MERCK & CO INC
EX-10.14: PLAN FOR DEFERRED PAYMENT OF DIRECTORS' COMPENSATION
<DOCUMENT>
<TYPE>EX-10.14
<SEQUENCE>6
<FILENAME>y06253exv10w14.htm
<DESCRIPTION>EX-10.14: PLAN FOR DEFERRED PAYMENT OF DIRECTORS' COMPENSATION
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<TITLE>EXHIBIT 10.14</TITLE>
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<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.14

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<P align="center" style="font-size: 10pt"><B>MERCK &#038; CO., INC.</B>



<P align="center" style="font-size: 10pt"><B>PLAN FOR DEFERRED PAYMENT OF</B>



<P align="center" style="font-size: 10pt"><B>DIRECTORS&#146; COMPENSATION</B>



<P align="center" style="font-size: 10pt"><I>(Amended and Restated as of January&nbsp;1, 2005)</I>

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<P align="center" style="font-size: 10pt">&nbsp;
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<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="3">Page</TD>
</TR>

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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Article&nbsp;I</DIV></TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purpose</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Article&nbsp;II</DIV></TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Election of Deferral, Measurement Methods and Distribution Schedule</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Article&nbsp;III</DIV></TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Valuation of Deferred Amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Article&nbsp;IV</DIV></TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Redesignation Within a Deferral Account</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Article&nbsp;V</DIV></TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Payment of Deferred Amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Article&nbsp;VI</DIV></TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Designation of Beneficiary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Article&nbsp;VII</DIV></TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan Amendment or Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Schedule&nbsp;A</DIV></TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Measurement Methods</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
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<P align="center" style="font-size: 10pt">(i)



