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s issued and distributed in Thailand by 1PMorgan 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 Salem Road. Silom. Bangrak, Bangkok 10500. Indonesia: P
18 O4 (Dec) 0.55 1.63 FY 2.05 5.61 6.52 7.54 Bloomberg EPS FY ($1 2.00 6.05 7.60 8.67 Source: Company On. Bloomberg. Morgan eabmates. North America Equity Research 22 May 2014 Overweight mum ►aces ua GILD, GILD US Price: $81.81 Price Target: $100.00 US Biotechnology AC Geoff Meacham Bloomberg JPMA AI
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:
f this report. Investors should consider this report as only a single factor in making their investment decision. EFTA00306883 Chris Schott. CFA North America Equity Research (1-212) 622-5676 02 June 2010 J.P.Morgan Investment Thesis, Valuation and Risks Merck & Co., Inc. (Overweight: Price Target: $64.00) Investment
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
alcolm Barr, Senior European Economist; • Pavan Wadhwa, Global Head of Interest Rate Strategy, Nikolaos Panigirtzoglou, Global Market Strategist. North America Equity Research 26 June 2012 Portfolio Strategy Thomas J Lee, CPAAc J.P. Morgan Securities LLC hor J.P. Morgan Secunties LLC Economic and Policy Research Malc
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:
tors should consider this report as only a single factor in making their investment decision. www.jpmorganmarkets.com EFTA00301312 Kevin Milota North America Equity Research 13 May 2014 J.P.Morgan Analyst Certification: The research analyst(s) denoted by an "AC" on the cover of this report certifies (or, where multiple
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, Slim.. Bangrak, Bangkok 10500. Indonesia:
1.23 1.44 1.48 FY 3.15 3.95 4.00 5.10 5.20 Bloomberg EPS FY (s) 3.10 3.98 5.10 Source: Company data. Bloomberg. J.P. Morgan estimates. North America Equity Research 12 June 2014 Overweight HAL, HAL US Price: $66.94 A Price Target: $78.00 Previous: $77.00 Oil Services and Equipment J. David Anderson, PE, C
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 J.P. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regula
of European Asset Allocation): Trading and market liquidity: further discussion on capitulation measures; discussion of market liquidity and depth North America Equity Research 15 June 2012 Portfolio Strategy Thomas J Lee, CFA Ac (1-212)622.6605 thomaslee@pmorgan corn Katherine C Khor (1-212)622.0930 Itatherinelnon§wm
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:
n I/O compounds (GITR), BACE-inhibitor (Alzheimer's) and anaceptrapib (CETP), none of which appear to be reflected in Merck's current share price. North America Equity Research 02 October 2015 Pharmaceuticals — Major & Specialty Chris Schott, CFA AC (1-212)622-5676 Bloomberg JPMA SCHOTT <GO, Aditl Singhania, PhD (1-212
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:
J.P. Morgan North America Equity Research 24 April 2014 Boeing Company Q1 Encouraging on Several Fronts; Raising Estimates and Price Target Q1 contained several positive developments: 1)
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:
hat could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. North America Equity Research 08 May 2014 Overweight CAR, CAR US Price: $51.79 A Price Target: $59.00 Previous: $53.00 Leisure Kevin Milota AC Bloomberg JPMA MILOTA <GO>
Entities connected to both the Ministry of Finance and North America Equity Research

Malaysia
LOCATION
Philippines
LOCATION
New Zealand
LOCATION
JPMorgan Chase
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATIONEngland & Wales
LOCATIONKanto Local Finance Bureau
ORGANIZATION
Mumbai
LOCATIONthe Hong Kong
LOCATIONthe Stock Exchange
ORGANIZATIONJPMSAL
ORGANIZATIONDubai Branch
ORGANIZATION