REG-Siemens AG Half-yearly Report

MUNICH, Germany--(Business Wire)--

Earnings Release Q2 2009 (January 1 to March 31, 2009)

Munich, April 29, 2009

Stronger Headwinds, Steady Execution

Revenue and Income Rise
Book-to-Bill Again Above 1

Peter Löscher, President and Chief Executive Officer of Siemens AG

"In view of the deepening crises in the world economy, we are satisfied with our
results in the second quarter," commented Siemens CEO Peter Löscher. "We did
particularly well compared to our competitors. The Energy and Healthcare Sectors
continued their strong run. In the Industry Sector, short-cycle businesses were
again clearly weaker. We introduced measures to safeguard profitability early
on. We`ve already made a strong impact with the SG&A reduction program.
Additional measures, such as our supply chain initiative, have been set in
motion. Therefore we go forward with the expectation of exceeding Total Sectors
profit of the prior fiscal year."

Financial Highlights

* Revenue rose 5% to €18.955 billion on competitive strength at Energy and
Healthcare.
* While orders of €20.864 billion came in 11% below the prior-year quarter,
book-to-bill remained above 1. The order backlog of Siemens` three Sectors
increased to €87 billion, and included no material cancellations during the
quarter.
* Total Sectors profit rose 43% from the prior-year level, to €1.844 billion,
led by broad-based profit growth in Energy. A year earlier, Total Sectors profit
included substantial charges stemming from reviews of large projects.
* Income from continuing operations climbed 69%, to €955 million, primarily on
higher Total Sectors profit. SG&A expenses declined significantly compared to
the prior-year quarter.
* Net income was €1.013 billion, up from €412 million in the second quarter a
year earlier.
* Free cash flow from continuing operations was €1.138 billion, including
substantially improved net working capital management in the Sectors.

Orders and Revenue

Revenue rises, book-to-bill remains above 1

Revenue rose to €18.955 billion, up 5% from the second quarter a year earlier.
Order intake was down 11% in a significantly weaker macroeconomic and financing
environment, yet orders of €20.864 billion kept the book-to-bill ratio above 1
for the quarter and for the first half. On an organic basis, excluding currency
translation effects and portfolio transactions, revenue rose 5% and orders came
in 10% lower compared to the prior-year quarter. Customers slowed conversion of
booked orders to revenue, and also postponed potential new orders.

Energy and Healthcare take revenue higher

Energy delivered double-digit growth in Sector revenue and higher revenues at
Healthcare benefited from positive currency translation effects. This more than
offset a 4% decrease at Industry driven by lower demand in short-cycle
businesses.

On a geographic basis, Siemens showed particular strength in the Americas and
the region comprising Europe, the Commonwealth of Independent States, Africa and
the Middle East (Europe/CAME). Energy and Healthcare led revenue higher in the
Americas, which benefited from positive currency translation effects in the U.S.
Fossil Power Generation and Mobility were the primary revenue drivers in
Europe/CAME.

Macroeconomic conditions hold back order intake

Global macroeconomic and financing conditions continued to reduce consumer
spending, business confidence and capital expenditures in the second quarter.
This was particularly evident in such short-cycle industries as automotive,
manufacturing and lighting. Longer-cycle energy and infrastructure customers
postponed potential new business. Healthcare orders rose due mainly to positive
currency translation effects, while Industry and Energy saw reduced order intake
in most Divisions.

On a geographic basis, orders declined significantly in Europe/CAME and the
Americas. In contrast, Asia, Australia posted higher orders compared to the
prior-year period on the strength of major contract wins for high-speed trains
in China and energy infrastructure in Iraq.

Income and Profit

Total Sectors profit climbs led by Energy and Healthcare

Total Sectors profit for the second quarter climbed 43% year-over-year, to
€1.844 billion. A year earlier, Total Sectors profit included charges of €768
million stemming from project reviews in the Fossil Power Generation Division
and former Transportation Systems Group.

Energy was again the primary driver of Total Sectors profit growth, with all
Divisions generating increases year-over-year. A year earlier, Fossil Power
Generation took €559 million of the charges mentioned above. Healthcare also
increased its Sector profit despite challenging market conditions. Sector profit
declined significantly at Industry primarily due to volume-driven margin
pressure.

Higher Total Sectors profit, substantial SG&A reduction

Income from continuing operations was €955 million, up 69% compared to the
second quarter a year earlier. Basic EPS on a continuing basis rose to €1.05
from €0.59 in the prior-year period. The primary factor in these increases was
higher Total Sectors profit. Other contributors included lower expenses for
Corporate items and higher profits from Cross-Sector businesses, due mainly to
significantly lower project charges at Siemens IT Solutions and Services.

Following a strategic review during the current period, the electronic assembly
systems business was classified as held for sale and management responsibility
was transferred from the Drive Technologies Division to Other Operations. This
business had a loss of €86 million, increasing the loss from Other Operations as
a whole. In addition, Equity Investments turned negative due to Nokia Siemens
Networks B.V. (NSN).

Positive results from Siemens` SG&A reduction program were already evident in
the quarter, with SG&A expenses coming in significantly below the second-quarter
level a year earlier.

Net income rises strongly on higher income from continuing operations

Net income was €1.013 billion, up from €412 million in the second quarter a year
earlier. Basic EPS rose to €1.11 from €0.42 in the prior-year period. Income
from continuing operations was the dominant factor in net income. Discontinued
operations benefited from settlement of legal matters related to the former
Communications Group (Com). A year earlier, discontinued operations included
severance charges in the enterprise networks business, which was divested
between the periods under review.

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

Free cash flow improves from Q1 on asset management

At a Sector level, Free cash flow was €1.901 billion, nearly level compared to
the prior-year quarter despite outflows related to project review charges and
restructuring. Net working capital management substantially improved Free cash
flow in the Sectors compared to the first quarter of the fiscal year.

Free cash flow from continuing operations was lower than in the prior-year
period. The current period included the cash outflows mentioned above as well as
paymentsrelated to Siemens` SG&A reduction program. These factors together
totaled approximately €350 million.

ROCE rises on higher income

On a continuing basis, ROCE for the second quarter increased to 9.2% from 5.5%
in the prior-year period. This improvement was due primarily to higher income
from continuing operations. For comparison, income from continuing operations in
the second quarter a year ago was burdened by significant charges resulting from
project reviews as mentioned above.

Successful bond issue

Siemens enhanced its liquidity position with €4.0 billion in proceeds from a
second-quarter bond issue, which was heavily oversubscribed.

Pension underfunding increases

The estimated underfunding of Siemens` principal pension plans as of March 31,
2009, amounted to approximately €5.3 billion, compared to an underfunding of
approximately €4.3 billion at the end of the first quarter and approximately
€2.5 billion at the end of fiscal 2008. The decline in funding status since
December 31, 2008 is due primarily to a negative return on plan assets. While
the change in funding status in general does not affect earnings for the current
fiscal year, it reduces equity on the balance sheet.

Industry Sector

Strong headwinds from market conditions

As expected, the Industry Sector experienced significant impact from the
macroeconomic environment. This was particularly evident at Industry Automation,
Drive Technologies and OSRAM, where cost-reduction measures are still ramping
up. Revenue declines in these Divisions reversed economies of scale that
produced peak margins in prior periods, and Sector profit fell to €671 million.
While revenue increased at Industrial Solutions and Building Technologies,
customers at both Divisions began to postpone booked orders from prior periods.
With improved execution and lower exposure to macroeconomic conditions, the
Mobility Division delivered profitable growth in the second quarter.

On a geographic basis, revenue and orders declined in Europe/CAME and the
Americas. Order growth in Asia, Australia included a particularly large train
order in China, which kept the Sector`s book-to-bill ratio above 1 and its order
backlog at €32 billion. Industry expects continued impacts from the
macroeconomic environment, especially in its short-cycle activities.

Demand declines put pressure on profit margins

The factors discussed above for the Sector were most pronounced at Industry
Automation, producing substantially reduced results compared to both the
prior-year period and the preceding quarter.

Destocking continued among the Division`s manufacturing customers. Revenues
declined 21% and orders fell 28%, led by Europe/CAME, the Division`s largest
regional market. With smaller business volumes and lower capacity utilization,
Industry Automation saw profit margins fall in all business units. As a result,
profit came in at €97 million, well below the prior-year quarter. Both periods
included margin impacts from the Division`s acquisition of UGS in fiscal 2007.
PPA effects were €36 million in the current quarter. In the prior-year period,
purchase price accounting (PPA) effects were €26 million along with integration
costs of €2 million.

Demand drops for short-cycle manufacturing solutions

Continuing deterioration in market conditions took revenue down 7% at Drive
Technologies. Lower capacity utilization in turn pressured profit margins in all
business units. Profit declined compared to the second quarter a year earlier,
and also fell for the third consecutive quarter. The current and prior-year
periods both included €9 million in PPA effects from the acquisition of Flender
Holding GmbH in 2005. PPA effects are expected to continue at this level in
coming quarters. Orders fell sharply in all regions compared to the prior-year
quarter, with the sharpest declines in Europe/CAME and the Americas. Following a
strategic review during the second quarter, the electronic assembly business for
which Siemens initiated a carve-out during fiscal 2008 was classified as held
for sale and management responsibility was transferred from Drive Technologies
to Other Operations. The presentation of prior year financial information has
been reclassified accordingly.

Initial effects from construction slowdown

The slowdown in the global construction industry began reaching Building
Technologies in the second quarter. Orders fell throughout the division,
including customer postponement of projects. As a result, the Division`s
book-to-bill ratio came in below 1 for the quarter. On a geographic basis,
orders declined in all regions, most notably in Europe/CAME. While revenue
remained stable compared to the same period a year earlier, customers began to
delay execution of booked orders. Profit fell to €97 million due to a less
favorable business mix.

Challenges spreading across lighting business

Macroeconomic conditions remained challenging for OSRAM throughout the Division.
Revenue fell 18%, including substantial demand declines in the automotive,
construction and semiconductor markets. Lower capacity utilization took profits
and profit margins down in all business units. OSRAM posted a profit of €8
million compared to €122 million in the prior-year period.

Prior orders lift revenue as new demand declines

Industry Solutions delivered profit of €118 million. For comparison, the
prior-year quarter benefited from a €30 million gain on the sale of a business.
Revenue was up 11% due to peak orders in metals technologies in prior periods.
In contrast, new orders for metals technology solutions fell sharply in the
current quarter. Orders overall declined 13% year-over-year, including customer
postponement of projects. During the quarter, customers began to delay execution
of booked orders.

Continued project execution, profitable growth

Mobility contributed another strong quarter, including order growth of 69%,
revenue growth of 14%, and €106 million in profit. The Division`s profit margin
improved on execution of higher-margin orders compared to the second quarter a
year earlier. In addition, the prior-year period included €209 million in
charges related to extensive project reviews. Orders in the rolling stock
business rose substantially from a low base in the prior-year period. The
increase year-over-year includes a particularly large contract for high-speed
trains in China.

Energy Sector

Global growth in revenue, broad-based profit performance

With a strong performance across all Divisions, the Energy Sector was the top
contributor to Total Sectors profit in the second quarter. Sector profit rose to
€818 million, as Energy combined economies of scale with improvements in project
execution compared to the prior-year quarter. For comparison, that period
included charges of €559 million stemming from a review of projects in the
fossil power generation business. All Divisions within the Sector posted at
least double-digit increases in profit year-over-year, and profit margins
remained in their target ranges at all Divisions.

Revenue for Energy climbed 28% compared to the prior-year period, including
growth in all regions. Due to deterioration in the macroeconomic and financing
environment, customerspostponed potential new business. Order intake slowed at
nearly all Divisions, and orders for the Sector overall came in 9% below the
high level of the prior-year period. Nevertheless, the book-to-bill ratio was
1.29 and there were no material order cancellations during the quarter, so
Energy`s order backlog grew to €48 billion, including approximately €1.5 billion
in new contracts for power generation and transmission in Iraq. The Sector
expects continued pressure on order intake through fiscal 2009.

Improved execution drives continued profit growth

The Fossil Power Generation Division was the top profit contributor among all
Siemens Divisions, producing €312 million in profit in the second quarter,
including a strong contribution from the service business. In the same period a
year earlier, the Division took the €559 million in charges mentioned above
following a review of turnkey projects, and subsequently focused on improving
its margin quality and project execution. The project review also resulted in a
€200 million revenue reduction in the prior-year period, lowering the basis of
comparison for the Division`s 37% increase in revenue in the current quarter.
While orders included approximately €1.1 billion from the contracts in Iraq
mentioned above, customers postponed potential new projects. This reduced the
volume from major orders year-over-year. As a result, second-quarter orders for
Fossil Power Generation came in 17% lower compared to a peak level in the
prior-year quarter. Siemens announced that it would exit its Areva NP joint
venture, and its equity stake is now accounted for as held for sale. These
changes are expected to substantially reduce volatility in the Division`s equity
investment income.

Better business mix, economies of scale

The Renewable Energy Division delivered sharp increases in profit, revenue and
orders in the second quarter. Profit climbed to €105 million from €35 million,
driven by a combination of improved business mix and economies of scale. Orders
surged to €1.587 billion after two quarters at relatively reduced levels, driven
by a large order for turbines for offshore wind-farms in Europe. This and other
major contract wins have weighted the Division`s backlog toward long-lead-time
offshore projects.

Balanced profit growth, improved margins

The Oil & Gas Division produced €121 million in profit in the second quarter,
and all business units increased their profit margins com- pared to the same
quarter a year earlier. Macroeconomic and financing conditions slowed order
intake compared to the same quarter a year earlier.

Sustained profit performances in the power grid businesses

Power Transmission brought in €168 million in profit on a 20% increase in
revenue. Orders fell 20% from the prior-year level, as the macroeconomic and
financing environment led customers to postpone a significant volume of planned
projects. This trend had a similar effect on orders at Power Distribution, and
is expected to have an impact on revenue in coming quarters because the
Division`s business mix includes a significant proportion of industrial
customers whose postponements affect near-term order conversion into revenue. In
the current quarter Power Distribution generated €106 million in profit and
revenue rose 21% in part due to a low basis of comparison in the prior-year
period.

Healthcare Sector

Strong competitive performance drives profit and volume growth

The Healthcare Sector again showed its strength under tough market conditions,
as the financing and macroeconomic environment continued to depress demand and
increase competitive pressure. Sector profit increased 4%, to €355 million. The
Diagnostics Division recorded a total of €64 million in PPA effects and
integration costs associated with acquisitions. PPA effects and integration
costs reduced Sector profit margin by approximately 210 basis points in the
second quarter, compared to approximately 370 basis points in the prior-year
period.

Healthcare posted a 10% increase in revenue and 6% rise in orders. Excluding the
benefit of positive currency translation effects, revenue was up 4% and orders
were up 1%. The book-to-bill ratio came in just below 1 and the backlog remained
at €7 billion. Healthcare expects continued deterioration in market conditions.

Strong execution in tough market conditions

Imaging & IT was again a top earnings performer for Siemens, with second-quarter
profit rising to €265 million on an increase in profit margin year-over-year.
Tight credit and the economic downturn continued to constrain market growth,
particularly in the U.S. and Japan. Growth in the region Asia, Australia outside
of Japan and in Europe/CAME offset this weakness. On an organic basis, revenue
for the Division was up 3% and orders declined 1%. The book-to-bill ratio was
below 1.

New product introduction takes toll on profit margin

Profit at Diagnostics rose to €54 million for the second quarter, up 10% from
the prior-year quarter. The Division`s profit margin was reduced by PPA effects
of €47 million and integration costs of €17 million associated with
acquisitions. These factors together amounted to approximately 750 basis points.
A year earlier, second-quarter PPA and integration costs at Diagnostics were €50
million and €52 million, respectively, and cut approximately 1,240 basis points
from profit margin.

