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S) [ma (P) 199/0312014 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank. S, Singapore branch (JPMCB Singapore) which is regulated by the MAS. This material is provided in Singapore only t
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
) [ma (P) 199/03/2014 and Co. Reg. No.: 199405335121 which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulated by the MAS. This material is provided in Singapore onl
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 —
) IMCI (P) 100/03/2015 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank. MI, Singapore branch (JPMCB Singapore) which is regulated by the MAS. This material is provided in Singapore only
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 Monetary Authority of Singapore and CFA AC

New Zealand
LOCATION
Malaysia
LOCATIONthe Capital Market Authority
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONJapan Investment Advisers Association
ORGANIZATIONthe Securities Commission
ORGANIZATION
Bloomberg L.P.
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATIONJPMSAL
ORGANIZATION
JPMorgan Chase
ORGANIZATION
Mumbai
LOCATION
Philippines
LOCATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Hong Kong
LOCATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATION