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d-37322House OversightOther

BoA Merrill Lynch Research Disclosure Boilerplate

Date
November 11, 2025
Source
House Oversight
Reference
House Oversight #014394
Pages
6
Persons
0
Integrity
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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

This document is from the House Oversight Committee Releases.

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EFTA Disclosure
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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. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution of Affiliate Research Reports: LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the South Africa (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulate PRA}; Merrill Lynch (Australia): Merril Pacific) Limited, regulated by the Hong Kong Securities and Futures Commission (HKSFC); Merrill Lynch (Singapore): Merril 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); Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multip errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and is distributed in the United Kingdom (UK) to pro FCA and the PRA) by MLI (UK) and Bank of America Merrill Lynch International Limited, which are authorized 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 by HKSFC (research reports containing any information in relation to, or advice on, fu intended for issuance or distribution to, or use by, any person in Hong Kong}; is issued and distrib India}; and is issued and distributed in Singapore to institutional investors and/or accredited investors (each as d Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration 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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