Profit margin was influenced by effects related to new product introduction.
Second-quarter revenue was up 6% year-over-year and orders rose 5%. On an
organic basis, primarily excluding currency translation effects, both revenue
and orders were level with the prior-year period, as growth in Asia, Australia
excluding Japan offset weakness in the Division`s large U.S. market.

Economic headwinds push down profit in solutions businesses

Challenges related to the macroeconomic and financing environment intensified at
Workflow & Solutions. While the Division posted higher revenue overall, key
solutions businesses experienced revenue declines that reduced their
profitability compared to the prior-year period. Combined with pricing pressure,
this reduced profit and profit margin for the Division overall.

Equity Investments and Cross-Sector Businesses

Equity Investments turns negative due to NSN

Equity Investments includes equity stakes not allocated to a Sector or
Cross-Sector Business by reason of strategic fit as well as available-for-sale
securities. Major components of Equity Investments include our shares in NSN and
BSH Bosch und Siemens Hausgeräte GmbH. Equity Investments recorded a loss of
€113 million in the second quarter compared to a profit of €35 million a year
earlier. The difference was mainly due to NSN, which posted a loss of €136
million compared to a loss of €45 million in the prior-year period. The change
year-over-year included an operating loss as well as higher restructuring and
integration costs. Income from equity investments is expected to be volatile in
coming quarters.

Higher contribution from Cross Sector Businesses

Siemens IT Solutions and Services posted a profit of €25 million compared to a
loss of €35 million in the second quarter a year earlier, which included
significant charges related to large projects in the U.K. Project charges were
significantly lower in the current period. Profitability was held back by
pricing pressure and a 10% decline in revenue year-over-year. Orders fell 25%
compared to the prior-year period, which included two major orders.

Income before income taxes at Siemens Financial Services (SFS) was €117 million
in the second quarter compared to €101 million in the same period a year
earlier. The current quarter included higher interest income and higher results
from internal services business, partly offset by a further increase in reserves
for the commercial finance business. Return on Equity (ROE) decreased but
remained significantly above the target range. ROE is calculated as annualized
Income before income taxes divided by average allocated equity, which was €1.176
billion compared to €863 million in the prior-year period.

Other Operations, Corporate Activities and Eliminations

Electronics assembly business impacts Other Operations

Other Operations consist primarily of operating business activities not
allocated to a Sector or Cross-Sector Business which are to be integrated into a
Siemens Sector or Cross-Sector Business, divested, moved to a joint venture, or
closed. Progress with these actions reduced revenue from Other Operations to
€211 million in the second quarter, down from €730 million in the same period a
year earlier.

Following a strategic review during the current period the electronic assembly
systems business was classified as held for sale. Management responsibility was
transferred from Drive Technologies to Other Operations. The electronic assembly
business held for sale posted a loss of €86 million including charges related to
impairments and severance expenses. This in turn increased the loss from Other
Operations to €105 million from a loss of €64 million in the second quarter a
year earlier. A loss related to the divestment of an industrial manufacturing
unit in Austria was mostly offset by positive effects related to former Com
activities. The prior-year period included expenses of €46 million related to
the closure of a regional payphone unit in Europe, primarily for severance.

Real estate disposals continue

Income before income taxes at Siemens Real Estate (SRE) was €37 million in the
second quarter, down from €60 million in the same period a year earlier,
primarily due to lower gains from sales of real estate. SRE intends to continue
real estate disposals in coming quarters, depending on market conditions.

During the second quarter, Siemens sold residential real estate holdings to a
consortium comprising Wohnbau GmbH, the GBW Gruppe and the Volkswohnung GmbH.
This transaction is expected to produce a substantial gain in the third quarter.

Central costs again decline on lower compliance expenses

Corporate items and pensions totaled a negative €442 million in the second
quarter compared to a negative €522 million in the same period a year earlier.
The improvement was due to Corporate items, which were a negative €359 million
compared to a negative €526 million in the prior-year period. Within this
change, expenses for outside advisors engaged in connection with investigations
into legal and regulatory matters declined again, to €33 million from €148
million in the second quarter a year earlier. This more than offset €33 million
in net negative effects related to severance programs and a charge related to
legal and regulatory matters. The prior-year period included €64 million related
to a regional sales organization in Germany, primarily including an impairment,
as well as a €32 million donation to the Siemens Foundation in the U.S. Similar
to the first quarter, centrally carried pension expense swung to a negative €83
million from a positive €4 million in the second quarter a year earlier, due
primarily to higher benefit costs related to Siemens` principal pension plans.

