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Infineon Technologies AG

Investor Presentation • Nov 16, 2011

222_ip_2011-11-16_031f7ec9-d73f-4af7-9a25-921f82e89e91.pdf

Investor Presentation

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Fourth Quarter FY 2011Quarterly Update

Infineon Technologies AGInvestor Relations

Infineon at a Glance

Growth Outlook and Margin Resilience

Results and Outlook

Revenue Split by Division

Full FY 2011 revenue: EUR 3,997m

Another Quarter of Solid Financial Performance

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* Net Income FY 2011 includes a book gain of EUR 352m from the sale of WLS to Intel Mobile Communications. Net Income Q4 FY 2011 and FY 2011 include EUR 122m loss from discontinued operations, net of income taxes.

Tight Customer Relationships are Based on System Knowhow and App Understanding

Infineon Holds Top Positions in All Target Markets

Source: IMS Research, August 2011.Source: Strategy Analytics, April 2011.

Source: IMS Research, August 2011.

Infineon at a Glance

Growth Outlook and Margin Resilience

Results and Outlook

New Era: Multiple Factors Driving Demand for Power Semiconductors

Growth: Rising Global Car Production and Silicon Content Drive Market

By Region, Main Growth Drivers are BRIC Markets and Recovery in North America

Electric Vehicles (EV) and Hybrid EVs (HEV) Drive Semiconductor Demand

ICE vs. EV/HEV Semiconductor BOM

  • Fuel cost, CO2 reduction and price are main drivers for EVs and HEVs.
  • Semiconductor bill-of-material of an EV/HEV is 2 to 3 times higher than total semiconductor bill-of-material on an ICE.
  • 50-80% related to IGBT and diode chips in state-of-the-art module packages.

Conversion of Electrical Energy

Semi Content per MW in Wind Turbines Much Higher Than in Trad. Power Plants

Nuclear plant, coal-fired plant

  • No fluctuation in amplitude and frequency. Direct grid coupling possible.
  • Power semiconductor content: ~ €200 per MW.
  • Semiconductors primarily used for uninterruptable power supplies.

Wind turbines

turbines; ~ €9,000 per MW for dircet conversion turbines.

Motor Drives and Traction: Focus on Efficient Power Conversion and RPM Control

Direct AC connection

  • About 60% of industrial energy is used by electrical motors.
  • For each \$1 spent to purchase a more efficient electrical motor, \$100 of energy cost can be saved during the life of such motor.
  • Conventional motor drives are being replaced by intelligent inverter-based drives, saving up to 40% energy.
  • AC/DC/AC conversion allows permanent control to match output with the needs.
  • Power semiconductor content: ~ €5,000 per MWor \$10-100k, depending on application.

10% Growth or More p.a.Expected for Infineon

Infineon: ≥ 10% p.a.

4 Reasons for Sustainable Profitability ─#1: High Barriers to Entry

Long product life cycles

System knowhowand understanding

Strong quality and reliability req's

  • For many markets we address, deliveries of semis need to be ensured for very long periods of time:
    • For car industry: 7 to 24 years;
    • For train industry: about 15 years.
  • Both deep and wide know-how and understanding of our customers' applications needed for making best in class solutions:
  • e.g. HEV/EV needs both automotive and industrial expertise.
  • Products need to reliably perform well in the field over longer periods of time:
    • Airbag reliability required as long as the car is in use;
    • Wind turbines should function 30 years.

#2: Semiconductors – Core Enablers of Innovation and Higher Functionality

Energy Efficiency

Mobility Security

Power supplies

More advanced power semiconductors allow smaller, denser, lighter and more efficient power supplies.

VSD

More precise and efficient RPM-control versus mechanical transmission.

Recuperation Implemented in trains for years; brought to

cars by the advent of HEV/EVs.

Power steering

EPS is replacing hydraulic-mechanical power steering allowing more flexibility in car design and less power consumption.

Identification

Chip-based passports and national ID cards allow much higher level of security compared with paperonly ID cards.

Brand protection Chip-based authentication of accessories, e.g. batteries.

#3: Semis Represent a Negligible Part of the Value of the End Product

Copyright © Infineon Technologies 2011. All rights reserved. Page 18

#4: Infineon's Core Competencies ─Power Semiconductors and eControl

Design and manufacturing of Core competence powerpower semis tightly coupled

  • Thin-wafer technology
  • Super-junction MOSFETs
  • Silicon-Carbide (SiC)
  • IGBT module packaging

Core competence eControl

  • Automotive real-time 32-bit microcontroller (TriCore™)
  • Automotive 32-bit multi-core design (AURIX™)
  • Low-power security controller
  • Safety Guard

Sustainable Profitability:We Will Keep High Margins

Infineon:~20% under normal industry conditions~15% through cycle

Target Operating Model

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Infineon at a Glance

Growth Outlook and Margin Resilience

Results and Outlook

Q4 FY11: Maintained SolidTotal Segment Result Margin

All Segments Contribute toTotal Segment Result

OpEx In-line With Target Operating Model

Working Capital*

Working Capital

Inventories

Trade and other payables

Trade and other receivables[days]

* For definition please see slide 32 in appendix.

Investments Remain High to Exploit Growth Potential

* For definition please see slide 32 in appendix.

High Gross and Net Cash Position Maintained

*Consists of Convertible Bond 2014 (nominal value EUR 137m; book value EUR 114m).

  • Gross and net cash increased despite accelerated capital returns in Q4 FY11.
  • FY 2011: Repurchases of nominal EUR 59m of CB 2014 (~26m shares underlying) and 4m shares for total of €199m in cash.

Guidance for Q1 and FY 2012

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New Structure of IMMas of 1 January 2012

Notes

Investments =

'Purchase of property, plant and equipment'

  • 'Purchase of intangible assets and other assets' incl. capitalization of R&D expenses

Working Capital =

  • ('Total current assets'
  • 'Cash and cash equivalents'
  • 'Financial investment'
  • 'Assets classified as held for sale') –

  • ('Total current liabilities'

  • Copyright © Infineon Technologies 2010. All rights r 2011 eserved. 'Short term debt and current maturities of long-term debt' 'Liabilities classified as held for sale') DOI (inventory days; quarter-to-date) = ('Net Inventories' / 'Cost of goods sold') * 90 DSO (days sales outstanding; quarter-to-date) = ('Trade accounts receivables (net)' / 'revenue') * 90 DPO (days payables outstanding; quarter-to-date) = ('Trade payables' / ['Cost of goods sold' + 'Purchase of property, plant and equipment']) * 90 Page 32

Infineon Consolidated Statements of Operations (IFRS) (unaudited)

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Infineon Consolidated Statements of Financial Position (IFRS) (unaudited)

in Eu
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Sho
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ther
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Cur
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Inco
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Oth
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ified
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T o
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late
d de
ficit
umu		 (
4,5
14)		 (
4,6
19)		 (
5,6
13)
Oth
er re
serv
es		 10 4 17
Own
sha
res		 (
26)		 - -
Put
opt
ions
sha
on
own
res		 (
142
)		 (
113
)		 -
Equ
ity
att
ribu
tab
le t
har
eho
lde
f In
fine
T ec
hno
lo g
ies
A G
o s
rs o
o n		 3,3
55		 3,3
20		 2,6
25
T o
tal
liab
iliti
and
uity
es
eq		 5,8
73		 5,8
63		 4,9
93

Infineon Consolidated Statements of Cash Flows (IFRS) (unaudited)

o nt h
d ed
3 m
s en
in Eu
illion
ro m		 Sep
3 0 ,
11		 Jun
3 0 ,
11		 Sep
3 0
, 10
N et
inc
o m
e		 125 190 390
Less
: net
inco
me (
loss
) fro
m di
ntinu
ed o
tion
t of
inco
me t
sco
pera
s, ne
axes		 122 (15) (19
7)
Adju
ncile
inco
h pro
vide
d by
ratin
tiviti
stm
ents
to r
net
me t
t cas
eco
o ne
ope
g ac
es:
Dep
recia
tion
and
rtiza
tion
amo		 98 94 85
Inco
me t
ax		 (75) 24 (49
)
Inter
esul
est r
t		 7 4 10
Prov
ision
for
(rec
ry of
) do
ubtf
ul ac
nts
ove
cou		 - (2) -
Los
(gain
s) o
les o
f fina
ncia
l inve
stm
ents
ses
n sa		 2 - -
Los
(gain
s) o
les o
f bus
ines
and
inter
in s
ubsi
diari
ests
ses
n sa
ses
es		 - (2) -
Los
in co
tion
with
the
deco
lidat
ion o
f AL
TIS
ses
nnec
nso		 - - (14
)
Los
(gain
s) o
n dis
ls of
, pla
d eq
uipm
perty
nt an
ent
ses
posa
pro		 (1) - -
Inco
me f
inve
ted f
sing
the
equi
etho
d
stm
ents
ty m
rom
acc
oun
or u		 (3) 1 (1)
Divid
ends
ived
from
ocia
ted c
anie
rece
ass
omp
s		 - 5 4
Impa
irme
nt ch
arge
s		 1 - -
Sha
re-ba
sed
atio
com
pens
n		 1 - -
Cha
in tr
ade
and
othe
eiva
bles
nges
r rec		 15 (5) 6
Cha
in in
vent
orie
nges
s		 6 (20) (8)
Cha
in o
ther
ent a
sset
nges
curr
s		 (11) 1 34
Cha
in tr
ade
and
othe
able
nges
r pay
s		 (1) 31 92
Cha
in p
rovi
sion
nges
s		 39 50 114
Cha
in o
ther
ent l
iabil
ities
nges
curr		 26 (10) (80
)
Cha
in o
ther
nd lia
biliti
ets a
nges
ass
es		 (5) (13) 19
Inter
ecei
ved
est r		 11 6 3
Inter
aid
est p		 (2) (12) (1)
Inco
aid
me t
ax p		 6 (16) (8)
N et
h pr
o vi
ded
by
rati
ctiv
ities
fro
o nt
inui
atio
cas
o pe
ng a
m c
ng o
per
ns		 361 311 399
N et
h pr
o vi
ded
by
(us
ed i
n) o
atin
tivi
ties
fro
m d
isco
ntin
ued
cas
per
g ac		 135 (32
)		 (12
)
rati
o pe
o ns
o vi
rati
ctiv
ities
N et
h pr
ded
by
cas
o pe
ng a		 496 279 387
Cas
h flo
ws f
inve
sting
acti
vitie
rom
s:
s of
fina
Purc
hase
ncia
l inve
stm
ents		 (88
7)		 (550
)		 -
Proc
eeds
from
sale
s of
finan
cial
inve
stm
ents		 962 321 2
Proc
eeds
from
sale
s of
busi
nd in
tere
sts i
bsid
iarie
ness
es a
n su
s		 2 - 1
Purc
hase
s of
inta
ngib
le as
sets
and
oth
sets
er as		 (13) (11) (8)
Purc
hase
s of
perty
, plan
t and
ipme
nt
pro
equ		 (26
0)		 (308
)		 (15
5)
Proc
eeds
from
sale
s of
erty,
plan
t an
d eq
uipm
ent a
nd o
ther
ets
prop
ass		 7 - (1)
N et
h us
ed i
n in
ting
ivit
ies
fro m
ntin
uing
tio n
act
cas
ves
co
o p
era
s		 (18
9)		 (54
8)		 (16
1)
N et
h us
ed i
n in
ting
act
ivit
ies
fro m
dis
tinu
ed o
atio
cas
ves
co n
per
ns		 (33
)		 (43
)		 (8)
N et
h us
ed i
n in
ting
act
ivit
ies
cas
ves		 (22
2)		 (59
1)		 (16
9)
Cas
h flo
ws f
fina
ncin
tiviti
rom
g ac
es:
Net
chan
ge in
rela
ted p
arty
finan
cial
ivab
les a
nd p
ayab
les
rece		 - - 2
Proc
eeds
from
issu
of n
nt de
bt
ance
on-c
urre		 - 2 2
Rep
of n
nt de
bt
ents
aym
on-c
urre		 (21) (17) (13
)
Rep
urch
of c
ertib
le su
bord
inate
d bo
nds
ase
onv		 (50) (16) -
Cha
in re
stric
ted c
ash
nge		 1 (1) 1
Purc
hase
s of
sha
own
res		 (26) - -
Proc
eeds
from
the
issu
of p
ut o
ptio
ns fo
n sh
ance
r ow
ares		 4 4 -
Divid
end
ents
paym		 -
-		 -
N et
h us
ed i
n fi
cing
ivit
ies
fro m
ntin
uing
tio n
act
cas
nan
co
o p
era
s		 (92
)		 (28
)		 (8)
N et
h pr
o vi
ded
by
fina
ncin
tivi
ties
fro
m d
isco
ntin
ued
tio n
cas
g ac
o p
era
s		 -
-		 -
N et
h us
ed i
n fi
cing
act
ivit
ies
cas
nan		 (92
)		 (28
)		 (8)
Net
incre
(dec
e) in
h an
d ca
sh e
quiv
alen
ts
ase
reas
cas		 (340
)		 210
Effe
f for
eign
hang
e ch
h an
d ca
sh e
quiv
alen
ct o
e rat
ts
exc
ange
s on
cas		 - 5
Cas
h an
d ca
sh e
quiv
alen
beg
innin
g of
peri
od
ts at		 822 1,1
62		 1,4
52
C as
h an
d ca
sh e
quiv
alen
ts a
t en
d o
f pe
rio d		 1,00
7		 822 1,6
67

