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cy of research, client feedback, competitive factors, and overall firm revenues. Other Disclosures J.P. Morgan ("1PM") is the global brand name for J.P. Morgan Securities LLC ("JPMS") and its affiliates worldwide. J.P. Morgan Cazenove is a marketing name for the U.K. investment banking businesses and EMEA cash equities an

gapore by or through J.P. Morgan Securities Singapore Private Limited (JPMSS) [MCI (P)199/03/2014 and Co. Rcg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulate

the Street's $1.88 (range of $1.76.2.08). Overweight HTZ, HTZ US Price: $28.37 13 May 2014 Leisure Kevin Milota AC Bloomberg JPMA MILOTA <GO> J.P. Morgan Securities LLC See page 2 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research re

gapore by or through J.P. Morgan Securities Singapore Private Limited (JPMSS) [ma (P) 199/03/2014 and Co. Reg. No.: 199405335R1 which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulate

cy of research, client feedback, competitive factors, and overall firm revenues. Other Disclosures J.P. Morgan ("JPM") is the global brand name for J.P. Morgan Securities LLC ("JPMS") and its affiliates worldwide. J.P. Morgan Cazenove is a marketing name for the U.K. investment banking businesses and EMEA cash equities an

gapore by or through J.P. Morgan Securities Singapore Private Limited (JPMSS) [ma (P) 199,0312014 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulate

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apore by or through J.P. Morgan Securities Singapore Private Limited (JPMSS) [ma (P) 199/03/2014 and Co. Reg. No.: 199405335121 which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulate

res 7 EFTA00293654 Jose h B. Nadel II North America Equity Research 24 April 2014 J.P.Morgan J.P. Morgan ("JPM") is the global brand name for J.P. Morgan Securities LLC ("JPMS") and its affiliates worldwide. J.P. Morgan Cazenove is a marketing name for the U.K. investment banking businesses and EMEA cash equities an

apore by or through J.P. Morgan Securities Singapore Private Limited (JPMSS) [MCI (P) 199/03/2014 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulate

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gapore by or through J.P. Morgan Securities Singapore Private Limited (JPMSS) (ma (P) 199/03/2014 and Co. Reg. No.: 199405335R) which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulate

nd Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Sin

cy of research, client feedback, competitive factors, and overall firm revenues. Other Disclosures J.P. Morgan ("JPM") is the global brand name for J.P. Morgan Securities LLC ("JPMS") and its affiliates worldwide. J.P. Morgan Cazenove is a marketing name for the U.K. investment banking businesses and EMEA cash equities and

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