice based The information herein (o may contain links to third- contai any affiliation with BofA ies. None of M Research policy pro containing suc ormation relating to the tax s or manner, without als by BofA , in whole or in part, or in any form and client websites and other por recommendations, estimates or price targets) without repared by BofA Merrill Lynch Global Research personnel are based on information known to, professionals in other business areas of BofA Merri Research and certain business groups. As a resul he extent this report discusses any legal proceeding or issues, it has not been prepared as nor is it intended to express any legal conclusion, opinion or advice. Investors egal advisers as to issues of law relating to the subject matter of this report. BofA Merrill Lynch Glo , BofA ity and/or its directors, officers and employees may be § and views presented in this material that rela her than disclosure information relating to BofA Merril es is not part o h. Access to any errill Lyne e to any such ness areas of BofA Merrill Lynch in connection with the legal proceedings or matters relevant to such proceedings. port has been prepared independently of any issuer of securities mentioned herein and not in connection with any proposed offering of securities or as agent of LPF&S, any of i instruments discussed in this report. ‘A Merrill Lynch Global Research, may have issued and may in the future issue trading ideas or recommenda his report. Such ideas or recommendations reflect the different time | Lynch is under no obligation to ensure that such other trading ideas or recommendations are brought between the recipient and MLPF&S for the provision of research services for a separate fee, o be acting as an investment adviser, such status relates, if at all, solely to the person with whom MLPF&S writing by MLPF&S). MLPF&S is and continues to act solely as a broker-dealer in connection poration. All rights reserved. iQmethod, iQmethod 2.0, iQprofile, iQtoolkit, iQworks are service marks of Ban of America Corporation. This research report is prepared for the use of BofA Merri Lynch. BofA Merril errill Lynch and are not publicly-available materials. Any unautl utes your agreement not to redistribute, retransmi he express written consent of BofA Merril , or disclose to others the contents, first obtaining expressed permission from public information. Facts and views presen errill Lynch does not disclose certain client relationsh plaintiffs, defendants, co-defendants or co-plaintiffs wi proceedings have not been reviewed by, discuss s affiliates or their research analysts has any authority whatsoever to make any representation or warranty on behalf of the issuer(s}. Bo hibits research personnel from disclosing a recommendation, investment rating, or investment thesis for review by an issuer prior to the pub h rating, recommendation or investment thesis. atus of financial instruments discussed herein is not intended to provide tax advice or to be used by anyone to provide tax advice. on their particular circumstances from an independent tax professional. Lynch and its affiliates) was obtained from various sources and we do not guarantee its accuracy. This report party websites. BofA Merrill Lynch is not responsible for the content of any third-party website or any linked content contained in a third-par' ned on such third-party websi this report and is not incorporated by reference into this report. The inclusion of a link in this report does not imply any third-party website is at your own risk, and you should always review the terms and privacy policies at third-party opinions, conclusion, or information con an authorized officer of BofA Merrill Lynch. ed in this material | Lynch, including investment banking personnel. BofA Merrill jons that are inconsistent rames, assumptions, views and analytical ‘0 the attention of any and in connection ly and does not extend with the execution of any has contracted direct of America Corporation. iQanalytics®, | Lynch clients and may not be redistributed, Lynch Global Research reports are distributed use or disclosure is prohibited. Receipt and ained in this report horized have not been reviewed by, and may not reflect Lynch has established information barriers between ips with, or compensation received from, such issuers in bal Research personnel’s knowledge of legal proceedings in which h or involving issuers mentioned in this report is based ed with, and may not reflect information known to, any issuer of any A Merrill Lynch ication of a research nvestors are urged to bsite. Content endorsement by or es before y we websi submitting any personal in Certain outstanding reports ma recent research report rela In some cases, an issuer may be classified as Restric its security and/or financia financial instruments} nor shou solicit purchases of securities o ormation to them. BofA instruments) to be suspended or withdrawn and shou errill Lynch is not responsib y contain discussions and/or investment opinions ld the analyses or opinion(s} be considered a solici r financial instrumen e for such terms and privacy policies and expressly disclaims any liability for them. relating to securities, financial instruments and/or issuers that are no longer curren ing to an issuer prior to making an investment decision. ed or may be Under Review or Extended Review. In each case, investors should consider any investment opinion relating to such issuer (or dnot rely on the analyses and investment opinion(s} pertaining to such issuer (or i ation of any kind. Sales persons and financial advisors affiliated with MLPF&S or any of its affiliates may not s that are Restricted or Under Review and may only solicit securities under Extended Review in accordance with . Always refer to the most 5 securities and/or irm policies. Neither BofA Merrill Lynch nor any officer or employee of BofA Merrill Lynch accepts any liability whatsoever for any direct, indirect or consequential damages or losses arising from any use of this report or its contents. 26 Global Equity Volat ility Insights | 09 August 2016 BankofAmerica <2” Merrill Lynch

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