Ladies and gentlemen. Good morning. It's great to be able to meet again in person here in Oerlikon. We haven't been able to meet in person for the past two years, and it's really great to have a face-to-face meeting again. We also have colleagues watching us over the Internet, and I would like to extend a warm welcome to them as well. I'm also very pleased to welcome my colleagues from the board of directors and the group executive committee, and I would like to welcome them very cordially as well. I finally welcome Oliver Riemenschneider, who is the designated Chairman of Accelleron Industries Ltd. It is through this entity that we wish to spin off our Turbocharging business. Today's extraordinary general meeting will decide about this proposal. Allow me to say a few words about safety, and I will then present the other persons subsequent to that. In the event of an alarm, please follow precisely the instructions of the personnel identified with either yellow or orange vests. The emergency exits are indicated and are located on the left and right side of the hall, as well as in the entrance area behind you. Shareholders, guests, I open our extraordinary general meeting with some formal statements. In accordance with Article 14 of our Articles of Incorporation, I, as Chairman of the Board of Directors, take the chair at this extraordinary general meeting. I'm joined here on the podium here by our CEO, Björn Rosengren, and I'm sure you have read about him in the newspapers, but never had a chance to meet him in person. This is him. This is Björn Rosengren. We have Andrea Antonelli. He's the General Counsel and Secretary to the Board of Directors. Mr. Antonelli will also keep the minutes of today's meeting. Also with us on the podium is Oliver Riemenschneider. I mentioned him before. He's the designated Chairman of Accelleron. As independent proxy, I would like to welcome the law firm Zehnder Bolliger & Partner, represented here in our meeting through Dr. Hans Zehnder. He is in the first row here. May I ask all shareholders wishing to speak during the meeting to now come forward and report to the registration desk at the front to your right. Please give your surname, your first name, and your place of residence, and have yourself entered into the list of speakers. Out of courtesy to the other shareholders, I would like to ask you to limit your speech so we can have a swift procedure. Shareholders, we shall conduct all the ballots and elections at today's extraordinary general meeting electronically. This is in accordance with Article 17 of our articles of incorporation. The voting procedures will be supervised by Mrs. Olivia Foisy, member of ABB's Headquarters Legal Department, whom I hereby appoint as vote counter. You can see her on screen now. KPMG, our auditors, are represented by Hans-Dieter Krauss and Mohammed Nafaye. They are in the first row here as well. The invitation to the extraordinary general meeting was published on the 22nd of July, 2022 in the Swiss Official Gazette of Commerce and also in abbreviated form in various daily newspapers, complying with the statutory notice period of 20 days. Shareholders entered in the share register were additionally notified of the general meeting by post in a letter dated 22nd of July, 2022. I declare that no shareholders' requests in accordance with Article 13 of our articles of incorporation are on the table for items to be included on the agenda, nor have any deviating motions been submitted relating to today's agenda item. The auditor's report on the proposed special dividend was available for inspection by shareholders at the company's head office and is additionally available on our website. Attendance recording will be carried out electronically by means of a barcode on the admission card. If you leave the hall during the meeting, you are asked to take your voting cards as well as your voting keypad with you. The attendance announcement and information about the voting modalities will be made at a later point in time. I now declare that this general meeting has been convened and constituted in accordance with the statutory and legal requirements as to form. In other respects, I would like to point out that for the purposes of keeping the minutes, all statements and the meeting itself are recorded. In addition, today's meeting is being webcast live on the Internet in German and English via ABB's website. After the meeting, the recording, as well as the minutes, will be available on our website as well. Ladies and gentlemen, this brings me to the subject of today's extraordinary general meeting, which is the proposed spin-off of ABB's Turbocharging business through Accelleron. Allow me to comment on our proposal from a board of directors' point of view. On the occasion of our annual general meeting in March this year, I announced that the board of directors would consider the option of spinning off the Turbocharging business, the Turbocharging division, into an independent business. Over the past few months, we have carefully assessed the situation and have come to the unanimous conclusion that making our Turbocharging business independent is in the best interests of both ABB and the business itself. That is why we are presenting to you, dear shareholders, with the corresponding proposal today for your vote and approval. This is an important strategic step for both ABB and the Turbocharging business. It will allow ABB to concentrate on its core businesses, which are electrification and automation, in line with our strategy. On the other hand, it will enable the Turbocharging business to operate with more flexibility and agility as an independent company going forward. This will drive additional value creation potential for ABB and for the division, which will operate independently in the future. If you vote in favor of this transaction as a shareholder, you will receive one Accelleron share as a dividend in kind for every 20 ABB shares that you hold. The Accelleron shares are due to be listed and traded on the SIX Swiss Exchange starting on the 3rd of October 2022. This will mark a new chapter for Accelleron and ABB almost 100 years after the first industrial turbocharger was produced at the current site in Baden. The development of this business has helped to make Baden an industrial center and has helped strengthen ABB's global reputation as an innovative technology company. Accelleron will now continue the story of this Swiss industrial champion with which generations of employees as well as customers and partners around the world have identified. I am convinced that this new chapter will also be a resounding success, and there are good reasons for this. Firstly, the spin-off of the Turbocharging business comes at a time of fundamental upheaval in the industry, which presents not only major challenges, but also numerous opportunities. The ongoing reorganization of global supply chains away from highly globalized industrial sourcing and production, coupled with the strengthening of local and regional production, as well as the bundling of core competencies at these locations, will all work in Accelleron's favor. In such a changing environment, the ability to maneuver independently is a considerable advantage. Secondly, pressure from investors, politicians, and society to reduce emissions and use existing resources more efficiently is a tremendous opportunity for Accelleron. Our Turbocharging business has been at the forefront of innovation in the industry for decades. Today, it is a leader in the development and production of highly efficient turbochargers, which will continue to play a key role in improving the performance of engines as they move to low-carbon alternative fuels. In particular, Accelleron will make a substantial long-term contribution to decarbonizing shipping and power generation. Its growth prospects are correspondingly positive. Thirdly, Accelleron has an excellent financial profile with a strong capital base. Robust cash flow and better than average profitability compared with other businesses in the industry. We all believe that this will allow the company to continue leading the industry in terms of investment in research and development, which is critical to maintaining Accelleron's competitiveness and its market leadership. Finally, there remains our mutual understanding that we can always be a little bit better, something that Accelleron demonstrates through its strong capacity for innovation with 30-50 new patents filed each year. At the same time, our technological expertise in reducing CO₂ emissions from high-performance turbochargers will enable us to make a concrete contribution to a more sustainable society. After all, partnerships are a key driver of success and growth, and that applies as much to investors as it does to customers and employees. As ABB shareholders, you will also be part of Accelleron, a world-leading and financially successful company with excellent prospects. The company has an outstanding technology and market position in its sector, loyal customers and a strong and experienced management team and a highly motivated workforce. The business is a true gem of Swiss industry, which will be able to play even better to its strengths as an independent company. The board of directors, your board of directors, is convinced that this transaction is in the best interest of ABB and Accelleron. That is why I'm asking you, together with my colleagues, to approve the board of directors' proposal to spin off Accelleron Industries Ltd. Thank you very much for having turned out and for having listened to me. I now give the floor to our Chief Executive Officer, Björn Rosengren, for his remarks from an operational perspective. Thank you. [Foreign language] Damen und Herren, thank you for taking the time to attend this extraordinary general meeting. At ABB, we are very proud of Accelleron, our Turbocharging business. It is a market and technology leader that has shaped the industry since it produced the world's first industrial turbocharger in 1924. It's a strong company with reliable revenues generated from its leading technology as well as successful service business. Accelleron is also very profitable. Last but not least, it is a business with a future. Turbochargers increase engine output while improving efficiency, which makes the engines more powerful and efficient. This is important also in the terms of contributing to a more sustainable future. I also personally have a long history of working with ABB Turbocharging from my time as CEO of Wärtsilä. Most of the engines we built were equipped with ABB turbochargers because they provided the best value for our customers, both through its leading technology and excellent servicing offer provided by its talented employees in Switzerland and across the globe, and that hasn't changed. Why do we want to spin off our Turbocharging business? Turbocharging is not part of ABB's purpose and our future focus area, which are electrification and automation. To strengthen our position in those areas, we pursue a strategy of active portfolio management. That means divesting or spinning off businesses that no longer fit with our portfolio. We are also looking for acquisitions that will strengthen our core businesses. For example, we sold our Dodge business last summer and recently announced acquisitions of Siemens' low-voltage NEMA motor business. In the case of Accelleron, we have concluded that the best path forward for the company is to be listed as a standalone company here on the Swiss Stock Exchange. Accelleron has a strong growth potential, a proven track record in innovation, including a digitalized service offering and a large and a loyal customer base. We believe that the company will continue to create a lot of value for our customers, our employees, and shareholders. As a shareholder of ABB, I believe that the spin-off will be positive both for Accelleron as well as ABB. I'm looking forward of being a shareholder in the new company that, as we will hear from Oliver, has a bright future and will deliver good returns to its investors. The public listing of Accelleron is also great news for Switzerland, which will have a new independent technology champion on the stock market. I wish Oliver and his team all the best on their exciting journey ahead. Ladies and gentlemen, thank you very much. As you've heard from Björn, he is an ABB shareholder and will be an Accelleron shareholder, and same thing goes for me. Of course, because we believe in Accelleron's future. For today's extraordinary general meeting, we thought that we should introduce you to the Turbocharging business in more detail. There's nobody more suited for that task than Oliver. He was the CEO of said business, and now he is the designated chairman of the board for Accelleron, and he is more than qualified to explain the business to you and to show you what the future prospects are. Thank you, Peter. Thank you, Björn, for giving us a chance to present Accelleron here. I would like to welcome you all, esteemed shareholders. It is a pleasure for me to be able to introduce you to Accelleron and its business. First of all, I'd like to explain what such a turbocharger is, as we also delivered to Wärtsilä. As you can see here, we have an engine of 300 MW in Bangladesh, and what's circled here in orange is a turbocharger. It increases the output of the engine by a factor of four. Instead of having 18 engines, you would have to have 72 if you were to use the regular engines, and that comes with a high cost. Turbochargers leads to a high density of energy and efficiency. Also, turbochargers help save the fuel used, which also increases efficiency. Here we're talking about savings of about 10%, which means that when it comes to a power plant or a container ship, that's about CHF 3 million in savings per year. In addition, the turbocharger also reduces emissions, whether that's CO₂ or NOx. The turbocharger is very clearly an element that is decisive for efficiency in an engine. On this slide, you can see the applications for a turbocharger. It's about the marine business, rail business, energy, power plants, oil and gas, and off-highway, such as we see here in mining. As you can see, those are all assets with a long life cycle. We're talking about 20-40 years here. These turbochargers are running 24/7. If you drive 100,000 km with your car, that's about 2,000 hours of operations for the engine, and the first maintenance takes place at 5,000 hours with the turbocharger. After 35,000 is the first time we replace certain elements that were worn. Then we also have the possibility to extend life with our maintenance and service. Service is important and is expected. Why is it so important? For one, it's the availability of the engine. If the turbocharger doesn't work, we see a reduction in output of 75% for the engine. The travel, the journey will take longer, or the ship, for instance, will not even be able to enter any kind of port because it's not maneuverable anymore. Every day counts. The costs, we're talking here about $35,000-$100,000 a day for any downtime. The second thing is efficiency. The large shipping companies have annual fuel costs of $2 billion-$3 billion, and efficiency here is definitely a factor, which is why we have service stations around the globe, over 100 service stations, and we have 180,000 turbochargers that are maintained by our service network. That also explains why the portion of service expenses or revenue—what goes into servicing—in our revenue is quite a large one. When it comes to the journey that we have with our turbochargers and our customers, of course, well, we actually accompany this from the beginning, from design. We are part of the developing and designing process, and that can take up to five years. We also have very specific application cases to be able to optimize the different installations. We have on-time delivery from production and service. That's something I've already explained. Upgrade, that means that we have the newest technology that we keep using. If you have a life cycle of 20-40 years, of course you have to upgrade in order to increase efficiency. We have life extension. If we see that the truck or the ship can have a longer life cycle, we want to make sure that the turbocharger as well keeps up the efficiency and continues to function. That is all embedded in a digital landscape in our company. For one, we know exactly how the turbocharger is built, that we've delivered. On the other hand, we have a sort of medical history of every single turbocharger. Who did what and when exactly. That's very important if you have assets such as ships that travel the world and where maybe owners change constantly. We are the ones who actually really know the patient very well. We're also able to access operational data, temperatures, rates, and so on. We have therefore the possibility to make offerings for installations for customers that reflect the life cycle completely, which