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Printmgr File The offering of shares (rights issue) to which this Prospectus relates is only addressed to the existing shareholders of Vossloh Aktiengesellschaft. The level of disclosure included in this Prospectus is proportionate to this type of issue. PROSPECTUS for the public offering in Germany and Luxembourg of 2,642,147 ordinary bearer shares with no-par value (Stückaktien) from the capital increase against contribution in cash resolved by the management board on 24 May 2016, following authorisation by the supervisory board on 24 May 2016, utilising the authorised capital resolved by the general shareholders’ meeting on 28 May 2014 with subscription rights for existing shareholders of Vossloh Aktiengesellschaft and at the same time for admission to trading on the regulated market segment (Regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with simultaneous admission to the sub-segment of the regulated market with additional post-admission obligations (Prime Standard) of the Frankfurt Stock Exchange and for admission to trading on the regulated market segment (Regulierter Markt) of the Düsseldorf Stock Exchange (Düsseldorfer Wertpapierbo¨rse) of 2,642,147 new bearer shares with no-par value (Stückaktien) from the above-mentioned capital increase – each such share representing a notional value of approximately EUR 2.84 and full dividend rights from 1 January 2016 – of Vossloh Aktiengesellschaft Werdohl, Germany Subscription price: EUR 48.00 International Securities Identification Number (ISIN): DE 0007667107 German Securities Code (Wertpapierkennnummer, WKN): 766710 Common Code: 002636581 Ticker Symbol: VOS Prospectus date: 30 May 2016 Sole Global Coordinator and Bookrunner Berenberg CONTENTS Section Page I. Summary of the Prospectus ............................................................ S-1 A – Introduction and Warnings ........................................................ S-1 B – Issuer ........................................................................ S-1 C – Securities ..................................................................... S-9 D – Risks ......................................................................... S-10 E – Offer ......................................................................... S-12 II. Zusammenfassung des Prospekts ...................................................... S-16 A – Einleitung und Warnhinweise ..................................................... S-16 B – Emittent ...................................................................... S-16 C – Wertpapiere ................................................................... S-24 D – Risiken ....................................................................... S-25 E – Angebot ...................................................................... S-27 1. Risk Factors ...................................................................... 1 1.1 Risks Related to the Group’s Business and Industry ................................... 1 1.2 Regulatory and Legal Risks ...................................................... 14 1.3 Risks Related to the Profit Forecast, Shares and the Offering ............................ 20 2. General Information ............................................................... 23 2.1 Responsibility Statement ........................................................ 23 2.2 Purpose of this Prospectus ....................................................... 23 2.3 Forward-Looking Statements ..................................................... 23 2.4 Note on Financial Information .................................................... 24 2.5 Sources of Market Data ......................................................... 25 2.6 Documents Available for Inspection ............................................... 25 2.7 Currency Presentation .......................................................... 25 3. The Offering ..................................................................... 26 3.1 Subject Matter of the Offering .................................................... 26 3.2 Timetable .................................................................... 26 3.3 Subscription Offer ............................................................. 27 3.4 Subscription Rights not Exercised and Transferability ................................. 30 3.5 Lock-up Agreements ........................................................... 30 3.6 Dilution ...................................................................... 31 3.7 Costs of the Offering and Net Issue Proceeds ........................................ 31 3.8 Additional Selling Restriction Notices .............................................. 31 3.9 Underwriting Agreement ........................................................ 32 3.10 Material Interests, including Conflicts of Interest ..................................... 33 4. General Information On the Shares .................................................. 34 4.1 Legal Framework for Creation of the New Shares .................................... 34 4.2 Admission to the Frankfurt Stock Exchange and the Düsseldorf Stock Exchange and Commencement of Trading ...................................................... 34 4.3 Certification of Shares, Delivery .................................................. 34 4.4 Form and Voting Rights ......................................................... 34 4.5 Dividend and Liquidation Rights .................................................. 34 4.6 Currency of the Securities Issue ................................................... 35 4.7 ISIN/WKN/Common Code/Ticker Symbol .......................................... 35 4.8 Disposal and Transferability of the Shares .......................................... 35 -ii- Section Page 5. Reasons For the Offering and Use of Proceeds ........................................ 36 6. Dividend Policy; Use of Profits ..................................................... 37 6.1 General Provisions Relating to Profit Allocation and Dividend Payments ................. 37 6.2 Dividend Policy .............................................................. 37 7. Capitalisation and Indebtedness; Statement on Working Capital ........................ 39 7.1 Capitalisation ................................................................ 39 7.2 Indebtedness ................................................................ 40 7.3 Statement on Working Capital .................................................. 40 8. Profit Forecast .................................................................. 41 8.1 Profit Forecast for Vossloh for the current 2016 financial year ......................... 41 8.2 Notes on the Profit Forecast .................................................... 41 8.3 Other Notes ................................................................. 44 9. Markets and Competition ......................................................... 46 9.1 Global trends driving demand for rail technology .................................... 46 9.2 The worldwide rail market ..................................................... 47 9.3 The German rail market ........................................................ 48 9.4 Product Segment Market Overview .............................................. 49 10. Business ........................................................................ 56 10.1 Overview ................................................................... 56 10.2 Key Competitive Strengths ..................................................... 58 10.3 Strategy .................................................................... 59 10.4 Offering and Operations ....................................................... 61 10.5 Material Agreements .......................................................... 67 10.6 Investments ................................................................. 69 10.7 Legal and Arbitration Proceedings ............................................... 69 10.8 Insurance ................................................................... 71 11. Certain Relationships and Related-Party Transactions ................................. 72 12. General Information On the Company and the Group ................................. 73 12.1 Legal and Commercial Name of the Company ...................................... 73 12.2 Group Structure .............................................................. 73 12.3 Statutory Auditor ............................................................. 73 12.4 Notifications, Paying Agent .................................................... 73 12.5 Designated Sponsor ........................................................... 73 13. Description of Share Capital of Vossloh Aktiengesellschaft ............................. 74 13.1 Current Share Capital; Shares ................................................... 74 13.2 Authorised Capital ............................................................ 74 13.3 Conditional Capital ........................................................... 74 14. Description of the Governing Bodies of Vossloh Aktiengesellschaft ....................... 75 14.1 Overview ................................................................... 75 14.2 Management Board ........................................................... 75 14.3 Supervisory Board ............................................................ 77 14.4 Certain Information Regarding the Members of the Management Board and Supervisory Board .....................................................................
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