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Executive Board Report

May 31, 2016

2016 Annual General Meeting of Wacker Neuson SE

Content

2

Fiscal 2015

Financial indicators

and share news

Technology and innovation

Q1 2016

Annual General Meeting

Vision – Strategy

The ups and downs of fiscal 2015

3

Record revenue of € 1,375 million

Solid growth in Europe (+6%), double-digit growth in Asia-Pacific

(+22%, from a low level)

Compact equipment segment again main growth driver (+15%),

esp. in Americas (+60%)

Progress on expansion of international reach

Successful launch of compact equipment in China

New sales affiliates established in Asia (Shanghai) und Latin

America (Peru, Columbia)

Extension of dealer network for Weidemann and Kramer

Alliance with HAMM AG proved successful (rollers)

Progress on many projects (eStore, procurement synergies, R&D,

LEAN Management, logistics, aftermarket))

Innovations setting benchmarks (e.g. dual power excavator,

electric wheel loader, battery-powered rammer etc.)

Robust financial situation (equity ratio: 69%; gearing: <20%)

EVA (EUR 1.1 million), free cash flow (EUR 17.8 million)

Crisis in many markets/regions hit revenue and especially

profitability in H2/2015

Energy sector (oil & gas) → squeeze on oil prices made it

impossible to cost-effectively extract crude oil in North America

Extraction of row materials (mining) → low prices negatively

impacted important countries (Australia, Chile, Brazil, South

Africa)

Downturn in the agricultural equipment sector → drop in prices

for milk and other agricultural products dampened willingness

to invest amongst agricultural landholders

Weak markets in France, Russia

Strong US dollar squeezed exports

Negative currency developments in emerging markets

Especially strong margin business of light equipment was

affected by crisis-hit markets

New emission legislation had a major impact on costs, missing

harmonization on standards for North America and Europe

Key figures 2015

4

1Incl. capitalized expenses

Revenue

EUR 1.38bn (+7 % to prev. year; +3 % before FX)

EBIT

EUR 104m (7.5% of rev.; -3.1 PP to prev. year)

EVA

EUR 1.1m (EUR 32m in prev. year)

ROE

6.4% (-3.0 PP to prev. year)

R&D expenditure1

EUR 44.6m (+8 % to prev. year; 3.2% of rev.)

EBITDA

EUR 171m (12.5% of rev.; -2.8 PP % to prev. year)

Net profit per share

EUR 0.94 (-28% to prev. year)

Equity (Dec. 31, 15)

EUR 1.06bn Equity ratio: 69%

Employees

4,632 (+6% to prev. year)

Market capitalization (Dec. 31, 15)

appr. EUR 1bn (May 30,16: EUR 1,090 m)

Global construction machinery markets 2015 vs. 2014

5Sales of earth moving equipment, Source: ISC-Statistics, VDMA, February 2016

Crisis-hit markets dampened willingness to invest and reduced machinery sales

North America

Latin America

Europe Russia

Africa

Middle East

India

China

Rest of Asia

Oceania

Earth moving equipment

Development of raw material and oil prices

6

Source: IMF - The International Monetary Fund, February 2016

Price indices development

0

50

100

150

200

Jan

. 2

01

4

Feb

ruary

Ma

rch

April

Ma

y

Jun

e

July

Augu

st

Septe

mbe

r

Octo

be

r

No

ve

mbe

r

De

ce

mbe

r

Jan

. 2

01

5

Feb

ruary

Ma

rch

April

Ma

y

Jun

e

July

Augu

st

Septe

mbe

r

Octo

be

r

No

ve

mbe

r

De

ce

mbe

r

Jan

. 2

01

6

Raw materials in total Agriculture Metals Crude oil(as a %)

2005 = 100%

Low oil prices make exploration economically impossible in some regions

7January 9, 2016

Low oil & gas prices hit Wacker Neuson business

8

23%

77%

FY 2014

Oil & Gas Others

Oil & Gas: Wacker Neuson North America exposure

Oil & Gas industry remains difficult

(% of revenue)

14%

86%

FY 2015

Oil & Gas Others

Exposure

decreased

FAO – Food Price Index1

9

Continued decrease of food prices

Source: FAO, January 2016, FAO = Food and Agriculture Organization of the United Nations. The FAO Food Price Index is a measure of the monthly change in international prices of a basket

of food commodities. It consists of the average of five commodity group price indices.

100

120

140

160

180

200

220

240

260

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Jan 16

Food Meat Dairy Cereals1 100 = average prices 2002-2004

Global market for agricultural machines

10

Market for ag machinery declined significantly – 2015 below 2011 level

Source: VDMA Landtechnik (estimated, September 2015)

-7%-4%Market volume of ag machines in EUR bn.

2015 2014

66% 64%

14% 15%

20% 21%

Construction and other industries

Agriculture

Services

Agriculture (Weidemann, Kramer, Claas)

11

Revenue1 2015 vs. 2014Group revenue 2015

1

(in € million)

Crisis in the agricultural sector

Q4/15 vs. Q4/14: -9%

(Q3/15 vs. Q3/14: -28%)2014 2015

196.1 192.7-2%

1 Nominal, before cash discounts

5 years comparison: Revenue development per quarter

12

Quarter-on-quarter comparison (revenues)

The downturn left its mark in second half of the year 2015.

(in € m)

+53% +43% +25% +36%

5 years comparison: FY revenue and EBIT margin

13

Revenue and EBIT margin 2011 - 2015

1 Without Impairment: 12.5%

€ 543 m EBIT generated in 5 years: → Ø € 109 m p.a.

(in %)

11.4%1

7.8% 8.2%

10.6%

7.5%

(in € m)

2015: Revenues per region / business segment1

921,7 979,3

2014 2015

14

Europe2

+6% (+5%)

422,3 417,1

2014 2015

Light equipment3

-1% (-9%)

323,7348,5

2014 2015

Americas2

+8% (-5%)

606,0697,5

2014 2015

Compact equipment3

+15% (+13%)

38,9

47,5

2014 2015

Asia/Pacific2

+22% (+12%)

273,0 283,9

2014 2015

Services3

+4% (+0%)

1 In brackets: adjusted to discount currency effects; 2 Nominal, after cash discounts; 3 Nominal, before cash discounts

(in € m)

(in € m)

(in € m)

(in € m)

(in € m)

(in € m)

Comparison of peer group construction divisions (global)

Company

Peer 1 Construction division1

Wacker Neuson Group

Peer 2 Construction division


Peer 4 Access Equipment div.2









15

-24%

-20%

-14%

-13%

-9%

-5%

-5%

-3%

-3%

3%

4%

7%

9%

Change in revenue 2015 vs. 2014

1 fiscal year differs from calendar year, figures show 9M/20152 fiscal year differs from calendar year, figures show fiscal year ended in fall 2015

Revenue (Change vs. 2014)

Comparison of peer group agriculture divisions (global)

16

Revenue (Change vs. 2014)

Company

Peer 13 Agriculture division1

Wacker Neuson Agr. Div.

Peer 14 Agriculture division1

Peer 15 Agriculture division

Peer 16 Agriculture division-28%

-23%

-20%

-2%

0%

1 fiscal year differs from calendar year, figures show fiscal year ended in fall 2015

GJ 2015 vs. 2014

Headcount trends

43724632

2014 2015

(Positions)

17

1FTE = Full-time employees (positions), not incl. temporary workers

Employees 2014 – 2015

+6% (+260 employees1)

4990 5005

2014 2015

(Positions)

Employees 2014 – 2015 (incl. temporary workers)

+0% (15 employees)

Employee programs

18

Train and Grow 2015/2016 PerspACTIVE 2015/2016

Team building 2015Global Leader Summit 2015

Examples

‘Train and Grow’ trainee program

PerspACTIVE – young manager program

INTRAMove – global employee exchange

Wacker Neuson academies with growing

course offering

Global Leader Summit to discuss strategy over

several days

Team building activities

Many more local and regional activities and

programs

Training

159173 181

197

2012 2013 2014 2015

(Number)

19

1 Germany, Austria

Developing young talent in-house is becoming increasingly important

TraineesTrainees1 2012 – 2015

+38% (+24%)

Measurable progress in sustainability management

www.wackerneusongroup.com/en/sustainability/downloads/

20

Ensuring the highest occupational

safety standards

Operator safety and protection for

customers and users

Maintaining quality across all

processes

Legal compliance and anti-corruption

Energy- and resource-efficient processes in

production, sales, logistics and

administration

Tapping unused energy efficiency potentials

and reducing costs through energy and

environmental management systems (ISO

50001, ISO 14001) and energy use control

Environmentally friendly products and

solutions for customers (ECO products)

Intensive dialogue with customers /

stakeholders and involving them in the

product development process

Building a reputation as an attractive

employer

Responsible interaction between

colleagues

Regular involvement in social projects

(corporate citizenship)

Sustainable value chain

Reducing operating costs for customers

through energy-efficient products (ECO and

zero-emissions products)

Integration of management systems (quality,

energy, environment)

Ecology Society

Safety Economy

Content

21

Fiscal 2015


and share news


Q1 2016


Vision – Strategy

2015: Development of revenue and profitability

22

(in € m)

2015 in % of revenue 2014 in % of revenue Change in %1

Revenue 1,375.3 100.0 1,284.3 100.0 +7.1 (+2.7)

Gross profit 384.5 28.0 381.3 29.7 +0.8

SG&A and R&D cost2 -291.3 21.2 -262.9 20.5 +10.8

Operating Profit2 93.2 6.8 118.4 9.2 -21.3

EBIT 103.6 7.5 136.2 10.6 -23.9

Net profit 66.2 4.8 91.5 7.1 -27.7

Net profit per share in € 0.94 1.30 -27.7

EBITDA 171.3 12.5 196.3 15.3 -12.7

Number of employees 4,632 4,372 +5.9

Income statement (extract)

1 in brackets: adjusted to discount currency effects2 without other income/expenses

(€ million)

2011 2012 2013 2014 2015

Average capital employed (in % of revenue) Revenue Return on capital employed (ROCE II) Weighted average cost of capital (WACC)

1 (ROCE II – WACC) * average capital employed = economic value added (EVA)2 Return on equity = Profit/loss after minority interests / average equity before minority interests3 Return on assets = Profit/loss before minority interests / average balance sheet total

9921,092

1,375

1,160

1,284

647

794859 897

7.5% 7.5% 7.1% 7.1%

12.5%

7.6% 7.7%

10.8%

ROCE II > WACC, positive EVA1: EUR 1.1 million

2015: Positive economic value added (EVA)1

23

977

7.1%

7.3%

ROE (%)2 9.0 6.1 6.6 9.4 6.4

ROA (%)3 7.0 4.3 4.6 6.7 4.4

+23%

(in € million)

-17%

+13%

2014 2015

67.7

2014 2015

17.8

21.5

2014 2015

131.0

106.8

(in € million)

-85.3

+33%

-113.2

Depreciation/amortizationCash flow

from operating activities

Cash flow

from investment activitiesFree cash flow

2015: Comfortable liquidity situation despite high investments

24

(in € million) (in € million)

2014 2015

60.1

90

214177 180 199

901 915 9361.012

1.064

10%

23%

19%18%

19%

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

200

400

600

800

1.000

2011 2012 2013 2014 2015

Net financial debt Equity before minority interests Gearing as a %

Stable net financial debt

25

High equity ratio of 69%, gearing <20%

(€ million)

Equity, net debt and gearing 2011 – 2015

(as a % of equity)

SSD: 120

SAP timing – roll out

26

Revenues with SAP today:

90% (Status Q1/2016)

Until 2015 2015 2016 2016/2017 2017/2018

USA (4)

CAN

DEU (6)

AUT

SRB

FRA

AUT

SGP

GBR

MEX

CHN

ESP

CH

CHI

NLD

AU

NOR

SWE

DNK

POL

RUS

HUN

ITA

CS

TRK

BRA

PER

COL

ZAF

IND

PHI

Share price development

27

in € 2011 2012 2013 2014 2015

Earnings per share 1.22 0.77 0.87 1.30 0.94

End of period 9.55 10.35 11.49 16.96 14.23

High 13.49 13.45 12.75 18.00 24.60

Low 8.35 9.06 9.24 11.49 11.12

Book value1 12.84 13.04 13.34 14.42 15.17

Market capitalization (in € m) 669.8 725.9 805.6 1,189.2 998.1

ISIN / WK DE000WACK012 / WACK01

Reuters / Bloomberg WACGn.DE / WAC GR

Indices SDAX, DAXplus family, CDAX, GEX, Classic All Shares

Share Prime All Share

Total shares 70.140.000

Shareholder structure 63% Family; 37% Free float (thereof management: 0.5)

Key figures share

Jan. 1, 2015 – May 24, 2016 Jan. 1, 2016 – May 24, 2016

1 before minority interests

as % as %

Jan. 1, 2011 – May 24, 2016

as %

Content

28

Fiscal 2015


and share news


Q1 2016


Vision – Strategy

Legal emissions regulations in Europe

29

Challenge Developing new machines that meet new emissions regulations, motors under 19 kW in Europe by 2020, different

solutions needed for different market requirements

EU V

zero emissions

(2019)

