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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
an India Private Limited. Thailand: This material is issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road
organ EM equity portfolio inflows Left axis shows EM equity portfolio flows in Sbn. 200 150 100 0 -50 -10a 05 06 07 08 09 10 It Source: IF. Blomberg. EM equity nortfolioflows $bn 60% 50% 40% 30% 20% 10% 0% -10% MSCI Skin ISCI Wald -20% 12 More details in ... US Credit Markets Outlook
010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Indonesia: PT E. Morgan Securities Indonesia is a member of
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
010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Indonesia: PT J.P. Morgan Securities Indonesia is a member of
Page: HOUSE_OVERSIGHT_026578 →EM* EMBIG Gold -10 10 20 30 Source: J.P. Morgan, Bloomberg. See blue box on page 2 for description. www.jpmo
010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Indonesia: PT J.P. Morgan Securities Indonesia is a member of
Page: HOUSE_OVERSIGHT_030854 →Entities connected to both Michael Bloomberg and the Stock Exchange of Thailand

Bloomberg L.P.
ORGANIZATION
Barack Obama
PERSON
United States
LOCATION
Bill Clinton
PERSON
JPMorgan Chase
ORGANIZATION
Philippines
LOCATION
Joe Biden
PERSON
Harvey Weinstein
PERSON
Frankfurt
LOCATION
Eric Trump
PERSON
United Kingdom
LOCATION
Malaysia
LOCATION
New Zealand
LOCATION
the Financial Services Agency
ORGANIZATIONthe Securities and Exchange Commission
ORGANIZATIONthe Capital Market Authority
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATION
Condoleezza Rice
PERSONthe Dubai Financial Services Authority
ORGANIZATION
the Ministry of Finance
ORGANIZATION