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outside of the United Kingdom. BofA errill Lyne h Global Researc| MLPF&S or one of its affiliates is a regular iss
Investment Strategy
®, | Lynch clients and may not be redistributed, Lynch Global Research reports are distributed horized use or disclosure
public information. Facts and views presented in this material that rela professionals in other busi This re securities. None of MLPF&S, any of i Global Research policy prohibits rese report containing such rating, recommendation or investment thesis. Any in seek tax advice based on tl The information herein
Page: HOUSE_OVERSIGHT_014409 →Earnings Preview
®, | Lynch clients and may not be redistributed, Lynch Global Research reports are distributed horized use or disclosure
= -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
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