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donesia Stock Exchange and is regulated by the OJK a.k.a. BAPEPAM LK. Philippines: E. Morgan Securities Philippines Inc. is a Trading Participant of the Philippine Stock Exchange and a member of the Securities Clearing Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securitie
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
ia is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Philippines: E. Morgan Securities Philippines Inc. is a member of the Philippine Stock Exchange and is regulated by the Securities and Exchange Commission. Brazil: Banco. Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and
the likelihood of a recovery scenario arising, has increased. These factors arc behind our downgrade of the credit. US Credit Research Dave Katz. CFA AC Bayina Bashtaeva J.V. Mogan Securities LLC See page 58 for analyst certification and important disclosures. Morgan does and seeks to do business w
nesia Stock Exchange and is regulated by the OJK a.k.a. BAPEPAM LK. Philippines: J.P. Morgan Securities Philippines Inc. is a Trading Participant of the Philippine Stock Exchange and a member of the Securities Clearing Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securitie
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 —
Indonesia Stock Exchange and is regulated by the OJK a.k.a. BAPEPAM LK. Philippines: Morgan Securities Philippines Inc. is a Trading Participant of the Philippine Stock Exchange and a member of the Securities Clearing Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securitie
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 Philippine Stock Exchange and CFA AC
Bombay Stock Exchange Limited
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATION
Philippines
LOCATION
New Zealand
LOCATIONthe Mexican Stock Exchange
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATION
JPMorgan Chase
ORGANIZATION
Malaysia
LOCATIONEngland & Wales
LOCATIONKanto Local Finance Bureau
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATION
Mumbai
LOCATIONthe Hong Kong
LOCATIONthe Stock Exchange
ORGANIZATIONJPMSAL
ORGANIZATION