<P align="center" style="font-size: 10pt">&nbsp;
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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>MERCK &#038; CO., INC.<BR>
PLAN FOR DEFERRED PAYMENT OF<BR>
DIRECTORS&#146; COMPENSATION</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>I.</B>&nbsp;&nbsp;</TD>
    <TD><B>PURPOSE</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>To provide an arrangement under which directors of Merck &#038; Co., Inc. other than current
employees may (i)&nbsp;elect to voluntarily defer payment of annual retainers and Board and
committee meeting fees until after termination of their service as a director, and (ii)
value compensation mandatorily deferred on their behalf.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>II.</B>&nbsp;&nbsp;</TD>
    <TD><B>ELECTION OF DEFERRAL, MEASUREMENT METHODS AND
DISTRIBUTION SCHEDULE</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">A.&nbsp;&nbsp;</TD>
    <TD><U>Election of Voluntary Deferral Amount</U></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>Prior to December&nbsp;28 of each year, each director is entitled to make an
irrevocable election to defer until termination of service as a director receipt of
payment of (a)&nbsp;50% or 100% of the Board retainer for the 12&nbsp;months beginning April 1 of
the next calendar year, (b)&nbsp;50% or 100% of the Committee Chairperson retainer for the
12&nbsp;months beginning April 1 of the next calendar year, (c)&nbsp;50% or 100% of the Audit
Committee member retainer for the 12&nbsp;months beginning April 1 of the next calendar year
and (d)&nbsp;50% or 100% of the Board and committee meeting fees for the 12&nbsp;months beginning
April 1 of the next calendar year.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>Prior to commencement of duties as a director, a director newly elected or
appointed to the Board during a calendar year must make the election under this
paragraph for the portion of the Voluntary Deferral Amount applicable to such
director&#146;s first year of service (or part thereof).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD>The Voluntary Deferral Amount shall be credited as follows: (1)&nbsp;Board and
committee meeting fees that are deferred are credited on the last business day of each
calendar quarter; (2)&nbsp;if the Board retainer, Committee Chairperson retainer and/or
Audit Committee member retainer are deferred, a pro-rata share of the deferred retainer
is credited on the last business day of each calendar quarter. The dates the Voluntary
Deferral Amount, or parts thereof, are credited to the director&#146;s deferred account are
hereinafter referred to as the Voluntary Deferral Dates.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">B.&nbsp;&nbsp;</TD>
    <TD><U>Mandatory Deferral Amount</U></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>On the Friday following the Company&#146;s Annual Meeting of Stockholders (such
Friday hereinafter referred to as the &#147;Mandatory Deferral Date&#148;), each director will be
credited with an amount equivalent to one-third of the annual cash retainer for the 12
month period beginning on the April 1 preceding the Annual Meeting (the &#147;Mandatory
Deferral Amount&#148;). The Mandatory Deferral Amount will be measured by the Merck Common
Stock account.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>A director newly elected or appointed to the Board after the Mandatory Deferral
Date will be credited with a pro rata portion of the Mandatory Deferral Amount</TD>
</TR>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>applicable to such director&#146;s first year of service (or part thereof). Such pro rata
portion shall be credited to the director&#146;s account on the first day of such director&#146;s
service.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">C.&nbsp;&nbsp;</TD>
    <TD><U>Election of Measurement Method</U></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Each such annual election referred to in Section&nbsp;A shall include an election as to
the measurement method or methods by which the value of amounts deferred will be
measured in accordance with Article&nbsp;III, below. The available measurement methods
are set forth on Schedule&nbsp;A hereto.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">D.&nbsp;&nbsp;</TD>
    <TD><U>Election of Distribution Schedule</U></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Each annual election referred to in Article&nbsp;II, Section&nbsp;A shall also include an
election to receive payment following termination of service as a director of all
Voluntary Deferral Amounts and Mandatory Deferral Amounts in a lump sum either
immediately or one year after such termination, or in quarterly or annual
installments over five, ten or fifteen years.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>III.</B>&nbsp;&nbsp;</TD>
    <TD><B>VALUATION OF DEFERRED AMOUNTS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">A.&nbsp;&nbsp;</TD>
    <TD><U>Common Stock</U></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD><I>Initial Crediting</I>. The annual Mandatory Deferral Amount shall be used to
determine the number of full and partial shares of Merck Common Stock which such amount
would purchase at the closing price of the Common Stock on the New York Stock Exchange
on the Mandatory Deferral Date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>That portion of the Voluntary Deferral Amount allocated to Merck Common Stock shall
be used to determine the number of full and partial shares of Merck Common Stock
which such amount would purchase at the closing price of the Common Stock on the New
York Stock Exchange on the applicable Voluntary Deferral Date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>However, should it be determined by the Committee on Corporate Governance of the
Board of Directors that a measurement of Merck Common Stock on any Mandatory or
Voluntary Deferral Date would not constitute fair market value, then the Committee
