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This excerpt taken from the SI 20-F filed Dec 2, 2008.
Overview
 
As previously reported, as of September 30, 2006, management identified a material weakness in the Company’s internal control over financial reporting relating to significant evidence of collusion at the former Com Group to misappropriate funds and abuse authority among certain members of senior management along with others who had responsibility for oversight of the financial reporting of this former Group. Such collusion had allowed elements of the Company’s financial control environment to be circumvented or overridden. Through the independent investigation conducted by Debevoise, which commenced in December 2006, the Company’s remediation activities, and other procedures, management gained a greater understanding of the scope of and factors contributing to the material weakness. The Company actively designed, initiated, and, during fiscal 2007, was in the process of implementing the remediation plan disclosed in the Annual Report on Form 20-F for fiscal 2007.
 
As of September 30, 2007, management concluded that the Company’s internal control in the area of anti-corruption was not yet sufficiently robust to prevent certain members of management from circumventing or overriding elements of the Company’s financial control environment and misusing funds contrary to Company policies. The investigations of this failure, and the implementation of the Company’s remediation plan to address it, were not far enough advanced to provide a sufficient level of assurance that such circumvention or override of controls and misuse of funds by management would be prevented. Due to this material weakness, management concluded that the Company’s internal control over financial reporting was not effective as of September 30, 2007.
 
During fiscal 2008, the Company continued to implement the remediation plan and, as noted below, management has concluded that the material weakness has been remediated and its internal control over financial reporting is effective as of September 30, 2008.
 
This excerpt taken from the SI 20-F filed Nov 28, 2007.
Overview
 
As previously reported, as of September 30, 2006, management identified a material weakness in the Company’s internal control over financial reporting relating to significant evidence of collusion at the former Com Group to misappropriate funds and abuse authority among certain members of senior management along with others who had responsibility for oversight of the financial reporting of this Group. Such collusion had allowed elements of the Company’s financial control environment to be circumvented or overridden.
 
In December 2006, the Company retained Debevoise, who reports directly and exclusively to the Compliance Committee of the Supervisory Board, 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 compliance and control systems of Siemens. In fiscal 2007, management has been actively engaged in the design and implementation of a remediation plan regarding the material weakness identified with respect to fiscal 2006 and related areas.
 
Through the independent investigation conducted by Debevoise, the Company’s remediation activities, and other procedures, management has gained a greater understanding of the scope of and factors contributing to the material weakness identified as of September 30, 2006. As a result, the Company actively designed, initiated, implemented or is in the process of implementing remediation actions as further described below.
 
As a result of the annual evaluation of internal control over financial reporting, management has identified the following material weakness in internal control over financial reporting as of September 30, 2007: The Company’s internal control in the area of anti-corruption was not sufficiently robust to prevent certain members of management from circumventing or overriding elements of the Company’s financial control environment and misusing funds contrary to Company policies. As of September 30, 2007, the investigations of this failure, and the implementation of the Company’s remediation plan to address it, were not far enough advanced to provide a sufficient level of assurance that such circumvention or override of controls and misuse of funds by management would be prevented.
 
This conclusion has also affected management’s analysis of the Company’s disclosure controls and procedures. The Company applied compensating procedures and processes to support the reliability of financial reporting and related disclosure in fiscal 2007.
 
This excerpt taken from the SI 20-F filed Dec 11, 2006.
Overview
       Siemens traces its origins to 1847. Beginning with advances in telegraph technology, the Company quickly expanded its product line and geographic scope, and was already a multi-national business by the end of the 19th century. The Company formed a partnership under the name Siemens & Halske in 1847, reorganized as a limited partnership in 1889 and as a stock corporation in 1897. The Company moved its headquarters from Berlin to Munich in 1949, and assumed its current name as Siemens Aktiengesellschaft, a stock corporation under the Federal laws of Germany, in 1966. The address of our principal executive offices is Wittelsbacherplatz 2, D-80333 Munich, Germany; telephone number +49 (89) 636 00.
      During fiscal 2006, Siemens employed an average of 472,500 people and operates in approximately 190 countries worldwide. In fiscal 2006, we had net sales of 87.325 billion. Our balanced business portfolio is based on leadership in electronics and electrical engineering. We have combined this expertise with a commitment to original research and development (R&D) to build strong global market positions in industrial automation, power generation and medical diagnostics. We are also a major world competitor in rail transportation systems, automotive electronics, lighting and in equipment for telecommunications and networking. Our businesses operate under a range of regional and economic conditions. In internationally-oriented long-cycle industries, for example, customers have multi-year planning and implementation horizons that tend to be independent of short-term economic trends. Our activities in these areas include power generation, power transmission and distribution, medical solutions and rail systems. In fields with more industry-specific cycles, customers tend to have shorter horizons for their spending decisions and greater sensitivity to current economic conditions. Our activities in these areas include information and communications, automation and drives, and lighting. Some activities, especially information and communications, medical solutions and automotive, are also

