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Chart 1: Synchronised rise in leading indicators globally augurs well for
document IMAGES-002-HOUSE_OVERSIGHT_014462.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…alg (advanced 9m) 30 =———=|\iSCI Europe EPS € (trailing yoy, R 60 01/98 «= 01/01 0104 01/07 O10 O13 O16 Source: BofA Merrill Lynch Global Research, Datastream, IBES Chart 3: Cyclicals vs Defensives trade now looks very stretched 4 3 2 1 0 { -2 3 -4 Dec-97 Dec-01 Dec-05 Dec-...

Table 10: Tax impact from taxation of accumulated overseas profits at 10%/8.75% rates (assuming
document IMAGES-007-HOUSE_OVERSIGHT_023079.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…0 102.4 78.3 68.5 S&P 500 GAAP EPS impact ($9) ($8) Source: FactSet, Blaomberg, BofAML Global Research estimates, BofA Merrill Lynch US Equity & US Quant Strategy We estimate share buybacks add $4 (or as high as $6) to EPS (GAAP & non-GAAP) If the full $1.2tn that we estimate f...

was activated to pressure the government to change position. Singapore’s experience in
document IMAGES-006-HOUSE_OVERSIGHT_020633.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

174 was activated to pressure the government to change position. Singapore’s experience in 2016-17 holds lessons for other ASEAN member states. On the surface, China claims that it does not interfere in the internal affairs of other states. At the same time, it is led by a Leni...

SPX put contingent on higher rates
email TEXT-001-HOUSE_OVERSIGHT_014310.txt Nov 15, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…1-Nov vol S 9-Now fol) Brexit (28- & 27-Jun lot vs 24-Jun %pi) 40% 60% 80% 100% 120% SPX 1-day intrcityvol Source: BofA Merrill Lynch Global Research. Based on daily data from June 2004 to current 140% 160% Chart 2: Ten-year US Treasury yields see a near record spike after Chart...

Sources: Investment Strategy Group, Bloomberg, Datastream, Goldman Sachs Global Investment Research,
document IMAGES-009-HOUSE_OVERSIGHT_026906.txt Oct 3, 2018 House Oversight Committee — Epstein Estate Records (Nov 2025)

Sources: Investment Strategy Group, Bloomberg, Datastream, Goldman Sachs Global Investment Research, Haver. Endnotes: (1) Kate Davidson and Sarah Chaney, “Fed Chair Powell Sees ‘Remarkably Positive Set of Economic Circumstances,” The Wall Street Journal, October 3, 2018. (2) St...

indicators of future results
document IMAGES-007-HOUSE_OVERSIGHT_024178.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Disclaimer This document has been prepared by UBS AG, its subsidiary or affiliate ("UBS"). The information is intended as a general market commentary and provided solely for marketing and information purposes. Opinions expressed herein are those of UBS Wealth Management & Swiss...

corporation, owns more than 10% of their stock
document IMAGES-007-HOUSE_OVERSIGHT_023363.txt Sep 11, 2001 House Oversight Committee — Epstein Estate Records (Nov 2025)

In re: TERRORIST ATTACKS ON SEPTEMBER 11, 2001., 2012 WL 257568 (2012) corporation, owns more than 10% of their stock. Appellant TIG Insurance Company is a member of the Fairfax Financial Group. Appellant’s parent organization, Fairfax Financial Holdings Ltd, a publicly traded...

Chart 13: Real labor income and private consumption Chart 14: Workers’ saving rate at all-time high
document IMAGES-002-HOUSE_OVERSIGHT_014415.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… saar (LHS) ; ; ‘ Private consumption, JPY trn saar (RHS) —— Saving rate of workers’ households, % 4qtr ma Source: BofA Merrill Lynch Global Research, CAO Source: BofA Merrill Lynch Global Research, MIA 2. Capex revival We also see a fundamental case for higher capital spending....