The Business Imperative of Public-Private Partnerships The P3 Conference – Dallas, Texas February 27, 2018 Unrestricted © Siemens AG 2018 siemens.com/

Global Presence 11.1 Revenue (in billions of €)2 13% of total worldwide Europe, C.I.S.,1 Africa, Middle East (excluding Germany) 115,000 Employees3 31 % of total worldwide 32.2 Revenue (in billions of €)2 39% of total worldwide Germany 111,000 Employees3 30 % of total worldwide Americas Asia, Australia 23.5 Revenue (in billions of €)2 28% of total worldwide 76,000 Employees3 20 % of total worldwide 16.2 Revenue (in billions of €)2 20% of total worldwide 70,000 Employees3 19 % of total worldwide All figures refer to continuing operations. 1 Commonwealth of Independent States.   2 By customer location. 3 As of September 30, 2017.

Siemens Divisions Active in PPPs 17_84 Building Technologies Mobility Financial Services Power and Gas Energy Management

A Strategic Provider of Technology and Financial Solutions Taxable and Tax-Exempt Senior Debt Mezzanine Debt Building Automation, Fire & Safety, and Integrated Security Systems Equity Railway Turnkey Projects Energy Efficiency Solutions Rail Electrification and Automation Distributed Energy Solutions Automated Fare Collection Microgrids Intelligent Traffic Systems Energy Storage Solutions Automated People Movers IoT Solutions Baggage Handling Systems Light Rail, Commuter, and Metro Trains Service and Maintenance Regional and High-Speed Trains Locomotives

Global PPP Experience Airports Energy Efficiency Projects Hospitals Governmental Buildings Rail Projects Roads, Bridges, and Tunnels Streetlighting Water Projects Waste-to-Energy

Lessons Learned – Key Factors That We Consider Rationale / Essentiality of the Project Contracted or Predictable Cash Flows Credit Profile and Experience of the Public Sector Owner Appropriation Risk

Lessons Learned – Key Factors That We Consider Credit Profile and Experience of the Major Project Parties Sponsors Design-Build Contractor Operations & Maintenance Provider Key Technology Suppliers Key Subcontractors

Lessons Learned – Key Factors That We Consider Experience of Key Advisors Leverage within Acceptable Norms Reasonable Allocation of Risks

Lessons Learned – Key Factors That We Consider Adequate provision for Construction Delays and Relief Events Adequacy of DB Contractor and O&M Provider Security Packages Well Defined Dispute Resolution Mechanism Commitment to Partnership among all Project Parties

Thank You For Your Attention Siemens Financial Services, Inc. Flavio Zelaya Vice President – Infrastructure and PPPs Project & Structured Finance Americas Industry and Health Finance 170 Wood Avenue South Iselin, NJ 08830 USA Phone: +1 (732) 491-7434 E-mail: flavio.zelaya@siemens.com Web: www.siemens.com/finance Follow us