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d-18376House OversightOther

BoA Merrill Lynch Research Disclosure Boilerplate

The document consists solely of standard regulatory and conflict‑of‑interest disclosures for a research report. It contains no specific allegations, names, transactions, dates, or actionable informati Disclosures describe compensation structures for analysts. Lists global regulatory jurisdictions for Merrill Lynch affiliates. No mention of specific securities, deals, or individuals beyond corporat

Date
November 11, 2025
Source
House Oversight
Reference
House Oversight #014729
Pages
5
Persons
0
Integrity
No Hash Available

Summary

The document consists solely of standard regulatory and conflict‑of‑interest disclosures for a research report. It contains no specific allegations, names, transactions, dates, or actionable informati Disclosures describe compensation structures for analysts. Lists global regulatory jurisdictions for Merrill Lynch affiliates. No mention of specific securities, deals, or individuals beyond corporat

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EFTA Disclosure
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Disclosures Important Disclosures BofA Merrill Lynch Research Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America Corporation, including profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, among other factors, the overall profitability of the Bank’s sales and trading businesses relating to the class of securities or financial instruments for which such analyst is responsible. BofA Merrill Lynch Global Credit Research analysts regularly interact with sales and trading desk personnel in connection with their research, including to ascertain pricing and liquidity in the fixed income markets. Other Important Disclosures Prices are indicative and for information purposes only. Except as otherwise stated in the report, for the purpose of any recommendation in relation to: (i) an equity security, the price referenced is the publicly traded price of the security as of close of business on the day prior to the date of the report or, if the report is indicative of the traded price as of the date and time of the report; or (ii) a debt security (including equity preferred and CDS), prices are from various sources including Bank of America Merrill Lynch trading desks. ce) Ww INVESTMENT. 6) The date and time of completion of the production of any recommendation in this report shall be the date and time of dissemination o This report may refer to fixed income securities that may not be offered or sold in one or more states or jurisdictions. Readers of this re her mention of such securities is not a solicitation or offer to transact in such securities. Investors should contact their BofA Merrill Lynch Wealth Management financial advisor for information relating to fixed income securities Rule 144A securities may be offered or sold only to persons in the US. who are Qualified Institutional Buyers within the meaning of Rul ECURITIES DISCUSSED HEREIN MAY BE RATED BELOW INVESTMENT GRADE AND SHOULD THEREFORE ONLY BE CONSIDERED FOR | published during intraday trading, the price referenced is indicative as of the date and time of the report and are this report as recorded in the report timestamp. port are advised that any discussion, recommendation or representative or Merrill Lynch Financial Global le 144A under the Securities Act of 1933, as amended. CLUSION IN ACCOUNTS QUALIFIED FOR SPECULATIVE Recipients who are not institutional investors or market professionals should seek the advice of their independent financial advisor before considering information in this report in connection with any investment decision, or for anecessary explanation of its contents. The securities discussed in this report may be traded over-the-counter. Retail sales and/or distribution of this report may be made only ins registration or have been qualified for sale. fficers of MLPF&S or one or more of its affiliates (other than research analysts} may have a financial interest in securities of the issuer(s) or in related investments. This report, and the securities discussed herein, may not be eligible for distribution or sale in all countries or to certain categories of investors. ates where these securities are exempt from BofA Merrill Lynch Global Research policies relating to conflicts of interest are described at http://go.bofa.com/coi. "BofA Merrill Lynch’ includes Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial advisor if they have questions concerning this report. "BofA Merrill Lynch” and "Merrill Lynch” are each global brands for BofA Merrill Lynch Global Research. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: South Africa ( PRA}; Merrill Lynch (Aus Pacific) Limited, regulate Singapore (MAS); Merrill CV, Casa de Bolsa, regula japan): Merri Financial Supervisory Service; regulated by srael Limited, DIFC): Merrill Lynch In Comisi6n Nacional del errill Lynch Kingdom o This research report: has FCA and the PRA} by MLI retail clients (as defin imited regulation by Lynch (Japan), a regis by HKSFC (research repor inte Indi Ban regulated by MAS. Bank o Lice! any regulated ea t ne of its affiliates involved in This research report has been responsibility for research reports security discussed in the report should do so through M respect of any matters relating to report should contact Merrill Lyne research report. General Investment Related Taiwan Readers: Neither the information nor any opinion expressed herein constitutes an offer or aso LPF&S distributes, or may