#1Siemens Vision 2020 - Fully on track Joe Kaeser, President and CEO Commerzbank German Investment Seminar | New York, January 9, 2018 Unrestricted © Siemens AG 2018 SIEMENS Ingenuity for life siemens.com#2Notes and forward looking statements SIEMENS Ingenuity for life This presentation has been prepared solely for use at this meeting. This material is given in conjunction with an oral presentation and should not be taken out of context. This presentation has been prepared for information purposes only and the information contained herein (unless otherwise indicated) has been provided by Siemens AG. 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Unrestricted Siemens AG 2018 Page 2 New York, January 9, 2018 Commerzbank German Investment Seminar#3Siemens by the numbers FY 2017 reported Revenue €83.0bn Power and Gas IB 1 Profit €9.5bn SIEMENS AG Building Technologies IB¹ Margin SIEMENS Ingenuity for life Net Income 11.2% €6.2bn EPS €7.44 Digital Factory Siemens Healthineers Financial Services Revenue €15.5bn €6.5bn €11.4bn €13.8bn Profit €1.6bn €0.8bn €2.1bn €2.5bn Profit margin 10.3% 12.0% 18.8% 18.1% Process Industries SIEMENS Gamesa Energy Management Mobility and Drives RENEWABLE ENERGY Total Assets: €26.4bn IBIT: €0.6bn Revenue €12.3bn €8.1bn €8.9bn €7.9bn Profit €0.9bn €0.7bn €0.4bn €0.3bn Profit margin 7.6% 9.2% 5.0% 4.3% Unrestricted Siemens AG 2018 Page 3 New York, January 9, 2018 RoE: 19.9% 1) IB Industrial Business Commerzbank German Investment Seminar#4Vision 2020 We have a compelling strategy Value Strategic direction Strengthen core • Healthcare IPO • Setting up Siemens Alstom • Successful integration of acquisitions SIEMENS Ingenuity for life Scale up • • • • Customer and market focus Digitalization at work. Innovation push . Drive performance Secure competitiveness in PG, PD and SGRE • Agility and continuous productivity improvement Stringent project execution 2015 Ownership culture driving leadership and people development 2016 2019 Unrestricted Siemens AG 2018 Page 4 Operational consolidation New York, January 9, 2018 2017 2018 ΙΣΣ Optimization Accelerated growth and outperformance 2020 Commerzbank German Investment Seminar#5We have done well since 2014 ... Value Vision 2020 Scale up Strengthen core Drive performance Foster Ownership Culture and leadership based on common values 2015 2016 Strategic direction Operational consolidation Optimization 2017 2018 2019 Accelerated growth and outperformance SIEMENS Ingenuity for life Guidance to market Ongoing cost productivity ~€4bn ~€4bn ~€3bn 2020 FY 2015 FY 2016 FY 2017 FY 2014 FY 2015 FY 2016 FY 2017 Underperforming businesses Profit margin -6% -80% 3% 1% in range -3% FY 2014 FY 2015 FY 2016 FY 2017 Unrestricted Siemens AG 2018 Page 5 New York, January 9, 2018 Project charges (€bn) Employee profit sharing (Єm) 400 FY 2014 Avg. FY 2007-2014 ~1.2 100 ~0.7 100 FY 2015 ~0.2 200 <0.2 FY 2016 No negative net impact FY 2017 FY 2015 FY 2016 FY 2017 Total Commerzbank German Investment Seminar#6and so have our shareholders €5.401) Continued dividend increases € CID Dividend per share 140 +4% p.a. €3.50 €3.60 €3.702) €3.30 €3.00 120 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Committed to share buyback €bn Up to €7bn share buyback within five years 4.0 1.5 100 SIEMENS Ingenuity for life Strong share price performance July 31, 2013 - December 31, 2017 April 26, 2017: New All-time closing high at €133.20 (Xetra) +41% (+61% Total return) ³) 80 CY 2014 2015 CY 2016 2018 1) Unrestricted Page 6 Siemens AG 2018 2) Jul 13 Effect of OSRAM stock distribution to shareholders of €2.40 per share Proposed dividend pending on annual shareholder meeting approval in January 2018 New York, January 9, 2018 Jul 14 Jul 15 Jul 16 Jul 17 3) Total return includes reinvest of dividend payments Commerzbank German Investment Seminar#7What's on the CEO's mind for 2018? |... Brand Business Simplified focus governance Deliver on our commitment to the market SIEMENS Ingenuity for life Uncertainty from geopolitical tensions & nationalism vs. economic upswing Drive growth opportunities and digitalization across all businesses Tackle structural challenges to strengthen competitiveness Shape Vision 2020+ to create "next generation Siemens" Unrestricted Siemens AG 2018 Page 7 New York, January 9, 2018 Commerzbank German Investment Seminar#8Key considerations for "Vision 2020+" Unrestricted Siemens AG 2018 Page 8 New York, January 9, 2018 Brand value Business focus Simplified governance SIEMENS Ingenuity for life Commerzbank German Investment Seminar#9Questions and Answers Unrestricted Siemens AG 2018 Page 9 New York, January 9, 2018 SIEMENS Ingenuity for life Commerzbank German Investment Seminar#10Appendix SIEMENS Ingenuity for life Unrestricted Page 10 Siemens AG 2018 New York, January 9, 2018 Commerzbank German Investment Seminar#11One Siemens Financial Framework Clear targets to measure success and accountability Siemens One Siemens Financial Framework SIEMENS Ingenuity for life Growth: Siemens > most relevant competitors 1) (Comparable revenue growth) Capital efficiency (ROCE²)) 15-20% Total cost productivity³) 3 -5% p.a. Capital structure (Industrial net debt/EBITDA) up to 1.0x Dividend payout ratio 40-60%4) Profit Margin ranges of businesses (excl. PPA) 5) PG 11-15% EM 7-10% SGRE 5-8% BT 8 - 11% MO 6-9% DF PD 8 - 12% SFS6) 15-20% 14 -20% HC 15-19% 1) ABB, GE, Schneider, MHI, Eaton, weighted; 2) Based on continuing and discontinued operations; 3) Productivity measures divided by functional costs (cost of sales, R&D, SG&A expenses) of the group; 4) Of net income excluding exceptional non-cash items; 5) Excl. acquisition related amortization on intangibles; 6) SFS based on return on equity after tax Unrestricted Page 11 Siemens AG 2018 New York, January 9, 2018 Commerzbank German Investment Seminar#12Siemens Vision 2020 - Execution well underway, most targets already achieved by FY 2017 SIEMENS Ingenuity for life GOAL Implement stringent company gover- nance with effective support functions INTENT Live lean governance and drive continuous optimization Sharpen our business focus in electrification, automation, and digitalization Grow our company value ΚΡΙ 77 1 2 Strengthen portfolio 3 Execute financial target system 4 Expand global Get closer to our customers management and markets 5 Be a partner of choice Foster an intimate and trusting partnership 1 for our customers with our customers 6 Be an employer of choice 7 Foster Ownership Culture Unleash the full potential of our people Ignite pride and passion for Siemens, through a new mindset and equity ownership €1bn cost savings by FY 2016 achieved Tap growth fields > 8% margin in underperforming businesses 15-20% ROCE Growth most relevant competitors > 30% of Division and Business Unit management outside Germany ≥ 20% improvement in Net Promoter Score > 75% approval rating in leadership and diversity in global employee survey ≥ 50% increase in number of employee shareholders Unrestricted Siemens AG 2018 Page 12 New York, January 9, 2018 くくくくくくく Commerzbank German Investment Seminar#13Outlook FY 2018 Earnings per share in € 7.09 +9% +2% 7.70 Outlook SIEMENS Ingenuity for life 7.20 We expect a mixed picture in our market environment in fiscal 2018, ranging from strong markets for our short-cycle businesses to unfavorable. dynamics in our energy generation markets, as well as geopolitical uncertainties that may restrict investment sentiment. For fiscal 2018 we expect modest growth in revenue, net of effects from currency translation and portfolio transactions, and anticipate that orders will exceed revenue for a book-to-bill ratio above 1. We expect a profit margin of 11.0% to 12.0% for our Industrial Business and basic EPS from net income in the range of €7.20 to €7.70, both excluding severance charges. This outlook excludes charges related to legal and regulatory matters, effects on EPS associated with minorities holding shares in Healthineers following the planned IPO, and potential effects which may follow the introduction of a new strategic program. adj. EPS FY17 EPS excl. Severance FY18 Note: FY 2017 weighted average number of shares of ~812.2m Unrestricted Page 13 Siemens AG 2018 New York, January 9, 2018 Commerzbank German Investment Seminar#14Industrial Business Profit Margin Outlook FY 2018 - SIEMENS Ingenuity for life 11.2% €9.5bn 11.1% €-118m €9.3bn €-175m €-138m Guidance 12.0% €+385m 11.2% 11.0% €9.4bn Reported IB Profit FY17 IFRS 15 Delta IFRS 15 IB Profit eCar gain Pension plan amendment Severance FY17 adj. IB Profit FY17 Unrestricted Siemens AG 2018 Page 14 New York, January 9, 2018 IB Profit Margin excl. Severance FY18 Commerzbank German Investment Seminar#15Earnings per share - Outlook FY 2018 in € +9% SIEMENS Ingenuity for life Guidance 7.70 7.44 -0.10 7.34 +2% 7.20 -0.35 7.09 +0.39 eCar gain -0.22 -0.29 Pension plan amendment -0.13 ARO Hanau -0.57 Primetals +0.28 Reported EPS IFRS 15 Delta FY17 IFRS 15 EPS FY17 IB effects CMPA effects Severance adj. EPS FY17 EPS excl. Severance FY18 Unrestricted Siemens AG 2018 Page 15 New York, January 9, 2018 Commerzbank German Investment Seminar#16Financial cockpit - FY 2017 Orders in €bn Comp. -2% (nom.) (-1%) 86.5 B-t-B 1.09 85.7 1.03 FY 16 FY 17 Net income in €bn +11% 5.6 Revenue in €bn Comp. +3% (nom.) (+4%) 79.7 83.0 FY 16 FY 17 EPS ("all-in") in € 6.2 +10% 7.44 6.74 FY 16 FY 17 FY 16 Unrestricted Siemens AG 2018 Page 16 New York, January 9, 2018 FY 17 SIEMENS Ingenuity for life Profit Industrial Business (IB) in €bn +8% 9.5 8.7 11.4% 11.7% Margin 10.8% 11.2% FY 16 FY 17 ROCE ("all-in") 14.3% 13.5% FY 16 FY 17 X.X% Margin as reported X.X% Margin excl. severance 15-20% Commerzbank German Investment Seminar#17PG: Market contraction impacts top and bottom line EM: Performance improvement on track Power and Gas (PG) €bn 3.2 Orders +17% 1) Revenue -17% 1) 4.5 3.6 3.6 Energy Management (EM) €bn Orders SIEMENS Ingenuity for life Revenue +23%1) -1% 1) 3.4 4.1 3.6 3.4 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Profit Profit margin Profit Profit margin Єm 509 -40% -290bps 11-15% Єm +4% +70bps 77-10% 299 311 303 12.0% 8.2% 9.8% 9.4% 11.2% 8.3% 8.4% Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 9.1% Q4 FY 17 Order growth driven by service, declining new-unit business ⚫ Revenue decline, lower capacity utilization and price pressure weigh on margin 1) Comparable, i.e. adjusted for currency translation and portfolio effects Unrestricted Siemens AG 2018 X.X% Page 17 New York, January 9, 2018 . Large order wins e.g. DolWin 6 project Profitability improvement across most businesses Margin as reported X.X% Margin excl. severance (and excl. integration costs D-R for PG only) Commerzbank German Investment Seminar#18Drive performance Power and Gas - Siemens tackles structural market changes and strengthens global competitiveness Example: Large Gas Turbine business (>100MW) Market development (in # Turbines) Announced measures SIEMENS Ingenuity for life 249 212 ~-40% 186 181 122 • -110 FY11 FY13 FY15 FY16 FY17 ØFY18-20e Price decline (US$/kW, 60 Hz market) -30% FY 2014 FY 2017 Unrestricted Siemens AG 2018 Page 18 New York, January 9, 2018 Consolidation plan announced for global setup adaptation Adjustments of about 6,100 jobs worldwide Consolidating manufacturing volumes at locations with competitive costs Bundling key expertise in centers of excellence Significant investments in efficiency enhancing technologies Commerzbank German Investment Seminar#19The Siemens Power Service business is resilient Increasing backlog... Globalized operations... (in €bn) + FY 2017 revenue by customer location (in %) Latin America (LAM) 31 Middle East FlexLTP 5 North America (NAM) FY 2017 FY2022e ... from still growing fleet Europe, CIS ... to tackle fluctuations Gas turbine utilization (in %) SIEMENS Ingenuity for life Infusing technologies ... USER JOURNEY Today... →>> Co-creation of digital services Innovation, e. g. Asia 3D printing, virtual reality -> ... for top- & bottom-line Performance optimi- zation & cyber security 4D outage planning leads to faster remote outages Global YoY change: 0% +4% +1% -2% Mid-term trend LGT IGT & AGT Ind. ST Middle East Service- 7 LAM relevant Asia fleet Europe, CIS growth NAM FY17-22 +20% +15% +5% 2013 '14 '15 '16 '17 Unrestricted Siemens AG 2018 Page 19 New York, January 9, 2018 Commerzbank German Investment Seminar#20BT: Great performance completes best year ever MO: All-time revenue high - automation business drives profit Building Technologies (BT) €bn Orders Revenue Mobility (MO) Orders €bn +4%1) 2.3 2.3 SIEMENS Ingenuity for life Revenue 1.8 +8%1) +7%1) 1.9 1.7 1.8 +11% 1) 2.1 2.2 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Profit Profit margin Profit Profit margin €m +9% €m +60bps +9% 8-11% flat 6-9% 196 213 173 189 12.1% 12.6% 8.6% 9.8% 11.5% 12.1% 8.4% 8.4% Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Significant project wins in the US Growth and productivity gains lead to margin expansion 1) Comparable, i.e. adjusted for currency translation and portfolio effects Unrestricted Page 20 Siemens AG 2018 New York, January 9, 2018 • • Large order wins in Europe and Asia Strong project execution and locomotive shipments X.X% Margin as reported X.X% Margin excl. severance Commerzbank German Investment Seminar#21DF: Excellent short-cycle continues - further market share gains PD: Trough reached, gradual improvement ahead Digital Factory (DF) €bn 2.7 Orders +6%1) 2.9 Revenue +9%1) 2.8 3.2 SIEMENS Ingenuity for life Process Industries and Drives (PD) Orders Revenue €bn +9%1) 2.2 2.3 +0% 1) 2.4 2.4 €m Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Profit Profit margin Profit Profit margin -3% -260bps 14-20% €m +195% 8-12% 515 501 69 19.2% 18.6% 5.2% +590bps 3.8% 18.5% 15.9% -72 -3.0% 2.9% Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Substantial double digit revenue growth in China • Mentor effects --40bps & Mind Sphere --150bps 1) Comparable, i.e. adjusted for currency translation and portfolio effects Unrestricted Siemens AG 2018 Page 21 New York, January 9, 2018 X.X% Strong order growth in China Large drives operational challenges remain Charges related to capacity adjustments ~-280bps Margin as reported X.X% Margin excl. severance Commerzbank German Investment Seminar#22HC: Capturing growth - excellent margin SGRE: Strong order wins and challenges in operations Healthineers (HC) SIEMENS Ingenuity for life Siemens Gamesa Renewable Energy (SGRE) Orders €bn +7%1) 3.9 Revenue +5%1) 3.9 3.7 3.7 Orders Revenue €bn +84%1) +6% 1) 2.8 2.3 1.2 1.6 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Profit Profit margin Profit Profit margin -170% €m 696 +1% +20bps €m 15-19% 132 -1,220bps 702 5-8% 19.4% 19.5% 8.4% -3.1% 18.8% 19.0% -92 8.3% -3.9% Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Q4 FY 16 Q4 FY 17 Top line growth driven by Europe and China Strong profitability due to Diagnostic Imaging 1) Comparable, i.e. adjusted for currency translation and portfolio effects Unrestricted Siemens AG 2018 Page 22 New York, January 9, 2018 Large order wins, e.g. Borssele Profit impacted by write downs of inventories (-€134m), integration and capacity adjustments (-€67m) X.X% Margin as reported X.X% Margin excl. severance Commerzbank German Investment Seminar#23Strengthen core Setting the course for renewable energy, mobility and healthcare businesses for long-term value creation SIEMENS Ingenuity for life Mentor® HaCon tass A Siemens Business MRX TECHNOLOGIES international infolytica corporation SIEMENS 1| Areas of growth? 2| Potential profit pool? 3| Why Siemens? 4| Synergetic value? 5| Paradigm shifts? OSRAM Stake of 17.34% sold SIEMENS Gamesa RENEWABLE ENERGY Merger closed Siemens 59% share Unrestricted Siemens AG 2018 Page 23 New York, January 9, 2018 SIEMENS Healthineers IPO plan for H1 CY 18 announced SIEMENS ALSTOM MoU signed, expected closing end of CY 18 Commerzbank German Investment Seminar#24Leadership in Digital Enterprise strengthened Siemens further gaining market share Revenue FY 2017 Market CAGR FY18-22 Digitalization Siemens software Digital services → Leader ~€4.0bn ~€1.2bn Scale up SIEMENS Ingenuity for life Strategic direction Strengthen leadership in the Digital Enterprise across all Siemens domains ~+8% MindSphere - lot operating system +20%1) Automation Enhanced automation → Global #1 ~€19bn Classic services ~+3% Expand #1 position and utilize for digitalization ~€17bn Electrifi- cation → Leader Enhanced electrification ~€43bn Differentiate through +1-3% enhanced offerings with automation & digitalization. Note: Figures based on Industrial Business; SGRE incl. as of Apr 2017 1) Nominal growth FY16 to FY17, rebased Note: 9% growth for Siemens Software excl. Mentor Unrestricted Page 24 Siemens AG 2018 New York, January 9, 2018 Commerzbank German Investment Seminar#25Invest in cloud-based business models will be overcompensated by strong execution of traditional software business Software business within Digital Factory Revenue (in €bn) CAGR: 10-15% ~3.4 ~2.6 SIEMENS Ingenuity for life . MindSphere Current 'Platform as a Service' business plan with focus on partners in industrial loT market • Extension of business case towards applications and digital services will lead to additional potential for Siemens FY17 IFRS15 FY18e FY19e FY20e Profit impact from investments & Mentor Graphics (in Єm) - FY17 IFRS15 FY18e FY19e FY20e 100 ~175 104 -20 -70 Note: FY17 including Mentor from Q3 onwards Unrestricted Siemens AG 2018 Page 25 New York, January 9, 2018 • Break-even planned in FY 2020 Mindsphere SaaS Mentor Integration & Haircut 'Software as a Service' (SaaS) Initial focus to capture growth potential in small and medium size business market Slower adoption in larger companies Seamless introduction in a five years investment mode Cloud-based business (MindSphere + SaaS) Cloud-based revenue expected to exceed ~€1bn latest in FY 2022 Commerzbank German Investment