Global leadership in the digital transformation of energy management and automation systems in the low and medium voltage segment. Balanced geographic diversification and customer distribution. Increasing diversification of the business mix away from a purely product-oriented business model into a balanced products versus solutions mix. Well positioned to take advantage of global megatrends, namely energy efficiency, decarbonization, decentralized power production, and connectivity. Focus on profitability supports the recovery of margins after downward pressure in 2014 and 2015. Exposure to commodity prices and to the performance of construction markets in the different regions. Our expectation of a continued track record of substantial free operating cash flow (FOCF) generation. Our view of a low likelihood of a large debt-funded acquisition. Fairly balanced
