Rheinmetall AG — Investor Presentation 2020

Apr 14, 2020

Rheinmetall Group Corporate Presentation

April 2020

Rheinmetall Group Mobility and security form the DNA of the business model

RHEINMETALL GROUP

INTEGRATED TECHNOLOGY GROUP FOR SECURITY AND MOBILITY

Automotive Our heart beats for your engine Defence Force protection is our mission

Tier 1 supplier High-tech products for global markets Gaining powertrain neutrality

• System house for land based operations
• Leading provider of innovative solutions

• Internationalization focused on home markets

• Megatrend mobility

• Growing demand for clean mobility
• Global LV production with growth

• Increased regulation

• Increasing demand for security

• Geostrategical powershifts
• Constantly changing conflict situations
• Rising defence/security budgets

Business Model

Market driver

Rheinmetall Group Highlights

Group performance indicator				Strategy roadmap
Grow sales around 8%	~8% op. margin		RHEINMETALL	Organic growth		International expansion
Targeted 2-4% Cash on sales	30-35% payout ratio		GROUP	Leading by innovations	Targeted acquisitions
	AUTOMOTIVE Our heart beats for your engine		2019		DEFENCE Force protection is our mission
Op. margin	€2,736m	44%	Sales	56%	€3,522m	Op. margin
6.7%	€184m	35%	Oper. Result	65%	€343m	9.8%
	*€447m		Order backlog		€10,399m
	11,405	49%	Headcount**	51%	12,100

* Short-term; **Headcount at capacities;

5,0%

Rheinmetall Group Financial overview - Growth in all relevant KPI

2017

32,4%

Sales, operating result and operating margin In €m In €m / in %

Net financial debt and Net debt to EBITDA In €m

Earnings and dividend per share In € / in %

28,4%

3,88 4,69 5,24

Payout Ratio EPS DPS

Rheinmetall Automotive Products per division

	AFTERMARKET	HARDPARTS	MECHATRONICS
HARDPARTS		SMALL BORE PISTONS	PUMP TECHNOLOGY
MECHATRONICS		BEARINGS	AUTOMOTOVE EMISSION SYSTEMS
		LARGE BORE PISTONS	SOLENOID VALVES
		CASTINGS	COMMERCIAL DIESEL SYSTEMS
			ACTUATORS

Rheinmetall Defence Products per division

One Rheinmetall Realization of growth in changing market conditions

ONE

RHEINMETALL

• Realization of growth potentials in changing market environments
• Leveraging strengths by bundling and channeling our expertise and competencies, e.g. different technologies
• Change perception and increase attractiveness as an employer

One Rheinmetall Phase I

Initiatives addressing culture and cooperation 2016-2018

One Rheinmetall Phase II Focus on technologies

2018 ff.

One Rheinmetall Phase III Commercialization

starting 2021

Automotive – A changing world

Automotive Leading technology and market positions

*unconsolidated

Automotive Leading technology and market positions

Sales driver

• Megatrend mobility
• Growing demand for clean mobility
• Global LV production with further growth
• Increased regulation

Segment Structure

Hardparts

• Pistons
• Castings
• Bearings

Mechatronics

• Pump Technology
• Auto. Emission Systems
• Commercial Diesel Systems
• Solenoid Valves
• Actuators

Aftermarket

• Hardparts
• Mechatronics

Key Competitor

Hardparts

Mahle, Nemak, GGB, Tenneco (Federal Mogul), Dong Yang

Mechatronics

Magna, Bosch, Denso, Valeo, Schaeffler

Differentiator

Strong brand

• Global footprint
• Strong partnerships
• (Hasco, Shriram, Riken, ZYNP)
• Wide technology portfolio
• Extensive product Know-How

Aftermarket Tenneco (Federal Mogul), Mahle, Bosch, Valeo

Corporate Presentation April 2020 10

Automotive overview

Product portfolio by division and engine type

Drivers for growth Rising global fleet and regulatory restrictions are supporting our growth

• Next regulation deadline approaching in 2020
• Real driving emission(RDE) testing will create further pressure to reduce emissions by hardware installation
• First city ban for diesel engines announced in Germany

Automotive sales distribution by engine type**

* IHS 02/2020 and company estimates

** Rheinmetall Automotive sales FY 2019

*** 95g = 4.1l Gasoline or 3.6l Diesel, 2030 estimates based on Regulation (EU) 2019/631

Automotive Market trends The growth drivers remain strong

The innovation pipeline is packed!

Efficiency

CO2 - reduction with Automotive products – gasoline engine vehicle

Facing technological disruption Rheinmetall needs to manage the transition

Electrification Rheinmetall Automotive products

* Rheinmetall Automotive and Joint Ventures, incl. BEV and Hybrid

Innovative products for a variety of applications

Micro Mobility Starting with competitive product into a booming market

High growth market

• European market with 10% CAGR between 2018 and 2030
• High market concentration with Bosch representing almost 50% of market share
• E-bike market price averaged at €3.000 last 3 years

Unique Selling Proposition

• Smooth phasing of engine support
• Excellent freewheeling
• Low weight and compact build
• Low noise emission
• High thermic stability
• Interesting connectivity features
• Speedy service concept

Diversification Increasing portfolio for non-LV applications

New Markets Telecommunication Diversification into new growth areas

5G-Data safety: Major production contract for manufacturing aluminum housings for 5G network

• Rheinmetall JV with HASCO in China is the leading supplier of die-casting capacities in China
• High technological competence
• Great opportunity to diversify in growth markets

Contract value of €150m for six-digit number of boxes in 2020 Additional demand for 10.000.000 boxes until 2030 creates further potential

Automotive China Outperforming the market

Highlights

• Partner of local big players SAIC and HASCO (50/50 joint ventures)
• Biggest casting capacities in China technology leader
• Regulation (China 6) provides substantial growth potential for mechatronics division
• Strong demand for NEV products
• China Story on track: product pipeline supports growth ambitions
• Demand for Mechatronics products key driver

Defence – Managing the "super cycle"

Defence Leading supplier with an increasing international presence

*unconsolidated

Defence Leading technology and market position

Sales driver

• Increasing demand for security
• Geostrategic power shifts
• Constantly changing conflict situations
• Rising defence/ security budgets

Structure of Corporate Segments

• Tactical Vehicles

• Logistic Vehicles

• Weapon and Munition

• Propulsion Systems

Electronic Solutions

• Integrated Electronic Solutions
• Air Defence and Radar Systems

• Technical Publications

• Protection Systems

Key Competitor

Vehicle Systems General Dynamics, BAE, KNDS, Scania, Iveco, Hanwha

Weapon and

Ammunition

Nammo, Northrop Grumman, Plasan, Eurenco, GD, Kongsberg

Electronic Solutions R&S, CAE, Saab, Thales, Rafael, Elbit Systems, Safran, Hensoldt

Differentiator

• Reputation as trustful and reliable company
• International footprint
• Broad product portfolio
• International presence
• System integrator
• Modular and open architecture
• Weapon and sensor platforms
• Excellent engineering Know-How & capabilities

Defence Managing the super cycle

Defence super cycle Successful internationalization provides diverse sources of growth

Defence tender overview High demand could lead to promising super cycle

German defence NATO commitment key driver for German demand

German defence budget

Investment expenses and Rheinmetall-share - budgets become sizeable

in €m

Expense increase based on 3 pillars:

• More budget, investment share increased by 36% from 2018 to 2019: if political 1.5% commitment is to be achieved in 2024 this could lead to €~12 bn investment spend
• More personnel, return to ~200.000 soldiers
• More equipment (100% equipment level)

NATO and VJTF commitments as strong drivers for budget increase

*based on BMWi GDP forecast Oct. 19; assumption 20% of German defence budget investive

German Defence Additional structural demand of German armed forces

Vehicles

(>500 vehicles) (~150 vehicles) (>10.000 vehicles) (~250 vehicles) (>200 vehicles)

Programs and ammunition

(Short range air defence) (Tactical air defence) (former MoTaKo) Long term doubling potential

Build, operate and rebuild

Australia Successful establishment of a new "home market"

United Kingdom - Joint Venture witch BAE Creating a new "home market" and strengthening our position

+

LEGACY BUSINESS

• BAE UK business
• Armoured engineering vehicles and bridge-laying tanks
• AS 90 self-propelled artillery system
• Force protection components
• Services
• - 7.500 MAN vehicles under service

EXPANSION OF PRODUCT PORTFOLIO

Future

• Boxer Mechanized Infantry Vehicle (MIV)
• - 500 vehicles @ € 1.4bn
• Challenger 2 Life Extension Program
• - potential order size 148 MBT @ € 0.8-1.2bn
• Next generation of battle tanks

