Edgar Filing: SIEMENS AKTIENGESELLSCHAFT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

April 30, 2008

Commission File Number: 1-15174

Siemens Aktiengesellschaft

(Translation of registrant’s name into English)

Wittelsbacherplatz 2
D-80333 Munich
Federal Republic of Germany
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F þ Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes o No þ

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes o No þ

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

TABLE OF CONTENTS

Key figures

Earnings Release

Siemens Segment Information (continuing operations — preliminary and unaudited)

Siemens Consolidated Statements of Income (preliminary and unaudited)

Siemens Consolidated Statements of Income and Expense Recognized in Equity (preliminary and unaudited)

Siemens Consolidated Statements of Cash Flow (preliminary and unaudited)

Siemens Consolidated Balance Sheets (preliminary and unaudited)

SUPPLEMENTAL DATA:

Segment Info Analysis (I) (preliminary and unaudited)

Segment Info Analysis (II) (preliminary and unaudited)

Segment Info Analysis (III) (preliminary and unaudited)

Debevoise reports to the Supervisory Board

Legal Proceedings

Signatures


Key figures⁽¹⁾		Q2 and first half 2008⁽²⁾

(preliminary and unaudited; in millions of €, except where otherwise stated)



							% Change					1st half			1st half			% Change
Profit and growth	Q2 2008			Q2 2007			Actual			Adjusted⁽³⁾		2008			2007			Actual			Adjusted⁽³⁾

Continuing operations
New orders		23,371			20,850			12			15		47,613			43,094			10			11
Revenue		18,094			18,001			1			2		36,494			34,730			5			4

Total Operations Group
Group profit from Operations		1,203			1,781			(32	)				2,908			3,259			(11	)
in % of revenue (Total Op. Groups)		6.3	%		9.4	%							7.5	%		8.9	%

EBITDA adjusted		1,691			2,222			(24	)				3,925			4,058			(3	)
in % of revenue (Total Op. Groups)		8.8	%		11.7	%							10.2	%		11.1	%

Continuing operations
EBITDA adjusted		1,381			2,138			(35	)				3,484			3,475			0
Income from continuing operations		565			1,286			(56	)				1,643			1,907			(14	)
Basic earnings per share (in euros)⁽⁵⁾		0.59			1.39			(58	)				1.73			2.04			(15	)

Continuing and discontinued Operations ⁽⁴⁾
Net income		412			1,259			(67	)				6,887			2,047			>200
Basic earnings per share (in euros)⁽⁵⁾		0.42			1.34			(69	)				7.49			2.17			>200


Return on capital employed	Q2 2008			Q2 2007			1st half 2008			1st half 2007

Continuing operations
Return on capital employed (ROCE)		5.5	%		17.6	%		8.6	%		13.6	%

Continuing and discontinued Operations ⁽⁴⁾
Return on capital employed (ROCE)		4.0	%		14.1	%		33.7	%		12.0	%


Free cash flow Cash conversion		Q2 2008			Q2 2007		1st half 2008			1st half 2007

Total Operations Groups
Free cash flow		1,811			2,229			2,471			2,219
Cash conversion		1.51			1.25			0.85			0.68

Continuing Operations
Free cash flow		1,623			2,619			1,406			2,259
Cash conversion		2.87			2.04			0.86			1.18

Continuing and discontinued Operations ⁽⁴⁾
Free cash flow		1,497			2,070			696			735
Cash conversion		3.63			1.64			0.10			0.36


Employees (in thousands)	March 31, 2008						September 30, 2007
	Cont. Op.			Total⁽⁶⁾			Cont. Op.			Total⁽⁶⁾

Employees		419			435			398			471
Germany		131			136			126			152
Outside Germany		288			299			272			319


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

(2)		January 1 — March 31, 2008 and October 1, 2007 — March 31, 2008.

(3)		Adjusted for portfolio and currency translation effects.

(4)		Discontinued operations consist of Siemens VDO Automotive activities as well as of carrier networks, enterprise networks and mobile devices activities.

(5)		Earnings per share — attributable to shareholders of Siemens AG. For fiscal 2008 and 2007 weighted average shares outstanding (basic) (in thousands) for the second quarter amounted to 906,316 and 893,929 respectively and for the 1st half to 910,207 and 892,619 shares respectively.

(6)		Continuing and discontinued operations.


		Earnings Release Munich, April 30, 2008

Project Reviews Substantially Complete
Charges lower than expected
2010 targets remain unchanged

Siemens in the second quarter 2008 (ended March 31, 2008)

	•		Orders rose 12%, to €23.371 billion, and revenue increased 1% to €18.094 billion. On an organic basis, excluding the net effect of portfolio transactions and currency translation, orders climbed 15% year-over-year, and revenue rose 2%.

	•		Siemens substantially completed reviews of projects primarily in fossil power plant solutions and rail transportation, aimed at identifying risks and taking corresponding measures. As a result, Group profit from Operations was €1.203 billion in the second quarter, including charges at Power Generation, Transportation Systems, and Siemens IT Solutions and Services totaling €857 million.

	•		These impacts also affected net income, which was €412 million for the quarter, and income from continuing operations, which came in at €565 million. Basic EPS for net income and income from continuing operations were €0.42 and €0.59, respectively.

	•		Siemens completed the first tranche of its previously announced share buyback program, with purchases totaling approximately €2.0 billion.

“Our order growth in the first half has been excellent on a global basis, and our industry and healthcare sectors combined strong growth with higher earnings,” said CEO Peter Löscher. “Furthermore, our energy portfolio performed well in most areas, with very strong overall order growth. We have now concluded our project reviews in the fossil power business and, in total, we have a clear picture of the relevant risks. We also demonstrated our commitment to increasing transparency and accountability at Siemens. We expect organic revenue to grow at twice the rate of GDP growth in fiscal 2008 and that our full-year Group profit from Operations and income from continuing operations will match the levels we achieved in fiscal 2007.” Löscher concluded, “we remain fully committed to our targets for 2010.”

Revenue and Orders

Robust order growth generated a book-to-bill ratio of 1.3. On an organic basis, excluding the net effect of currency translation and portfolio transactions, orders rose 15% with good regional distribution. Strong demand in Germany included major contract wins at Power Generation (PG) and a large order at Medical Solutions (Med),

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while order growth in Asia-Pacific was more broad-based. High double-digit growth in the region comprising the Near and Middle East, Africa and Commonwealth of Independent States (CIS) was driven by large energy infrastructure orders at Power Transmission and Distribution (PTD). Revenue for the quarter rose 2% organically compared to a strong prior-year period. Europe outside Germany, Siemens’ largest region, was on pace with 2% growth for the quarter. Revenue in the Asia-Pacific and Americas regions grew 6% and 3%, respectively, with particular strength at Automation and Drives (A&D). On an organic basis, particularly excluding strong negative currency translation effects, the U.S. posted revenue growth of 7% year-over-year. Revised estimates of project completion, mainly at PG, reduced revenue for Siemens as a whole by approximately €250 million.


	New Orders (location of customer)
					% Change
	Second quarter				vs. previous year						therein
(€ in millions)	2008		2007		Actual			Adjusted*			Currency			Portfolio

Germany		3,786		3,085		23	%		21	%		0	%		2	%
Europe (other than Germany)		7,567		7,264		4	%		6	%		(3	)%		1	%
Americas		5,834		5,661		3	%		10	%		(13	)%		6	%
Asia-Pacific		3,630		3,092		17	%		19	%		(6	)%		4	%
Africa, Near and Middle East, C.I.S.**		2,554		1,748		46	%		54	%		(8	)%		0	%

Siemens		23,371		20,850		12	%		15	%		(6	)%		3	%


*		Excluding currency translation and portfolio effects.

**		Commonwealth of Independent States.


	Revenue (location of customer)
					% Change
	Second quarter				vs. previous year						therein
(€ in millions)	2008		2007		Actual			Adjusted*			Currency			Portfolio

Germany		2,918		3,103		(6	)%		(7	)%		0	%		1	%
Europe (other than Germany)		5,795		5,692		2	%		1	%		(2	)%		3	%
Americas		4,921		4,756		3	%		9	%		(13	)%		7	%
Asia-Pacific		2,975		2,796		6	%		5	%		(4	)%		5	%
Africa, Near and Middle East, C.I.S.**		1,485		1,654		(10	)%		(5	)%		(4	)%		(1	)%

Siemens		18,094		18,001		1	%		2	%		(5	)%		4	%


*		Excluding currency translation and portfolio effects.

**		Commonwealth of Independent States.

Income and Group Profit

Group profit from Operations strongly affected by results of project reviews. The second quarter included strong profit performances at A&D, Med, PTD, and Industrial Solutions and Services (I&S). In contrast, PG, Transportation Systems (TS) and Siemens IT Solutions and Services posted losses in the second quarter due to charges totaling €857 million. As a result, Group Profit from Operations came in at €1.203 billion compared to €1.781 billion in the prior-year period.

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Income and EPS reflect project review impacts. Net income was €412 million compared to €1.259 billion in the second quarter a year earlier, resulting in basic EPS of €0.42 compared to €1.34 in the prior-year period. Income from continuing operations was €565 million compared to €1.286 billion in the second quarter a year ago, with corresponding basic EPS of €0.59 compared to €1.39 in the prior-year period. The declines are due largely to Group profit from Operations. In addition, Corporate items were significantly higher year-over-year, at a negative €506 million compared to a negative €210 million. Major factors included increased expenses for compliance investigations and costs related to Siemens’ transformation programs.

Net income was also affected by discontinued operations. In the second quarter, discontinued operations posted a loss of €153 million compared to a loss of €27 million in the same quarter a year earlier. The prior-year period included positive operating results at Siemens VDO Automotive (SV) and at telecommunications carrier activities, both of which were divested between the periods under review. The enterprise networks business took €109 million in severance charges and a €12 million asset impairment in the current period. A year earlier, this business took a goodwill impairment of €148 million.

Cash, Return on Capital Employed (ROCE) and Pension Funding Status

Siemens completes the first tranche of its share buyback program. Purchases totalled approximately €2.0 billion for 24,854,541 shares. The tranche was completed shortly after the close of the quarter on April 8, 2008.

Free cash flow from continuing operations was €1.623 billion. For comparison, free cash flow of €2.619 billion in the second quarter a year earlier benefited from a positive effect related to receivables associated with the transfer of the carrier activities into Nokia Siemens Networks B.V. (NSN). In the current period, Operations generated €1.010 billion in free cash flow while Financing & Real Estate and Corporate Treasury activities contributed €613 million. The cash conversion rate for continuing operations in the second quarter was 2.87, positively influenced by the charges within Operations.

ROCE for the first half of fiscal 2008 was 8.6%, strongly affected by project charges. A year earlier, ROCE in the first six months of the fiscal year was 13.6%. As expected, ROCE development in the current period was affected also by a substantial increase in capital employed year-over-year stemming from major acquisitions completed in fiscal 2007 and fiscal 2008. This effect will continue in coming quarters.

Pension funding status improved. Siemens’ principal pension plans were fully funded as of March 31, 2008, compared to an underfunding of approximately €1.0 billion at the end of fiscal 2007.

Expenses for compliance investigations

Siemens incurred €175 million in expenses in the second quarter for outside advisors engaged in connection with investigations into alleged violations of anti-corruption laws and related matters as well as remediation activities. The total for continuing operations was €148 million, with the remaining €27 million related to discontinued operations. More information regarding these matters is provided in the document “Legal Proceedings.”

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Operations in the second quarter fiscal 2008

Automation and Drives (A&D): Strong Demand Drives Economies of Scale


	Second quarter
							% Change
(€ in millions)	2008			2007			Actual			Adjusted*

Group profit		712			526			35	%
Group profit margin		16.7	%		14.2	%

Revenue		4,271			3,711			15	%		11	%
New orders		4,814			4,154			16	%		14	%


*		Excluding currency translation effects of (3)% and (4)% on revenue and orders, respectively, and portfolio effects of 7% and 6% on revenue and orders, respectively.

A&D’s second-quarter Group profit was €712 million, as the Group operated at high capacity utilization in a strong market for automation and control solutions. Group profit includes purchase price accounting (PPA) effects and integration costs related to A&D’s product lifecycle management (PLM) software business, acquired between the periods under review, and the acquisition of Flender Holdings GmbH. PPA effects were €35 million and integration costs were €2 million in the current quarter, compared to PPA effects of €10 million in the prior-year period. Revenue for A&D climbed 15% year-over-year, to €4.271 billion, and second-quarter orders rose 16%, to €4.814 billion. These topline figures included double-digit growth in Germany as well as internationally. During the quarter, Siemens entered into an agreement to sell A&D’s wireless modules business to a consortium with complementary expertise in the global machine-to-machine (M2M) modules business. Siemens also initiated a carve-out of A&D’s electronics assembly business.

Industrial Solutions and Services (I&S): Divestment Gain Benefits Group Profit


	Second quarter
							% Change
(€ in millions)	2008			2007			Actual			Adjusted*

Group profit		167			100			67	%
Group profit margin		7.8	%		4.6	%

Revenue		2,128			2,172			(2	)%		2	%
New orders		2,602			2,434			7	%		12	%


*		Excluding currency translation effects of (4)% and (5)% on revenue and orders, respectively.

I&S posted Group profit of €167 million, benefiting from a €30 million gain on the sale of its hydrocarbon service business as well as payment of a performance incentive related to a large postal automation contract in the U.S. Revenue was €2.128 billion in the second quarter, near the prior-year level, and orders rose 7% year-over-year, to €2.602 billion. Both topline figures include negative currency translation effects and somewhat lower demand in Germany compared to the second quarter a year earlier. I&S expanded its water treatment business in Asia-Pacific with the acquisition of Chemitreat Group during the second quarter. After the close of the quarter, I&S also acquired Morgan Construction Co., which extends the Group’s capabilities in metal technologies.

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Siemens Building Technologies (SBT): Margin Discipline in a Competitive Market


	Second quarter
							% Change
(€ in millions)	2008			2007			Actual			Adjusted*

Group profit		90			100			(10	)%
Group profit margin		7.5	%		7.5	%

Revenue		1,201			1,335			(10	)%		(5	)%
New orders		1,333			1,364			(2	)%		2	%


*		Excluding currency translation effects of (5)% on revenue and orders, and portfolio effects of 1% on orders.

Group Profit at SBT was €90 million in the second quarter. Group profit margin remained level year-over-year, even as revenue declined to €1.201 billion from the prior-year level which included completion of major projects in Europe and the Middle East. Orders totaled €1.333 billion. Both topline figures include negative currency effects related primarily to SBT’s U.S. business.

Osram: Continued Expansion into Emerging Markets


	Second quarter
							% Change
(€ in millions)	2008			2007			Actual			Adjusted*

Group profit		122			125			(2	)%
Group profit margin		10.3	%		10.5	%

Revenue		1,188			1,189			(0	)%		6	%
New orders		1,188			1,189			(0	)%		6	%


*		Excluding currency translation effects of (7)% on revenue and orders, and portfolio effects of 1% on revenue and orders.

Osram delivered €122 million in Group profit in the second quarter, on revenue of €1.188 billion. The Group’s continued rapid growth in Asia-Pacific and other emerging markets was offset by strong negative currency translation effects in Osram’s large NAFTA business, keeping reported results for the quarter near the level of the prior-year period. After the close of the quarter, Osram announced an agreement to sell its Global Tungsten & Powders unit. Completion of the transaction is subject to regulatory review.

Transportation Systems (TS): Assessing Project Risks


	Second quarter
							% Change
(€ in millions)	2008			2007			Actual			Adjusted*

Group profit		(153	)		58
Group profit margin		(15.6	)%		5.0	%

Revenue		982			1,161			(15	)%		(14	)%
New orders		838			714			17	%		19	%


*		Excluding currency translation effects of (1)% and (2)% on revenue and orders, respectively.

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In the second quarter, TS took €209 million in charges and posted a loss of €153 million. The largest single charge in the quarter related to the Shanghai Transrapid monorail. A majority of the charges resulted from a substantially completed review of projects at TS, including Combino. Revenue of €982 million came in lower than the prior-year period, due in part to lower billings on large projects in the Turnkey Systems division. Orders in both periods under review included a relatively low number of major new contracts. TS intends to realign its organization and adjust its cost structure in coming quarters.

Power Generation (PG): Project Review Completed, Actions Defined


	Second quarter
							% Change
(€ in millions)	2008			2007			Actual			Adjusted*

Group profit		(221	)		330
Group profit margin		(7.5	)%		10.7	%

Revenue		2,932			3,072			(5	)%		1	%
New orders		6,062			5,017			21	%		29	%


*		Excluding currency translation effects of (6)% and (8)% on revenue and orders, respectively.

PG completed a review of project risks in its fossil power turnkey solutions business in the second quarter. The review identified resource constraints leading to project delays, expiring supplier price agreements, and significantly higher commodity prices. Based on the review, the Group recorded charges of €559 million in the fossil power turnkey business and posted a loss of €221 million in the second quarter compared to Group profit of €330 million in the same period a year earlier. The largest single impact was €163 million at a technically challenging project in Finland (Olkiluoto), which was less than 50% complete at the close of the quarter. PG expects negative margin impacts in coming quarters, stemming from the project review mentioned above. The other businesses within PG were all profitable in both periods under review. These include wind power, industrial applications, products, and plant services. Equity investment income at PG was €21 million for the quarter, including a positive contribution from Areva NP. In the prior-year period, equity investments produced a negative result. PG’s revenue in the current quarter includes a reduction of approximately €200 million due to revised estimates of completion at some projects. Reported revenue also reflects negative currency translation effects related to growth in the Americas. Orders climbed 21%, to €6.062 billion, as demand more than doubled in the wind and product businesses compared to the same quarter a year earlier and PG won several new orders for high-efficiency combined-cycle power plants. The Group continues to emphasize more selective order intake and increased engineering and project management capabilities, particularly in the fossil power plant business. Equity investment income is expected to remain volatile in coming quarters.

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Power Transmission and Distribution (PTD): Another Surge in Profitable Growth


	Second quarter
							% Change
(€ in millions)	2008			2007			Actual			Adjusted*

Group profit		220			143			54	%
Group profit margin		11.6	%		8.1	%

Revenue		1,903			1,756			8	%		13	%
New orders		2,864			2,476			16	%		23	%


*		Excluding currency translation effects of (5)% and (7)% on revenue and orders, respectively.

PTD’s second-quarter Group profit jumped 54%, to €220 million. Group profit margin also rose significantly, on a favorable product mix and economies of scale associated with higher revenue. This latter development was particularly evident in results for the Group’s three largest businesses. PTD as whole delivered 8% revenue growth and 16% order growth, showing its ability to respond to varying regional cycles in the global market for secure, high-efficiency power transmission and distribution. While revenue in the current period reflects significant order growth in Europe and Asia Pacific in prior periods, new contracts in the second quarter came primarily from robust demand in Africa and the Middle East.

Medical Solutions (Med): Sustained Profitability on Global Growth


	Second quarter
							% Change
(€ in millions)	2008			2007			Actual			Adjusted*

Group profit		341			332			3	%
Group profit margin		12.5	%		13.4	%

Revenue		2,722			2,470			10	%		2	%
New orders		2,790			2,544			10	%		1	%


*		Excluding currency translation effects of (9)% and (8)% on revenue and orders, respectively, and portfolio effects of 17% on revenue and orders.

Med delivered Group profit of €341 million in the second quarter. Group profit margin was strongly influenced by PPA effects and integration costs associated with acquisitions by Med’s Diagnostics division, including the acquisition of Dade Behring Holdings, Inc. (Dade Behring) between the periods under review. These factors took approximately 370 basis points from Group profit margin, including PPA effects of €50 million and integration costs of €52 million. A year earlier, PPA and integration costs were €37 million and €9 million, respectively, taking 190 basis points from Group profit margin. Furthermore, these prior-period effects were largely offset by gains on divestments as well as from the sale of a portion of Med’s stake in a joint venture, Draeger Medical AG & Co. Including the PPA and integration effects mentioned above, the Diagnostics division posted earnings of €50 million on revenue of €817 million in the current quarter. Med’s imaging and IT business continued to deliver solid profitability despite increasing challenges in market conditions. Second-quarter revenue and orders rose 10% year-over-year, as new volume from the Dade Behring acquisition more than offset significant negative currency translation effects in the U.S. Med also won a major order from a particle therapy center, the first of its kind in northern Germany.

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Siemens IT Solutions and Services: Major Orders with External Customers


	Second quarter
							% Change
(€ in millions)	2008			2007			Actual			Adjusted*

Group profit		(35	)		80
Group profit margin		(2.8	)%		5.9	%

Revenue		1,266			1,351			(6	)%		(4	)%
New orders		1,445			1,106			31	%		38	%


*		Excluding currency translation effects of (3)% and (5)% on revenue and orders, respectively, and portfolio effects of 1% and (2)% on revenue and orders, respectively.

