美银-全球旅游IT行业：个人AI代理重塑旅游分销格局-Global Travel IT Industry：Personal AI agent reshapes travel distribution-20261012

Accessibleversion

BofAGLOBALRESEARCH

BofASECURIES

GlobalTravelITIndustry

PersonalAlagentreshapestraveldistribution

IndustryOverview

DeepdiveintotheimpactofpersonalAlagents

TravellershaveincreasinglyadoptedAlfortripplanningoverthepastfewyears,

althoughitsuseforbookingsremainslimited.Earlypersonalagents,includingOpenClawandHermes,primarilyservedtech-savvyusers.Morerecentlaunches,includingMeta'sMuse,ChatGPT'sDotsandInstinct,havebroadenedtheappealofbookingtravelthroughAI.Travelisakeyuse-caseforpersonalAl,withInstinctreportinghalfthetransactionvolumeitprocessesrelatetotravel.Ouranalysishighlightsseveralinventory-access

models,rangingfrombrowser-basedwebsiteaccesstocontractualAPlintegrations.Whilethemodelisstillevolving,webelievepersonalagentscoulddurablyreshapehowtravellersdiscoverandcompareoptionsatthetopofthedistributionfunnel.

Alneednotownthebookingtoreshapedistribution

PersonalAlagentsmaystruggletobecomemainstreambookingchannels,givensuppliers'controloverinventory,limitedusertrustandprivacyconstraints.However,webelievetheycanstilldisruptthetopofthedistributionfunnelwithoutexecutingtransactions.By

shapingwhichoptionstravellersdiscoverandcompare,agentscaninfluencewhere

bookingsultimatelyoccur.AssuppliersmaketheirinventorymoreaccessibletoAI,OTAvisibilityadvantagescoulddiminish,potentiallysupportingdirectbookingsevenif

travellerscontinuetocompletepurchasesthroughtheirpreferredchannels.

GDS:continuedrelevance,longer-termsharepressure

WebelieveGDSremainsrelevantinthepersonalAlagentecosystem,providingaccesstoairlinecontentatscalethroughasinglecontract,alongsidedecadesofticket

distributionexperience.EvenDuffel,whichpowersMeta'sMuseandhassomedirectairlineconnections,usesGDScontenttofillcoveragegaps.Overthelongerterm,

however,weexpectAlplatformstoreducethecostofbuildingdirectconnections,

encouraginglargeairlinestointegratedirectly.WethereforeexpectGDStocaptureasmallershareofAl-originatedbookingsovertime,particularlyinleisure.CorporatebookingsarelikelytoremainonGDSforlonger,givenduty-of-care,reportingand

servicingrequirements.

Hotels:fragmentationhelpsB2Bintermediaries

HotelfragmentationsupportsacontinuedroleforB2Bintermediaries.WhileweexpectlargechainstoincreasinglyintegratedirectlywithAlagentsovertime,independentsandregionalchainsneedaccessthroughaggregators.WeexpectAlplatforms'negotiatingpowertopressuretakerates,althoughlowerservicingcostscouldcushionmargins.

Conversely,intermediariesofferingservicingandorchestrationalongsideinventorycouldcommandhighertakerates,whilebroaderaccesstohigher-marginindependenthotelscouldimprovemix.Overall,weseecontinuedrelevance,butwithuncertaineconomics.

>>Employedbyanon-USaffiliateofBofASandisnotregistered/qualifiedasaresearchanalystundertheFINRArules.

Referto"OtherImportantDisclosures"forinformationoncertainBofASecuritiesentitiesthattakeresponsibilityfortheinformationhereininparticularjurisdictions.

BofASecuritiesdoesandseekstodobusinesswithissuerscoveredinitsresearch

reports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictof

interestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

Refertoimportantdisclosuresonpage10to12.13027057

12October2026

EquityGlobal

TravelITIndustry

VictorCheng,CFA>>ResearchAnalyst

MLI(UK)

+442079960272

victor.cheng②

FredericBoulan,CFA>>

ResearchAnalyst

MLI(UK)

+442079957101

frederic.boulan@

AdityaBuddhavarapu,CFA>>ResearchAnalyst

MLI(UK)

iv1apu@

CarlaCourthial>>

ResearchAnalyst

MLI(UK)

carla.courthial@

447761200059

API=applicationprogramminginterface

B2B=businesstobusiness

B2C=businesstoconsumer

GDS=globaldistributionsystemOTA=onlinetravelagency

BofAGIOBAIRESFARCH

HowAlagentsgetthecontent?

PersonalAlagentscurrentlyaccesstravelinventorythroughseveral

routes.Somenavigateairline,hotelandOTAwebsitesusingtravellers'logincredentials;othersbookthroughcontractualintegrations,asMusedoes.Overtime,weexpectagentstocombinedirectintegrationsforbroadinventorycoveragewithbrowser-basedaccessasafallback

wherethoseconnectionsareunavailable.

Exhibit1:DifferentpersonalAlagentscurrentlysourceinventoryindifferentways

TraveldistributionflowwithpersonalAlagents

TRAVELLER

PersonalAIAgents

MetaMuse·Instinct·Gemini·ChatGPT

RECOMMENDATIONSearch·OTA·SupplierAlanswer

TRANSACTIONOTAwebsiteAirlinewebsiteHotelwebsite

PLUMBINGGDS·Aggregators·Bedbanks·AirlineAPI·HotelAPI

INTENTIONSocialmedia·Google/Search·OTAs

Source:BofAGlobalResearch

BofAGLOBALRESEARCH

Abrand-ownedAlagent,suchasoneoperatedbyanairline,hoteloronlinetravelagency(OTA),canaccessitsowninventoryrelativelyeasily.However,itsabilitytocompare

pricesacrossbrandsandcovertheentiretripismorelimited.

PersonalAlagentscanaccessairlineandhotelinventorythroughthreebroadroutes:

·Agent-operatedbrowser:Theagentusesitsownbrowser,eitherontheuser'sdeviceorinthecloud.Thisrouteisexposedtorestrictionsonautomatedbrowsing,crawlinganddataextraction.

User-operatedbrowser:Theagentcontrolsthetraveller'sexistingbrowser,using

theirconnection,cookiesandsavedcredentials.Thismayreducethelikelihoodof

blocking,butdoesnotnecessarilyresolverestrictionsonautomatedaccess.

·EmbeddedsupplierorOTAapps:Theuseraccessesasupplier'soraggregator'sinventorythroughanappwithintheAlplatform,withoutvisitingitswebsiteduring

2

GlobalTravelITIndustry|12October2026

thesearchprocess.Forexample,SouthwestorExpedia’sappinChatGPTdisplaysflightandhoteloptions,pricingandavailabilitywithintheconversation,butusersareredirectedtoExpedia/Southwesttocompletethebooking.

•Transaction-enabledsupplieroraggregatorintegrations:TheAIagent

connectstoapartner’ssystemstosearchliveinventoryandexecutebookings,

ratherthansimplypresentingoptionsandreferringtheuserelsewhere.For

example,Muse’sintegrationwithDuffelusesitsAPItosearchandcompareflights,makebookingsandsupportsubsequentcancellationsandtripmanagement.

Generally,AIagentscurrentlyusetheirownbrowserstonavigatetheinternet.Overthepastfewweeks,retailwebsiteshaveincreasinglyblockedAItrafficfromaccessingtheirsites.Suchtrafficcanoftenbeidentifiedusingrelativelysimplebot-detectionsoftware,forexamplethroughdata-centreIPaddressesorbrowsercookies.Meta’sMuseusesitsownbrowserwhenshoppingforproductsforwhichitdoesnothaveapartner

integration.Instinctalsooperatesfromitsowncomputer.

Alternatively,AIagentscanoperatethroughthetraveller’sownbrowser.Thisgenerallyallowsaccessbecause,fromthewebsite’sperspective,theactivityappearstocome

fromthetraveller:theagentusesthetraveller’sconnection,cookiesandsaved

passwords.However,manytravelwebsitesincreasinglyincludetermsprohibiting

“automatedassistants”,alongsiderobotsandscrapers,evenwhenthoseassistants

operatethroughthetraveller’sownbrowser.Otherwebsitesrestrictdataextractiononlywhenitisundertakenforcommercialpurposes.

Embeddedappsbringthesupplier’sorOTA’sshoppingexperienceintotheAIinterface.Ratherthannavigatingtoaseparatewebsiteandmanuallyapplyingsearchfilters,

travellerscandescribetheirrequirementsinnaturallanguageandexplorethepartner’sinventorywithintheconversation.Expedia’sappinChatGPT,forexample,displaysflightandhotelresultswithpricing,availabilityandvisuals,allowinguserstorefinetheir

searchwithoutleavingChatGPT.However,currentlythebookingitselfiscompletedonExpedia:onceusersselectanoption,theyareredirectedtotherelevantflightor

propertypage.Wethereforeviewthisprimarilyasanadditionaldiscoveryand

distributionchannel,withtheAIplatformprovidingtheconversationalinterfacewhilethepartnerretainsthebookingjourney.

astly,transaction-enabledintegrationsextendbeyonddiscoveryintobookingexecutionand,insomecases,post-bookingservicing.Muse’sintegrationwithDuffelembedsitsAPIdirectlyintotheagent,providingaccesstoliveairlineinventoryandreal-timefareswithoutrelyingonwebsitescrapingorbrowserautomation.Travellerscansearchand

compareoptions,validatefares,makebookingsandmanagecancellationsand

disruptionsthroughtheintegration,withDuffelalsoprovidinghumansupport.ExpediahasseparatelyannouncedahotelintegrationwithMusethatwillallowtravellersto

reviewrates,availability,roomdetailsandcancellationterms,comparepropertiesandcompletecheckoutwithinMuse,whileExpediaremainsthemerchantofrecord.

CanbrandAIkeepthecustomer?

Webelieveaboardbasedpersonalagentwillcapturemoreshareatthetopofthe

funnelovertime.However,brandagents(e.g.offeredbyairline,hotel,OTA)willlikely

keepsomeifnotthemajorityofthebookingsinthenearfuture.EvenwhentheentirebookingsisorchestratedwithinapersonalAIagent,itcanlearnwhoistravellingin

conversation,understandcontextfromhistoricalpreferences.Thetravellerdoesnot

needtoopenanairlineorOTAapp,butinthiscasetheyremainthemerchantofrecord.

Exhibit2:PersonalAIhasahigherpotentialtoautonomouslyplantheentiretripPersonalAIvsBrandAI

PersonalAIBrandAI(e.g.fromairlines,OTAs) Yes(ifconnected)No

Yes(ifconnected)No

CalendarEmail

GlobalTravelITIndustry|12October20263

4GlobalTravelITIndustry|12October2026

Exhibit2:PersonalAIhasahigherpotentialtoautonomouslyplantheentiretripPersonalAIvsBrandAI

PersonalAIBrandAI(e.g.fromairlines,OTAs)

PaymentYes(ifstored)Yes(ifstored)

LoyaltyAcrossconnectedappsownschemeonly

TripselsewhereYesOwnbookingsonly

Source:BofAGlobalResearch

BofAGLOBALRESEARCH

Overthelongrun,weexpectpersonalAIagentstogaingreatertractionthanbrand-

ownedagents.AsillustratedintheExhibitabove,personalagentscanconsiderthe

entiretrip,whileabrand-ownedagentislimitedtoitsownoffering.Travellersare

unlikelytousemultiplebrandagentswhenasinglepersonalagentcancompareoptionsacrossthem.

Wefurtherarguethatpersonalagentscanreshapethetopofthefunnelevenifthey

neverexecutethebookingorbecomethemerchantofrecord.Today,AIanswerstendtofavourOTAs,whichwebelievepartlyreflectsthegreatermachine-readabilityofOTA

content.Manyairlineshavehistoricallyblockedbotstoprotecttheirfares,butairlines

andhotelchainsareincreasinglymakingtheirinventoryaccessiblethroughappswithinAIplatforms.Assupplierinventorybecomesaseasyforagentstoaccessandbookas

OTAinventory,webelieveagentsactingontravellers’behalfcouldselectdirectchannelsmoreoften,potentiallyincreasingsuppliers’shareofdirectbookings.

GlobalTravelITIndustry|12October20265

Willagentsbreakdistributioneconomics?

Whileasinglesearchcostsonlyatinyfractionofacent,searchesbyAIagentsincreasethelook-to-bookratiobyordersofmagnitude,puttingsignificantpressureonsuppliers’infrastructurecosts.Weexpectthesecostsultimatelytobesharedbytravellersandsuppliers,with

contributionspotentiallyembeddedinthebroadercommercialmodel.

MorefrequentsearchesbyAIagentsincreasecomputerequirementsandpressureontravelsystems,alongsidetheneedforadditionalgovernance,securityanddata

infrastructure.Amadeushasalreadybeenexploringwaystohelpairlinesreduce

unproductivesearches.Ithasalsopositioneditselfasan“industrylayer”forAIagents,withtheambitionofbecominga“neutralembeddedorchestrator”inanAI-enabled

travelecosystem.

However,wedonotbelieveGDSaretheonlyproviderscapableofaddressingthesechallenges.Otherproviders(e.g.Spotnana)havesimilarlypositionedthemselvesasatechnologylayeronwhichothertravelcompaniescanbuild.

Ultimately,weexpectbothsuppliersandtravellerstocontributetothesecosts,thoughnotnecessarilythroughseparatelyidentifiedcharges.SuppliersmaybewillingtopayifAIimprovescustomeracquisition,helpsthemanticipatetravellers’preferencesand

enhancestheexperiencethroughoutthetrip.Sometravellersmayalsopayforhigher-qualityservice,whileotherscontinuetoprioritisethelowest-costoption.

PersonalAIplatformscouldrecovercoststhroughtransactionchargesormonthlysubscriptions.Meta,forexample,ispotentiallyconsideringchargesontransactionsmadethroughMuse.

TheindustryremainssplitonwhopaysforthisatSkiftGlobalForum:

•AmadeusnotedsuppliersareseeingincreasedcostdrivenbyAIsearchbutwithoutassociatedrevenueincrease,butdeclinedtopredictwhoendsuppayingforthe

cost.

•RyanairhaswarnedtheAIplatformscouldeventuallyimposedistributionfeesoftheirown,thewayOTAsdid.

•Hiltonexpectspersonalagentstobecomecommissionablechannels.Thisisthescenariowhereagentsdon'tjustraisecostsbuttakeacutaswell.

BofAGIOBAIRESFARCH

Hotel:fragmentationhelpsintermediaries

Noagentcansignuptheworld'shotelsonebyone,astheindustryissubstantiallymorefragmentedthanairlines.Over70%ofthehotelmarketsitsoutsidetheglobalchains,amongregionalchainsandindependents.Thedataarescatteredtoo.ATPCO(the

clearinghousewhereairlinesfilefares)holdsover99%offaresglobally,whileonehotelroomcarriersover20ratevariantswithnocentralstore.

Exhibit3:Fragmentsupplykeepsintermediariesmorerelevantthanever

AirlinevshotelsinthecontextofAlagent

AirlinesHotels

Supplierconcentration

Pricingdatabase

Takerate

LooktoBookratio

HowAlagentsbooktoday

Source:BofAGlobalResearch

100carrierscovers>70%oftrips

>99%faresfiledinATPCO

2%to5%(GDS,NDCaggregators)

>1,000sto1

Muse:Aggregator(Duffel,whichleveragesdirectconnectionsas

wellasGDS)

Instinct:Directsupplierwebsitebooking

GoogleAlmode:noflightbooking(inthepipeline)

70%ofhotelssitoutsideofglobalchains,200k+hotelsglobally

20-30ratevariantsperroom,nocentralrepository

15%to25%(OTAs,BedBanks)

>10,000stol

Muse:Expedia(merchantofrecord)

GoogleAIMode:hotelbookingdirectwith5hotelchainsand5OTAs

BofAGLOBALRESEARCH

Thebasicsofhoteldistribution

Exhibit4:Simplifiedhotelbookingdistributionflow-fromhoteltotraveller

>50%ofTTVisdriventhroughindirectchannelswithB2CtravelsellersgettinghotelinventoryfromhotelsandB2Bhoteldistributors

HOTEL

B2B

Bedbanks

WebBeds

Expedia

HBX/HotelBedsTBO

GDS

Others

Direct(toproperty)

B2C

TouroperatorsSuperapps

Channelmix

AirlinesNewtechentrants

LoyaltyprogramsTraveladvisors

15%-20%

43%-48%directtotravellers

TRAVELLER

Onlinetravelagencies(global,regional,innovative)

GlobalOTA(B2Barm)

Corporatetravelagencies

(e.g.AMEXGBT,BCD)

High

Medium

Otheraggregators

BookingHolding

26%-32%

6%-11%

CallCenter

H

Walkin

CRS

Source:BofAGlobalResearchestimates,SkiftResearch,CompanylndustrySources,EuromonitorlnternationalCompanies,HBXGroupAnalystPresentation"Forillustrativepurposesonly,intermediarysizesnotdrawntoscale

BofAGLOBALRESEARCH

6GlobalTravelITIndustry|12October2026

GlobalTravelITIndustry|12October20267

Thereare3mainwaysforhotelstodistributetheirrooms:

•Directtotravellers:Hotelsselltheirroomsdirectlytoendtravellersthrough

multipledirectchannels,suchastheirwebsite,walk-inbookings,callcentres,etc.Roughly48%ofhotelsalesgothroughthedirectchannels.Sizingthemarketisextremelydifficult,butwebelievethisaccountsforroughly43%to48%oftotalsales,withglobalchainshavingthehighestmixofdirectsalesandindependenthotelsthelowest.

•HoteltoB2Cdistributors:HotelsbuilddirectconnectionstoB2Cdistributors,

oftenwiththehelpofhotelsoftwarelikechannelmanagers.B2Cdistributorsrefertovendorsthatdistributedirecttoend-travellers,suchasonlinetravelagencies,

corporatetravelagencies,touroperators,etc.ThisiscommonforlargehotelchainsconnectingwithlargeB2Cplayers,suchasExpedia.However,themarketishugelyfragmentedandthesetypesofconnectionareinefficientorimpracticalforsmallerplayersastheyaresub-scale.EvenforlargeB2Cplayers,gettinginventoryfrom

smallerchainsorindependentsdirectlyisinefficientorwithoutpreferentialterms.

•HoteltoB2Bdistributors:HotelsconnecttoB2Bdistributors(e.g.bedbanks,GDS),whichhelpdistributetoB2Cdistributors.B2Bdistributorsoftenhave

establishednetworks,localexpertise,andcustomerrelationshipsthathotels,evenglobalchains,cannotreplicatedirectly.

AIperspective:Webelievelargehotelchainsarelikelytodevelop

closerintegrationswithAIagents,butindependenthotelsandsmallerchainsaccountforthemajorityofpropertiesglobally.WethereforeseeacontinuedroleforB2Bintermediariesinprovidingtheseoperators

withaccesstoAIdistribution.

“Takerate”-theeconomicsofintermediaries

Intravel,takeratesvarysignificantlyacrosssub-segments.AccordingtoSkiftResearch,takeratesarelikelyhigherifthemarketismorefragmentedandhasahighermixof

offlinesales,asillustratedbelow.Naturally,thismeanshotelsandexperienceshavethehighesttakerates,astheyaremuchmorefragmentedandhavealowermixofonlinepenetration.

AIimpactontakerateforB2Bintermediaries

Inourview,AI’simpactontakeratesremainsunclear.Onbalance,weexpectdownwardpressureasnegotiatingpowerbecomesconcentratedamongAIplatforms,although

lowerhotel-bookingservicingcostscouldpartiallyoffsettheimpactonmargins.

Conversely,takeratescouldincreaseifAIplatformspartnerwithintermediariesthatprovidevaluebeyondinventoryaccess,includingservicingandorchestration.AIcouldalsoexpandaccesstothelongtailofindependentandregionalhotels,whichcarry

highermargins.

8GlobalTravelITIndustry|12October2026

Exhibit5:OnlinepenetrationvstakerateforonlinetravelagentsOfflineand/orfragmentedmarketshavehighercommissionrates

Tou

r&Exper

ience

Flights

25%

20%

Takerate

H

otels

15%

10%

Cruise

5%

0%

20%30%40%50%60%70%80%90%

OnlinePenetration

Source:SkiftResearch,BofAGlobalResearchestimates

BofAGLOBALRESEARCH

Oftenreferredtothe“idealmix”amongindustryparticipants,thereisatheoreticalmixofchanneldistributionforhoteliersthatwillmaximisereachandprofitwhilekeepingcostsaslowaspossible.Theidealmixvarieshotelbyhoteldependingonawiderangeoffactors(e.g.brandrecognition,location,targettravellergroups,etc.)

GlobalTravelITIndustry|12October2026

WhypersonalAImightnottakeoff

PersonalAIremainsinitsearlystages.Whileithasprovedpopularfortravelplanning,itsroleinfacilitatingbookingsremainsunproven.

Personalagentswillneedtoearnusers’trust,secureaccesstoabroadrangeofinventoryandmeetprivacyrequirements.Otherwise,theyriskpotentiallyremainingaplanninglayer,withtravellerscontinuingto

bookthroughtheirpreferredchannels.

•Brandskeepcontroltotheinventory:AirlinesandOTAsareconcernedaboutthelossofdirectsharestopersonalAIasanewmiddleman.SomelargeOTAsalreadybanautomatedassistantsfrombookingwithoutwrittenpermission,whileremote

browsersthatrunonAIserversareincreasinglyblocked.SuppliercanmakeitdifficultforAIagentstogetthebestinventory.

•Difficultyingainingtrustcomparedtobrands:Asitstands,manytravellersuseAItoplanbutfewletitpay.Thisispartlyduetothelackofproperpipelines,butinpracticealsofewtravellerscurrentlytrustAIplatformenoughtopurchasealarge

ticketitem.Paymentanddataprivacyremainsatopconcernfortravellers.

•Privacylawlimitsuseofpersonaldata:AkeyedgeofpersonalAIagentscomesfromtheabilitytounderstandthetravellerwell,fromreadingemail,calendarand

paymentdata.InEurope,GDPR(GeneralDataProtectionRegulation)requiresa

lawfulbasisandastatedpurposeforeachuseofpersonaldata.TheEUDigital

MarketsActalsostopsgatekeepersfromcombiningpersonaldataacrossserviceswithoutcontent.Notably,MetaMuseiscurrentlynotavailableinEurope.

SpecialDisclosures

BofASecuritiesiscurrentlyactingasfinancialadvisorandprovidingafairnessopiniontoAmadeusITGroupSAinconnectionwithitsproposedacquisitionofIDEMIA’spublicsecurityunit,whichwasannouncedonApril29,2026.

10GlobalTravelITIndustry|12October2026

Disclosures

ImportantDisclosures

FUNDAMENTAEQUITYOPINIONKEY:OpinionsincludeaVolatilityRiskRating,anInvestmentRatingandanIncomeRating.VOATIITYRISKRATINGS,indicatorsofpotentialpricefluctuation,are:A-ow,B-MediumandC-High.INVESTMENTRATINGSreflecttheanalyst’sassessmentofbothastock’sabsolutetotalreturnpotentialaswellasitsattractivenessforinvestmentrelativetootherstockswithinitsCoverageCluster(definedbelow).Ourinvestmentratingsare:1-Buystocksareexpectedtohaveatotalreturnofatleast10%andarethemostattractivestocksinthecoveragecluster;2-Neutralstocksareexpectedtoremainflator

increaseinvalueandarelessattractivethanBuyratedstocksand3-Underperformstocksaretheleastattractivestocksinacoveragecluster.Aninvestmentratingof6(NoRating)indicatesthatastockisnolongertradingonthebasisoffundamentals.Analystsassigninvestmentratingsconsidering,amongotherthings,the0-12monthtotalreturnexpectationforastockandthefirm’sguidelinesforratingsdispersions(showninthetablebelow).Thecurrentpriceobjectiveforastock

shouldbereferencedtobetterunderstandthetotalreturnexpectationatanygiventime.Thepriceobjectivereflectstheanalyst’sviewofthepotentialprice

appreciation(depreciation).

InvestmentratingTotalreturnexpectation(within12-monthperiodofdateofinitialrating)

Buy≥10%

Neutral≥0%

UnderperformN/A

RatingsdispersionguidelinesforcoverageclusterR1

≤70%

≤30%

≥20%

R1RatingsdispersionsmayvaryfromtimetotimewhereBofAGlobalResearchbelievesitbetterreflectstheinvestmentprospectsofstocksinaCoverageCluster.INCOMERATINGS,indicatorsofpotentialcashdividends,are:7-same/higher(dividendconsideredtobesecure),8-same/lower(dividendnotconsideredtobesecure)and9-paysnocashdividend.CoverageClusteriscomprisedofstockscoveredbyasingleanalystortwoormoreanalystssharingacommonindustry,sector,

regionorotherclassification(s).Astock’scoverageclusterisincludedinthemostrecentBofAGlobalResearchreportreferencingthestock.

BofAGlobalResearchpersonnel(includingtheanalyst(s)responsibleforthisreport)receivecompensationbasedupon,amongotherfactors,theoverallprofitabilityofBankofAmericaCorporation,includingprofitsderivedfrominvestmentbanking.Theanalyst(s)responsibleforthisreportmayalsoreceivecompensationbasedupon,amongotherfactors,theoverallprofitabilityoftheBank’ssalesandtradingbusinessesrelatingtotheclassofsecuritiesorfinancialinstrumentsforwhichsuchanalystisresponsible.

OtherImportantDisclosures

Fromtimetotimeresearchanalystsconductsitevisitsofcoveredissuers.BofAGlobalResearchpoliciesprohibitresearchanalystsfromacceptingpaymentorreimbursementfortravelexpensesfromtheissuerforsuchvisits.

Pricesareindicativeandforinformationpurposesonly.Exceptasotherwisestatedinthereport,foranyrecommendationinrelationtoanequitysecurity,thepricereferencedisthepubliclytradedpriceofthesecurityasofcloseofbusinessonthedaypriortothedateofthereporto