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Characterizing carry
document IMAGES-003-HOUSE_OVERSIGHT_014767.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…03 02 0 01 -0.2 SS SEARS SOZESE SEAR AG OSE OH STE SHEE SLES SSSee2 aS Sd 2h SESS FAS GSE OR PaaS AES STSS Source: BofA Merrill Lynch Global Research, Bloomberg Source: BofA Merrill Lynch Global Research, Bloomberg Bankof America 2 Global Rates, FX & EM 2017 Year Ahead| 16 Novemb...

low, which suggests that we are currently in a stock pickers insurance are the top 5 sectors with th
document IMAGES-003-HOUSE_OVERSIGHT_014983.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…R SXDP Health care 24% See cae emaeeaaaan se i SXMP Media 27% Sfos Pos Pes Pos PW 6s SXOP Construction 39% Source: BofA Merrill Lynch Global Research. 3m correlations calculated using daily returns and SXKP Telcos 32% assuming current weights. Data from 16-Mar-07 to 16-Jun-17. *A...

Volatility in Numbers (16-Jun-17)
document IMAGES-003-HOUSE_OVERSIGHT_014997.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… -1.18% -0.85% = -0.49% -0.35% -1.55% -0,84% 1Mth Change 1.35% -2.69% -0.78% — -0.40% 0.12% 1.15% 2.38% Source: BofA Merrill Lynch Global Research Table 12: Statistics on implied, realised, skew and term structure for 3-month and 12-month vols (emerging markets) 3-month {2-m...

Notable trends and dislocations (US)
document IMAGES-003-HOUSE_OVERSIGHT_014978.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…5-Feb-99 4-Oct-95 8-Dec-80 14-Apr-87 3-Mar-80 14-Mar-00 22-Jul-99 21-Sep-78 19-Apr-99 28-Jan-00 15-Oct-99 Source: BofA Merrill Lynch Global Research. Data from 1-Feb-71 to 16-Jun-17. Drawdowns measured from prior peaks and using close-to-close data. Chart 14: On 16-Jun, the SPX...

ae — a return to positive EPS growth
document IMAGES-002-HOUSE_OVERSIGHT_014470.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…Stoxx 600 EPS revisions ratio (4 wk avg) ====13-week average 113 0384 O74 1144 03/15 O75 11/15 03/16 07/16 Source: BofA Merrill Lynch Global Research, Datastream, IBES Source: BofA Merrill Lynch Global Research, Markit, Bloomberg Return to positive EPS growth feasible with globa...

Conference tone bullish into 2017
document IMAGES-002-HOUSE_OVERSIGHT_014316.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…5% 20% 15% 10% 5% 0% Very overweight Slightly overweight Neutral Slightly Very underweight underweight Source: BofA Merrill Lynch Global Research New this year, we hosted expert panels on the evolution of clearing, fixed income market structure, equity market structure, and...

rc errti—“(iCssssi‘CSCSOCO LUDO
document IMAGES-002-HOUSE_OVERSIGHT_014317.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…excess therefore better loan capital —_ is returned demand back to shareholders or reinvested for growth Source: BofA Merrill Lynch Global Research An area that has attracted particular attention among bank investors is around the current landscape of multifamily lending. We p...

Chart 13: The 2016 election move implied by the VIX term structure is
document IMAGES-008-HOUSE_OVERSIGHT_025985.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…y = 1.4% vs. a typical realized Bf "election day" move of 1.5% (see 19 Chart 14) 46 “Sept6 Oct 16 Novi6 Source: BofA Merrill Lynch Global Research. Daily data from 2-Jun-09 to 5-Aug-16. *Day count adjustment = we adjust the VIX futures curve to reflect the Trade-Day/252 day-co...

Unauthorized redistribution of this report is prohibited. This report is intended for amanda.ens@bam
document IMAGES-003-HOUSE_OVERSIGHT_014622.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…DERPERFORM 74.07 59.00 20,526.00 TripAdvisor TRIP — Schindler,Nat C-3-9 UNDERPERFORM 46.95 41.00 9,071.00 Source: BofA Merrill Lynch Global Research BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be a...

Notable trends and dislocations (US)
document IMAGES-007-HOUSE_OVERSIGHT_023583.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…% 1m 3m 6m ly 1.5y 2y RTY change (RHS) SPX change (RHS) SPX 17-May === SPX 1-Jun RTY 17-May =——_RTY 1-Jun Source: BofA Merrill Lynch Global Research. Chart 20: 2017 is already the 5" calmest year for the VIX with 76 YTD closes below 12. Despite the short-lived vol spike on 17-M...

Chart 13: The -2.5% drop in the NDX on 17-May was a six standard
document IMAGES-007-HOUSE_OVERSIGHT_023580.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… vol NDX - SPX 3M ATM implied vol spread (right) Daily NDX return / trailing (EWMA) vol 1 ——— 17-May-17 Source: BofA Merrill Lynch Global Research. Daily data from 4-Feb-85 through 2-Jun-17. Source: BofA Merrill Lynch Global Research. Daily data from 17-Jun-09 through 2-Jun-17...