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he East) lad. Seoul branch. Rand Member 10.3011. topyrizte 2012 .1Plihavan Chase Co_ All rights retrial Adiiiuorui intoiniation avallabk upon regant_ M. Morgan ('JPM') is the global brand name for E. Morgan Securities LLC ("JPMS") and its affiliates worldwide... Morgan Cazenove is a marketing name for the U

ties and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Indonesia: PTE. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated

0.85 0.38 O4 (Dec) 0.90 0.36 FY 3.09 1. 0.62 0.52 0.83 0.24 2.21 0.39A 0.53 0.69 0.68 2.27 3.05 Source: Company data. Bloomberg. M. Morgan estimates. North America Equity Research 18 June 2014 Health Net J.P.Morgan Investment Thesis, Valuation and Risks Health Net (Neutral; Price T

s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom, Bangrak, Bangkok 10500. Indonesia:

l Bovespa 62632 7.5% Hang Sang Shanghai SE 2277 52% 'Levels as of Dec 31. 2012/returns as of Jan 3.2012 Local twenty except MSCI EM S &vice: M. Morgan 1459 16.0% 3105 16.6% 889 20.9% 6047 10.0% 1083 18.6% 23331 27.6% 1.8 1.8 1.8 1.75 1.75 US Europe Sector Allocation 2012 2012

ties and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Indonesia: PT E. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulate

e: 660.05 01 October 2015 MRK. MRK US Ovenveighl Price: 549.37 01 October 2015 See page 2 for analyst certification and important disclosures. M. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the flail may have a confl

s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd.. which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathorn Road. Silom, Bangrak. Bangkok 10500. Indonesia:

5.88 7.08 7.55 7.90 8.20 8.60 Shares 0/S (mn) 769 Bloomberg EPS FY (5) 4.51 5.01 6.74 - 7.32 - 8.17 Source: Company data, Bloomberg. M. Morgan estimates. Our EPS estimates for Boeing are consistent with the company's core EPS, which excludes certain pension and post-retiement expenses. GAAP

s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom, Bangrak, Bangkok 10500. Indonesia: