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The combination of these factors suggest Japanese equities have further to run. We also
document IMAGES-002-HOUSE_OVERSIGHT_014448.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…can get it at decent value, such as in European equities. Last month we recommended investors rotate out of lower risk Bankof America 2 Global Cross Asset Strategy - Year Ahead | 30 November 2016 Merrill Lynch HOUSE_OVERSIGHT_014448

Ristimaki Boulan PO:US$20 PO:US$21 PO:US$21
document IMAGES-007-HOUSE_OVERSIGHT_023607.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…rey shading indicates the security is not covered. Chart is current as of May 31,2017 or such later date as indicated. Bankof America <> ariective Merrill Lynch Global Equity Volatility Insights | O06 June 2017 33 HOUSE_OVERSIGHT_023607

Eurozone political calendar 2017
document IMAGES-002-HOUSE_OVERSIGHT_014474.txt Mar 15, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

…urrent German administration and that German elections carry less risk than the earlier French presidential elections. Bankof America Merrill Lynch European Equity Strategy |O1 December 2016 15 HOUSE_OVERSIGHT_014474

Volatility in Numbers (16-Jun-17)
document IMAGES-003-HOUSE_OVERSIGHT_014997.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…hange -0.94% -0.94% -3./0% 2.37% 1Mth Change -1.10% -10.28% -11.99% -6.15% Source: BofA Merrill Lynch Global Research Bankof America 26 Global Equity Volatility Insights | 20 June 2017 Merrill Lynch HOUSE_OVERSIGHT_014997

Notable trends and dislocations (US)
document IMAGES-003-HOUSE_OVERSIGHT_014978.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…d on 16-May. For comparison, in ’64 SPX had 8 stretches without such a move with the longest stretch spanning 43 days. Bankof America Merrill Lynch Global Equity Volatility Insights | 20 June 2017 7 HOUSE_OVERSIGHT_014978

Best Technical Trades
document IMAGES-003-HOUSE_OVERSIGHT_014777.txt Nov 16, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

… ig eg Rising bullish momentum iF 10 ro 2013 2014 2015 2016 2017 Source: BofA Merrill Lynch Global Research, Bloomberg Bankof America Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 47 Merrill Lynch HOUSE_OVERSIGHT_014777

Options Risk Statement
document IMAGES-007-HOUSE_OVERSIGHT_023603.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…connection with its proposed sale of its UK North Sea assets to Chrysaor LTD, which was announced on January 31, 2017. Bankof America Merrill Lynch Global Equity Volatility Insights |O6 June 2017. 29 HOUSE_OVERSIGHT_023603

Table 9: Summary of open trades as of 19-Jun-17
document IMAGES-003-HOUSE_OVERSIGHT_014993.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…which may be delayed in some cases. “Trade Value” represents current valuation of trades initiated on the “Open Date”. Bankof America 22 Global Equity Volatility Insights | 20 June 2017 Merrill Lynch HOUSE_OVERSIGHT_014993

were underweight at the start of the year too and missed the lows. We recognized we
document IMAGES-002-HOUSE_OVERSIGHT_014464.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…an referendum stretching to the German elections in Autumn 2017. In the middle we have the crucial French elections. A Bankof America Merrill Lynch European Equity Strategy | 01 December 2016 5 HOUSE_OVERSIGHT_014464

ae — a return to positive EPS growth
document IMAGES-002-HOUSE_OVERSIGHT_014470.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ed at 54 so we would look for upside to our base case EPS forecast should PMIs improve to the mid-50s level or beyond. Bankof America <> : Merrill Lynch European Equity Strategy |01 December 2016 =—-11 HOUSE_OVERSIGHT_014470

Conference tone bullish into 2017
document IMAGES-002-HOUSE_OVERSIGHT_014316.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… of self-funding Source: BofA Merrill Lynch Global Research 2 2016 Future of Financials Conference | 17 November 2016 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014316