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d-34722House OversightOther

Bank of America Merrill Lynch Research Disclosure Boilerplate

The document is a standard regulatory disclosure with no specific allegations, names, transactions, or actionable information linking influential actors to misconduct. It provides only generic complia Describes compensation structure for analysts tied to bank profitability. Lists numerous global regulatory jurisdictions for BofA Merrill Lynch affiliates. Contains no substantive claims about financ

Date
November 11, 2025
Source
House Oversight
Reference
House Oversight #014422
Pages
5
Persons
0
Integrity
No Hash Available

Summary

The document is a standard regulatory disclosure with no specific allegations, names, transactions, or actionable information linking influential actors to misconduct. It provides only generic complia Describes compensation structure for analysts tied to bank profitability. Lists numerous global regulatory jurisdictions for BofA Merrill Lynch affiliates. Contains no substantive claims about financ

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financial-servicesdisclosureregulationhouse-oversightcompliance

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EFTA Disclosure
Text extracted via OCR from the original document. May contain errors from the scanning process.
Disclosures Important Discl osures 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. 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 published during intraday trading, the price referenced 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 indicative as of the date and time of the report and are from various sources including Bank of America Merrill Lynch trading desks. The date and time of completion of the production of any recommendation in this report shall be the date and time of dissemination of this report as recorded in the report timestamp. Individuals identified as economists do not function as research analysts under U.S. law and reports prepared by them are not research reports under applicable U.S. rules and regulations. Macroeconomic analysis is considered investment research for purposes of distribution in the U.K. under the rules of the Financial Conduct Authority. 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: LPF&S distributes, or may in South Africa ( PRA}; Merrill Lynch (Aus Pacific) Limited, regulate Singapore (MAS); Merrill CV, Casa de Bolsa, regulated by japan}: Merrill Lynch Japan Sec Financial Supervisory Service; regulated by the Securities and srael Limited, regulated by Isra DIFC): Merrill Lynch Inte Comisi6n Nacional del M errill Lynch Kingdom o This research report: FCA and the PRA) by retail clients (as defin imited regulation by the FA a Lynch (Japan), a registered secu by HKSFC (research repor' ralia): Lynch Saud LI(UK}a India}; and is issued and distri Bank Limited (Merchant Bank) regulated by MAS. Bank o License 235132 (MLEA) distrib any of its affiliates involved in Authority. No approval is requi DIFC) is authorized and regula This researc! responsibili h report has been y for research repo d by th rnationa lercado nas Deen a ed in the ru 5 containing any in intended for issuance or distribu bu preparing this red for publica ited by the DFSA. Research rules. Bank of America Merrill Lynch Internati prepared and issued by M he Comisién Nacio' u Exc e hange Board of (DIFC Branch), re De Valores; Merrill iAra p nd Bank of America es of the FCA and PRA - details abo ies dealer u nd ri jon ed in Singa LIBLMB) an pore t ( ute this repor iono rts of its non-US af security discussed in the report should cdo so throu respect of any matters relating report shou research report. to dealing in securi General Investment Related Disclosures: Taiwan Readers: Neither the information nor any o| other financial instrument or any derivative related personal investment advice and it does not take in that statements regarding futu deposits or other obligations o among others, market risk, cou instruments may be difficult to lose their entire principal inves any insured deposi nterparty default ris value or sell and re he future distribute, researc Pty) Ltd., regulated by The Financial Service Bo e Hong Kong Securities and rities Co, Ltd, regulated by errill Lynch (Taiwan): Merrill | Securities Authori bia Company, regulated by the Capita proved for publica nder the Financial Instruments and Excl forma 0, or Use by, any person in Hong Kong}; is issued and distrib d Merrill Lyn in Australi research re onal Limite nal Banca he Financial India; PT y; Merrill Lynch (Russia): O00 gulated by the Dubai Lynch (Brazil): Bank o | Market Au ion and is distributed in the Uni errill Lynch Interna the PRA) by Merrill Lynch Interna ut the extent of our regulation by jon in relation to, or advice on, fu oins a rdistri d iliates ghM h reports of the following non-US a ard; MLI (UK}: Merrill Lynch Internati errill Financial Services Authority (DI America Merrill hori ed K ional Limited, which are authorized tional Bank Limited, London Branch, wl PRA are available from us hange Act in I Lyne ment (Argentina): > Merri ated b errill Lynch Lynch Securi Lynch Banco y. ingdom (UK) he FCA and Lynch (Seou erril y the Securities and ies, FSA); ultip 0 pro h (Singapore): Merril ndustry Regulatory Organization of Canada; Lynch Argenti ): Merrill Lynch International Incorporated Futures Bureau; DSP Merrill Lynch (India): DS ndonesia, regulated by