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be equivalent to a SAR100bn cumulative spending cut, which we believe can be
document IMAGES-003-HOUSE_OVERSIGHT_016136.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…SSSgsggggggssss SaSSsBSBSsS SBSSSSESESSSS N NNN NN NNN NNN NNN NNN NNN NOE Rr Or OS NNNN NNN NNN NN SN Source: , Haver, BofA Merrill Lynch Global Research estimates Source: Haver, BofA Merrill Lynch Global Research estimates 26 GEMs Paper #26 | 30 June 2016 OS merrill Lynch HOUS...

Chart 79: How significant do you think robo advisor platforms will become over the next 3-5 years?
document IMAGES-002-HOUSE_OVERSIGHT_014368.txt Nov 17, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

… 20% 10% 0% Assets will surpass $1T Assets will hit $500B then level Assets will hit $500B then out decline Source: BofA Merrill Lynch Global Research ¢ Based on our polling questions, investors believe that the main beneficiaries of the robo advisor trend will be the passiv...

reverse. Fading high 106’s could be a short-term profit-taking view, or area to enter
document IMAGES-002-HOUSE_OVERSIGHT_014426.txt Nov 14, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…35)| 7 USDIPY MIRSI 46.2577 0B 70.00 “0s 30.00 +100 ar 5 fi WV A fk rs mR +60 +40 2012 2013 2014 2015 2016 2017 Source: BofA Merrill Lynch Global Research, Bloomberg Long-term picture: 50m average crossing 200m average Chart 5: USD/JPY monthly chart with 50m average and 200m aver...

Higher yields leading to bank, insurance outperformance
document IMAGES-002-HOUSE_OVERSIGHT_014427.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…4 1.44 -3.64 -0.47 Bull flat -4.49 1.26 -7.31 -5.05 8.91 -11.10 -9.94 8.23 -7.31 -9.61 -0.37 -1.50 -4.16 -1.59 Source: BofA Merrill Lynch Global Research, Bloomberg Used Bloomberg Treasury yield index. Curve movements defined based on 2yr move (up or down) and 2510s move (up o...