Siemens strong in Operations Annual Press Conference Peter Löscher Munich, Germany, November 8, 2007
Safe harbor statement All figures are preliminary and unaudited. Reconciliation and Definitions of our Non-GAAP Measures are available on our Investor Relations website under www.siemens.com/ir, Financial Publications, Quarterly Reports. 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 s website, 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. Page 2 November 8, 2007
New developments and highlights in Q4 of fiscal 2007 Siemens first capital structure target set and share buy back program of up to 10 billion by 2010 announced Growth above target of 2x global GDP Group profit from Operations (~ 2 billion) exceeds expectations All Groups increase profits and margins and reach target margin ranges Income from continuing operations jumps to about 1.4 billion Net income strongly influenced by non-operating items in discontinued operations Proposed dividend of 1.60 (+10% compared to fiscal 2006) Page 3 November 8, 2007
Q4 exceeds expectations in millions of euros (continuing operations) Q4 FY 07 (in % except EPS) Q4 FY 06 New Orders 21,328 +21 17,575 Revenue 20,201 +9 18,471 Group Profit (from Operations) 1,990 +166 749 Income 1,394 +903 139 Earnings Per Share (EPS in euros, not diluted; in euros) 1.45 +1.35 0.10 Free Cash Flow 2,553 +165 963 Page 4 November 8, 2007
All Groups within their margin ranges Margin ranges Fit4More Margin Q2 FY07 Margin ranges Fit4 201 Margin Q4 FY07 A&D 11-13% 14.2% A&D 12-15% 13.8% I&S 4-6% 4.6% I&S 5-7% 5.2% SBT 7-9% 7.5% SBT 7-9% 7.5% Osram 10-11% 10.5% Osram 10-12% 10.6% TS 5-7% 5.0% TS 5-7% 5.1% PG 10-13% 10.7% PG 10-14% 10.1% PTD 5-7% 8.1% PTD 7-10% 9.9% Med 11-13% 13.4% Med 13-15% 13.3% SBS 1) 5-6% 5.2% SFS 2) 18-22% 52.6% SIS 5-7% 5.6% SFS 2) 20-23% 20.0% SV 5-6% 1) Today s SIS 2) SFS has a return on equity target 6.3% Page 5 November 8, 2007
We reached our goals for fiscal 2007 Our goals and this is what we achieved 1) Growth faster than the world economy with a growth rate >2x GDP New orders +12% 2) Revenue + 9% 2) Increased profitability in Operations Group profit ~ 6.6 billion (+70%) More efficient use of capital Return on capital employed (ROCE) Target: 14-16% ROCE of 12.7% vs. 9.6% in fiscal 2006 Stronger focus on cash to finance growth and investment Target: CCR = 1 - growth rate Cash Conversion Rate (CCR) 1.73 vs. 0.69 in fiscal 2006 1) Based on continuing operations Page 6 2) Actual November 8, 2007
Compliance is the top priority Prevent Detect Act through clear rules, training programs, communication and clear responsibilities compliance violations through audits, reviews and monitoring with rigorous and appropriate measures in cases of compliance violations Uniform, seamless and mutually complementary legal, compliance and audit processes worldwide Compliance must be part of our company culture and firmly anchored in all business processes Unlimited commitment to integrity and responsible action A business based on the highest ethical principles at all times and everywhere in the world Page 7 November 8, 2007
No tolerance for non-compliance with laws and regulations Disciplinary sanctions in FY 2007, number of employees Corruption / anti-trust Fraud ~500 14% 24% Forfeiture of variable pay / benefits 8% Dismissal / suspension 30% Other 1) 62% 62% Formal / informal warning Siemens requires full compliance with laws and internal regulations by management and employees and does not tolerate violations. 1) Harassment, discrimination, violation of internal guidelines, etc. Page 8 November 8, 2007
Leadership culture with clear profit and loss responsibilities and potential cost reductions Proposal for new leadership structure Key benefits Global Functions Managing Board President and CEO Heads of Global Functions Heads of Global Sectors Clear responsibilities for Sectors and Global Functions Clear chain of command and clearly defined escalation paths CEO Industry Divisions CEO Energy Divisions CEO Healthcare Divisions Worldwide P&L Managing Board with direct responsibility for operations Elimination of current Group level Business Units Business Units Business Units Customer focus Page 9 November 8, 2007
