Rheinmetall Ag · XETR:RHM

Rheinmetall — Investor Presentation (May 2022)

75 slides from Rheinmetall's investor presentation, May 18, 2022

1. Slide 1: Investor Presentation May 2022

   PASSION FOR TECHNOLOGY Rheinmetall Investor Presentation May 2022

2. Slide 2: Agenda

   Rheinmetall - Investor Presentation Agenda Rheinmetall at a glance Market & Drivers Five divisions under one roof Financials Outlook Responsibility @ Rheinmetall Appendix © Rheinmetall AG I May 2022 2

3. Slide 3: Rheinmetall at a glance: Selected key business highlights

   Rheinmetall - Investor Presentation Rheinmetall at a glance Selected key business highlights Sales by division Result by division In €m In €m -6% 11% 12% 22% Weapon and Ammunition -11% 48% Weapon and Ammunition Electronic Solutions 23% Electronic Solutions 23% 5,658 16% Vehicle Systems 594 Vehicle S

4. Slide 4: Historic financial development

   Rheinmetall - Investor Presentation Rheinmetall at a glance Historic financial development Sales, operating result and operating margin Operating FCF and operating FCF to Sales In €m / in % Op. Margin Sales Op. Result In €m / in % oFCF oFCF/Sales 6,148 6,255 10.5% 5,896 8.3% 7.4 5,602 5,658 5,405 4.

5. Slide 5: Management sets clear strategic objectives

   Rheinmetall - Investor Presentation Rheinmetall at a glance Management sets clear strategic objectives 1 Reduce Automotive exposure 2 Minimum profitability level requirement 3 Continuous portfolio management © Rheinmetall AG I May 2022 5

6. Slide 6: The new corporate structure - Five divisions under one roof

   Rheinmetall - Investor Presentation Rheinmetall at a glance The new corporate structure - Five divisions under one roof Rheinmetall Group Holding Weapon and Electronic Vehicle Sensors and Materials Ammunition Solutions Systems Actuators and Trade  Mid & Large  Integrated  Tactical Vehicles  Pump

7. Slide 7: Strategy as clear commitment to our technological leadership

   Rheinmetall - Investor Presentation Rheinmetall at a glance Strategy as clear commitment to our technological leadership ONE Rheinmetall Passion for technology Re-organization to Leverage our core Focus on growth better fit our needs technological strengths business areas  Divest non-core business

8. Slide 8: Sustainability is a central component of our corporate strategy

   Rheinmetall - Investor Presentation Rheinmetall at a glance Sustainability is a central component of our corporate strategy FRAME-WORKS & INITIATIVES CSR-DIA* GRI UN GC CDP SBTi TCFD SASB Since 2017 Since 2017 Joined in 2021 Applied in 2021 Commitment Q4 2021 2022 2022 ACTION ENVIRONMENT SOCIAL GOVE

9. Slide 9: Markets & Drivers

   Rheinmetall - Investor Presentation Markets & Drivers © Rheinmetall AG I May 2022 9

10. Slide 10: Start of a new era in German defence policy

    Rheinmetall - Investor Presentation Start of a new era in German defence policy Olaf Scholz: "We are living through a watershed era." “The 2022 federal budget will provide a one-off sum of 100 billion euro for the fund. We will use this money for necessary investments and armament projects.” “We wil

11. Slide 11: Government announcement on Feb 27, 2022

    Rheinmetall - Investor Presentation Start of a new era in German defence policy Government announcement on Feb 27, 2022 Special fund €100bn As of 2023 Germany will spend 2% plus of GDP for defence Support for Ukrainian armed Short-term increase in Closing the investment gap and forces Bundeswehr cap

12. Slide 12: Record level budget spending ahead

    Rheinmetall - Investor Presentation Start of a new era in German defence policy Record level budget spending ahead German defence spending in % of GDP* 1.24% 1.35% 1.31% 1.35% ~2% ~2% 70-80 70-80 70-80  2022 defence budget of around €50.3bn  Additionally €100bn p.a. from special fund 50.3** - dist

13. Slide 13: German budget timeline focusses order intake on H2 2022

    Rheinmetall - Investor Presentation Market update German budget timelime focusses order intake on H2 2022 Parliamentary decisions 27.02.2022 May June H2 2022 „Watershed“ speech Constitutional €100bn amendment for announcement €100bn fund Final End of Timeframe for potential budget provisional discus

