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  • Placement successfully completed; proceeds approx. €950 million
  • Additional prepayment of €325 million of debt from excess cash flow
  • Further crucial step to optimize capital structure
  • Continental remains long term strategic shareholding

Schaeffler, the global automotive and industrial supplier, has successfully completed the placement of 3.9% of Continental AG shares. Proceeds amounted to approx. €950 million. Combined with a prepayment of €325 million from excess free cash flow, the company thereby reduces its indebtedness by approx. €1.275 billion. The receiving banks also include an affiliate of the bank placing the shares.

Schaeffler sold 7.8 million shares in Continental AG at a price of €122.50 per share to a broad range of international investors in an Accelerated Bookbuilt Offering. Together with the debt prepayment from excess cash flow, Schaeffler reduces its gross debt from currently approx. €10.3 billion to approx. €9.0 billion. In this context, Schaeffler AG reduces its gross debt from currently approx. €6.7 billion to approx. €5.8 billion and Schaeffler Holding decreases its gross debt from currently approx. €3.6 billion to approx. €3.2 billion.

Following the placement, Schaeffler’s participation in Continental AG amounts to 46.0%, whereby Schaeffler AG holds 34.2% and Schaeffler Holding holds 11.8% of the outstanding share capital. Schaeffler remains the largest shareholder in Continental AG and thus confirms its long term strategic participation in the company.

Maria-Elisabeth Schaeffler and Georg F. W. Schaeffler, shareholders of Schaeffler Group, said, “The further reduction of debt is an important step for the continuous successful development of our company. We will maintain our shareholding in Continental as it is of long term and strategic importance to us.”

Notice for Distribution
This publication may not be published, distributed or transmitted, directly or indirectly, in the United States (including its territories and possessions), Canada, Australia or Japan or any other jurisdiction where such an announcement would be unlawful. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession this document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This publication does not constitute an offer of securities for sale or a solicitation of an offer to purchase the above mentioned securities in the United States, Germany or any other jurisdiction.

Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. The securities of Continental AG may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the 'Securities Act'). The securities of Continental AG have not been, and will not be, registered under the Securities Act.

In the United Kingdom, this document is only being distributed to and is only directed at persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the 'Order') or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as 'Relevant Persons'). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

In member states of the European Economic Area ('EEA') which have implemented the Prospectus Directive (each, a 'Relevant Member State'), this announcement and any offer if made subsequently is directed exclusively at persons who are 'qualified investors' within the meaning of the Prospectus Directive ('Qualified Investors'). For these purposes, the expression 'Prospectus Directive' means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in a Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the expression '2010 PD Amending Directive' means Directive 2010/73/EU.

No action has been taken that would permit an offering of the securities or possession or distribution of this announcement in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.

Forward-looking statements and projections

Certain statements in this press release are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. No one undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place any undue reliance on forward-looking statements which speak only as of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as representation that such trends or events will continue in the future. The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-looking statements that Schaeffler, or persons acting on its behalf, may issue.

Publisher: Schaeffler AG
Country: Germany


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