Epstein Secrets

e for the full Note and disclaimers. Alex VaoAc Bloomberg JPMA YAO <GO> EFTA00695859 Daniel Chen (852)

18E PIE of 36x/27x. Click here for the full Note and disclaimers. Alex VaoAc Bloomberg JPMA YAO <GO> EFTA00695859 Daniel Chen (852) 2800-8579 J.P. Morgan Securities (Asia Pacific) Limited Visit J.P. Morgan Markets for more market-leading research and financial solutions across the full trade and investment lifec

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

es South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is regulated by the Financial Services Board. Hong Kong: J.P. Morgan Securities (Asia Pacific) Limited (CE number AAJ321) is regulated 7 EFTA00300343 Geoff Meacham North America Equity Research 22 May 2014 J.P.Morgan by t

Appreciation 12% 10% II% 6% 4% 2% 0% .2% '00 72 14 —Mims OM Illi la —IbIrlilligs 0011 IS Source: China Economic Information Network. Bloomberg. Data as of 3/31/11. MPORTANT INFORMATION This presentation and the material contained herein is not a product of the J.P. Morgan Research Departme

. although it may refer to a research eport or research analyst. This presentation should be reviewed in conjunction with U.S. research published by J.P. Morgan Securities. LLC to the extent that such research exists. The opinions and ideas expressed herein do not take into account individual client circumstances. obje

21 19 17 15 13 11 9 1995 1997 2000 2003 2006 2009 2012 -US Auto SAAR Previous Replacement Cycle Average 2009-2012 Average Source: Bloomberg Average Age of Vehicles Increasing (years) 17 16 15 14 Avg Age of All Cars M —Estimated Avg Age of Retired Cars 15.6 15.9 13.8 14.2 14.

although it may refer to a research report or research analyst. This presentation should be reviewed in conjunction with U.S. research published by J.P. Morgan Securities. LLC to the extent that such research exists. The opinions and ideas expressed hereei do not take into account incividual client ciarnstances. objec

.2 • •0.3 -Ti MSCI World • 1,175 - 1,075 - 975 •0.4 • •0.5 - Index • 875 •0.6 • - 775 675 •0.7 2008 2009 2010 2011 Source: Citigrotp, Bloomberg. 2012 Unfortunately, the ECB can't create jobs Employment percent change, O0O, saar 3% .3% 2005 2006 2007 2008 2009 2010 2011 Source: Eu

ties. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank. N.A. and its affiliates. Securities are offered through J.P. Morgan Securities LLC(JPMS). Member NYSE. FINRA and SIPC. Securities products purchased or sold through !PAIS are not insured by the Federal Deposit Insurance Corpora

reserve requirement ratios, from 2% to 1% Spain's sovereign yield curve Pe cent 8% November 29,2011 January 24. 2012 5Y 10Y 20Y 30Y Source: Bloomberg. Source: Bloomberg. It should not be lost on anyone that first prize in the Central Bank balance sheet expansion race is not necessarily one you w

ties. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank. N.A. and its affiliates. Securities are offered through J.P. Morgan Securities LLC(JPMS). Member NYSE. FINRA and SIPC. Securities products purchased or sold through !PAIS are not insured by the Federal Deposit Insurance Corpora

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

es South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is regulated by the Financial Services Board. Hong Kong: J.P. Morgan Securities (Asia Pacific) Limited (CE number AAJ32 I ) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong

cant=reversal in USD strength, and or JPY weakness (ameliorating the need for th= South Korean government to step-in) Chart 1</=:p> </=> Sources: Bloomberg as of July 2015, JP Morgan, Financial=Times, Business Korea The views and strategies described herein may not be suitable for al= investors. Certain

5E5F5F"> apan style="font-size:8.0pt;font-family:"Verdana","sans-ser=f"">Paul Barrett I Managing Director I Global Investment Opportunities Group I J.P. Morgan Securities LLC I J.P. Morgan Private Bank (=1.P. Morgan Chase Bank N.A. 320 Park Avenue, 14th Floor, New York, NY 10022 I T: (212)=622-2770 I F: (212) 310-0108

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

es South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is regulated by the Financial Services Board. Hong Kong: J.P. Morgan Securities (Asia Pacific) Limited (CE number AAJ32 I ) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong