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buted in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating Organization of Bursa Malaysia Ballad and a holder of Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan:1. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and reg
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
buted in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating Organization of Bursa Malaysia Bcrhad and a holder of Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and re
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
buted in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan:.I. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and re
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 —
buted in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Braking (Pvt.) Ltd is a member of the Karachi Stock Exchange and re
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 Capital Markets Services License and CFA AC
the Taiwan Securities and Futures Bureau
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONEngland & Wales
LOCATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONthe Hong Kong
LOCATIONthe Stock Exchange
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATION
Malaysia
LOCATION
Philippines
LOCATION
New Zealand
LOCATION
JPMorgan Chase
ORGANIZATIONJPMSAL
ORGANIZATIONDubai Branch
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATION