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tures Bureau. India: J.P. Morgan India Private Limited, having its registered office at 1.P. Morgan Tower. Off. C.S.T. Road, Kalina, Santaeruz East. Mumbai - 400098, is a member of the National Stock Exchange of India Limited (SERI Registration Number - INB 230675231/INF 230675231/INE 230675231) and Bom

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 Biotechnology AC Geoff Meacham Bloomberg JPMA AI

s and Futures Bureau. India: Morgan India Private Limited. having its registered office at a Morgan Tower. Off. C.S.T. Road, Kalina. Santacmz East, Mumbai - 400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 230675231/NE 230675231/NE 230675231) and Bomba

f this report. Investors should consider this report as only a single factor in making their investment decision. EFTA00306883 Chris Schott. CFA North America Equity Research (1-212) 622-5676 02 June 2010 J.P.Morgan Investment Thesis, Valuation and Risks Merck & Co., Inc. (Overweight: Price Target: $64.00) Investment

d Futures Bureau. India: E. Morgan India Private Limited, having its registered office at E. Morgan Tower, Oft C.S.T. Road, Kahn's, Santacruz East. Mumbai - 400098. is a member of the National Stock Exchange of India Limited (SERI Registration Number - INB 23067523 inNF 23067523 HINE 230675231) and Bom

alcolm Barr, Senior European Economist; • Pavan Wadhwa, Global Head of Interest Rate Strategy, Nikolaos Panigirtzoglou, Global Market Strategist. North America Equity Research 26 June 2012 Portfolio Strategy Thomas J Lee, CPAAc J.P. Morgan Securities LLC hor J.P. Morgan Secunties LLC Economic and Policy Research Malc

utures Bureau. India: J.P. Morgan India Private Limited. having its registered office at J.P. Morgan Tower, Ott C.S.T. Road. Kalina, Santacruz East, Mumbai - 400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 23067523I/INF 23067523 LANE 23067523)) and Bom

tors should consider this report as only a single factor in making their investment decision. www.jpmorganmarkets.com EFTA00301312 Kevin Milota North America Equity Research 13 May 2014 J.P.Morgan Analyst Certification: The research analyst(s) denoted by an "AC" on the cover of this report certifies (or, where multiple

d Futures Bureau. India: J.P. Morgan India Private Limited, having its registered office at J.P. Morgan Tower, Off C.S.T. Road. Kal Santacruz East. Mumbai -400098. is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 230675231/1NF 230675231/IN E 230675231) and Bom

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: $77.00 Oil Services and Equipment J. David Anderson, PE, C

tures Bureau. India: J.P. Morgan India Private Limited, having its registered office at J.P. Morgan Tower, Off. C.S.T. Road, Kalina, Santacruz East, Mumbai - 400098. Is a member of the National Stock Exchange of India Limited (SEED Registration Number - INB 23067523 I /INF 230675231/INE 230675231) and B

of European Asset Allocation): Trading and market liquidity: further discussion on capitulation measures; discussion of market liquidity and depth North America Equity Research 15 June 2012 Portfolio Strategy Thomas J Lee, CFA Ac (1-212)622.6605 thomaslee@pmorgan corn Katherine C Khor (1-212)622.0930 Itatherinelnon§wm

(Corporate Identity Number - U67120MH1992FTC'068724). having its registered office at 5 Morgan Tower, Off. C.S.T. Road. Kalina. Santacruz - East. Mumbai - 400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 230675231/INF 230675231/INE 230675231) and Bom

n I/O compounds (GITR), BACE-inhibitor (Alzheimer's) and anaceptrapib (CETP), none of which appear to be reflected in Merck's current share price. North America Equity Research 02 October 2015 Pharmaceuticals — Major & Specialty Chris Schott, CFA AC (1-212)622-5676 Bloomberg JPMA SCHOTT <GO, Aditl Singhania, PhD (1-212

utures Bureau. India: J.P. Morgan India Private Limited. having its registered office at J.P. Morgan Tower. Oft C.S.T. Road, Kalina, Santacruz East, Mumbai -400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 23067523I/INF 23067523 LANE 230675231) and Bomb

J.P. Morgan North America Equity Research 24 April 2014 Boeing Company Q1 Encouraging on Several Fronts; Raising Estimates and Price Target Q1 contained several positive developments: 1)

tures Bureau. India: J.P. Morgan India Private Limited, having its registered office at J.P. Morgan Tower. Ott C.S.T. Road, Kaline, Szintacruz East, Mumbai -400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 23067523I/INF 23067523 I4NE 230675231) and Bomb

hat could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. North America Equity Research 08 May 2014 Overweight CAR, CAR US Price: $51.79 A Price Target: $59.00 Previous: $53.00 Leisure Kevin Milota AC Bloomberg JPMA MILOTA <GO>