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BofA Merrill Lynch Research Report Disclaimer and Compliance Notice

The passage consists entirely of standard legal and compliance boilerplate for a research report, containing no specific allegations, names, transactions, or actionable leads linking influential actor Mentions BofA Merrill Lynch and its research affiliates (MLPF&S). References short‑selling restrictions, regulatory regimes, and conflict‑of‑interest policies. Contains generic warnings about legal,

Date
November 11, 2025
Source
House Oversight
Reference
House Oversight #014423
Pages
4
Persons
0
Integrity
No Hash Available

Summary

The passage consists entirely of standard legal and compliance boilerplate for a research report, containing no specific allegations, names, transactions, or actionable leads linking influential actor Mentions BofA Merrill Lynch and its research affiliates (MLPF&S). References short‑selling restrictions, regulatory regimes, and conflict‑of‑interest policies. Contains generic warnings about legal,

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EFTA Disclosure
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BofA Merrill Lynch is aware that the implementation of the ideas expressed in this report may depend upon an investor's ability to "short" securities or other financial instruments and that such action may be limited by regulations prohibiting or restricting "shortselling" in many jurisdictions. Investors are urged to seek advice regarding the applicability of such regu executing any short idea contained in this report. Foreign currency rates of exchange may adversely affect effectively assume currency risk. UK Readers: The protections provided by the U.K. regulatory regime, including the Financial Services Scheme, do not apply in general to business coordinated by BofA Merrill 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. MLPF&S or one of its located outside of the United Kingdom. BofA Merrill Lynch Global Researc MLPF&S or one of its affiliates is a regular issuer of traded financial instru time, hold a trading position (long or short) in the securities and financial BofA Merrill Lynch, through business units other than Bo with, and reach different conclusions from, the information presented in methods of the persons who prepared them, and BofA Merrill Lynch is un recipient of this report. In the event that the recipient received this report pursuant to a contract therewith ML beyond the delivery of this report (unless otherwise agreed specifically in transactions, including transactions in any securities mentioned in this re Copyright and General Information regarding Research Reports: Copyright 20 instrum writing port. and client websites and other portals by BofA Merrill Lynch and are not pu constitutes your agreement not to redistribute, retransmit, or disclose to others tl recommenda Materials prepared by BofA Merrill Lynch Global Research personnel are ba information known to, professionals in other business areas of BofA Merri BofA Merrill Lynch Global Research and certain business groups. As a resul research reports. To the extent this report discusses any legal proceeding or issue should consult their own legal advisers as to issues of law relating to the subj any BofA Merrill Lynch entity and/or its directors, officers and employees may be on public information. Facts and views presented in this material that relate to an sed on I Lynch , BofA professionals in other business areas of BofA Merrill Lynch in connection with the herei Any information relating to the tax status of financial instruments discussed seek tax advice based on their particular circumstances from an independent tax The information herein (other than disclosure information relating to BofA Merril may contain links to third-party websites. BofA Merrill Lynch is not responsible fo between the recipient and MLPF&S for t PF&S may be deemed to be acting as an investment adviser, such status relates, if at all, solely to the 6 Bank of America Corporation. All rights reserved. This research report is prepared for the use of Bo disclosed, in whole or in part, or in any form or manner, without the express written consent of BofA Merrill Lynch. ions, estimates or price targets) without first obtaining expressed permiss ect m ents discussed in this report. by MLPF&S). MLPF&S is and continues to ac BofA Merri ne con ion from an authorized officer of BofA Merrill Lynch. public information. Facts and views presented in this material , including investment banking personnel. BofA Merrill Lynch errill Lynch does not disclose certain client relationships witl 5, ithas not been prepared as nor is it intended atter of this report. BofA Merril aintiffs, defendants, co-defend such proceedings have not been reviewed by, discussed with, and may not reflect egal proceedings or matters relevant to such proceedings. nis not intended to provide tax professional. Lynch and its affiliates) was ob r the content of any third-party website or any p iy he provision of research services for a separate fee, person with whom MLPF&S has contracted directly and does not extend solely as a broker-dealer in connection with tl ‘A Merrill Lynch clients and may not be redistributed, retransmitted or | Lynch research reports are distributed simul blicly-available materials. Any unauthorized use or disclosure Is prohibited. Receipt and review of tl ents, opinions, conclusion, or information contained in this report (including any investment have not been reviewed by, and may not re has established information h, or compensation received from, such issuers in to express any legal conclusion, opinion or advice. Investors Lynch Global Research personnel’s knowledge of legal proceedings in which ants or co-plaintiffs with or involving issuers mentioned in this report is based ations prior to he value, price or income of any security or financial instrument mentioned in this report. Investors in such securities and instruments Lynch entities affiliates may, at any ‘A Merrill Lynch Global Research, may have issued and may in the future issue trading ideas or recommendations that are inconsistent his report. Such ideas or recommendations reflect the different time frames, assumptions, views and analytical der no obligation to ensure that such other trading ideas or recommendations are brought to the a tention of any and in connection he execution of any aneously to internal his research report lect barriers between information known to, advice or to be used by anyone to provide tax advice. Investors are urged to ained from various sources and we do not guarantee its accuracy. This report inked content contained in a third-party website. Content contained on such third-party websites is not part of this report and is not incorporated by reference into this report. The inclusion of a link in this report does not imply any endorsement by or any affiliation with BofA Merrill Lynch. Access to any third-party website is a submitting any personal information to them. BofA Merrill Lynch is not responsib All opinions, projections and estimates constitute the judgment of the author as of e or such terms and privacy policies and expressly disclaims any liability for them. he date of the report and are subject to change without notice. Prices also are su your own risk, and you should always review the terms and privacy policies at third-party websites before bject to change without notice. BofA Merrill Lynch is under no obligation to update this report and BofA Merrill Lynch's ability to publish research on the subject issuer(s) in the future is subject to applicable quiet periods. You should therefore assume that BofA Merrill Lynch will not update any Certain outstanding reports may contain discussions and/or investment opinions recent research report relating to an issuer prior to making an investment decisio inancial instruments) nor should the analyses or opinion(s) be considered a solici his report or its contents. nsome cases, an issuer may be classified as Restricted or may be Under Review o its security and/or financial instruments) to be suspended or withdrawn and shou act, circumstance or opinion contained in this report. relating to securities, financial instruments and/or issuers that are no longer curren n. r Extended Review. In each case, investors should consider any investment opinion dnot rely on the analyses and investment opinion(s) pertaining to such issuer (or i a . Always refer to the most relating to such issuer (or s securities and/or ion of any kind. Sales persons and financial advisors affiliated with MLPF&S or any of its affiliates may not solicit purchases of securities or financial instruments that are Restricted or Under Review and may only solicit securities under Extended Review in accordance with either 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 irm policies. 14 Japan Economics Viewpoint | 18 November 2016 BankofAmerica <2 Merrill Lynch

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