2016AmericasMAKEReport Siemens

Siemens Equity Story
Siemens Investor Relations, 4th Quarter 2017
Unrestricted Siemens AG 2017 siemens.com

Notes and forward looking statements
This document contains statements related to our future business and financial performance and future events or developments
involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as expect, look
forward to, anticipate, intend, plan, believe, seek, estimate, will, project or words of similar meaning. We may also make
forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our
representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations
and certain assumptions of Siemens management, of which many are beyond Siemens control. These are subject to a number of risks,
uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Risks in the Annual
Report. Should one or more of these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove
incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described
explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or
revise these forward-looking statements in light of developments which differ from those anticipated.
This document includes in the applicable financial reporting framework not clearly defined supplemental financial measures that are
or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in
isolation or as alternatives to measures of Siemens net assets and financial positions or results of operations as presented in accordance
with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe
similarly titled alternative performance measures may calculate them differently.
Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and
percentages may not precisely reflect the absolute figures.
All information is preliminary.
Unrestricted Siemens AG 2017

Page 2 4th Quarter 2017 Siemens Equity Story
Our company
Why to own Siemens shares?
Strategy: Stringent Execution of Vision 2020
Financial performance
What we stand for Our mission

Siemens Innovating the Electrical World with focus on the areas of
electrification, automation and digitalization (E-A-D)
Global trends
Digital
Market development FY 2018-22
transformation
Networked world of complex (illustrative only)
and heterogeneous systems
CAGR: ~8%
Urbanization
Infrastructure investment
needs of urban Digitalization
agglomerations
CAGR: ~3%
Climate change
Automation
Higher resource efficiency
in an all-electric world
Electrification CAGR: ~1 - 3%
Globalization
Global competition driving
productivity and localization
Demographic Today Time

change
Decentralized demand of a
growing and aging population

Siemens businesses
Power and Gas (PG)

Offers utilities, independent power producers, engineering, procurement & construction companies (EPCs), and oil & gas customers a broad
spectrum of products and solutions for the resource-saving generation of power from fossil fuels and renewable sources of energy and for the
reliable transport of oil and gas.
Energy Management (EM)

One of the leading suppliers of products, solutions and services for the reliable and intelligent transmission and distribution of
electrical power. The portfolio ranges from systems for the low-voltage and distribution power grid level to smart grids and energy
automation solutions to power supplies for industrial plants and high-voltage transmission systems.
Building Technologies (BT)

World market leader for safe, energy efficient and environmentally friendly buildings and infrastructure. BT offers fire protection, security,
building automation, heating, ventilation and air conditioning (HVAC) as well as energy management products and services.
Mobility (MO)
The volume of traffic and transported goods is growing everywhere. The Mobility division produces products to transport people and freight
efficiently, safely and with environmental responsibility on the tracks, on the road, and by linking together different means of transport.
The success factor is comprehensive know-how these allow the best use of infrastructure, increase capacity, and raise the quality of the overall
travel experience.

Siemens businesses
Digital Factory (DF)

The markets most comprehensive portfolio of integrated software-based systems and world-leading automation technologies, the Digital Factory
Division helps manufacturing companies of all sizes to become digital enterprises, thus securing their future competitiveness.
By creating holistic digital twins of products, production and performance, Siemens is bringing together the virtual world with the real world, based
on a common integrated data model. This supports customers to reduce time to market, and increase flexibility, quality and efficiency.
Process Industries and Drives (PD)

As a trusted partner we support our customers to achieve faster time to market, and increase flexibility, availability, and efficiency by enabling more
efficient, safe, and reliable processes through optimization along the entire plant lifecycle. Based on our deep domain know-how and
comprehensive portfolio, we provide integrated drive and automation end-to-end solutions including lifecycle services.
Siemens Gamesa Renewable Energy (SGRE) separately managed

Leading supplier of reliable, environmentally friendly, and cost-efficient renewable energy solutions.
The wind turbines offered by Siemens Gamesa Renewable Energy are a worthwhile investment from both a financial and an environmental
perspective. Our wind power solutions deliver clean, renewable energy from onshore and offshore installations all over the world.
Siemens Healthineers (HC) separately managed

Siemens Healthineers enables healthcare providers worldwide to meet their current challenges and to excel in their respective environments. A
leader in medical technology, Siemens Healthineers is constantly innovating its portfolio of products and services in its core areas of diagnostic
and therapeutic imaging and in laboratory diagnostics and molecular medicine.
Financial Services (SFS)

The Financial Services Division helps enterprise customers implement investment projects by providing project-related and structured
financing as well as leasing and equipment financing. The success of SFS is built on a unique combination of risk competence,
technological expertise and financial solutions.

Fiscal 2017 Key figures
Key figures for Siemens Industrial Business Revenue by Business

(Continuing operations; in millions of Comparable
except where otherwise stated) Fiscal 2017 Fiscal 2016 Change in % Healthineers 16% Power and Gas 18%
Volume Siemens Gamesa
Process Industries
Orders 85,669 86,480 (2)% and Drives 11% Renewable Energy 9%
Revenue 83,049 79,644 3% 84,331 Energy
Profitability and capital efficiency in mEUR Management 15%
Digital Factory 13%
Net income1 6,179 5,584 11% Building
Return on capital employed (ROCE)1 13.5% 14.3% Mobility 10% Technologies 8%
Liquidity Note: Percentages of Divisions based on Industrial Business (IB) Revenue;
Free cash flow1 4,769 5,476 Difference between Siemens Revenue and IB Revenue are reconciliation effects to Consolidated
Financial Statements (e.g. intercompany consolidation etc.)
Employees by region Revenue by region

Americas 20% Asia, Australia 19% Europe, CIS2, Africa,
Middle East
Germany 31% (without Germany) 39%
Europe, CIS2, Africa,
~372k 83,049
Middle East
(without Germany) 30% Americas 28% in mEUR
Asia, Australia 19% Germany 13%

1 Continuing and discontinued operations 2 Commonwealth of Independent States

Management | Managing Board of Siemens AG
Joe Kaeser Roland Busch Lisa Davis Klaus Helmrich Janina Kugel Cedrik Neike Michael Sen Ralf P. Thomas
President and Chief Chief Technology Chief HR Officer Chief Financial Officer
Executive Officer Officer
Governance and CIS1 Americas Africa Human Resources Asia, Australia Global Services Controlling and
Markets Finance
Middle East Power and Gas Europe Energy Management Healthineers2
Communications Financial Services
Building Technologies Power Generation Digital Factory Siemens Gamesa
Legal and Compliance Services Renewable Energy2
Mobility Process Industries
and Drives
next47
Corporate
Development
Corporate Technology
1 Commonwealth of Independent States; 2 Separately managed

Our company
1 We execute and deliver now & in the future
2 We offer good return
3 We have a compelling strategy
4 We have a strong ownership culture

1. We execute and deliver now & in the future
Vision 2020 Guidance to market Ongoing cost productivity

~4bn ~4bn
~3bn
FY 2014 FY 2015 FY 2016 FY2017 FY 2015 FY 2016 FY 2017
Underperforming Project charges (bn) The future in mind

businesses Management
FY 2014 ~1.2
Profit margin ~6% development
3% ~80% Avg. FY 2007-2014 ~0.7 Next generation
1% in range
FY 2015 ~0.2 organization
FY 2016 No negative net impact (Fleet of ships)
-3%
Vision 2020+
FY 2014 FY 2015 FY 2016 FY2017 FY 2017 <0.2

2. We offer good return
Dividend yield of 3.1%
Continued dividend increases

Payout ratio: 40-60% of net income
60% 57%
50% 52% 49%2)
38%
40%
5.401)
+4% p.a.
3)
3.70
3.60
3.50
3.30
3.00
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

Dividend payout ratio Dividend per share
1) Effect of OSRAM stock distribution to shareholders of 2.40 per share; not reflected in dividend payout ratio
Unrestricted Siemens AG 2017 2) Payout ratio assumes 817m shares outstanding at Jan 31, 2018 3) Proposed dividend pending on annual shareholder meeting approval in Jan 2018
2. We offer good return
Value creation for all stakeholders
Committed to share buyback Siemens profit sharing

bn
Endowments in m2)
400
Up to 10bn share buyback within seven years 100
4.0 100
200
2.9 up to 3.0
open volume
FY 2015 FY 2016 FY 2017 Total
Strengthen ownership culture through share

distribution
1.2
Target group: Employees excluding management
1) Significant increase of global employee
CY 2012 CY 2014 - 2015 CY 2016 - 2018
shareholders to achieve goal of 200,000
1) Status by Sep 30, 2017 2) Does not reflect P&L-impact; related to performance in respective year
3. We have a compelling strategy
Clear Biggest
strategic software
imperatives business
in the space
Creating a
Building
leading
NEXT
Mobility
GENERATION Siemens the REAL Digital Enterprise Player
Healthcare Comprehensive
Integrated
Unique
4. We have a strong ownership culture
>165,000 employees own Siemens shares

Mandatory share ownership for Top Management
Attractive share matching for employees
Compelling management incentive plan fully
aligned with capital market forces
Open performance reviews based on WHAT and
HOW including 360 feedback
Always act as if it was your own company

Our company
Siemens Vision 2020 execution well advanced
FY 2018 Setting direction for next strategic level
Value
Vision 2020+
Scale up
Customer and market focus
Digitalization at work
Strengthen core Innovation push
Healthcare IPO
Setting up Siemens Alstom
Successful integration of acquisitions
Drive performance
Secure competitiveness in PG, PD and SGRE
Agility and continuous productivity improvement
Stringent project execution
Ownership culture driving leadership and people development
2015 2016 2017 2018 2019 2020
Strategic Operational Accelerated growth

Optimization
direction consolidation and outperformance

Siemens Vision 2020 - Execution well underway, most targets
already achieved by FY 2017
GOAL INTENT KPI
Implement stringent company gover- Live lean governance and

1 nance with effective support functions drive continuous optimization
1bn cost savings by FY 2016 achieved
Strengthen Sharpen our business focus in Tap growth fields

2 portfolio electrification, automation, and digitalization > 8% margin in underperforming businesses
Execute financial 15-20% ROCE

3 target system
Grow our company value
Growth > most relevant competitors
Expand global Get closer to our customers > 30% of Division and Business Unit
4 management and markets management outside Germany
Be a partner of choice Foster an intimate and trusting partnership

5 for our customers with our customers 1 20% improvement in Net Promoter Score
Be an employer Unleash the full potential > 75% approval rating in leadership
6 of choice of our people and diversity in global employee survey
Foster Ignite pride and passion for Siemens, 50% increase in number
7 Ownership Culture through a new mindset and equity ownership of employee shareholders

Drive performance
Executing Vision 2020

Continuous productivity drives operational performance
Gross margin improvement on track Ongoing rigorous total cost productivity

in % of total cost base1)
29.9% 30.1% ~4bn ~4bn

~3bn
28.9%
28.6%
~4% ~5% ~5%
FY 2014 FY 2015 FY 2016 FY 2017 FY 2015 FY 2016 FY 2017
Stringent project execution continues Cost and Value Engineering ahead of plan
Net impact in bn in bn, total production cost
FY 2012 ~1.2
Avg. FY 2007 - FY 2014 ~0.7
>12
FY 2015 ~0.2 7.2
FY 2016 No negative net impact 2.3 3.4
SalesFY 2017 <0.2 PLM and Production FY 2015 Project
FY 2016 FY 2017Service
FY 2020e
Excellence Innovation and Logistics Business Business
Target
1) Total cost base: Sum of cost of sales, R&D and SG&A expenses
Drive performance

Underperforming businesses show clear progress
Underperforming businesses (~15bn revenue in FY 2017)

Example: Intelligent Traffic Systems Business
Fiscal
2013 2014 2015 2016 2017 2020e
Year
Profit
-4% -3% +1% +3% ~6% >8%
Margin
Fiscal 2017 achievement

Order growth (organic) Profit margin
~80% In 6% range +13%
~+800bps
Under special since FY 2013
~20%
management attention FY 2016 FY 2017

Strengthen core
Setting the course for renewable energy, mobility and healthcare

businesses for long-term value creation
1| Areas of growth? Stake of 17.34% sold

2| Potential profit pool?
3| Why Siemens?
4| Synergetic value?
5| Paradigm shifts?
Merger closed IPO plan for H1 MoU signed, expected

Siemens 59% share CY 18 announced closing end of CY 18

Strengthen core
Healthineers Strategy 2025 set up to ensure market leadership

beyond 2025
Mid-term and
beyond
New growth
Mid-term
2017-19
Upgrading
Reinforcing
Strategic Deliver on core business growth
posture fundamentals and productivity Tap into adjacent growth markets "Market leadership 2025"
Strategic Substantial next generation product

priorities and platform launches are gaining Precision Medicine
traction in the market, e.g.,
CT SOMATOM go, Artis Pheno, Therapy of Tomorrow
MR MAGNETOM Vida Digital,
Atellica Solution and Atellica 360 Data, Patient Journey Steward
Teamplay and Digital Ecosystem and AI
Technology Enabled Services
Execute on productivity initiative
(>4% productivity increase p.a.)
move into
Strengthen core
Clear path for Siemens Healthineers IPO
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
Intention to float announcement
Siemens Healthineers IPO (H1 CY 2018)

Scale up
Leadership in Digital Enterprise strengthened

Siemens further gaining market share
Revenue FY 2017 Market CAGR FY18-22 Strategic direction

Digitalization Siemens software Digital services
Strengthen leadership
Leader ~4.0bn 1) ~1.2bn ~+8% in the Digital Enterprise
MindSphere IoT operating system across all Siemens domains
+20%
Automation Enhanced Classic services
automation Expand #1 position
Global #1
~19bn ~+3% and utilize for
digitalization
Electrifi- Enhanced
~17bn
cation electrification Differentiate through
Leader ~43bn +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; 9% growth for Siemens Software excl. Mentor
Scale up
Our Digitalization offerings separate us clearly from competition
Deep domain know-how in broad range of markets and industries
Strong installed base / connected fleet
Unmatched Digital Enterprise portfolio: Industrial Software,

Automation, MindSphere, Communication, Security, Services
Numerous use cases as proof points
Powerful ecosystem
Scale up
Digitalization - Numerous use cases as proof points
Please click on one of the below pictures to watch exciting video clips on how Siemens drives digitalization on full speed
More about Digizalization

Find out more about the digital solutions that Siemens is today already able to
offer the world of tomorrow for more efficiency, sustainability and security.

Strengthen core
Siemens with long-standing #1 position in automation

combined with the power of Siemens Software
Siemens Software
virtual world
Siemens automation **
physical world
ORSI
SIMATIC* Totally Integrated Automation TIA* Desigo CC* Spectrum Power ADMS*
1958 1996 2000 2006 2010 2012 2014 2016 2017

* In-house developments/digital upgrades
** Cooperation
Scale up
Innovation Our digital portfolio
Data Design Operate Service

analytics
Artificial Siemens Software Siemens Digital Services

Intelligence
Simulation MindSphere the IoT operating system

tools
Cloud and Digitally enhanced Automation

platform
Digitally enhanced Electrification
Secure
connectivity
Cyber-
Security DIGITAL TWIN (PRODUCTS + INFRASTRUCTURE)
Scale up
MindSphere the cloud-based, open IoT operating system

from Siemens
MindApps
Open ecosystem of applications
Apps from Siemens, manufacturers,
operators and app developers
MindSphere
MindSphere Various cloud infrastructures:
Public, private or on-premise
Operational data integrated with the
Digital Twin to optimize simulation and
01
10 00 engineering (model-based analytics)
01 10 11
01 10 10 01 10 10
11 01 01 01 01 01
00 01 10 01 11 01 01 00
10 11 01 11 01 00 00 11 MindConnect
Installed base of millions of devices
10
01
10
01
10
01
10
01
10
01
01
00
10
01
01
00 Open standards (e.g. OPC UA) for connectivity
01
11
01
11
01
11
01
11
01
11
11
10
01
00
11
10 Secure plug-and-play connection
of Siemens and 3rd party products

Scale up

Push for innovation drives competitiveness and customer value
Higher R&D intensity continues and delivers impressive outcomes

R&D expenses in bn (% of revenue) Healthineers
Magnetom Terra first 7 Tesla MRI
~+40% scanner for clinical use
6.2% Unmatched visualisation of
neurological disease states
5.6%
~5.6 Digital Factory
4.0 5.2
Expand portfolio with NX-Software
for Additive Manufacturing
One system for whole model driven
FY 2014 FY 2017 FY 2018e workflow
Core technology fields, e. g. Artificial intelligence

Power and Gas
IoT operating system MindSphere
HL-Class gas turbine derived from
Digital applications and services across all businesses proven H-Class design
Innovative Healthineers Imaging platforms >63% efficiency in CCPP mode with
Decentralized energy systems clear roadmap to 65%

