<SEC-DOCUMENT>0001214659-22-006794.txt : 20220513
<SEC-HEADER>0001214659-22-006794.hdr.sgml : 20220513
<ACCEPTANCE-DATETIME>20220513143247
ACCESSION NUMBER:		0001214659-22-006794
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220513
DATE AS OF CHANGE:		20220513
EFFECTIVENESS DATE:		20220513

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Merck & Co., Inc.
		CENTRAL INDEX KEY:			0000310158
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				221918501
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06571
		FILM NUMBER:		22921945

	BUSINESS ADDRESS:	
		STREET 1:		2000 GALLOPING HILL ROAD
		CITY:			KENILWORTH
		STATE:			NJ
		ZIP:			07033
		BUSINESS PHONE:		908-740-4000

	MAIL ADDRESS:	
		STREET 1:		2000 GALLOPING HILL ROAD
		CITY:			KENILWORTH
		STATE:			NJ
		ZIP:			07033

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Merck & Co. Inc.
		DATE OF NAME CHANGE:	20091103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCHERING PLOUGH CORP
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Oxfam America, Inc.
		CENTRAL INDEX KEY:			0001764188
		IRS NUMBER:				237069110
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0319

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		226 CAUSEWAY ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
		BUSINESS PHONE:		8007769326

	MAIL ADDRESS:	
		STREET 1:		226 CAUSEWAY ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>j513222px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<IMG SRC="oxfamlogo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice of Exempt Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF REGISTRANT: </B>Merck</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF PERSON RELYING ON EXEMPTION: </B>Oxfam
America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ADDRESS OF PERSON RELYING ON EXEMPTION: </B>226
Causeway Street, Boston, MA 02114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Written materials are submitted pursuant to
Rule 14(a)-6(g)(1) promulgated under the Securities and Exchange Act of 1934. Submission is not required of this filer under the terms
of the Rule, but is made voluntarily in the interest of public disclosure and consideration of these important issues.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Oxfam America urges you to vote FOR Proposal 5
at the Annual Meeting of Merck (MRK) on May 24, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>I. SUMMARY OF RESOLUTION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 100%; border: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RESOLVED: shareholders of Merck &amp; Co, Inc. (&ldquo;Merck&rdquo;) ask the Board of Directors to report to shareholders, at reasonable expense and omitting confidential and proprietary information, on whether and how the direct and indirect receipt of public financial support for development and manufacture of a therapeutic for COVID-19 is being, or will be, taken into account when making decisions that affect access to such products, such as sharing intellectual property through voluntary licenses or setting prices.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Merck holds the intellectual property (IP) rights
to molnupiravir (LAGEVRIO), an oral antiviral, that is approved on an emergency basis for use as a treatment against COVID-19. The drug
was developed through substantial public funding (an estimated US$ 35 million<SUP>1</SUP>) provided to Emory University prior to the
emergence of COVID-19.<SUP>2</SUP> Even though Merck has stated it is committed to make the drug widely available, its policies and practices
are insufficient when taking public funding into account. In particular, Merck&rsquo;s approach creates two risks for the company and
its investors: (1) it creates a reputational risk, and (2) it could undermine economic recovery in key markets that otherwise contribute
to global economic growth and investor returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Concerns and shortcomings with Merck&rsquo;s approach
include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Merck has signed bilateral licensing agreements<SUP>3</SUP>
as well as a voluntary licensing agreement with the Medicines Patent Pool for the medicine.<SUP>4</SUP> Yet the agreements cover only
half of the world&rsquo;s population and exclude many upper-middle-income countries,<SUP>5</SUP> which have experienced twice as many
excess deaths associated with the COVID-19 pandemic as high-income countries.<SUP>6</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.wabe.org/emory-researchers-think-they-have-a-drug-to-fight-the-new-coronavirus/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Molnupiravir was first acquired by Ridgeback Therapeutics,
which then concluded an agreement with Merck to jointly develop and commercialize the drug. https://www.washingtonpost.com/business/2020/06/11/coronavirus-drug-ridgeback-biotherapeutics/;
https://www.businesswire.com/news/home/20200526005229/en/ .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.merck.com/news/amid-humanitarian-crisis-in-india-merck-announces-voluntary-licensing-agreements-with-five-indian-generics-manufacturers-to-accelerate-and-expand-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">global-access-to-molnupiravir-an-investigational-ora/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://medicinespatentpool.org/licence-post/molnupiravir-mol#:~:text=In%20October%202021%2C%20the%20Medicines,oral%20COVID%2D19%20antiviral%20medicine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://msfaccess.org/license-between-merck-and-medicines-patent-pool-global-production-promising-new-covid-19-drug</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.who.int/data/stories/global-excess-deaths-associated-with-covid-19-january-2020-december-2021</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For those countries not included in the voluntary
license, Merck states that it is applying a tiered pricing structure.<SUP>7</SUP> However, tiered pricing is a commercial pricing strategy
and does not assure affordable prices, especially in middle-income countries.<SUP>8</SUP> Merck has not disclosed what prices they are
charging middle-income countries excluded from the voluntary license.<SUP>9</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Despite U.S. government funding to support the
development of molnupiravir, Merck charged the U.S. government US$ 712 per course for its initial purchase, more than 35 times the expected
generic price.<SUP>10</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>I. ARGUMENTS IN FAVOR OF A YES VOTE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the continued emergence of new variants of
COVID-19, waning vaccine immunity and persistent vaccine inequity, appropriate treatment for COVID-19 is a critical element of a durable
response to avert morbidity and mortality. According to the US National Institutes of Health, molnupiravir is recommended for people with
COVID-19 &ldquo;<FONT STYLE="color: #171717; background-color: white">who are at high risk of progressing to severe disease, and for whom
alternative antiviral therapies are not accessible or clinically appropriate</FONT>.&rdquo;<SUP>11</SUP> Merck, which acquired molnupiravir
after substantial investment by the public sector, has received approximately $4.2 billion dollars from sales of the treatment and has
not been transparent about the prices charged for this treatment.<SUP>12</SUP> The company must explain to investors how the public investment
in the discovery and development of the medicine has factored into its decisions with respect to the licensing and pricing of the medicine
in all countries, including the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current licensing and pricing strategy, which
undermines affordable access for many middle-income countries and requires the U.S. government (and taxpayers) to pay high prices for
the medicine (having already paid for a portion of the discovery and development of the drug): (i) places Merck and investors at risk
of serious reputational harm, and (ii) could undermine economic recovery in key markets that otherwise contribute to global economic growth
and investor returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Merck&rsquo;s licensing and pricing of molnupiravir creates a reputational risk for the company and
its investors.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Merck has established an &ldquo;access&rdquo;
strategy for molnupiravir that provides a voluntary license &ndash; through bilateral agreements and with the Medicines Patent Pool &ndash;
that leaves approximately half of the world&rsquo;s population without affordable access to the medicine.<SUP>13</SUP> It has also announced
a tiered pricing strategy for its own version of the drug, for which sales are likely to be focused on high-income and middle-income
countries excluded from the license.<SUP>14</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.merck.com/news/merck-and-ridgeback-statement-on-positive-fda-advisory-committee-vote-for-investigational-oral-antiviral-molnupiravir-for-treatment-of-mild-to-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">moderate-covid-19-in-high-risk-adults/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.researchgate.net/publication/51712884_A_win-win_solution_A_critical_analysis_of_tiered_pricing_to_improve_access_to_medicines_in_developing_countries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> This information does not appear in Merck&rsquo;s 10-K,
proxy, or latest earnings report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.nytimes.com/2021/10/27/health/covid-pill-access-molnupiravir.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.covid19treatmentguidelines.nih.gov/therapies/antiviral-therapy/molnupiravir/#:~:text=In%20nonhospitalized%20patients%20aged%20%E2%89%A5,(Paxlovid)%2C%20</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">sotrovimab%2C%20or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.merck.com/news/merck-announces-first-quarter-2022-financial-results/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://msfaccess.org/license-between-merck-and-medicines-patent-pool-global-production-promising-new-covid-19-drug</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.merck.com/news/merck-announces-supply-agreement-with-u-s-government-for-molnupiravir-an-investigational-oral-antiviral-candidate-for-treatment-of-mild-to-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">moderate-covid-19/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><FONT STYLE="background-color: white"><I>This communication
should not be construed as soliciting authority to vote any shareholder&rsquo;s proxy, and no proxy cards will be accepted. Please vote
your proxy in accordance with the instructions set forth in Merck&rsquo;s proxy statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This uneven access strategy attracted criticism
when Merck announced its voluntary license, and it also creates reputational risk for Merck. <SUP>15</SUP> In its recommendation for the
treatment, the World Health Organization reportedly &ldquo;acknowledge[d] that cost and availability issues associated with molnupiravir
may make access to low and middle income countries challenging and exacerbate health inequity.&rdquo;<SUP>16</SUP> These past and potentially
future criticisms are for the following reasons:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Many of the countries excluded from the voluntary
license, or so-called middle-income countries, have faced severe challenges from the COVID-19 pandemic &ndash; including Brazil, Thailand,
and Mexico. These countries are required to purchase the medicine from Merck at a &ldquo;tiered&rdquo; price, but may be struggling to
secure supplies as high-income countries have purchased more than 40 times as many treatment courses.<SUP>17</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Even if there is supply available for middle-income
countries, it may be at an unaffordable price. Merck has not disclosed the prices it is charging but has stated that it is applying a
tiered pricing strategy.<SUP>18</SUP> Tiered pricing is a commercial strategy employed by Merck and other pharmaceutical companies that
often results in unaffordable prices for medicines.<SUP>19</SUP> This has included products marketed by Merck for infectious diseases,
including its human papillomavirus (HPV) vaccine<SUP>20</SUP> and its antiretroviral medicines, such as raltegravir.<SUP>21</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, Merck is charging high prices in
high-income countries, such as the United States, even though the U.S. government contributed to research and development for the medicine.<SUP>22</SUP>
In particular, Merck&rsquo;s price in the United States is at a price per course that is more than 35 times the expected generic price.<SUP>23</SUP>
Merck has already accrued nearly $4.2 billion in molnupiravir sales revenues globally.<SUP>24</SUP> Previously Merck has attracted negative
public attention due to the high prices the company has charged for its HPV<SUP>25</SUP> and HIV/AIDS<SUP>26</SUP> products (including
price hikes for its HPV vaccine). The company could face acute criticism if the U.S. government continues to struggle to secure sufficient
COVID funding for ongoing response needs while paying high prices for molnupiravir despite the prior U.S. government R&amp;D investment.<SUP>27</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Merck&rsquo;s licensing and pricing strategy could undermine economic recovery in countries that play
an important role in the global economy, thereby harming investor returns.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A lack of access to molnupiravir in middle-income
countries, whether due to a lack of supply or high prices, could threaten economic recovery and undermine investor returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://msfaccess.org/license-between-merck-and-medicines-patent-pool-global-production-promising-new-covid-19-drug;
https://www.nytimes.com/2021/10/17/health/covid-treatment-access-molnupiravir.html; https://www.nytimes.com/2022/05/08/us/politics/covid-pills-global-aids-hiv.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.bmj.com/company/newsroom/who-recommends-antiviral-drug-for-patients-with-non-severe-covid-19-at-highest-risk-of-hospital-admission/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> High-income countries have purchased over 8 million treatment
courses in contrast to 200,000 courses purchased by upper-middle income countries (as of May 2, 2022). See: https://launchandscalefaster.org/covid-19/therapeutics</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://www.merck.com/news/merck-and-ridgeback-announce-that-3-1-million-courses-of-molnupiravir-an-investigational-oral-antiviral-covid-19-medicine-have-been-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">supplied-to-the-u-s-government-for-use-in-the-united-states/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://globalizationandhealth.biomedcentral.com/articles/10.1186/1744-8603-7-39</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://msfaccess.org/right-shot-bringing-down-barriers-affordable-and-adapted-vaccines-2nd-ed-2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://msfaccess.org/sites/default/files/MSF_UTW_17th_Edition_4_b.pdf;
https://ihsmarkit.com/country-industry-forecasting.html?ID=10659116816</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://theintercept.com/2021/10/05/covid-pill-drug-pricing-merck-ridgeback/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://scholar.harvard.edu/files/melissabarber/files/estimated_cost-based_generic_prices_for_molnupiravir_for_the_treatment_of_covid-19_infection.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://www.merck.com/news/merck-announces-first-quarter-2022-financial-results/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.fiercepharma.com/pharma/merck-amgen-adopt-double-digit-price-hikes-test-to-pharma-s-drug-cost-limits-analysts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.fiercebiotech.com/biotech/merck-rewrites-history-on-pricing-top-aids-drug-isentress-says-ahf#:~:text=Merck's%20current%20Average%20Wholesale%20Price,%2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dline%20HIV%2FAIDS%20treatment;
https://www.cbsnews.com/news/how-mercks-price-freeze-on-hiv-drugs-kept-prices-red-hot/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://www.washingtonpost.com/health/2022/03/10/congress-covid-funding/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><FONT STYLE="background-color: white"><I>This communication
should not be construed as soliciting authority to vote any shareholder&rsquo;s proxy, and no proxy cards will be accepted. Please vote
your proxy in accordance with the instructions set forth in Merck&rsquo;s proxy statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"></P>

<!-- Field: Page; Sequence: 3 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Merck&rsquo;s voluntary licenses exclude many
middle-income countries, including large emerging market economies such as Brazil, Mexico, Peru, Ukraine, Malaysia, Thailand, Argentina,
and Colombia amongst others.<SUP>28</SUP> Many of these countries have faced repeated waves of COVID-19, harming not only their economies
but prolonging the pandemic worldwide, and bringing down returns across financial markets everywhere as a result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to Merck, molnupiravir could reduce
hospitalization by up to 30 percent in patients with mild or moderate COVID-19.<SUP>29</SUP> Such reduction could help to reduce the strain
on health systems that has led to economically damaging lockdowns. The IMF estimated that the cost of the pandemic will rise beyond $12.5
trillion,<SUP>30</SUP> a staggering figure that will impact markets across the globe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For investors, the cost of repeated shutdowns
in numerous emerging economies, due in part to Merck&rsquo;s inability or unwillingness to provide a supply of its medicine to these countries,
will present financial risks to a wider portfolio of investments that are affected by shutdowns. Furthermore, in not devising a sustainable
business strategy to sell molnupiravir to these countries, Merck is also foregoing revenues in these markets, thereby undermining investor
returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>III. CONCLUSION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is critical for Merck to account for and explain
how it has (or has not) considered U.S. government investments in setting its global approach for pricing and licensing. Failure to be
transparent could undermine Merck&rsquo;s reputation. Furthermore, a pricing and licensing strategy that fails to account for public investment
can also fall short of what is required to improve health outcomes in many countries, especially middle-income countries, which in addition
to reputational risks for Merck and can undermine the overall bottom line of investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We urge shareholders to vote FOR Item 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>28</SUP> https://www.clinicaltrialsarena.com/analysis/molnupiravir-access-latin-america-caribbean/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><SUP>29</SUP> https://www.merck.com/news/merck-and-ridgeback-biotherapeutics-provide-update-on-results-from-move-out-study-of-molnupiravir-an-investigational-oral-antiviral-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">medicine-in-at-risk-adults-with-mild-to-moderate-covid-19/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>30</SUP> https://www.reuters.com/business/imf-sees-cost-covid-pandemic-rising-beyond-125-trillion-estimate-2022-01-20/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #201F1E"><FONT STYLE="background-color: white"><I>This communication
should not be construed as soliciting authority to vote any shareholder&rsquo;s proxy, and no proxy cards will be accepted. Please vote
your proxy in accordance with the instructions set forth in Merck&rsquo;s proxy statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