is why it's also very highly competitive. We also fix it to run it. We have a run per hour offering or availability that's guaranteed. It has been mentioned that the turbocharger is a Swiss invention. The first turbocharger was built 1924, delivered 1925 to Maersk. In those 100 years, we've been investing in our technology, in our relationship to our customers, to our engine manufacturers, the relationship that we have with the end customer and our service network and our service culture. Never fail a customer. That's what we live by. Ladies and gentlemen, that is why we have 180,000 turbochargers that are installed and running, and we have an extensive service network with over 100 service stations, the largest network in the industry. Again, about 75% of revenues are due to the service offering. Now let's look into the future. We've already heard the buzzword of the energy transition. Here we have two things. We have the marine business, and then we have the energy business. Let's look at marine first. Here you see a container ship that travels from Hong Kong to Hamburg. If traveling that distance that uses 40 GWh, that's about two days worth of energy produced by a Swiss nuclear power plant. In batteries, that would take 200,000 batteries that you would have to load on the ship, and you would then realize that the ship would sink. That's not a viable option. The solution, very obvious solution, seems is a combustion engine with green fuel. In the energy sector, we see a similar case. The idea is to substitute gas and coal power plants with sustainable energy, solar and wind power. That fluctuates, which means that you have to store energy maybe for hours, days, or weeks, or maybe even months. Here, the combustion engine with sustainable fuels is also a good solution. We are part of this energy transformation, and we are convinced that we can benefit from this transition. Here's some examples to show you that we are extensively working on these topics together with our customers, with the manufacturers, engine manufacturers, plant manufacturers. Here we have the engine from INNIO, about 1 MW of output. The engine that is in Hamburg is being used as a pilot project, and it can use 100% hydrogen and also 100% natural gas. Here you can see that it's possible to be flexible using different sources of energy. Energy security is something that's been discussed extensively recently. Here we can see that this flexible way of working can provide that. For us, that's very relevant to know and to learn how we can work with these energy and fuel mix and to be able to continue to offer a competitive offering. On the lower part of the slide, you also see the marine business. This is the first container ship that is running on biomethanol. Also part of our work with a main propulsion and auxiliary engines. There's also this special ship that is used to construct offshore wind farms. The propulsion of this ship is also a Wärtsilä model engine that is running on biomethanol. We are at the forefront together with our customers in order to develop sustainable solutions and that are also carbon neutral. Now to our financial profile. Here you can see what we achieved in 2021, CHF 756 million in sales with an EBITA margin of 25%. On the lower part of this slide, you can see what we are envisioning, 6% growth and an EBITA margin of 24%. We are calculating that we'll have additional costs over 18 months because of these, the spin-offs, the one-off costs. In the middle, you can see our midterm projection. We think that we'll have a growth of 2%-4%. That is not counting in inflation, so it's not adjusted for inflation, it's just organic growth. Actually above what the market will grow. We see EBITA between 23%-26%, and the cash conversion compared to the net profit will be at 90%-100%. The dividend for 2022, for the financial year 2022, will be around CHF 75 million. As guidance regarding our dividend policy, we want to take 50%-75% to pay out. That takes me to my last slide. Just to summarize and to tell you why we think that we are a good business, Accelleron is a good company to invest in. We are market leader. Market leader because we've invested significantly in technology, and our operational excellence is also something that we've invested in and into the excellent relationships with our customers, with our partners, whether that's end user or engine manufacturers. We also have a very appealing financial profile. We are market leader in very robust markets. Also in robust markets that will benefit from the energy transition. Our growth is organic as well as inorganic in our core markets and adjacent markets. That really gives us a full picture, and for you also to see why you should continue to be invested in Accelleron. We, as Accelleron, are ready and highly motivated for the spin-off. Accelleron is looking forward to turbocharging value creation for its shareholders. Thank you very much. Thank you very much, Oliver. Ladies and gentlemen, after these remarks, we next come to the attendance announcement. At today's general meeting, 503 shareholders are represented. Adding in the represented shareholders, we have the following attendance. 