From: Vahe Stepanian Sent: 9/4/2015 9:45:28 AM To: Richard Kah • Daniel Sabba CC: Jeffrey E. [jeevacation mail.com • Paul Morri Stewart Oldfield ; Ariane Dwye Subject: RE: Hedged MRK [CI Classification: Confidential Jeffrey / Rich — updated levels: MRK Puts MRK Ref = $52.07 • Todd Stevens Expiry: November 2015 Strike Bid Ask 47.50 1.08 1.25 50.00 1.76 1.93 Expiry: April 2016 Strike Bid Ask 47.50 2.43 2.64 50.00 3.35 3.60 Thank you, Vahe From: Richard Kahn Sent: Friday, September 04, 2015 9:40 AM To: Daniel Sabba Cc: Jeffrey E.; Paul Morris; Todd Stevens; Stewart Oldfield; Vahe Stepanian; Ariane Dwyer Subject: Re: Hedged MRK [C] Merck 52.07 this am. Can you please refresh pricing on November and April puts. Thank you. Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 Te Fa Cel On Sep 3, 2015, at 12:49 PM, Daniel Sabba wrote: Classification: Confidential Jeffrey- please see below as a follow up to yesterday's chat on MRK. Note that MRK reached its 52wk low of $51.17/sh. last Tuesday (8/25), and its currently not too far off of the lows @ $53.44/share. Please let us know the number of shares you wish to purchase outright, as well as the tenor and strikes of the puts. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0060383 CONFIDENTIAL SDNY_GM_00206567 EFTA01368579