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comp, but overall demand remains robust. Instagram feedback was notably positive
document IMAGES-003-HOUSE_OVERSIGHT_014909.txt Apr 4, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

…fA ML est. 0.94 $1.17 $4.86 $6.02 Street 0.86 $1.06 $4.45 $5.76 BofA ML vs Street Above Above Above Above Source: BofA Merrill Lynch Global Research estimates, Bloomberg, as of 4/4/2017 Our $165 price objective is based on 24x our non-GAAP 2018E EPS and 27x GAAP EPS, multiples...

e Work with existing private insurers
document IMAGES-003-HOUSE_OVERSIGHT_016167.txt Jun 30, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…y share of claims (1H15) 28% 25% 4% T% 20% 16% mBupa Arabia = Tawuniya mMedguif mMalath mAxa © Other Source: BofA Merrill Lynch Global Research, CCHI OS merrill Lynch GEMs Paper #26 | 30 June 2016 57 HOUSE_OVERSIGHT_016167

EMEA - Integrated & Refiners Coverage Cluster
document IMAGES-007-HOUSE_OVERSIGHT_023606.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

EMEA - Integrated & Refiners Coverage Cluster BofA Merrill Lynch Investment rating Company ticker Bloomberg symbol Analyst BUY Eni E EUS Hamish Clegg Eni EIPAF ENI IM Hamish Clegg Galp Energia GLPEF GALP PL Hamish Clegg Royal Dutch Shell B RDSB RDS/B US Christopher Kuplent Royal...

Rationalization of subsidies for water and electricity
document IMAGES-003-HOUSE_OVERSIGHT_016170.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…th @ Transport 10.44% Communication @ Recreation and culture Education = Restaurants and hotels Source: Haver, BofA Merrill Lynch Global Research Subsidies account for 15% of Almarai’s net income; 40% are related to poultry Almarai continues to receive subsidies from the Sau...

Telecom: supporting a move to higher
document IMAGES-003-HOUSE_OVERSIGHT_016158.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Telecom: supporting a move to higher connectivity Hootan Yazhari, CFA >> Merrill Lynch (DIFC) [email protected] Table 15: Key NTP objectives for the Ministry of Communications and Information Technology 2020 Regional Int'l No. Strategic objective Key Performance Indicat...

Financials: buy XLF call spreads
email IMAGES-001-HOUSE_OVERSIGHT_012045.txt Nov 22, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park | 5th Floor | New York, NY 10036 ho i Fl From: Ens, Amanda Sent: Tuesday, November 22, 2016 2:15 PM To: ‘jeffrey E.'; Rich Kahn Subject: Financials: buy XLF call spreads Underwei...

see the most uplift in spending from any potentially large fiscal stimulus and
document IMAGES-003-HOUSE_OVERSIGHT_014635.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ice $46.95 P/E (2017) 32.5x % of sell-side rated Buy 14.3% Short interest % of float 10.30% Source: Bloomberg and BofA Merrill Lynch Global Research estimates BankofAmerica <2” 14 Top 10 US Ideas Quarterly | 03 January 2017 Merrill Lynch HOUSE_OVERSIGHT_014635

Table 11: Amazon Estimate Summary
document IMAGES-003-HOUSE_OVERSIGHT_014902.txt Apr 6, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

…est. $2.34 $2.86 $10.90 $14.37 Street $2.28 $3.30 $12.60 $18.16 BofAML vs. Street Above Below Below Below Source: BofA Merrill Lynch Global Research estimates, Bloomberg, as of 4/4/2017 Our PO of $1,100 is based on our SOP that values AWS at $127bn or $259 per share and the ret...

Trades Gaining Momentum: Finance-Related Assets vs. S&P 500
document IMAGES-001-HOUSE_OVERSIGHT_011279.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…d outflow in 3.5 yrs, record EM debt outflow. Regards, Amanda Amanda Ens Director | Global Equities Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One . Park | 5th Floor | New York, NY 10036 Phone: Mobile: This message, and any attachments...

1Q Internet Summary Previews
document IMAGES-003-HOUSE_OVERSIGHT_014889.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…nue $944 $933 EPS 0.06 0.05 Ahead EPS ($0.49) ($0.60) Ahead YELP Revenue $201 $198 EPS $0.18 $0.16 Ahead Source: BofA Merrill Lynch Global Research, Bloomberg, as of 4/4/2017 Bankof America Merrill Lynch Internet/e-Commerce | 06 April 2017 HOUSE_OVERSIGHT_014889

Estimate vs Consensus
document IMAGES-003-HOUSE_OVERSIGHT_014899.txt Apr 4, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

…L est. $7.26 $7.75 32.66 $37.81 Street $7.42 $8.06 33.31 $39.16 BofA ML vs Street Below Below Below Below Source: BofA Merrill Lynch Global Research, Bloomberg, as of 4/4/2017 Given the recent YouTube & ad network concerns, it’s possible stock sees a lift on in- line EPS if com...

below $40. In other words, the outcome is highly binary in the short term for crude and
document IMAGES-003-HOUSE_OVERSIGHT_014480.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… n 0 88 00% Real Estate SX86P 1.9 n 0 1.9 00% Technology SX8P 3.8 n 0 3.8 00% Telecomm SXKP 41 n 0 44 00% Source: BofA Merrill Lynch Global Research, Bloomberg Reflation rotation - tactically got very stretched Over the last two weeks we cut our weightings in Basic Resources a...

Chart 81: What do you expect to be the main driver of success for robo advisors?
document IMAGES-002-HOUSE_OVERSIGHT_014369.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…truction that — Labor fiduciary human in volatile structure interface platform — outperforms rule markets Source: BofA Merrill Lynch Global Research ¢ Finally, all of the panel participants believe that the DOL Fiduciary Rule will not be repealed by the new administration, alth...

Table 17: Match estimate summary
document IMAGES-003-HOUSE_OVERSIGHT_014913.txt Apr 4, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

….13 $0.21 $0.88 $1.07 BofA ML vs Street In-Line In-Line Above Above Street EBITDA margins 25% 35% 35% 37% Source: BofA Merrill Lynch Global Research estimates, Bloomberg, as of 4/4/2017 BankofAmerica <2 ; ; Merrill Lynch Internet/e-Commerce | 06 April2017 27 HOUSE_OVERSIGHT_01...