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No interest tax shield
document IMAGES-007-HOUSE_OVERSIGHT_023085.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…r has a lot of leverage, there would likely be a pass through to customers in determining their allowed rate increase. Bankof America Merrill Lynch Equity Strategy Focus Point | 29 January 2017. 17 HOUSE_OVERSIGHT_023085

year from the median calculation. For companies with normalized tax rates of more than
document IMAGES-007-HOUSE_OVERSIGHT_023093.txt Jan 29, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

…val of the net interest expense deduction from taxable income by multiplying the net interest expense by the tax rate. Bankof America <> Merrill Lynch Equity Strategy Focus Point | 29 January 2017. 25 HOUSE_OVERSIGHT_023093

Price objective basis & risk
document IMAGES-003-HOUSE_OVERSIGHT_014939.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… customers each year to grow given high churn, 2) competition from SitterCity and Homestead, and 3) new care offerings Bankof America Merrill Lynch Internet/e-Commerce | 06 April2017 53 HOUSE_OVERSIGHT_014939

Citigroup Inc. (C)
document IMAGES-002-HOUSE_OVERSIGHT_014380.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ribution and a potential takeout above our price objective. 66 2016 Future of Financials Conference | 17 November 2016 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014380

« Marketing expense expected to ramp in 2017, which can weigh on earnings
document IMAGES-003-HOUSE_OVERSIGHT_014911.txt Apr 4, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

…he core business and, relative to the overall small-cap sector, GRUB has more attractive margins and growth potential. Bankof America Merrill Lynch Internet/e-Commerce | 06 April2017 25 HOUSE_OVERSIGHT_014911

increase its defense spending. Under Prime Minister Abe, the defense budget has
document IMAGES-002-HOUSE_OVERSIGHT_014419.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…are low. Assuming that external risks are kept at bay, we think Japan will surprise with the strength of its recovery. Bankof America 10 Japan Economics Viewpoint | 18 November 2016 Merrill Lynch HOUSE_OVERSIGHT_014419

this report or its contents
document IMAGES-002-HOUSE_OVERSIGHT_014431.txt Nov 14, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

this report or its contents. Bankof America 8 Japan Macro Watch | 14 November 2016 Merrill Lynch HOUSE_OVERSIGHT_014431

ane Group (CG), C-2-8, Neutral
document IMAGES-002-HOUSE_OVERSIGHT_014357.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…changed materially in last few weeks - continues to be tough. Global growth will continue to be muted, and despite the Bankof America a 2016 Future of Financials Conference | 17 November 2016 43 Merrill Lynch HOUSE_OVERSIGHT_014357

Chart 42: How do you view SNV’s partnerships with online lenders (SoFi/GreenSky)?
document IMAGES-002-HOUSE_OVERSIGHT_014343.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… stressed on looking at the forward curve when assessing the impact from oil prices on credit costs vs. the spot rate. Bankof America a 2016 Future of Financials Conference | 17 November 2016 29 Merrill Lynch HOUSE_OVERSIGHT_014343

Chart 1: USDJPY vs yield spread Chart 2: USDJPY carry* gradually inching up
document IMAGES-002-HOUSE_OVERSIGHT_014425.txt Feb 10, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…l a positive for USD/JPY’s uptrend. Overbought conditions can persist longer in uptrends, but at some point this could Bankof America 2 Japan Macro Watch | 14 November 2016 Merrill Lynch HOUSE_OVERSIGHT_014425