Epstein Secrets

EM* EMBIG Gold -10 10 20 30 Source: J.P. Morgan, Bloomberg. See blue box on page 2 for description. www.jpmo

ies (Far East) Ltd, Seoul Branch, is regulated by the Korea Financial Supervisory Service. Australia: J.P. Morgan Australia Limited (JPMAL)

e 31-Dec-14 Bloomberg EPS FY (5) 5.16 5.13 5.88 6.54 7.21 North America Equity Research 18 June 2014 Aetna J.P.Morgan Some: Company data, Bloomberg... Morgan estimates. Investment Thesis, Valuation and Risks Aetna (Overweight; Price Target: $82.00) Investment Thesis Our Overweight rating on AET

027) is regulated by the Securities and Futures Commission in Hong Kong. Korea: J.P. Morgan Securities (Far East) Ltd. Seoul Branch. is regulated by the Korea Financial Supervisory Service. Australia: J.P. Morgan Australia Limited (JPMAL) (ABN 52 002 888 01 I1AFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Austr

1 1 1 1 1 i i 5 10 15 20 Source: J.P. Morgan, Bloomberg. See blue box on page 2 for description. www.mo

onetary Authority and the Securities and Futures Commission in Hong Kong. Korea: J.P. Morgan Securities (Far East) Ltd, Seoul Branch, is regulated by the Korea Financial Supervisory Service. Australia: J.P. Morgan Australia Limited (ABN 52 002 888 011/AFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Australia Limit