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

…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

Expedia (Buy, $146 PO)
document IMAGES-003-HOUSE_OVERSIGHT_014905.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…decelerated 30bps to 3.0% y/y, and European RevPAR through February accelerated 600bps q/q to 3.6% y/y Bankof America Merrill Lynch Internet/e-Commerce | 06 April2017 19 HOUSE_OVERSIGHT_014905

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

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

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

Historic energy sector liberalization
document IMAGES-003-HOUSE_OVERSIGHT_016120.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ier to the US and was achieved through the buying of stakes in refineries in 1988. 10 GEMs Paper #26 | 30 June 2016 3S Merrill Lynch HOUSE_OVERSIGHT_016120

GrubHub (Buy, $49 PO)
document IMAGES-003-HOUSE_OVERSIGHT_014910.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ure rather than an ongoing, longer-term focus for management. 24 Internet/e-Commerce | 06 April 2017 Bankof America <2 Merrill Lynch HOUSE_OVERSIGHT_014910

Cullen/Frost Bankers Inc (CFR)
document IMAGES-002-HOUSE_OVERSIGHT_014381.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…terest rate environment, expensive M&A and slower than guided loan growth on weaker economic activity. Bankof America Merrill Lynch 2016 Future of Financials Conference | 17 November 2016 67 HOUSE_OVERSIGHT_014381

Rotation trade — valuations have moved a long way
document IMAGES-003-HOUSE_OVERSIGHT_014482.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…n in 2010 and 2014 — but those would still allow for healthy 25-30% valuation premiums to the market . Bankof America Merrill Lynch European Equity Strategy |O1 December 2016 23 HOUSE_OVERSIGHT_014482

Repatriation impact
document IMAGES-007-HOUSE_OVERSIGHT_023092.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…a particular year, we exclude the tax rate of that BankofAmerica <2” 24 Equity Strategy Focus Point | 29 January 2017 Merrill Lynch HOUSE_OVERSIGHT_023092