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institutional investors and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch Interna Bank Limited (Merchant Bank} (MLIBLMB} and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are r
Page: HOUSE_OVERSIGHT_014408 →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 →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 →vice on securities (and not futures contracts). Singapore recipients of this research report should contact Merrill Lynch International Bank Limited (Merchant Bank) and/or Merrill Lynch (Singapore) Pte Ltd in respect of any matters arising from, or in connection with, this research report. Bankof America <> : M
Page: HOUSE_OVERSIGHT_014497 →Estimate Change
America Merrill Lynch Banco Multiplo S.A., regulated by Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company, Merrill Lynch In Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are r
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 →utional investors and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are r
Page: HOUSE_OVERSIGHT_014949 →outside of the United Kingdom. BofA errill Lyne h Global Researc| MLPF&S or one of its affiliates is a regular iss
d distributed in H errill Lynch (India}; International Bank L ingapore) are regula long Kong by Merrill Lynch (H and is issued and distribu imited (Merchant Bank} (ML ed by MAS. Bank of America e uted in In ons) by dia by DSP errill Lynch its jo approval is required for pu horized and regulated by s of the
Page: HOUSE_OVERSIGHT_014999 →Entities connected to both Merchant Bank and Global Research

Bank of America
ORGANIZATION
Merrill Lynch
ORGANIZATION
Bank of America Corporation
ORGANIZATION
United Kingdom
LOCATION
Donald Trump
PERSON
Merrill Lynch Global Wealth Management
ORGANIZATIONThe Financial Service Board
ORGANIZATION
Seoul
LOCATION
Michael Bloomberg
PERSONthe Securities and Futures Bureau
ORGANIZATION
Frankfurt
LOCATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONBaFin
ORGANIZATION
BofA Merrill Lynch
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATION