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Bank of America Merrill Lynch Research Report Boilerplate Disclaimers

The passage consists entirely of standard legal and compliance language for a research report, containing no specific actors, transactions, or allegations that could serve as investigative leads. Contains no names of individuals, companies, or government entities beyond BofA Merrill Lynch. No mention of financial flows, misconduct, or controversial actions. Purely procedural disclaimer about short

Date
November 11, 2025
Source
House Oversight
Reference
House Oversight #023610
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 serve as investigative leads. Contains no names of individuals, companies, or government entities beyond BofA Merrill Lynch. No mention of financial flows, misconduct, or controversial actions. Purely procedural disclaimer about short

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EFTA Disclosure
Text extracted via OCR from the original document. May contain errors from the scanning process.
lose 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 cata lyst or event impacting the issuer or the market that is an icipated to have a short-term price impact on the equity securities of the issuer. Short-term trading ideas and recommendations are different from and do not affect a stock's fundamental equity rating, which reflects bo be more or BofA Merrill Lynch is aware that the action includ wi may be limited by regulations prohibiting or restricting "shortselling" in many jurisdictions. Investors are urged executing any short idea contained in this report. Foreign currency rates of exchange may adversely affect ing ADRs, effectively assume c UK Readers: The protections provided by the U. located outside of the United Kingdom. BofA 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 instruments discussed in this report. BofA Merrill Lynch, through business units other than Bo th, and reach different conclusions from, the information presented in methods of the persons who prepared them, and BofA recipient of this report. In the event that the recipient received this report pursuant to a contract therewith MLPF&S may be deemed beyond the delivery of this report (unless otherwise agreed specifically in transactions, including transactions i Copyright and General Information regarding Research Reports: Copyri iOcustom®, iQdatabase® are registered service marks of Bank of America Corporation. T| ght 2017 Bank of America Con retransmitted or disclosed, in whole simultaneously to internal ha longer term total return expectation and attractiveness for investment relative to other stocks wit! less positive than a stock's fundamental equity rating. Futures and options are not appropriate for all investors. Such financial instruments may expire worthless. Before disclosure documents. Investment strategies explained in this report may not be appropriate at all times. Costs o hin its Coverage Cluster. Short-term trading ideas and recommendations may investing in futures or options, clients must receive the appropriate risk such strategies do not include commission or margin expenses. 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 urrency risk. nany securities mentioned in this report. review of this research report consti (including any investment recomme Materials p he value, price or income of any security or financial ins K. regulatory regime, including the Financial Services Scheme, do not a errill Lynch Global Research policies relating to conflicts of interes ‘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 errill Lynch is under no obligation to ensure that such other trading ideas or recommendations are brought to the 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 has contracted directly and writing by MLPF&S). MLPF&S is and continues to act solely as a broker-dealer in connection with rument mentioned in this report. Investors in such secuti are described at http://go.bofa.com/coi. ndations, estimates or price targets) without first obtaining expressed permission from an authorized officer of BofA Merrill Lynch. repared by BofA Merrill Lynch Global Research personnel are based on public information. Facts and views presented in this materia o seek advice regarding the applicability of such regulations prior to ies and instruments, pply in general to business coordinated by BofA Merrill Lynch entities ments linked to securities that may have been recommended in this report. MLPF&S or one of its affiliates may, at any ions that are inconsistent rames, assumptions, views and analytical attention of any and in connection does not extend the execution of any poration. All rights reserved. iQmethod, iQmethod 2.0, iQprofile, iQtoolkit, iQworks are service marks of Bank of America Corporation. iQanalytics®, his research report is prepared for the use of BofA Merrill Lynch clients and may no or in part, or in any form or manner, without the express written consent of BofA Merrill Lynch. BofA Merri and client websites and other portals by BofA t be redistributed, Lynch Global Research reports are distributed errill Lynch and are not publicly-available materials. Any unauthorized use or disclosure is prohibited. Receipt and utes your agreement not to redistribute, retransmit, or disclose to others the contents, opinions, conclusion, or information contained in this report have not been reviewed by, and may not reflect information known to, professionals in other business areas of BofA Merrill Lynch, including investment banking personnel. BofA Merrill Lynch has established information barriers between nd certain business groups. As a result, BofA Merrill Lynch does not disclose certain client relationships with, or compensation received from, such issuers in BofA research reports. To the extent this report discusses any legal proceeding or issue hould consult their ow ny BofA n public information. Facts and views presented in this material that relate to any such proceedings have not been reviewed by, discussed with, and may not reflect information known to, sionals in other business 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 ities. None of MLPF&S, any of i ou rofes, ovo report Any in The in his re errill Lynch Global Research a =) errill Lynch entity and/or Research policy prohibits rese containing such rating, recom! ormation relating to the tax s contained on such third-party websi any af submitting any personal in Certain outstanding repor' iliation with BofA Merrill Lync! recent research report relating to an In some cases, an issuer may be classified as Restric its security and/or financial ormation to them. BofA its directors, officers and employees may be plaintiffs, defendants, co-defendants or co-plaintiffs with or involving issuers mentioned i mendation or investment thesis. issuer prior to making an investment decision. atus of financial instruments discussed herein is not intended to provide tax advice or to be used by anyone to provide tax advice. seek tax advice based on their particular circumstances from an independent tax professional. ormation herein (other than disclosure information relating to BofA Merrill Lynch and its affiliates) was obtained from various sources and we do not guarantee i may contain links to third-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 es 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 im 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 websites before errill Lynch is not responsible for such terms and privacy policies and expressly disclaims any liability for them. s may contain discussions and/or investment opinions relating to securities, financial instruments and/or issuers that are no longer current. Always refer to the most ed or may be Under Review or Extended Review. In each case, investors should consider any investment opinion instruments) to be suspended or withdrawn and should not rely on the analyses and investment opinion(s) pertaining to such issuer (or i s, 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 n this report is based any issuer of any s affiliates or their research analysts has any authority whatsoever to make any representation or warranty on behalf of the issuer(s). BofA Merrill Lynch arch personnel from disclosing a recommendation, investment rating, or investment thesis for review by an issuer prior to the publication of a research nvestors are urged to ts accuracy. This report y website. Content ply any endorsement by or relating to such issuer (or s securities and/or financial instruments) nor should the analyses or opinion(s} be considered a solicitation 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 instrumen s that are Restricted or Under Review and may only solicit securities under Extended Review in accordance with 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 re port or its contents. 36 Global Equity Volatility | nsights | 06 June 2017 nkof America Merrill Lynch

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