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Chart 27: The current vega outstanding in the ESTX50-linked structured products is EUR 143mn
document IMAGES-008-HOUSE_OVERSIGHT_025991.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Chart 27: The current vega outstanding in the ESTX50-linked structured products is EUR 143mn, which is in the 97" percentile since 3-Jan-14 EUR Mn SX5E structured products vega notional 160 7 ane nnnens Current SX5E structured products vega notional outstanding 44g. prceretntett...

Exhibit 48: S&P 500 Price-to-Trend Earnings vs
document IMAGES-003-HOUSE_OVERSIGHT_014584.txt Dec 31, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

Exhibit 48: S&P 500 Price-to-Trend Earnings vs. Subsequent Calendar-Year Price Return Starting valuation multiples tell us little about equity returns over the following year. S&P 500 Returns 1 Year Forward (%) 50 - R?=5.2% 40 « ° oe 30 - ° ° % ¢ + 20 ¢ @,¢ o . * ° 10 wep see...

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)

due to adverse political, economic or other developments. These risks are magnified for investments made in emerging markets. Investments in a certain industry or sector may pose additional risk due to lack of diversification and sector concentration. There are special risks asso...

To: Melanie Spinella i
email IMAGES-007-HOUSE_OVERSIGHT_023209.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Subject: To: Melanie Spinella i, Leon, Yesterday , | again spent hours upon hours of my time with your office. ,( speak to brad to get flavor) and you and 1 will discuss the results in gory gruesome detail on Friday. it mirrored many other weeks spent doing the things that I do...

as basis risk runs too high with other assets
document Chart 15: Proxy hedge screen for a Nasdaq 100 (NDX) benchmark suggests NDX is the best hedge for itself House Oversight Committee — Epstein Estate Records (Nov 2025)

as basis risk runs too high with other assets

both in time and actual postage. Risk elimination
document IMAGES-002-HOUSE_OVERSIGHT_013930.txt,costs me more than just the price I paid for the product House Oversight Committee — Epstein Estate Records (Nov 2025)

both in time and actual postage. Risk elimination