Results for Siemens IT Solutions and Services in the second quarter were influenced strongly by charges at projects in the U.K. These charges had a net earnings impact of €89 million, leading to a loss of €35 million in the quarter. Revenues declined to €1.266 billion in part due to cancellation of a large contract. In contrast, second-quarter orders rose sharply, to €1.445 billion, as the Group became the lead vendor to NSN for IT infrastructure services and won a major digital media contract from the BBC in England.

Strategic Equity Investments (SEI)

SEI includes results at equity from three companies in which Siemens holds a strategic equity stake: NSN, BSH Bosch und Siemens Hausgeräte GmbH, and Fujitsu Siemens Computers (Holding) B.V. SEI contributed equity investment income of €14 million in the second quarter compared to €99 million in the same period a year earlier. The largest factor in this decline was NSN, which became part of SEI between the periods under review. NSN took charges of €100 million in the quarter, primarily involving integration costs. As a result, Siemens incurred an equity investment loss of €45 million related to NSN.

Other Operations

Other Operations consist of centrally held business activities, shared services and central costs not allocated to a Group. In the second quarter, Siemens determined a course of action for each of the activities within Other Operations and began executing corresponding measures. Options under this transformation program include integration into an existing Siemens Group, divestment, joint venture, or closure. Partly as a result of the program, sales for Other Operations declined to €630 million from €743 million in the prior-year quarter, and the loss from Other Operations narrowed to a negative €54 million from a negative €112 million in the second quarter a year earlier. Within business activities, earnings at Siemens Home and Office Communications Devices (SHC) remained stable near break-even. The closure of a regional payphone unit in Europe entailed €46 million in expenses, primarily for severance. In the prior-year period, this business had an impairment of €52 million. Regional expenses not allocated to the Groups fell compared to the second quarter a year ago.

Corporate items, pensions and eliminations

Corporate items, pensions and eliminations totaled a negative €499 million in the second quarter compared to a negative €169 million in prior-year period. The increase is due primarily to Corporate items, which totaled a negative €506 million compared to a negative €210 million in the same quarter

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a year ago. The largest factor within this change was an increase in costs for outside advisors engaged in connection with investigations into alleged violations of anti-corruption laws and related matters as well as remediation activities. These expenses rose to €148 million from €13 million in the prior-year quarter. Corporate items in the current period also include costs associated with the transformation of Siemens’ corporate structure. The largest of these was €64 million related to a regional sales organization in Germany, primarily including an impairment. Finally, the current quarter includes a €32 million donation to the Siemens Foundation in the U.S., which conducts prestigious national competitions and scholarship programs in math, science and engineering.

Financing and Real Estate

Siemens Financial Services (SFS)


	Second quarter
(€ in millions)	2008		2007		% Change

Income before income taxes		101		137		(26	)%


	March 31,		Sept. 30,
	2008		2007
Total assets		8,792		8,912	(1	)%

Income before income taxes at SFS was €101 million in the second quarter compared to €137 million in the same period a year earlier. While both periods benefited from special dividends resulting from divestment gains by a company in which SFS holds an equity position, the dividend was higher in the prior-year quarter.

Siemens Real Estate (SRE)


	Second quarter
(€ in millions)	2008		2007		% Change

Income before income taxes		60		42		43	%

Revenue		416		414		0	%


	March 31,		Sept. 30,
	2008		2007
Total assets		3,167		3,091	2	%

Income before income taxes at SRE was €60 million, up from €42 million a year earlier on increased gains from real estate sales. Disposals of real estate are expected to increase in coming quarters.

Eliminations, reclassifications and Corporate Treasury

Income before income taxes from Eliminations, reclassifications and Corporate Treasury was a negative €2 million compared to a positive €31 million in the same period a year earlier. The difference was mainly due to negative results from hedging activities not qualifying for hedge accounting and lower interest income from intra-company financing.

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Outlook

Siemens expects organic revenue to grow at twice the rate of GDP growth in fiscal 2008 and that full-year Group profit from Operations and income from continuing operations will match the levels achieved in fiscal 2007. This outlook excludes earnings impacts that may arise from legal and regulatory matters, which are not yet quantifiable, and from measures that may be taken as part of Siemens’ transformation programs, including SG&A reduction. Within discontinued operations, divestment of the enterprise networks business is expected to result in a substantial loss.

All figures are preliminary and unaudited. This Earnings Release should be read in conjunction with information Siemens published regarding legal proceedings. More detailed disclosure regarding legal proceedings is provided in the Annual Report.

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

Note

Beginning today at 09:00 a.m. CEST, the press conference at which CEO Peter Löscher, CFO Joe Kaeser and General Counsel and member of the managing board Peter Y. Solmssen discuss the quarterly figures will be broadcast live on the Internet at www.siemens.com/pressconference. A recording of the press conference will subsequently be made available as well. Starting at 15:30 CEST, Peter Löscher and Joe Kaeser will hold a telephone conference in English for analysts and investors, which can be followed live at www.siemens.com/analystcall.


Siemens AG		Reference number: AXX200804.48 e
Corporate Communications		Wolfram Trost
and Government Affairs		80312 Munich, Germany
Media Relations		Tel.: +49 89 636-34794 Fax: -32825
80312 Munich		E-mail: wolfram.trost@siemens.com

10/10

SIEMENS

SEGMENT INFORMATION (continuing operations — preliminary and unaudited)

As of and for the three months ended March 31, 2008 and 2007 and as of September 30, 2007

(in millions of €)


																																									Additions to
																																									intangible assets					Amortization,
											Intersegment																		Net capital												and property, plant					depreciation and
	New orders						External revenue				revenue						Total revenue						Group profit⁽¹⁾						employed⁽²⁾						Free cash flow⁽³⁾						and equipment					impairments⁽⁴⁾
	2008			2007			2008		2007		2008			2007			2008			2007			2008			2007			3/31/08			9/30/07			2008			2007			2008			2007		2008		2007
Operations Groups
Automation and Drives (A&D)		4,814			4,154			3,763		3,296		508			415			4,271			3,711			712			526			7,210			7,026			505			405			97			121		117		74
Industrial Solutions and Services (I&S)		2,602			2,434			1,878		1,911		250			261			2,128			2,172			167			100			1,003			1,198			204			137			21			22		23		29
Siemens Building Technologies (SBT)		1,333			1,364			1,175		1,311		26			24			1,201			1,335			90			100			1,828			1,807			130			173			25			21		28		39
Osram		1,188			1,189			1,186		1,185		2			4			1,188			1,189			122			125			2,238			1,994			28			175			75			71		57		62
Transportation Systems (TS)		838			714			978		1,152		4			9			982			1,161			(153	)		58			(432	)		(58	)		(40	)		155			17			9		23		14
Power Generation (PG)		6,062			5,017			2,925		3,067		7			5			2,932			3,072			(221	)		330			361			1,371			684			703			54			62		53		58
Power Transmission and Distribution (PTD)		2,864			2,476			1,796		1,628		107			128			1,903			1,756			220			143			2,228			1,865			62			78			34			36		25		21
Medical Solutions (Med)		2,790			2,544			2,705		2,453		17			17			2,722			2,470			341			332			12,640			8,234			349			369			110			116		149		128
Siemens IT Solutions and Services		1,445			1,106			879		1,025		387			326			1,266			1,351			(35	)		80			421			253			5			(6	)		25			63		54		71
Strategic Equity Investments (SEI)		—			—			—		—		—			—			—			—			14			99			5,435			4,891			—			—			—			—		—		—
Other Operations		617			824			533		647		97			96			630			743			(54	)		(112	)		(734	)		(704	)		(116	)		40			23			43		25		26

Total Operations Groups		24,553			21,822			17,818		17,675		1,405			1,285			19,223			18,960			1,203			1,781			32,198			27,877			1,811			2,229			481			564		554		522
Reconciliation to financial statements
Corporate items, pensions and eliminations		(1,389	)		(1,195	)		13		50		(1,350	)		(1,226	)		(1,337	)		(1,176	)		(499	)		(169	)		(1,963	)		(2,651	)		(801	) ⁽⁵⁾		(461	) ⁽⁵⁾		(4	)		16		32		(3	)
Other interest expense		—			—			—		—		—			—			—			—			(74	)		(141	)		—			—			—			—			—			—		—		—
Other assets related and miscellaneous reconciling items		—			—			—		—		—			—			—			—			—			—			62,653			62,432			—			—			—			—		—		—

Total Operations (for columns Group profit/Net capital employed, i.e. Income before income taxes/Total assets)		23,164			20,627			17,831		17,725		55			59			17,886			17,784			630			1,471			92,888			87,658			1,010			1,768			477			580		586		519


																							Income before
																							income taxes						Total assets

Financing and Real Estate Groups
Siemens Financial Services (SFS)		186			177			170		163		16			14			186			177			101			137			8,792			8,912			200			116			121			117		70		63
Siemens Real Estate (SRE)		416			414			93		113		323			301			416			414			60			42			3,167			3,091			24			53			48			40		40		37
Eliminations		(3	)		(4	)		—		—		(3	)		(4	)		(3	)		(4	)		—			—			(567	)		(458	)		(9	)⁽⁵⁾		64	⁽⁵⁾		—			—		—		—

Total Financing and Real Estate		599			587			263		276		336			311			599			587			161			179			11,392			11,545			215			233			169			157		110		100

Eliminations, reclassifications and Corporate Treasury		(392	)		(364	)		—		—		(391	)		(370	)		(391	)		(370	)		(2	)		31			(15,719	)		(7,648	)		398	⁽⁵⁾		618	⁽⁵⁾		—			—		—		—

Siemens		23,371			20,850			18,094		18,001		—			—			18,094			18,001			789			1,681			88,561			91,555			1,623			2,619			646			737		696		619


(1)		Group profit of the Operations Groups is earnings before financing interest, certain pension costs and income taxes and may exclude other categories of items which are not allocated to the Groups since the Managing Board does not regard such items as indicative of the Group’s performance.

(2)		Net capital employed of the Operations Groups represents total assets less tax assets, provisions and non-interest bearing liabilities other than tax liabilities.

(3)		Free cash flow represents net cash provided by (used in) operating activities less additions to intangible assets and property, plant and equipment.

(4)		Amortization and impairments of intangible assets other than goodwill and depreciation and impairments of property, plant and equipment. Goodwill impairment and impairment of non-current available-for-sale financial assets and investments accounted for under the equity method for Siemens amount to €5 and €58 for the three months ended March 31, 2008 and 2007, respectively.

(5)		Includes cash paid for income taxes according to the allocation of income taxes to Operations, Financing and Real Estate, and Eliminations, reclassifications and Corporate Treasury in the Consolidated Statements of Income. Furthermore, the reclassification of interest payments in the Consolidated Statements of Cash Flow from operating activities into financing activities is shown in Eliminations. Interest payments are external interest paid as well as intragroup interest paid and received.

The presentation of certain prior-year information has been reclassified to conform to the current year presentation.

In November 2007, the Company announced plans to organize its operations in the three Sectors Industry, Energy and Healthcare into related Divisions beginning January 2008. The Company’s financial reporting will be adapted to reflect the new organizational structure and the new form will be published for the first time in the third quarter of fiscal 2008.

SIEMENS

SEGMENT INFORMATION (continuing operations — preliminary and unaudited)
As of and for the six months ended March 31, 2008 and 2007 and as of September 30, 2007
(in millions of €)


																																									Additions to
																																									intangible assets					Amortization,
											Intersegment																		Net capital												and property, plant					depreciation and
	New orders						External revenue				revenue						Total revenue						Group profit⁽¹⁾						employed⁽²⁾						Free cash flow⁽³⁾						and equipment					impairments⁽⁴⁾
	2008			2007			2008		2007		2008			2007			2008			2007			2008			2007			3/31/08			9/30/07			2008			2007			2008			2007		2008		2007
Operations Groups
Automation and Drives (A&D)		9,597			8,173			7,405		6,301		954			800			8,359			7,101			1,367			976			7,210			7,026			804			528			180			214		229		144
Industrial Solutions and Services (I&S)		5,894			5,491			3,884		3,754		495			491			4,379			4,245			288			190			1,003			1,198			355			112			37			39		45		56
Siemens Building Technologies (SBT)		2,628			2,750			2,357		2,506		45			42			2,402			2,548			168			172			1,828			1,807			112			117			45			69		56		66
Osram		2,381			2,363			2,375		2,356		6			7			2,381			2,363			248			248			2,238			1,994			(79	)		120			171			140		114		123
Transportation Systems (TS)		2,278			1,933			2,020		2,213		10			21			2,030			2,234			(131	)		105			(432	)		(58	)		247			254			31			20		36		27
Power Generation (PG)		11,954			10,034			5,891		5,777		10			21			5,901			5,798			(86	)		499			361			1,371			958			766			110			93		106		111
Power Transmission and Distribution (PTD)		5,673			5,622			3,626		3,241		233			243			3,859			3,484			424			273			2,228			1,865			72			104			65			80		50		47
Medical Solutions (Med)		5,596			4,755			5,346		4,541		29			31			5,375			4,572			673			636			12,640			8,234			418			490			250			212		299		205
Siemens IT Solutions and Services		2,670			2,467			1,886		2,043		720			622			2,606			2,665			35			106			421			253			(139	)		(129	)		47			117		111		142
Strategic Equity Investments (SEI)		—			—			—		—		—			—			—			—			40			151			5,435			4,891			—			—			—			—		—		—
Other Operations		1,352			1,576			1,143		1,361		195			182			1,338			1,543			(118	)		(97	)		(734	)		(704	)		(277	)		(143	)		49			68		49		58

Total Operations Groups		50,023			45,164			35,933		34,093		2,697			2,460			38,630			36,553			2,908			3,259			32,198			27,877			2,471			2,219			985			1,052		1,095		979
Reconciliation to financial statements
Corporate items, pensions and eliminations		(2,831	)		(2,547	)		43		73		(2,594	)		(2,340	)		(2,551	)		(2,267	)		(792	)		(820	)		(1,963	)		(2,651	)		(1,951	)⁽⁵⁾		(1,385	)⁽⁵⁾		(2	)		15		24		(10	)
Other interest expense		—			—			—		—		—			—			—			—			(195	)		(229	)		—			—			—			—			—			—		—		—
Other assets related and miscellaneous reconciling items		—			—			—		—		—			—			—			—			—			—			62,653			62,432			—			—			—			—		—		—

Total Operations (for columns Group profit/Net capital employed, i.e. Income before income taxes/Total assets)		47,192			42,617			35,976		34,166		103			120			36,079			34,286			1,921			2,210			92,888			87,658			520			834			983			1,067		1,119		969


																							Income before
																							income taxes						Total assets

Financing and Real Estate Groups
Siemens Financial Services (SFS)		368			355			326		316		41			38			367			354			178			220			8,792			8,912			80			80			264			199		141		127
Siemens Real Estate (SRE)		810			835			192		248		618			587			810			835			199			111			3,167			3,091			(8	)		8			103			84		79		77
Eliminations		(6	)		(7	)		—		—		(6	)		(7	)		(6	)		(7	)		—			—			(567	)		(458	)		36	⁽⁵⁾		100	⁽⁵⁾		—			—		—		—

Total Financing and Real Estate		1,172			1,183			518		564		653			618			1,171			1,182			377			331			11,392			11,545			108			188			367			283		220		204

Eliminations, reclassifications and Corporate Treasury		(751	)		(706	)		—		—		(756	)		(738	)		(756	)		(738	)		8			77			(15,719	)		(7,648	)		778	⁽⁵⁾		1,237	⁽⁵⁾		—			—		—		—

Siemens		47,613			43,094			36,494		34,730		—			—			36,494			34,730			2,306			2,618			88,561			91,555			1,406			2,259			1,350			1,350		1,339		1,173


(1)		Group profit of the Operations Groups is earnings before financing interest, certain pension costs and income taxes and may exclude other categories of items which are not allocated to the Groups since the Managing Board does not regard such items as indicative of the Group’s performance.

(2)		Net capital employed of the Operations Groups represents total assets less tax assets, provisions and non-interest bearing liabilities other than tax liabilities.

(3)		Free cash flow represents net cash provided by (used in) operating activities less additions to intangible assets and property, plant and equipment.

(4)		Amortization and impairments of intangible assets other than goodwill and depreciation and impairments of property, plant and equipment. Goodwill impairment and impairment of non-current available-for-sale financial assets and investments accounted for under the equity method for Siemens amount to €92 and €63 for the six months ended March 31, 2008 and 2007, respectively.

(5)		Includes cash paid for income taxes according to the allocation of income taxes to Operations, Financing and Real Estate, and Eliminations, reclassifications and Corporate Treasury in the Consolidated Statements of Income. Furthermore, the reclassification of interest payments in the Consolidated Statements of Cash Flow from operating activities into financing activities is shown in Eliminations. Interest payments are external interest paid as well as intragroup interest paid and received.

The presentation of certain prior-year information has been reclassified to conform to the current year presentation.

SIEMENS

CONSOLIDATED STATEMENTS OF INCOME (preliminary and unaudited)

For the three months ended March 31, 2008 and 2007

(in millions of €, per share amounts in €)


							Eliminations,
							reclassifications and												Financing and Real
	Siemens						Corporate Treasury						Operations						Estate
	2008			2007			2008			2007			2008			2007			2008			2007
Revenue		18,094			18,001			(391	)		(370	)		17,886			17,784			599			587
Cost of goods sold and services rendered		(13,178	)		(12,738	)		391			370			(13,059	)		(12,646	)		(510	)		(462	)

Gross profit		4,916			5,263			—			—			4,827			5,138			89			125
Research and development expenses		(918	)		(814	)		—			—			(918	)		(814	)		—			—
Marketing, selling and general administrative expenses		(3,243	)		(2,926	)		—			—			(3,178	)		(2,833	)		(65	)		(93	)
Other operating income		187			105			(22	)		(17	)		139			78			70			44
Other operating expense		(257	)		(161	)		(1	)		(2	)		(251	)		(154	)		(5	)		(5	)
Income from investments accounted for using the equity method, net		101			184			—			—			84			158			17			26
Financial income (expense), net		3			30			21			50			(73	)		(102	)		55			82

Income (loss) from continuing operations before income taxes		789			1,681			(2	)		31			630			1,471			161			179
Income taxes ⁽¹⁾		(224	)		(395	)		1			(7	)		(180	)		(344	)		(45	)		(44	)

Income (loss) from continuing operations		565			1,286			(1	)		24			450			1,127			116			135
Loss from discontinued operations, net of income taxes		(153	)		(27	)		—			—			(153	)		(27	)		—			—

Net income (loss)		412			1,259			(1	)		24			297			1,100			116			135

Attributable to:
Minority interest		28			63
Shareholders of Siemens AG		384			1,196
Basic earnings per share
Income from continuing operations		0.59			1.39
Loss from discontinued operations		(0.17	)		(0.05	)

Net income		0.42			1.34

Diluted earnings per share
Income from continuing operations		0.59			1.33
Loss from discontinued operations		(0.17	)		(0.05	)

Net income		0.42			1.28

CONSOLIDATED STATEMENTS OF INCOME AND EXPENSE RECOGNIZED IN EQUITY (preliminary and unaudited)

For the three months ended March 31, 2008 and 2007
(in millions of €)


	Siemens
	2008			2007
Net income		412			1,259
Currency translation differences		(545	)		(94	)
Available-for-sale financial assets		(82	)		(44	)
Derivative financial instruments		140			—
Actuarial gains and losses on pension plans and similar commitments		168			116
Revaluation effect related to step acquisitions		—			3

Total income and expense recognized directly in equity, net of tax ^{(2) (3)}		(319	)		(19	)

Total income and expense recognized in equity		93			1,240

Attributable to:
Minority interest		1			60
Shareholders of Siemens AG		92			1,180


(1)		The income taxes of Eliminations, reclassifications and Corporate Treasury, Operations, and Financing and Real Estate are based on the consolidated effective corporate tax rate applied to income before income taxes.

(2)		Includes €102 and €(35) in 2008 and 2007, respectively, resulting from investments accounted for using the equity method.

(3)		Includes minority interest of €(27) and €(3) in 2008 and 2007, respectively, relating to currency translation differences.

