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BoA Merrill Lynch Research Report Disclaimer and Distribution Rules

The document consists solely of standard legal and compliance language for a research report, containing no specific allegations, names, transactions, or actionable leads linking powerful actors to mi Describes distribution channels for the report across various jurisdictions. Outlines regulatory compliance statements and disclaimer of liability. Mentions no individuals, financial flows, or contro

Date
November 11, 2025
Source
House Oversight
Reference
House Oversight #014430
Pages
6
Persons
0
Integrity
No Hash Available

Summary

The document consists solely of standard legal and compliance language for a research report, containing no specific allegations, names, transactions, or actionable leads linking powerful actors to mi Describes distribution channels for the report across various jurisdictions. Outlines regulatory compliance statements and disclaimer of liability. Mentions no individuals, financial flows, or contro

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EFTA Disclosure
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rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distribu This research report has been prepared and issued by MLPF&S and/or one or more of its non-US affilia responsibility for research reports of its non-US affiliates distributed to MLPF&S clients in the US. Any es this report in Germany and is regulated by BaFin. tes. MLPF&S is the distributor of this research report in the US and accepts full US person receiving this research report and wishing to effect any transaction in any security discussed in the report should do so through MLPF&S and not such foreign affiliates. Hong Kong recipients of this research report should contact Merrill Lynch (Asia Pacific) Limited in respect of any matters relating to dealing in securi ies (and not futures contracts} or provision of speci ic advice on securities (and not futures contracts). Singapore recipients of this research report should contact Merrill Lynch International Bank Limited (Merchant Bank) and/or Merrill Lynch (Singapore) Pte Ltd in respect of any matters arising from, or in connection with, this research report. General persona financial that sta security or the in deposits or other among others, m instruments may income from suc lose their entire principal inves Futures and options are not ap disclosure documents. Investmen BofA Merrill Lyne action may be limited by regulations p executing any short idea contained in Foreign currency rates of exchange may adversely affect effectively assume UK Readers: The protections provided located outside of the United Kingdom. BofA Merrill Lyne 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 securiti BofA Merrill Lynch, through business units other than Bo with, and reach different conclusions from, the information presented in @ persons who prepared them, and BofA is report. hat the recipient received this report pursuant to a contract 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 ncluding transactions in any securities mentioned in this re d General Information regarding Research Reports: 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. bsites and other portals by BofA Merrill Lynch and are not pu 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 ba nown to, professionals in other business areas of BofA Merri errill Lynch Global Research and certain business groups. As a resul rts. Totl methods of th recipient of th In the event tl therewith ML transactions, i Copyright an Copyright 20 and client we recommenda information k BofA researc hould ny Bo n pub h repo consu S al O Pp This re ities. None of Research po ormation re The in ned on such iliation with contai anya submitting any personal information to them. BofA Merrill Lynch is not responsib All opinions, projec obligations o arket risk, cou be difficult to va h securities and other financial instruments, if any, may fluctuate and ic information rofessionals in other busi containing suc ‘ax advice based ormation herein may contain links to tl Investment Related Disclosures: Taiwan Readers: Neither the information nor any | 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 other financial instrument or any derivative related investment advice and it does not take in advice regarding the a ements regarding futu ormation in tl ne an nterp men propri currency risk. . Fac MLPF&S, any of i icy prohibits rese h rating, recom ating to the tax s (o hird- hird-party websi BofA Merrill Lyne! jons and estimat ue or sell and re rad o account the specific investmen ppropriateness of investing in financial instruments and tory institution (inc k and liquidity risk. iable information about the value uding, Bank o arty default ris . Past performance is not necessa iate for all investors. Such financia rily a guide to rohibiting or restricting "shortse his report. he value, price or Income o h Global Researc| es and financial errill Lynch is un writing by port. blicly-avail I Lynch, in t their own legal advisers as to issues of law relating to the subject matter of this report. BofA Merrill Lynch Globa ‘A Merrill Lynch entity and/or its directors, officers and employees may be plaintif § and views presented in this material that rela e to anys s affiliates or their research analysts has any au arch personnel from disclosing a recommenciati mendation or investment thesis. atus of financial instruments discussed herein i on their particular circumstances from an independent tax pro her than disclosure information relating to BofA Merrill Ly party websites. BofA Merrill Lynch is not responsible for t es is not part of this report and is not incorpora e es constitute the judgment of the author as of pinion expressed herein constitutes an offer or aso h policies relating to conflicts of interes between the recipient and MLPF&S for t sed on public i to im fA a risks related to the securi hat price or value of such or fu priate at all times. Costs o f any security or financial ins MLPF&S). MLPF&S is and continues to ac ‘A Merrill Ly BofA Merri able materials. Any unauthorized use or dis ents, opinions, conclusion, or informat ion from an authorized officer of BofA cluding investment banking personnel. Bo 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 prospectus or other offering document issued in connec Securities and other financial instruments discussed in this report, or recommended, o y Insured deposi ion 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 jo security, finance! by the U.K. regulatory regime, including the Financial Services Scheme, do not apply in general to business coordinated by BofA Merrill 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 instruments discussed in this report. ‘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 nch clients and may not be redistributed, retransmitted or Lynch research errill Lynch. nformation. Facts and views presented in this material A Merrill Lynch , BofA Merrill Lynch does not disclose certain client relationships wit 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 uch essional. proceedings have not been reviewed by, discussed with, and may not reflect in 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 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 advice. nch and its affiliates) was obtained from various sources and we do not guarantee i he content of any third-party website or any linked content contained in a third-par 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-party websi 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 closure is prohibited. Receipt and review of t ion contained in this report (including any in her financial instrument. No part of person. Investors should seek this report and should understand Insurance Corporation and are not volve numerous risks, including, instrument or derivative is suitable for all investors. In some cases, securities and other financial y or financial instrument may be difficult securities and Instruments may rise or fal ure performance. Levels and basis for taxation may change. instruments may expire worthless. Before investing in futures or options, clients must receive the a strategies explained in this report may not be appro} ‘0 obtain. Investors should note that and, in some cases, investors may ppropriate risk such strategies do not include commission or margin expenses. his 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 ling" in many jurisdictions. Investors are urged to seek advice regarding the applicability of such regu ations prior to rument mentioned in this report. Investors in such securities and instruments Lynch entities affiliates may, at any tention 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 reports are distributed simultaneously to internal his research report vestment have not been reviewed by, and may not reflect has established information barriers between h, or compensation received from, such issuers in Research personnel’s knowledge of legal proceedings in which s, defendants, co-defendants or co-plaintiffs with or involving issuers mentioned in this report is based ormation known to, any issuer of any A Merrill Lynch ication of a research nvestors are urged to ts accuracy. This report y website. Content endorsement by or es 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 decision. In some 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 financial instruments) nor should the analyses or opinion(s) be considered a solici solicit purchases of securities or financial instruments that are Restricted or Under Review and may only solicit securities under Extended Review in accordance with re d a 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 . 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 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 Bankof America Merrill Lynch Japan Macro Watch | 14 November 2016 7

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