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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

: J.P. Morgan expects to receive, or intends to seek, compensation for investment banking services in the next three months from Gilead Sciences. • Non-Investment Banking Compensation: J.P. Morgan has received compensation in the past 12 months for products or services other than investment banking from Gilead Sciences. Company-S

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

n expects to receive, or intends to seek, compensation for investment banking services in the next three months from Hertz Global Holdings, Inc.. • Non-Investment Banking Compensation: J.P. Morgan has received compensation in the past 12 months for products or services other than investment banking from Hertz Global Holdings, Inc.

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

ds to seek, compensation for investment banking services in the next three months from Aetna, Cigna, Health Net, Humana, UnitedHealth, WellPoint. • Non-Investment Banking Compensation: J.P. Morgan has received compensation in the past 12 months for products or services other than investment banking from Aetna, Cigna, Health Net, H

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nths): J.P. Morgan expects to receive, or intends to seek, compensation for investment banking services in the next three months from Hallibunon. • Non-Investment Banking Compensation: J.P. Morgan has received compensation in the past 12 months for products or services other than investment banking from Halliburton. Company-Speci

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

): J.P. Morgan expects to receive, or intends to seek, compensation for investment banking services in the next three months from Boeing Company. • Non-Investment Banking Compensation: J.P. Morgan has received compensation in the past 12 months for products or services other than investment banking from Boeing Company. Company-Sp

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organ expects to receive, or intends to seek, compensation for investment banking services in the next three months from Avis Budget Group, Inc.. • Non-Investment Banking Compensation: J.P. Morgan has received compensation in the past 12 months for products or services other than investment banking from Avis Budget Group, Inc.. C