Summary Audited

In view of the aforementioned expected economic developments, overall the Executive Board predicts a more stable economic environment and a slightly positive outlook on the world economy.

Sales of the Merck Group are expected to grow organically at a moderate pace in both 2013 and 2014. Merck assumes neither any major technology shifts in its chemical businesses nor any major new product launches in the pharmaceutical business in either year. On a reported basis, a stronger euro may lead to negative currency effects in comparison to 2012.

At Group level, EBITDA pre one-time items (EBITDA pre) will increase faster than sales as a result of net savings realized from the Group-wide efficiency program.

At net income level, the comparably higher EBITDA pre and lower one-time costs should lead to a significant increase in 2013 and 2014.

For fiscal 2012, we intend to maintain our existing, long-term dividend policy and will propose to the Annual General Meeting the increased payment of a dividend of € 1.70 per share.

Merck has an extensive risk and opportunity management system, which is described in the Risk Report. Relative to the forecast period of two years published here, we mainly see business-related opportunities and risks. Owing to Merck’s diversification and broad product portfolio, a very different spectrum of important opportunities and risks results for each individual division. The relevant explanations are given for the respective divisions in the Management Report.

Our forecasts for Merck take into account the company’s weighing up of risks and opportunities in accordance with our operational plans and medium-term assumptions. However, possible acquisitions, divestments and other exceptional items are not included.