Scale up
The next generation of innovation

a separately managed unit for startups
CAPITAL
Capital volume
CATALYST
1 billion
for five years
In October 2016, Siemens set up a
CREATE
separate unit to help identify and
create our next generation
businesses.
ENABLING TECHNOLOGIES
SIEMENS END MARKETS

The units name, next47, plays on
the fact that Siemens was founded INNOVATION
in 1847, and its mission is to invest ARTIFICIAL VIRTUAL THEMES
INTELLIGENCE REALITY
in and incubate disruptive ideas ENERGY
that benefit the long-term future of

Siemens and the companys INFRASTRUCTURE
customers.
ROBOTS AND ADDITIVE
INDUSTRY
DRONES MANUFACTURING

Sustainability Siemens aims to be net-carbon-neutral by 2030
We are investing over 100 million in measures

to reduce our carbon footprint Drive energy-efficiency program
Increase energy efficiency in factories, employ sustainable
technologies in new buildings
Leverage distributed energy systems

-50% -100%
2.2 million
tons CO2
Reduce energy costs and CO2 emissions
1.7 million
tons CO2 Reduce fleet emissions
Utilize potential of low-emission cars in fleet, including
Electricity
electromobility
Purchase green energy

Move toward a significantly cleaner power mix with a
Heating /
Process heat
strong focus on renewable energy and highly efficient gas
Fleet
Other Independent auditors will monitor and report

2014 2016 2020 2030 on progress of implementation

With Siemens - Business to Society, Siemens is well positioned
to provide credible proof-points around making real what matters
Highlights of Siemens impact on society

1 Outside-in
Strengthening the Developing local
Sustainable
Economy Jobs and Skills
Megatrends
Development Goals
Urbanization Contributed to about Enabled 4.3 mil jobs
Demographic Change 250 bn in GDP creation of which 2.2 mil in developing
Climate Change Enabled infrastructure countries
Digitalization financing of 26 bn
Globalization Sustaining the Improving
What Environment Quality of Life
matters to society1?
What are national priorities? 521 mil metric tons of CO2 >90 mil patients treated
saved at customers through using Siemens medical
What are the Megatrends?
Siemens Environmental Portfolio devices and lab tests
2 Inside-out
Driving Innovations Shaping Societal
What is Siemens' How can Siemens shape
Transformation
impact / value today? the future development?
We source from
1 bn investment over
~90,000 suppliers from >150
the next five years in innovative
countries with the request to
ventures
comply with our codes of conduct
Opportunity
Positioning
development
Unrestricted Siemens AG 2017 1 Countries translate the SDGs into national development plans
Our company
One Siemens Financial Framework
Clear targets to measure success and accountability
One Siemens
Financial Framework
Siemens
Growth: Capital efficiency Capital structure

Siemens > most (ROCE2)) (Industrial net debt/EBITDA)
relevant competitors1) 15 20% up to 1.0x
(Comparable revenue growth) Total cost productivity3) Dividend payout ratio
3 5% p.a. 40 60%4)
Profit Margin ranges of businesses (excl. PPA)5)
PG EM MO PD SFS6)
11 15% 7 10% 6 9% 8 12% 15 20%
SGRE BT DF HC
5 8% 8 11% 14 20% 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

Siemens by the numbers
in bn Orders in bn Revenue
Target modest comparable growth
-2%1) +3%
86.5 85.7 79.6 83.0
FY 2016 FY 2017 FY 2016 FY 2017
Industrial Business in bn Cost productivity of total cost base

profit margin Target 3 5% p.a.
+40bps
1)
~4 ~4
10.8% 11.2%
~5% ~5%
FY 2016 FY 2017 FY 2016 FY 2017
Unrestricted Siemens AG 2017 1) All growth rates are comparable (adjusted for currency translation and portfolio effects)

Siemens by the numbers
in Basic Earnings per Share Capital Structure

+10%
(industrial net debt / EBITDA)
7.44
6.74
Target
1.0x 0.9x 1
FY 2016 FY 2017 FY 2016 FY 2017
in bn Free Cash Flow ROCE
-13% Target
5.5 15 20%
4.8
14.3% 13.5%
FY 2016 FY 2017 FY 2016 FY 2017

Siemens by the numbers - Profit Margin by Division FY 2017
Profit margin target ranges

