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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...

due to adverse political, economic or other developments. These risks are magnified for investments
document IMAGES-004-HOUSE_OVERSIGHT_016803.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ate changes, credit risk, economic changes and the impact of adverse political or financial factors. Bank of America, Merrill, their affiliates, and advisors do not provide legal, tax, or accounting advice. Clients should consult their legal and/or tax advisors before making a...

Equity Investment Rating Distribution: Financial Services Group (as of 30 Sep 2016)
document IMAGES-002-HOUSE_OVERSIGHT_014393.txt Sep 30, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…Hold 730 23.24% Hold 538 13.10% Sell 858 27.32% Sell 514 59.91% * Issuers that were investment banking clients of BofA Merrill Lynch or one of its affiliates within the past 12 months. For purposes of this Investment Rating Distribution, the coverage universe includes only stock...