shall decide on which date fair market value shall be determined using the valuation
method set forth in this Article&nbsp;III, Section&nbsp;A.1.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>At no time during the deferral period will any shares of Merck Common Stock be
purchased or earmarked for such deferred amounts nor will any rights of a
shareholder exist with respect to such amounts.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD><I>Dividends. </I>Each director&#146;s account will be credited with the additional number
of full and partial shares of Merck Common Stock which would have been purchasable with
the dividends on shares previously credited to the account at the closing price of the
Common Stock on the New York Stock Exchange on the date each dividend was paid.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">2
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD><I>Distributions. </I>Distribution from the Merck Common Stock account will be valued
at the closing price of Merck Common Stock on the New York Stock Exchange on the
distribution date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">B.&nbsp;&nbsp;</TD>
    <TD><U>Mutual Funds</U></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD><I>Initial Crediting. </I>The amount allocated to each Mutual Fund shall be used to
determine the full and partial Mutual Fund shares which such amount would purchase at
the closing
net asset value of the Mutual Fund shares on the Mandatory or Voluntary Deferral
Date, whichever is applicable. The director&#146;s account will be credited with the
number of full and partial Mutual Fund shares so determined.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>At no time during the deferral period will any Mutual Fund shares be purchased or
earmarked for such deferred amounts nor will any rights of a shareholder exist with
respect to such amounts.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD><I>Dividends. </I>Each director&#146;s account will be credited with the additional number
of full and partial Mutual Fund shares which would have been purchasable, at the
closing net asset value of the Mutual Fund shares as of the date each dividend is paid
on the Mutual Fund shares, with the dividends which would have been paid on the number
of shares previously credited to such account (including pro rata dividends on any
partial shares).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD><I>Distributions. </I>Mutual Fund distributions will be valued based on the closing
net asset value of the Mutual Fund shares on the distribution date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">C.&nbsp;&nbsp;</TD>
    <TD><U>Adjustments</U></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>In the event of a reorganization, recapitalization, stock split, stock dividend,
combination of shares, merger, consolidation, rights offering or any other change in
the corporate structure or shares of the Company or a Mutual Fund, the number and
kind of shares or units of such investment measurement method available under this
Plan and credited to each director&#146;s account shall be adjusted accordingly.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>IV.</B>&nbsp;&nbsp;</TD>
    <TD><B>REDESIGNATION WITHIN A DEFERRAL ACCOUNT</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">A.&nbsp;&nbsp;</TD>
    <TD><U>General</U></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>A director may request a change in the measurement methods used to value all or a
portion of his/her account other than Merck Common Stock. <B>Amounts deferred using the
Merck Common Stock method and any earnings attributable to such deferrals may not be
redesignated. </B>The change will be effective on (i)&nbsp;the day when the redesignation
request is received pursuant to administrative guidelines established by the Human
Resources Financial Services area of the Treasury department, provided the request
is received prior to the close of the New York Stock Exchange on such day or (ii)
the next following business day if the request is received when the New York Stock
Exchange is closed.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">3
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">B.&nbsp;&nbsp;</TD>
    <TD><U>When Redesignation May Occur</U></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD><I>During Active Service</I>. There is no limit on the number of times a director may
redesignate the portion of his/her deferred account permitted to be redesignated. Each
such request shall be irrevocable and can be designated in whole percentages or as a
dollar amount.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD><I>After Death</I>. Following the death of a director, the legal representative or
beneficiary of such director may redesignate subject to the same rules as for active
directors set forth in Article&nbsp;IV, Section&nbsp;B.1.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">C.&nbsp;&nbsp;</TD>
    <TD><U>Valuation of Amounts to be Redesignated </U></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The portion of the director&#146;s account to be redesignated will be valued at its cash
equivalent and such cash equivalent will be converted into shares or units of the
other measurement method(s). For purposes of such redesignations, the cash
equivalent of the value of the Mutual Fund shares shall be the closing net asset
value of such Mutual Fund on (i)&nbsp;the day when the redesignation request is received
pursuant to administrative guidelines established by the Human Resources Financial
Services area of the Treasury department, provided the request is received prior to
the close of the New York Stock Exchange on such day or (ii)&nbsp;the next following
business day if the request is received when the New York Stock Exchange is closed.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>V.</B>&nbsp;&nbsp;</TD>
    <TD><B>PAYMENT OF DEFERRED AMOUNTS</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">A.&nbsp;&nbsp;</TD>
    <TD><U>Payment</U></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>All payments to directors of amounts deferred will be in cash in accordance with the
distribution schedule elected by the director pursuant to Article&nbsp;II, Section&nbsp;D.
Distributions shall be pro rata by measurement method. Distributions shall be
valued on the fifteenth day of the distribution month (or, if such day is not a
business day, the next business day) and paid as soon thereafter as possible.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">B.&nbsp;&nbsp;</TD>
    <TD><U>Changes to Distribution Schedule&nbsp;Prior to Termination</U></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Upon the request of a director made at any time during the calendar year immediately
preceding the calendar year in which service as a director is expected to terminate,
the Committee on Corporate Governance of the Board of Directors (the &#147;Committee&#148;),
in its sole discretion, may authorize: (a)&nbsp;an extension of a payment period beyond
that originally elected by the director not to exceed that otherwise allowable under
Article&nbsp;II, Section&nbsp;D, and/or (b)&nbsp;a payment frequency different from that originally
elected by the director. Such request may not be made with regard to amounts
deferred after December&nbsp;31, 1990 using the Merck Common Stock method and to any
earnings attributable to such deferrals. Deferrals into Merck Common Stock made
after December&nbsp;31, 1990 and any earnings thereon may only be distributed in
accordance with the schedule elected by the director under Article&nbsp;II, Section&nbsp;D or
determined by the Committee on Corporate Governance under Article&nbsp;VI.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">4
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">C.&nbsp;&nbsp;</TD>
    <TD><U>Post-Termination Changes to Distribution Schedule</U></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Following termination of service as a director, each director may make one request
for a further extension of the period for distribution of his/her deferred
compensation. Such request must be received by the Committee on Corporate
Governance prior to the first distribution to the participant under his/her
previously elected distribution schedule. Any revised distribution schedule may not
exceed the deferral period otherwise allowable under Article&nbsp;II, Section&nbsp;C. This
request may be granted and a new payment schedule determined in the sole discretion
of the Committee on Corporate Governance.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Such request may not be made with regard to amounts deferred after December&nbsp;31, 1990
using the Merck Common Stock Method and to any earnings attributable to such
deferrals. Any retired director who is not subject to U.S. income tax may petition
the Committee on Corporate Governance to change payment frequency, including a lump
sum distribution, and the Committee on Corporate Governance may grant such petition
if, in its discretion, it considers there to be reasonable justification therefor.
Deferrals into Merck Common Stock made after December&nbsp;30, 1990 and any earnings
thereon may only be distributed in accordance with the schedule elected by the
director under Article&nbsp;II, Section&nbsp;D or determined by the Committee on Corporate
Governance under Article&nbsp;VI.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">D.&nbsp;&nbsp;</TD>
    <TD><U>Forfeitures</U></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>A director&#146;s deferred amount attributable to the Mandatory Deferral Amount and
earnings thereon shall be forfeited upon his or her removal as a director or upon a
determination by the Committee on Corporate Governance in its sole discretion, that
a director has:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>joined the Board of, managed, operated, participated in a
material way in, entered employment with, performed consulting (or any other)
services for, or otherwise been connected in any material manner with a
company, corporation, enterprise, firm, limited partnership, partnership,
person, sole proprietorship or any other business entity determined by the
Committee on Corporate Governance in its sole discretion to be competitive with
the business of the Company, its subsidiaries or its affiliates (a
&#147;Competitor&#148;);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>directly or indirectly acquired an equity interest of five (5)
percent or greater in a Competitor; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>disclosed any material trade secrets or other material
confidential information, including customer lists, relating to the Company or
to the business of the Company to others, including a Competitor.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>VI.</B>&nbsp;&nbsp;</TD>
    <TD><B>DESIGNATION OF BENEFICIARY</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>In the event of the death of a director, the deferred amount at the date of death shall
be paid to the last named beneficiary or beneficiaries designated by the director, or, if no
beneficiary has been designated, to the director&#146;s legal representative, in one or more</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">5
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>installments as the Committee on Corporate Governance in its sole discretion may determine.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>VII.</B>&nbsp;&nbsp;</TD>
    <TD><B>PLAN AMENDMENT OR TERMINATION</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The Committee on Corporate Governance shall have the right to amend or terminate this
Plan at any time for any reason.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">6
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="center" style="font-size: 10pt"><B>SCHEDULE A</B>



<P align="center" style="font-size: 10pt"><B>MEASUREMENT METHODS<BR>
(January&nbsp;1, 2002 &#150; January&nbsp;10, 2003)</B>



<P align="left" style="font-size: 10pt"><B>Merck Common Stock</B>



<P align="left" style="font-size: 10pt"><B>Mutual Funds</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Century Emerging Markets Fund</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Century Europacific Growth Fund</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Destiny I</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Dividend Growth</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Equity Income Fund</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Low-Priced Stock Fund</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Retirement Money Market</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Spartan Government Income</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Spartan U.S. Equity Index</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin Small-Mid Cap Growth A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Janus Enterprise</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Janus Growth &#038; Income</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Liberty Acorn Z</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PIMCO Foreign Bond Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PIMCO Long Term US Government Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PIMCO Total Return Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Putnam Global Equity Fund A*</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Putnam International Voyager A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Putnam Vista A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Blue Chip Growth Fund</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vanguard Asset Allocation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">From September&nbsp;20, 2002 &#150; September&nbsp;30, 2002, this investment was briefly named the
Putnam Global Growth Fund A as a result of the merger, in September&nbsp;2002, of Putnam Global
Equity Fund A with Putnam Global Growth Fund A. The merged fund briefly retained the name
&#147;Putnam Global Growth Fund A.&#148; Effective October&nbsp;1, 2002, the merged fund changed its name
to &#147;Putnam Global Equity Fund A.&#148;</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<P align="center" style="font-size: 10pt"><B>SCHEDULE A<BR><BR>
MEASUREMENT METHODS</B><BR>
<B>(Effective January&nbsp;11, 2003 to July&nbsp;31, 2003)</B>



<P align="left" style="font-size: 10pt"><B>Merck Common Stock</B>



<P align="left" style="font-size: 10pt"><B>Mutual Funds</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Century Emerging Markets Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Funds EuroPacific Growth Fund</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Destiny I</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Dividend Growth</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Equity-Income</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Low-Priced Stock</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Retirement Money Market</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Spartan Government Income</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Spartan U.S. Equity Index</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin Small-Mid Cap Growth A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Janus Enterprise</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Janus Growth &#038; Income</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Liberty Acorn Class&nbsp;Z</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PIMCO Foreign Bond Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PIMCO Long Term US Government Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PIMCO Total Return Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Putnam Global Equity A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Putnam International Capital Opportunities Fund A*</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Putnam Vista A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Blue Chip Growth</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vanguard Asset Allocation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Prior to April&nbsp;30, 2003, known as Putnam International Voyager Fund A</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt"><B>Redesignation of Deferred Amounts measured by Putnam Vista A on July&nbsp;31, 2003</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Prior to 4 p.m. ET on July&nbsp;31, 2003, each participant who has any part of his/her account measured
by the Putnam Vista A measurement method may redesignate the amount in such measurement method in
accordance with Article&nbsp;IV. If a participant does not redesignate the amount measured by the
Putnam Vista A measurement method to any other remaining measurement method before 4 p.m. ET on
July&nbsp;31, 2003, then the amount in the Putnam Vista A account shall be redesignated as of 4 p.m. ET
on July&nbsp;31, 2003, to the Fidelity Mid-Cap Stock Fund.


<P align="center" style="font-size: 10pt">8
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>SCHEDULE A<BR><BR>
MEASUREMENT METHODS</B><BR>
<B>(Effective July&nbsp;31, 2003 &#150; November&nbsp;19, 2003)</B>



<P align="left" style="font-size: 10pt"><B>Merck Common Stock</B>



<P align="left" style="font-size: 10pt"><B>Mutual Funds</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Century Emerging Markets Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Funds EuroPacific Growth Fund</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Columbia Acorn Class&nbsp;Z*</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Destiny I</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Dividend Growth</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Equity-Income</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Low-Priced Stock</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Mid-Cap Stock Fund</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Retirement Money Market</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Spartan Government Income</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Spartan U.S. Equity Index</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin Small-Mid Cap Growth A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Janus Enterprise</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Janus Growth &#038; Income</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PIMCO Foreign Bond Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PIMCO Long Term US Government Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PIMCO Total Return Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Putnam Global Equity A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Putnam International Capital Opportunities Fund A**</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Blue Chip Growth</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vanguard Asset Allocation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Prior to October&nbsp;2003, known as Liberty Acorn Class&nbsp;Z</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">**</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Prior to April&nbsp;30, 2003, known as Putnam International Voyager Fund A</TD>
</TR>

</TABLE>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Redesignation of Deferred Amounts measured by Putnam Global Equity A and Putnam International
Capital Opportunities Fund A (collectively, the &#147;Putnam Funds&#148;) on November&nbsp;19, 2003</B>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Prior to 4 p.m. ET on November&nbsp;19, 2003, each participant who has any part of his/her Deferred
Compensation Account measured by a Putnam Funds investment alternative may redesignate the amount
in such investment alternative in accordance with Article&nbsp;IV. If a participant does not
redesignate the amount measured by a Putnam Funds investment alternative to any other remaining
investment alternative(s) before 4 p.m. ET on November&nbsp;19, 2003, then the amount in the Putnam
Funds investment alternative shall be redesignated as of 4 p.m. ET on November&nbsp;19, 2003, to the
Fidelity Retirement Money Market Portfolio.


<P align="center" style="font-size: 10pt">9
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>SCHEDULE A</B>



<P align="center" style="font-size: 10pt"><B>MEASUREMENT METHODS<BR>
(November&nbsp;19, 2003 to April&nbsp;2, 2004)</B>



<P align="left" style="font-size: 10pt"><B>Merck Common Stock</B>



<P align="left" style="font-size: 10pt"><B>Mutual Funds</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Century Emerging Markets Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Funds EuroPacific Growth Fund</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Columbia Acorn Class&nbsp;Z*</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Destiny I</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Dividend Growth</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Equity-Income</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Low-Priced Stock</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Mid-Cap Stock Fund</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Retirement Money Market</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Spartan Government Income</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Spartan U.S. Equity Index</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin Small-Mid Cap Growth A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Janus Enterprise</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Janus Growth &#038; Income</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PIMCO Foreign Bond Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PIMCO Long Term US Government Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PIMCO Total Return Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Blue Chip Growth</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vanguard Asset Allocation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Prior to October&nbsp;2003, known as Liberty Acorn Class&nbsp;Z</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">10
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<P align="center" style="font-size: 10pt"><B>SCHEDULE A</B>



<P align="center" style="font-size: 10pt"><B>MEASUREMENT METHODS<BR>
(April&nbsp;2, 2004 through January&nbsp;31, 2005)</B>



<P align="left" style="font-size: 10pt"><B>Merck Common Stock</B>



<P align="left" style="font-size: 10pt"><B>Mutual Funds</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Century Emerging Markets Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Funds EuroPacific Growth Fund</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Columbia Acorn Class&nbsp;Z*</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Destiny I</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Dividend Growth</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Equity-Income</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Low-Priced Stock</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Mid-Cap Stock Fund</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Retirement Money Market</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Spartan Government Income</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity Spartan U.S. Equity Index</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Janus Enterprise</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Janus Growth &#038; Income</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PIMCO Foreign Bond Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PIMCO Long Term US Government Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PIMCO Total Return Institutional</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Blue Chip Growth</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vanguard Asset Allocation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Prior to October&nbsp;2003, known as Liberty Acorn Class&nbsp;Z</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">11
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<P align="center" style="font-size: 10pt"><B>SCHEDULE A</B>



<P align="center" style="font-size: 10pt"><B>MEASUREMENT METHODS<BR>
(February&nbsp;1, 2005)</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Investment alternatives available under this Plan shall be the same as the investment alternatives
available from time to time under the Merck &#038; Co., Inc. Deferral Program.


<P align="center" style="font-size: 10pt">12
</DIV>

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</HTML>
</TEXT>
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