Financial Calendar

D
t
a
e
*
l
i
i
d
t
p
r
e
m
n
a
r
y
a
e		 i
L
t
o
c
a
o
n		 E
t
e
n
v
8
1
7
1
N
2
0
1
1
o
v
-		 l
B
a
r
c
e
o
n
a		 l
f
M
S
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o
r
g
a
n
a
n
e
y
o
n
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c
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2
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:
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Q
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t
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1
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-		 S
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c
o
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a
e
,		 C
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i
t
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e
u
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*
b
0
1
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1
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e		 l
Q
1
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1
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s
s
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8
0
M
2
0
1
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a
r		 h
M
i
u
n
c		 l
l
A
G
M
i
t
n
n
u
a
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a
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*
0
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M
1
a
y		 Q
2
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2
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1
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J
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u		 i
h
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c		 (
C
i
l
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)
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3
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u

Institutional Investor Relations Contacts

Ulrich Pelzer

Corporate Vice President, Corporate Development & Investor Relations +49 89 234-26153 [email protected]

Joachim BinderSenior Director, Investor Relations +49 89 234-25649 [email protected]

Aleksandar JosicManager, Investor Relations+49 89 234-83045

[email protected]

Holger SchmidtManager, Investor Relations+49 89 234-22332

[email protected]

Disclaimer

This presentation was prepared as of 16 November 2011 and is current only as of that date. This presentation includes forward-looking statements and assumptions about the future of Infineon's business and the industry in which we operate. These include statements and assumptions relating to general economic conditions, future developments in the world semiconductor market, our ability to manage our costs and to achieve our growth targets, the resolution of Qimonda's insolvency proceedings and the liabilities we may face as a result of Qimonda's insolvency, the benefits of research and development alliances and activities, our planned levels of future investment, the introduction of new technology at our facilities, our continuing ability to offer commercially viable products, and our expected or projected future results.

These forward-looking statements are subject to a number of uncertainties, such as broader economic developments, including the market environment; trends in demand and prices for semiconductors generally and for our products in particular, as well as for the end-products, such as automobiles, drives, renewable energies and consumer electronics, that incorporate our products; the success of our development efforts, both alone and with partners; the success of our efforts to introduce new production processes at our facilities; the actions of competitors; the continued availability of adequate funds; any mergers, acquisitions or dispositions we may undertake; the outcome of antitrust investigations and litigation matters; and the resolution of Qimonda's insolvency proceedings; as well as the other factors mentioned in this presentation and those disclosed at other occasions.

As a result, Infineon's actual results could differ materially from those contained in or suggested by these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. Infineon does not undertake any obligation to publicly update or revise any forward-looking statements in light of developments which differ from those anticipated.

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