Epstein Secrets

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

nit Uneetffleatlh UNH US 7'7,857.32 78.17 OW ale 90.00 ilk WellPeint VVLP US 31.033.16 106.06 N ale 114.00 ilk Source: Company data. Bloomberg. a Morgan estimates. rit = no change. Al vices as c4 17 Jun14. See page 16 for analyst certification and Important disclosures. J.P. Morgan does an

.44% 4.4% 9.0% Rd -OA% 4.2% 1.0% -15% See page 16 for analyst certification and Important disclosures, Including non-US analyst 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 firm may have a confli

75 Shares 0/S (mn) 848 Adj RE FY 17.8 17.4 17.4 15.9 16.1 15.2 Dividend Yield FY 3.1% 3.1% 3.2% 3.2% 3.4% 3.6% Source: Company data. Bloomberg. It Morgan estimates. Europe Equity Research 28 April 2014 Overweight ROG.VX, ROG VX Price: St 254.1;0 Price Target: SF280.00 European Health

ide. Risks: • Inflation stabilizes or moderates earlier than expected. • Government currency intervention. Implementation: • Please call your M. Morgan representative for options on trading the RMB. thine 2% Source: . n vs. FX A . . retied • Ar . 00 '02 '04 '06 '08 —Chinese CPI —YoY%Chg i

thine 2% Source: . n vs. FX A . . retied • Ar . 00 '02 '04 '06 '08 —Chinese CPI —YoY%Chg in CNY '10 China Economic Information Network. Bloomberg. Data as of 3/31/11. Investment Products: Not FDIC Insured • No Bank Guarantee • May Lose Value EFTA00595565 GIO Opportunistic Investments J.P.

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

Specialty Chris Schott, CFA AC (1-212)622-5676 Bloomberg JPMA SCHOTT <GO, Aditl Singhania, PhD (1-212)622

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

FY 5.74 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 exp