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he meanings given to them in section 761G of the Corporations Act 2001. Germany: This material is distributed in Germany by Morgan Securities Ltd.. Frankfurt Branch and Chase Bank. Frankfurt Branch which are regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht. Hong Kong: The I% ownership disclosur
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
orations Act 2001. Germany: This material is distributed in (iemany by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank. N.A., Frankfurt Branch which arc regulated by the Bundesansialt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end sati
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 —
n MIG of the Corporations Act 2001. Germany: This material is distributed in Germany by. Morgan Securities plc, Frankfurt Branch and Chase Bank.-.. Frankfurt Branch which are regulated by the l3undesans*alt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end sat
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 Frankfurt Branch and CFA AC

Philippines
LOCATIONthe Capital Market Authority
ORGANIZATION
Malaysia
LOCATIONthe Philippine Stock Exchange
ORGANIZATIONEngland & Wales
LOCATION
JPMorgan Chase
ORGANIZATIONthe Hong Kong
LOCATION
New Zealand
LOCATIONthe Stock Exchange
ORGANIZATIONJPMSAL
ORGANIZATIONDubai Branch
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATIONCapital Markets Services License
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATION