6
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6
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or price targets) without first obtaining expressed permiss Materials prepared by BofA Merrill Lynch Global Research personnel are based on public i I Lynch, includ , BofA Merrill Lynch does not disclose certain client relationships witl rts. To the extent this report discusses any legal proceeding or iss
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Lynch jon Authority | Lynch (Asia hority of h Mexico, SA de I Lyne h mited, errill Lynch I Lyne ated KSA Com h by pany, he K to errill ated I Lynch jonal EA nor A I Lynch siness fect any transaction in any | Lynch (Asia Pacific) Limited in pore recipients of this research her financial instru
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ons reflect the different time errill Lynch is under no obligation to ensure that such other trading ideas or recommendations are brought has contr I Lynch cl have not Lynch has establ insured by the Federal Deposi of America Corpora nclusion, or information con General Investment Related Disclosur
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al ins by the U.K. regulatory regime, including the Financial Services Scheme, co not a h policies relating to conflicts of interes instrum port. I Lynch , BofA and that statements h, are not insured by America, N.A). Investments in general and, derivati lyst or event impacting erent from and do re
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nterest are described at http://go.bofa.com/coi. ments linked to securities that may have been recommended in this report. ML instrum port. sed on I Lynch , BofA errill Lynch and are not publicly-available materials. Any unautl s Coverage Cluster. Short ation of the ideas expressed in this report may
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ecurities or other financial instruments and that such o seek advice regarding the applicability of such regu ations prior to ies and instruments, I Lynch entities a.com/col. ments linked to securities that may have been recommended in this report. MLPF&S or one of its affiliates may, at any time, hol
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Merrill Lynch Global Wealth Management
OrganizationInvestment management and financial planning service

United Kingdom
LocationCountry in north-west Europe

Bank of America
OrganizationAmerican multinational banking and financial services corporation

Merrill Lynch
OrganizationAmerican investing and wealth management division of Bank of America
Merchant Bank
OrganizationDeals in commercial loans and investment
BaFin
OrganizationGerman Federal Financial Supervisory Authority

Donald Trump
PersonPresident of the United States (2017–2021, 2025–present)

Bank of America Corporation
OrganizationAmerican multinational banking and financial services corporation
ILynch
OrganizationOrganization referenced in documents
The Financial Service Board
OrganizationOrganization referenced in documents

Seoul
LocationCapital and largest city of South Korea

Frankfurt
LocationCity in Hesse, Germany
the Australian Securities and Investments Commission
OrganizationOrganization referenced in documents

Michael Bloomberg
PersonAmerican businessman and politician; 108th Mayor of New York City
Merrill Lynch Canada Inc
OrganizationOrganization referenced in documents
Merrill Lynch International Incorporated
OrganizationOrganization referenced in documents
the Securities and Futures Bureau
OrganizationOrganization referenced in documents
Pierce, Fenner & Smith Incorporated
OrganizationMerrill Lynch (Pierce, Fenner & Smith)
the Investment Industry Regulatory Organization of Canada
OrganizationOrganization referenced in documents
Merrill Lynch (Asia Pacific) Limited
OrganizationOrganization referenced in documents