1,224,109,408 registered shares at CHF 0.12, represented with a total par value of CHF 146,893,128.96. This corresponds to 62.3% of the share capital with the right to vote. Shareholders wanting to have themselves represented at today's general meeting were able, before the meeting, to appoint another shareholder with the right to vote or our independent proxy. Zehnder Bolliger & Partner. On their behalf, Dr. Zehnder represents 1,222,820,240 registered shares at a par value in total of CHF 146,738,428.80. In the light of the above, I declare that this extraordinary general meeting has a quorum with regard to all items included on the agenda. The general meeting decides on the proposals before us today in accordance with the law and our articles of incorporation with an absolute majority of the represented share votes. The results of the ballot will be recorded in writing by the secretary. I would like to ask you to retain your voting cards for the duration of the meeting. This is in case the electronic voting system were to break down and a card ballot would need to be held. I would also like to point out that for today's ballot, anybody who would like to have their no votes or abstentions recorded by name can give their surnames, first names, place of residence, and the number of no votes or abstentions to the vote counter. From your perspective, at the front on the right to be recorded in the minutes. Ladies and gentlemen, we now come to our agenda. Approval of the spin-off of Accelleron Industries Ltd by way of a special dividend. I hereby open the discussion on the proposal of the board of directors. As you probably know, we have spun off ABB's Turbocharging business into Accelleron. At the top of this new structure, there is Accelleron Industries Ltd as the holding company, whose shares we wish to distribute as a special dividend to you as shareholders of ABB. For such distribution, consent of this general meeting is required. I would like to ask speakers to come forward to the microphone and to give their surnames, first names, and place of residence. Who can I call upon to speak? As a former ABB employee and an expert for Turbocharging business or charging business for electric vehicles, I'd like to note that there is a connection between turbocharging and e-mobility. I understand that you want to give away what is no longer needed in small and medium-sized vehicles, as long as it's still worth something. I don't think it makes any sense to spin off electrical mobility, even though it is a gem in today's world, where we really have to come down massively in CO₂ emission. I really don't understand, because if you can explain that to me, I will understand the strategy. Thank you very much. Perhaps, Oliver, you can explain what your function is in electrical mobility, and then perhaps you, Björn, you can explain what we do in terms of electromobility and cars, et cetera. Yes, I'm very happy to do this. As far as electromobility is concerned, we see the need for sustainable mobility, which is important and needed to run a battery-driven car and operate it in a CO₂ neutral fashion. As I mentioned in my presentation, there will be more fluctuation, and we need to have the technology to store electricity over days, weeks, and months. At the end of the day, we are helping e-mobility by making electricity available. It's correct. Sorry. It's correct that e-mobility is part of the purpose of ABB. It's a core business. Today, ABB is the world leader when it comes to EV charging, meaning charging everything from cars, buses, and trucks. This will continue to be a core business for ABB, and we are trying to support that business to continue to be a world leader within its area. Thanks, Björn. Sorry. Let me continue in German. We're talking about two different types of strategies followed on the one hand by the Turbocharging business and on the other hand, ABB and its electromobility strategy. With ships and cars and buses and trucks, we will keep this business within ABB and drive it further, and Oliver, on his side, will continue to strengthen the Turbocharging business, because at the end of the day, it's two different businesses. Good morning, Stephan Zurfluh. I live in Baden. I am a songwriter, and I would like to perform a song. I know I'm not the best of singers, but this will brighten things up a little bit. The interpreters will leave you to enjoy the art in the original. [Foreign language] Das Haar bis Silber verscherbelt. Das Unternehmen ausgemergelt. Geld einfach herausziehen. Sich nicht bemühen. Tradition in den Abgrund reiten. Durch Ruin nur Arbeiter leiden. Investorengeld gerettet. So gut gebettet. Ich bin selbst in Deutschland aufgewachsen. I grew up in Selb, in Germany, and we were active in the porcelain industry. We have a history. There was a visionary, Mr. Philipp Rosenthal, and after him, nothing was left and the city has collapsed completely. I don't want the same fate for Baden. We need ABB as a strong company in Baden, which is a beacon. With this spin-off, I fear that Baden will lose its importance. There will be just one more big SME and ABB will no longer be the beacon, which is so important for Baden's tradition, Baden as a city of electricity, as a city of energy. I'd like to hear from management what you think about this. Thank you very much, Mr. Zurfluh. I'm very pleased that you didn't ask me to sing along, because I would never have done such a good job as you have. You're actually asking two questions. On the one hand, why is there such a spin-off in the first place? The second question is, what is the future of Baden? Which is actually my place of birth as well. I have very close personal ties with Baden as well. Let me address the first question first. What we would like to achieve here with Accelleron, provided you support our proposal, is the opposite of what your song text actually said. You also gave me your text before, so I'm familiar with the content. What we're doing here is we take a business with a strong financial profile and set it up as the global number one business, both for management and employees alike, and ensure their long-term