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Chart 50: Utilities relative PE close to the 2013 low Chart 51: Chemicals / Industrials — re-rated b
document IMAGES-003-HOUSE_OVERSIGHT_014484.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…0 ——— German 10y (RHS, inverted) 40 0.95 01/10 01/11 O12 0193 0194 O15 01/16 01/08 01/10 01/12 01/14 01/16 Source: BofA Merrill Lynch Global Research, Datastream, IBES Source: BofA Merrill Lynch Global Research, Datastream, IBES UK —- Waiting for Brexit It’s useful to think abo...

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...