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Chart 27: 3% Global GDP growth the tipping point for EPS
document IMAGES-002-HOUSE_OVERSIGHT_014471.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…40 -40% 6 30 60 “50% “1% 01/98 01/01 01/04 01/07 O10 0113 01/16 Q496 Q499 Q402 Q405 Q408 Q411 Q414 Q417 Source: BofA Merrill Lynch Global Research, Datastream, IBES MSCI Europe 12m trail EPS (IBES) ———World GDP (right) =———|SM / Euro PMI manuf avg (advanced 9m) =———|MSCI Eur...

Chart 80: Stocks mostly trade above ex-pipeline value
document IMAGES-003-HOUSE_OVERSIGHT_014494.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…t stocks 20% 15% 5% -5% -15% -14% 16% — -16% 25% Boe -35% mPremium/(Discount) to ex pipeline DCF Source: BofA Merrill Lynch Global Research Overweight Utilities Chart 81: Growth from new products - $138bn launching 16-20E Peak unrisk-adjusted sales potential (USDm) of...

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)

…ds 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 1/1/2010 5/1/2011 8/4/2012 = 1/1/2014) 5/1/2015 = 9/1/2...

recent price action for individual assets. However, the fact that we have had multiple
document IMAGES-003-HOUSE_OVERSIGHT_014481.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… Insurance 36 0 94 Chemicals 19 08 Banks 16 8 94 Construction 2.0 12 Basic Resources 9 7 100 Basics 27 22 Source: BofA Merrill Lynch Global Research, Bloomberg Chart 45: Basic Resources 4" overbought signal this year — previous pullbacks last 4-8 weeks and averaged -11% relativ...

interest tax shield later in this report). Deleveraging balance sheets may also be spurred
document IMAGES-007-HOUSE_OVERSIGHT_023078.txt Jan 17, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

…P/E 16.7 22.0 Median Fwd P/E 16.2 173 PIB 28 29 EV/EBITDA 11.6 W7 PIS 15 20 EviSales 2.2 23 Source: FactSet, S&P, BofA Merrill Lynch US Equity & US Quant Strategy Exhibit 1: BofAML Global Fund Manager Survey (January 2017): What would you most like to see companies do with cash...

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...

article noted that this practice of offering Party commissions to overseas Chinese to work
document IMAGES-006-HOUSE_OVERSIGHT_020492.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

33 article noted that this practice of offering Party commissions to overseas Chinese to work overseas On united front tasks was not new. The president of the United Fujianese American Association (= )#83#24\M) told reporters: “I have received quite a few letters of appointment...

Influence Efforts after Establishing Official Relations, 1979-1988
document IMAGES-005-HOUSE_OVERSIGHT_020471.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

12 Influence Efforts after Establishing Official Relations, 1979-1988 As the Carter administration began moving toward full diplomatic recognition of the PRC, it withheld many of the details about its plans from Congress. One of the largest unresolved issues was the fate of Tai...

impending threat of death or serious bodily injury; that the defendant did
document IMAGES-007-HOUSE_OVERSIGHT_022614.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

impending threat of death or serious bodily injury; that the defendant did not negligently or recklessly create a situation where he would be forced to engage in criminal conduct (e.g. had been making payments as part of an ongoing bribery scheme); that the defendant had no reaso...

Securities Act of 1933
document IMAGES-007-HOUSE_OVERSIGHT_024096.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

XI. CERTAIN LEGAL & REGULATORY CONSIDERATIONS Securities Act of 1933 The Limited Partner Interests described herein will not be registered under the Securities Act in reliance upon the exemptions for transactions not involving a public offering. Each investor will be required to...

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...

indicators of future results
document IMAGES-007-HOUSE_OVERSIGHT_024178.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Disclaimer This document has been prepared by UBS AG, its subsidiary or affiliate ("UBS"). The information is intended as a general market commentary and provided solely for marketing and information purposes. Opinions expressed herein are those of UBS Wealth Management & Swiss...