Seminar#26Executing Vision 2020 Accelerating growth momentum through relentless customer focus Siemens Net Promoter Score +36% Target Vision 2020: +20% Dedicated growth initiatives China New Eurasia Land 1 Bridge Economic Corridor China - Mongolia - 2 Russia Economic Corridor Scale up SIEMENS Ingenuity for life + China Central Asia - 3 West Asia Economic China Pakistan- A Corridor Economic Corridor 5 Bangladesh - China-India- Myanmar Economic Corridor. China Indochina - 6 Economic Corridor FY 2014 FY 2015 FY 2016 FY 2017 Further improvement across most Regions & Divisions Belt & Road Initiative €100bn infrastructure opportunities with Chinese EPC's until 2025 Made in China 2025 drives automation & digital demand autonomous robotics lab set up - Support Chinese regional development programs. Unrestricted Siemens AG 2018 Page 26 New York, January 9, 2018 Commerzbank German Investment Seminar#27Executing Vision 2020 Push for innovation drives competitiveness and customer value Higher R&D intensity continues... R&D expenses in €bn (% of revenue) 4.0 5.6% FY 2014 ~+40% 6.2% -5.6 5.2 FY 2017 FY 2018e Scale up SIEMENS Ingenuity for life ... and delivers impressive outcomes Healthineers Magnetom Terra - first 7 Tesla MRI scanner for clinical use Unmatched visualisation of neurological disease states. Digital Factory Expand portfolio with NX-Software for Additive Manufacturing One system for whole model driven workflow • • Core technology fields, e. g. Artificial Intelligence IoT operating system MindSphere Digital applications and services across all businesses Innovative Healthineers' Imaging platforms Decentralized energy systems Power and Gas • HL-Class gas turbine derived from proven H-Class design >63% efficiency in CCPP mode with clear roadmap to 65% Unrestricted Siemens AG 2018 Page 27 New York, January 9, 2018 Commerzbank German Investment Seminar#28SIEMENS Gamesa Facts and Figures RENEWABLE ENERGY Key strengths Market Wind installations 2016-2020E (MW) • +3.8% 63.431 61.376 57.648 54.642 53.873 2016 2017e 2018e Source: BNEF and MAKE Q3 17 Market Outlook; 2016 GWEC Portfolio/ Technology Onshore Offshore 2019e 2020e Global Service #4 in global Onshore market #1 in global #1 in India and LATAM Offshore market #2 in service backlog and in serviced fleet size Main Competitors Vestas GE SENVION N NORDEX wind energy solutions We've got the power. Unrestricted Siemens AG 2018 Page 28 New York, January 9, 2018 SIEMENS Ingenuity for life Large installed base of ~83GW offers huge service potential Strong order backlog of ~€21bn Unique business mix of offshore and onshore Well balanced geographic footprint Synergy potential of at least €230m to be realized already in year 3 post closing Key figures" (in millions of € except where otherwise stated) Fiscal 2017 Orders 8,768 Revenue 7,922 Fiscal 2016 7,973 5,976 Comp. Change in % (2)% 7% Profit 338 464 Profit Margin (Target Range 5-8%) 4.3% 7.8% Free cash flow (279) 330 1) Figures as reported by Siemens AG; Fiscal 2017: October 2016 September 2017; Comparable change in %: Throughout excluding currency translation and portfolio effects Commerzbank German Investment Seminar#29Healthineers Strategy 2025 set up to ensure market leadership beyond 2025 2017-19 Mid-term Upgrading SIEMENS Ingenuity for life Mid-term and beyond New growth Strategic posture Strategic priorities Unrestricted Page 29 Reinforcing Deliver on core business - growth fundamentals and productivity Substantial next generation product and platform launches are gaining traction in the market, e.g., CT SOMATOM go, Artis Pheno, MR MAGNETOM