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Boilerplate Merrill Lynch Research Report Disclaimer

The document consists solely of standard legal and compliance disclosures for a Merrill Lynch research report, containing no specific allegations, names, transactions, or actionable information linkin Contains generic risk warnings and regulatory disclosures. Mentions Merrill Lynch, Bank of America, and various international offices. No concrete details about financial flows, investigations, or co

Date
November 11, 2025
Source
House Oversight
Reference
House Oversight #014409
Pages
6
Persons
0
Integrity
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Summary

The document consists solely of standard legal and compliance disclosures for a Merrill Lynch research report, containing no specific allegations, names, transactions, or actionable information linkin Contains generic risk warnings and regulatory disclosures. Mentions Merrill Lynch, Bank of America, and various international offices. No concrete details about financial flows, investigations, or co

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EFTA Disclosure
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be Bo acti 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 specific 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 Investment Related Disclosures: Taiwan Readers: Neither the information nor any o| 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 personal investment advice and it does not take in ppropriateness of investing in financial instruments and re prospects may not be realized. Any decision to purchase or subscribe for securities in any o he prospectus or other offering document issued in connec Securities and other financial instruments discussed in this report, or recommended, o any insured deposi financial advice regarding the a that statements regarding futu security or the information in t deposits or other obligations o among others, market risk, cou instruments may be difficult to income from such securities and ose their entire principal inves This report may contain a shor reflects both a longer term total more or less positive than as n short-term price impact on the e value or sell and re ment. Past performance is not necessarily a guide to pinion expressed herein constitutes an offer or a solicitation of an offer to o account the specific investment objectives, financial situation and the p. im fered or sold by Merrill Lynch, are not tory institution (including, Bank of A erparty default risk and liquidity risk. No security, financi iable information about the value or other financial instruments, if any, may fluctuate and U erm trading idea or recommendation, which highlights a specific near-term catalyst or even quity securities of the issuer. Short-term trading ideas and recommendations are different fi return expectation and attractiveness for investment relative to other stocks within i ock’s fundamental equity rating. instrument or derivative is suitab a ha risks related to the security or financial instrument may be difficu price or value of such securities and instruments may rise or fal ure performance. Levels and basis for taxation may change. s Coverage Cluster. Short-term trad transact in any securities or o articular needs of any specific plementing investment strategies discussed or recommended in insured by the Federal Deposi merica, N.A.). Investments in general and, derivatives, in particular, in e for all investors. In some cases, securi t 0 obtain. impacting the issuer or the rom and do not affect a stocl A Merrill Lynch is aware that on may be limited by regulati he implementation of the ideas expressed in this report may depend upon an investor's abi ons prohibiting or restricting "shortselling” in many jurisdictions. Investors are urged to seek ity to "short" securities or ot advice regarding the applical market tha 's fundamental equity rating, which ing ideas and recommendations may her financia bility of suc her financial instrument. No part of 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 person. Investors should seek this report and should understand fering must be based solely on existing public information on such ion with such offering, and not on this report. Insurance Corporation and are not volve numerous risks, including, jes and other financial nvestors should note that and, in some cases, investors may is anticipated to have a instruments and that such ie Fi ine UK ocated outsi uding AD ime, hold a BofA Merrill w executing any short idea contained in this repo! Foreign currency rates of exchange may adversely affect Rs, effectively assume currency risk. Readers: The protections provided by the U.K. regulatory regime, including the Financial Services Scheme, co not a de of the United Kingdom. BofA LPF&S or one of its affiliates is a regular issuer of traded financial instru rading position (long or short} in the securiti Lynch, through business units other than Bo ith, and reach different conclusions from, the information presented in rt. errill Lynch Global Researe es and financial 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 MLPF&S may be deemed beyond the delivery of this report (unless otherwise agreed specifically in transactions, i ncluding transactions i nany securities mentioned in this re Copyright and General Information regarding Research Reports: Copyright 20 retransmitted simultaneous ly to interna review of this research report consti (including any investmen Materials p 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 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 rela professionals in other busi This re securities. None of MLPF&S, any of i Global Research policy prohibits rese report containing such rating, recommendation or investment thesis. Any in seek tax advice based on tl The information herein (o may contain links to third- contained on such third-pa any affiliation with BofA submitting any personal in Certain outstanding repor' recent research report rela 6 Bank of America Con iOcustom®, iQdatabase® are registered service marks of Bank of America Corporation. T| or in part, or in any form or manner, without and client websites and other portals by BofA utes your agreement not to redistribute, retransmi recommendations, estimates or price targets) without repared by BofA Merrill Lynch Global Research personnel are ba: information known to, professionals in other business areas of BofA Merri or disclosed, in whole ormation relating to the tax s rty websi errill Lyne he value, price or income of any security or financial instrument mentioned in this report. Inves h policies relating to conflicts of interest are described at http:/ ments linked to securities that may have been recommended i instruments discussed in this report. his report. Such ideas or recommendations reflect the differen der no obligation to ensure that such other trading ideas or rec port. poration. All rights reserved. iQmethod, iQmethod 2.0, iQprofile, iQtoolkit, iQworks are service marks of Ban errill Lynch and are not publicly-available materials. Any unautl , or disclose to others the contents, opinions, co plaintif e to any such s, defendants, co-defendants or co-plaintiffs wi he express written consent of BofA Merrill Lynch. BofA Merril sed on public i | Lynch, including investment banking personnel. BofA Merrill , BofA Merrill Lynch does not disclose certain client relationshi ors in such pply in general to business coordinated by BofA Merri /go.bofa.com/coi. n this report. ML ‘A Merrill Lynch Global Research, may have issued and may in the future issue trading ideas or recommenda t time frames, assumptions, ommendations are brought 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 writing by MLPF&S). MLPF&S is and continues to act solely as a broker-dealer in connection has contracted direct of America Corpora his research report is prepared for the use of BofA Merri nclusion, or information con atus of financial instruments discussed herein is not intended to provide tax advice or to be used by anyone to provide tax advice. heir particular circumstances from an independent tax professional. her than disclosure information relating to BofA Merrill Lynch and its affiliates) was obtained from various sources and we do not guarantee i 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 websi ormation to them. BofA Merrill 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 curren ing to an issuer prior to making an investment decision. In some cases, an issuer may be classified as Restricted or may be Under Review or Extended Review. In each case, investors should consider any investment opinion its security and/or financial instruments) to be suspended or withdrawn and should not rely on the analyses and investment opinion(s) pertaining to such issuer (or i PF&S or one of its h regulations prior to securities and instruments, I Lynch entities affiliates may, at any jons that are inconsistent views and analytical ‘0 the attention of any and in connection ly and does not extend with the execution of any jon. \Qanalytics®, | Lynch clients and may not be redistributed, Lynch Global Research reports are distributed horized use or disclosure is prohibited. Receipt and ained in this report first obtaining expressed permission from an authorized officer of BofA Merrill Lynch. nformation. Facts and views presented in this material have not been reviewed by, and may not reflect Lynch has established information barriers between ps with, or compensation received from, such issuers in 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 h or involving issuers mentioned in this report is based 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 s affiliates or their research analysts has any authority whatsoever to make any representation or warranty on behalf of the issuer(s). Bo arch personnel from disclosing a recommendation, investment rating, or investment thesis for review by an issuer prior to the pub 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 ply any endorsement by or es before . Always refer to the most 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 instruments that are Restricted or Under Review and may only solicit securities under Extended Review in accordance with 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 report or its contents. irm policies. 6 Japan Investment Strategy | 18 November 2016 BankofAmerica <2 Merrill Lynch

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