Emission legislation (world) 2019ff

30

Source: Global emissions standards for non-road and marine diesel engines, AVL 2014

Performance unchanged – compared

to machines with conventional drive

systems

Innovative products, environment-

friendly and perfect especially in

closed areas or less ventilated sites

Emission-free solutions

Lower maintenance and service costs

31

32

Successful bauma 2016: Facts & Figures

Visitors 3,423 exhibitors

from 58 countries

ca. 580,000 visitors (+10%)

from 200 nations

WN Group 5,380 m² area

Over 250 shown machines

form brands Wacker Neuson

and Kramer

>50 new products and models

April 2016, Munich

33

Excavators

new

new new new new new newnew

Shipping weight: 932 – 992 kg 955 – 1,015 kg 1,402 – 1,602 kg 1,596 – 1,822 kg 1,582 – 2,060 kg 1,862 – 2,182 kg 2,057 – 2,401 kg 2,483 – 2,794 kg 2,575 – 3,222 kg

Shipping weight: 3,426 – 4,506 kg 3,582 – 4,303 kg 4,960 – 6,165 kg 5,806 – 6,682 kg 7,588 – 8,877 kg 8,348 – 9,625 kg 14,917 – 15,701 kg 6,472 – 7,720 kg 9,241 – 10,461 kg

1,402 – 1,602 kg

VDS – Vertical Digging System

34

Comfort for the

driver: always

an upright

working position

Up to 25% time

and material

savings

Tilting of upper

carriage by up

to 15%

35

new new new new

Maximum payload: 1,000 kg 1,500 kg 1,500 kg 2,000 kg 3,000 kg 4,000 kg

Maximum payload: 5,000 kg 6,000 kg 9,000 kg 10,000 kg

Dumper

Concept study “dual view”

36

180°-rotation of entire

driver’s station in no

time

Higher productivity no

delay and no fuel

consumption due to

maneuvering

More safety: Perfect

view of the working

area at all times

37

Wheel loaders

new

Bucket capacity: 0.2 m³ 0.2 m³ 0.36 m³ 0.59 m³ 0.45 m³ 0.6 m³ 0.6 m³

Bucket capacity: 0.8 m³ 0.8 m³ 1.0 m³ 1.0 m³ 2.0 m³

newnew

38

Telescopic handlers

newnew

Max. stacking height: 3,901 mm 4,259 mm 5,156 mm 5,730 mm

Max. payload: 780 kg 1,250 kg 2,200 kg 2,700 kg

Max. stacking height: 7,000 mm 7,000 mm 7,017 mm 7,017 mm 7,017 mm 8,750 mm

Max. payload: 3,000 kg 3,500 kg 4,300 kg 4,800 kg 5,500 kg 5,500 kg

new

new new new new new new

39

Rammers

Operating weight: 45 kg 70 kg 83 kg 30 kg 59 kg 66 kg 74 kg

Operating weight: 63 kg 71 kg 64 kg 72 kg 68 kg 69 kg 66 kg 74 kg

World’s most environmentally

sound rammers

40

Zero emissions with battery-powered rammers:

Zero-emissions operations in trenches and built-up

areas

Low total cost of ownership thanks to low

maintenance costs and low energy consumption

Wacker Neuson battery-

powered rammers won

the Euro Test Award

from BG Bau for their

outstanding contribution

to health and safety.

Centrifugal force: 40 kN 45 kN 56 kN 65 kN 80 kN 80 kN 90 kN 110 kN 110 kN 130 kN

Centrifugal force: 10 kN 11 kN 13kN 15 kN 20 kN 15 kN 15 kN 18 kN 30 kN 15 kN 25 kN 30 kN 37 kN

41

Vibratory plates

newnewnew new new

new new new newnew new new

Heavy vibratory plates: DPU80, DPU80r, DPU90, DPU110, DPU110r

42

Exceptionally low

hand-arm vibration:

below 2.5m/s²

Robust: Steel

tube frame and

steel cover

sheets

Quick lowering

and reset of

center pole via

foot pedal

Infrared remote

control for DPU80r

& DPU110r

Wide opening cover

for easy service

access

43

Rollers

Operational weight: 3,825 kg 4,015 kg 4,345 kg 3,995 kg 4,435 kg 4,815 kg 4,935 kg 6,320 kg 6,190 kg 6,105 kg

