Epstein Secrets

aring Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao dc Valences Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: 1.P. Morgan Casa de Bolsa. S.A. de Morgan Gru

0.50 1.32 O3 (Sep) 0.52 1.18 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 B

aring Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valorcs Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa dc Bolsa, S.A. de C.V., J.P. M

0 05-Nov-13 31 Dec-13 OW OW 21.67 25.91 26.00 35.00 Nov May Nov May Nov Ma 19-Mar-14 OW 27.07 33.00 06 08 09 ii 12 14 Sourco. Bloomberg and t Wigan. rice data **Nod lot stook sots and d/..409nds. Brook in tomago Aug It 20011. Aug 12. 2009. 2 EFTA00301313 Kevin Mil North America

aring Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa dc Bolsa, S.A. de C.V., J.P. M

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

aring Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa de Boise, S.A. dc C.V., l.P. M

1.32 1.35 04 (Dec) 0.93 1.18 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: $77.0

aring Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Velem% Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa de Boise, S.A. de C.V., J.P. Mo

Fixedlnc• GoisiGav Bonds- USFixed Income MSCI Europe• EM Local Bonds•• GSCI TR US cash EM EX Topix' • -5 0 5 10 15 Source: J.P. Morgan, Bloomberg. Nom: Ram in USD *Local currency. "Hedged mto USD. Euro rued income is Bcox Omni Index 11511G. HY. EMBIG and EMS Corp ale JP1A maims. Em FS is DI

aring Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valorcs Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Cm de Boise, S.A. de C.V., J.P. Mor

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

aring Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valorcs Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa dc Boise, S.A. de C.V., l.P. M

04 (Dec) (0.07) 0.15 0.27 0.25 FY 2.44 2.20 2.74 2.87 3.55 3.71 Bloomberg EPS FY ($) 2.42 2.17 - 2.71 - 3.46 Source: Company data. Bloomberg. J.P. Morgan estimates. 13kamberg' above denotes Bloomberg consensus estmates. See page 16 for analyst certification and important disclosures. J.