Integrated technology company focused on three Sectors Three Sectors Sectors Industry Businesses from ~ 40 billion 1) Automation and Drives Industrial Services and Solutions Transportation Systems Siemens Building Technologies Osram Energy Businesses from ~ 20 billion 1) Power Generation Power Transmission and Distribution Healthcare Businesses from Medical Solutions ~ 10 billion 1) Cross-sector businesses Siemens IT Solutions and Services Siemens Financial Services SIS: ~ 5 billion Improved focus Customer centric Growth markets Reduced complexity Leveraged synergies 1) Combined revenues of businesses Page 10 November 8, 2007
Industry Clear focus driving profitability Industry Sector Market to grow 5% p.a. 1) TIP (Totally Integrated Power) and Industry Unique trendsetting solutions Industry market bn +5% Osram 478 397 TS 21 74 63 103 SBT 80 I&S 104 128 A&D 129 148 2006 2010e 25 Trends & market drivers Demographic change, urbanization and increasing scarcity of natural resources Pressure for productivity improvement in all industries Increased importance of sustainability and environmental care building-oriented automation platform New solutions for energy efficiency management in industry from energy saving to process optimization UGS: Shorten time-to-market substantially by creating a unified product and production platform Leading market position in nearly all businesses Market Division Market Revenue position growth 2) growth 2) #1 Industrial Automation 3) 4% 8% #1 Water Technologies 6% 16% #1 Solutions for iron and steel 3% 12% making 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 sales and distribution channels 1) Total markets 2) Compound annual growth rate 2005-2007 3) Excluding acquisition of UGS Page 11 November 8, 2007
Energy Complete and unique portfolio Energiesektor: Marktwachstum von 11% p.a. 1) Energy market bn PTD PG 221 53 168 2006 Energy Sector Market growth of 11% p.a. 1) +11% 330 70 260 2010e Trends & market drivers Demographic change, population growth and urbanization Environmental awareness Fuel diversification Capacity additions Replacement in mature markets Distributed generation (smart grids) Leading market positions in nearly all businesses Market Division CAGR 2) position #1 High Voltage >40% #1 Energy Automation >30% #1 Instrumentation & Controls ~10% #2 Transformers >60% #2 Oil & Gas and Industrial Applications >20% #2 Medium Voltage >20% #2 Fossil Power Generation >20% #5 3) Wind Power (#1 in offshore) >110% Unique positioning for a carbon-constrained environment Siemens worldwide installed base (20% of total installed capacity) as strong basis for service growth Well-positioned for advanced gas turbine market (World/U.S.) Unique portfolio for clean coal (w/wo carbon capture): - Ultra-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 HVDC transmission lines 1) Total markets 2) Compound annual growth rate new orders 2005-2007 3) Based on current capacity Page 12 November 8, 2007
Healthcare The integrated workflow company is best positioned for growth Important role in an attractive market Worldwide healthcare market 1) ( bn) Healthcare decisions influenced ~3000 100% 57 57 Served markets Imaging/Other 2) Healthcare IT IVD ~70% 25 bn 11 bn 21 bn Partner of choice for our customers through strategy and portfolio How to best improve healthcare efficiency? Quality Cost of healthcare delivery Prevention / Early detection Healthcare IT Diagnosis Therapy Care In-vivo & in-vitro diagnostics Improve workflows by Innovation Process optimization throughout the continuum of care An integrated approach best enables earlier prevention and detection, more specific diagnosis and individually targeted therapy and care Optimally positioned for growth Leading position in key markets #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 Poised to leverage integrated diagnostics and molecular medicine Partner and enabler for pharma, biotech, academia 1) ESPICOM Report 2007 2) Incl. audiology, oncology Page 13 November 8, 2007
