Analysts' Recommendations

Buy 52%
Hold 42%
Sell 6%

Status: August 29, 2014; Source: Henkel

Based on an internal database, we have assigned the recommendations indicated below to buy, hold and sell categories. This list does not claim to be exhaustive.

Buy Accumulate, Add, Buy, Outperform, Overweight, Recommended Stock 
Hold Equal-Weight, Hold, In-Line, Marketperformer, Neutral
Sell Reduce, Sell, Underperform, Underweight 

The investment recommendations mentioned above are based not on research carried out by Henkel but rather on research, reports, recommendations or assessments of third parties, in particular equity analysts. These investment recommendations are completely outside the influence and control of Henkel AG & Co. KGaA. These investment recommendations solely reflect the opinions, estimates, forecasts or recommendations of third parties relating to Henkel’s performance and capabilities, and do not represent the opinion, estimate, forecast or any form of recommendation of or by Henkel AG & Co. KGaA or its management.

The fact that Henkel AG & Co. KGaA makes reference to these investment recommendations neither implies, nor should be inferred to signify, that Henkel AG & Co. KGaA or its management confirms or approves said investment recommendations. Henkel assumes no liability for the selection, validity, completeness or correctness of the investment recommendations and estimates cited, nor does Henkel undertake to update or revise said investment recommendations. The listing has been provided solely for information only, without responsibility, and should not be regarded as soliciting or promoting the purchase, sale or holding of Henkel shares.