SIEMENS

CONSOLIDATED STATEMENTS OF INCOME (preliminary and unaudited)
For the six months ended March 31, 2008 and 2007
(in millions of €, per share amounts in €)


							Eliminations,
							reclassifications and												Financing and Real
	Siemens						Corporate Treasury						Operations						Estate
	2008			2007			2008			2007			2008			2007			2008			2007
Revenue		36,494			34,730			(756	)		(738	)		36,079			34,286			1,171			1,182
Cost of goods sold and services rendered		(26,273	)		(25,002	)		756			738			(26,065	)		(24,795	)		(964	)		(945	)

Gross profit		10,221			9,728			—			—			10,014			9,491			207			237
Research and development expenses		(1,765	)		(1,539	)		—			—			(1,765	)		(1,539	)		—			—
Marketing, selling and general administrative expenses		(6,298	)		(5,598	)		(1	)		(1	)		(6,152	)		(5,412	)		(145	)		(185	)
Other operating income		377			318			(40	)		(40	)		215			237			202			121
Other operating expense		(463	)		(659	)		(1	)		(2	)		(453	)		(646	)		(9	)		(11	)
Income from investments accounted for using the equity method, net		209			327			—			—			174			284			35			43
Financial income (expense), net		25			41			50			120			(112	)		(205	)		87			126

Income from continuing operations before income taxes		2,306			2,618			8			77			1,921			2,210			377			331
Income taxes ⁽¹⁾		(663	)		(711	)		(2	)		(21	)		(553	)		(600	)		(108	)		(90	)

Income from continuing operations		1,643			1,907			6			56			1,368			1,610			269			241
Income from discontinued operations, net of income taxes		5,244			140			—			—			5,243			140			1			—

Net income		6,887			2,047			6			56			6,611			1,750			270			241

Attributable to:
Minority interest		71			112
Shareholders of Siemens AG		6,816			1,935
Basic earnings per share
Income from continuing operations		1.73			2.04
Income from discontinued operations		5.76			0.13

Net income		7.49			2.17

Diluted earnings per share
Income from continuing operations		1.72			1.97
Income from discontinued operations		5.74			0.12

Net income		7.46			2.09

CONSOLIDATED STATEMENTS OF INCOME AND EXPENSE RECOGNIZED IN EQUITY (preliminary and unaudited)

For the six months ended March 31, 2008 and 2007
(in millions of €)


	Siemens
	2008			2007
Net income		6,887			2,047
Currency translation differences		(812	)		(261	)
Available-for-sale financial assets		(72	)		(2	)
Derivative financial instruments		184			53
Actuarial gains and losses on pension plans and similar commitments		187			625
Revaluation effect related to step acquisitions		—			3

Total income and expense recognized directly in equity, net of tax ^{(2) (3)}		(513	)		418

Total income and expense recognized in equity		6,374			2,465

Attributable to:
Minority interest		41			97
Shareholders of Siemens AG		6,333			2,368


(1)		The income taxes of Eliminations, reclassifications and Corporate Treasury, Operations, and Financing and Real Estate are based on the consolidated effective corporate tax rate applied to income before income taxes.

(2)		Includes €127 and €(30) in 2008 and 2007, respectively, resulting from investments accounted for using the equity method.

(3)		Includes minority interest of €(30) and €(15) in 2008 and 2007, respectively, relating to currency translation differences.

SIEMENS

CONSOLIDATED STATEMENTS OF CASH FLOW (preliminary and unaudited)

For the six months ended March 31, 2008 and 2007

(in millions of €)


							Eliminations,
							reclassifications and												Financing and Real
	Siemens						Corporate Treasury						Operations						Estate
	2008			2007			2008			2007			2008			2007			2008			2007
Cash flows from operating activities
Net income		6,887			2,047			6			56			6,611			1,750			270			241
Adjustments to reconcile net income to cash provided
Amortization, depreciation and impairments		1,467			1,620			—			—			1,245			1,415			222			205
Income taxes		604			754			2			21			494			643			108			90
Interest (income) expense, net		13			52			(113	)		(160	)		186			274			(60	)		(62	)
(Gains) on sales and disposals of businesses, intangibles and property, plant and equipment, net		(5,743	)		(188	)		—			—			(5,592	)		(116	)		(151	)		(72	)
(Gains) on sales of investments, net ⁽¹⁾		(15	)		(69	)		—			—			(14	)		(37	)		(1	)		(32	)
(Gains) losses on sales and impairments of current available-for-sale financial assets, net		(2	)		5			—			—			(2	)		5			—			—
(Income) from investments ⁽¹⁾		(252	)		(385	)		—			—			(184	)		(306	)		(68	)		(79	)
Other non-cash (income) expenses		558			51			719			12			(148	)		51			(13	)		(12	)
Change in current assets and liabilities
(Increase) decrease in inventories		(1,281	)		(1,045	)		—			—			(1,259	)		(1,002	)		(22	)		(43	)
(Increase) decrease in trade and other receivables		8			(352	)		407			1,190			(400	)		(1,532	)		1			(10	)
(Increase) decrease in other current assets		(700	)		(19	)		(321	)		44			(410	)		(126	)		31			63
Increase (decrease) in trade payables		(400	)		(79	)		(23	)		(40	)		(391	)		(38	)		14			(1	)
Increase (decrease) in current provisions		416			(366	)		—			—			451			(343	)		(35	)		(23	)
Increase (decrease) in other current liabilities		1,494			1,627			96			262			1,352			1,326			46			39
Change in other assets and liabilities		(344	)		(795	)		(101	)		(229	)		(264	)		(575	)		21			9
Income taxes paid		(989	)		(932	)		(3	)		(25	)		(839	)		(801	)		(147	)		(106	)
Dividends received		59			105			—			—			15			45			44			60
Interest received		393			386			109			106			69			76			215			204

Net cash provided by operating activities — continuing and discontinued operations		2,173			2,417			778			1,237			920			709			475			471
Net cash provided by operating activities — continuing operations		2,756			3,609			778			1,237			1,503			1,901			475			471
Cash flows from investing activities
Additions to intangible assets and property, plant and equipment		(1,477	)		(1,682	)		—			—			(1,110	)		(1,399	)		(367	)		(283	)
Acquisitions		(4,528	)		(4,551	)		—			—			(4,528	)		(4,551	)		—			—
Purchases of investments ⁽¹⁾		(109	)		(127	)		—			—			(89	)		(123	)		(20	)		(4	)
Purchases of current available-for-sale financial assets		(8	)		(17	)		—			—			(3	)		(2	)		(5	)		(15	)
(Increase) decrease in receivables from financing activities		(594	)		(340	)		(383	)		(1,204	)		—			—			(211	)		864
Proceeds from sales of investments, intangibles and property, plant and equipment ⁽¹⁾		404			466			—			—			204			277			200			189
Proceeds from disposals of businesses		11,188			32			—			—			11,146			32			42			—
Proceeds from sales of current available-for-sale financial assets		30			25			—			—			24			18			6			7

Net cash provided by (used in) investing activities — continuing and discontinued operations		4,906			(6,194	)		(383	)		(1,204	)		5,644			(5,748	)		(355	)		758
Net cash provided by (used in) investing activities — continuing operations		(5,947	)		(5,759	)		(383	)		(1,204	)		(5,209	)		(5,313	)		(355	)		758
Cash flows from financing activities
Proceeds from issuance of common stock		—			343			—			—			—			343			—			—
Purchase of common stock		(1,998	)		(101	)		—			—			(1,998	)		(101	)		—			—
Proceeds from re-issuance of treasury stock		243			66			—			—			243			66			—			—
Repayment of long-term debt (including current maturities of long-term debt)		(643	)		(1,146	)		(643	)		(1,146	)		—			—			—			—
Change in short-term debt		(1,571	)		3,116			(1,081	)		3,008			(400	)		142			(90	)		(34	)
Interest paid		(499	)		(469	)		(425	)		(379	)		(46	)		(61	)		(28	)		(29	)
Dividends paid		(1,462	)		(1,292	)		—			—			(1,462	)		(1,292	)		—			—
Dividends paid to minority shareholders		(75	)		(102	)		—			—			(75	)		(102	)		—			—
Intragroup financing		—			—			3,692			(5,708	)		(3,658	)		6,881			(34	)		(1,173	)

Net cash provided by (used in) financing activities — continuing and discontinued operations		(6,005	)		415			1,543			(4,225	)		(7,396	)		5,876			(152	)		(1,236	)
Net cash provided by (used in) financing activities — continuing operations		4,949			(2,084	)		1,543			(4,225	)		3,558			3,377			(152	)		(1,236	)
Effect of exchange rates on cash and cash equivalents		(149	)		(6	)		(75	)		2			(72	)		(8	)		(2	)		—
Net increase (decrease) in cash and cash equivalents		925			(3,368	)		1,863			(4,190	)		(904	)		829			(34	)		(7	)
Cash and cash equivalents at beginning of period		4,940			10,214			2,740			9,072			2,130			1,109			70			33

Cash and cash equivalents at end of period		5,865			6,846			4,603			4,882			1,226			1,938			36			26
Less: Cash and cash equivalents of assets classified as held for disposal and discontinued operations at end of period		251			953			—			—			251			953			—			—

Cash and cash equivalents at end of period (Consolidated balance sheets)		5,614			5,893			4,603			4,882			975			985			36			26


(1)		Investments include equity instruments either classified as non-current available-for-sale financial assets or accounted for using the equity method.

SIEMENS

CONSOLIDATED BALANCE SHEETS (preliminary and unaudited)

As of March 31, 2008 and September 30, 2007

(in millions of €)


							Eliminations,
							reclassifications and										Financing and Real
	Siemens						Corporate Treasury						Operations				Estate
	3/31/08			9/30/07			3/31/08			9/30/07			3/31/08		9/30/07		3/31/08		9/30/07
ASSETS
Current assets
Cash and cash equivalents		5,614			4,005			4,603			2,740			975		1,195		36		70
Available-for-sale financial assets		163			193			—			—			134		162		29		31
Trade and other receivables		14,465			14,620			1			—			12,820		12,589		1,644		2,031
Other current financial assets		3,587			2,932			577			366			1,868		1,427		1,142		1,139
Intragroup receivables		—			—			(21,200	)		(10,401	)		21,154		10,355		46		46
Inventories		13,740			12,930			(2	)		(2	)		13,640		12,850		102		82
Income tax receivables		490			398			3			1			479		352		8		45
Other current assets		1,451			1,322			—			—			1,317		1,183		134		139
Assets classified as held for disposal		2,064			11,532			(16	)		(345	)		2,000		11,843		80		34

Total current assets		41,574			47,932			(16,034	)		(7,641	)		54,387		51,956		3,221		3,617

Goodwill		14,750			12,501			—			—			14,639		12,375		111		126
Other intangible assets		5,243			4,619			—			—			5,229		4,605		14		14
Property, plant and equipment		10,471			10,555			—			—			6,953		6,896		3,518		3,659
Investments accounted for using the equity method		7,211			7,016			—			—			6,984		6,791		227		225
Other financial assets		6,148			5,561			794			454			1,198		1,353		4,156		3,754
Intragroup receivables		—			—			(269	)		(479	)		269		479		—		—
Deferred tax assets		1,921			2,594			(211	)		17			2,047		2,488		85		89
Other assets		1,243			777			1			1			1,182		715		60		61

Total assets		88,561			91,555			(15,719	)		(7,648	)		92,888		87,658		11,392		11,545

LIABILITIES AND EQUITY
Current liabilities
Short-term debt and current maturities of long-term debt		3,560			5,637			2,968			5,095			374		362		218		180
Trade payables		7,688			8,382			2			13			7,376		7,951		310		418
Other current financial liabilities		2,497			2,553			845			754			1,537		1,712		115		87
Intragroup liabilities		—			—			(24,988	)		(15,170	)		20,070		10,551		4,918		4,619
Current provisions		3,658			3,581			—			—			3,618		3,521		40		60
Income tax payables		1,757			2,141			8			19			1,711		2,069		38		53
Other current liabilities		17,813			17,058			172			166			17,411		16,663		230		229
Liabilities associated with assets classified as held for disposal		1,612			4,542			(22	)		(4,211	)		1,634		8,753		—		—

Total current liabilities		38,585			43,894			(21,015	)		(13,334	)		53,731		51,582		5,869		5,646

Long-term debt		9,420			9,860			8,585			8,901			579		548		256		411
Pension plans and similar commitments		2,325			2,780			—			—			2,325		2,779		—		1
Deferred tax liabilities		633			580			(493	)		(379	)		704		561		422		398
Provisions		2,418			2,103			—			—			2,308		1,983		110		120
Other financial liabilities		277			411			19			120			201		246		57		45
Other liabilities		2,188			2,300			—			9			2,108		2,214		80		77
Intragroup liabilities		—			—			(2,815	)		(2,965	)		—		79		2,815		2,886

Total liabilities		55,846			61,928			(15,719	)		(7,648	)		61,956		59,992		9,609		9,584

Equity
Common stock, no par value ⁽¹⁾		2,743			2,743
Additional paid-in capital		6,040			6,080
Retained earnings		25,983			20,453
Other components of equity		(950	)		(280	)
Treasury shares, at cost ⁽²⁾		(1,655	)		—

Total equity attributable to shareholders of Siemens AG		32,161			28,996

Minority interest		554			631

Total equity		32,715			29,627			—			—			30,932		27,666		1,783		1,961

Total liabilities and equity		88,561			91,555			(15,719	)		(7,648	)		92,888		87,658		11,392		11,545


(1)		Authorized: 1,137,913,421 and 1,137,913,421 shares, respectively.

		Issued: 914,203,421 and 914,203,421 shares, respectively.

(2)		19,825,771 and 383 shares, respectively.

SUPPLEMENTAL DATA

SIEMENS

SEGMENT INFORMATION ANALYSIS (I) (preliminary and unaudited)
Group profit / Income before income taxes, margin developments, growth rates for Revenue and New orders
For the three months ended March 31, 2008 and 2007
(in millions of €)


																																									Group profit
	New orders																Revenue																Group profit								margin
	2008		2007		% Change						therein						2008		2007		% Change						therein						2008			2007		%Change			2008			2007
					Actual			Adjusted			Currency*			Portfolio**							Actual			Adjusted			Currency*			Portfolio**
Operations Groups
Automation and Drives (A&D)		4,814		4,154		16	%		14	%		(4	)%		6	%		4,271		3,711		15	%		11	%		(3	)%		7	%		712			526		35	%		16.7	%		14.2	%
Industrial Solutions and Services (I&S)		2,602		2,434		7	%		12	%		(5	)%		—			2,128		2,172		(2	)%		2	%		(4	)%		—			167			100		67	%		7.8	%		4.6	%
Siemens Building Technologies (SBT)		1,333		1,364		(2	)%		2	%		(5	)%		1	%		1,201		1,335		(10	)%		(5	)%		(5	)%		0	%		90			100		(10	)%		7.5	%		7.5	%
Osram		1,188		1,189		(0	)%		6	%		(7	)%		1	%		1,188		1,189		(0	)%		6	%		(7	)%		1	%		122			125		(2	)%		10.3	%		10.5	%
Transportation Systems (TS)		838		714		17	%		19	%		(2	)%		—			982		1,161		(15	)%		(14	)%		(1	)%		—			(153	)		58		—			- 15.6	%		5.0	%
Power Generation (PG)		6,062		5,017		21	%		29	%		(8	)%		—			2,932		3,072		(5	)%		1	%		(6	)%		—			(221	)		330		—			- 7.5	%		10.7	%
Power Transmission and Distribution (PTD)		2,864		2,476		16	%		23	%		(7	)%		—			1,903		1,756		8	%		13	%		(5	)%		—			220			143		54	%		11.6	%		8.1	%
Medical Solutions (Med)		2,790		2,544		10	%		1	%		(8	)%		17	%		2,722		2,470		10	%		2	%		(9	)%		17	%		341			332		3	%		12.5	%		13.4	%
Siemens IT Solutions and Services		1,445		1,106		31	%		38	%		(5	)%		(2	)%		1,266		1,351		(6	)%		(4	)%		(3	)%		1	%		(35	)		80		—			- 2.8	%		5.9	%
Strategic Equity Investments (SEI)		—		—		—			—			—			—			—		—		—			—			—			—			14			99		(86	)%		—			—

																																	Income before income taxes								Return on equity

Financing and Real Estate Groups
Siemens Financial Services (SFS)		186		177		5	%		12	%		(7	)%		—			186		177		5	%		13	%		(8	)%		—			101			137		(26	)%		46.8	%		52.6	%
Siemens Real Estate (SRE)		416		414		0	%		1	%		(2	)%		1	%		416		414		0	%		1	%		(2	)%		1	%		60			42		43	%		—			—

For the six months ended March 31, 2008 and 2007
(in millions of €)


																																									Group profit
	New orders																Revenue																Group profit								margin
	2008		2007		% Change						therein						2008		2007		% Change						therein						2008			2007		%Change			2008			2007
					Actual			Adjusted			Currency*			Portfolio**							Actual			Adjusted			Currency*			Portfolio**
Operations Groups
Automation and Drives (A&D)		9,597		8,173		17	%		14	%		(3	)%		6	%		8,359		7,101		18	%		14	%		(3	)%		7	%		1,367			976		40	%		16.4	%		13.7	%
Industrial Solutions and Services (I&S)		5,894		5,491		7	%		11	%		(4	)%		—			4,379		4,245		3	%		7	%		(4	)%		—			288			190		52	%		6.6	%		4.5	%
Siemens Building Technologies (SBT)		2,628		2,750		(4	)%		(0	)%		(4	)%		0	%		2,402		2,548		(6	)%		(1	)%		(4	)%		(1	)%		168			172		(2	)%		7.0	%		6.8	%
Osram		2,381		2,363		1	%		6	%		(6	)%		1	%		2,381		2,363		1	%		6	%		(6	)%		1	%		248			248		0	%		10.4	%		10.5	%
Transportation Systems (TS)		2,278		1,933		18	%		20	%		(2	)%		—			2,030		2,234		(9	)%		(8	)%		(1	)%		—			(131	)		105		—			- 6.5	%		4.7	%
Power Generation (PG)		11,954		10,034		19	%		24	%		(6	)%		1	%		5,901		5,798		2	%		6	%		(5	)%		1	%		(86	)		499		—			- 1.5	%		8.6	%
Power Transmission and Distribution (PTD)		5,673		5,622		1	%		5	%		(4	)%		—			3,859		3,484		11	%		15	%		(4	)%		—			424			273		55	%		11.0	%		7.8	%
Medical Solutions (Med)		5,596		4,755		18	%		3	%		(7	)%		22	%		5,375		4,572		18	%		2	%		(7	)%		23	%		673			636		6	%		12.5	%		13.9	%
Siemens IT Solutions and Services		2,670		2,467		8	%		10	%		(3	)%		1	%		2,606		2,665		(2	)%		(1	)%		(2	)%		1	%		35			106		(67	)%		1.3	%		4.0	%
Strategic Equity Investments (SEI)		—		—		—			—			—			—			—		—		—			—			—			—			40			151		(74	)%		—			—

																																	Income before income taxes								Return on equity

Financing and Real Estate Groups
Siemens Financial Services (SFS)		368		355		4	%		10	%		(6	)%		—			367		354		4	%		10	%		(6	)%		—			178			220		(19	)%		41.3	%		42.3	%
Siemens Real Estate (SRE)		810		835		(3	)%		0	%		(2	)%		(1	)%		810		835		(3	)%		0	%		(2	)%		(1	)%		199			111		79	%		—			—


*		Currency translation effects

**		Portfolio effects

SUPPLEMENTAL DATA

SIEMENS

SEGMENT INFORMATION ANALYSIS (II) (preliminary and unaudited)

Reconciliation from Group profit / Income before income taxes to EBITDA (adjusted)
For the three months ended March 31, 2008 and 2007
(in millions of €)


							Income (loss)																						Depreciation
							from investments																						and impairments
							accounted for																						of property, plant
							using the equity						Financial income						EBIT										and equipment						EBITDA
	Group profit						method, net⁽¹⁾						(expense), net⁽²⁾						(adjusted)⁽³⁾						Amortization⁽⁴⁾				and goodwill⁽⁵⁾						(adjusted)
	2008			2007			2008			2007			2008			2007			2008			2007			2008		2007		2008			2007			2008			2007
Operations Groups
Automation and Drives (A&D)		712			526			—			1			4			—			708			525			52		20		65			54			825			599
Industrial Solutions and Services (I&S)		167			100			2			3			2			1			163			96			7		10		16			19			186			125
Siemens Building Technologies (SBT)		90			100			1			1			2			(2	)		87			101			15		16		13			23			115			140
Osram		122			125			1			—			—			2			121			123			6		8		51			54			178			185
Transportation Systems (TS)		(153	)		58			(1	)		1			—			(1	)		(152	)		58			—		1		23			13			(129	)		72
Power Generation (PG)		(221	)		330			21			(21	)		(4	)		(2	)		(238	)		353			12		19		41			39			(185	)		411
Power Transmission and Distribution (PTD)		220			143			5			5			1			3			214			135			5		2		20			19			239			156
Medical Solutions (Med)		341			332			9			36			2			12			330			284			64		67		85			61			479			412
Siemens IT Solutions and Services		(35	)		80			12			2			1			1			(48	)		77			10		14		44			57			6			148
Strategic Equity Investments (SEI)		14			99			14			99			—			—			—			—			—		—		—			—			—			—
Other Operations		(54	)		(112	)		—			3			(6	)		(11	)		(48	)		(104	)		8		11		17			67			(23	)		(26	)

Total Operations Groups		1,203			1,781			64			130			2			3			1,137			1,648			179		168		375			406			1,691			2,222
Reconciliation to financial statements
Corporate items, pensions and eliminations		(499	)		(169	)		20			28			(1	)		36			(518	)		(233	)		40		21		(8	)		(24	)		(486	)		(236	)
Other interest income/expense		(74	)		(141	)		—			—			(74	)		(141	)		—			—			—		—		—			—			—			—

Total Operations		630			1,471			84			158			(73	)		(102	)		619			1,415			219		189		367			382			1,205			1,986


	Income before
	income taxes

Financing and Real Estate Groups
Siemens Financial Services (SFS)		101			137			17			16			67			111			17			10			1		1		69			62			87			73
Siemens Real Estate (SRE)		60			42			—			10			(12	)		(29	)		72			61			—		—		40			37			112			98

Total Financing and Real Estate		161			179			17			26			55			82			89			71			1		1		109			99			199			171

Eliminations, reclassifications and Corporate Treasury		(2	)		31			—			—			21			50			(23	)		(19	)		—		—		—			—			(23	)		(19	)

Siemens		789			1,681			101			184			3			30			685			1,467			220		190		476			481			1,381			2,138


(1)		Includes impairment of investments accounted for using the equity method.

