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member of NYSE, FINFtA, SIPC and the NFA. JPMorgan Chase Bank. M . is a member of FDIC. U.K.: JPMorgan Chase M.. London Branch, is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited regulation by the Prudential Regulation Authority. Details about the
es Bloomberg consensus estimates. Overweight MRK, MRK US Price: $57.93 Price Target: $64.00 Pharmaceuticals — Major 8 Specialty Chris Schott, CFA AC (1-212) 622-5676 Bloomberg JPMA SCHOTT <GO' Jessica Fye (1-212) 622-4165 Wendy L Lin (t-212) 622-5350 Dana C Flanders (1-212)622-1256 M. Morg
a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank. NA. is a member of FDIC. U.K.: JPMorgan Chase N.A., London Branch, is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited regulation by the Prudential Regulation Authority. Details about the
h 12 June 2014 Overweight HAL, HAL US Price: $66.94 A Price Target: $78.00 Previous: $77.00 Oil Services and Equipment J. David Anderson, PE, CFA AC Bloomberg JPMA ANDERSON <GO' William S Thompson Samantha Hoh, CFA J.P. Morgan Securities LLC Price Performance 70 * Asia 10.13 Neal INM4 Me —
a member of NYSE, FINFtA, SIPC and the NFA. JPMorgan Chase Bank, M . is a member of FDIC. U.K.: JPMorgan Chase M. London Branch, is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited regulation by the Prudential Regulation Authority. Details about the
to be reflected in Merck's current share price. North America Equity Research 02 October 2015 Pharmaceuticals — Major & Specialty Chris Schott, CFA AC (1-212)622-5676 Bloomberg JPMA SCHOTT <GO, Aditl Singhania, PhD (1-212)622-1267 Wendy L Lin (1-212)622-5350 Dana Flanders, CFA (1-212)622-1256
Entities connected to both the Prudential Regulation Authority and CFA AC

Frankfurt
LOCATIONThe Financial Futures Association of Japan
ORGANIZATIONthe Capital Market Authority
ORGANIZATION
the Financial Services Agency
ORGANIZATION
Bloomberg L.P.
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATION
Malaysia
LOCATION
JPMorgan Chase
ORGANIZATION
Philippines
LOCATION
New Zealand
LOCATION
the Ministry of Finance
ORGANIZATIONthe Securities and Exchange Commission
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATIONCapital Markets Services License
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATIONDubai Branch
ORGANIZATIONJPMSAL
ORGANIZATION
Mumbai
LOCATIONthe Hong Kong
LOCATIONthe Indonesia Stock Exchange
ORGANIZATION