Epstein Secrets

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

d by the Taiwan Securities and Futures Bureau. India: Morgan India Private Limited, having its registered office at Morgan Tower, Oft. C.S.T. Road, Kalina, Santacruz East. Mumbai 400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 230675231/INF 230675231/

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

rgan India Private Limited (Corporate Identity Number - U67120MH1992FTC'068724). having its registered office at 5 Morgan Tower, Off. C.S.T. Road. Kalina. Santacruz - East. Mumbai - 400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 230675231/INF 23067

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

Taiwan Securities and Futures Bureau. India: J.P. Morgan India Private Limited. having its registered office at J.P. Morgan Tower. Oft C.S.T. Road, Kalina, Santacruz East, Mumbai -400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 23067523I/INF 23067523