(2)		Includes impairment of non-current available-for-sale financial assets.

(3)		Adjusted EBIT 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.

(4)		Amortization and impairments of intangible assets other than goodwill.

(5)		Includes impairments of goodwill of €– and €52 in the second quarter of fiscal 2008 and 2007, respectively.

SUPPLEMENTAL DATA

SIEMENS

SEGMENT INFORMATION ANALYSIS (II) (preliminary and unaudited)
Reconciliation from Group profit / Income before income taxes to EBITDA (adjusted)
For the six months ended March 31, 2008 and 2007
(in millions of €)


							Income (loss)																					Depreciation
							from investments																					and impairments
							accounted for																					of property, plant
							using the equity					Financial income						EBIT										and equipment						EBITDA
	Group profit						method, net⁽¹⁾					(expense), net⁽²⁾						(adjusted)⁽³⁾						Amortization⁽⁴⁾				and goodwill⁽⁵⁾						(adjusted)
	2008			2007			2008		2007			2008			2007			2008			2007			2008		2007		2008			2007			2008			2007
Operations Groups
Automation and Drives (A&D)		1,367			976			—		2			3			1			1,364			973			105		38		124			106			1,593			1,117
Industrial Solutions and Services (I&S)		288			190			5		10			(1	)		—			284			180			13		20		32			36			329			236
Siemens Building Technologies (SBT)		168			172			1		1			3			(2	)		164			173			30		29		29			37			223			239
Osram		248			248			2		—			—			2			246			246			12		15		102			108			360			369
Transportation Systems (TS)		(131	)		105			1		1			(3	)		(4	)		(129	)		108			1		2		35			25			(93	)		135
Power Generation (PG)		(86	)		499			36		(1	)		(5	)		(3	)		(117	)		503			26		36		80			75			(11	)		614
Power Transmission and Distribution (PTD)		424			273			12		8			1			7			411			258			11		9		39			38			461			305
Medical Solutions (Med)		673			636			15		42			9			17			649			577			135		105		164			100			948			782
Siemens IT Solutions and Services		35			106			23		2			7			—			5			104			23		30		88			112			116			246
Strategic Equity Investments (SEI)		40			151			40		151			—			—			—			—			—		—		—			—			—			—
Other Operations		(118	)		(97	)		1		4			1			(6	)		(120	)		(95	)		17		24		102			86			(1	)		15

Total Operations Groups		2,908			3,259			136		220			15			12			2,757			3,027			373		308		795			723			3,925			4,058
Reconciliation to financial statements
Corporate items, pensions and eliminations		(792	)		(820	)		38		64			68			12			(898	)		(896	)		42		24		(18	)		(34	)		(874	)		(906	)
Other interest income/expense		(195	)		(229	)		—		—			(195	)		(229	)		—			—			—		—		—			—			—			—

Total Operations		1,921			2,210			174		284			(112	)		(205	)		1,859			2,131			415		332		777			689			3,051			3,152


	Income before
	income taxes

Financing and Real Estate Groups
Siemens Financial Services (SFS)		178			220			35		33			113			178			30			9			2		2		139			125			171			136
Siemens Real Estate (SRE)		199			111			—		10			(26	)		(52	)		225			153			—		—		79			77			304			230

Total Financing and Real Estate		377			331			35		43			87			126			255			162			2		2		218			202			475			366

Eliminations, reclassifications and Corporate Treasury		8			77			—		—			50			120			(42	)		(43	)		—		—		—			—			(42	)		(43	)

Siemens		2,306			2,618			209		327			25			41			2,072			2,250			417		334		995			891			3,484			3,475


(1)		Includes impairment of investments accounted for using the equity method.

(2)		Includes impairment of non-current available-for-sale financial assets.

(3)		Adjusted EBIT 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.

(4)		Amortization and impairments of intangible assets other than goodwill.

(5)		Includes impairments of goodwill of €73 and €52 in the first six months of fiscal 2008 and 2007, respectively.

SUPPLEMENTAL DATA

SIEMENS

SEGMENT INFORMATION ANALYSIS (III) (preliminary and unaudited)

External revenue of Groups by regions
For the six months ended March 31, 2008 and 2007
(in millions of €)


	External revenue (location of customer)
								Europe																					Africa, Near and
	Germany							(other than Germany)							Americas							Asia-Pacific							Middle East, C.I.S.							Total
	2008		2007		% Change			2008		2007		% Change			2008		2007		% Change			2008		2007		% Change			2008		2007		% Change			2008		2007		% Change
Operations Groups
Automation and Drives (A&D)		2,094		1,872		12	%		2,324		1,976		18	%		1,424		1,201		19	%		1,324		1,044		27	%		239		207		15	%		7,405		6,301		18	%
Industrial Solutions and Services (I&S)		465		519		(10	)%		1,093		1,074		2	%		1,179		1,089		8	%		740		617		20	%		408		454		(10	)%		3,884		3,754		3	%
Siemens Building Technologies (SBT)		461		509		(9	)%		957		961		(0	)%		766		829		(8	)%		134		120		11	%		38		88		(56	)%		2,357		2,506		(6	)%
Osram		291		286		2	%		665		647		3	%		904		960		(6	)%		409		365		12	%		107		97		10	%		2,375		2,356		1	%
Transportation Systems (TS)		246		385		(36	)%		1,035		1,014		2	%		179		366		(51	)%		483		399		21	%		77		49		57	%		2,020		2,213		(9	)%
Power Generation (PG)		504		633		(20	)%		1,722		1,301		32	%		1,783		1,500		19	%		910		1,116		(18	)%		973		1,227		(21	)%		5,891		5,777		2	%
Power Transmission and Distribution (PTD)		319		309		3	%		925		824		12	%		599		595		1	%		783		781		0	%		1,001		731		37	%		3,626		3,241		12	%
Medical Solutions (Med)		463		420		10	%		1,466		1,193		23	%		2,349		2,086		13	%		834		662		26	%		234		180		30	%		5,346		4,541		18	%
Siemens IT Solutions and Services		708		778		(9	)%		877		960		(9	)%		220		234		(6	)%		47		42		12	%		33		30		10	%		1,886		2,043		(8	)%
Reconciliation to Siemens		522		632		(17	)%		915		968		(6	)%		182		225		(19	)%		44		52		(15	)%		43		123		(65	)%		1,705		1,998		(15	)%

Siemens		6,073		6,343		(4	)%		11,978		10,918		10	%		9,584		9,085		5	%		5,707		5,198		10	%		3,152		3,186		(1	)%		36,494		34,730		5	%

Press Presse Prensa

For the business and financial press
Munich, April 29, 2008

Debevoise reports to the Supervisory Board

At the meeting of the Supervisory Board of Siemens AG on April 29, 2008, the international law firm Debevoise & Plimpton LLP reported on the current status of its investigation of compliance violations in the company. The Compliance Committee of the Supervisory Board was informed to the fullest extent the day before.

Debevoise & Plimpton’s reporting included the state of the investigation at Com and certain other Siemens Groups, namely Power Generation, Power Transmission and Distribution, Transportation Systems, Industrial Solutions and Services, and Medical Solutions.

The law firm has found evidence in each of the examined Groups and in various countries indicating that domestic as well as foreign compliance regulations have been violated. The violations in question reflect not only outright incidents of corruption, but, in many cases, violations of regulations pertaining to internal controls and the accuracy of documentation.

Debevoise reported to the Compliance Committee on the development of relevant business transactions between 1999 and 2006, and about the conduct exhibited by management in relation to those business practices.

In addition, Debevoise reported to the Compliance Committee on individual management members. The report on current and former Board members of the company followed up on the law firm’s letter of January 16, 2008 to the Chairman of the Compliance Committee That letter stated that the law firm wanted to evaluate a wealth of new information resulting from the company’s amnesty program and from other sources relating to both active and former members of the Managing Board. The Supervisory Board subsequently recommended to the Annual Shareholders’ Meeting on January 24, 2008 that the ratification of the actions of all board members be postponed except for the President and CEO, Peter Löscher. The Annual Shareholders’ Meeting followed this proposal.

Debevoise further explained that the company’s amnesty program, which expired at the end of February, had generated many very significant new facts. It was reported that in the past weeks, the investigation has particularly focused on the work of the Managing Board and of its individual members in the investigated period. As a result, a diverse picture has currently emerged.

•

Different levels and degrees of knowledge, responsible behavior and specific actions on the part of individual former board members were reported. There was a wide range of shaded areas between doing everything right, passing the buck, no reaction or not reacting properly or fast enough, and possible participation in non-compliant activities. In addition, considerable differences had to be considered with regard to individuals’ areas of responsibility and the amount of time spent on the board.

•

Debevoise further reported on the basis of today’s state of information that there is no new incriminating information nor are there substantive allegations which would call into question the Supervisory Board’s recommendation to ratify the actions of the members of the Managing Board of Siemens AG in its composition as of May 1, 2008.

•

Finally, Debevoise reported that the information imparted to the Audit Committee was partially incomplete and misleading to a material degree and that the answers to certain questions raised by members of the Audit Committee did not reflect the actual facts encountered in the company. The report

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related that, according to the current state of knowledge, no instances have emerged that would suggest the Audit Committee has tolerated the reported violations in any way.

Decisions of the Supervisory Board

On the basis of the report submitted by Debevoise, the Supervisory Board of Siemens AG has again expressed its full trust in the Managing Board. The Supervisory Board is convinced, that at this time, specific conclusions are not yet possible and that it is too early to make a decision on specific consequences in relation to individuals from the circle of former board members. The factual complexities require each individual case to be carefully evaluated. The precepts of the rule of law, fairness and welfare dictate that premature attributions and conclusions be avoided.

The Supervisory Board of Siemens AG made the following decisions:

•

The Compliance Committee will be instructed to examine and evaluate claims against former members of the Managing Board which have arisen or will arise in relation to the compliance investigation conducted by Siemens AG. The Supervisory Board will decide on the assertion of specific claims and the negotiation of settlements after corresponding proposals have been submitted by the Committee. Effective immediately, the Supervisory Board authorizes the Compliance Committee to take all necessary legal action to achieve a limitation and/or suspension of the statute of limitations on potential claims against former members of the Managing Board.

