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Copyright © Siemens AG 2007. All rights reserved.

TAP the potential of SiemensTRANSPARENCY – ACCOUNTABILITY – PERFORMANCE

Peter Löscher, President and CEOJoe Kaeser, CFO

Annual Analyst ConferenceLondon, 9th November 2007

Annual Analyst Conference 2007 Copyright © Siemens AG 2007. All rights reserved.

This document contains forward-looking statements and information – that is, statements related to future, not past, events. These statements may be identified by words such as “expects,” ”looks forward to,” “anticipates,” “intends,” “plans,” “believes,”“seeks,” “estimates,” “will” or words of similar meaning. Such statements are based on our current expectations and certain assumptions, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond Siemens’ control, affect its operations, performance, business strategy and results and could cause the actual results, performance or achievements of Siemens worldwide to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. For us, particular uncertainties arise, among others, from: changes in general economic and business conditions (including margin developments in major business areas); the challenges of integrating major acquisitions and implementing joint ventures and other significant portfolio measures; changes in currency exchange rates and interest rates; introduction of competing products or technologies by other companies; lack of acceptance of new products or services by customers targeted by Siemens worldwide; changes in business strategy; the outcome of pending investigations and legal proceedings; our analysis of the potential impact of such matters on our financial statements; as well as various other factors. More detailed information about our risk factors is contained in Siemens’ filings with the SEC, which are available on the Siemens website, www.siemens.com, and on the SEC’swebsite, www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the relevant forward-looking statement as expected, anticipated, intended, planned, believed, sought, estimated or projected. Siemens does not intend or assume any obligation to update or revise these forward-looking statements in light of developments which differ from those anticipated.

EBITDA (adjusted), Return on capital employed, Free cash flow, Cash conversion and Net debt are Non-GAAP financial measures. A reconciliation of these amounts to the most directly comparable IFRS financial measures is available on our Investor Relations website under www.siemens.com/ir, Financial Publications, Quarterly Reports. "Group profit from operations" is reconciled to "Income before income taxes" of Operations under "Reconciliation to financial statements" in the table "Segment Information."

Safe Harbour Statement


TAP the potential of Siemens

Execution starts now

Capital structure target: 0.8x – 1.0x adj. industrial net debt / EBITDAShare buy back of up to € 10 bn by 2010 announcedClear priority on organic growth Focus on three business sectors Energy, Industry, HealthcareGovernance structure with clear accountabilitySG&A cut 10-20% by 2010Increased target margins

Principles

Increase

TRANSPARENCY

Enforce

ACCOUNTABILITY

Drive

PERFORMANCE


Highlights of Q4

Group Profit from Operations of €1.990 bn

Outperforms strong Q2 result of this year

All Groups within target margin ranges

Significant margin expansion of key businesses

Strong organic top-line growth1) (new orders +19%, sales +8%) shows strong competitive position in attractive markets

Exceed ambitious cash conversion target(cash conversion rate of 1.83 compared to target of 0.92)

Improvement of RoCE from 9.6% in FY06 to 12.7% in FY 07

1) Q4 2007 YoY on a comparable basis excluding currency translation and portfolio effects, i.e., excluding Siemens VDO


All Groups are within their target margin ranges

5.2%5-6%SBS

52.6%18-22%SFS1)

13.4%11-13%Med

5.0%5-7%TS

10.5%10-11%Osram

7.5%7-9%SBT

10.7%10-13%PG

8.1%5-7%PTD

6.3%5-6%SV

4.6%4-6%I&S

14.2%11-13%A&D

MarginQ2 FY07

Margin RangesFit4More

1) SFS has a return on equity target

20.0%20-23%SFS1)

5.6%5-7%SIS

13.3%13-15%Med

5.1%5-7%TS

10.6%10-12%Osram

7.5%7-9%SBT

10.1%10-14%PG

9.9%7-10%PTD

5.2%5-7%I&S

13.8% 12-15%A&D

MarginQ4 FY07

Margin RangesFit4 2010


Top-line growth in Q4 confirms strong position in attractive markets

Orders growth1)

Asia and Europe as Main Growth Engines

1) Q4 2007 YoY on a comparable basis excluding currency translation and portfolio effects, i.e., excluding Siemens VDO

61%Asia / Pacific

31%Rest ofEurope

9%Germany

7%Americas

-10%Africa, NMEand GUS

20%

10%Rest ofEurope

-5%

18%Asia / Pacific

Germany

Americas

Africa, NMEand GUS

7%

Revenue growth1)

China: +27%USA: +4%

China: +87%USA: +1%

Very satisfactory Performance in all Sectors

+12%+12%Osram

+2%+27%SIS

+6%-11%Med

+25%+14%PTD+21%+46%PG

-12%+202%TS

-1%-2%SBT+2%+3%I&S

+16%+18%A&DRevenue growth1)Order growth1)

Industry: Particular strength at A&D and Osram Power: Continuation of the last quarters‘ trendMedical: US weakness compensated so far


The priorities of our portfolio are clearly defined

Stringent capital allocation

Organic Growth

Exploit global growth opportunities

Exploit potential from past acquisitions (> EUR 20 billion over last 5 years)

Earnings conversion

1

Three sectors: Energy, Industry and Healthcare

Less complex, more competitive

Streamlining2

Value creation

Strict financial hurdle rates

M&A deal book

Selectiveinvestment3

Portfolio Priorities


Improved focus

Integrated technology company focused on three Sectors

EnergyBusinesses from

Power GenerationPower Transmission & Distribution

IndustryBusinesses from

Automation & DrivesIndustrial Services & SolutionsTransportation SystemsBuilding TechnologiesOsram

HealthcareBusinesses from

Medical Solutions

Sectors

Sie

men

s IT

Sol

utio

ns a

nd S

ervi

ces

Sie

men

s Fi

nanc

ial S

ervi

ces

Cross-sectoral

Three Sectors

Customer centric

Growth markets

Reduced complexity

Leverage synergies

1) Combined revenues of businesses

~€20bn1)

~€40bn1)

~€10bn1)


Energy: Complete, unique and unmatched portfolio

Unique positioning for a carbon constrained environment

Leading market positions in nearly all businesses

Sector Energy: Market growth of 11% p.a.1)

1) total markets, 2) compound annual growth rate new orders 2005-2007, 3) based on current capacity

Market position Division CAGR 2)

#1 High Voltage transmission > 40%#1 Energy Automation > 30%#1 Instrumentation and Controls ~ 10%#2 Transformers > 60%#2 Oil & Gas and Industrial Applications > 20%#2 Medium Voltage distribution > 20%#2 Fossil Power Generation > 20%#5 3) Wind Power (#1 in offshore) > 110%

Siemens worldwide installed fleet (20% of total installed capacity) as strong basis for service growth

Well positioned for advanced GT market (World, U.S.)

Unique portfolio for clean coal (w/wo carbon capture):Ultra-super-critical steam power plants, Gasifiers, IGCC, Air pollution control, Low NOx burners

Renewables: Clear goal to be in top 3 in wind business, biomass, solar thermal

GIS: compact and efficient solutions for Megacities

Smart grids for optimized and safe grid utilization

High efficiency access through HVDCtransmission lines

168260

70

53221

2006

330

2010e

PTD

PG

+11%

Energy market€ bn

Trends & market drivers

• Demographic change, population growth and urbanization

• Environmental awareness

• Fuel diversification

• Capacity additions

• Replacement in mature markets

• Distributed generation (smart grids)


Industry: Clear focus drives profitability

Industry: Unique trendsetting solutions

Leading market positions in nearly all businesses

Sector Industry: Market to grow 5% p.a.1)

1) total markets 2) compound annual growth rate 2005-2007 3) excluding acquisition of UGS 4) Totally Integrated Power

TIP4) and building-oriented automation platform

New solutions for energy efficiency management in industry from energy saving to process optimization

UGS: Shorten time to marketsubstantially by creating a unified product and production platform

Industry market€ bn

Trends & market drivers

Demographic change, urbanization and shortening of natural resources

Pressure on productivity improvement in all industries (efficient and suitable solutions)

Increased importance of sustainability and environmental care

Tapping even more potential

Powerful and focused divisions (e.g. strong product divisions)

Innovative and leading industry automation platform based on proven SIMATIC technology across all divisions

Full utilization of global sales and distribution channels

148129

10380

7463

2521

A&DI&S 104 128

478397

SBTTS

OSRAM

2010e2006

Market Division market revenueposition growth2) growth2)