14. Slide 14: €42bn gross potential identified from already qualified products

    Rheinmetall - Investor Presentation Start of a new era in German defence policy €42bn gross potential identified from already qualified products Gross potential in billion Euro Ammunition Trucks 8x8 & 6x6 Puma Soldier Systems Up to €12bn Load handling system Boxer «schwerer 2nd lot  €3.7bn*  €1.2b

15. Slide 15: Defence projects with short-term implementation potential

    Rheinmetall - Investor Presentation Start of a new era in German defence policy Defence projects with short-term implementation potential Lead time Sales period Ammunition 6-12 months ~10 years Trucks ~12 months ~10 years 8x8 and 6x6 12-18 months 6-7 years Puma 24 months 6-7 years Soldier Systems 12

16. Slide 16: German defence orders and sales gain further momentum in 2023

    Rheinmetall - Investor Presentation Market update German defence orders and sales gain further momentum in 2023  Order intake expectation Germany Sales estimates Germany In net € bn in net € bn Key projects 2022 Key projects 2022  Ammunition  Ammunition  Trucks  Trucks  Puma 2nd Lot  Helmets

17. Slide 17: Lynx tenders offer huge order potential

    Rheinmetall - Investor Presentation Market update Lynx tenders offer huge order potential Current international tenders Slovakia Australia Czech USA Lynx Lynx IFV Bradley replacement Land 400 Phase III Tender: 2021-2023 Tendering procedure Potential start of ongoing, currently on hold production: 20

18. Slide 18: New international order potential taking shape

    Rheinmetall - Investor Presentation Market update New international order potential taking shape Additional international potential Italy Greece Greece UK UK Hungary Hungary Litauen Lithuania MBT Lynx Lynx Boxer Boxer 3rd lot 3rd lot Loitering Loitering Ammo Boxer Boxer? IFV Leopard upgrade ~400 veh

19. Slide 19: Germany is the main driver for accelerated growth

    Rheinmetall - Investor Presentation Outlook Germany is the main driver for accelerated growth  Order intake expectation defence divisions  Sales estimates defence divisions in €bn in €bn 14-16 13-15 ~+20% 5.5 – 6.0 4.5 - 4.6 3.773 4.676 2021 actual 2022 guidance 2023 estimate 2021 actual 2022 guid

20. Slide 20: Main challenges are addressed

    Rheinmetall - Investor Presentation Start of a new era in German defence policy Main challenges are addressed Highest risk: availability of raw materials Personal / Recruiting  Enormous demand for raw materials e.g. steel,  ~1,500 – 3,000 additional people needed electronics  Rheinmetall has incr

21. Slide 21: Rheinmetall's global production capacities

    Rheinmetall - Investor Presentation Start of a new era in German defence policy Rheinmetall‘s global production capacities Germany UK Vehicles • Kassel: Vehicles • Unterlüss: Vehicles, Ammunition Canada Electronics, Vehicles • Kiel: Vehicles, Electronics • Bremen: Soldier Systems, Electronics, Air D

22. Slide 22: Rheinmetall group growth scenario

    Rheinmetall - Investor Presentation Outlook Rheinmetall group growth scenario  Group sales estimates Group sales in €m and growth in% Estimate Guidance 15% - 25% 15% - 20% 5,658 2021 2022 guidance 2023 estimate © Rheinmetall AG I May 2022 Based on Rheinmetall management assumptions and calculations

23. Slide 23: Participating in the defence super cycle

    Rheinmetall - Investor Presentation Markets & Drivers Participating in the defence super cycle 100bn fund 2022 Ukraine invasion Demand for 1990 next generation Upscaling of systems Downscaling forces and of forces Inflection Return to treaty modernization and point and territorial armament Out of NA

24. Slide 24: Successful internationalization provides diverse sources of growth

    Rheinmetall - Investor Presentation Markets & Drivers - Home Markets Successful internationalization provides diverse sources of growth Our home markets Germany Australia UK Hungary  Largest customer  Established „home market“  JV with BAE serves „home  Established „home market“ with  Commitmen

25. Slide 25: Hungary is a catalyst for future success of our Lynx

    Rheinmetall - Investor Presentation Markets & Drivers: Vehicles Systems Hungary is a catalyst for future success of our Lynx USA Southern US Army Bradley replacement Czech Europe ~4000 vehicles ~ € 40 bn Combined potential: Australia ~200 vehicles ~ € 10 bn Tender: 2021-2023 ~ € 2 bn Potential start

26. Slide 26: Product life cycle potential

    Rheinmetall - Investor Presentation Markets & Drivers: Product life cycle potential Platform sales are just the tip of the iceberg – success creates opportunities  Service sales* in €m +14% 1X SALES OF PLATFORM Service sales 2025 ~€1bn +24% 590 475 2020 2021 2022e 2023e 2024e 2025e 2X LIFECYCLE SPE

27. Slide 27: System house for land based operations

    Rheinmetall - Investor Presentation Markets & Drivers: Product life cycle potential System house for land based operations and integrating components to systems VJTF System-of-Systems Systems System house Armored Infantryman Puma Gladius Platforms Laser Key Components Lance turret Lance turret Prote

28. Slide 28: Strong underlying growth drivers create opportunities

    Rheinmetall - Investor Presentation Markets & Drivers: Market trends Strong underlying growth drivers create opportunities New Applications E 3+ Efficiency (CO2 Reduction) Emission (Reduction) Electrification Outside powertrain The innovation pipeline is packed! © Rheinmetall AG I May 2022 28

29. Slide 29: Green ambitions as a clear global trend for cleaner mobility

    Rheinmetall - Investor Presentation Markets & Drivers: Clean Mobility Green ambitions as a clear global trend for cleaner mobility g CO2/km Europe USA China 162 Q4 Q1 130 ‘20 ‘21 2030: NEV 40% of total Sales 121 but 117 Until 2060: Survival of ICE 108 95 100 93 81 89 70 73 59g (-37%) Trump Admin tar

30. Slide 30: Declining ICE volumes and accelerated growth for alternative powertrains

    Rheinmetall - Investor Presentation Markets & Drivers: LV growth Declining ICE volumes and accelerated growth for alternative powertrains IHS LV production forecast* In million units 105 +2.4% 105 +8% 101 101 95 95 +6% 88 EV 88 AP 82 19% Hybrid 82 ICE 77 12% 38% 77 9% 52% 23% 34% 6% 11% ICE 13% 18%

31. Slide 31: From combustion engine to alternative powertrain

    Rheinmetall - Investor Presentation Markets & Drivers: Mobility market trends From combustion engine to alternative powertrain ICE Mechenical Coolant Pumps Solenoid Valves Variable valve train Electronic throttle Electronic Coolant valve Engine Blocks Valves Heat pumps Exhaust Flaps Engine Bearings

32. Slide 32: Sensors & Actuators: Prepared for future growth

    Rheinmetall - Investor Presentation Markets & Drivers: Sensors & Actuators Prepared for future growth Outperforming the Innovative solutions Growth in alternative Diversify into market for clean mobility powertrains (AP) new applications * Estimated sales development in €bn G r o w t h c at a l y s

33. Slide 33: Materials and Trade: Well positioned to capture growth opportunities

    Rheinmetall - Investor Presentation Markets & Drivers: Materials and Trade Well positioned to capture growth opportunities Aftermarket Bearings Castings (Joint Ventures) Sales in €m Sales in €m Sales in €m Solid profitability Shift to non-ICE applications Technology leadership 5% CAGR 7% CAGR 7% CAG

34. Slide 34: Diverse portfolio for truck applications

    Rheinmetall - Investor Presentation Markets & Drivers: Trucks Diverse portfolio for truck applications Permaglide bearings for truck compressors and truck hydraulics Main coolant pumps Auxiliary coolant pumps Electrical oil pumps Bushings for Sales injection pumps in €m Main-bearings 600 ~386 ~436 ~

35. Slide 35: Chinese operations geared towards growth

    Rheinmetall - Investor Presentation Markets & Drivers: China Chinese operations geared towards growth Highlights  Sales China in €m  Partner of local big players SAIC and HASCO (50/50 1,149 1,003 joint ventures) 871 889 957 WFOEs*  Biggest casting capacities in China – technology leader JVs 401 (

36. Slide 36: Five Divisions under one roof

    Five Divisions under one roof © Rheinmetall AG I May 2022 36

37. Slide 37: Division Overview: Vehicle Systems

    Rheinmetall - Investor Presentation Five divisions under one roof Division Overview: Vehicle Systems 2021 Results In €m / in % Sales Operating Result OFCF 1,846 1,883 and Margin 8.1% 9.2% 321 149 174 77 2020 2021 2020 2021 2020 2021 Products Market profile Key Competitors Differentiators Market posi

38. Slide 38: Division Overview: Weapon and Ammunition

    Rheinmetall - Investor Presentation Five divisions under one roof Division Overview: Weapon and Ammunition 2021 Results In €m / in % Sales Operating Result OFCF and Margin 1,199 1,233 132 15.4% 17.6% 184 218 -8 2020 2021 2020 2021 2020 2021 Products Market profile Key Competitors Differentiators Mar

39. Slide 39: Division Overview: Electronic Solutions

    Rheinmetall - Investor Presentation Five divisions under one roof Division Overview: Electronic Solutions 2021 Results In €m / in % Sales Operating Result OFCF and Margin 931 932 9,8% 10,6% 105 92 99 -52 2020 2021 2020 2021 2020 2021 Products Market profile Key Competitors Differentiators Market pos

40. Slide 40: Division Overview: Sensors and Actuators

    Rheinmetall - Investor Presentation Five divisions under one roof Division Overview: Sensors and Actuators 2021 Results In €m / in % Sales Operating Result OFCF and Margin 1,202 1,315 7.8% 3.0% 29 103 5 36 2020 2021 2020 2021 2020 2021 Products Market profile Key Competitors Differentiators Market p

41. Slide 41: Division Overview: Materials and Trade

    Rheinmetall - Investor Presentation Five divisions under one roof Division Overview: Materials and Trade 2021 Results In €m / in % Sales Operating Result OFCF and Margin 651 7.8% 39 536 5.4% 24 51 29 2020 2021 2020 2021 Q1 2021 Q1 2022 Products Market profile AFTERMARKET Key Competitors Differentiat

42. Slide 42: Outlook

    OUTLOOK © Rheinmetall AG I May 2022 42

43. Slide 43: Forecast uncertainties remain - but chances prevail

    Rheinmetall - Investor Presentation Outlook Forecast uncertainties remain - but chances prevail Ukrainian war offers additional business potential Rising defence spending worldwide Topline Negative impact from China lockdown OEM supply chains are negatively affected Continuous downward revision of L

44. Slide 44: 2022 Guidance confirmed

    Rheinmetall - Investor Presentation Outlook 2022 Guidance confirmed Organic Sales Growth 15%-20% Operating Margin >11% This growth forecast assumes that the German government's plans for possible procurements from the defense budget for 2022 and from the special assets to be created for the Bundeswe

45. Slide 45: Group - forecast business performance in 2022

    Rheinmetall - Investor Presentation Outlook Group - forecast business performance in 2022 2022 2021 Sales Group € million 15% to 20% 5,658 Division Vehicle Systems € million significantly improved 1,883 Division Weapon and Amunition € million significantly improved 1,233 Division Electronic Solution

46. Slide 46: Financials

    FINANCIALS © Rheinmetall AG I May 2022 46

47. Slide 47: Q1 2022 Group Highlights

    Rheinmetall - Investor Presentation Q1 2022 Group Highlights Operating result and margin further improved  Group sales at prior-year level of EUR 1,266 million  Operating profit improved by 10% to EUR 92 million  Operating margin of 7.3% significantly higher than prior-year figure of 6.7%  Conti

48. Slide 48: Q1 2022 Key financial data

    Rheinmetall - Investor Presentation Q1 2022 Group Highlights: Key financial data Stable sales development with further margin expansion Sales* Operating result and margin in %* Earnings per share in €m in €m in € -1 (-0.1%) 1,268 1,266 +8 7 (+9.5%) (+0.5%) -18 12 (-1.4%) (+13.9%) 10 2.9% (+0.8%) 0 -

49. Slide 49: Q1 2022 Cash flow

    Rheinmetall - Investor Presentation Q1 2022 Group Highlights: Cash flow Strategic working capital build up held back cash development Operating Free Cash flow* Highlights / Comments in €m -402  Q1 2022 OFCF compares to the best first quarter ever in Q1 2021, which benefitted from high level +4 +2 o

50. Slide 50: Q1 2022 Balance Sheet

    Rheinmetall - Investor Presentation Q1 2022 Group Highlights: Balance Sheet Solid financial situation rewarded by rating upgrade to Baa2, outlook stable Equity and Equity ratio Net financial position* Pensions in % and €m Equity ratio Total equity In €m In €m 2,620 2,785 773 118 644 33.9 35.7 -556 3

51. Slide 51: Q1 2022 Division Highlights

    Rheinmetall - Investor Presentation Q1 2022 Division Highlights Weapon and Ammunition as well as Materials and Trade move group performance Sales* Operating Result* Margin* OFCF* in €m in €m in % in €m Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 ∆ ∆ ∆ 2021 2022 2021 2022 2021 2022 2021 2022 Vehicle Systems 409 400 -2.2

52. Slide 52: High demand for our civil products grows booked business

    Rheinmetall - Investor Presentation Q1 2022 Markets & Drivers High demand for our civil products growths booked business by almost 50% Booked business for Sensors + Actuators and Materials + Trade divisions In €m +49% 1,232 Q1 2021 Q1 2022 210 11% 829 4% 13% 173 6% 28% 829 1,232 1,022 62% 13% 63% 65

53. Slide 53: Weapon and Ammunition contributes most to strong order intake

    Rheinmetall - Investor Presentation Q1 2022 Markets & Drivers Weapon and Ammunition contributes most to strong order intake Order intake* Order Backlog Profile* In €m In €m Frame Backlog** ~3,500 ~3,800 +209% +18% 1,782 15,091 8,412 398 12,818 6,407 323 10,516 Order +12% Backlog 9,211 576 2,574 2,87

54. Slide 54: Material impact from Chinese lockdown expected to continue

    Rheinmetall - Investor Presentation Q1 2022 Markets & Drivers Material impact from Chinese lockdown expected to continue Sales* Chinese Market update in €m +13.1% Current Situation: 250 221 23 36  Shanghai area lockdown 6 38  Areas close to Shanghai start short-term regional 183 214 lockdowns and

55. Slide 55: Civil business facing challenging market situation

    Rheinmetall - Investor Presentation Market update Civil business facing challenging market situation  2022 Global LV Production growth forecast* 2022 Civil divisions expectations in % -4.1pp 8.5%  We are expecting to win nomination letters that Downward revision driven by: will drive our booked bu

56. Slide 56: Responsibility @ Rheinmetall

    Rheinmetall - Investor Presentation Environment Responsibility @ Rheinmetall © Rheinmetall AG I May 2022 56

57. Slide 57: Mainstays of States: sovereignty, national security and stability

    Rheinmetall - Investor Presentation Responsibility @ Rheinmetall Mainstays of States: sovereignty, national security and stability of society Force protection is our mission • We serve governments enabling them to fulfil security policy and military mission obligations We operate in a strictly regul

58. Slide 58: ESG is embedded in our strategy

    Rheinmetall - Investor Presentation Responsibility @ Rheinmetall ESG is embedded in our strategy - Great strides recognized by improved ratings Measures Initiatives & Ratings Targets selection  CO2 Neutrality brought forward CDP MSCI ESG from 2040 to 2035 first participation Q3 2021 AA only 22% of

59. Slide 59: Environmental goals: 2035 CO2 neutral

    Rheinmetall - Investor Presentation Responsibility @ Rheinmetall Environmental goals 2035: CO² neutral * In thousand tCO2  Consistent energy management system well established; energy saving Total Emissions Scope 1 Emissions goals and use of renewable sources Scope 2 Emissions  Reduction of CO2 in

60. Slide 60: Biodiversity activities

    Rheinmetall - Investor Presentation Responsibility @ Rheinmetall Biodiversity acitivities  Fojana – Rheinmetall‘s 5,500 Hectares Natural Paradise near Unterlüss  137t of CO₂ capture/ha 3,300 ha forest bind 452,272t CO₂  1,500 m³ of groundwater formation/ha  30t of O₂/ha One hectare of deciduous

61. Slide 61: Being a responsible corporate citizen

    Rheinmetall - Investor Presentation Responsibility @ Rheinmetall Being a responsible corporate citizen Social responsibility Rheinmetall Worldwide  Awarded a special price by the German Corporate Health  Automotive product portfolio actively reduces CO² emission Award for extra strong commitment i