•

The Supervisory Board has requested the Managing Board to also investigate within its remit the existence and enforceability of claims for damages against employees and former employees of the company to the extent that the investigation mandate has not assigned those tasks to the Compliance Committee.

Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors. The company has around 400,000 employees (in continuing operations) working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of solutions for individual requirements. For over 160 years, Siemens has stood for technical achievements, innovation, quality, reliability and internationality. In fiscal 2007, Siemens had revenue of €72.4 billion and income from continuing operations of €3.9 billion (IFRS). Further information is available on the Internet at: www.siemens.com.


Siemens AG		Informationsnummer: AXX200804.47 e
Corporate Communications and Government Affairs		Andreas Schwab
Media Relations		80200 Munich
80200 Munich		Tel.: +49 89 636-34888; Fax: -32825
		E-Mail: andreas.schwab@siemens.com

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		Munich, April 29, 2008

Legal proceedings – First Half Fiscal 2008

As previously reported, public prosecutors and other government authorities in jurisdictions around the world are conducting investigations of Siemens and certain of our current and former employees regarding allegations of public corruption, including criminal breaches of fiduciary duty including embezzlement, as well as bribery, money laundering and tax evasion, among others. These investigations involve allegations of corruption at a number of Siemens’ business groups.

For more information regarding these and other legal proceedings in which Siemens is involved, as well as the potential risks associated with such proceedings and their potential financial impact on the Company, please refer to Siemens’ Annual Report for the fiscal year ended September 30, 2007 (Annual Report) and its annual report on Form 20-F for the fiscal year ended September 30, 2007 (Form 20-F), and, in particular, to the information contained in “Item 3: Key Information – Risk Factors”, “Item 4: Information on the Company – Legal Proceedings”, “Item 5: Operating Financial Review and Prospects”, and “Item 15: Controls and Procedures” of the Form 20-F.

Developments regarding investigations and legal proceedings that have occurred since the publication of Siemens’ Annual Report and Form 20-F include:

	•		The investigation of the Munich public prosecutor extends beyond the former Communications group. To date, the Munich public prosecutor has announced that groups under investigation include Siemens’ Power Transmission and Distribution (PTD) group, in which a former member of the Managing Board is a suspect, the Power Generation (PG) group, the Medical Solutions (Med) group, the Transportation Systems (TS) group and Siemens’ IT Solutions and Services group. The investigation of the Munich public prosecutor remains ongoing.

	•		Debevoise & Plimpton LLP (Debevoise), an independent external law firm engaged by the Company to conduct an independent and comprehensive investigation to determine whether anti-corruption regulations have been violated and to conduct an independent and comprehensive assessment of the Company’s compliance and control systems, is investigating leads generated by the Company’s amnesty program, as well as other sources.

	•		In the course of its investigation, Debevoise identifies and reports to the Company evidence of payments to business consultants, sales-related intermediaries and cash payments. The Company analyzes whether such payments were considered in its analysis of income tax non-deductible payments conducted in fiscal 2007.

	•		In November 2007, authorities in Nigeria conducted searches of the premises of Siemens Ltd. Nigeria in connection with an investigation into alleged illegal payments to Nigerian public officials between 2002 and 2005.

	•		In December 2007, the Norwegian public prosecutor’s office conducted a search of Siemens AS Norway’s offices as well as several private homes in connection with payments made by Siemens for golf trips in 2003 and 2004, which were attended by members of the Norwegian Department of Defense. In light of this and the previously reported investigation of allegations of bribery and overcharging of the Department of Defense related to the awarding of a contract for the delivery of communication equipment, the Department of Defense has announced that it will not conduct further business with Siemens at this time.

	•		The public prosecutor in Milan is investigating allegations as to whether two employees of Siemens S.p.A. made illegal payments to employees of the state-owned gas and power group ENI. In November 2007, the public prosecutor filed charges against the two employees, Siemens S.p.A. and one of its subsidiaries, as well as against other individuals and companies not affiliated with Siemens.

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	•		Authorities in Russia are conducting an investigation into alleged embezzlement of public funds when awarding contracts to Siemens for the delivery of medical equipment to public authorities in Ekaterinburg in the years 2003 to 2005. An employee of Siemens Russia was previously arrested in connection with this investigation.

	•		In January 2008, the Vienna public prosecutor announced an investigation into payments relating to Siemens AG Austria and its subsidiary VAI for which valid consideration could not be identified.

	•		In January 2008, the Malaysian Anti-Corruption Agency executed a search warrant at the premises of Siemens Malaysia and requested interviews with several employees of Siemens Malaysia in connection with an investigation into a project involving the PTD group.

	•		As previously disclosed, Siemens was contacted by representatives of regional development banks, including the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the European Bank for Reconstruction and Development and the European Investment Bank, regarding anti-corruption inquiries and other matters of relevance to them.

	•		As previously reported, in connection with the investigation relating to an agreement entered into by Siemens with an entity controlled by the former head of the independent employee association AUB (Arbeitsgemeinschaft Unabhängiger Betriebsangehöriger), in April 2007, a former member of the Managing Board was arrested and subsequently posted bail in the amount of €5 million and was released from custody. In connection with the posting of bail, a bank issued a bond (Bankbürgschaft) in the amount of €5 million, €4.5 million of which was guaranteed by the Company pursuant to the provisions of German law. The warrant associated with the arrest of the former member of the Managing Board has since been revoked and the bank bond, as well as the Company’s guarantee thereof, has been released.

	•		In January 2008, the Competition Authority of Slovakia imposed a fine of €3.3 million on Siemens and VA Tech in connection with an investigation into possible anti-trust violations in the market for high-voltage gas-insulated switchgear. The Company has filed an appeal against this decision.

	•		In December 2007, a suit and motion for approval of a class action was filed in Israel to commence a class action based on the fines imposed by the European Commission for alleged anti-trust violations in connection with high-voltage gas-insulated switchgear. Thirteen companies have been named as defendants in the suit and motion, among them Siemens AG Germany, Siemens AG Austria and Siemens Israel Ltd. The class action alleges damages to electricity consumers in Israel in the amount of approximately €575 million related to higher electricity prices claimed to have been paid because of the alleged anti-trust violations. The court has not yet ruled on the motion for approval of the class action.

	•		As previously reported, in December 2006, the Japanese Fair Trade Commission (FTC) had searched the offices of more than ten producers and dealers of healthcare equipment, including Siemens Asahi Medical Technologies Ltd., in connection with an investigation into possible anti-trust violations. In February 2008, the FTC announced their findings. Siemens was found not guilty of participating in anti-trust violations, and was therefore not fined or otherwise punished.

	•		Pursuant to an agreement of June 6, 2005, the Company sold its mobile devices business to Qisda Corp. (formerly named BenQ Corp.), a Taiwanese company. A dispute arose in 2006 between the Company and Qisda concerning the calculation of the purchase price. Beginning in September 2006, several subsidiaries in different countries used by Qisda for purposes of the acquisition filed for insolvency protection and failed to fulfill their obligations under various contracts transferred to them by the Company under the agreement. On December 8, 2006, the Company initiated arbitration proceedings against Qisda requesting a declaratory award that certain allegations made by Qisda in relation to the purchase price calculation are unjustified. The Company further requested an order that Qisda perform its obligations and/or the obligations of its local subsidiaries assumed in connection with the acquisition or, in the

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alternative, that Qisda indemnify the Company for any losses. The Company’s request for arbitration was filed with the International Chamber of Commerce in Paris. The seat of arbitration is Zurich, Switzerland. In March 2007, Qisda raised a counterclaim alleging that the Company made misrepresentations in connection with the sale of the mobile devices business and asserted claims in connection with the purchase price. Qisda amended its counterclaim in March 2008 by (i) changing its request for declaratory relief with regard to the alleged misrepresentations to a request for substantial damages, and (ii) raising further claims for substantial damages and declaratory relief. The Company will request that the arbitral tribunal dismiss the counterclaim.

The Company remains subject to corruption-related investigations in the United States and other jurisdictions around the world. As a result, additional criminal or civil sanctions could be brought against the Company itself or against certain of its employees in connection with possible violations of law, including the Foreign Corrupt Practices Act (FCPA). In addition, the scope of pending investigations may be expanded and new investigations commenced in connection with allegations of bribery and other illegal acts. The Company’s operating activities, financial results and reputation may also be negatively affected, particularly due to imposed penalties, fines, disgorgements, compensatory damages, the formal or informal exclusion from public procurement contracts or the loss of business licenses or permits. In addition to the amounts previously reported, including the fine imposed by the Munich district court, no material charges or provisions for any such penalties, fines, disgorgements or damages have been recorded or accrued as management does not yet have enough information to estimate such amounts reliably. We expect that we will need to record expenses and provisions in the future for penalties, fines or other charges, which could be material, in connection with the investigations. On January 24, 2008, the Company announced, at the Annual Shareholders’ Meeting, that the Securities and Exchange Commission and the Department of Justice had agreed to begin discussions with the Company regarding a possible settlement of their investigations into possible violations of U.S. law in connection with allegations of corruption. The Company anticipates that such discussions will continue over many months. The Company will also have to bear the costs of continuing investigations and related legal proceedings, as well as the costs of on-going remediation efforts. Furthermore, changes affecting the Company’s course of business or changes to its compliance programs beyond those already taken may be required.

The second quarter of fiscal 2008 included a total of €175 million in expenses for outside advisors engaged by Siemens in connection with the investigations into alleged violations of anti-corruption laws and related matters as well as remediation activities. In the first six months of fiscal 2008, the total amount of these expenses was €302 million.

Siemens AG
Corporate Communications
Compliance Communications
80312 Munich

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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,” “project” 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 our operations, performance, business strategy and results and could cause the actual results, performance or achievements of Siemens 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; changes in business strategy; the outcome of pending investigations and legal proceedings, especially the corruption investigation we are currently subject to in Germany, the United States and elsewhere; the potential impact of such investigations and proceedings on our ongoing business including our relationships with governments and other customers; the potential impact of such matters on our financial statements; as well as various other factors. More detailed information about certain of these factors is contained throughout this report and in our other 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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	SIEMENS AKTIENGESELLSCHAFT

Date: April 30, 2008

	/s/ Dr. Klaus Patzak

	Name:	Dr. Klaus Patzak
	Title:	Corporate Vice President and Controller

	/s/ Dr. Juergen M. Wagner

	Name:	Dr. Juergen M. Wagner
	Title:	Head of Financial Disclosure and Corporate Controlling

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