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Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: `Morgan Saudi Arabia Ltd. is authorized by the Capital Market Authority of the Kingdom of Saudi Arabia (CMA) to carry out dealing as an agent, arranging, advising and custody, with respect to securities business under li
he East) lad. Seoul branch. Rand Member 10.3011. topyrizte 2012 .1Plihavan Chase Co_ All rights retrial Adiiiuorui intoiniation avallabk upon regant_ M. Morgan ('JPM') is the global brand name for E. Morgan Securities LLC ("JPMS") and its affiliates worldwide... Morgan Cazenove is a marketing name for the U
f Pakistan. Saudi Arabia: J.P. Morgan Saudi Arabia 17 EFTA00301333 North America Equity Research 18 June 2014 J.P.Morgan Ltd. is authorized by the Capital Market Authority of the Kingdom of Saudi Arabia (CMA) to carry out dealing as an agent. arranging. advising and custody, with respect to securities business under li
0.85 0.38 O4 (Dec) 0.90 0.36 FY 3.09 1. 0.62 0.52 0.83 0.24 2.21 0.39A 0.53 0.69 0.68 2.27 3.05 Source: Company data. Bloomberg. M. Morgan estimates. North America Equity Research 18 June 2014 Health Net J.P.Morgan Investment Thesis, Valuation and Risks Health Net (Neutral; Price T
rachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: M. Morgan Saudi Arabia Ltd. is authorized by the Capital Market Authority of the Kingdom of Saudi Arabia (CMA) to carry out dealing as an agent, arranging. advising and custody, with respect to securities business under li
l Bovespa 62632 7.5% Hang Sang Shanghai SE 2277 52% 'Levels as of Dec 31. 2012/returns as of Jan 3.2012 Local twenty except MSCI EM S &vice: M. Morgan 1459 16.0% 3105 16.6% 889 20.9% 6047 10.0% 1083 18.6% 23331 27.6% 1.8 1.8 1.8 1.75 1.75 US Europe Sector Allocation 2012 2012
Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia:. Morgan Saudi Arabia Ltd. is authorized by the Capital Market Authority of the Kingdom of Saudi Arabia (CMA) to carry out dealing as an agent, arranging. advising and custody. with respect to securities business under li
e: 660.05 01 October 2015 MRK. MRK US Ovenveighl Price: 549.37 01 October 2015 See page 2 for analyst certification and important disclosures. M. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the flail may have a confl
chi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan Saudi Arabia Ltd. is authorized by the Capital Market Authority of the Kingdom of Saudi Arabia (CMA) to carry out dealing as an agent. arranging. advising and custody, with respect to securities business under li
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 expenses. GAAP
Entities connected to both the Capital Market Authority and M. Morgan

Malaysia
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New Zealand
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Frankfurt
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the Financial Services Agency
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATIONthe Securities Commission
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONKanto Local Finance Bureau
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JPMorgan Chase
ORGANIZATIONJapan Investment Advisers Association
ORGANIZATIONthe Central Bank of Brazil
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Philippines
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Bloomberg L.P.
ORGANIZATIONthe Securities and Exchange Commission
ORGANIZATIONthe Karachi Stock Exchange
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the Ministry of Finance
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONBombay Stock Exchange Limited
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