System house for land based operations Integrating components to systems

Total life cycle potential

Platform sales are just the tip of the iceberg – success creates opportunities

1X SALES OF PLATFORM

2X LIFECYCLE SPENDINGS

Rheinmetall creates additional business opportunities over the entire life cycle of 50 years

• Ammunition
• Spare parts
• Service & Maintenance
• Training & Simulation
• Technical Documentation
• Upgrades (Life time extension)

FINANCIALS

FY 2019 Group: Highlights Strong operating performance with high shareholder return

FY 2019 Highlights: Automotive Strong cash flow generation under difficult market conditions

• Sales Sales drop beyond market slow down especially in Diesel and unfavorable customer mix with additional impact of net negative ramp-ups
• Cost reduction measures limited further leverage driven result decline
• FY margin decreased 2.2%p to 6.7%
• Cash flow improved on working capital and diligent capex management

FY 2019 Highlights: Defence Excellent performance of our Defence business

• Another year with order intake > €5bn
• Sales increased 9% to new record

Result growth of €89m accelerated margin by almost 2%p to 9.8%

Cash flow benefited from milestone payments

FY 2019 Group: EPS and dividend Shareholders to benefit from increased dividend

Earnings and dividend per share in €

• EPS increased notably due to improved results and minorities declining structurally on M&A by €0.71
• Underlying EPS growth of 14%
• Payout ratio around 31%
• Dividend increased for the 5th consecutive year
• Total payout mounts to just above €100m

FY 2019 Group: Highlights Solid margin development

Sales

in €m

Operating result in €m Margin in %

FY 2019 Group: Key financials Sound balance sheet

• Equity increase was held back by OCI (lower pension discount factor) and last year's M&A activities
• Investment grade Baa3 (stable) confirmed
• Net-debt remains on low level
• Solid credit KPIs
• Adequate liquidity available

FY 2019 Group: Key financials

Sufficient liquidity and credit lines available, no significant maturities in 2020

• 90% of the financial liabilities are long-term
• Current liquidity position of around 940€m (incl. liquid financial assets)
• Unused cash credit lines from banks of 430€m
• Unused commercial paper program of 500€m
• Unused 500€m syndicated credit line with 13 banks can be drawn (i.a. back-up line for the commercial paper program)

Corporate Presentation April 2020 43

FY 2019 Group: OFCF Considerable working capital improvement as main driver

Typical seasonal pattern of cash flow

• Absence of unscheduled D&A (PY €42m)
• Pension driven by lower CTA funding
• Working capital improved strongly on milestone payments

FY 2019: Capex Segmental growth path reflected in different capex development

Capital expenditure

Defence preparing for growth in €m and in (% of sales)

FY 2019: R&D Innovation remains key in both segments

FINANCIALS AUTOMOTIVE

Automotive: Q4 2019 Highlights

Strong cash generation in a slow sales quarter with burdening one-offs

• Sharp sales decline of -12.9% (FX-adjusted -13.2%) significantly higher than global LV production decrease of -4.2%* aggravated by negative ramp effects, the drop in truck markets and GM strike; Diesel on new low
• Roughly €10m burden in Q4 result (GM, malware, CZ quality issues)
• OFCF doubled on efficient working capital management and diligent capex spending

In €m	Q4 2018	Q4 2019	∆	FY 2018	FY2019	∆
Sales	731	637	-12.9%	2.930	2.736	-6.6%
Operating result	69	40	-42.0%	262	184	-29.8%
Operating margin in %	9.5%	6.2%	-330 bp	8.9%	6.7%	-220 bp
Operating Free Cash Flow	42	81	92.9%	26	73	180.8%
Operating FCF / Sales	5.8%	12.8%	700 bp	0.9%	2.7%	180 bp

*IHS Markit: March 2020

Automotive: Q4 2019 Highlights Negative leverage intensified by special effects

Sales Automotive in €m

Operating result Automotive in €m

Mechatronics

• •Weak Truck and Diesel demand in combination with ramp down effects
• •Negative leverage

Hardparts

•Small bore pistons declined on weak markets and GM strike

• •Bearings hit by soft endmarkets
• •Negative leverage and special burden

Aftermarket •Solid markets and robust margin

improvement

Q4 2019 Highlights: Automotive Decline in all business areas except Aftermarket

Sales split LV/ Non-LV in €m / in %

Sales split Non-LV in €m / in %

		Delta absolute in %
Diesel	-24	-14.7%
Gazoline	-21	-7.7%
other LV	-10	-20.8%
LV Business	-55	-11.2%
Truck	-34	-29.6%
Large Bore	-3	-15.2%
other	-5	-16.7%
Aftermarket	+5	+5.7%
Non-LV Business	-38	-14.9%

Automotive: FY 2019 Diesel decline had the biggest single impact on sales

EU registrations by fuel type in % of total registrations

Sales by fuel type in €m

Automotive: Q4 2019 China performance Strong finish to the year

Comments on the quarter

• Strong operational performance supported by FX and favorable M&A effect vs. market growth of 3.2% (IHS Markit 4 March 2020)
• Successful ramp-ups of pump business and strong sales for casting incl. non-automotive products
• EBIT development held back by startup cost

Including 100% figures of 50/50 JV, consolidated at equity

FINANCIALS DEFENCE

Defence: Q4 2019 Highlights Best closing quarter in history

• Order intake jumped to ~€3bn with large share for 2020
• Sales increase of 5.5% on an already strong Q4 '18
• WA and VS were the driver behind the margin expansion of 160bp to 15.8%
• Working capital improved due to milestone payments lifting cash to sales ratio to ~45%

In €m	Q4 2018	Q4 2019	∆	FY 2018	FY 2019	∆
Order intake	1.094	2.985	172.9%	5.565	5.186	-6.8%
Sales	1.255	1.324	5.5%	3.221	3.522	9.4%
Operating result	179	210	17.3%	254	343	35.0%
Operating margin in %	14.2%	15.8%	160 bp	7.9%	9.8%	190 bp
Operating Free Cash Flow	479	595	24.2%	-29	266	>100%
Operating FCF / Sales	38.2%	44.9%	680 bp	-0.9%	7.6%	850 bp

Q4 2019 Highlights: Defence Closing quarter with notable outperformance

501 608 346 363 471 438 -63 -85 Q4 2018 Q4 2019 1,255 1,324 5.5% -7.0% +4.9% +21.4% Weapon & Ammunition Vehicle Systems 44 34 107 -7 Q4 2018 179 22.7% 9.9% 8.8% Sales Defence in €m in €m Margin Q4 2018 14.2%

Electronic Solutions

Consolidation

Weapon & Ammunition • Sales held back by export restrictions
• Excellent order execution Electronic Systems • Solid growth •
Unfavorable product mix effects Vehicle Systems • Strong growth of higher margin tactical vehicles

Regional overview FY 2019 Success in "home markets" is key driver

Q4 2019 : Defence Strong Q4 order intake with high share for 2020

Order intake by division in €m

Order backlog profile in €m per 31/12/2019

²⁰²⁰ OUTLOOK

Corona update (1) Early adoption of preventive measures to contain the situation

Growing catalogue of preventive measures

• Installation of global corona action team at each site
• Daily updates on corona situation from all 6 divisions
• Increased level of disinfection and hygienic measures
• Initial travel restrictions to risk regions expanded to global foreign travel ban
• Switch to virtual meetings internally and externally with supplier and customer
• Cancellation of internal events until further notice
• 100% functionality with 50% presence (e.g. mobile office, shift models)
• Action teams analyze the supply chain and identify remedies
• Intense dialog across the supply chain

Corona update (2)

Situation very dynamic, first priority to protect employees and supply chains

Virus containment measures proven effective

• China production restarted, current activity level >60%, but no reported incidents
• Germany with five incidents, but no production impact
• Italy with one incident, fully operational
• Several employees in preventive quarantine (e.g. holiday returns)

Automotive Q1 impact from China expected Europe and US business until todoy not affected

Defence is 100% operational Further growth in Q1 expected

Supply chains still stable

• Critical parts and suppliers under evaluation
• Alternative sourcing and logistics in process
• As of today no supply shortage and no delivery impact reported
• Plant closure announcement of European OEM under assessment

2020 Guidance Guidance without Corona effect

	Sales			Operating margin
	2019 in €bn	2019 Operational growth yoy in % at constant FX	2020e Operational growth yoy in % at constant FX	2019 in %	2020e in %
GROUP	6.3	0.5	1 – 3	8.1	around 7
AUTOMOTIVE	2.7	-7.4	-2 to -3	6.7	around 5
DEFENCE	3.5	7.6	5 – 7	9.8	9 – 10

FY guidance will be updated earliest with Q1 earnings release

Appendix

Sustainability ESG @Rheinmetall

2040 CO 2 neutral	Automotive Product portfolio actively reduces CO² emission Reduction energy intensity (MWh/EUR m revenue) 2015: 229,4 2019: 157,2 Reduction THG intensity (tCO /EUR m revenue) 2015: 101,2 2019: 65,7 2 Revenue coverage ISO 14001 72,4 % Revenue coverage ISO 50001 84,4 % Environmental issues Part of Business Partner Check
Social Responsible	Transparency in the Supply Chain Suppliers EU-registered: PM: ~ 60 % and NPM: ~ 56 % Human Rights In-house DD 2019 as per DIHR Part of Business Partner Check since 2019 Health & Safety ISO 45001 14 companies certified Diversity Goals 2020-2025 Women in management development programs Corporate Citizenship Sponsoring 2019: EUR 876k Donations 2019: EUR 486k
Robust Governance Model	Compliance Management System - IDW PS 980 approved Extensive training Data Privacy Set-up of network infrastructure as part of CMS Strict regime 2019: 33.529 entries in War Weapons Book 104 export licenses german weapons of war control act (KWKG) 752 export licenses Foreign Trade and Payments Ordinance (AWG) Product responsibility Reporting Contribution to SDGs & GRI Reporting Annually from 2020 onwards CSR Ratings 10 agencies

Active board remuneration schemes

Current and new remuneration policy for contracts starting in 2020

Current policy New policy

KMW/Nexter European Defence Consolidation landscape Cobham <25% or not state-owned Saab BAE Systems Chemring Rheinmetall >25% state-owned PL RO HUN CZ Aselsan Oto Melara Thales RUAG Nammo Patria Kongsberg 49.9% 50% Rheinmetall

• Governmental shareholding restricts room for cross-border consolidation
• Big common armament programs could be catalysts for further consolidation

Rheinmetall's approach:

• JV partnerships with companies in different nations instead of "putting all eggs in one basket"
• Sufficient organic growth potential, but suitable M&A transactions are possible

Our capital allocation policy is geared towards further growth

Funding of growth (organic and M&A)

9.4% Dividend to shareholders (Payout ratio 30-35%)

Q3 '19 level Improvement of pension funding via CTA (target level 50-60%)

Select key data: outlook 2020

Rheinmetall Group		In %(PY)	Automotive	Defence
Holding cost	€20-25 (PY: €25m)	Capex (w/o IFRS 16)	Around 5.5% (5.5%)	Around 5%(4.7%)
Tax rate	Comparable level (PY: 26%)	D&A	5.5-6.0% (5.9%)	3-3.5% (3.1%)
Interest result	~-€45m (PY:-€35m)	R&D (self-funded)	Around 6% (5.9%)	2-2.5% (2.0%)

Group 2015 – 2019: Key figures (as reported)

in €m		2015	2016	2017	2018	2019
Balance Sheet	Total assets	5.730	6.150	6.101	6.759	7.415
	Shareholder's equity	1.562	1.781	1.870	2.173	2.272
	Equity ratio (in %)	27,3	29,0	30,7	32,1	30,6
	Pension liabilities	1.128	1.186	1.080	972	1.169
	Net financial debt	-81	19	230	-30	-52
	Net financial debt / EBITDA	0,17	-0,03	-0,37	0,04	0,07
	Net gearing (in %)	5,2	-1,1	-12,3	1,4	2,3
Income	Sales	5.183	5.602	5.896	6.148	6.255
statement	Operating result	287	353	400	491	505
	Operating margin (in %)	5,5	6,3	6,8	8,0	8,1
	EBITDA	490	581	626	836	792
	EBIT	287	353	385	518	512
	EBIT margin (in %)	5,5	6,3	6,5	8,4	8,2
	EBT	221	299	346	485	477
	Net income	160	215	252	354	354
	Earnings per share (in EUR)	3,88	4,69	5,24	7,10	7,77
	Dividend per share (in EUR)	1,10	1,45	1,70	2,10	2,40
	ROCE (in %)	10,6	12,3	13,8	17,1	15,4
CF statement	Free cashflow from operations	29	161	276	-35	314
Headcount	Employees (Dec. 31) according to capacity	20676	20993	21610	22899	23780

