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e Susan Landau, Testimony for House Judiciary Committee Hearing on “The Encryption
document IMAGES-007-HOUSE_OVERSIGHT_024264.txt Mar 1, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

e Susan Landau, Testimony for House Judiciary Committee Hearing on “The Encryption Tightrope: Balancing Americans’ Security and Privacy” (March 1, 2016) https://judiciary.house.gov/wp-content/uploads/2016/02/Landau-Written-Testimony.pdf archived at https://perma.cc/N9D9-JTYQ. e...

katieoldc | | #Voteln for the #Brexit HEURef vote with @Brndstr & | 23 Jun 2016, | Cumbria 0 | posit
document IMAGES-001-HOUSE_OVERSIGHT_011255.txt Jun 23, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

__katieoldc | | #Voteln for the #Brexit HEURef vote with @Brndstr & | 23 Jun 2016, | Cumbria 0 | positive orn unlocked my own Flag Profile pic! What will you vote? | 18:38 - CEST Hivoted https://t.co/IRNT2bX1nj evie121462 | RT @INTJutsu: The refugee fiasco emphasizes why the | 23...

Case Number: 31E-MM- 108062
document IMAGES-006-HOUSE_OVERSIGHT_021609.txt Sep 30, 2008 House Oversight Committee — Epstein Estate Records (Nov 2025)

09/30/2008 Case Number: 31E-MM- 108062 Serial No.: Does Accomplishment Involve KRRREKREKREKK CHILD LOCATE KEKEKERERERER SENSITIVE / UNCLASSIFIED Stat Agent Name: Stat Agent SOC.: Assisting Agents SOC 09/30/08 19:05:16 Report Date: 09/30/2008 b6 Accom Date.: 06/30/2008 b7C...

Assisting Agents SOC
document IMAGES-006-HOUSE_OVERSIGHT_021621.txt Sep 30, 2008 House Oversight Committee — Epstein Estate Records (Nov 2025)

09/30/2008 RRKEKEKREEEK CHILD LOCATE RERRREEEREERE SENSITIVE / UNCLASSIFIED Stat Agent Name: Stat Agent SOC.: Assisting Agents SOC Case Number: 31E-MM- 108062 Serial No.: Does Accomplishment Involve Subject Name GON a we wn nome . Co ——— A Fugitive. . 2... 2 eee 2: N | Ba...

Case Number: 31E-MM- 108062
document IMAGES-006-HOUSE_OVERSIGHT_021635.txt Sep 30, 2008 House Oversight Committee — Epstein Estate Records (Nov 2025)

09/30/2008 KRREREREKERE CHILD LOCATE KREKKKRKEKEEIK SENSITIVE / UNCLASSIFIED Case Number: 31E-MM- 108062 Serial No.: Does Accomplishment Involve Drugs 2... 2 ewe ee wee 7 iN A Fugitive. .. 2. 2s eee e : N Bankruptcy Fraud. ...... 2 N Computer Fraud/Abuse. ....3:N Corruption...

downturn in the local real estate markets affecting Franklin's construction loans and
document IMAGES-002-HOUSE_OVERSIGHT_014383.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

downturn in the local real estate markets affecting Franklin's construction loans and increasing credit costs via higher charge-offs and provisions, and 3) inability to effectively fund asset growth driving greater than expected compression in the net interest margin. Goldman Sa...

Drill Down on One-Time Charges
document IMAGES-006-HOUSE_OVERSIGHT_020932.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Drill Down on One-Time Charges Most of USA Inc.’s recent one-time charges are directly or indirectly related to America’s real estate bubble and aggressive borrowing. First we look at the drivers of the real estate bubble (we call it ‘anatomy of a real estate bubble’), then we...

Emerging market bonds
document IMAGES-008-HOUSE_OVERSIGHT_025275.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Emerging market bonds Preference: neutral EMBI Global/CEMBI spread (24 Oct): 281bps / 334bps (last month: 292bps /363bps) UBS View EMBI Global/CEMBI spread target (6-month): 275bps/290bps ¢ Current spread levels of EM sovereign bonds are roughly in line with fundamentals. We th...

S&P 500 (24 Oct): 1,409 (last publication: 1,433)
document IMAGES-008-HOUSE_OVERSIGHT_025261.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

US equities S&P 500 (24 Oct): 1,409 (last publication: 1,433) UBS View S&P 500 (6-month target): 1,460 ¢ We keep our preference for US equities relative to other developed equity markets. Earnings continued to hold up better than in other regions during the recent economic slow...

Section 1 Base slides 2
document IMAGES-008-HOUSE_OVERSIGHT_025248.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Table of Contents Section 1 Base slides 2 Section 2 Asset class views 11 2.A Equities 12 2.B Fixed income 22 2.C Foreign exchange 29 2.D NTAC: Commodities, Listed real estate, Hedge funds and Private equity 33 3 UBS , HOUSE_OVERSIGHT_025248

Global equity markets - Key points
document IMAGES-008-HOUSE_OVERSIGHT_025260.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Equities overview Global equity markets - Key points e We keep an overall neutral allocation to equities (see summary on slide 3). ° We keep our preference for US equities. Resilient company earnings still soeak for an overweight stance. Continued economic growth should underp...

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)

Chart 7: Cumulative Japanese purchases of foreign bonds 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/...

[email protected]
document IMAGES-002-HOUSE_OVERSIGHT_014396.txt Nov 17, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

Research Analysts US Banks Erika Najarian Research Analyst MLPF&S +1 646 855 1584 [email protected] Ebrahim H. Poonawala Research Analyst MLPF&S +1 646 743 0490 [email protected] Michael Liu Research Analyst MLPF&S +1 646 855 3874 [email protected] Brandon B...

“Independent Directors" of the Board of Directors of the General Partner shall be individuals who (a
document IMAGES-008-HOUSE_OVERSIGHT_024552.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

“Independent Directors" of the Board of Directors of the General Partner shall be individuals who (a) are not (i) a Principal, (ii) a family member of a Principal, (iii} an employee of a Principal or any entity controlled by one or more of the Principals, and (b} meet the definit...