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d-37322House OversightOtherBoA Merrill Lynch Research Disclosure Boilerplate
Date
November 11, 2025
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House Oversight
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House Oversight #014394
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6
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Summary
The passage consists mainly of standard regulatory and conflict‑of‑interest disclosures for Bank of America Merrill Lynch research reports. It contains no specific allegations, transactions, dates, or Describes compensation structure for analysts tied to bank profitability. Lists numerous global affiliates and their regulatory regimes. Repeats standard legal disclaimer language about investment ri
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EFTA DisclosureText extracted via OCR from the original document. May contain errors from the scanning process.
UMB Financial Corp, Wells Fargo, Zions.
BofA Merrill Lynch Research Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America
Corporation, including profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, among other factors, the overall
profitability of the Bank’s sales and trading businesses relating to the class of securities or financial instruments for which such analyst is responsible.
Other Important Disclosures
From time to time research analysts conduct site visi
from the issuer for such visits.
Prices are indicative and for information purposes on
referenced is the publicly traded price of the security
indicative of the traded price as of the date and time of the report; or (ii} a deb
from various sources including Bank of America Merrill Lynch trading desks.
The date and time of completion of the production of any recommendation in
s of covered issuers. BofA Merri
ly. Except as otherwise stated in
securi
| Lynch policies prohibit research analysts from accepting payment or reimbursement for travel expenses
the report, for the purpose of any recommendation in relation to: (i) an equity security, the price
as of close of business on the day prior to the date of the report or, if the report is published during intraday trading, the price referenced is
y (including equity preferred and CDS), prices are indicative as of the date and time of the report and are
this report shall be the date and time of dissemination of this report as recorded in the report timestamp.
Officers of MLPF&S or one or more o
BofA Merrill Lynch Global Research
"BofA Merrill Lynch" includes Merri
its affiliates (other than research analysts) may
policies relating to conflicts of interest are described at http://go.bofa.com/coi.
have a financial interest in securities of the issuer(s) or in related investments.
| Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or
Merrill Lynch Global Wealth Management financial advisor if they have questions concerning this report. "BofA Merrill Lynch” and "Merrill Lynch’ are each global brands for BofA
Merrill Lynch Global Research.
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PRA}; Merrill Lynch (Australia): Merril
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Singapore (MAS): Merrill Lynch (Canada): Merrill Lynch Canada Inc, regulated by the Investment Industry Regulatory Organiza
CV, Casa de Bolsa, regulated by the Comisién Nacional Bancaria y de Valores; Merrill Lynch (Argentina): Merrill Lynch Argentin
japan): Merrill Lynch Japan Securities Co., Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch
Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and
regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia, regulated
srael Limited, regulated by Israel Securities Authority; Merrill Lynch (Russia): OOO Merrill Lynch Securities, Moscow, regula
DIFC): Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA);
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errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority.
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retail clients (as defined in the rules of the FCA and the PRA) by Merrill Lynch International Bank Limited, London
imited regulation by the FCA and PRA - details about the extent of our regulation by the FCA and PRA are availab
Lynch (Japan), a registered securities dealer under the Financial Instruments and Exchange Act in Japan; is issued
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intended for issuance or distribution to, or use by, any person in Hong Kong}; is issued and distrib
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regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Aus
in Australia only to ‘Wholesale’ clients as defined by s.761G 0
e
lo SA, regulat
essional clients
Branch, whi
e from us
and distribu
uted in Taiwan
ralia) and
errill Lynch (Spain): Merrill Lynch Capital
ed by Comissdo de Valores Mobiliarios; Merri
US (short name: legal name, regulator): Merrill Lynch (Sou
d by the Financial Conduct Au
Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong}: Merri
Lynch (Singapor
hority (FCA) an
e) Pte Ltd, regu
tion of Canada;
a SA, regulated
International Incorporated
K);
d by the Central Bank of the
and eligible counterparties (as
by the PRA and regulated by the FCA and the PRA, and Is distributed in the U
ch Is authorized by the Central
on request; has been considered and distributed in
ted in Hong Kong by Merrill Ly
ures contracts are not intended for issuance or distribution in Hong Kong and are not dire
by Merrill Lynch (Taiwan); is issued and distribu
efined under the Financial Advisers Regulations
os F 06872E and 198602883D respectively}. MLIBLMB and Me
errill Lynch Equities (Australia)
the Corporations Act 2001. With the exception of BA
errill Lynch (Mexico): Merrill Lyne
by Comisién Nacional de Va
Seoul Branch) regulated by
Futures Bureau; DSP Merrill Lynch (India): DS
by Otoritas Jasa Keuangan (O,
Russian Federation;
arkets Espana, S.ASV.,
h Africa): Merrill Lynch
d the Prudential Regulation Authority
| Lynch (Asia
ry Authority of
h Mexico, SA de
errill Lynch
he
nch Limited,
): Merrill Lynch
errill Lynch
regulated by
KSA Company,
lated by the Moneta
lores;
P Merri
h (Israe
ILy
Merrill Lyne!