Segments 2015 – 2019 Key figures

Automotive									Defence
2015	2016	2017	2018	2019			in €m	2015	2016	2017	2018	2019
2.621	2.670	2.922	2.888	2.705		Order intake		2.693	3.050	2.963	5.565	5.186
445	458	520	478	447		Order backlog (Dec. 31)		6.422	6.656	6.416	8.577	10.399
2.592	2.656	2.861	2.930	2.736		Sales		2.591	2.946	3.036	3.221	3.522
216	223	249	262	184		Operating result		90	147	174	254	343
8,3	8,4	8,7	8,9	6,7		Operating margin (in %)		3,5	5,0	5,7	7,9	9,8
335	356	367	421	348		EBITDA		175	239	268	403	450
216	223	227	266	186	EBIT			90	147	172	247	341
8,3	8,4	7,9	9,1	6,8	EBIT margin (in %)			3,5	5,0	5,7	7,7	9,7
167	149	154	161	143	Capex			96	95	89	101	166
96	105	106	26	73		OFCF		-38	103	238	-29	266
10.934	10.820	11.166	11.710	11.405		Employees (Dec. 31) according to capacity		9.581	10.002	10.251	10.948	12.100
1.450	1.499	1.621	1.664	1.525		Sales		881	1.111	1.175	1.056	1.018
118	140	176	171	118	Mechatronics	Operating Result	Weapon &	73	108	117	121	123
8,1%	9,3%	10,9%	10,3%	7,7%		Margin	Ammunition	8,3%	9,7%	10,0%	11,5%	12,1%
952	921	968	988	937		Sales		759	745	691	839	948
73	62	60	65	28	Hardparts	Operating Result	Electronic	12	25	20	46	75
7,7%	6,7%	6,2%	6,5%	3,0%		Margin	Solutions	1,5%	3,4%	2,9%	5,5%	7,9%
285	319	358	367	361		Sales		1.195	1.392	1.480	1.568	1.787
27	29	33	36	35	Aftermarket	Operating Result	Vehicle	-9	29	53	108	150
9,5%	9,1%	9,2%	9,7%	9,8%		Margin	Systems	-0,8%	2,1%	3,6%	6,9%	8,4%

Continuing ROCE improvement

Next events and IR contacts

Next Events

Bank of America, Global Industrials Conference 19 March 2020 Bankhaus Metzler, Frankfurt 31 March 2020 Roadshow Zurich 02 April 2020

Q1 2020 Earnings call 30 April 2020

Annual Stockholder's Meeting Rheinmetall AG 05 May 2020

H1 2020 Earnings call 30 July 2020

Q3 2020 Earnings call 04 November 2020

Quick link to documents

Corporate Presentation Interim Reports Annual Reports

All investor meetings will be conducted as telephone conferences

IR Contacts

Dirk Winkels

Head of IR Tel: +49-211 473-4749 Email: dirk.winkels@rheinmetall.com

René Weinberg

Senior Investor Relations Manager Tel: +49-211 473-4759 Email: rene.weinberg@rheinmetall.com

Rosalinde Schulte

Investor Relations Assistant Tel: +49-211 473-4718 Email: rosalinde.schulte@rheinmetall.com

Disclaimer

This presentation contains "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to Rheinmetall's financial condition, results of operations and businesses and certain of Rheinmetall's plans and objectives. These forward-looking statements reflect the current views of Rheinmetall's management with respect to future events. In particular, such forward-looking statements include the financial guidance contained in the outlook for 2020.

Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as "will", "anticipates", "aims", "could", "may", "should", "expects", "believes", "intends", "plans" or "targets". By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. In particular, such factors may have a material adverse effect on the costs and revenue development of Rheinmetall. Further, the economic downturn in Rheinmetall's markets, and changes in interest and currency exchange rates, may also have an impact on Rheinmetall's business development and the availability of financing on favorable conditions. The factors that could affect Rheinmetall's future financial results are discussed more fully in Rheinmetall's most recent annual and quarterly reports which can be found on its website at www.rheinmetall.com.

All written or oral forward-looking statements attributable to Rheinmetall or any group company of Rheinmetall or any persons acting on their behalf contained in or made in connection with this presentation are expressly qualified in their entirety by factors of the kind referred to above. No assurances can be given that the forward-looking statements in this presentation will be realized. Except as otherwise stated herein and as may be required to comply with applicable law and regulations, Rheinmetall does not intend to update these forward-looking statements and does not undertake any obligation o do so.

This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire or dispose of securities in Rheinmetall AG or any of its direct or indirect subsidiaries.