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Managing Director & Global Coordinator, Public Affairs
document IMAGES-009-HOUSE_OVERSIGHT_026824.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…e Western Hemisphere. Prior to joining Deutsche Bank, Mr. Kelly held senior positions at both Charles Schwab & Co. and Merrill Lynch & Co, Inc. Before joining the private sector, Mr. Kelly served at the U.S. Securities and Exchange Commission as Chief Spokesman as well as the U...

Volatility in Asia
document IMAGES-003-HOUSE_OVERSIGHT_014987.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…0/110% corridor variance swap: 5 vol points deg oes Bankof America 16 Global Equity Volatility Insights | 20 June 2017 Merrill Lynch HOUSE_OVERSIGHT_014987

Pandora (BUY, $9 PO)
document IMAGES-003-HOUSE_OVERSIGHT_014916.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…difficult transition year as it builds it on-Demand service. BankofAmerica <2” 30 Internet/e-Commerce | 06 April 2017 Merrill Lynch HOUSE_OVERSIGHT_014916

What matters is return. I don’t have to specify “risk-adjusted” return so long as
document IMAGES-001-HOUSE_OVERSIGHT_011104.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

What matters is return. I don’t have to specify “risk-adjusted” return so long as | describe the collective scale alone. Collective return is implicitly average-risk return. I prioritize it on the reasoning that optimizing employment of people and plant is implicit, and that opti...

portfolios are chosen for returns no higher and riskier than the year before. They
document IMAGES-001-HOUSE_OVERSIGHT_010959.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

portfolios are chosen for returns no higher and riskier than the year before. They will tend in fact to be lower, judging from logic and evidence for a decline in risk tolerance with age. Then what besides work is recovered in pay? The two possibilities I was weighing were main...

New Leaf’s investment strategy is differentiated in the venture capital industry in terms of its
document IMAGES-007-HOUSE_OVERSIGHT_024042.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

V. NEW LEAF VENTURE PARTNERS INVESTMENT STRATEGY New Leaf’s investment strategy is differentiated in the venture capital industry in terms of its sector focus, specific approaches within each sector, and the depth of experience and long-term track record that supports each eleme...

pure consumption. Why? Output in itself means creation of economic value
document IMAGES-001-HOUSE_OVERSIGHT_011128.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

pure consumption. Why? Output in itself means creation of economic value. Mathematically, that could include what I called “output exhaust”, meaning value exhausted as soon as created. | ruled that out as “free goods”, which happen every day but are neglected in economics as unab...

NLV-III will be managed by the New Leaf team, which currently manages NLV-I, NLV-IL, and
document IMAGES-007-HOUSE_OVERSIGHT_024022.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Il. THE TEAM NLV-III will be managed by the New Leaf team, which currently manages NLV-I, NLV-IL, and provides sub-advisory services managing the remaining healthcare technology investments in the Sprout Funds. The team of six senior partners, five of whom have worked together c...

growth rate = capital productivity + thrift rate. (4.4b)
document IMAGES-001-HOUSE_OVERSIGHT_011004.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

growth rate = capital productivity + thrift rate. (4.4b) Notice that we must change the sign before “consumption rate” to find thrift. Change downward in consumption rate is change upward in thrift rate, and conversely. Further change in growth rate = change in capital product...

A Wednesday, September 28, 2016
document IMAGES-007-HOUSE_OVERSIGHT_023571.txt Sep 28, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

A Wednesday, September 28, 2016 “ Developing nations in Central Asia, Europe, Southeast Asia, Africa and other regions need to have our news perspectives and voices heard.” Wilson Flores, columnist at the Philippine Star newspaper + €¢ 4} CHINA DAILY COMMERCE Trade initiat...