Limitation of liability

The following reports by Moody's Investors Service, Inc., New York (USA) and Standard & Poor's, A Division of the McGraw-Hill Companies GmbH, Frankfurt, (hereinafter collectively referred to as the "rating agencies") are, and must be regarded exclusively as, expressions of opinion and not statements of fact or recommendations to buy, sell, or hold securities. They must be considered solely as one factor in an investment decision. All readers of the rating agencies' reports must perform their own examination and assessment of the securities, Merck KGaA, Darmstadt, Merck-Finanz AG, Luxembourg, and any provider of services relating to the securities for each security that they may wish to buy, hold, or sell.

We draw your attention explicitly to the fact that Merck KGaA, like most issuers of securitized liabilities and preferred shares that are assessed by the rating agencies, agrees with the rating agencies to pay fees for the assessment and rating services prior to commissioning each rating.

Merck KGaA and Merck-Finanz AG assume no liability for the content of the reports, and in particular for their accuracy, completeness and ability not to be misunderstood.