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

Below, we've included levels for - 10%OTM listed puts, both 3m and 6m tenors. MRK Puts MRK Ref = $53.44 Expiry: November 2015 Strike Bid Ask 47.50 0.83 0.85 50.00 1.31 1.37 Expiry: April 2016 Strike 47.50 50.00 MRK Nov 47.50 put:

ase outright, as well as the tenor and strikes of the puts. Below, we've included levels for - 10%OTM listed puts, both 3m and 6m tenors. MRK Puts MRK Ref = $53.44 Expiry: November 2015 Strike Bid Ask 47.50 0.83 0.85 50.00 1.31 1.37 Expiry: April 2016 Strike Bid Ask 47.50 2.06 2.18 50.