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BoA Merrill Lynch Research Report Boilerplate Disclaimer

The document consists solely of standard legal and compliance language with no substantive allegations, names, transactions, or actionable information linking any powerful actors to misconduct. It pro Contains extensive disclaimer about investment risks and regulatory compliance. Mentions BofA Merrill Lynch and its research divisions but no specific actions or individuals. No financial flows, lega

Date
November 11, 2025
Source
House Oversight
Reference
House Oversight #010615
Pages
6
Persons
0
Integrity
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Summary

The document consists solely of standard legal and compliance language with no substantive allegations, names, transactions, or actionable information linking any powerful actors to misconduct. It pro Contains extensive disclaimer about investment risks and regulatory compliance. Mentions BofA Merrill Lynch and its research divisions but no specific actions or individuals. No financial flows, lega

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EFTA Disclosure
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This research report provides general information only. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or other financial instrument or any derivative related to such securities or instruments (e.g, options, futures, warrants, and contracts for differences). This report is not intended to provide personal investment advice and it does not take into account the specific investment o! ppropriateness of investing in financial instruments and 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 financial advice regarding the a that statements regarding futu security or the in Securities and ot deposits or other obligations 0 among others, m instruments may be difficult to income from lose their enti Futures and o disclosure documents. Investmi BofA Merrill L action may be limited by regulations prohibiting or restricting "shortse executing any short idea con his report m hat presents In the event tl therewith ML transactions, i Copyright an Copyright 20 and client we recommenda information k BofA researc hould ny Bo n public info rofessionals his re ities. No h repo consu ou Any informati seek tax advic The informati may contain li contained on any affiliation submi All opinions, p periods. You s| its security an inancial instr his report or ideas and recommenda Foreign currency rates of exc effectively assume currency risk. UK Readers: The protec ocated outside of the U LPF&S or one of its aff ime, hold a trading posi BofA Merrill Lynch, through business units other than Bo with, and reach differen methods of th recipient of th errill Lynch Global Research and certain business groups. As a resul Research po containing suc ting any personal information to them. BofA Merrill Lynch is not responsib Certain outstanding reports may contain discussions and/or investment opinions recent research report relating to an issuer prior to making an investment decision. nsome cases, an issuer may be classified as Restricted or may be Under Review o ormation in the prospectus or other offering document issued in con her financial instruments discussed in this report, or recommended, o any insured depository institution (inc! nterparty default risk and liquidity risk. va d other financial instruments, if any, may fluctuate and ment. Past performance is not necessarily a guide to fu propriate for all investors. Such financia en arket risk, cou such securities an re principal inves ptions are not ap ynch is aware tha ained in this report. ay contain a trading idea or recommendation which a transaction opportunity, but does not have any im ions may differ directionally from the ana hange may adversely affect the value high pact on the analyst's lyst's ra , price o| ions nited Kingdom. BofA Merrill Lynch Global Researc iliates is a regular issuer of traded financial instru tion (long or short) in the securities and financial A Merril conclusions from, the information presented in @ persons who prepared them, and BofA Merrill Lynch is un is report. hat the recipient received this report pursuant to a contract ments linked port. ncluding transactions in any securities mentioned in this re d General Information regarding Research Reports: bsites and other portals by BofA Merrill Lynch and are not pu nown to, professionals in other business areas of BofA Merri t their o' rmation. Fac in other busi s and views presented in this material that rela ness areas of BofA Merrill Lynch in connection with the legal ne of MLPF&S, any of i icy prohibits rese h rating, recom| s affiliates or their research analysts has any au arch personnel from disclosing a recommenciati mendation or investment thesis. on relating to the tax status of financial instruments discussed herein i e based on their particular circumstances from an independent tax pro on herein (other than disclosure information relating to BofA Merrill Ly nks to tl such with hird- hird-party websi BofA Merrill Lyne es is not part of this report and is not incorpora e ions and estimates constitute the judgment of the author as of rojec hould therefore assume that BofA Merrill Lynch will not update any re d a d/or financial instruments) to be suspended or withdrawn and shou uments) nor should the analyses or opinion(s) be considered a solici its contents. uding, Bank of A jo security, financial instrument or derivative is suitable for all investors. In some cases, securities and other financial ue or sell and reliable information about the value or strategies explained in this report may not be appro} provided by the U.K. regulatory regime, including the Financial Services Scheme, do not apply in general to instruments discussed in this report. Lynch Global Research, may have issued and may in the future issue 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 beyond the delivery of this report (unless otherwise agreed specifically in writing by MLPF&S). MLPF&S is and con 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. blicly-available materials. Any unauthorized use or disclosure is prohi constitutes your agreement not to redistribute, retransmit, or disclose to others the con ions, estimates or price targets) without first obtaining expressed permiss Materials prepared by BofA Merrill Lynch Global Research personnel are based on public i I Lynch, includ , BofA Merrill Lynch does not disclose certain client relationships witl rts. To the 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 wn legal advisers as to issues of law relating to the subject matter of this report. BofA Merrill Lynch Global Research perso! ‘A Merrill Lynch entity and/or its directors, officers and employees may be plaintif e to any such bjectives, financial situation and the particular needs of any specific implementing investment strategies discussed or recommended in nection with such offering, and not on this report. fered or sold by Merrill Lynch, are not insured by the Federal Deposi merica, N.A.). Investments in general and, derivatives, in particular, in risks related to the security or financial instrument may be difficult person. Investors should seek this report and should understand Insurance Corporation and are not volve numerous risks, including, ‘0 obtain. Investors should note that hat price or value of such securities and instruments may rise or fal ure performance. Levels and basis for taxation may change. particular “Overweight” or “Underweight” rating to securities that may have been recommended in this report. MLPF: inues to ac A Merrill Ly BofA Merri nch clients and may not be re | Lynch research reports are d bited. Receip ents, opinions, conclusion, or information contained in this report ion from an authorized officer of BofA Merrill Lynch. nformation. Facts and views presented in this material ing investment banking personnel. BofA Merrill Lynch have not be nnel’s know proceedings have not been reviewed by, discussed with, and may n 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 hority whatsoever to make any representation or warranty on behalf of the issuer(s}. Bo on, investment rating, or investment thesis for review by an issuer prior to the pub s not intended to provide tax advice or to be used by anyone to provide tax advi essional. nch and its affiliates) was obtained from various sources and we do not guaran party websites. BofA Merrill Lynch is not responsible for the content of any third-party website or any linked content contained in a third- ed by reference into this report. The inclusion of a link in this report does not imply any h. Access to any third-party website is at your own risk, and you should always review the terms and privacy policies at third-par' 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 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 subj act, circumstance or opinion contained in this report. ating to securities, financial instruments and/or issuers that are no longer curren r 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 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 this report. Investors in such sec! business coordinated by BofA h policies relating to conflicts of interest are described at http://go.bofa.com/coi. and, in some cases, investors may instruments may expire worthless. Before investing in futures or options, clients must receive the appropriate risk priate at all times. Costs of such strategies do not include commission or margin expenses. 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 ling" in many jurisdictions. Investors are urged to seek advice regarding the applicability of such regulations prior to ights a specific identified near-term catalyst or event impacting a security, issuer, industry sector or the market generally which is based on a three month trade horizon). Trading ing ona security or issuer because they reflect the impact of a near-term catalyst or event. r Income of any security or financial instrument mentioned in urities and instruments errill Lynch entities &S or one of its affiliates may, at any rading 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 he attention of any he provision of research services for a separate fee, and in connection person with whom MLPF&S has contracted directly and does not extend solely as a broker-dealer in connection with tl he execution of any distributed, retransmitted or istributed simultaneously to internal t and review of this research report (including any investment en reviewed by, and may not reflect has established information barriers between h, or compensation received rom, such issuers in ledge of legal proceedings in which s, defendants, co-defendants or co-plaintiffs with or involving issuers mentioned in this report is based ot reflect information known to, any issuer of any A Merrill Lynch ication of a research ce. Investors are urged to cal part ts accuracy. This report y website. Content endorsement by or es before y websi bject to change without ect to applicable quiet . Always refer to the most relating to such issuer (or s securities and/or irm policies. Bankof Ame: Merrill Lyne! rica h Liquid Insight | 22 September 2016 HOUS 7 E_OVERSIGHT_010615

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