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document Credit Opinion History Tables for the securities referenced in this research report are available at http://pricecharts.baml.com House Oversight Committee — Epstein Estate Records (Nov 2025)

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ONE FERRY BUILDING, SUITE 255 SAN FRANCISCO, CA 94111 [email protected]
document TEXT-001-HOUSE_OVERSIGHT_024271.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…e innovaDons promote a faster, more secure and more efficient payment system.” Eric Schmidt “Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value.” Milton Friedman (1999) “I think the...

Options Risk Statement
document IMAGES-008-HOUSE_OVERSIGHT_026001.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Options Risk Statement Potential Risk at Expiry & Options Limited Duration Risk Unlike owning or shorting a stock, employing any listed options strategy is by definition governed by a finite duration. The most severe risks associated with general options trading are total loss...

Government arrears to contractors could be significant
document IMAGES-003-HOUSE_OVERSIGHT_016139.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…dity is likely to remain tight as the banking sector balance sheet would stay stretched. Another, perhaps more likely, option would be for banks to accept IOUs as deposits. Contractors would then be able to transfer |OUs to their trade creditors and withdraw cash regularly, with...

3 risks — reality vs hope, higher yields, politics
document IMAGES-002-HOUSE_OVERSIGHT_014428.txt Nov 14, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

3 risks — reality vs hope, higher yields, politics The biggest risk to our view is that actual US fiscal easing turns out to be minimal. But we believe the USD/JPY’s move will be quicker than whatever reality emerges in coming months. China’s unexpected RMB devaluation or any ex...

Analyst Certification
document IMAGES-008-HOUSE_OVERSIGHT_026000.txt Aug 9, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

Analyst Certification |, Benjamin Bowler, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject securities and issuers. | also certify that no part of my compensation was, is, or will be, directly or indirectly, re...

Attachments
email TEXT-001-HOUSE_OVERSIGHT_016413.txt Jan 15, 2019 House Oversight Committee — Epstein Estate Records (Nov 2025)

…y lit street in the South Bronx, developers sipping Puerto Rican moonshine listened as a local official urged them to capture a new U.S. tax break by rebuilding the decaying neighborhood. In Alabama, a young lawyer quit his job after seeing the same tax break's potential to help...

Zillow (Buy, $42 PO)
document IMAGES-003-HOUSE_OVERSIGHT_014934.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Zillow (Buy, $42 PO) Stock view: controversy sounding the mortgage business While we still expect Zillow’s core business to have a solid quarter on product improvements, the self-serve platform, and its recent Seller Boost product, the controversy surrounding Zillow’s mortgage...

Snap (Neutral, $25 PO)
document IMAGES-003-HOUSE_OVERSIGHT_014920.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…offset. Biggest 1Q issues/risks: ¢ DAU deceleration on share loss: Anything short of 164mn will likely be met with skepticism as investors extrapolate recent trends in considering competitive resilience vs Instagram, Facebook, and others. Management will likely address the Andr...