Disclosure according to sec. 85 German Securities Trading Act and Art. 20 MAR for company Merck KGaA:

Markings in the chart show rating changes by Warburg Research GmbH in the last 12 months. Every marking details the date and closing price on the day of the rating change.

Date	Recommendation	Target Price	Close Price	Analyst
12.05.2021	Hold	123.00 EUR	138.90 EUR	Ulrich Huwald
03.03.2021	Hold	118.00 EUR	135.10 EUR	Ulrich Huwald