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BoA Merrill Lynch Research Report Boilerplate Disclaimer

The document consists entirely of standard legal and compliance language with no substantive factual claims, names, transactions, or allegations linking any influential actors to misconduct. It provid Contains only generic disclosures and copyright notices. No mention of specific individuals, companies, or financial flows. No allegations or controversial content.

Date
November 11, 2025
Source
House Oversight
Reference
House Oversight #014651
Pages
5
Persons
0
Integrity
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The document consists entirely of standard legal and compliance language with no substantive factual claims, names, transactions, or allegations linking any influential actors to misconduct. It provid Contains only generic disclosures and copyright notices. No mention of specific individuals, companies, or financial flows. No allegations or controversial content.

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this report may be used or reproduced or quoted in any manner whatsoever in Taiwan by t This research report provides general information on other financial instrument or any derivative related to such personal investment advice and it does not take into financial advice regarding the a that statements regarding future prospects may not security or the information in the prospectus or ot! Securities and other financial instruments discussed deposits or other obligations of any insured depos among others, market risk, counterparty default risk instruments may be difficult to value or sell and relia income from such securities and ose their entire principal inves This report may contain a shor short-term price impact on the e reflects both a longer term total be more or less positive than as BofA Merrill Lynch is aware that acti executing any short idea contained in this repo! For incl UK ocated outsi u ime, hold a BofA Merrill Ww methods of recipient of In the event therewith quity securities o he implementation rt. °o uding ADRs, effectively assume currency risk. de of the United Kingdom. BofA Merrill h h @ persons who prepared them, and Bo is report. LPF&S may be deemed beyond the delivery of this report (unless otherwise agreed 5| transactions, including transactions in any securities Copyright and General Information regarding Res Copyright 2017 Bank of America Con iOcustom®, iQdatabase® are registered service marks of Ban or in part, or in any form and client websites and other por retransmitted or disclosed, in whole simultaneously to interna review of this research report consti (including any investmen Materials prepared by BofA Merrill Lynch Global Rese utes your agree information known to, professionals in other business areas of BofA Merri BofA researc hould erri Research and certain busin h re consult their own ny BofA Merrill Lynch en n public information. Fac rofessionals in other busi his re ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, recom ormation relating to the tax s ax advice based The information herein (o may contain links to third- contained on such third-party websites is not part o any affiliation with BofA Merrill Lynch. Access to any submitting any personal information to them. BofA Subject to the quiet period applicable under laws of | Lynch Global ou ity and/or its directors, off mendation or in atus of financial recent research report rela nsome cases, an issuer may be classified as Restric its security and/or financia inancial instruments) nor should the analyses or opi ppropriateness of investing her offer’ itory institution (including, Bank o other financial instrumen ment. Past performance is not necessarily a guide to erm trading idea or recommendation, which highlights a specific near-term catalyst or even the issuer. Short-term trading ideas and recommendations are dif return expectation and attractiveness for investmen ock's fundamental equi eign currency rates of exchange may adversely affect PF&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 that the recipient received this report pursuant to a contract 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 5 and views presented in this material that rela on their 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 guaran party websites. 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Investors are urged Readers: The protections provided by the U.K. regulatory regime, including the Financial Services Scheme, co not a h policies relating to conflicts of interest are described at http://go.bofa.com/cci. ments linked to securities that may ha Lynch Global Researc es and financial instruments discussed in this report. ‘A Merrill Lynch Global Research, may have issued and his report. Such ideas or recommend der no obligation to ensure that such fA Merrill Lynch is un pecifically in mentioned in this re earch Reports: port. poration. All rights reserved. iQmethod, iQmethod 2.0, iQprofile, iQtoolkit, iQworks are service marks of Ban of America Corporation. This research report is prepared for the use of BofA Merri or manner, without the express written consent o als by BofA Merrill Lynch and are not publicly-avail ment not to redistribute, retransmi arch personnel are based on public information. Facts and | Lynch, including investment bankin ess groups. 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BofA Merrill Lynch Global Research personnel’s knowledge of legal proceedings in which s, defendants, co-defendants or co-plaintiffs wi proceedings have not been reviewed by, discussed wit 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 rities in any 0 ng, and not on this report. insured by the Federal Deposi ts in general and, derivatives, in particular, in tive is suitable for all investors. 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Investors should seek this report and should understand fering must be based solely on existing public information on such Insurance Corporation and are not volve numerous risks, including, other financial nvestors should note that and, in some cases, investors may is anticipated to have a 's fundamental equity rating, which ing ideas and recommendations may instruments and that such a ions prior to ors in such securities and instruments, Lynch entities filiates may, at any hat are inconsistent views and analytical tention of any and in connection ly and does not extend with the execution of any jon. iQanalytics®, | 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 this report is based ormation known to, any issuer of any A Merrill Lynch ication of a research ors are urged to ts accuracy. This report y website. Content endorsement by or es before rictions on the ed or may be Under Review or Extended Review. In each case, investors should consider any investment opinion relating to such issuer (or instruments) to be suspended or withdrawn and should not rely on the analyses and investment opinion(s) pertaining to such issuer (or its securities and/or nion(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 his report or its contents. s that are Restricted or Under Review and may only solicit securities under Extended Review in accordance with firm policies. 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 30 Top 10 US Ideas Quarterly | 03 Janua ry 2017 BankofAmerica <2” Merrill Lynch

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