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Top 10 US Ideas Quarterly
document IMAGES-003-HOUSE_OVERSIGHT_014623.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…fter consulting our Equity Research colleagues. To be eligible for the list, the stock must be covered by BofA Merrill Lynch AMRS fundamental equity analysts with a rating of Buy or Underperform, for long and short stock recommendations, respectively. Stocks will be chosen on 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)

… 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 stocks. A sto...

Underweight Retail
document IMAGES-003-HOUSE_OVERSIGHT_014490.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… been at Asda’s expense 8.3% 7.8% 7.3% ——Retail EBITDA margin 6.8% PP FF FF gh gh gh gh gr gh gh Source: BofA Merrill Lynch Global Research, Bloomberg, Datastream, IBES Chart 68: Retail is expensive on a range of metrics Tesco Aldi Lidl Waitrose Morrisons Sainsbury's Asda...

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)

…rman 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 about where...

In other words, 2Q17 marks the low point in oil and gas production, with
document IMAGES-003-HOUSE_OVERSIGHT_014876.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… 4Q21E 3Q22E m Guyana m Utica m NMB Valhall m Stampede gJDA mEG m Other GoM mOther/base mBakken Source: BofA Merrill Lynch Global Research estimates Critically, Hess has multiple levers to pull that reverse production declines as cash becomes available from completion of NMB...

Global Cross Asset Strategy —- Year Ahead Bankof America
document IMAGES-002-HOUSE_OVERSIGHT_014432.txt Nov 30, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. This document is intended for BofA Merrill Lynch institutional investors o...

Overall, we find it hard to argue that sectors haven’t moved a long way already from a
document IMAGES-003-HOUSE_OVERSIGHT_014483.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…a Basics oo. / -20 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Relative PE - percentile since 1999 Source: BofA Merrill Lynch Global Research, Datastream, IBES Chart 48: Financials valuations have recovered significantly relative to Chart 49: Rapid relative de-rating for Staples...

Concerns over stagflation return
document IMAGES-003-HOUSE_OVERSIGHT_014722.txt Oct 1, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…/2016 += 11/20/2016 += 12/15/2016 + —1/9/2017 2/3/2017 = 5y real yields (%) = ===~=5y infl BE (%) Source: BofA Merrill Lynch Global Research The effect of the divergence between real yields and inflation breakevens has been felt across financial markets. For example, the USD, w...

Unauthorized redistribution of this report is prohibited. This report is intended for amanda.ens@bam
document IMAGES-002-HOUSE_OVERSIGHT_014424.txt Mar 2, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. BofA Merrill Lynch does and seeks to do business with issuers covered in i...

trailing Instagram and Facebook. Interestingly, after Snapchat passed Instagram in early
document IMAGES-003-HOUSE_OVERSIGHT_014921.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…37 322 357 318 Facebook 769 766 855 826 781 827 700 Twitter 143 149 139 114 108 128 110 Source: comScore, BofA Merrill Lynch Global Research Chart 14: Instagram vs Snapchat average monthly minutes per visitor 400 350 300 290 200 150 100 2/14 4/14 6/14 8/14 10/14 12/14 2/15 4/...

Chart 86: Following last week’s GOP sweep, do you think regulatory relief is in the cards for
document IMAGES-002-HOUSE_OVERSIGHT_014373.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…y burden to bank returns will be more gradual than what financial stocks are currently pricing in Source: BofA Merrill Lynch Global Research = CCAR a product of regulatory attitude: The panelists agreed that CCAR in its current form is not a result of legislation as post-recess...