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d-33945House OversightFinancial Record

Bank of America Merrill Lynch Research Report Boilerplate Disclosures

The passage consists entirely of standard legal and compliance language for a research report, containing no specific actors, transactions, or allegations that could be pursued as an investigative lea Contains generic disclaimer about securities research and conflicts of interest. Mentions Bank of America Merrill Lynch and its research units. References UK regulatory regime and short‑selling restr

Date
November 11, 2025
Source
House Oversight
Reference
House Oversight #023095
Pages
4
Persons
0
Integrity
No Hash Available

Summary

The passage consists entirely of standard legal and compliance language for a research report, containing no specific actors, transactions, or allegations that could be pursued as an investigative lea Contains generic disclaimer about securities research and conflicts of interest. Mentions Bank of America Merrill Lynch and its research units. References UK regulatory regime and short‑selling restr

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financial-servicesresearch-disclaimerbankinghouse-oversightcompliance

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EFTA Disclosure
Text extracted via OCR from the original document. May contain errors from the scanning process.
income from such securities and other financial instruments, if any, may fluctuate and that price or value of such securities and instruments may rise or fall and, in some cases, investors may or ine UK ocated outsi uding AD ime, hold a BofA Merrill w methods of recipient of In the event therewith rading position (long or h his report. that the recipient receiv LPF&S may be deemed ref| be more or less positive than a stock BofA Merrill Lynch is aware that the i acti de of the United Kingdom. BofA LPF&S or one of its affiliates is a regular issuer of traded financial instru Lynch, through business units other than Bo th, and reach different conclusions from, the information presented in € persons who prepared them, and BofA 's fundamental equi mplemen y rating. rt. errill Lynch Global Researe short) in the securities and financial errill Lynch is un ed this report pursuant to a contract beyond the delivery of this report (unless otherwise agreed specifically in transactions, including transactions i nany securities mentioned in this re Copyright and General Information regarding Research Reports: Copyright 2017 Bank of America Con retransmitted or disclosed, in whole simultaneously to internal review of this research report consti (including any investmen Materials p BofA researc hould errill Lynch Global h reports. To tl consult their ow ny BofA Merrill Lynch en n public information. Fac rofessionals in other busi his re ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, recom ormation relating to the tax s ax advice based The information herein (o ontain links to third- ined on such third-party websi any affiliation with BofA Merrill Lyne submitting any personal in os é) a recent research report rela In some cases, an issuer may be classified as Restric instruments) to be suspended or withdrawn and should financial instruments) nor should the analyses or opinion(s) be considered a solicita its security and/or financia solicit purchases of securities or fina ormation to them. BofA Certain outstanding reports may contain discussions and/or investment opinions re 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 not rely on the analyses and investment opinion(s) pertaining to such issuer (or i ion 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 recommendations, estimates or price targets) without repared by BofA Merrill Lynch Global Research personnel are ba: 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 Global Research personnel’s knowledge of legal proceedings in which ity and/or its directors, officers and employees may be 5 and views presented in this material that rela 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 s affiliates or their research analysts has any authority whatsoever to make any representation or warranty on behalf of the issuer(s). Bo arch personnel from disclosing a recommendation, investment rating, or investment thesis for review by an issuer prior to the pub mendation or investment thesis. es is not part o h. Access to any ncial instrumen on may be limited by regulations prohibiting or restricting "shortselling" in many jurisdictions. Investors are urged executing any short idea contained in this repo! Foreign currency rates of exchange may adversely affect Rs, effectively assume currency risk. Readers: The protections provided by the U.K. regulatory regime, including the Financial Services Scheme, co not a h policies relating to conflicts of interest are described at http://go.bofa.com/coi. ments linked to securities that may have been recommended in this report. ML instrum port. sed on I Lynch , BofA errill Lynch and are not publicly-available materials. Any unautl s Coverage Cluster. Short ation of the ideas expressed in this report may depend upon an investor's ability to "short" securities or ot o seek advice regarding the applica he value, price or income of any security or financial instrument mentioned in this report. Inves ents 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 der 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 iQcustom®, iQdatabase® are registered service marks of Bank of America Corporation. This research report is prepared for the use of BofA Merri or in part, or in any form or manner, without and client websites and other portals by BofA utes your agreement not to redistribute, retransmi he express written consent of BofA Merrill Lynch. BofA Merri , or disclose to others the contents, opinions, co public information. Facts and views presented in this material , including investment banking personnel. BofA Merrill Lynch errill Lynch does not disclose certain client relationships wit plaintif e to an s, defendants, co-defendants or co-plaintiffs wi erent from and co not affect a stocl pply in general to business coordinated by BofA Merri jose their entire principal investment. Past performance is not necessarily a guide to future performance. Levels and basis for taxation may change. This report may contain a short-term trading idea or recommendation, which highlights a specific near-term catalyst or event impacting the issuer or the market that is anticipated to have a short-term price impact on the equity securities of the issuer. Short-term trading ideas and recommendations are dif ects both a longer term total return expectation and attractiveness for investment relative to other stocks within i 's fundamental equity rating, which -term trading ideas and recommendations may her financial instruments and that such bility of such regulations prior to ors in such securities and instruments, I Lynch entities PF&S or one of its affiliates may, at any ions that are inconsistent rames, assumptions, views and analytical o 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 horized use or disclosure is prohibited. Receipt and nclusion, or information con first obtaining expressed permission from an authorized officer of BofA Merrill Lynch. ained in this report have not been reviewed by, and may not reflect has established information barriers between h, or compensation received from, such issuers in h or involving issuers mentioned in this report is based y such proceedings have not been reviewed by, discussed wit 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. her than disclosure information relating to BofA Merrill 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' this report and is not incorporated by reference into this report. The inclusion of a link in this report does not im third-party website is at your own risk, and you should always review the terms and privacy policies at third-party websi errill Lynch is not responsible for such terms and privacy policies and expressly disclaims any liability for them. ating to securities, financial instruments and/or issuers that are no longer curren h, 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 ply any . Always refer to the most relating to such issuer (or s 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. Bankof America Merrill Lynch Equity Strategy Focus Point | 29 January 2017 27

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