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website at Legal Entities Disclosures U.S.: JPMS is a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank. N.A. is a member of FDIC. U.K.: JPMorgan Chase N.A., London Branch. is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited
n 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 1% ownership disclosure as of the
or announcements, market conditions or any other publicly available information. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. "Other Disclosures" last revised April 5.2014. Copyright
eport as only a single factor in making their investment decision. EFTA00293648 Jose h B. Nadd III North America Equity Research 24 April 2014 J.P. Morgan • 787 deferred production growth should begin to step down. While forecasting 787 unit costs is difficult given the number of variables and lack of da
, are available for compendium reports and all J.P. Morgan- covered companies by visiting , calling 1-800-477-0406, or e-mailing with your request. J.P. Morgan's Strategy, Technical, and Quantitative Research teams may screen companies not covered by J.P. Morgan. For important disclosures for these companies,
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
sksioc.ixIf Legal Entitles Disclosures U.S.: JPMS is a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank. N.A. is a member of FDIC. U.K.: JPMorgan Chase N.A.. London Branch. is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited
n 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 1% ownership disclosure as of the
or announcements, market conditions or any other publicly available information. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. "Other Disclosures' last revised April 5. 2014. Copyrigh
endium reports and all J.P. Morgan- r overod COMIlalliiN by visitine httiwilinmm contiresearcWdisclosures, callinL or e-mailing with your request. J.P. Morgan's trategy, et meal, and • • ch teams may screen companies not covered by IP. Morgan. For important disclosures for these companies, please call or
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
2012 Portfolio Strategy Thomas J Lee, CPAAc J.P. Morgan Securities LLC hor J.P. Morgan Secunties LLC Economic and Policy Research Malcolm Barr JPMorgan Chase Bank N.A. London Branch Rates Strategy Pavan Wadhwa J.P. Morgan Secunues Ltd. Global Asset Allocation Nikolaos Pani irtzoglou Proposed Agenda: J.P. Morg
Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank. •., Singapore branch (JPMCB Singapore) which is regulated by the MAS. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) wh
rage universe. If it does not appear in the Important Disclosures section of this report, the certifying analyst's coverage universe can be found on J.P. Morgan's research website, J.P. Morgan Equity Research Ratings Distribution, as of April 3, 2012 Overweight Neutral (buy) (hold) Underweight (sell) I.P
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
n has been prepared for information purposes only. Nothing in this material is intended to be a solicitation for any product or service offered by . Morgan's Private Bank or any of its affiliates. Information contained herein has been obtained from sources believed to be reliable but we do not guarantee its accuracy o
ide. Risks: • Inflation stabilizes or moderates earlier than expected. • Government currency intervention. Implementation: • Please call your M. Morgan representative for options on trading the RMB. thine 2% Source: . n vs. FX A . . retied • Ar . 00 '02 '04 '06 '08 —Chinese CPI —YoY%Chg i
or analyst certification and important disclosures. Global Asset Allocation 04 January 2013 Global Asset Allocation Jan Loeys AC (1-212)834-5874 JPMorgan Chase Bank NA John Normand (44-20) 7134-1816 M. Morgan Securities plc Nikolaos Panigirtzoglou (44-20) 7134-7815 Morgan Secunties plc Seamus Mac Gorain (44-
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
on risk disclosure documents. For a copy of the Option Clearing Co ration's Characteristics and Risks of Standardized Options. please contact your Morgan Representative or visit the OCC's website at Legal Entities Disclosures US.: JPMS is a member of NYSE, FINFtA, SIPC and the NFA. JPMorgan Chase Bank, M . is a
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
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United States
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