gradual deceleration in US RevPAR growth and a positive recovery in European RevPAR growth as the region laps terrorist attacks and geopolitical uncertainty. Table 21: US and European RevPAR Y/Y Change Mar- US Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 17* 1016 2016 3016 4016 1017 Occupancy 0.3% 0.8% -04% 22% 05% 03% -10% 04% 16% 03% 25% 0.1% 05% 05% 16% 05% 07% 01% 07% 05% ADR 2.8% 3.6% 3.2% 28% 24% 35% 3.6% 25% 39% 1.9% 34% 24% 3.2% 1.7% 26% 32% 29% 33% 26% 25% RevPAR 24% 2.8% 2.7% 5.0% 19% 3.8% 2.5% 21% 56% 16% 59% 23% 3.8% 1.2% 4.2% 27% 3.6% 34% 3.3% 3.0% Europe Occupancy 14% 15% 03% 35% 03% 07% 04% -15% 08% -04% 42% 45% 5.1% 29% 1.1% 0.8% -04% 28% 4.0% ADR 43% 27% 25% 3.2% 0.3% 45% 0.7% 48% -18% -86% 5.3% 5.0% -21% -3.1% 15% -0.3% -24% 6.3% -2.6% RevPAR 2.9% 1.3% 2.8% 6.8% 0.1% — 5.1% —-1.1% — 6.2% —-1.0% 9.0% —-1.3% 0.7% 2.9% 3.1% 0.5% 0.5% —-28% 3.7% — -0.1% Europe in Euros Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Juli6 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 1Q16 2Q16 3Q16 4Q16 1Q17 Occupancy 14% 15% 03% 35% 03% 07% 04% -15% 08% -04% 42% 45% 5.1% 29% 1.1% 0.8% -04% 28% 4.0% ADR 0.0% 0.2% -1.7% 0.1% 09% 44% -27% 46% -16% 85% -54% -15% 0.9% 0.2% 0.7% -18% 30% 52% -0.4% RevPAR 14% 1.2% -14% 3.3% -1.2% 5.0% -3.1% 6.0% 0.9% 89% -14% 29% 42% 3.0% 0.4% —-1.0% 3.3% —-24% 3.6% Source: Smith Travel Research (STR), BofA Merrill Lynch Global Research estimates; Note: **March data is month to date Estimates vs. Consensus: We are above the Street on EBITDA/EPS in 1Q Our 1Q revenue/EPS of $2.4bn/$9.08 is broadly in line to slightly above the Street at $2.4bn/S8.75. We see upside to the company’s 1Q EPS guide of $8.25-S8.65. We estimate 26% y/y hotel room night growth, some deceleration from 31% growth v. 4Q (guidance is 20-25%). Table 22: Priceline Estimate Summary 1Q17 2Q17 2017 2018 2019 Revenue BofAML est. $2,415 $3,041 $12,518 $14,469 $16,493 Growth Y/Y% 12% 19% 17% 16% 14% Street $2,441 $2,99