3. Based on the multiples in Exhibit #3, what do you think the company is worth?...

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3. Based on the multiples in Exhibit #3, what do you think the company is worth? 1 2 3 4 5 A B D E F G H J K L M Exhibit 3 Siemens and Healthineers: Valuing the IPO Peer Comparison: Operating and Evaluation Metrics 6 Peer List 7 8 9 Largest direct competitors (mcap weighted) 11 Diagnostics peers (mcap weighted) 2 EU MedTech peers (mcap weighted) EBITDA margin EBIT margin CAGRS 2017-20E 2018E 2019E 2020E 2018E 2019E 2020E Sales EBITDA EBIT NI Net Debt/EBITDA 2018E 25.2% 10 Imaging & Adv. Therapies peers (mcap weights 25.7% 20.1% 20.7% 28.0% 28.6% 26.7% 22.3% 22.8% 23.7% 22.6% 17.4% 18.3% 19.1% 29.2% 25.3% 25.8% 2.5% 3.7% 5.2% 7.1% 6.8% 1.8 2.7% 5.8% 7.1% 6.6% 2.2 6.2% 7.9% 7.2% 9.4% 1.2 3 US MedTech peers (mcap weighted) 4 All peers (mcap weighted) 15 16 Siemens Healthineers 17 18 19 Peer List 22.0% 22.4% 31.9% 32.9% 26.1% 26.8% 22.9% 17.8% 18.3% 18.7% 33.5% 25.7% 26.7% 27.2% 27.7% 22.0% 22.8% 23.6% 6.4% 9.1% 9.9% 8.6% 1.8 6.1% 5.3% 9.0% 8.9% 7.6% 8.0% 9.6% 1.0 8.3% 1.3 002 2000m 20.8% 21.6% 22.4% 17.8% 18.7% 19.0% 2.1% 4.7% 5.1% 7.8% 0.9 EV/Sales EV/EBITDA P/E 20 21 2018E 2019E 2020E 2018E 2019E 2020E 2018E 2019E 2020E E2 Largest direct competitors (mcap weighted) 2.9 2.7 2.5 11.6 10.6 9.4 15.9 14.6 13.3 23 Imaging & Adv. Therapies peers (mcap weighte 2.2 2.0 2.0 10.1 9.2 8.7 15.7 14.3 13.4 24 Diagnostics peers (mcap weighted) 4.3 4.0 3.6 15.6 14.0 12.4 21.9 19.8 17.8 25 EU MedTech peers (mcap weighted) 3.2 2.9 2.7 13.8 12.4 11.0 23.7 21.1 18.8 28 US MedTech peers (mcap weighted) 4.3 4.0 3.7 13.6 11.9 11.3 18.5 16.6 15.9 27 All peers (mcap weighted) 3.6 3.3 3.1 12.6 11.2 10.4 18.5 16.6 15.5 28 29 80 1 Largest direct competitors: Abbot Laboratories, General Electric, Philips, Roche 32 Imaging & Adv. Therapies peers: GE, Hitachi Medical (Hitachi), Hologic, Medtronic, Neusoft, Philips, Shimadzu, Toshiba Medical (Canon) 3 Diagnostics peers: 23 companies; Abbott Laboratories, Danaher, Roche, and Thermo Fisher Scientific have sales levels much larger than any of the other peers 4 EU MedTech peers: 19 companies; Philips and Fresenius have sales levels much larger than the other peers 5 US MedTech peers: 15 companies; Abbot Laboratories, Johnson & Johnson, and Medtronic all have sales larger than the other peers 38 37 Note: EV = enterprise value; E = expected, CAGR = compound annual growth weight; mcap = market capitalization. 8 Source: Deutsche Bank Markets Research report, 2018. 39 10 #1 2 3 3. Based on the multiples in Exhibit #3, what do you think the company is worth? 1 2 3 4 5 A B D E F G H J K L M Exhibit 3 Siemens and Healthineers: Valuing the IPO Peer Comparison: Operating and Evaluation Metrics 6 Peer List 7 8 9 Largest direct competitors (mcap weighted) 11 Diagnostics peers (mcap weighted) 2 EU MedTech peers (mcap weighted) EBITDA margin EBIT margin CAGRS 2017-20E 2018E 2019E 2020E 2018E 2019E 2020E Sales EBITDA EBIT NI Net Debt/EBITDA 2018E 25.2% 10 Imaging & Adv. Therapies peers (mcap weights 25.7% 20.1% 20.7% 28.0% 28.6% 26.7% 22.3% 22.8% 23.7% 22.6% 17.4% 18.3% 19.1% 29.2% 25.3% 25.8% 2.5% 3.7% 5.2% 7.1% 6.8% 1.8 2.7% 5.8% 7.1% 6.6% 2.2 6.2% 7.9% 7.2% 9.4% 1.2 3 US MedTech peers (mcap weighted) 4 All peers (mcap weighted) 15 16 Siemens Healthineers 17 18 19 Peer List 22.0% 22.4% 31.9% 32.9% 26.1% 26.8% 22.9% 17.8% 18.3% 18.7% 33.5% 25.7% 26.7% 27.2% 27.7% 22.0% 22.8% 23.6% 6.4% 9.1% 9.9% 8.6% 1.8 6.1% 5.3% 9.0% 8.9% 7.6% 8.0% 9.6% 1.0 8.3% 1.3 002 2000m 20.8% 21.6% 22.4% 17.8% 18.7% 19.0% 2.1% 4.7% 5.1% 7.8% 0.9 EV/Sales EV/EBITDA P/E 20 21 2018E 2019E 2020E 2018E 2019E 2020E 2018E 2019E 2020E E2 Largest direct competitors (mcap weighted) 2.9 2.7 2.5 11.6 10.6 9.4 15.9 14.6 13.3 23 Imaging & Adv. Therapies peers (mcap weighte 2.2 2.0 2.0 10.1 9.2 8.7 15.7 14.3 13.4 24 Diagnostics peers (mcap weighted) 4.3 4.0 3.6 15.6 14.0 12.4 21.9 19.8 17.8 25 EU MedTech peers (mcap weighted) 3.2 2.9 2.7 13.8 12.4 11.0 23.7 21.1 18.8 28 US MedTech peers (mcap weighted) 4.3 4.0 3.7 13.6 11.9 11.3 18.5 16.6 15.9 27 All peers (mcap weighted) 3.6 3.3 3.1 12.6 11.2 10.4 18.5 16.6 15.5 28 29 80 1 Largest direct competitors: Abbot Laboratories, General Electric, Philips, Roche 32 Imaging & Adv. Therapies peers: GE, Hitachi Medical (Hitachi), Hologic, Medtronic, Neusoft, Philips, Shimadzu, Toshiba Medical (Canon) 3 Diagnostics peers: 23 companies; Abbott Laboratories, Danaher, Roche, and Thermo Fisher Scientific have sales levels much larger than any of the other peers 4 EU MedTech peers: 19 companies; Philips and Fresenius have sales levels much larger than the other peers 5 US MedTech peers: 15 companies; Abbot Laboratories, Johnson & Johnson, and Medtronic all have sales larger than the other peers 38 37 Note: EV = enterprise value; E = expected, CAGR = compound annual growth weight; mcap = market capitalization. 8 Source: Deutsche Bank Markets Research report, 2018. 39 10 #1 2 3