Epstein Secrets

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

sued to persons regarded as professional investors (or equivalent) in their home jurisdiction. Australia: This material is issued and distributed by JPMSAL in Australia to "wholesale clients' only. JPMSAL does not issue or distribute this material to "retail clients". The recipient of this material must

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

sued to persons regarded as professional investors (or equivalent) in their home jurisdiction. Australia: This material is issued and distributed by JPMSAL in Australia to "wholesale clients' only. This material does not take into account the specific investment objectives, financial situation or partic

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

obal Asset Allocation The a Morgan View 04 January 2013 J.P.Morgan their home jurisdiction. Australia: This material is issued and distributed by JPMSAL in Australia to "wholesale clients' only. JPMSAL does not issue or distribute this material to "retail clients". Thc recipient of this material must

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

sued to persons regarded as professional investors (or equivalent) in their home jurisdiction. Australia: This material is issued and distributed by JPMSAL in Australia to "wholesale clients" only. This material does not take into account the specific investment objectives, financial situation or partic

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

sued to persons regarded as professional investors (or equivalent) in their home jurisdiction. Australia: This material is issued and distributed by JPMSAL in Australia to "wholesale clients" only. This material does not take into account the specific investment objectives, financial situation or partic