future in this business, so that they can develop their business in a completely different fashion. We also said very clearly the turbocharger was invented in Baden. The headquarters of the turbocharger is in Baden, so we will keep Accelleron in Baden. The headquarters will be in Baden. Baden has, as a location, been the breeding ground of these turbochargers, and this will continue to be the case in future as well. As I mentioned in my speech before, we expect both sides to benefit both Accelleron and ABB. What's important to note is that it's not about whether or not people stay with ABB. They can also have a career at Accelleron. They can be just as professional. They can train and develop with Accelleron just as much. What's important for us is to find a long-term solution for everyone, not just a short-term solution, and have the right results for the company, for investors, and for the employees. As a result, ABB can focus on the two businesses that it wants to be in and wants to invest in. This is electrification on the one hand and automation on the other. When I think of Switzerland as a country and as an ABB site, we've got 4,000 employees. After the spin-off, we will be down to 3,000. It's not true that the jobs will be gone. No, they will still be there in Baden, just under a different roof. ABB is well-known for its innovative power. In the greater Baden region, we've set up one of the most important research and development sites in Dättwil, which we will continue to operate. Switzerland's innovative power and Baden as innovative power will continue to thrive. Electrification, which started with Mrs. Brown and Boveri almost 130 years ago, will continue even though in different fashion. The core business will continue to be domiciled in Baden. I think when we look at this spin-off, we have a win-win situation. We have ABB on the one hand and Accelleron on the other. Let me put it in different words. Both are closely connected to Baden, and this is there to stay. When we sold Power Grids to Hitachi, we said that one important precondition must be met, which was that the headquarters need to be in Switzerland. Hitachi is still in Oerlikon, in Switzerland. Switzerland as an industrial location can be preserved here. The same is true for the Swedish roots. We would like to preserve the Swedish roots, of course, as well. We want to do so strategically, but we are also called upon to ensure the best possible future for our businesses. For Accelleron, the best future will be independence, to be close to clients, to be able to innovate and generate value. Organic growth. In our case, it's not just another step into the grave, not at all. It is a step into the future and to profits on all accounts. Thank you very much for this artful contribution. We move on to the next speaker, Edwin Som. Welcome, Edwin. It's great to see you here. Chairman, Mr. Voser, ladies and gentlemen present here in the hall, my name is Edwin Som, and I live in Remetschwil. I worked for Brown Boveri and ABB for 42 years. Let me provide you with my comments on this spin-off. The example presented by the board of directors here should be a role model, not just in Switzerland, but worldwide, of how it should be done. Why am I saying this? Why is it a role model? I have always considered three stakeholders in a company. Number one. The shareholder providing the capital. That is you, ladies and gentlemen. Number two, that's very important. The employees, a very important stakeholder indeed. Number three, the third stakeholder, the client. In this case here, we have to see that all three stakeholders will benefit from this transaction, which I think is fantastic, and I congratulate the management on proposing this step. Why will you be on the winning side? Let me start with the most important stakeholder, the client. The future of the well-proven Turbocharging business with a worldwide service network can be guaranteed, which is absolutely vital for clients. With the market position of the Turbocharging business, clients worldwide know it will continue as it has done in the past. In this organization. The client has a very simple point of contact for any organizational issues. I am fully convinced that Accelleron will do everything it can to strengthen the benefit clients will draw from this, business relationship. These are all advantages or benefits for the clients. Stakeholder number two, which is very important, and I'm very sad that they weren't mentioned here, the employees. We heard demotivating statements such as, "Turbocharging is not part of ABB's core strategy." Now, this argument no longer holds any water. It's very similar to the power plant business of General Electric, and the fear will have gone as well. The employees now have certainty again. They know who they will work for. It's a solid future they're going into. What is equally important is training and motivation of employees. This is the safest approach to ensuring strategic success of a company. Ladies and gentlemen, don't forget our employees. Let me quote the chairman of the board. He told you that you will benefit from the entire corporate value of the Turbocharging business. This is remarkable. On the other hand, with Accelleron shares, you will become shareholder of a company with an independent opportunity for growth and very strong liquidity, as we saw earlier in the presentation. The chairman of the board also highlights the benefits for ABB shareholders. The portfolio of ABB will be streamlined, and ABB will focus on its two businesses. I've got a question here, Chairman, if I may. What will be ABB's core business with the same net profit and the same