Operational 1,422 kg 1,580 kg 1,670 kg 1,630 kg 2,475 kg 2,385 kg 2,525 kg 2, 695 kg 2,595 kg 2,755 kg 3,965 kg

weight:

upgrade new new newnew new new newnew new new

newnew new

new new newnew

44

new

Telescopic handlers

new

newnew

Max. stacking height: 3,901 mm 4,259 mm 5,156 mm 5,730 mm

Max. payload: 780 kg 1,250 kg 2,200 kg 2,700 kg

Max. stacking height: 7,000 mm 7,000 mm 7,017 mm 7,017 mm 7,017 mm 8,750 mm

Max. payload: 3,000 kg 3,500 kg 4,300 kg 4,800 kg 5,500 kg 5,500 kg

new

new

new

45

Wheel loaders

Bucket capacity: 0.25 m³ 0.35 m³ 0.55 m³ 0.55 m³ 0.65 m³ 0.75 m³ 0.85 m³ 0.95 m³

Bucket capacity 0.75 m³ 0.85 m³ 0.95 m³ 1.05 m³ 1.15 m³

new

Electric wheel loader 5055e

46

100% emission-free:

with two electric engines,

one for work hydraulics

and one for drive system

Proven lead-acid battery

to run the electric engines

Battery lasts for at

least 5 working

hours

Mobility, maneuverability

and operational comfort

are similar to the

conventional modelsKramer electric wheel loader

received the bauma

Innovation Award in the

Machinery category.

Consolidating light equipment testing/technology and production at

Reichertshofen

47

New administration building for up to 120 people (3,500 m2) and a hall for technology and testing at PGR (2,900 m2)

Approximately EUR 9.5 million invested in construction project

Start of construction in April 2016 – employees move in at the end of 2016

Plan of the production site at Reichertshofen Silver spade ceremony in April 2016

Official opening of our new assembly facility in Brazil (since April 2016)

48

Itatiba, São Paulo, Brazil

Products: mobile generators:

50-70 kilovolt-amps (kVA)

expanding to 150 kVA

Target market: Latin America

Start of production: April 2016

„In the region – for the region“

Roberto Martinez (Managing Director

Wacker Neuson Máquinas Ltda. Brazil)

and Cem Peksaglam (CEO) cutting the

ribbon at the opening ceremony.

Content

49

Fiscal 2015


and share news


Q1 2016


Vision – Strategy

(Revenue in € million; EBIT Margin as a %)

Q1/16: Multi-year comparison (5 years)

50

Revenue and EBIT Margin Q1 (2012–2016)

Challenging start to the year, as expected

9.6%

4.3%

7.6%

9.8%

5.5%

+11% -2%

31,734,0

15,5

22,4

17,3

9,8%8,9%

5,0%6,3%

5,5%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

16,0%

18,0%

20,0%

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

40,0

Q1/15 Q2/15 Q3/15 Q4/15 Q1/16

EBIT EBIT margin

Q1/16: Development of profit since Q1/15

51

EBIT development Q1/15-Q1/16

(EBIT in € million; EBIT margin as a %)

Revenue in € million 324.3 382.1 311.0 357.9 316.4

ø EBIT margin: 5.7%

Q1/16: Revenue growth by regions and divisons1

231,3 227,4

Q1/15 Q1/16

52

Europe2

-2% (-1%)

100,091,7

Q1/15 Q1/16

Light equipment3

-8% (-7%)

83,971,6

Q1/15 Q1/16

Americas2

-15% (-14%)

166,1 165,2

Q1/15 Q1/16

Compact equipment3

-1% (+0%)

9,1

17,4

Q1/15 Q1/16

Asia-Pacific2

+91% (+98%)

62,5 63,5

Q1/15 Q1/16

Services3

+2% (+3%)

1 In brackets: adjusted for currency effects; 2 Nominal, after cash discounts; 3 Nominal, before cash discounts

(€ million)

(€ million)

(€ million)

(€ million)

(€ million)

(€ million)

Weak demand from the energy and agricultural sectors impact revenue and earnings

Construction and other industries

Agriculture

Services

Q1/16 Q1/15

65% 65%

15% 16%

20% 19%

Ag business (Weidemann, Kramer, Claas)

Q1/15 Q1/16

53

(in €m)

