723610 Siemens AG

Etude de l'AG du 31/01/2018

Item 6c: We recommend to oppose the election of Benoît Potier to the Supervisory Board until the AGM 2023 due to concerns over aggregate time commitments.
General: In September 2017, Siemens and Alstom S.A. signed a memorandum of understanding to combine the companies' rail businesses in a 'merger of equals'. According to the memorandum, Siemens will receive newly issued shares in the combined company ('Siemens Alstom') representing 50% of the share capital assuming full dilution through exercise of all potentially dilutive securities and share-based payment plans. Furthermore, Siemens will receive warrants allowing it to acquire additional shares representing 2% of the share capital, which can be exercised earliest four years after closing of the transaction. The transaction will be subject to the approval of Alstom's shareholders, anticipated in the second quarter of 2018. The cloasing of the transaction is expected at the end of 2018, following clearance from relevant antitrust and regulatory authorities.
In November 2017, Siemens announced that it plans to publicly list a minority stake in its separately managed business segment Siemens Healthineers on the Prime Standard segment of the Frankfurt Stock Exchange during the first half of 2018. At the time of preparation of this report, further information have however yet to be disclosed. In financial year 2016/2017, Healthineers generated EUR 13.79bn in revenues (16.60% of total revenues), its income representing 29.98% of total consolidated income from continuing operations before taxes, and its profit margin being among the highest in the Company at 18.1%.

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Industrial Goods & Services - Germany

Siemens AG is a Germany-based technology company with activities in the fields of electrification, automation and digitalization. It is also a supplier of systems for power generation and transmission, as well as medical diagnosis. It operates through nine segments: Power and Gas; Wind Power and Renewables; Energy Management; Building Technologies; Mobility; Digital Factory; Process Industries and Drives; Healthineers, and Financial Services. The Company's product groups include automation, building technologies, drive technology, healthcare, mobility, energy, financing, consumer products and services. Its services include industry services, energy services, healthcare services, rail and road solutions services, logistics and airport solutions services, home appliances services, and building technologies services. Its market-specific solutions are focused on markets, such as aerospace, automotive, data centers, fiber industry, food and beverage, and machinery and plant construction.

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