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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

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

Summary of Open Trades (19-Jun-17)
document IMAGES-003-HOUSE_OVERSIGHT_014992.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…v yields have surpassed HY credit yield & equities o er more gearing to rising PMI's, earnings and FCF Bankof America Merrill Lynch Global Equity Volatility Insights | 20 June 2017 21 HOUSE_OVERSIGHT_014992

Source: Bloomberg
document Source: Bloomberg Jun 28, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

Bank of America Merrill Lynch Global Research. PIF = Public Investment Fund. GOSI = General Organization for Social Insurance. PPA = Public Pension Agency. Based on stock prices as of 28 June 2016.

Summary of Open Trades (5-Jun-17)
document IMAGES-007-HOUSE_OVERSIGHT_023597.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…too steep is under-pricing risks Buy unloved and cheap biotech upside by levering depressed vol & skew Bankof America Merrill Lynch Global Equity Volatility Insights | O06 June 2017 = 23 HOUSE_OVERSIGHT_023597

Refiners: What’s going on with Refining in 2017: potential benefits in a Trump
document IMAGES-007-HOUSE_OVERSIGHT_023091.txt Jan 5, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

…tilities: 2017 Year Ahead: Washington DC will likely cast a long shadow on utilities 06 January 2017 Bankof America <> Merrill Lynch Equity Strategy Focus Point | 29 January 2017.23 HOUSE_OVERSIGHT_023091

Government arrears to contractors could be significant
document IMAGES-003-HOUSE_OVERSIGHT_016139.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… take the form of liquidity injection, possibly through repo operations for the |OUs. Although unconventional, this OS Merrill Lynch GEMs Paper #26 | 30 June 2016 29 HOUSE_OVERSIGHT_016139