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were underweight at the start of the year too and missed the lows. We recognized we
document IMAGES-002-HOUSE_OVERSIGHT_014464.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ives - relative price vs 52wk average (SD) Cyclicals vs Defensives - relative price vs 52wk average (SD) Source: BofA Merrill Lynch Global Research, Bloomberg Source: Re BofA Merrill Lynch Global Research, Bloomberg place this text In fact your best guide to this year was to b...

Chart 27: 3% Global GDP growth the tipping point for EPS
document IMAGES-002-HOUSE_OVERSIGHT_014471.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…40 -40% 6 30 60 “50% “1% 01/98 01/01 01/04 01/07 O10 0113 01/16 Q496 Q499 Q402 Q405 Q408 Q411 Q414 Q417 Source: BofA Merrill Lynch Global Research, Datastream, IBES MSCI Europe 12m trail EPS (IBES) ———World GDP (right) =———|SM / Euro PMI manuf avg (advanced 9m) =———|MSCI Eur...

Chart 80: Stocks mostly trade above ex-pipeline value
document IMAGES-003-HOUSE_OVERSIGHT_014494.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…t stocks 20% 15% 5% -5% -15% -14% 16% — -16% 25% Boe -35% mPremium/(Discount) to ex pipeline DCF Source: BofA Merrill Lynch Global Research Overweight Utilities Chart 81: Growth from new products - $138bn launching 16-20E Peak unrisk-adjusted sales potential (USDm) of...

Chart 7: Cumulative Japanese purchases of foreign bonds since 2010
document IMAGES-003-HOUSE_OVERSIGHT_014734.txt Jan 1, 2010 House Oversight Committee — Epstein Estate Records (Nov 2025)

…ds since 2010 900 800 700 600 500 400 300 . 200 100 0 -100 1/1/2010 7/1/2011 1/1/2013 71112014 1/1/2016 Source: BofA Merrill Lynch Global Research Chart 8: USD/JPY 10y forward outright 100 95 90 85 80 75 70 65 60 55 50 1/1/2010 5/1/2011 8/4/2012 = 1/1/2014) 5/1/2015 = 9/1/2...

recent price action for individual assets. However, the fact that we have had multiple
document IMAGES-003-HOUSE_OVERSIGHT_014481.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… Insurance 36 0 94 Chemicals 19 08 Banks 16 8 94 Construction 2.0 12 Basic Resources 9 7 100 Basics 27 22 Source: BofA Merrill Lynch Global Research, Bloomberg Chart 45: Basic Resources 4" overbought signal this year — previous pullbacks last 4-8 weeks and averaged -11% relativ...

interest tax shield later in this report). Deleveraging balance sheets may also be spurred
document IMAGES-007-HOUSE_OVERSIGHT_023078.txt Jan 17, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

…P/E 16.7 22.0 Median Fwd P/E 16.2 173 PIB 28 29 EV/EBITDA 11.6 W7 PIS 15 20 EviSales 2.2 23 Source: FactSet, S&P, BofA Merrill Lynch US Equity & US Quant Strategy Exhibit 1: BofAML Global Fund Manager Survey (January 2017): What would you most like to see companies do with cash...

Chart 1: USDJPY vs yield spread Chart 2: USDJPY carry* gradually inching up
document IMAGES-002-HOUSE_OVERSIGHT_014425.txt Feb 10, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…PY(RHS) —_USDJPY carry / 3m implied vol (RHS) US-Japan 10yr real yield spread (LHS) e==== USD/JPY (RHS) Source: BofA Merrill Lynch Global Research, Bloomberg Source: BofA Merrill Lynch Global Research, Bloomberg *Using 3m deposit rate JPY sellers > JPY buyers While uncertain...

Director | Global Equities
document IMAGES-002-HOUSE_OVERSIGHT_014399.txt Nov 18, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

Amanda Ens Director | Global Equities Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated Japan Investment Strategy Nikkei to 20,000: Inventory cycle upturn — cyclicals; inflation — banks, insurance Investment Strategy 18 November 2016 Key tak...

Financials trade for Monday
email IMAGES-002-HOUSE_OVERSIGHT_014313.txt Nov 11, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…go higher, it’s unlikely that they can get back to the peaks... Regards, Amanda Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 HOUSE_OVERSIGHT_014313

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...

2. From a panel discussion last week
document IMAGES-003-HOUSE_OVERSIGHT_014719.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…higher yields) offers the best risk- reward after recent moves. Regards, Amanda Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 Phone: ii \Vobilc: HOUSE_OVERSIGHT_014719

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...