Vida Atellica Solution and Atellica 360 Teamplay and Digital Ecosystem Execute on productivity initiative (>4% productivity increase p.a.) Siemens AG 2018 New York, January 9, 2018 Tap into adjacent growth markets "Market leadership 2025" Precision Medicine C♡ Therapy of Tomorrow Digital, Data, and Al Patient Journey Steward Technology Enabled Services move into Commerzbank German Investment Seminar#30Clear path for Siemens Healthineers IPO SIEMENS Ingenuity for life Decision to go public (Q4 FY 2016) Healthineers Strategy 2025 and stringent execution roadmap launched (08/2017) Significant new product launches gain traction in the market Atellica Solution entering the market (Q4 FY 2017) Combined financial statements and prospectus preparation ongoing Capital Market Day (January 16, 2018) Intention to float announcement Siemens Healthineers IPO (H1 CY 2018) Unrestricted Page 30 Siemens AG 2018 New York, January 9, 2018 Commerzbank German Investment Seminar#31Siemens Alstom Merger goals are sustainable and attractive in the long term Financial impact for Siemens Deal cash-neutral for Siemens with contribution of Siemens Mobility division plus Rail Traction Drives business in exchange for shares in Alstom Extraordinary dividends incl. control premium financed with Alstom liquidity ⚫ Pension underfunding as well as project related financing will be transferred as part of Siemens's transaction perimeter SIEMENS Ingenuity for life Pro-forma combined revenue (in €bn) Alstom Siemens CAGR > 4% > 20 15.3 Attractive synergies with upside: €470m expected latest four years after closing; NPV of €4.7bn 7.3 . EPS accretive after 2 years post closing 8.0 Double-digit margins expected to kick in by FY 2020 Listing as a public company provides flexibility 1) Means EBIT margin adjusted Unrestricted Page 31 Siemens AG 2018 New York, January 9, 2018 2016 Adj. profit margin 1 8.0%% 2023 Adj. profit margin 11-14% Commerzbank German Investment Seminar#32Siemens Alstom Next steps Signing of Memorandum of Understanding (including agreed form of Business Combination Agreement) Alstom employee consultation process Signing Business Combination Agreement Q1 CY18 Alstom Shareholder Meeting Q2 CY18 Siemens Mobility Carve Out Expected Closing Until Q2/Q3 CY18 End CY18 Closing conditions include: Merger control clearances Mandatory Takeover Waiver process and clearance by French Market Regulator AMF • MINEFI clearance (French State - foreign investment control) Approval by Alstom's shareholder meeting (2/3 of present votes needed; Bouygues will vote for the deal) Unrestricted Siemens AG 2018 Page 32 New York, January 9, 2018 SIEMENS Ingenuity for life Commerzbank German Investment Seminar#33Financial calendar SIEMENS Ingenuity for life January 9, 2018 January Capital Market Day Siemens Healthineers (London) January 31, 2018 Commerzbank German Investment Seminar (New York) January 16, 2018 ide Samstag Saturday Samed Sabado February March Annual General Meeting + Q1 Analyst Call (Munich) February 21, 2018 Roadshow UK (Edinburgh) February 22, 2018 Roadshow Switzerland (Zurich) March 22, 2018 718 Domie 6 2 13 19.20 $245 26 27 Bank of America Merrill Lynch Conference (London) Commerzbank German Investment Seminar Unrestricted Siemens AG 2018 Page 33 New York, January 9, 2018#34Investor Relations contacts Unrestricted Siemens AG 2018 Page 34 New York, January 9, 2018 Internet: Email: Investor Relations www.siemens.com/investorrelations [email protected] IR-Hotline: +49 89 636-32474 Fax: +49 89 636-1332474 SIEMENS Ingenuity for life Commerzbank German Investment Seminar