62. Slide 62: Compliance & Governance System

    Rheinmetall - Investor Presentation Responsibility @ Rheinmetall Compliance & Governance System Culture  " ESG" and "transparency" as pillars of the strategy  Zero tolerance policy  Top Tier ranking in Transparency International Defence Communication Companies Anti-corruption Index 2020  Target

63. Slide 63: Implementing transparency in the supply chain

    Rheinmetall - Investor Presentation Responsibility @ Rheinmetall Implementing transparency in the supply chain Frequent Supplier Monitoring process started  Complex multi-tiered sourcing activities  Environmental and human rights due diligence are a significant responsibility and a major challenge

64. Slide 64: New Executive Board remuneration policy with 20% ESG targets

    Rheinmetall - Investor Presentation Responsibility @ Rheinmetall New Executive Board remuneration policy with 20% share ESG targets Short Term Incentive Long Term Incentive Overall payout cap: 250% Overall payout cap: 250% Target achievement per target (0% - 250%) Performance period (4 years forward

65. Slide 65: Appendix

    Rheinmetall - Investor Presentation Appendix © Rheinmetall AG I May 2022 65

66. Slide 66: Capital allocation

    Rheinmetall - Investor Presentation Capital allocation Growth remains top priority 1 Funding of growth (organic and M&A) 2 Dividend to shareholders (mid-term payout ratio 35-40%) 9.4% Q3 ‘19 level 3 Further funding of pensions via CTA (Germany, target level 50-60%) 4 Share buyback (Currently not a p

67. Slide 67: Milestones in acquisition strategy

    Rheinmetall - Investor Presentation FY 2021 Group Highlights Milestones in acquisition strategy Zeppelin Drone 4iG Mobile manufacturer Polycharge Systems EMT 25.1% Stake Closing 12/2021 Closing 01/2022 Closing 2022 Closing 03/2022  Positioning further in a  Digitization strategy  Electrification

68. Slide 68: ROCE development

    Rheinmetall - Investor Presentation ROCE development  ROCE in % 20 19.0 17.1 15.4 15 13.4 12.3 Average 12.2% 11.8 10 5 0 2016 2017 2018 2019 2020 2021 © Rheinmetall AG I May 2022 68

69. Slide 69: 2016-2020: Key figures (as reported)

    Rheinmetall - Investor Presentation Rheinmetall 2016-2020: Key figures (as reported) in €m 2016 2017 2018 2019 2020 Balance Sheet Total assets 6.150 6.101 6.759 7.415 7.267 Shareholder's equity 1.781 1.870 2.173 2.272 2.053 Equity ratio (in %) 29,0 30,7 32,1 30,6 28 Pension liabilities 1.186 1.080 9

70. Slide 70: Key Figures

    Rheinmetall - Investor Presentation Key Figures Key Figures 2021 2 0 2 0 ¹⁾ 2 0 19 2 0 18 2 0 17 ² SA LES/EA RNINGS Sales €millio n 5.658 5.405 6.255 6.148 5.896 Of which generated abro ad % 65,9 64,4 68,9 72,3 75,9 Operating result €millio n 594 446 505 491 400 Operating margin % 10,5 8,3 8,1 8,0 6

71. Slide 71: Balance Sheet

    Rheinmetall - Investor Presentation Balance Sheet © Rheinmetall AG I May 2022 71

72. Slide 72: Income Statement

    Rheinmetall - Investor Presentation Income Statement © Rheinmetall AG I May 2022 72

73. Slide 73: Cashflow Statement

    Rheinmetall - Investor Presentation Cashflow Statement © Rheinmetall AG I May 2022 73

74. Slide 74: Next events and IR contacts

    Rheinmetall - Investor Presentation Next events and IR contacts Next Events IR Contacts UBS, Best of Europe, virtual 17 May 2022 Dirk Winkels Deutsche Bank, db Access German Corporate, Frankfurt 24/25 May 2022 Head of Investor Relations M.M. Warburg, Warburg Highlights, Hamburg 24 June 2022 Tel: +49

75. Slide 75: Disclaimer

    Rheinmetall - Investor Presentation 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 pl

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