Summary and outlook for fiscal 2008 Q4 Operations achieved strong growth with even higher increase in earnings All Groups already in Fit4 2010 target margin ranges Fit4 2010 goals likely to be exceeded in a strong economic environment Higher target margin ranges in Q1/2008 report New target margin range for Medical Solutions of 14-17% Compliance: Continued highest priority and no tolerance for illegal or unethical behavior New company structure Implementation starting in January 2008 Siemens in the future Faster, more focused, less complex FY 2008 Growth at least 2x GDP Earnings from Operations should grow at least twice as fast as volume Up to 10 billion share buy back program by 2010 Page 14 November 8, 2007
answers Page 15 November 8, 2007
Appendix Page 16 November 8, 2007
Completed financial target system drives shareholder value Cash conversion 1 growth rate 1.73 0.69 Capital structure Adj. industrial net debt / EBITDA Criteria for selection a target leverage: Optimize shareholder value Access to capital markets Support of operating business Strategic flexibility for organic growth and acquisitions FY 2006 FY 2007 Cash Capital structure 0.8 1.0 Growth Capital allocation >2x GDP Growth Profitability ROCE 14-16% 10.0% 10.2% 9.6% 12.7% FY 2006 FY 2007 FY 2006 FY 2007 Page 17 November 8, 2007
Share buyback to reach capital structure target Optimize capital structure Adj. industrial net debt / EBITDA 0.7 Dade Behring -1.5 VDO via returns to shareholders Buy back shares up to 10bn until 2010 0.8 0.8-1.0 drive EPS growth 0.4 create shareholder value FY 2006 FY 2007-0.1 Baseline after announced transactions 1) FY 2010 while keeping financial flexibility 1) FYE 07 adjusted for Siemens VDO proceeds 11.4 bn and Dade Behring purchase price 5.2 bn Page 18 November 8, 2007
Calculation of adjusted industrial net debt 11.3 (6.7) 1.0 0.8 0.4 (1.0) (6.2) Numbers in bn for FY 2007 preliminary, unaudited Net debt (as reported) SFS debt 1) Pension deficit OPEB Credit guarantees Hybrid adj. Cash impact of Dade Behring & VDO (0.4) Adj industrial net debt baseline 1.5-0.1 Group net debt Long-term and short-term debt Cash & cash equivalents Available for sale financial assets Net debt as reported Adj. industrial nebt debt Net debt as reported SFS adapted debt 1) Pension deficit Other Post-Employment Benefits Credit guarantees Hybrid adjustment Adj. industrial net debt 1) SFS debt less internally purchased receivables Page 19 November 8, 2007
We will cut SG&A 1) costs 10-20% by 2010 SG&A costs Key activities SG&A 2) 17.9% 16.7% 10-20 % 1 2 Streamlining organization with potential to reduce SG&A costs Optimizing G&A costs across Corporate functions, Sectors and Regions 3 Increase efficiency of Marketing and Sales processes 2006 2007 2010 4 Projects to be launched in January 2008 1) Selling, General and Administrative expenses 2) Continued Operations without Siemens VDO Page 20 November 8, 2007
Strong growth in new orders in Q4 Group Q4 FY07 (in millions of ) Δ (in %) Regions Q4 FY07 (in millions of ) Δ (in %) A&D 4,351 +24 I&S 2,168 +2 SBT 1,331-5 TS 2,189 +195 Osram 1,203 +8 Europe excl. Germany 6,636 +34 Germany 3,475 +13 Americas 5,823 +6 Asia-Pacific 3,948 +62 Africa, Middle East, C.I.S. 1,446-11 PG 4,012 +47 PTD 1,882 +12 Med 2,999 ±0 SIS* 1,595 +26 17,575 21% 21,328 in millions of euros Q4 FY06 Q4 FY07 *Cross-sector business Page 21 November 8, 2007