PG 11.4% 11-15%
10.3%
EM 7.5% 7-10%
7.6%
BT 9.4%
8-11%
12.0%
MO 8.7%
9.2% 6-9%
DF 16.6%
14-20%
18.8%
PD 2.7% 8-12%
5.0%
HC 17.2% 15-19%
18.1%
SGRE 7.8% 5-8%

4.3%
SFS 21.6% 15-20%

19.9%
Continuing operations; in millions of except where otherwise stated

Unrestricted Siemens AG 2017 2017 2016 Profit margin
target ranges
Siemens a true dividend aristocrat
Continued long term dividend growth 1)
in
4 3)
3.70
+8% p.a.
2 2)
1
0.36
0
FY FY
1987 2017
General remark: Dividend figures adjusted for Deutsche Mark/Euro conversion before 2001 and several share splits
Unrestricted Siemens AG 2017 1) Effect of OSRAM stock distribution to shareholders of 2.40 per share; previous years adjusted for OSRAM spin-off effect
2) Adjusted for effect of Infineon & Epcos IPO
3) Proposed dividend pending on annual shareholder meeting approval in Jan 2018
Outlook FY 2018
Earnings per share Outlook

in 7.70
+9% We expect a mixed picture in our market environment in fiscal 2018,
ranging from strong markets for our short-cycle businesses to unfavorable
+2% dynamics in our energy generation markets, as well as geopolitical
7.20 uncertainties that may restrict investment sentiment.
7.09
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
adj. EPS EPS excl. introduction of a new strategic program.
FY17 Severance
FY18
Note: FY 2017 weighted average number of shares of ~812.2m
Investor Relations contacts
Investor Relations
Internet: www.siemens.com/investorrelations
Email: investorrelations@siemens.com
IR-Hotline: +49 89 636-32474
Fax: +49 89 636-1332474


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Siemens Equity Story

Siemens Investor Relations, 4th Quarter 2017

Unrestricted Siemens AG 2017 siemens.com

All information is preliminary.

Unrestricted Siemens AG 2017

Why to own Siemens shares?

Strategy: Stringent Execution of Vision 2020

Unrestricted Siemens AG 2017

Demographic Today Time

Unrestricted Siemens AG 2017

Power and Gas (PG)

Energy Management (EM)

Building Technologies (BT)

Unrestricted Siemens AG 2017

Digital Factory (DF)

Process Industries and Drives (PD)

Siemens Gamesa Renewable Energy (SGRE) separately managed

Siemens Healthineers (HC) separately managed

Financial Services (SFS)

Unrestricted Siemens AG 2017

Key figures for Siemens Industrial Business Revenue by Business

Employees by region Revenue by region

Asia, Australia 19% Germany 13%

Unrestricted Siemens AG 2017

1 Commonwealth of Independent States; 2 Separately managed

Unrestricted Siemens AG 2017

Why to own Siemens shares?

Strategy: Stringent Execution of Vision 2020

1 We execute and deliver now & in the future

2 We offer good return

3 We have a compelling strategy

4 We have a strong ownership culture

Unrestricted Siemens AG 2017

Vision 2020 Guidance to market Ongoing cost productivity

FY 2014 FY 2015 FY 2016 FY2017 FY 2015 FY 2016 FY 2017

Underperforming Project charges (bn) The future in mind

Unrestricted Siemens AG 2017

Continued dividend increases

FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

Committed to share buyback Siemens profit sharing

Up to 10bn share buyback within seven years 100

Strengthen ownership culture through share

>165,000 employees own Siemens shares

Always act as if it was your own company

Unrestricted Siemens AG 2017

Why to own Siemens shares?

Strategy: Stringent Execution of Vision 2020

Ownership culture driving leadership and people development

2015 2016 2017 2018 2019 2020

Strategic Operational Accelerated growth

Unrestricted Siemens AG 2017

GOAL INTENT KPI

Implement stringent company gover- Live lean governance and

Strengthen Sharpen our business focus in Tap growth fields

Execute financial 15-20% ROCE

Be a partner of choice Foster an intimate and trusting partnership

Unrestricted Siemens AG 2017

Executing Vision 2020

Gross margin improvement on track Ongoing rigorous total cost productivity

29.9% 30.1% ~4bn ~4bn

FY 2014 FY 2015 FY 2016 FY 2017 FY 2015 FY 2016 FY 2017

Executing Vision 2020

Underperforming businesses (~15bn revenue in FY 2017)

Fiscal 2017 achievement