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has the meaning given in section 761Ci of the Corporations Act 2001. Germany: This material is distributed in Lemony by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which arc regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The
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
ient" has the meaning given in section MIG of the Corporations Act 2001. Germany: This material is distributed in Germany by. Morgan Securities plc, Frankfurt Branch and Chase Bank.-.. Frankfurt Branch which are regulated by the l3undesans*alt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownershi
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
has the meaning given in section 761G of the Corporations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank. N.A., Frankfurt Branch which are regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The
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 Frankfurt and M. Morgan

United States
LOCATION
Bloomberg L.P.
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATION
New Zealand
LOCATION
Malaysia
LOCATIONthe Securities and Exchange Commission
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATION
Philippines
LOCATION
JPMorgan Chase
ORGANIZATION
Prince Andrew
PERSON
the Financial Services Agency
ORGANIZATIONthe Capital Market Authority
ORGANIZATION
Michael Bloomberg
PERSON
Condoleezza Rice
PERSONJapan Investment Advisers Association
ORGANIZATION
Mumbai
LOCATIONthe Securities and Futures Commission
ORGANIZATION
Saudi Arabia
LOCATION
the Ministry of Finance
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION