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Taiwan Securities and Futures Bureau. India: J.P. Morgan India Private Limited, having its registered office at 1.P. Morgan Tower. Off. C.S.T. Road, Kalina, Santaeruz East. Mumbai - 400098, is a member of the National Stock Exchange of India Limited (SERI Registration Number - INB 230675231/INF 23067523

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

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

.81 03 (Sep) 0.92 0.87 O4 (Dec) 0.88 0.88 - FY 3.49 3.44 3.67 4.19 4.41 Bloomber EPS FY $ 3.50 3.47 3.64 3.99 Source: Company data. Bloomberg. Morgan estimates. Sternberg' above denotes Bloomberg consensus estimates. Overweight MRK, MRK US Price: $57.93 Price Target: $64.00 Pharmaceu

y the Taiwan Securities and Futures Bureau. India: M. Morgan India Private Limited, having its registered office at M. Morgan Tower. OM 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 23067523

s am unlikely to have clarity into the impact of recent fonvard curve price changes in the short-term. Using the current forward curve (accessed in Bloomberg by NGA <CMDTY> <GO> CCRV <GO>) and assuming that natural gas price changes result in heat rate changes, we estimate that the company generates $77

Taiwan Securities and Futures Bureau. India: J.P. Morgan India Private Limited. having its registered office at J.P. Morgan Tower, Ott 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

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gan India Private Limited (Corporate Identity Number - U67120M111992FTC068724), having its registered office at I.P. Morgan Tower, Off. C.S.T. Road, Kalina, Santacruz - East, Mumbai - 400098. is a member of the National Stock Exchange of India Limited (SEW Registration Number - INB 23067523111NF 2306752

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

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

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

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

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