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Morgan Stanley | ®esearcs NORTH AMERICA INSIGHT
document IMAGES-008-HOUSE_OVERSIGHT_025580.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…g and inflows net of redemptions and distributions. (2) OAK estimates reflect Adjusted Net Income (ANI), given that is the primary metric reported by the company. (3) S&P500 EPS based off of MS Equity Strategy Team's estimates (4) ENI/Unit represents EPS and P/ENI represents P...

Barty argued in The Trump Inflection, Le Pen’s victory has the potential to be even more
document IMAGES-002-HOUSE_OVERSIGHT_014476.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Barty argued in The Trump Inflection, Le Pen’s victory has the potential to be even more of an earthquake for the world’s financial markets. Indeed, we have already seen a 1vol move in April 2017 V2X futures since last month. So our central case is French political risk caps mar...

SPX put contingent on higher rates
email IMAGES-002-HOUSE_OVERSIGHT_014310.txt Nov 15, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…n 2d [Chart 1] ° While equities have shown less conviction over what a Trump win means (given strong sector rotation), the bond market has sold off with one of the largest moves in history [Chart 2 & 3] e Stabilizing rates volatility from here is key to markets remaining calm a...

Table 10: Summary of closed trades as of 19-Jun-17
document IMAGES-003-HOUSE_OVERSIGHT_014995.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…71-Mar-17 71-Mar-17 71-Mar-17 71-Mar-17 Rationale HSP has under-performed HSI by 1.8% but both options expire out-of-the money The number of long SXEP calls per short USO put is historically high. Leverage commodity and equity strategists’ views on oil and the Oil & Gas secto...

TA CHAPTER Ill Cannabis Industry Segmentation
document IMAGES-008-HOUSE_OVERSIGHT_024675.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…e opportunities in this segment include: Specialized Production Services. Production services companies that invest in the necessary equip- ment and facilities should see strong demand for high-margin specialized services from cultivators and other production intermediaries. We...

What Are Facilitating or Expediting
document IMAGES-007-HOUSE_OVERSIGHT_022527.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

25 What Are Facilitating or Expediting Payments? The FCPA’s bribery prohibition contains a narrow exception for “facilitating or expediting payments” made in furtherance of routine governmental action.’ The facili- tating payments exception applies only when a payment is made t...

Equity-Linked Analyst
document IMAGES-007-HOUSE_OVERSIGHT_023611.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

[email protected] >> Employed by a non-US affiliate of MLPF&S and is not registered/qualified 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 parti...

4.4 Hybrid Cognitive Architectures 75
document IMAGES-002-HOUSE_OVERSIGHT_012991.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

4.4 Hybrid Cognitive Architectures 75 reasoning methods is powerful, but the overall cognitive architecture is simplistic compared to other systems and seems focused more on problem-solving than on the broader problem of intelligent agent control. e Shruti [SA93] is a fascinati...

from large domestic pension funds and the recovery in the price of copper explain the
document IMAGES-003-HOUSE_OVERSIGHT_014771.txt Nov 16, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

from large domestic pension funds and the recovery in the price of copper explain the relative resilience of the currency (Chart 70}. Given the low carry, CLP offers an attractive alternative as a funding currency as the portfolio rebalancing of pension funds is expected to slow...

EMEA - Utilities Coverage Cluster
document IMAGES-007-HOUSE_OVERSIGHT_023605.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

EMEA - Utilities Coverage Cluster BofA Merrill Lynch Investment rating Company ticker Bloomberg symbol Analyst BUY EDF ECIFF EDF FP Peter Bisztyga EDP EDPFY EDPFY US Harry Wyburd EDP ELCPF EDP PL Harry Wyburd EDP Renovaveis EDRVF EDPR PL Pinaki Das Enel ESOCF ENEL IM Harry Wyb...

74 4 Brief Survey of Cognitive Architectures
document IMAGES-002-HOUSE_OVERSIGHT_012990.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

74 4 Brief Survey of Cognitive Architectures “T grant the need for non-symbolic processes in some intelligent systems, but I think they sup- plement rather than replace symbol systems. I know of no examples of reasoning, understanding language, or generating complex plans that a...

YoY and card penetration reaching 20%. Importantly, management is utilizing online
document IMAGES-002-HOUSE_OVERSIGHT_014339.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… loans) from its 2014 inception. Of note, management expects challenged growth in auto, though its exclusive lending to the prime space limits the credit downside. Chart 38: How do you view the impact of new online lending startups on the banking industry? 60% 54% 50% 40% 30% 2...

From: jeffrey E. [[email protected]]
email IMAGES-010-HOUSE_OVERSIGHT_030387.txt Jan 30, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

… ok On Mon, Jan 30, 2017 at 10:52 AM, Leon Black (qq wrote: Jeffrey- | can’t print this and when we try- it messes up the computer. Perhaps you can have Lesley scan it — or show it to Leon this afternoon. Thanks, Melanie From: jeffrey E. [mailto:[email protected]] Sent: Mo...

Fwd: Manafort ratted on Donald Jr.'s meeting with the Russian lawyer
email TEXT-001-HOUSE_OVERSIGHT_031742.txt Aug 11, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

…/2017 3:05:31 PM To: Jeffrey Epstein [[email protected]] Subject: Fwd: Manafort ratted on Donald Jr.'s meeting with the Russian lawyer Importance: High I thought you might be interested in this article: Manafort ratted on Donald Jr.'s meeting with the Russian lawyer Trump's f...

Volatility in Europe
document IMAGES-003-HOUSE_OVERSIGHT_014980.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…rade: Long Dec17 105% call on an equally weighted basket of SAN, BNP, ING, ISP & DBK*, short Dec17 ATM worst-of call on the same basket for 1.8% indic. (correl bid: 81%). * We pick the top 5 stocks with the largest market cap within the SX7E (EU banks sector index) correspondin...