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Joint Spin-Off Report

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Joint Spin-Off Report This report is a non-binding convenience translation of the German-language original report, which is the legally relevant document under German law. Joint Spin-off Report of the Managing Boards of Siemens Aktiengesellschaft, Berlin and Munich, and OSRAM Licht AG, Munich, on the Spin-off of a Majority Participation in OSRAM pursuant to Section 127 sentence 1 German Transformation Act (Umwandlungsgesetz) I. Introduction ................................................................................................................ 11 II. Starting situation – The legal entities involved in the Spin-off and the Siemens Group prior to the Spin-off ....................................................................................... 14 1. Overview of the Siemens Group ................................................................................ 14 2. Siemens AG as the transferring entity...................................................................... 16 a) Registered office and fiscal year .................................................................... 16 b) Capital stock and shares ................................................................................ 16 c) Warrant bonds ................................................................................................ 16 d) Stock-based compensation programs and employee participation programs – authorization to purchase treasury shares .............................. 17 e) Shareholder structure and trading on the stock exchange ......................... 18 f) Managing board .............................................................................................. 18 g) Supervisory board .......................................................................................... 19 3. Sectors of the Siemens Group .................................................................................... 20 a) Energy .............................................................................................................. 21 b) Healthcare ....................................................................................................... 21 c) Industry ........................................................................................................... 22 d) Infrastructure & Cities .................................................................................. 22 4. Additional business activities of the Siemens Group............................................... 23 a) Financial Services ........................................................................................... 23 b) Equity Investments ......................................................................................... 23 c) Siemens Real Estate ........................................................................................ 24 5. OSRAM as discontinued operations ......................................................................... 24 6. OSRAM Licht AG as the receiving entity ................................................................ 26 a) General corporate information ..................................................................... 26 b) Capital stock and shares: shareholder structure ......................................... 26 c) Managing board .............................................................................................. 26 d) Supervisory board .......................................................................................... 27 e) Resolutions of the shareholders’ meeting to date ........................................ 27 III. Decision to separate OSRAM by way of the Spin-off ............................................. 29 1. Reasons for the decision to make OSRAM independent ........................................ 29 a) Change in the market environment .............................................................. 30 3 b) Reasons in the interest of OSRAM ............................................................... 30 c) Reasons in the interest of Siemens ................................................................ 31 2. Decision for the spin-off ............................................................................................. 32 a) Reasons for the spin-off .................................................................................. 32 b) Reasons against an IPO .................................................................................. 34 c) Reasons against an M&A transaction .......................................................... 35 d) Reasons against issuing the OSRAM shares in the form of a dividend in kind .................................................................................................................. 35 3. Decision for a partial spin-off .................................................................................... 36 4. Decision for the Spin-off by way of reception .......................................................... 36 IV. Subject of the Spin-off ................................................................................................ 38 1. OSRAM Beteiligungen GmbH .................................................................................. 38 2. OSRAM GmbH .......................................................................................................... 39 3. Business operations of OSRAM GmbH ................................................................... 40 V. The legal and organizational independence of OSRAM ......................................... 42 1. New organization of the participation ...................................................................... 42 2. Corporate group agreements..................................................................................... 42 3. Financing ..................................................................................................................... 43 a) Replacing of financial liabilities owed to Siemens ....................................... 43 b) Cash pooling and cash management ............................................................. 43 c) Hedging ............................................................................................................ 43 d) Replacement of security as well as bank and group guarantees ................ 44 e) Replacement of the factoring program ......................................................... 44 f) Replacement of supplier financing ................................................................ 45 4. Strengthening of equity .............................................................................................. 45 5. Pensions ....................................................................................................................... 46 6. Insurance ..................................................................................................................... 46 7. IT .................................................................................................................................. 46 8. End of internal group contracts and transitional services...................................... 47 9. Approvals .................................................................................................................... 47 10. Designation of "Siemens" and use of internal Siemens guidelines ........................ 48 11. Taxes ............................................................................................................................ 48 4 12. Government assistance ............................................................................................... 48 13. Joint contracts with third parties .............................................................................. 48 14. External Costs of the separation and taxes .............................................................. 48 VI. Legal implementation of the Spin-off and costs....................................................... 50 1. Overview ...................................................................................................................... 50 2. The transferring and receiving entities .................................................................... 51 3. Capital Increase in Kind at OSRAM Licht AG in order to create the OSRAM participation remaining with Siemens AG ............................................................... 51 4. Spin-off pursuant to Section 123 (2) no. 1 UmwG (spin-off by way of reception (Abspaltung zur Aufnahme)) ...................................................................................... 53 5. Spin-off Assets ............................................................................................................. 53 6. Spin-off and Transfer Agreement ............................................................................. 53 7. Spin-off Effective Date ............................................................................................... 53 8. Spin-off audit report................................................................................................... 54 9. Shareholders’ meetings of Siemens AG and OSRAM Licht AG ........................... 54 10. Capital increase for implementation of the Spin-off; audit of the post- formation acquisition and the contribution in kind ................................................ 54 11. Filing and registration of the Spin-off with the register of companies .................. 55 12. Effects of the registration ..........................................................................................
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