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EM* EMBIG Gold -10 10 20 30 Source: J.P. Morgan, Bloomberg. See blue box on page 2 for description. www.jpmo
y the Financial Services Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street, Lo
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
rised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street. London. E14 5JP. South Africa: J.P. Morgan Equities South Africa Proprietary Limited is a member of t
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
ecurities plc (JPMS plc) is a member of the London Stock Exchange and is authorized and regulated by the Financial Services Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street. London, El 4 5JP. South Africa: E. Morgan Equities South Africa Proprietary Limited is a member of th
Entities connected to both Michael Bloomberg and England & Wales

Jeffrey Epstein
PERSON
Bloomberg L.P.
ORGANIZATION
Richard Branson
PERSON
Prince Andrew
PERSON
Ghislaine Maxwell
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Marc Rich
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Lesley Groff
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United States
LOCATION
Richard Kahn
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George W. Bush
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JPMorgan Chase
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Department of Justice
ORGANIZATION
Eric Trump
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Woody Allen
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Philippines
LOCATION
Joe Biden
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United Kingdom
LOCATION
Bill Richardson
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Frankfurt
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Alan Dershowitz
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