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Excl Lynch Israel Limited, regulated by Is DIFC): Merril Comisidn Nacional del Mercado De errill Lynch King
outside of the United Kingdom. BofA errill Lyne h Global Researc| MLPF&S or one of its affiliates is a regular iss
; has been considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer unde
eekly earnings minus CPI inflationSource: BofA Merrill Lynch REC placements is an average of permanent and temporary placements. REC and PMI shown as Global Research, ONS. standard deviations from average. Source: BofA Merrill Lynch Global Research, Markit Given all of the above, we reiterate our preference for av
Page: HOUSE_OVERSIGHT_014488 →Estimate Change
e Securities and Exchange Board of India; Merrill Lynch (Indonesia): PT Merrill Lynch Sekuritas Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merri Valores; Merrill h) regulated by h Africa): Merrill Lynch | Lynch (Asia hority of h Mexico, SA de Lynch he DSP Merrill Lynch Limited, Il Lync
Page: HOUSE_OVERSIGHT_014885 →, any of its affiliates or their research analysts has any authority whatsoever to make any representation or warranty on behalf of the issuer(s). Bo Global Research policy prohibits research personnel from disclosing a recommendation, investment rating, or investment thesis for review by an issuer prior to the v
Page: HOUSE_OVERSIGHT_014886 →Earnings Preview
itas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch Israel Limited, regulated by Israel Securiti
= -1.2% = 5.0% = -3.1% ~=— 6.0% ~=—-0.9% 8.9% -14% 29% 4.2% 3.0% 0.4% —-1.0% 3.3% -2.4% 3.6% Source: Smith Travel Research (STR), BofA Merrill Lynch Global Research estimates; Note: **March data is month to date Estimates vs. Consensus: In-line 1Q revenue and EPS We expect 1Q revenue/EPS of $2.13bn/S0.07 vs. the
Page: HOUSE_OVERSIGHT_014906 →Entities connected to both Merri and Global Research

Bank of America
ORGANIZATION
Bank of America Corporation
ORGANIZATION
Merrill Lynch
ORGANIZATION
Donald Trump
PERSON
United Kingdom
LOCATION
Merrill Lynch Global Wealth Management
ORGANIZATION
BofA Merrill Lynch
ORGANIZATIONMerchant Bank
ORGANIZATION
Frankfurt
LOCATION
Michael Bloomberg
PERSON
Seoul
LOCATIONMerrill Lynch International Incorporated
ORGANIZATIONILynch
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATIONOtoritas Jasa Keuangan
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATION
Bank of America, N.A.
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATION