Disclosure according to sec. 34 b para. 1 German Securities Trading Act for company KSB AG:

The boxes on the price and rating history chart indicate the date of the Equity Alert and Warburg Research GmbH's projected rating. Each box represents a date on which an analyst made a change to a rating, except for the first box, which may represent the rating in place at the beginning of the period or the first Alert written on the issue in the past 12 months.

Date	Recommendation	Target Price	Close Price	Analyst