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influenced by technological change and the rate of acceptance of new technologies by end users. As a globally operating organization, we also conduct business with customers in Iran, Sudan, Syria, Cuba and North Korea. The U.S. Department of State designates these countries as state sponsors of terrorism and subjects them to export controls. Our activities with customers in these states are insignificant relative to our size (approximately 1% of our sales in fiscal 2006) and do not, in our view, represent either individually or in aggregate, a material investment risk. In the light of current humanitarian conditions in Sudan, Siemens has decided not to accept new orders in the country. However, we may participate in humanitarian efforts of internationally recognized organizations in Sudan.
      We actively employ systems and procedures for compliance with applicable export control programs, including those in the United States, the European Union and Germany.
      Our “Fit4More” program, which we initiated in fiscal 2005, has been continued in fiscal 2006. Its goal is to increase profitability and growth. The main areas of the program are: Performance and Portfolio, Operational Excellence, People Excellence and Corporate Responsibility. The overall objective of the program is to increase profitability, as measured by specific margin targets for our business Groups.
      In the remainder of this section, we detail the Fit4More strategy, highlight portfolio optimization activities in recent years and describe the various segments of our business in more detail.
This excerpt taken from the SI 20-F filed Dec 7, 2005.
Overview
       Siemens traces its origins to 1847. Beginning with advances in telegraph technology, the Company quickly expanded its product line and geographic scope, and was already a multi-national business by the end of the 19th century. The Company formed a partnership under the name Siemens & Halske in 1847, reorganized as a limited partnership in 1889 and as a stock corporation in 1897. The Company moved its headquarters from Berlin to Munich in 1949, and assumed its current name as Siemens Aktiengesellschaft, a stock corporation under the Federal laws of Germany, in 1966. The address of our principal executive offices is Wittelsbacherplatz 2, D-80333 Munich, Germany; telephone number +49 (89) 636 00.
      During fiscal 2005, Siemens employed an average of 439,400 people and operates in approximately 190 countries worldwide. In fiscal 2005, we had net sales of 75.445 billion. Our balanced business portfolio is based on leadership in electronics and electrical engineering. We have combined this expertise with a commitment to original research and development (R&D) to build strong global market positions in equipment for telecommunications and networking, industrial automation, power generation and medical diagnostics. We are also a major world competitor in rail transportation systems, automotive electronics and lighting. Our businesses operate under a range of regional and economic conditions. In internationally-oriented long-cycle industries, for example, customers have multi-year planning and implementation horizons that tend to be independent of short-term economic trends. Our activities in these areas include power generation, power transmission and distribution, medical solutions and rail systems. In fields with more industry-specific cycles, customers tend to have shorter horizons for their spending decisions and greater sensitivity to current economic conditions. Our activities in these areas include information and communications, automation and drives, and lighting. Some activities, especially information and communications, medical solutions and automotive, are also influenced by technological change and the rate of acceptance of new technologies by end users. As a globally operating organization, we also conduct business with customers in Iran, Sudan, Syria, Cuba, Libya and North Korea. These activities are insignificant relative to our size (approximately 1% of our sales) and do not, in our view, represent either individually or in aggregate, a material investment risk. Furthermore, we actively employ systems and procedures for compliance with applicable export control programs, including those in the United States, the European Union and Germany.
      In fiscal 2005, we initiated a program called “Fit4More” with the goal to increase profitability and growth. The main areas of the program are: Performance and Portfolio, Operational Excellence, People Excellence and Corporate Responsibility. The overall objective of the program is to increase profitability, as measured by specific margin targets for our business Groups.
      In the remainder of this section, we detail the Fit4More strategy, highlight portfolio optimization activities in recent years, and describe the various segments of our business in more detail.
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