#1 Factory automation3) 4% 8%#1 Metals Technologies 3% 12%#1 Water Technologies 6% 16%#1 Intelligent Traffic Systems 3% 16%#3 Process Automation 7% 20%

+5%


Healthcare: The Integrated Workflow Company is best positioned for growth

Best positioned for growth and profitability

Partner of choice for our customers through strategy and portfolio

Leading position in key areas

#1 or strong #2 positions in major imaging modalities. Innovation leadership and continuous market share gains

#1 in Healthcare IT

#1 in IVD through Dade Behring

First and only integrated diagnostics company

Ready to leverage integrated diagnostics and molecular medicine

Partner and enabler for pharma, biotech, academia

An integrated approach best enables earlierprevention and detection, more specificdiagnosis and an individually targetedtherapy and care

How to best improve healthcare efficiency

Quality Cost

Improve Workflow byInnovationProcess-Optimization

and throughout thecontinuum of care

of Healthcare delivery

In-vivo & in-vitro Diagnostics

Important role in an attractive market

1) ESPICOM report 20072) incl. Audiology, Oncology

~ 3000bn

WorldwideHealthcareMarket1)

(€)

Healthcare decisionsinfluenced

~70%

100 %

57bn

Served MarketImaging/Other2) €25bn.Healthcare IT €11bn.IVD €21bn.

Prevention / Early

detection

Diag-nosis Therapy Care

Healthcare IT


Leadership based on accountability and P&L responsibility

Key benefits

Clean accountability for Sectors, Regions and Global Functions

Operating Management Board

Group level disappears

Customer focused

Schematic of proposed new leadership structure

GlobalFunctions

Clear chain of

commandand

escalation path

Managing BoardChief Executive OfficerGlobal Function Heads

Global Sector Heads

CEOEnergy

CEOIndustry

CEOHealthcare

Divisions

BusinessUnits

Divisions

BusinessUnits

Divisions

BusinessUnits

GlobalP&L


Key activities

We will cut SG&A cost by 10-20% until 2010

1 Streamlining organization with potential to reduce SG&A cost

2 Optimizing G&A cost across Corporate functions, Sectors and Regions

3 Increase efficiency of Marketing and Sales processes

16.7%17.9%

SG&A1)

201020072006

SG&A cost reduction

Reduction by 10 to 20 %

…

1) Continued Operations , i.e., without Siemens VDO

4 Projects to be launched in January 2008


Closing the performance gaps

Target margins will be increased

has become the baseline due to the strong cycle

Yardstick is the best competitors’ performance

New target margin of Healthcare: 14 – 17%

Increase alignment of management compensation with shareholders’ interests

Accountability drives world class execution

Going even further

Copyright © Siemens AG 2007. All rights reserved.Annual Analyst Conference 2007

What has been on the CFO's mind

Focus on organic growth

Cash conversion

Optimize Capital structure

Convertible

Target & Metric

EPS Growth > Growth of Operational Profit

Wise consideration of the M&A sellers' market

Prioritize resources for improved capital efficiency

Move down break-even point of businesses

Mixed basket

Still on

Ongoing


Cash

ProfitabilityGrowth

Capitalstructure

Completed target system drives shareholder value

Cash conversion

Growth

Capital structureAdj. industrial net debt / EBITDA

Capital allocation

0.8x – 1.0x

Criteria for selecting a target leverage:Optimize shareholder value Access to capital marketsSupport of operating businessStrategic flexibility for organic growth and acquisitions

1 – growth rate

>2x GDP ROCE 14 - 16%

1.73

0.69

FY 2007FY 2006

FY 2006 FY 2007

9.6%

FY 2007

12.7%

FY 2006

10.0% 10.2%


Optimize capital structure … … via returns to shareholders

Share buy back to reach capital structure target

Adj. industrial net debt / EBITDA

… while keeping financial flexibility

Drive EPS growth

Create shareholder value

Buy back shares up to €10bn until 2010

1) FYE 07 adjusted for VDO proceeds € 11.4 bn and Dade Behring purchase price € 5.2 bn

0.8x

FY2007

-0.1x

0.8x-1.0x

0.7xDade Behring

FY2010

0.4x

FY2006

-1.5xVDO

Baseline after announced

transactions 1)


1.5x -0.1x

11.3

Net debt (as reported)

SFS debt 1) Pension deficit Credit guarantees

Hybrid adj. Cash impact of Dade Behring

& VDO

Adj industrial net debt baseline

(0.4)OPEB

(1.0) (6.2)1.0 0.8 0.4(6.7)

Group Net Debt

Net debt as reported

Long-term and short-term debt― Cash & cash equivalents― Available for sale financial assets

Adj. Industrial Net Debt

Adj. industrial net debt

Calculation of adjusted industrial net debt

1) SFS debt less internally purchased receivables 2) preliminary and unaudited

SFS adapted debt 1)

Pension deficitOther Post-Employment BenefitsCredit guaranteesHybrid adjustment

Numbers for FY 20072)

in € bn

Net debt as reported


Very strong Q4 for 'primary level' of Operations1)

Strong conversion of growth into earnings and cash, € bn

Revenues1) Group Profit1) Free Cash Flow1)

20.818.6

Q4 2007Q4 2006

0.882

Q4 2006 Q4 2007

2.072 3.194

Q4 2006

1.204

Q4 2007

135% 165%12%

1) Operations Groups excluding Strategic Equity Investments and Other Operations


FY 2007 with significant improvement of growth conversion …

Cash Conversion by Group 3)

... into earnings ... ... and cashIncremental Margin by Group 1)

1) Incremental margin (%) on delta revenues (FY07 vs. FY06)2) Not meaningful (e.g. negative numbers)

28%31%26%

17%

49%

27%

A&D4)

177%

I&S SBT PG PTD

n/m 2)

TS Med4) Osram

n/m 2)

SIS

0.1

SIS

0.9

PG

0.8

OsramI&S PTD

1.01.01.0

1.8

MedSBTA&D TS

0.8

1.8

0.95 0.930.94

0.98

0.79

0.800.920.97

0.84

3) Free Cash Flow divided by Group Profit4) Adjusted for PPA & integration costs (see Earnings Release)


144%

122%131%

110% 109%

127%

2005 2006 2007

Asset Management remains in focus

NWC1) turns up Capex rate down

TargetRange

115%

95%

8,0

6,97,4

6,9

8,0

6,5

2005 2006 2007

1) Net Working Capital

as reportedcomp. w/o SV

Additions to PPE

Add. to intangibles & PPE

Depreciation

Depr.& amortization

incl. SV excl. SV


Issues below the 'primary level' of Operations will be addressed

119

1,990

Group Profit from Operations

Other Operations

(-74)

SEI

(11)

Group Profitfrom Operations

pre SEI and Other Operations

2,072

Net Income

(1,468)

Discontinued Operations

Income from

Continuing Operations

1,394

Taxes

(147)

SFS, SRE, Treasury,

Eliminations

(117)

Other Interest Income

(451)

Central items, pensions & eliminations

(71)

Project launched to consolidate Other OperationsCorporate costs will be addressed through the SG&A project (not earnings effective in FY 2008)Confirm previous guidance on tax rate of 25-30%VDO gain in Q1 FY 2008 significant

€(45)m centrally carried regional costs

plus centrally held operat-ing businesses not related to a Group, e.g. SHC

€(484)m corporate items, of which € (85)m investigation costs€ (108)m impairment German sales organization

€39m pension expense

€(861)m VDO,incl. €(1)bn tax expenses

€(588)m Com activities, incl. €(201)m fine

€ bn


Benchmarking calls for more efficient Resource Management

Revenue per employee, in thousand €

341

188184182

2006200720062001

7.4 10.1 73.54.4Earnings per employee

CAGR0%

US-based Competitor


What is on the CFO's agenda

Still on What else

Move down break-even point of businesses

Unlock more cash

Prioritize resources for improved capital efficiency

Focus on organic growth

Proactive Controls

From remediate to prevent

Risk management & flexible liquidity

Quality disclosure


TRANSPARENCY – ACCOUNTABILITY – PERFORMANCESe

ctor

Out

look

200

8

Healthcare

2x GDP revenue growth inconstant US $ termsInnovations drive market share gains in the US and globally

Industry

Double market growth in Industry Automation (A&D Group) Leverage global sales and distribution network

EnergyRevenue growth at “ GDP2 ”Margin increase despite of low margin project backlog

Siemens Outlook 2008

Quality growth and earnings conversion

Revenue growth > 2x GDP

Earnings growth of Operations Groups1)

twice top-line growth

1) excluding Strategic Equity Investments and Other Operations


Financial calendar

JanuaryJanuary 24, 2008Annual General Meeting and Q1 FY 08 (Conference Call)

FebruaryFebruary 2008 (tbd)Capital Market Day “Healthcare”

DecemberDecember 2007 (tbd)Post Q4 Roadshow with CEO and CFO in London, New York, Boston (tbd), Frankfurt


Siemens Investor Relations Team

Webpage: http://www.siemens.com/investorrelations

e-mail: [email protected]

Telephone: +49-89-636-32474

Fax: +49-89-636-32830

Michael Sen +49-89-636-33780

Florian Flossmann +49-89-636-34095

Sabine Groß +49-89-636-35755

Irina Pchelova +49-89-636-33693

Christof Schwab +49-89-636-32677

Dr. Gerd Venzl +49-89-636-44144

Susanne Wölfinger +49-89-636-30639


Reconciliation and Definitions for Non-GAAP Measures (I)

Group profit from Operations is reconciled to Income before income taxes of Operations under Reconciliation to financial statements on the table Segment Information. See our Financial Publications at our Investor Relations website under www.siemens.com/ir.

Earnings before interest and taxes (EBIT)(adjusted) is Income from continuing operations before income taxes less Financial income (expense), net and Income (loss) from investments accounted for using the equity method, net.

Earnings before interest, taxes, depreciation and amortization (EBITDA) (adjusted) is EBIT before Depreciation and Amortization, defined as amortization and impairments of intangible assets depreciation and impairments of property, plant and equipment.

Group profit is reconciled to EBIT and EBITDA on the table Segment Information Analysis (II). See our Financial Publications at our Investor Relations website under www.siemens.com/ir.

Return on Capital Employed (ROCE) is a measure of how capital invested in the Company or the Group yields competitive returns. For the Company, ROCE is calculated as Net income (before interest) divided by average Capital employed (CE). Net income (before interest) is defined as Net income excluding Other interest income (expense), net and excluding taxes on Other interest income (expense), net. Taxes on Other interest income (expense), net are calculated in simplified form by applying the current tax rate which can be derived from the Consolidated Statements of Income, to Other interest income (expense), net. CE is defined as Total equity plus Long-term debt plus Short-term debt and current maturities of long-term debt minus Cash and cash equivalents. Because Siemens reports discontinued operations, Siemens also calculates ROCE on a continuing operations basis, using Income from continuing operations rather than Net income. For purposes of this calculation, CE is adjusted by the net figure for Assets classified as held for disposal included in discontinued operations less Liabilities associated with assets classified as held for disposal included in discontinued operations.For the Operations Groups, ROCE is calculated as Group profit divided by average Net capital employed (NCE). Group profit for the Operations Groups is principally defined as earnings before financing interest, certain pension costs and income taxes. Group profit excludes various categories of items which are not allocated to the Groups since the Managing Board does not regard such items as indicative of the Groups’ performance. NCE for the Operations Groups is defined as total assets less tax assets, provisions and non-interest bearing liabilities other than tax liabilities.Average (Net) Capital employed for the fiscal year is calculated as a “five-point average” obtained by averaging the (Net) Capital employed at the beginning of the first quarter plus the final figures for all four quarters of the fiscal year. For the calculation of the average during for the quarters, see below:


Reconciliation and Definitions for Non-GAAP Measures (II)Average calculation for CE*:

4 Point average: (CE ending Q4 Prior year + CE ending Q1 + CE ending Q2 + CE ending Q3) / 4Q33 Point average: (CE ending Q4 Prior year + CE ending Q1 + CE ending Q2) / 3Q22 Point average: (CE ending Q4 Prior year + CE ending Q1) / 2Q1

Year-to-Date

2 Point average: (CE ending Q3 + CE ending Q4) / 2Q42 Point average: (CE ending Q2 + CE ending Q3) / 2Q32 Point average: (CE ending Q1 + CE ending Q2) / 2Q22 Point average: (CE ending Q4 Prior year + CE ending Q1) / 2Q1

Quarter-to-Date

•NCE for Operations Groups

Our cash target is based on the Cash Conversion Rate (CCR), which serves as a target indicator for the Company’s or the Group’s cash flow. For the Company, CCR is defined as the ratio of Free cash flow to Net income, where Free cash flow equals the Net cash provided by (used in) operating activities less Additions to intangible assets and property, plant and equipment. Because Siemens reports discontinued operations, this measure is also shown on a continuing operations basis, using Income from continuing operations, Net cash provided by (used in) operating activities – continuing operations and Additions to intangible assets and property, plant and equipment for continuing operations for the calculation. For the Groups, CCR is defined as Free cash flow divided by Group profit.

All values needed for the calculation of ROCE and CCR can be obtained from the Consolidated Financial Statements and Notes to Consolidated Financial Statements.Group profit, Net capital employed and Free cash flow for the Company and the Groups can be found on the table Segment information. Our Consolidated Financial Statements are available on our Investor Relations website under www.siemens.com/ir.

Siemens ties a portion of its executive incentive compensation to achieving economic value added (EVA) targets. EVA measures the profitability of a business (using Group profit for the Operating Groups and Income before income taxes for the Financing and Real estate businesses as a base) against the additional cost of capital used to run a business (using NCE for the Operating Groups and risk-adjusted equity for the Financing and Real estate businesses as a base). A positive EVA indicates that a business has earned more than its cost of capital, and is therefore defined as value-creating. A negative EVA indicates that a business is earning less than its cost of capital and is therefore defined as value-destroying. Other organizations that use EVA may define and calculate EVA differently.


Reconciliation and Definitions for Non-GAAP Measures (III)

Our capital structure target is based on an Adjusted industrial net debt divided by EBITDA (adjusted). For the calculation of Adjusted industrial net debt, we subtract from Net debt (defined as Long-term debt plus Short-term debt and current maturities of long-term debt less Cash and cash equivalents less Available-for-sale financial assets) (1) SFS debt excluding SFS internally purchased receivables and (2) 50% of the nominal amount of our hybrid bond; and add/subtract (3) Funded status of Pension benefits, (4) Funded status of Other post-employment benefits; and add (5) Credit guarantees. The components of Net debt are available on our Consolidated Balance Sheets, SFS debt less internally purchased receivables is available in our Management Discussion & Analysis under Capital Resources and Requirements. The Funded status of our principle pension plans and Other post-employment benefits, the amount of credit guarantees and the nominal amount of our Hybrid bond is available in the Notes to our Consolidated Financial Statements.

To measure Siemens’ achievement of the goal to grow at twice the rate of global GDP, we use GDP on real basis (i.e. excluding inflation and currency translation effects) with data provided by Global Insight Inc. and compare those growth rates with growth rates of our revenue (under IFRS). In accordance with IFRS, our revenue numbers are not adjusted by inflation and currency translation effects.

Return on equity (ROE) margin for SFS was calculated as SFS’ Income before income taxes divided by the allocated equity for SFS. Allocated equity for SFS for the financial year 2007 is €1.041 billion. The allocated equity for SFS is determined and influenced by the respective credit ratings of the rating agencies and by the expected size and quality of its portfolio of leasing and factoring assets and equity investments and is determined annually. This allocation is designed to cover the risks of the underlying business and is in line with common credit risk management standards in banking. The actual risk profile of the SFS portfolio is monitored and controlled monthly and is evaluated against the allocated equity.

Group profit from Operations, EBIT (adjusted), EBITDA (adjusted), ROCE, CCR, EVA and Adjusted industrial net debt are or may be Non-GAAP financial measures as defined in relevant rules of the U.S. Securities and Exchange Commission. Our management takes these measures, among others, into account in its management of our business, and for this reason we believe that investors may find it useful to consider these measures in their evaluation of our performance. None of Group profit from Operations, EBIT (adjusted), EBITDA (adjusted), ROCE and EVA should be viewed in isolation as an alternative to IFRS net income for purposes of evaluating our results of operations; CCR should not be viewed in isolation as an alternative to measures reported in our IFRS cash flow statement for purposes of evaluating our cash flows; and Adjusted industrial net debt should not be viewed in isolation as an alternative to liabilities reported in our IFRS balance sheet for purposes of evaluating our financial condition.

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