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ortunity at peak of -$2B. • Reiterate Overweight rating. 3 EFTA00300339 Geoff Meacham 4 North America Equity Research 22 May 2014 J.PMorgan Investment Thesis, Valuation and Risks Gilead Sciences (Overweight: Price Target: $100.00) Investment Thesis We rate GILD shares Overweight on the basis of solid fu

harmaceuticals (VRTX) J.P. Morgan Equity Research Ratings Distribution, as of March 31, 2014 Overnight Neutral (buy) (hold) Underweight (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% H3 clients• 38% 49% 40% JPMS Equity Research Coverage 45% 48% 7% H3 clients• 78% 67% 60% •Percentage of investment bankin

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 reflects below-average reform exposur

search 18 June 2014 J.P. Morgan Equity Research Ratings Distribution, as of March 31, 2014 Overweight Neutral (buy) (hold) Underweight (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients° 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 679/. 60% J.P.Morgan *Percentage of inv

rica Equity Research 12 June 2014 J.P.Morgan 8 EFTA00301090 J. David Anderson, PE, CFA North America Equity Research 12 June 2014 J.PMorgan Investment Thesis, Valuation and Risks Halliburton (Overweight: Price Target: $78.00) Investment Thesis We believe HAL is exhibiting its pressure pumping cost advan

International (WFT) J.P. Morgan Equity Research Ratings Distribution, as of March 31, Overweight Neutral 2014 Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients* 58% 4We 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 67% 60% *Percentage of investment bankin

North America Equity Research 24 April 2014 J.P.Morgan Investment Thesis, Valuation and Risks Boeing Company (Overweight; Price Target $167.00) Investment Thesis We rate Boeing Ovenveight based on expectations for improving FCF as 787 cash bum falls, rising repurchases and dividends, and favorable conditions

oldings, Inc. (WAIR) J.P. Morgan Equity Research Ratings Distribution, as of March 31, 2014 Overweight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients° 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 67% 60% *Percentage of investment bankin

r estimates, valuation, key driver sensitivity analysis and full model. 3 EFTA00295402 Kevin Milota North America Equity Research 08 May 2014 Investment Thesis, Valuation and Risks J.P.Morgan Avis Budget Group, Inc. (Overweight; Price Target: 559.00) Investment Thesis We reiterate our OW rating. We conti

ity Properties (RHP) J.P. Morgan Equity Research Ratings Distribution, as of March 31, 2014 Overweight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients* 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 67% 60% *Percentage of investment bankin