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Cowen Annual Healthcare Conference March 5, 2014

Peter Kellogg EVP and Chief

Financial Officer

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Forward-Looking Statement

This presentation includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of Merck’s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline products that the products will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; Merck’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of Merck’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

Merck undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in Merck’s 2013 Annual Report on Form 10-K and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

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Merck Is Accelerating Strategic Actions for Growth

Returning Cash to Shareholders

Reducing Costs - Increasing Focus

Advancing the Innovative Pipeline

Driving Portfolio Growth

Building Momentum

for Long-Term Growth

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Merck Is Steadily Improving Cost Efficiencies Continuing to Reduce Costs by $2.5B

40%

42%

44%

46%

48%

50%

52%

2008 2009 2010 2011 2012 2013

Merck Peer Average

1. Non-GAAP SG&A expense ratio as a % of sales + Non-GAAP R&D expense ratio as a % of sales 2. 2008 Operating expense ratio represents Merck standalone; 2009 represents 12 months of Merck + 2 months of Schering-Plough 3. Peer group results based on Non-GAAP results reported by peers in Q4 earnings reports - group made up of 8 large

pharmaceutical companies.

2

SG&A + R&D1

3

2015 2009 2012

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Merck Is Sharpening Its Strategic Focus

Top 10 Markets & Core

Commercial Therapeutic

Areas

Breakthrough R&D

Non-Focus Areas

Investments weighted to priority areas of focus.

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Merck’s Implementation Underway

Core Markets and Therapeutic Area Focus Building Merck’s Oncology Business Unit to execute launch of MK-3475 Clustering of small and mid-sized markets to leverage country level operations

Pipeline in Focus Initiated rolling submission of MK-3475 for patients with advanced melanoma

previously treated with ipilimumab Advanced HCV regimen into Phase IIB in a diverse range of patients Advanced BACE inhibitor for Alzheimer’s Disease into Phase III

Unlocking Value in Non-Core Areas Divested Saphris and Ophthalmic products in the U.S. Evaluating role of Animal Health and Merck Consumer Care in Merck’s strategy

- Action to be taken, if any, in 2014

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Merck Is Advancing Its Innovative Pipeline Developing Near-Term Late-Stage

Partnered Programs: • SGLT2 ertugliflozin for

diabetes in Phase III

• Samsung Bioepis biosimilars agreement

• Business development is a priority for Merck in 2014

Many Other Programs, Including: • MK-3475 trials in 30 cancer

types

• MK-7622 symptomatic treatment for AD

• House Dust Mite AIT

Oncology: • MK-3475 (Anti-PD-1) for

advanced melanoma1

• Vintafolide for platinum resistant ovarian cancer (EU)

Insomnia: • Suvorexant

Cardiovascular: • Vorapaxar

Vaccines: • V503 for HPV-related cancers

Allergy Immunotherapy: • Grass and Ragweed

Hepatitis C Virus: • Vaniprevir filed in Japan

Hepatitis C Virus: • MK-5172/MK-8742 in Phase IIB

Oncology: • MK-3475 potential registration

studies in melanoma and NSCLC

Alzheimer’s Disease (AD): • BACE Inhibitor in Phase III

Other: • Odanacatib in Phase III • Sugammadex – additional

study required for filing • Anacetrapib in PIII • MK-3102, once-weekly DPP-4

in Phase III

1. In January 2014, the Company announced it has started a rolling submission to the FDA of a BLA for MK-3475 for patients with advanced melanoma who have previously been treated with ipilimumab.

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Merck’s Programs with “Breakthrough” Designation

– Initiated rolling submission in patients with advanced melanoma previously treated with ipilimumab

– 13 clinical trials in over 30 cancer types ongoing

– 5 collaborations announced over the last 3 months

– Phase IIB data in a diverse range of patients in 1H 2014

– Anticipate beginning Phase III in 2014

MK-3475 Anti-PD-1 for oncology

MK-5172 / MK-8742 for hepatitis C virus

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2013

Pipeline to Potentially Supplement Underlying Growth Drivers

1. FY2013 growth; excludes sales of recent patent expiries, including SINGULAIR, MAXALT & TEMODAR, and foreign exchange.

2. FY2013 growth; excludes impacts from foreign exchange. 3. Emerging Market sales include sales from products in other core areas noted on

this slide (e.g. Diabetes)

Oncology MK-3475, anti-PD-1 Vintafolide

Diabetes • MK-3102, weekly DPP4 • Ertugliflozin, SGLT2 • Insulin glargine

Hosp, Spec, Acute Care Sugammadex (U.S.) MK-5172/8742, HCV

Vaccines V503, 9-valent HPV V419, 6-valent pediatric

3% growth1 of underlying portfolio revenue

Immunology2

+13%

Diabetes2 +5%

Emerging Mkts3 +7%

Vaccines2 +11%

Opportunistic • Odanacatib • Suvorexant & BACE • Vorapaxar & Anacetrapib • Allergy Immunotherapy

Top 10 Markets Emerging Markets

Future

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Merck Has Created Shareholder Value

0

2

4

6

8

10

12

14

2010 2011 2012 2013

Share Repurchase Dividends Paid• Over $11 billion in cash returned to shareholders through share repurchases and the dividend in 2013, inclusive of $5 billion ASR

• 2013 share repurchases reduced share count by ~5%

• Dividend increased 3 years in a row

$ b

illio

ns

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2014: Merck Looking Forward to….

• Completing MK-3475 rolling submission in 1H − Additional data and new clinical studies beginning

• Odanacatib study completion and anticipated filing

• HCV data in a diverse range of patients in 1H − Starting Phase III in 2014

• Regulatory actions for V503, Vaniprevir(Japan), Vintafolide(EU), Vorapaxar, and AIT-Grass and –Ragweed

• Resubmission of sugammadex data to the FDA

• Complete strategic review of Animal Health & Merck Consumer Care businesses

• R&D Day & Business Briefing on May 6th

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R&D Day & Business Briefing: Boston

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Merck Is Positioned for Long-Term Growth

• Sharpening focus to increase and unlock value

• Promising, innovative, late-stage pipeline

• Growth with patent protected assets in core areas

• Favorable macro trends in core businesses, geographies, and therapeutic areas

• Strong financial flexibility to execute business development and drive shareholder returns

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Merck Committed to

Innovation