Impact from interest rate hedges

Income before income taxes from Eliminations, Corporate Treasury and other
reconciling items in the second quarter of fiscal 2009 was a negative €28
million, compared to a negative €74 million in the prior-year period. The
difference was due mainly to improved results from hedging activities not
qualifying for hedge accounting related in particular to a decline in euro
interest rates.

Subsequent Events

After the close of the second quarter, Siemens completed the previously
announced sale of its stake in Fujitsu Siemens Computers B.V. to Fujitsu
Limited.

On April 24, 2009, after the close of the second quarter, Siemens and The Gores
Group agreed to a settle-ment regarding pending requirements for purchase price
adjustment and further mutual obligations. Siemens expects this settlement to
result in a positive income effect within discontinued operations in the third
quarter.

Outlook

The current macroeconomic and financing environment shows no evidence of
near-term improvement. Despite these conditions, Total Sectors profit for fiscal
2009 is expected to exceed the prior-year level of €6.6 billion. We expect
growth in income from continuing operations in fiscal 2009 to exceed growth in
Total Sectors profit. This outlook excludes portfolio effects and impacts from
legal and regulatory matters. For fiscal 2009 Siemens targeted revenue growth at
least twice the rate of actual global GDP growth. If GDP growth is negative,
this means that a percentage decline in revenue for Siemens would be targeted at
less than half the rate of decline in global GDP.

Note and Disclaimer

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

FinancialPublications are available for download at:

www.siemens.com/ir - Publications & Events.

Adjusted or organic growth rates of revenue and new orders; Return on equity, or
ROE; Return on capital employed, or ROCE; Cash conversion rate, or CCR; Free
cash flow; Earnings before interest, taxes, depreciation and amortization, or
EBITDA (adjusted); and Net debt are or may be non-GAAP financial measures. These
supplemental financial measures should not be viewed in isolation as
alternatives to measures of our financial condition, results of operations or
cash flows as presented in accordance with IFRS in our Consolidated Financial
Statements. A definition of these supplemental financial measures, a
reconciliation to the most directly comparable IFRS financial measures and
information regarding the usefulness and limitations of these supplemental
financial measures can be found on our Investor Relations website at
www.siemens.com/nonGAAP.

Starting today at 9.00 a.m. CEST, we will provide a live video webcast of the
press conference with CEO Peter Löscher, CFO Joe Kaeser and Barbara Kux, Member
of the Managing Board. You can access the webcast at
www.siemens.com/pressconference. The accompanying slide presentation can also be
viewed here, and a recording of the conference will subsequently be made
available as well.

Also today at 4.00 p.m. CEST, you can follow a conference in English with
analysts and investors live on the Internet by going to
www.siemens.com/analystconference.

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
and recessionary trends); the possibility that customers will delay conversion
of booked orders into revenue or that our pricing power will be diminished by
continued adverse market developments, to a greater extent than we currently
expect; the behavior of financial markets, including fluctuations in interest
and exchange rates, commodity and equity prices, debt prices (credit spreads)
and financial assets generally; continued volatility and further deterioration
of the capital markets; the commercial credit environment and, in particular,
additional uncertainties arising out of the subprime, financial market and
liquidity crises; future financial performance of major industries that we
serve, including, without limitation, the Sectors Industry, Energy and
Healthcare; the challenges of integrating major acquisitions and implementing
joint ventures and other significant portfolio measures; 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, including
corruption investigations to which we are currently subject and actions
resulting from the findings of these investigations; 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.

For tables omitted, please go to
http://w1.siemens.com/press/pool/de/events/2009-q2/2009-q2-earnings-release-e.pdf

For the full report, please go to
http://w1.siemens.com/investor/pool/en/investor_relations/financial_publications/speeches_and_presentations/q22009/q2_interim_report.pdf

Siemens AG

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