Siemens Changes Management 604117

A change in the membership of the Supervisory Board is to be proposed and voted upon at the Annual Shareholders’ Meeting on January 27, 2005. Karl-Hermann Baumann will turn 70 on July 22, 2005, and will, as stipulated by company rules, retire at the end of the Meeting on January 27, 2005. It will be proposed at the Meeting that Heinrich v. Pierer be elected as his successor. At the Supervisory Board meeting held later the same day, members will then vote on Pierer’s election as Chairman of the Supervisory Board of Siemens AG. Pierer’s Managing Board contract, which is scheduled to expire on September 30, 2004, is to be extended to January 27, 2005.

It will be proposed to the Supervisory Board that Klaus Kleinfeld (46) be appointed Deputy Chairman of the Managing Board of Siemens AG, effective August 1, 2004. When Pierer moves to the Supervisory Board, Kleinfeld would take over as Chairman of the Managing Board, President and Chief Executive Officer on January 27, 2005.

Thomas Ganswindt (43), currently President of IC Networks, and Rudi Lamprecht (55), President of IC Mobile, are to be appointed full members of the Managing Board of Siemens AG and, at the same time, elected as members of the Corporate Executive Committee, effective October 1, 2004. Ganswindt would then take over special responsibility for the I&C Groups from Klaus Kleinfeld, and Rudi Lamprecht would assume responsibility for Africa, the Middle East and the C.I.S. Lamprecht would also have special responsibility for Osram as well as the joint ventures Bosch und Siemens Hausgeräte and Fujitsu Siemens Computers.

The IC Mobile and IC Networks Groups are to be merged on October 1, 2004, and headed by Lothar Pauly (45). Pauly is currently a member of the Group Executive Management of IC Mobile. Details of the new organization will be announced following the Supervisory Board meeting.