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under the Blueprint (over eight years). The Tax Foundation similarly estimates that a
document IMAGES-007-HOUSE_OVERSIGHT_023075.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…s: “Repatriating Offshore Funds: 2004 Tax Windfall for Select Multinationals”, Majority Staff Report, October 11, 2011 Bankof America <> Merrill Lynch Equity Strategy Focus Point | 29 January 2017 7 HOUSE_OVERSIGHT_023075

Alphabet (Buy, $1,025 PO)
document IMAGES-003-HOUSE_OVERSIGHT_014897.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…7 (vs 4Q16}, and we think deceleration could persist through 2Q17, after which the y/y growth comps ease considerably. Bankof America Merrill Lynch Internet/e-Commerce | 06 April2017 =—-11 HOUSE_OVERSIGHT_014897

No alpha from repatriation and multiples actually compressed
document IMAGES-007-HOUSE_OVERSIGHT_023077.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ses of cash, in an attempt to skew their balance sheets less toward debt and more toward equity (see the section on no Bankof America <> Merrill Lynch Equity Strategy Focus Point | 29 January 2017 9 HOUSE_OVERSIGHT_023077

Table 1: Notional multi-phase development at Guyana: about $22/sh to Hess
document IMAGES-003-HOUSE_OVERSIGHT_014879.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…management’s commentary supports gross production capacity from current discovered resource of at least 600,000 boepd. Bankof America Merrill Lynch Hess Corp. | 11 April 2017 7 HOUSE_OVERSIGHT_014879

Chart 16: SAN, BNP, ING, ISP and DBK average 6M ATMf implied vol is
document IMAGES-003-HOUSE_OVERSIGHT_014981.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…upfront premium for the trade) and 6.8% (1.7x notional, orange line, equal to potential max loss of the trade) deg oes Bankof America 10 Global Equity Volatility Insights | 20 June 2017 Merrill Lynch HOUSE_OVERSIGHT_014981

Chart 1: Synchronised rise in leading indicators globally augurs well for
document IMAGES-002-HOUSE_OVERSIGHT_014462.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…inverted 01/10 01/11 =O112 01/13) «01/14 «(015 = (01/16 Source: BofA Merrill Lynch Global Research, Datastream, IBES Bankof America Merrill Lynch European Equity Strategy | 01 December 2016 3 HOUSE_OVERSIGHT_014462

Equity-Linked Analyst
document IMAGES-007-HOUSE_OVERSIGHT_023611.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…formation on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. Bankof America Merrill Lynch Global Equity Volatility Insights | O06 June 2017 = 37 HOUSE_OVERSIGHT_02361 1

The most influential global bond index is believed to be the Citibank World Government
document IMAGES-003-HOUSE_OVERSIGHT_014765.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…PSESRES22SHES SSG6S2S5656803N2 Source: BofA Merrill Lynch Global Research Source: BofA Merrill Lynch Global Research Bankof America Merrill Lynch Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 35 HOUSE_OVERSIGHT_014765

organic and M&A driven growth opportunities during the next downturn. That said
document IMAGES-002-HOUSE_OVERSIGHT_014338.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…e greater profitability from these channels. Card growth has also been strong with active credit card growth at 12% ea Bankof America 24 2016 Future of Financials Conference | 17 November 2016 Merrill Lynch HOUSE_OVERSIGHT_014338

YoY and card penetration reaching 20%. Importantly, management is utilizing online
document IMAGES-002-HOUSE_OVERSIGHT_014339.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…owth. Management reiterated that the fundamentals of the multifamily business (which is focused on the low-to-moderate Bankof America a 2016 Future of Financials Conference | 17 November 2016 25 Merrill Lynch HOUSE_OVERSIGHT_014339