Merck KGaA (MRCG.DE): Solid beat & raise expected, fundamentals remain robust

Research evidence excerpt

Merck KGaA (MRCG.DE): Solid beat & raise expected, fundamentals remain robust

Goldman Sachs Merck KGaA (MRCG.DE)

Disclosure Appendix

Reg AC

We, James Quigley, Theodora Rowe Beadle, Shyam Kotadia and Kaaviya Ganesan, hereby certify that all of the views expressed in this report accurately

reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is

or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division.

Contributing Authors: James Quigley Goldman Sachs International, Theodora Rowe Beadle Goldman Sachs International, Shyam Kotadia Goldman

Sachs International, Kaaviya Ganesan Goldman Sachs India SPL.

Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment

Research division.

GS Factor Profile

The Goldman Sachs Factor Profile provides investment context for a stock by comparing key attributes to the market (i.e. our universe of rated stocks)

and its sector peers. The four key attributes depicted are: Growth, Financial Returns, Multiple (e.g. valuation) and Integrated (a composite of Growth,

Financial Returns and Multiple). Growth, Financial Returns and Multiple are calculated by using normalized ranks for specific metrics for each stock. The

normalized ranks for the metrics are then averaged and converted into percentiles for the relevant attribute. The precise calculation of each metric may

vary depending on the fiscal year, industry and region, but the standard approach is as follows: