Epstein Secrets

Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CHI-X. Taiwan: J.P.Morgan Securities (Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-type) and regulated by the Taiwan S

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

Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CHI-X. Taiwan: Securities (Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-type) and regulated by the Taiwan Securities

.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

Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CHI-X. Taiwan: J.P.Morgan Securities (Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-type) and regulated by the Taiwan S

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Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CHI-X. Taiwan: J.P.Morgan Securities (Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-type) and regulated by the Taiwan S

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

Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CHI-X. Taiwan: J.P.Morgan Securities (Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-type) and regulated by the Taiwan S

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

Australia Limited IJPMSAL) (ABN 61 003 245 234/AFS Licence No: 2380661 is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CIII-X. Taiwan: J.P.Morgan Securities (Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-type) and regulated by the Taiwan

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

Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market. Clearing and Settlement Participant of ASX Limited and CHI-X. Taiwan: Securities (Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-type) and regulated by the Taiwan Securities

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

Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CHI-X. Taiwan: J.P.Morgan Securities (Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-type) and regulated by the Taiwan S

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

Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CHI-X. Taiwan: J.P.Morgan Securities (Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-typc) and regulated by the Taiwan S

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.