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Chart 27: The current vega outstanding in the ESTX50-linked structured products is EUR 143mn
document IMAGES-008-HOUSE_OVERSIGHT_025991.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… ena ne 97th percentile 120 100 80 60 > + > as > s+ wo Ww Ww Ke} WwW WwW io) io) oO io) 353525323 8 88223 Source: BofA Merrill Lynch Global Research. Data as of 4-Aug-16 Table 3: Volatility measures of major equity indices in the EMEA region (data as of 05-Aug-16) Equity 3Mth...

Meet with our Global Head of Commodities - Monday at 10:15am at One Bryant Park
email TEXT-001-HOUSE_OVERSIGHT_014695.txt Jan 27, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

…, Bloomberg, or Energy Risk, among others. Previously he was Head of Global Asset Allocation Research. Prior to joining Merrill Lynch, Blanch was an energy economist focusing on global oil & gas in the commodity research group at Goldman Sachs & Co. and consulted for the European...

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

… largely 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'...

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...

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)

…0E 2020E 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...

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)

…ed as a 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 inv...

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)

…hCare = 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...

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

…16 10/26/2016 += 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, th...

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)

…ed as a 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 cove...

consulting, noted, “Access to China is my livelihood.” At the same time, he argues
document IMAGES-006-HOUSE_OVERSIGHT_020531.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

72 consulting, noted, “Access to China is my livelihood.” At the same time, he argues, “T never say anything contrary to my views, but I write in a way that is less shrill.” Another scholar noted, “I don’t self-censor, but there is no need to launch a polemic every day of the w...

corporation, owns more than 10% of their stock
document IMAGES-007-HOUSE_OVERSIGHT_023363.txt Sep 11, 2001 House Oversight Committee — Epstein Estate Records (Nov 2025)

In re: TERRORIST ATTACKS ON SEPTEMBER 11, 2001., 2012 WL 257568 (2012) corporation, owns more than 10% of their stock. Appellant TIG Insurance Company is a member of the Fairfax Financial Group. Appellant’s parent organization, Fairfax Financial Holdings Ltd, a publicly traded...