in Pty) Ltd., regulated by The Financial Service Bo ralia): d by th Lynch ed by he Securities and by Israel Securities Authori ernationa ercado De Saudi Ara been ap Uk} and Bank of America din the ru FCA and ered securi 5 containing any in nded for issuance or distribu ia}; and is issued and distri Limited (Merchant Bank} America N.A, Aust! nse 235132 (MLEA) distribute this repor' Authority. No approval is required DIFQ is authorized and regula rules. Bank of America Merrill Lynch Internati he future distribute, researc e Hong Kong Securities and errill Lynch (Taiwan): Merrill Exchange Board of India; PT y; Merri (DIFC Branch), regulated b Va proved for publication and es of the FCA and PRA - detai ies dealer u forma jon ed in Singa LIBLMB} an bu pore to ins ( ralian Brandl in Australia preparing this research rep for publication or distri by the DFSA. Research onal Limited prepared and issued by ML of its non-US affiliates ited Disclosures: ores; Merrill Lynch (Brazil}: Bank 0 bia Company, regulated by the Capital Market Au errill Lynch Interna ria y de Valores; Merrill Lynch he Financial Services Agency errill Lynch (Indonesia): PT | Lynch (Russia): O00 Merrill y the Dubai errill hori ed K America M is distributed in the Uni nang h reports of the following non-US a ard; MLI (UK}: Merrill Lynch Internati Lynch Securities (Taiwan) Ltd., regu Financial Services Authority (DI he FCA and iliates I Lyne ment (Argentina): > Merri ated b errill Lynch Lynch Securi Lynch Banco onal, regulated by the Financial Conduct Au errill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commissio Futures Commission (HKSFQ; Merri Canada): Merrill Lynch Canada Inc, regulated by the Inves he Comisi6n Nacional Banca Lynch Japan Securities Co, Ltd, regulated by ndustry Regu Lynch (Seou in the US (short name: legal name, regulator): Merrill Lynch (South Africa): Merrill Lynch hority (FCA) and the Prudential Regulation Authority n; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of atory Organization of Canada; Merrill Lynch (Mexico): Merrill Lynch Mexico, SA de Lynch Argentina SA, regulated by Comisién Nacional de Valores; Merrill Lynch }: Merrill Lynch International Incorporated (Seoul Branch) regulated by the Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, ndonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch ies, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch FSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by ultiplo S.A, regulated by Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company, h (Singapore): Merril erril y the Securities and y. ) ingdom (UK ional Limited, which are authorized the PRA) by Merrill Lynch International Bank Limited, London s about the extent of our regulation by nder the Financial Instruments and Excl ion in relation to, or advice on, fu 0, or use by, any person in Hong Kong); is issued and distrib itutional investors and/or accredited investors (each as d id Merrill Lynch (Singapore) (Company Registra h (ARBN 064 874 531), AFS only to ‘Wholesale’ clients as defin ort is an Authorised Deposit- Taking Institution un bution of this report in Brazil and i reports prepared and issued by Merrill Lynch , Frankfurt Branch (BAMLI Frankfurt PF&S and/or one or more of its no distributed to MLPF&S clients int PF&S and not such foreign affiliates. Hong Kong recipients of this research report should contact Merrill dealing in securities (and not futures contracts) or provision of speci h International Bank Limited (Merchant Bank} and/or Merrill Lynch (S e Act in Japan ures contracts are not intended for issuance or distribu uted ion 5 local dis } distribu n-US affilia he US. Any PRA are availa os F 06872E an License 412901 (BANA Aus ed by s./61G0 0 professional clients and eligible counterparties (as each is defined in the rules of the by the PRA and regulated by the FCA and the PRA, and Is distributed in the UK to Branch, which is authorized by the Central Bank of Ireland and subject to e from us on request; has been considered and distributed in Japan by and distributed in Hong Kong by Merrill Lynch (Hong Kong) which is regu jon in Hong Kong and are not directed to, or Lynch (Taiwan); is issued and distributed in India by DSP Merrill Advisers Regulations) by Merrill Lynch Interna dd 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore) are ralia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS the Corporations Act 2001. With the exception of BANA Australia, neither MLEA nor der the Banking Act 1959 nor regulated by the Australian Prudential Regulation ribution is by Merrill Lynch (Brazil) in accordance with applicable regulations. Merrill Lynch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business es this report in Germany and is regulated by BaFin. tes. MLPF&S is the distributor of this research report in th US person recelving this research report and wishing to e errill ated sis issued in Taiwan by Merrill efined under the Financia Lynch jonal e US and accepts fu fect any transaction in any Lynch (Asia Pacific} Limited in not futures contracts). Singapore recipients of this research of any matters arising from, or in connection with, this ic advice on securities (and ingapore) Pte Ltd in respec icitation of an offer to transact in any securities or other financial instrument. No part of this report may be used or reproduced or quoted in any manner whatsoever in Taiwan by the press or any other person without the express written consent of BofA Merrill Lynch. Bankof America Merrill Lynch Cause and Effect | 13 February 2017 9

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