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Summary of Closed Trades (19-Jun-17)
document IMAGES-003-HOUSE_OVERSIGHT_014994.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… SX5E put spread, short SX7E call trade) to limit potential risk from a “Yes” in the Italian referendum Bankof America Merrill Lynch Global Equity Volatility Insights | 20 June 2017 = 23 HOUSE_OVERSIGHT_014994

Volatility in Europe
document IMAGES-003-HOUSE_OVERSIGHT_014980.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…riced higher, thus providing an interesting entry point for the (short-correlation) trade. Bankof America <> ; dee Ios Merrill Lynch Global Equity Volatility Insights | 20 June 2017 9 HOUSE_OVERSIGHT_014980

Ralf Preusser, CFA Herve Belmas
document IMAGES-003-HOUSE_OVERSIGHT_014758.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… 17bp of yield. We target a PNL of USS300K. Bankof America 28 Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 Merrill Lynch HOUSE_OVERSIGHT_014758

Summary of Closed Trades (5-Jun-1 7)
document IMAGES-007-HOUSE_OVERSIGHT_023599.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… SX5E put spread, short SX7E call trade) to limit potential risk from a “Yes” in the Italian referendum Bankof America Merrill Lynch Global Equity Volatility Insights |O6 June 2017. 25 HOUSE_OVERSIGHT_023599

Downside risks are: 1) integration risk from smartwatches and other wearables
document IMAGES-003-HOUSE_OVERSIGHT_014941.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… lead to lower PMC growth, the need to acquire competing sites to maintain growth or market share, and Bankof America Merrill Lynch Internet/e-Commerce | 06 April2017 955 HOUSE_OVERSIGHT_014941

Refining the reflation rotation
document IMAGES-002-HOUSE_OVERSIGHT_014461.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…al that has lagged badly and seen valuations de-rate. BankofAmerica <2” 2 European Equity Strategy | 01 December 2016 Merrill Lynch HOUSE_OVERSIGHT_014461

Notable trends and dislocations (Europe)
document IMAGES-003-HOUSE_OVERSIGHT_014982.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…orrelation now seems supported likely driven by the unwind of reflation trades (Chart 18). Bankof America <> ariective Merrill Lynch Global Equity Volatility Insights | 20 June 2017 11 HOUSE_OVERSIGHT_014982

Politics — populism in the Eurozone?
document IMAGES-002-HOUSE_OVERSIGHT_014475.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… all nature of French presidential elections. As James ; Bankof America 16 European Equity Strategy | 01 December 2016 Merrill Lynch HOUSE_OVERSIGHT_014475

Saudi Arabia approves 100% foreign ownership rules
document IMAGES-003-HOUSE_OVERSIGHT_016171.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ty building and introduction of modern technology will help arrest wastages, particularly in the food supply chain. OS Merrill Lynch GEMs Paper #26 | 30 June 2016 61 HOUSE_OVERSIGHT_016171

Ristimaki Boulan PO:US$20 PO:US$21 PO:US$21
document IMAGES-007-HOUSE_OVERSIGHT_023607.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…curity is not covered. Chart is current as of May 31,2017 or such later date as indicated. Bankof America <> ariective Merrill Lynch Global Equity Volatility Insights | O06 June 2017 33 HOUSE_OVERSIGHT_023607

Eurozone political calendar 2017
document IMAGES-002-HOUSE_OVERSIGHT_014474.txt Mar 15, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

…ministration and that German elections carry less risk than the earlier French presidential elections. Bankof America Merrill Lynch European Equity Strategy |O1 December 2016 15 HOUSE_OVERSIGHT_014474