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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 Securities and Exchange Commission. Brazil: Banco E Morgan S
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
JK 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 Securities and Exchange Commission. Brazil: Banco J.P. Morgan
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 —
he 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 Securities and Exchange Commission. Brazil: Banco Morgan S.A
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 Securities Clearing Corporation and CFA AC

Bloomberg L.P.
ORGANIZATIONJPMSAL
ORGANIZATION
JPMorgan Chase
ORGANIZATION
Mumbai
LOCATION
Malaysia
LOCATION
Philippines
LOCATION
New Zealand
LOCATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Hong Kong
LOCATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Capital Market Authority
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATIONEngland & Wales
LOCATION