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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 →n; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comis
Page: HOUSE_OVERSIGHT_014496 →Estimate Change
he DSP Merrill Lynch Limited, Il Lynch (Israel): Merrill an Federation; Merrill Lynch Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regu Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissdo de V
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
= -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 →n; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comis
Page: HOUSE_OVERSIGHT_014949 →Entities connected to both Merrill Lynch Capital Markets Espana, S.AS.V. and Global Research

Bank of America
ORGANIZATION
Donald Trump
PERSON
Bank of America Corporation
ORGANIZATION
United Kingdom
LOCATION
Merrill Lynch
ORGANIZATION
Marc Rich
PERSON
Seoul
LOCATIONThe Financial Service Board
ORGANIZATIONMerchant Bank
ORGANIZATION
Frankfurt
LOCATIONthe Securities and Futures Bureau
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONMerrill Lynch International
ORGANIZATIONMerrill Lynch Equities (Australia) Limited
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATION
the Financial Services Agency
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATION