Epstein Secrets

nit Uneetffleatlh UNH US 7'7,857.32 78.17 OW ale 90.00 ilk WellPeint VVLP US 31.033.16 106.06 N ale 114.00 ilk Source: Company data. Bloomberg. a Morgan estimates. rit = no change. Al vices as c4 17 Jun14. See page 16 for analyst certification and Important disclosures. J.P. Morgan does an

in May 2013, we have released over 15 reports surrounding our MA value-add work. 2 EFTA00301318 Justin Lake Overweight Aetna Inc (AET:AET US) Company Data FYE Dec 2011A 2012A 2013A 2014E 2015E (Prey) 2015E (Corr) Price (5) 80.57 Date Of Price 17 Jun 14 EPS Reported (S) 52-week Range (5)

N STANLEY RESEARCH NORTH AMERICA 7.1;r4.-.713er Jey e C.; _LC. Matthew Harrison • David Friedman. M. Key Ratios and Statistics Reuters: GILD.O Bloomberg: GILD US Biotechnology / United Stales of America Shr price. close (Jul 23. 2014) $90.34 Mkt cap. curt (mm) $152.143 62-Week Range $90.74-55.9

14 14 Total Rev nu 7,011 7,949 8,385 9,703 11,203 4,999 6,535 5,867 7.716 25,178 28,174 29.670 27,166 25.703 23.366 23,109 Smote: Company Data. 1.5angan Stanley Research EFTA00598627 Morgan Stanley MORGAN STANLEY RESEARCH July 23. 2014 Gilead Sciences Inc. Exhite 6 Gilead Balance She

owing cash. PAORGAN STANLEY RESEARCH NORTH AMERICA _LC Matthew Harrison r12 714 62:» David Friedman, Key Ratios and Statistics Reuters: BUB.0 Bloomberg: BIIB US Biotechnology / United Stales of America Shr price. close (Jul 22. 2014) $303.67 Mkt cap. curt (mm) $72.313 52-Week Range 5358.89-203

57 44 78 52 22 15 Ii 103 105 110 116 122 128 134 otal Revenues 2.130 2.421 2.468 2.606 4 10.66$ 11.866 12.870 14.495 Soiree. Company Data. Morgan Stanley Research EFTA00598611 Morgan Stanley MORGAN STANLEY RESEARCH July 23. 2014 Biogen Idec Inc. Exhibit Biogen Idec Balance Sheet