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1) Upturn in inventory cycle: Defensives—Cyclicals
document IMAGES-002-HOUSE_OVERSIGHT_014400.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…-rated stocks in bank, insurance and cyclical sectors are listed in Table 1. Shusuke Yamada, CFA FX/Equity Strategist Merrill ~ | Global Research Bankof America a Merrill Lynch HOUSE_OVERSIGHT_014400

Table 12: Selected drivers of Saudi consumer
document IMAGES-003-HOUSE_OVERSIGHT_016138.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…scal consolidation measures (VAT, etc) Likely forthcoming Direct and indirect negative impact on consumer Source: BofA Merrill Lynch Global Research Chart 25: Private sector average monthly wages are increasing Chart 26: Wedge between Saudi and non-Saudi private sector salaries...

2017: a good year for domestic demand
document IMAGES-002-HOUSE_OVERSIGHT_014414.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… 2014 2015 2016 2017 2018 mama Private demand meee Public demand mmm Net exports ===Real GDP growth %YoY Source: BofA Merrill Lynch forecasts, CAO 1. Consumer comeback Households have been the noticeable laggard in the current recovery and the main reason why Japan’s economy...

Director | Global Equities
document IMAGES-002-HOUSE_OVERSIGHT_014399.txt Nov 18, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

Amanda Ens Director | Global Equities Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated Japan Investment Strategy Nikkei to 20,000: Inventory cycle upturn — cyclicals; inflation — banks, insurance Investment Strategy 18 November 2016 Key tak...

or call 1-800-MERRILL to have them mailed
document Price charts for the securities referenced in this research report are available at http://pricecharts.baml.com House Oversight Committee — Epstein Estate Records (Nov 2025)

or call 1-800-MERRILL to have them mailed.

Pacific) Limited
document Pacific) Limited House Oversight Committee — Epstein Estate Records (Nov 2025)

regulated by the Hong Kong Securities and Futures Commission (HKSFC) and the Hong Kong Monetary Authority (HKMA); Merrill Lynch (Singapore): Merrill Lynch (Singapore)

Merrill Lynch Kingdom of Saudi Arabia Company
document regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company House Oversight Committee — Epstein Estate Records (Nov 2025)

Merrill Lynch Kingdom of Saudi Arabia Company

Fleming was president of Merrill Lynch & Co
document knowledge of the decision said at the time. Before joining Morgan Stanley House Oversight Committee — Epstein Estate Records (Nov 2025)

Fleming was president of Merrill Lynch & Co.