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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 →anch}, 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 Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company,
Page: HOUSE_OVERSIGHT_014496 →Estimate Change
errill 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 Valores Mobiliarios; Merrill Lynch KSA Company,
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 →anch}, 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 Comissao de Valores Mobiliarios; Merrill Lynch KSA Company,
Page: HOUSE_OVERSIGHT_014949 →Entities connected to both Comisién Nacional del Mercado De Valores and Global Research

Bank of America
ORGANIZATION
Bank of America Corporation
ORGANIZATION
Merrill Lynch
ORGANIZATION
United Kingdom
LOCATION
Seoul
LOCATION
Donald Trump
PERSONMerchant Bank
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONThe Financial Service Board
ORGANIZATION
Frankfurt
LOCATIONMerrill Lynch International
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATIONBank of America Merrill Lynch International Limited
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONBaFin
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATION
the Financial Services Agency
ORGANIZATION
Michael Bloomberg
PERSON