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2. Average Hourly Earnings
document IMAGES-009-HOUSE_OVERSIGHT_026912.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…92 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Note: Average hourly earnings is available for the private sector starting in 2006 and is released in the monthly employment report. The BLS hourly earnings data for production and nonsupervisory employees, ~80...

The New Leaf team applies a rigorous, systematic, fundamentals-driven approach to diligence
document IMAGES-007-HOUSE_OVERSIGHT_024055.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…tart-up stage companies, as well as growth equity or expansion capital investment in NLV-III’s targeted sectors, in the private and public markets. The Fund Managers have a long history of separating the roles of transaction finder, negotiating/ closing the transaction, and boar...

Jan Loeys Global Asset Allocation
document IMAGES-009-HOUSE_OVERSIGHT_026578.txt Nov 9, 2012 House Oversight Committee — Epstein Estate Records (Nov 2025)

…aiwan Stock Exchange (company-type) and regulated by the Taiwan Securities and Futures Bureau. India: J.P. Morgan India Private Limited, having its registered office at J.P. Morgan Tower, Off. C.S.T. Road, Kalina, Santacruz East, Mumbai - 400098, is a member of the National Stock...

Japan Economics Viewpoint
document IMAGES-002-HOUSE_OVERSIGHT_014401.txt Nov 18, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

Japan Economics Viewpoint Ready for ignition 18 November 2016 Key takeaways ° We are upbeat on Japan's outlook and think consensus is underestimating the strength of medium-term GDP and inflation. ° While the consensus looks for just 0.8% growth next year, we expect growth o...

USVI Visitor Expenditures
document IMAGES-005-HOUSE_OVERSIGHT_018824.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Area Analysis 14 USVI Visitor Expenditures $1,000.0 ——___—___—__—_—— 4,000.0 $900.0 4 : = : - 7 a ~ 3,800.0 - 3,600.0 $300.0 ~——____—_—— — 3,400.0 $700.0 3,200.0 $600.0 | —--— : —$_________| 3,000.0 ww "i & 2 = $500.0 = 2,800.0 r 2,600.0 isitors (Thousands) $400.0 - =...

ow Might One Think About Turning Around USA Inc.?
document IMAGES-006-HOUSE_OVERSIGHT_021063.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

... ow Might One Think About Turning Around USA Inc.? One might consider... e Options for reducing expenses by focusing on entitlement reform and operating efficiency — Formula changes could help Social Security's underfunding, but look too draconian for Medicare/Medicaid; the...

The J.P. Morgan View
document IMAGES-011-HOUSE_OVERSIGHT_030848.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

J.P Morgan The J.P. Morgan View Local forces are dominating e Asset allocation — Local risks and opportunities trump global forces in driving investment opportunities. Cross-market correlations to remain much lower than in recent years. e Economics — US activity data are comi...

Consequences of Inaction — Investor Perspective
document IMAGES-006-HOUSE_OVERSIGHT_021049.txt Jul 2, 2009 House Oversight Committee — Epstein Estate Records (Nov 2025)

Consequences of Inaction — Investor Perspective e Short Term, No Problem Yet Global bond investors, in part, have looked past USA Inc.’s deteriorating financials because growth, inflation, and Fed purchases matter more, and because income statements and balance sheets of many o...

Bottom Line, as Data in This Presentation Indicate
document IMAGES-006-HOUSE_OVERSIGHT_020958.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Bottom Line, as Data in This Presentation Indicate... USA Inc.’s expenses far exceed revenue — and government projections imply this trend will get worse, not better. In addition - while not addressed in depth in this presentation - USA Inc. (while still a global powerhouse), a...

hasn’t resulted in an inflationary surge (core inflation measured over 3 months just came in below 2
document IMAGES-008-HOUSE_OVERSIGHT_025237.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

hasn’t resulted in an inflationary surge (core inflation measured over 3 months just came in below 2%), so why not keep doing it? Aren’t these charts amazing? Rising Federal debt? No problem for Treasury markets Rising Fed balance sheet? No problem forinflation Percentof GDP ‘Yi...

assume $4.7/share in value for the core business based Verizon's pending acquisition
document IMAGES-003-HOUSE_OVERSIGHT_014945.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

assume $4.7/share in value for the core business based Verizon's pending acquisition value of $4.83bn less $300mn for potential revisions. Downside risks to our PO are: 1} Alibaba stock valuation declines, 2) Alibaba valuation discount is higher than expected, 3) Verizon's pendi...

Economic Research: How Increasing Income Inequality Is Dampening U.S. Economic Growth, And Possible
document IMAGES-008-HOUSE_OVERSIGHT_025775.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Economic Research: How Increasing Income Inequality Is Dampening U.S. Economic Growth, And Possible Ways To Change The Tide levels were increasing at the rate they were 15 years ago, the level of potential GDP would be 1%, or $185 billion higher in five years. A more educated wo...

COLLABORATIVE INSIGHTS February 25, 2019
document IMAGES-008-HOUSE_OVERSIGHT_024917.txt Feb 25, 2019 House Oversight Committee — Epstein Estate Records (Nov 2025)

COWEN COLLABORATIVE INSIGHTS February 25, 2019 ADDENDUM Stocks Mentioned In Important Disclosures Ticker Company Name WEED Canopy Growth Corporation GWPH GW Pharmaceuticals Plc TLRY Tilray TPB Turning Point Brands Important Disclosures and Information Relating to Cowen Wash...

How Might One Think About Turning Around USA Inc.?
document IMAGES-006-HOUSE_OVERSIGHT_020851.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

... How Might One Think About Turning Around USA Inc.? One might consider... e Options for reducing expenses by focusing on entitlement reform and operating efficiency — Formula changes could help Social Security's underfunding, but look too draconian for Medicare/Medicaid; the...

best risk return."
document IMAGES-007-HOUSE_OVERSIGHT_024138.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Summary "With the global economy continuing to muddle through, we believe that US corporate bonds offer the best risk return." 36 UBS Economy The successful formation of a Greek government after the June 17 elections has reduced the risk of an imminent Greek exit from the Eur...