I Lynch
he
Kto
subject to
japan by
nch (Hong Kong} which is regu
cted to, or
ed in India by DSP Merri
) by Merrill Lynch Interna
rrill Lynch (Singapore) are
ed (ABN 65 006 276 795), AFS
A Australia, neither MLEA nor
each is defined in the rules of
Bank of Ireland and
errill
ated
I Lynch
jonal
Limi
License 235132 (MLEA) distribute this repor'
any of its affiliates involved in preparing this research report is an Authorised Deposit- Taking Institution un
Authority. No approval is required for publication or distribution of this report in Brazil and its local distribu
ited by the DFSA. Research reports prepared and issued by Merrill Lynch
der the Banking Act 19
jon is by Merrill Lynch
(DIFC) are done so in accord
59 nor regulated by the Austra
Brazil} in accordance with app
ance with the requirements o
ian Prudential Regulation
icable regulations. Merrill Lynch
he DFSA conduct of business
DIFC is authorized and regula
rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germ
This research report has been prepared and issued by MLPF&S and/or one or more of its non-US affiliates.
responsibility for research reports of its non-US affiliates distributed to MLPF&S clients in the US. Any
security discussed in the report should do so through M
respect of any matters relating to dealing in securities (and not futures contracts) or provision of speci
report should contact Merrill Lynch International Bank Limited (Merchant Bank) and/or Merrill Lynch (S
research report.
General Investment Related Disclosures:
Taiwan Readers: Neither the information nor any opinion expressed herein constitutes an offer or aso
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
financial advice regarding the a
ic advice on securities
inga|
icitation of an offer to
o account the specific investment objectives, financial situation and the p
ppropriateness of investing in financial instruments and implementing investment strategies
that statements regarding future prospects may not be realized. Any decision to purchase or subscribe for securities in any o
security or the information in the prospectus or other offering document issued in connec
Securities and other financial instruments discussed in this report, or recommended, offered or sold by Merrill Lynch, are not
deposits or other obligations of any insured depository institution (including, Bank of Ame
among others, market risk, counterparty default risk and liquidity risk. No security, financial instrument or derivative is suitab
instruments may be difficult to value or sell and reliable information about the value or risks related to the security or financi
income from such securities and other financial instruments, if any, may fluctuate and that price or value of such securities a
lose their entire principal investment. Past performance is not necessarily a guide to fu
This report may contain a short-term trading idea or recommendation, which highlights a specific near-term catalyst or even
short-term price impact on the equity securities of the issuer. Short-term trading ideas and recommendations are different fi
reflects both a longer term total return expectation and attractiveness for investmen
be more or less positive than a stock's fundamental equity rating.
BofA Merrill Lynch is aware that the implementation of the ideas expressed in this re
port may depend upon an investor's abi
LPF&S is the distribu
pore) Pte Ltd in respec
any and is regulated by BaFin.
(and not futures contracts). Si
transact in any securities or o
articular needs of any specific
discussed or recommended in
insured by the Federal Deposi
rica, N.A.}. Investments in general and, derivatives, in particular, in
e for all investors. In some cas
al instrument may be difficult
nd instruments may rise or fal
ure performance. Levels and basis for taxation may change.
impacting the issuer or the market tha
rom and do not affect a stock's fundamental equity rating, which
relative to other stocks within its Coverage Cluster. Short-term trading ideas and recommendations may
ity to "short" securities or othe
or of this research report in th
US person receiving this research report and wishing to e
LPF&S and not such foreign affiliates. Hong Kong recipients of this research report should contact Merri
of any matters arising fro
e US and accepts fu
fect any transaction in any
| Lynch (Asia Pacific) Limited in
ngapore recipients of this research
m, or in connection with, this
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,
es, securities and other financial
‘0 obtain. Investors should note that
and, in some cases, investors may
is anticipated to have a
r financial instruments and that such
80 2016 Future of Financials Conference | 17 November 2016
HOUS
BankofAmerica <2”
Merrill Lynch
E_OVERSIGHT_014394
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