Otoritas Jasa Keuangan (O loscow, regula errill Lynch (Spain): Merrill Lynch Capital lo S.A, regulated by Comissdo de Valores Mobilidrios; Merri essional clien na SA, regulated illates in the US (short name: legal name, regulator): Merrill Lynch (Sou 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 ria y de Valores; Merrill Lynch Services Agency: Lynch Securities (Taiwan) Ltd, regu errill Lynch (Indonesia): PT hority (FCA) and the Prudential Regula n; Merrill Lynch (Hong Kong): Merri Lynch (Singapore) Pte Ltd, regulated by the errill Lynch (Mexico): Merrill Lyne by Comisién Nacional de Va Seoul Bi ed by the Centra hich is authorized ures contracts are not intended for issuance or distribu uted ion pinion expressed herein constitutes an offer or aso this report may be used or reproduced or quoted in any manner whatsoever in Taiwan by t This research report provides general information only. Neither the information nor any op o account the specific investment o financial advice regarding the appropriateness of investing in financial instruments and License 412901 5 local dis rt} distribu he US. Any 1Go n-US affiliates. in Taiwan by Merrill utional investors and/or accredited investors (each as defined under the Financia ch (Singapore) (Company Registra America N.A., Australian Branch (ARBN 064 874 531), AFS only to ‘Wholesale’ clients as defined by s./6 port 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 Frankfu PF&S and/or one or more of its no! distributed to MLPF&S clients in t os F 06872E and 198602 BANA Australia) and ribu ingapore) Pte Ltd in im me a ha der the Banking Act 19 jon is by Merrill Lynch (DIFC are done so in accord es this report in Germany ai LPF&S is the distribu US person receiving this research re LPF&S and not such foreign affiliates. Hong Kong recipients of this research report should contact Merri ies (and not futures contracts) or provision of speci d contact Merrill Lynch International Bank Limited (Merchant Bank} and/or Merrill Lynch (S ic advice on securities (and Lynch (Taiwan); is A 883D respectively errill Lynch Equi ance with respec icitation of an offer to transact in any securities or o he press or any other person without the express written consent of BofA Merrill Lynch. inion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or to such securities or instruments (e.g, options, futures, warrants, and contracts for differences}. This report is not intended to provide bjectives, financial situation and the particular needs of any specific plementing investment strategies discussed or recommended in re prospects may not be realized. Any decision to purchase or subscribe for securities in any offering must be based solely on existing public information on such security or the information in the prospectus or other offering document issued in connec Securities and other financial instruments discussed in this report, or recommended, o tory institution (including, Bank of A k and liquidity risk. No security, financ! iable information about the value or income from such securities and other financial instruments, if any, may fluctuate and ment. Past performance is not necessarily a guide to fu ion with such offering, and not on this report. fered or sold by Merrill Lynch, are not insured by the Federal Deposi rica, N.A.). Investments in general and, derivatives, in particular, in instrument or derivative is suitable for all investors. In some cases, securities and other financial risks related to the security or financial instrument may be difficult price or value of such securities and instruments may rise or fal ure performance. Levels and basis for taxation may change. s and eligible counterparties by the PRA and regulated by the FCA and the PRA, and is distributed in tl ral Bank of Ireland and on request; has been considered and distributed in apan; Is issued and distributed in Hong Kong by Merril nd is regulated by BaFin. or of this research report in port and wishing toe not futures contracts}. Singa of any matters arising from, or in connection with, this Bank of the arkets E as each by the Cen jon in Hong Kong ai issued and distribu dvisers Regulations }. MLIBLMB and Mei ies (Australia} Limi the Corporations Act 2001. With the exception of BA 59 nor regulated by the Austra Brazil} in accordance with ap p he requirements o K); Merrill Lyne Russian Federation; Lynch (Hong Kong) which is h lonetary Au ores; Merri ranch) regulated by P Merrill Lyne h (Israel): erri regu spana, S.ASV,, I Lynch is defined in tl subje he hLi he rules of he U ct to apan nd are not directed ed in India by ) by Merrill Lynch In A Australia, neit ian Prudential Regu icable regulations. he DFSA conduct 0 by regu 0, or DSP Merri ema rrill Lynch (Singapore) are ed (ABN 65 006 276 795), AFS her MLI atio erri f bu e US and accepts fu person. Investors should seek this report and should understand h Africa): Merrill Lynch jon Authority | Lynch (Asia hority of h Mexico, SA de I Lyne h mited, errill Lynch I Lyne ated KSA Com h by pany, he K to errill ated I Lynch jonal EA nor A I Lynch siness fect any transaction in any | Lynch (Asia Pacific) Limited in pore recipients of this research her financial instrument. No part of Insurance Corporation and are not volve numerous risks, including, ‘0 obtain. Investors should note that and, in some cases, investors may Bankof America Merrill Lynch Japan Economics Viewpoint | 18 November 2016 13

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