market position as with a Turbocharging business? This is a piece of information that I still cannot really grasp. I hope, ladies and gentlemen, that you will send a very clear signal to management, to the board, and clearly support the foundation of Accelleron. All the best. Thank you very much. Thank you very much, Edwin Som. I think you summed up the three stakeholders perfectly. They are important to all of us. We tried to design this transaction in a way to do all the stakeholders justice, and I think you just explained it perfectly. If I may, because it's a strategic and operational question, it's about the strategic alignment of ABB. I'd like to hand over to Björn Rosengren to provide an answer. As mentioned, the past two years, he was not in direct contact, I'm sorry, with the shareholders, so now he has the opportunity to address you directly to tell you where the journey is headed to and what the idea is. Thank you for the question. Yes, it's correct that Accelleron is one of the most profitable businesses of ABB today. As you all know, ABB is in a decentralized journey, meaning that we have today 21 divisions, where Accelleron is one of these divisions. All these divisions are number one or number two in the areas where they compete. We have said there is no reason why not all of these 21 division should be in line or better than the competition in the market. Not all businesses can generate as good profitability as the Turbocharging business, but some of our businesses do. We are in a journey to make sure that all the businesses in ABB can focus on growth and secure profitable future. Today, more than 70% of our businesses are where they should be on profitability, and about 30% of the division needs to put in more work. If all our businesses will deliver in line with our expectation, ABB as a group will deliver over 15% margin, which is in line with any of the peers in the market. From our perspective, we are on a good journey, and we see our businesses developing in the right way. We will, in, short term, see all of our businesses delivering good profitability. Thank you. Thank you very much. If I understand correctly, it's not a business that gets to a level of 24% in earnings. Is that correct? We have a number of divisions that do deliver earnings on the same level as turbocharging, but turbocharging is one of the most profitable divisions in ABB, and they've done a fantastic job. This is also one of the reasons why we believe Accelleron can stand on its own feet and deliver value to the customers, to the employees, and the shareholders. That's why we believe that Accelleron has grown up and is today a full-grown citizen, and we believe that Accelleron will go towards a very prosperous future. Thank you. Thank you, Edwin Som. I'm looking around the room to the left, to the right. I don't see any more people. Yes, please. Please state your name and where you come from. Chairman, ladies and gentlemen, my name is Walter Grob from Bern. I just heard that this business that is successful and that contributes significantly to ABB's success and profit, why do you want to sell it? It seems to be something that has a future. Why do you choose to take such a good part of ABB and try to get rid of it? We, as shareholders of ABB, are of course happy to see the seeds grow into plants that you've and see them be profitable. Now you want to give it away into someone else's hands, and we will not know what will happen. Why do you want to do that? A business that is so profitable. That's what I'd like to know. Second question, you're also market leader when it comes to the charging stations for electric vehicles. What happens to those? Is that also something that will go down the same path? Will it eventually be sold off? How is that business developing? Where is it going? That's my second question. Thank you. I think I will share the answer to this question with Björn. It's two questions. For one, actually. You said sell, but we do not want to. We're not selling that business. We want to list it. That's the difference. We want to make it stand on its own feet, but that's not the same thing as selling. The second question is regarding the charging stations and electrification of electric vehicles and what the future is here. I think I'll answer the first question and Björn the second one. When it comes to Accelleron, as we've mentioned, on the one hand, we have a strategy and a portfolio that is homogeneous, and we built it that way to have growth above average and to have a minimum margin for the entire company, and a margin that is very competitive. We've also seen, however, that the synergies when it comes to our purpose, when we look at ABB and Accelleron, that these are not really there. They're not really there. That it's not. We don't have the same targets here. It's not about whether it's a profitable business or not. We just want to make it more profitable in the long term, and we can do that by listing it in the stock exchange and make it be self-sufficient, its own company. You'll see Accelleron then do its thing and, but as a sum, we still have two companies, ABB and Accelleron, that will develop in a positive way in different areas. We're actually trying to do precisely what you are expecting of us, of ABB, that we generate value for the shareholders, value for the employees, as we've heard, but also for our customers or clients. If we have a business that's leading, as we are, and we have, we think it's better if that business can develop on its own in the future. As the board of directors and management, we're doing what's in the best interest of these three stakeholders, because that will