53.6

47.5

-11%

Revenue breakdown for Q1/16 Revenues1 Q1/16 vs. Q1/15

(% of revenue)

1 Nominal, before cash discounts

Continued downturn in Ag business

Q1/16 vs. Q1/15 -11%

Q4/15 vs. Q4/14 -9%

Q3/15 vs. Q3/14 -28%

2015 vs. 2014 -2%

0

5

10

15

20

25

30

0,0

200,0

400,0

600,0

800,0

1.000,0

1.200,0

1.400,0

1.600,0

2015 2016e

(Revenue in € billion)

Revenue and margins 2015–2016e

1.38

+2% to +5%

EBIT Margin

7.5%

1.40–1.45

Cautious forecast for 2016

54

Europe

North America

Latin America

South Africa and Sub Sahara

Asia

Australia

Agriculture

Construction

Mining

Oil & Gas

Other channels

1

Forecasts for 2016

Trends partly moving in opposite directions, continued volatility

1 Strong increase, but from a low base

Revenue growth +2% to +5%, EBIT Margin 7.0% to 8.0%

Investments of ~ 100 m €, positive free cash flow

EBIT Margin

7-8%

Content

55

Fiscal 2015


and share news


Q1 2016


Vision – Strategy

Our “GIPI” vision

56

Our company is the result of mergers between various family-run enterprises each with a unique corporate culture.

We have set down our own values in writing and live by them. We actively integrate all of our companies into the Group and will continue to do so in the future.

Integration

We want to establish our company as a global player with a strong position in our target markets. To achieve this, we employ qualified people whose diverse cultural backgrounds are an invaluable asset to our company.

InternationalizationGrowthWe aim for profitable growth and healthy return on capital employed. We do not believe in revenue growth at any cost.

ProfessionalizationWe strive for excellence in everything we do.

Growth – Internationalization – Professionalization – Integration

Increase revenue to over EUR 2 billion; high EBIT margin

Medium-term goal: > 2 bn. Euro revenue

57

Alliance with HAMM AG proved successful

58

New tandem rollers (1.8 – 4.5 t) and compactors (weighing up to 12 t)

Machines – New Branding

59

60

Central logistics center for compact equipment spare parts/attachments/

accessories

Benefits of new logistics center in Nuremberg

From June 2016, all spare parts for compact equipment (Wacker Neuson, Kramer and

Weidemann) will be bundled and stored at a single logistics site in Nuremberg

New spare parts warehouse with cutting-edge storage technology over 10,000 m²

Collaboration with logistics specialist STUTE (Kühne + Nagel Group)

Measures

Bundle demand and consolidate suppliers

Standardize/code packaging for all spare parts

Offer additional services

Alliances/partnerships to increase revenue and improve access to customers

Use e-store for direct customer orders

And more…

61

Aftermarket – spare parts and services

Introduction of Wacker Neuson

62

More effective digital presence – covering the entire product portfolio

https://shop.wackerneuson.com/estore/

/For distribution partners, key accounts, etc. For B2B customers

Content

63

Fiscal 2015


and share news


Q1 2016


Vision – Strategy

2016 Annual General Meeting

Agenda item 1 Presentation of the Annual Financial Statements

Agenda item 2 Resolution on the appropriation of net profit for the year

Agenda item 3 Official approval of Executive Board actions

Agenda item 4 Official approval of Supervisory Board actions

Agenda item 5 Appointment of the auditors

Agenda item 6 Exemption from the obligation to publish remuneration details for individual

Executive Board members in the Annual and Consolidated Financial Statements

64

2016 AGM agenda

Agenda item 2: Proposed dividend for AGM on May 31, 2016

20151 20141 2013 2012 2011

Total payout (€ million)

35.07 35.07 28.06 21.04 35.07

Payout ratio2 (as a %) 53.0 38.3 45.9 38.9 40.9

Eligible shares(in m)

70.14 70.14 70.14 70.14 70.14

Dividend per share (in €) 0.50 0.50 0.40 0.30 0.50

Earnings per share (in €) 0.94 1.30 0.87 0.77 1.22

65

1 Dividend payment to be proposed at the AGM on May 31, 2016

Dividend payouts 2011 – 2015

Maintaining stable dividends – even in a challenging fiscal year

DisclaimerCautionary note regarding forward-looking statements

66

The information contained in this document has not been independently verified and no representation or warranty

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statements that are based on management‘s current view and assumptions and involve known and unknown risks and

uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied

in such statements.

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