Revenue in Q4 increased 9 percent Outstanding growth at PTD, A&D, Med and PG Group Q4 FY07 (in millions of ) Δ (in %) Regions Q4 FY07 (in millions of ) Δ (in %) A&D 4,403 +22 I&S 2,500 +1 SBT 1,353-4 TS 1,212-16 Osram 1,203 +8 Europe excl. Germany 6,230 +12 Germany 3,380-1 Americas 5,531 +6 Asia-Pacific 3,133 +19 Africa, Middle East, C.I.S. 1,927 +19 PG 3,533 +21 PTD 2,283 +24 Med 2,848 +21 SIS* 1,438 +1 18,471 +9% 20,201 in millions of euros Q4 FY06 Q4 FY07 *Cross-sector business Page 22 November 8, 2007
FY 2007 Record results in Operations and growth target again exceeded Fiscal year (continuing operations) 2007 (in millions of ) Δ (in % except EPS) 2006 (in millions of ) New Orders 83,916 +12 74,944 Revenue 72,448 +9 66,487 Group Profit (from Operations) 6,560 +70 3,867 Net Income 3,909 +48 2,642 Earnings Per Share (EPS in euros, not diluted; Δ in euros) Free Cash Flow 4.13 +1.35 2.78 6,755 +271 1,820 Page 23 November 8, 2007
Strong growth in new orders in fiscal 2007 12 percent Group FY 2007 (in millions of ) Δ (in %) Regions FY 2007 (in millions of ) Δ (in %) A&D 16,794 +17 I&S 10,161 +13 SBT 5,350 +2 TS 4,780-23 Osram 4,690 +3 Europe excl. Germany 26,648 +19 Germany 13,562 +6 Americas 22,831 +13 Asia-Pacific 13,291 +18 Africa, Middle East, C.I.S. 7,584-9 PG 17,988 +44 PTD 9,896 +23 Med 10,271 +10 SIS* 5,156-7 74,944 +12% 83,916 in millions of euros FY 2006 FY 2007 *Cross-sector business Page 24 November 8, 2007
Revenue increased 9 percent in fiscal 2007 Outstanding growth at PG, Med, A&D and PTD Group FY 2007 (in millions of ) Δ (in %) Regions FY 2007 (in millions of ) Δ (in %) A&D 15,389 +18 I&S 8,894 +1 SBT 5,062 +6 TS 4,452-1 Osram 4,690 +3 Europe excl. Germany 22,801 +11 Germany 12,594 +2 Americas 19,321 +5 Asia-Pacific 10,937 +16 Africa, Middle East, C.I.S. 6,795 +17 PG 12,194 +21 PTD 7,689 +18 Med 9,851 +20 SIS* 5,360-6 66,487 +9% 72,448 in millions of euros FY 2006 FY 2007 *Cross-sector business Page 25 November 8, 2007
Group profit in Q4 and fiscal 2007 Group Group profit FY07 (in millions of ) Group profit FY06 (in millions of ) Δ FY07 (in %) Group profit Q4 FY07 (in millions of ) Group profit Q4 FY06 (in millions of ) Δ Q4 (in %) A&D 2.090 1.575 +33 607 427 +42 I&S 415 282 +47 130 61 +113 SBT 354 223 +59 102 77 +32 TS 191 72 +165 62 19 +226 Osram 492 456 +8 128 86 +49 PG 1.147 779 +47 358 122 +193 PTD 650 315 +106 225 54 +317 Med 1.323 988 +34 380 266 +43 SIS* 252-731 - 80-230 - *Cross sector business Page 26 November 8, 2007
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: Page 27 November 8, 2007
Reconciliation and Definitions for Non-GAAP Measures (II) Average calculation for CE*: Year-to-Date Q1 Q2 Q3 Quarter-to-Date 2 Point average: (CE ending Q4 Prior year + CE ending Q1) / 2 3 Point average: (CE ending Q4 Prior year + CE ending Q1 + CE ending Q2) / 3 4 Point average: (CE ending Q4 Prior year + CE ending Q1 + CE ending Q2 + CE ending Q3) / 4 Q1 2 Point average: (CE ending Q4 Prior year + CE ending Q1) / 2 Q2 2 Point average: (CE ending Q1 + CE ending Q2) / 2 Q3 2 Point average: (CE ending Q2 + CE ending Q3) / 2 Q4 2 Point average: (CE ending Q3 + CE ending Q4) / 2 * 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. Page 28 November 8, 2007
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. Page 29 November 8, 2007
Important press dates January April January 24, 2008 Annual Shareholders Meeting in Munich Q1 FY 2008 (Telephone conference) April 30, 2008 Q2 FY 2008 (Telephone conference) June TBA Siemens third Global Media Summit July July 30, 2008 Q3 FY 2008 (Telephone conference) November November 13, 2008 Q4 and Annual Press Conference 2008 in Munich Page 30 November 8, 2007
Siemens business and financial press team Eberhard Dombek +49-89 636-33077 Dr. Constantin Birnstiel +49-89 636-36669 Monika Brücklmeier +49-89 636-34782 Jessika Gallitz +49-89 636-36392 Dr. Marc Langendorf +49-89 636-37035 Wolfram Trost +49-89 636-34794 Webpage: E-mail: http://www.siemens.com/presse press@siemens.com Telephone: +49-89 636-33443 Fax: +49-89 636-32825 Page 31 November 8, 2007