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Generation change finalized for top Siemens management

Saturday, 10 July 2004

07 July, 2004: Siemens has begun a generation change in the company's top management. At its meeting on 28 July, 2004, the Supervisory Board will consider changes in top management positions and make key personnel decisions. In agreement with the Chairman's Committee of the Supervisory Board, Supervisory Board Chairman Karl-Hermann Baumann will make the following proposals to the Board:

• A change in the membership of the Supervisory Board is to be proposed and voted upon at the Annual Shareholders' Meeting on 27 January, 2005. Karl-Hermann Baumann will turn 70 on 22 July, 2005, and will, as stipulated by company rules, retire at the end of the Meeting on 27 January, 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 30 September, 2004, is to be extended to 27 January, 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 1 August, 2004. When Pierer moves to the Supervisory Board, Kleinfeld would take over as Chairman of the Managing Board, President and Chief Executive Officer on 27 January, 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 1 October, 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 CIS. 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 1 October, 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.

When Pierer takes over as Chairman of the Supervisory Board on 27 January, 2005, the Corporate Executive Committee of Siemens AG will – in accordance with the Bylaws for the Managing Board – comprise nine members: Klaus Kleinfeld (46, Chairman), Heinz-Joachim Neubürger (51, CFO), Jürgen Radomski (62, head of Personnel), as well as Johannes Feldmayer (47), Thomas Ganswindt (43), Edward G. Krubasik (60), Rudi Lamprecht (55), Uriel J. Sharef (59) and Klaus Wucherer (59). Details regarding the future assignment of special responsibilities will be announced following the Supervisory Board meeting.

www.siemens.com