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s): Morgan expects to receive, or intends to seek, compensation for investment banking services in the next three months from Merck & Co., Inc.. • Non-Investment Banking Compensation: M. Morgan has received compensation in the past 12 months for products or services other than investment banking from Merck & Co., Inc.. Company-S

verage of the stocks; the current analysts may or may not have covered it over the entire riot M. Morgan ratings or designations: OW - Overweight, Neutral, UW Underweight, NR Not Rated Ex lanatlon of Equity Research Ratings, Designations and Analyst(s) Coverage Universe: Morgan uses the following rating system: Overw

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

of the stocks; the current analysts may or may not have covered it over the entire period. J.P. Morgan ratings or designations: OW Overweight, Ni• Neutral, UW Underweight, NR •• Not Rated Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe: J.P. Morgan uses the following rating syste

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

e of the stocks; the current analysts may or may not have covered it over the entire period. J.P. Morgan ratings or designations: OW Overweight, N- Neutral, UW Underweight, NR - Not Rated t6 EFTA00295415 11= Kevin Milota North America Equity Research 08 May 2014 J.P.Morgan Explanation of Equity Research Ratings