This document is not an offer for sale or a solicitation to buy securities and has not been approved by any supervisory authority anywhere in the world. This document is in all material respects a convenience translation of the original German-language listing prospectus, which is the legally relevant document under German law; only the German-language version has been approved by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht). Listing Prospectus for admission to trading on the regulated market (Regulierter Markt) of the Frankfurt Stock Exchange and the Munich Stock Exchange with simultaneous admission to the sub-segment of the Frankfurt Stock Exchange with additional post-admission obligations (Prime Standard) of 104,689,400 no-par value registered shares (entire share capital upon effectiveness of the capital increase in connection with the spin-off of an indirect 80.5% shareholding in OSRAM GmbH by way of transfer of all shares in OSRAM Beteiligungen GmbH to OSRAM Licht AG under issuing shares to the shareholders of Siemens AG) – each representing a notional share in the share capital of €1.00 per no-par value share and carrying full dividend rights from October 1, 2012 onwards – of OSRAM Licht AG, Munich – International Securities Identification Number (ISIN): DE000LED4000 – – German Securities Identification Number: LED 400 – – Common Code: 089579422 – June 21, 2013 TABLE OF CONTENTS SUMMARY OF THE PROSPECTUS ........................................................ 1 A – INTRODUCTION AND WARNINGS ........................................................ 1 B – THE ISSUER ........................................................................ 1 C – SECURITIES ........................................................................ 22 D – RISKS ............................................................................. 23 E – OFFER ............................................................................. 27 RISK FACTORS ......................................................................... 30 RISKS RELATING TO OUR INDUSTRY AND OUR BUSINESS ........................................ 30 REGULATORY RISKS ..................................................................... 49 RISKS ASSOCIATED WITH OUR SHAREHOLDER STRUCTURE AND THE SPIN-OFF ....................... 53 RISKS RELATING TO THE COMMENCEMENT OF TRADING OF OUR SHARES ........................... 55 GENERAL INFORMATION ............................................................... 57 DOCUMENTS AVAILABLE FOR INSPECTION ................................................... 57 SUBJECT MATTER OF THIS PROSPECTUS ..................................................... 57 FORWARD-LOOKING STATEMENTS .......................................................... 57 CURRENCY PRESENTATION ............................................................... 58 PRESENTATION OF SOURCES OF MARKET DATA; ADDITIONAL FINANCIAL AND NUMERICAL DATA ........ 58 PRESENTATION OF FINANCIAL INFORMATION ................................................. 59 THE SPIN-OFF .......................................................................... 62 CORPORATE STRUCTURE PRIOR TO THE SPIN-OFF .............................................. 62 SPIN-OFF PROCEDURE ................................................................... 62 STATUTORY AUDITOR FOR THE SPIN-OFF .................................................... 63 CONTRIBUTIONS IN KIND AND POST-FORMATION AUDIT ......................................... 63 TRUSTEE, ALLOTMENT RATIO, ALLOTMENT, SETTLEMENT ....................................... 63 ADR PROGRAM ......................................................................... 66 ADMISSION TO STOCK EXCHANGE AND COMMENCEMENT OF TRADING ............................. 66 SUBSIDIZED ACQUISITION OF SHARES BY EMPLOYEES .......................................... 66 TIMETABLE FOR THE SPIN-OFF ............................................................. 67 DESIGNATED SPONSORS .................................................................. 67 INTERESTS OF PARTICIPATING PARTIES IN THE SPIN-OFF ........................................ 67 DILUTION ............................................................................. 68 LISTING AGREEMENT; FEES; INDEMNITY; LOCK UP ............................................. 68 OTHER RELATIONSHIPS BETWEEN THE BANKS, SIEMENS AG AND THE COMPANY ..................... 68 REASONS FOR THE SPIN-OFF; COST OF ISSUANCE ........................................ 69 REASONS FOR THE SPIN-OFF .............................................................. 69 COST OF ISSUANCE ...................................................................... 69 DIVIDEND POLICY ..................................................................... 71 GENERAL PROVISIONS RELATING TO PROFIT ALLOCATION AND DIVIDEND PAYMENTS ................. 71 DIVIDEND POLICY AND EARNINGS PER SHARE ................................................ 71 CAPITALIZATION AND NET INDEBTEDNESS .............................................. 73 CAPITALIZATION ....................................................................... 73 NET FINANCIAL INDEBTEDNESS ............................................................ 74 FINANCIAL COMMITMENTS AND CONTINGENT LIABILITIES ....................................... 74 STATEMENT ON WORKING CAPITAL ......................................................... 74 NO SIGNIFICANT CHANGE OF FINANCIAL POSITION ............................................. 74 i SELECTED FINANCIAL AND OTHER INFORMATION ...................................... 75 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS .................................................................... 83 OVERVIEW ........................................................................... 83 BASISOFPRESENTATION ................................................................ 86 KEY FACTORS AFFECTING THE RESULTS OF OPERATIONS ....................................... 90 NON-GAAP MEASURES .................................................................. 98 DISCUSSION OF INDIVIDUAL ITEMS IN THE COMBINED STATEMENTS OF INCOME ..................... 103 COMPARISON OF OPERATING RESULTS ..................................................... 105 INFORMATION ON COMBINED STATEMENTS OF FINANCIAL POSITION OF OSRAM LICHT GROUP .......... 133 LIQUIDITY AND CAPITAL RESOURCES ...................................................... 133 CRITICAL ACCOUNTING ESTIMATES ........................................................ 144 DISCLOSURE ABOUT MARKET AND OTHER FINANCIAL RISKS .................................... 146 INFORMATION FROM THE ANNUAL FINANCIAL STATEMENTS OF OSRAM GMBH AND OSRAM LICHT AG IN ACCORDANCE WITH THE GERMAN COMMERCIAL CODE FOR THE FISCAL YEAR 2012 ............... 148 TECHNOLOGICAL BACKGROUND, INDUSTRY AND COMPETITIVE OVERVIEW ............. 149 TECHNOLOGICAL BACKGROUND .......................................................... 149 THE GLOBAL LIGHTING MARKET .......................................................... 152 COMPETITION AND MARKET POSITION ..................................................... 160 BUSINESS ............................................................................ 162 OUR HISTORY ......................................................................... 162 OVERVIEW ........................................................................... 162 OUR SEPARATION FROM SIEMENS ......................................................... 165 COMPETITIVE STRENGTHS ............................................................... 165 STRATEGY ........................................................................... 168 PRODUCTS AND SERVICES ............................................................... 172 SALES AND MARKETING ................................................................. 175 PROCUREMENT ........................................................................ 176 INFORMATION TECHNOLOGY ............................................................. 177 PRODUCTION ......................................................................... 178 RESEARCH AND DEVELOPMENT ........................................................... 179 INTELLECTUAL PROPERTY RIGHTS ......................................................... 181 EMPLOYEES .......................................................................... 183 INSURANCE .......................................................................... 184 RISK MANAGEMENT AND COMPLIANCE ..................................................... 184 LEGAL AND ARBITRATION PROCEEDINGS ................................................... 186 MATERIAL CONTRACTS ................................................................. 193 REGULATION ......................................................................... 198 ENVIRONMENT RELATED REGULATIONS .................................................... 198 CROSS BORDER IMPORT AND EXPORT LAWS ................................................. 205 GOVERNMENT SUBSIDIES ................................................................ 206 LIGHTING REGULATION IN THE UNITED STATES .............................................. 206 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS ........................ 207 RELATIONSHIP WITH THE SIEMENS GROUP .................................................. 207 RELATIONSHIP WITH ASSOCIATES AND JOINT VENTURES ....................................... 220 RELATIONSHIP WITH MEMBERS OF THE MANAGING BOARD AND THE SUPERVISORY BOARD