Covestro AG / DE0006062144

Notification of Major Holdings

1. Details of issuer

Name:	Covestro AG
Street:	Kaiser-Wilhelm-Allee 60
Postal code:	51373
City:	Leverkusen Germany
Legal Entity Identifier (LEI):	3912005AWHKLQ1CPLV11

2. Reason for notification

	Acquisition/disposal of shares with voting rights
	Acquisition/disposal of instruments
	Change of breakdown of voting rights
X	Other reason: Voluntary group notification with threshold triggered at subsidiary level due to expiration of financial instruments

3. Details of person subject to the notification obligation

Legal entity: Morgan Stanley City of registered office, country: Wilmington, Delaware, United States of America (USA)

4. Names of shareholder(s)
holding directly 3% or more voting rights, if different from 3.

5. Date on which threshold was crossed or reached:

15 Dec 2023

6. Total positions

	% of voting rights attached to shares (total of 7.a.)	% of voting rights through instruments (total of 7.b.1 + 7.b.2)	Total of both in % (7.a. + 7.b.)	Total number of voting rights pursuant to Sec. 41 WpHG
New	2.25 %	5.01 %	7.26 %	189000000
Previous notification	1.4 %	6.81 %	8.21 %	/

7. Details on total positions
a. Voting rights attached to shares (Sec. 33, 34 WpHG)

ISIN	Absolute		In %
	Direct (Sec. 33 WpHG)	Indirect (Sec. 34 WpHG)	Direct (Sec. 33 WpHG)	Indirect (Sec. 34 WpHG)
DE0006062144	0	4253155	0 %	2.25 %
Total	4253155		2.25 %

b.1. Instruments according to Sec. 38 (1) no. 1 WpHG

Type of instrument	Expiration or maturity date	Exercise or conversion period	Voting rights absolute	Voting rights in %
Equity Call Option	From 19.01.2024 to 15.03.2024	at any time	2135000	1.13 %
Right of recall over securities lending agreements	at any time	at any time	542922	0.29 %
		Total	2677922	1.42 %

b.2. Instruments according to Sec. 38 (1) no. 2 WpHG

Type of instrument	Expiration or maturity date	Exercise or conversion period	Cash or physical settlement	Voting rights absolute	Voting rights in %
Equity Put Option	From 19.01.2024 to 18.12.2026	at any time	Physical	1046700	0.55 %
Retail Structured Product	From 16.03.2071 to 05.10.2073	at any time	Cash	16521	0.01 %
Equity Swap	From 04.03.2024 to 24.02.2026	at any time	Cash	5730129	3.03 %
Compound Option	17.02.2026	at any time	Cash	915	0 %
			Total	6794265	3.59 %

8. Information in relation to the person subject to the notification obligation

	Person subject to the notification obligation is not controlled nor does it control any other undertaking(s) that directly or indirectly hold(s) an interest in the (underlying) issuer (1.).
X	Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity:

Name	% of voting rights (if at least 3% or more)	% of voting rights through instruments (if at least 5% or more)	Total of both (if at least 5% or more)
Morgan Stanley	%	%	%
Morgan Stanley Capital Management, LLC	%	%	%
Morgan Stanley Domestic Holdings, LLC	%	%	%
Morgan Stanley Capital Services LLC	%	%	%
-	%	%	%
Morgan Stanley	%	%	%
Morgan Stanley Capital Management, LLC	%	%	%
Morgan Stanley & Co. LLC	%	%	%
-	%	%	%
Morgan Stanley	%	%	%
Morgan Stanley International Holdings Inc.	%	%	%
Morgan Stanley International Limited	%	%	%
Morgan Stanley Investments (UK)	%	%	%
Morgan Stanley & Co. International plc	%	%	5.5 %
-	%	%	%
Morgan Stanley	%	%	%
Morgan Stanley Capital Management, LLC	%	%	%
Morgan Stanley & Co. LLC	%	%	%
Prime Dealer Services Corp.	%	%	%
-	%	%	%
Morgan Stanley	%	%	%
Morgan Stanley International Holdings Inc.	%	%	%
Morgan Stanley B.V.	%	%	%
-	%	%	%
Morgan Stanley	%	%	%
Morgan Stanley Capital Management, LLC	%	%	%
Morgan Stanley Smith Barney LLC	%	%	%

9. In case of proxy voting according to Sec. 34 para. 3 WpHG
(only in case of attribution of voting rights in accordance with Sec. 34 para. 1 sent. 1 No. 6 WpHG)

Date of general meeting:
Holding total positions after general meeting (6.) after annual general meeting:

Proportion of voting rights	Proportion of instruments	Total of both
%	%	%

10. Other explanatory remarks:

Date

20 Dec 2023