Charles Schwab & Co., Inc. ("Schwab") Disclosures
Click to view the Price Chart that shows the rating and price history over applicable periods�for this stock, including if and when coverage was terminated or suspended.
Within the previous 12 months, the percentage of companies that have a Schwab Equity Rating and for which Schwab has provided investment banking services are as follows:
2.53% in Buy Category (Schwab Equity Ratings and Schwab Equity Ratings International of A or B)
1.75% in Hold Category (Schwab Equity Ratings and Schwab Equity Ratings International of C)
1.27% in Sell Category (Schwab Equity Ratings and Schwab Equity Ratings International of D or F)
Schwab Equity Ratings and Percentile Ranking Meaning and Distribution
Schwab Equity Ratings are assigned to approximately 3000 of the largest (by market capitalization) U.S. headquartered stocks using a scale of "A", "B", "C", "D", and "F". The explanation and table below are included to assist you in using Schwab Equity Ratings and corresponding percentile rankings as one component of your own research to evaluate stocks and investment opportunities.

Schwab rates stocks "A" to "F." Schwab's outlook is that "A" rated stocks, on average, will strongly outperform and "F" rated stocks, on average, will strongly underperform the equities market over the next 12 months. Schwab Equity Ratings are based upon a disciplined, systematic approach that evaluates each stock on the basis of a wide variety of investment criteria from four broad categories: Fundamentals, Valuation, Momentum, and Risk. This approach attempts to gauge investor expectations since stock prices tend to move in the same direction as changes in investor expectations. Stocks with low and potentially improving investor expectations tend to receive the best Schwab Equity Ratings ("A" or "B" ratings), while stocks with high and potentially falling investor expectations tend to receive the worst Schwab Equity Ratings ("D" or "F" ratings). Over time, the methodology upon which Schwab Equity Ratings are based may be altered. For more on the components of the Schwab Equity Ratings, see Schwab Equity Rating - Component Grades.

Investment Ratings
Schwab Equity Ratings Distribution
Schwab Equity Rating Percentile Ranking Distribution Schwab Equity Rating Distribution 12 Month Return Outlook General Buy/Hold/ Sell Guidance+
  A 1-5 Top 5% Strongly Outperform Buy
  B 6-30 Next 25% Outperform Buy
  C 31-70 Next 40% Marketperform Hold
  D 71-95 Next 25% Underperform Sell
  F 96-100 Bottom 5% Strongly Underperform Sell
+The general buy/hold/sell guidance is relative to other rated equities only. Before considering whether to take any action, an investor should consider whether equities generally are performing well in comparison to other asset classes and whether other equities in the same sector or category with the same or better rating may be more appropriate.

Percentile Rankings Explanation:
 Each of the approximately 3000 stocks rated in the Schwab Equity Ratings universe is given a score that is derived from several research factors. The assignment of a final Schwab Equity Rating depends on how well a given stock scores in each of the factors and then how that stock stacks up against all other rated stocks. The result is a stock's percentile ranking. The lowest percentile rankings represent the best scores and correspond to the best letter grades. For example, in a universe of 3000 rated stocks, the top 30 stocks would receive a percentile ranking of 1 and the bottom 30 stocks would receive a percentile ranking of 100. Furthermore, stocks ranked in percentile groups 1-5 are rated "A" and those in percentile groups 6-30 are rated "B." The table above illustrates the percentile rankings and approximate Schwab Equity Ratings distributions.

Descriptions for Non-Rated Stocks
Category  Definition Description
NR  Not rated Schwab has decided not to publish a rating on this stock due to unusual or extraordinary business circumstances related to this company. Although Schwab generally does not monitor C, D, and F rated stocks for unusual or extraordinary business circumstances, from time to time, a rating of NR may appear on a particular stock.
NA  Not Available A Schwab Equity Rating is not available on this stock due to insufficient information about the stock.
NC  Not Covered This stock is not currently in the Schwab Equity Rating universe or is prohibited from coverage for regulatory reasons.
Modifiers
Category  Definition Description
*  Check news Check current news because a potentially significant event has been announced for an A or B rated stock. Although Schwab generally does not monitor C, D, and F rated stocks for current news, from time to time, asterisks may appear on a particular stock due to certain circumstances (e.g. the downgrade of a stock from a B to a C-rating). In any event, you should always check news on a stock before placing a trade.

Investment Ratings Explanation

A (Strongly Outperform): If an investor is looking to add a stock to his or her
    portfolio, "A" rated stocks may be the best candidates for consideration.

B (Outperform): An investor looking to add a stock to his or her portfolio should
    also consider a "B" rated stock, though preference should be given to "A"
    rated stocks.

C (Marketperform): An investor would not usually consider a "C" rated stock for
    purchase. An investor that has a "C" rated stock in his or her portfolio should
    consider continuing to hold the stock, and might monitor the stock's ongoing
    performance and compare the potential benefits of owning a stock with
    higher ratings.

D (Underperform): An investor holding a "D" rated stock should consider
    whether it is appropriate to continue to hold that stock in his or her portfolio.
    An investor would not usually consider a "D" rated stock for purchase.

F (Strongly Underperform): An investor holding an "F" rated stock should
    consider whether it is appropriate to eliminate that stock from his or her
    portfolio. An investor would not usually consider an "F" rated stock for
    purchase.

Disclaimer Information

Varying Viewpoints: The information contained in these materials reflects the Charles Schwab & Co., Inc. Schwab Equity Rating on a particular stock. Schwab, its affiliates and/or their employees may publish or otherwise express other viewpoints, trading strategies or ratings that may differ from and even conflict with the Schwab Equity Rating included in these materials. This is due to different analytical methodologies and disciplines that may be followed by the different research groups. Please also note that Schwab and/or its affiliates and the investment funds and managed accounts they manage may take positions, which may be contrary to the included Schwab Equity Rating.

General Information: This material is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy. Additionally, Schwab Equity Ratings, Percentile Rankings, and the general guidance are not personal recommendations for any particular investor or client and do not take into account the financial, investment or other objectives or needs of, and may not be suitable for any particular investor or client. Before buying, investors and clients should consider whether the investment is suitable. Investors and clients should consider Schwab Equity Ratings as only a single factor in making their investment decision while taking into account the current market environment. Accordingly, Schwab does not assess the suitability (or the potential value) of any particular investment. Schwab also does not provide tax advice and the views in the material do not take into account any client's or investor's tax situation. Clients and investors should consult their tax advisers before investing. Schwab Equity Ratings utilize third-party data in the forming of a rating. While Schwab believes such third-party information is reliable, we do not guarantee its accuracy, timeliness or completeness. Schwab Equity Ratings are generally updated weekly, so you should review and consider any recent market or company news before taking any action. Stocks may go down as well as up and investors (including clients) may lose money, including their original investment. Past history is no indication of future performance and returns are not guaranteed. For individualized advice, please contact Schwab at 877-284-9817.