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Osram Licht - February 19th, 2019

Item 2: We recommend to oppose the dividend proposal. The dividend is not covered by free cashflow for a third consecutive year and we consider a dividend payment inappropriate at this time.

Items 3a-3c: We recommend to oppose the discharge of the Management Board members due to two profit warnings in financial year 2017/2018 which raise fundamental concerns over the reliability of the Management Board's forecasting ability and its communication to stakeholders.

Osram Licht AG

Osram Licht is a light manufacturering group based in Germany. Co.'s portfolio covers the entire value chain from components - including lamps, electronic control gear and opto semiconductors such as light-emitting diodes (LED) - as well as luminaires, light management systems and lighting solutions. Co. is also a supplier of automotive lamps and LED for vehicles. In addition, Co. maintains market activities in the field of electronic control gear (ECG) for lamps. Co.'s operations are organized along four business segments: Lamps & Components; Luminaires & Solutions; Specialty Lighting; and Opto Semiconductors.


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