ensure that that business will grow and develop and generate the value that it can. You can take part in the generation of that additional value, the value due to through these dividends in kind that we're offering to you. ABB has a focus on electrification and automation. That's where we want to grow, where we want to invest. We want to have the basic profitability here that is competitive and that will, over time, reflect in the share price. We have big plans in these different areas. Björn mentioned the divisions, then we have the business areas that group these divisions, and every business area has specific targets for these divisions to generate additional value over time. I believe that you will get the best of both worlds by having a global business that can now be managed independently from ABB, and ABB can now focus on the fields of growth that we've identified in our core competencies. Maybe I can hand over to Björn to answer the question regarding e-mobility and the charging business. Thank you. Yes, EV charging or e-mobility is a very exciting area. It is also within, today, our electrification business, which means that it is core for ABB. This new market is developing very fast. Today, ABB has a good position, but there are many new competitors challenging our leading position, moving fast, investing a lot of money, and making sure that they will be winners in the market. What we have said, we need, from ABB's perspective, make sure that our EV charging business continues to be a world leader and grow in line or faster than the market. By doing that, we believe that this business needs a different kind of governance, meaning decision-making, very quick, a chairman that are working more or less every day with the division in its development, and more cash, more capital to invest in the business. What we have decided there, or what we are planning to, is to list a minority part of the business to generate cash and to support this business to continue to grow in line or faster than the market and to be a winner. In this business, there will be few winners and many losers, and we need to make sure that the ABB EV charging market will be a winner in the market. Thanks, Björn. Maybe I can just add that we have said, or Björn has said in Q2 that given the market turbulences which we have following the war in the Ukraine and, the inflation, et cetera, we are watching the market very carefully and will determine the timing of our actions in the months to come. That was English instead of German, but I think you got the message. I'll be switching back to German now. Are there any more questions? There are no other questions. We can now move on to the decision to be taken under item one. Ladies and gentlemen, when you cast your vote, please press on your voting keypad either the green Yes button to vote in favor of the resolution, the yellow Abstain button to abstain, or the red No button to vote against the resolution. If you inadvertently press the wrong button, you can directly rectify it by pressing the button you intended to press. Ladies and gentlemen, dear shareholders, are there questions regarding the voting procedure? As this does not seem to be the case, let us proceed with the ballot. The board of directors proposes to approve the spin-off of Accelleron Industries Ltd by way of a special dividend as laid out in more detail in the invitation to this general meeting. I call upon you to show your approval, abstention, or rejection regarding the proposal of the board of directors by pressing the appropriate button on your keypad. Ladies and gentlemen, please cast your vote now. Ladies and gentlemen, I intend to close the ballot. You can see the bar behind me here from your point of view. Right-hand side, you can see. Well, I have now closed the ballot, and we are waiting now for the result. Ladies and gentlemen, we have a result. I declare that you, esteemed shareholders, have approved the spin-off of Accelleron Industries Ltd by way of a special dividend with 99.72%. Thank you very, very much for your trust. I am convinced that this decision is in the best interest, not only of ABB, but also of you as shareholders and of both companies, the new Accelleron and ABB. I wish Oliver Riemenschneider, who's here with us, and the entire board of directors, as well as the new CEO, Daniel Bischofberger, and his entire management and all employees of Accelleron, lots of success, joy, and I hope you can really move forward this business that you're going to develop. Ladies and gentlemen, we now come to the end of our meeting. This time we didn't have 10 items on the agenda, just one. On behalf of the board of directors, I'd like to thank you. Thank you for coming to this general meeting. I would also like to thank all ABB employees who collaborated on this strategic project. I'd like to thank them for their commitment, and I'd like to thank you, esteemed shareholders, for this confidence, this trust that you put in us, in the board of directors and the management. Next ordinary general meeting will take place on March 23rd, 2023. I would be pleased to be able to welcome you again, to be able then to discuss the business, businesses of ABB in the year 2023. I'd like to ask you to please leave all electronic devices on your chairs. They will be collected by us. Your personal data will be deleted and can no longer be accessed, of course. I hereby conclude today's general meeting. I wish you all a pleasant and safe journey home, and I'm very much looking forward to welcoming you here next year in March for the ordinary annual general meeting 2023. Thank you very much again for coming, and all the best to you.